Johnson Controls Files 2024 10-K

TL;DR

JCI dropped its 2024 10-K. All systems go for HVAC giant.

AI Summary

Johnson Controls International plc filed its 2024 10-K report on November 19, 2024, detailing its fiscal year ending September 30, 2024. The company, previously known as Tyco International plc, is a major player in air conditioning, heating, and refrigeration equipment. The filing provides comprehensive financial data and business operations for the reporting period.

Why It Matters

This annual report provides investors and stakeholders with a detailed overview of Johnson Controls' financial health, strategic direction, and operational performance for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) and does not inherently present new risks.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the reporting period for the 10-K.)
• 0000833444-24-000064 — Accession Number (Unique identifier for this SEC filing.)

Key Players & Entities

• Johnson Controls International plc (company) — Filer of the 10-K
• Tyco International plc (company) — Former name of Johnson Controls International plc
• 20240930 (date) — Fiscal year end date
• 20241119 (date) — Filing date
• 3585 (number) — Standard Industrial Classification code for the company's business

FAQ

Key Financial Figures

• $0.01 — Registered Ordinary Shares, Par Value $0.01 JCI New York Stock Exchange 4.250% Seni
• $15.2 billion — ts and systems and services and totaled $15.2 billion at September 30, 2024, including both t
• $21.1 billion — Remaining performance obligations were $21.1 billion at September 30, 2024. Differences betw

Filing Documents

• jci-20240930.htm (10-K) — 3290KB
• ex411202410-k.htm (EX-4.11) — 133KB
• ex412202410-k.htm (EX-4.12) — 240KB
• ex413202410-k.htm (EX-4.13) — 247KB
• ex191202410-k.htm (EX-19.1) — 81KB
• ex211202410-k.htm (EX-21.1) — 4KB
• ex221202410-k.htm (EX-22.1) — 5KB
• ex231202410-k.htm (EX-23.1) — 2KB
• ex311202410-k.htm (EX-31.1) — 10KB
• ex312202410-k.htm (EX-31.2) — 9KB
• ex321202410-k.htm (EX-32.1) — 5KB
• jci-20240930_g1.gif (GRAPHIC) — 25KB
• 0000833444-24-000064.txt ( ) — 19654KB
• jci-20240930.xsd (EX-101.SCH) — 107KB
• jci-20240930_cal.xml (EX-101.CAL) — 171KB
• jci-20240930_def.xml (EX-101.DEF) — 591KB
• jci-20240930_lab.xml (EX-101.LAB) — 1321KB
• jci-20240930_pre.xml (EX-101.PRE) — 945KB
• jci-20240930_htm.xml (XML) — 3831KB

RISK FACTORS

ITEM 1A. RISK FACTORS 12

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 26

CYBERSECURITY

ITEM 1C. CYBERSECURITY 27

PROPERTIES

ITEM 2. PROPERTIES 28

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 28

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 28 EXECUTIVE OFFICERS OF THE REGISTRANT 29 PART II.

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 30

[RESERVED]

ITEM 6. [RESERVED] 31

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 50

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 51

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 112

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 112

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 113

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 113 PART III.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 113

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 114

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 114

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 115

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 115 PART IV.

EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 116

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 116 INDEX TO EXHIBITS 117

SIGNATURES

SIGNATURES 122 2 CAUTIONARY STATEMENTS FOR FORWARD-LOOKING INFORMATION Unless otherwise indicated, references to "Johnson Controls," the "Company," "we," "our" and "us" in this Annual Report on Form 10-K refer to Johnson Controls International plc and its consolidated subsidiaries. The Company has made statements in this document that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In this document, statements regarding the Company's future financial position, sales, costs, earnings, cash flows, other measures of results of operations, synergies and integration opportunities, capital expenditures, debt levels and market outlook are forward-looking statements. Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" and terms of similar meaning are also generally intended to identify forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. The Company cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control, that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: The Company's ability to develop or acquire new products and technologies that achieve market acceptance and meet applicable quality and regulatory requirements; the ability of the company to execute on its operating model and drive organizational improvement; the Company's' ability to successfully execute and complete portfolio simplification, including the completion of the divestiture of the Residential and Light Commercia

BUSINESS

ITEM 1 BUSINESS General Johnson Controls International plc, headquartered in Cork, Ireland, is a global leader in smart, healthy and sustainable buildings, serving a wide range of customers in more than 150 countries. The Company's products, services, systems and solutions advance the safety, comfort and intelligence of spaces to serve people, places and the planet. The Company is committed to helping its customers win and creating greater value for all of its stakeholders through its strategic focus on buildings. 3 Johnson Controls was originally incorporated in the state of Wisconsin in 1885 as Johnson Electric Service Company to manufacture, install and service automatic temperature regulation systems for buildings and was renamed Johnson Controls, Inc. in 1974. In 2005, Johnson Controls acquired York International, a global supplier of heating, ventilating and air-conditioning ("HVAC") and refrigeration equipment and services. Following this acquisition, Johnson Controls continued to expand its portfolio of building related product and service offerings for residential and commercial customers. In 2016, Johnson Controls, Inc. and Tyco International plc ("Tyco") completed their combination (the "Merger"), combining Johnson Controls' portfolio of building efficiency solutions with Tyco's portfolio of fire and security solutions. Following the Merger, Tyco changed its name to "Johnson Controls International plc." In 2016, the Company completed the spin-off of its automotive business into Adient plc, an independent, publicly traded company. In 2019, the Company closed the sale of its Power Solutions business, completing the Company's transformation into a pure-play building technologies and solutions provider. In 2024, the Company announced that it was evaluating its non-core product lines in connection with its objective to be a pure-play provider of technologies and solutions for commercial buildings. During the fourth quarter of fiscal 2024, the Compa

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