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Johnson Controls International plc (NYSE:JCI)

This company has been moved to the archive! The financial data has not been updated since May 1, 2024.

Common-Size Balance Sheet: Assets

Johnson Controls International plc, common-size consolidated balance sheet: assets

Microsoft Excel
Sep 30, 2023 Sep 30, 2022 Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018
Cash and cash equivalents 1.98 4.82 3.19 4.78 6.63 0.41
Accounts receivable, less allowance for expected credit losses 14.22 13.11 13.40 12.97 13.64 14.48
Inventories 6.57 5.95 4.91 4.34 4.29 6.61
Current assets held for sale 0.00 0.92 0.00 0.00 0.23 0.00
Other current assets 2.65 2.92 2.37 2.54 4.51 2.73
Current assets 25.42% 27.72% 23.87% 24.63% 29.31% 24.23%
Property, plant and equipment, net 7.42 7.22 7.71 7.49 7.92 12.65
Goodwill 42.46 41.10 43.77 43.93 42.99 39.91
Other intangible assets, net 11.57 11.01 13.25 13.12 13.32 13.01
Investments in partially-owned affiliates 2.50 2.28 2.54 2.24 2.02 2.67
Noncurrent assets held for sale 0.00 1.78 0.37 0.36 0.14 0.00
Other noncurrent assets 10.63 8.89 8.49 8.22 4.31 7.54
Noncurrent assets 74.58% 72.28% 76.13% 75.37% 70.69% 75.77%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 asset structure of the organization is characterized by a heavy concentration in noncurrent assets, which consistently represent between 70% and 76% of total assets from 2018 to 2023. A significant portion of the balance sheet is comprised of intangible assets, specifically goodwill and other intangible assets, indicating a corporate strategy heavily influenced by acquisitions.

Liquidity and Current Asset Composition
Current assets have fluctuated between 23.87% and 29.31% of total assets. Cash and cash equivalents exhibited significant volatility, rising from a low of 0.41% in 2018 to a peak of 6.63% in 2019, before declining to 1.98% by 2023. Accounts receivable have remained relatively stable, consistently representing approximately 13% to 14% of total assets. Inventories showed a decline from 6.61% in 2018 to 4.29% in 2019, followed by a gradual increase to 6.57% in 2023.
Intangible Assets and Goodwill
Goodwill represents the largest single component of the asset base, maintaining a high concentration between 39.91% and 43.93% throughout the period. Other intangible assets, net, remained stable between 11% and 13%, though a slight downward trend is observable starting in 2022. Together, these two items account for over half of the total asset composition, underscoring the impact of acquired premiums and intellectual property on the balance sheet.
Fixed Assets and Noncurrent Trends
A notable contraction in property, plant, and equipment (PP&E) occurred between 2018 and 2019, where its share of total assets dropped from 12.65% to 7.92%, subsequently stabilizing around 7.4% through 2023. This suggests a strategic shift toward an asset-light model or the divestment of physical infrastructure. Conversely, other noncurrent assets have seen a general increase, rising from 4.31% in 2019 to 10.63% in 2023.
Overall Asset Distribution
The balance sheet reflects a consistent preference for noncurrent over current assets. While current assets provide a moderate liquidity buffer, the overarching financial profile is dominated by long-term intangible valuations and a reduced reliance on physical fixed assets compared to the 2018 baseline.

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