Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Johnson Controls International plc, consolidated balance sheet: assets

US$ in millions

		Sep 30, 2023		Sep 30, 2022		Sep 30, 2021		Sep 30, 2020		Sep 30, 2019		Sep 30, 2018
	Cash and cash equivalents
	Accounts receivable, less allowance for expected credit losses
	Inventories
	Current assets held for sale
	Other current assets
	Current assets
	Property, plant and equipment, net
	Goodwill
	Other intangible assets, net
	Investments in partially-owned affiliates
	Noncurrent assets held for sale
	Other noncurrent assets
	Noncurrent assets
	Total assets

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30).

The analysis of the financial data over the six-year period indicates several notable trends in the balance sheet components.

Cash and Cash Equivalents: Cash balances showed significant volatility, peaking in 2019 at 2,805 million USD before declining sharply to 835 million USD by 2023. This suggests fluctuations in liquidity management or cash generation.
Accounts Receivable: Receivables decreased from 7,065 million USD in 2018 to a low of 5,294 million USD in 2020, then showed moderate recovery to 6,006 million USD in 2023. This may indicate better collection efficiency or changes in sales volume.
Inventories: Inventory levels steadily declined from 3,224 million USD in 2018 to 1,773 million USD in 2020, then increased consistently to 2,776 million USD in 2023. The initial reduction might reflect inventory optimization, while the later rise could signal stock buildup or supply chain adjustments.
Current Assets Held for Sale: Data is sparse; however, a notable balance of 387 million USD in 2022 implies potential divestitures or asset disposals during that year.
Other Current Assets: Fluctuations are observed, with an initial increase to 1,906 million USD in 2019, followed by decreases and subsequent stability around 1,100 to 1,200 million USD, suggesting variability in miscellaneous current asset holdings.
Total Current Assets: Current assets remained relatively stable, declining after 2019 to about 10,000 million USD in 2020-2021, then recovering to over 11,000 million USD in 2022 before a slight decrease in 2023.
Property, Plant and Equipment, Net: PP&E values decreased significantly from 6,171 million USD in 2018 to about 3,000 million USD by 2019 and remained near this level through 2023. This sharp decline suggests asset disposals, impairments, or reclassifications.
Goodwill: Goodwill has gradually declined from 19,473 million USD in 2018 to 17,936 million USD in 2023, indicating possible impairments, divestitures, or business restructuring efforts.
Other Intangible Assets, Net: Intangibles consistently decreased, from 6,348 million USD in 2018 to 4,641 million USD in 2022, with a slight increase in 2023 to 4,888 million USD, aligning with goodwill trends and reflecting amortization or disposals.
Investments in Partially-Owned Affiliates: This line exhibited a decline initially from 1,301 million USD in 2018 to 853 million USD in 2019, followed by gradual growth reaching 1,056 million USD in 2023, suggesting changes in equity investments.
Noncurrent Assets Held for Sale: Noncurrent assets held for sale increased from negligible amounts in earlier years to a high of 751 million USD in 2022, indicating planned asset sales or restructuring activities.
Other Noncurrent Assets: A significant drop occurred in 2019 to 1,823 million USD from 3,681 million USD in 2018, after which balances rose steadily to 4,489 million USD by 2023, suggesting reclassification or new investments in long-term assets.
Total Noncurrent Assets: The total noncurrent assets showed a decline from 36,974 million USD in 2018 to 29,894 million USD in 2019, then a mild recovery trend stabilizing around 31,000 million USD in recent years.
Total Assets: Total assets mirrored the overall asset fluctuations, dropping from 48,797 million USD in 2018 to around 40,815 million USD in 2020. Subsequent years showed a gradual increase, stabilizing near 42,000 million USD by 2023, reflecting the combined effects of current and noncurrent asset changes.

Assets: Selected Items

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Current Assets: Selected Items