Johnson Controls 8-K Details Officer Changes, Debt Obligations

Ticker: JCI · Form: 8-K · Filed: 2024-01-16T00:00:00.000Z

Sentiment: neutral

Topics: officer-changes, debt, compensatory-arrangements

TL;DR

**JCI filed an 8-K detailing officer changes and a long list of outstanding debt notes.**

AI Summary

Johnson Controls International plc filed an 8-K on January 16, 2024, reporting on January 9, 2024, about the departure or election of directors/officers and compensatory arrangements. The filing also details various outstanding notes with interest rates ranging from 0.375% due in 2027 to 6.950% due in 2045, and includes a sustainability-linked note at 2.000% due in 2031. This matters to investors as changes in leadership and compensation structures can signal shifts in company strategy or financial health, while the detailed debt obligations provide insight into the company's financial leverage and future interest payment commitments.

Why It Matters

Changes in executive leadership and compensation can impact company direction and performance, while understanding debt structure is crucial for assessing financial risk and future cash flow.

Risk Assessment

Risk Level: medium — The filing mentions changes in officers and compensatory arrangements, which can introduce uncertainty, alongside a significant number of outstanding debt obligations.

Analyst Insight

Investors should review the upcoming proxy statement for details on officer changes and compensation, and analyze the company's debt maturity schedule to understand future refinancing needs and interest rate exposure.

Key Numbers

0.01 — Ordinary Shares Par Value (The par value of Johnson Controls International plc's ordinary shares.)
0.375% — Lowest Note Interest Rate (Interest rate for notes due in 2027, indicating low borrowing costs for some debt.)
6.950% — Highest Note Interest Rate (Interest rate for debentures due in 2045, indicating higher borrowing costs for some long-term debt.)
2024 — Earliest Note Maturity Year (The year notes with a 3.625% interest rate are due, indicating near-term debt obligations.)
2064 — Latest Note Maturity Year (The year notes with a 4.950% interest rate are due, highlighting very long-term debt commitments.)

Key Players & Entities

Johnson Controls International plc (company) — the filer of the 8-K
0.01 (dollar_amount) — par value of ordinary shares
3.625% (dollar_amount) — interest rate for notes due 2024
1.375% (dollar_amount) — interest rate for notes due 2025
3.900% (dollar_amount) — interest rate for notes due 2026
0.375% (dollar_amount) — interest rate for notes due 2027
3.000% (dollar_amount) — interest rate for notes due 2028
1.750% (dollar_amount) — interest rate for notes due 2030
2.000% (dollar_amount) — interest rate for sustainability-linked notes due 2031
1.000% (dollar_amount) — interest rate for notes due 2032

Forward-Looking Statements

The company's debt management strategy will likely focus on refinancing higher-interest notes as they approach maturity. (Johnson Controls International plc) — medium confidence, target: 2024-2026
Changes in officer compensation may lead to a shift in executive incentives and potentially impact operational focus. (Johnson Controls International plc) — low confidence, target: 2024-12-31

FAQ

What was the specific date of the event reported in this 8-K filing?

The specific date of the event reported in this 8-K filing was January 9, 2024, as indicated by the 'CONFORMED PERIOD OF REPORT: 20240109' and '2024-01-09 2024-01-09' entries.

What are the two main items of information reported in this 8-K filing?

The two main items of information reported are 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' and 'Financial Statements and Exhibits'.

What is the interest rate and maturity year of Johnson Controls' Sustainability-Linked Notes?

Johnson Controls' Sustainability-Linked Notes have an interest rate of 2.000% and are due in 2031, as stated by 'jci:SustainabilityLinkedNotes2000Due2031Member 2024-01-09 2024-01-09'.

What is the par value of Johnson Controls International plc's ordinary shares?

The par value of Johnson Controls International plc's ordinary shares is $0.01, as indicated by 'jci:OrdinarySharesParValue0.01Member'.

Which of Johnson Controls' notes has the highest interest rate and when is it due?

The debentures with a 6.950% interest rate have the highest rate and are due on December 1, 2045, as specified by 'jci:Debentures6.950PercentDueDecember12045Member'.

From the Filing

0000833444-24-000004.txt : 20240116 0000833444-24-000004.hdr.sgml : 20240116 20240116090242 ACCESSION NUMBER: 0000833444-24-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240109 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240116 DATE AS OF CHANGE: 20240116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Johnson Controls International plc CENTRAL INDEX KEY: 0000833444 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: L2 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13836 FILM NUMBER: 24533835 BUSINESS ADDRESS: STREET 1: ONE ALBERT QUAY STREET 2: ALBERT QUAY CITY: CORK STATE: L2 ZIP: 00000 BUSINESS PHONE: 414-524-1200 MAIL ADDRESS: STREET 1: 5757 N. GREEN BAY AVENUE STREET 2: P.O. BOX 591 CITY: MILWAUKEE STATE: WI ZIP: 53201 FORMER COMPANY: FORMER CONFORMED NAME: TYCO INTERNATIONAL plc DATE OF NAME CHANGE: 20141117 FORMER COMPANY: FORMER CONFORMED NAME: TYCO INTERNATIONAL LTD DATE OF NAME CHANGE: 20100408 FORMER COMPANY: FORMER CONFORMED NAME: TYCO INTERNATIONAL LTD /BER/ DATE OF NAME CHANGE: 19970715 8-K 1 jci-20240109.htm 8-K jci-20240109 0000833444 false 0000833444 2024-01-09 2024-01-09 0000833444 jci:OrdinarySharesParValue0.01Member 2024-01-09 2024-01-09 0000833444 jci:Notes3.625PercentDue2024Member 2024-01-09 2024-01-09 0000833444 jci:Notes1.375PercentDue2025Member 2024-01-09 2024-01-09 0000833444 jci:Notes3.900PercentDue2026Member 2024-01-09 2024-01-09 0000833444 jci:Notes0375PercentDue2027Member 2024-01-09 2024-01-09 0000833444 jci:Notes3000PercentDue2028Member 2024-01-09 2024-01-09 0000833444 jci:Notes1750PercentDue2030Member 2024-01-09 2024-01-09 0000833444 jci:SustainabilityLinkedNotes2000Due2031Member 2024-01-09 2024-01-09 0000833444 jci:Notes1000PercentDue2032Member 2024-01-09 2024-01-09 0000833444 jci:Notes4900PercentDue2032Member 2024-01-09 2024-01-09 0000833444 jci:Notes4250PercentDue2035Member 2024-01-09 2024-01-09 0000833444 jci:Notes6.000PercentDue2036Member 2024-01-09 2024-01-09 0000833444 jci:Notes5.700PercentDue2041Member 2024-01-09 2024-01-09 0000833444 jci:Notes5.250PercentDue2041Member 2024-01-09 2024-01-09 0000833444 jci:Notes4.625Percentdue2044Member 2024-01-09 2024-01-09 0000833444 jci:Notes5.125PercentDue2045Member 2024-01-09 2024-01-09 0000833444 jci:Debentures6.950PercentDueDecember12045Member 2024-01-09 2024-01-09 0000833444 jci:Notes4.500PercentDue2047Member 2024-01-09 2024-01-09 0000833444 jci:Notes4.950PercentDue2064Member 2024-01-09 2024-01-09 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): January 9, 2024 JOHNSON CONTROLS INTERNATIONAL PLC (Exact name of registrant as specified in its charter)    Ireland 001-13836 98-0390500 (State or Other Jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification Number) One Albert Quay. Cork , Ireland , T12 X8N6 (Address of principal executive offices and postal code) (353) 21-423-5000 Not Applicable (Registrant’s telephone number) (Former name, former address and former fiscal year, if changed since last report)  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐   Pre-commencement communic