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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: Liabilities and Stockholders’ Equity

Johnson Controls International plc, common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Sep 30, 2023 Sep 30, 2022 Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018
Short-term debt 0.91 1.59 0.02 0.08 0.02 2.69
Current portion of long-term debt 1.53 2.05 0.54 0.64 1.18 0.05
Accounts payable 10.10 10.06 8.94 7.64 8.47 9.52
Accrued compensation and benefits 2.27 2.32 2.41 2.05 2.25 2.35
Deferred revenue 4.73 4.19 3.91 3.52 3.33 2.72
Current liabilities held for sale 0.00 0.56 0.00 0.00 0.10 0.00
Other current liabilities 6.70 5.89 5.90 6.28 6.08 5.72
Current liabilities 26.24% 26.66% 21.72% 20.21% 21.45% 23.05%
Long-term debt, less current portion 18.51 17.61 17.92 18.44 15.86 19.78
Pension and postretirement benefit obligations 0.66 0.85 1.50 2.79 2.47 1.47
Noncurrent liabilities held for sale 0.00 0.15 0.00 0.00 0.00 0.00
Other noncurrent liabilities 12.71 13.45 14.10 13.15 10.96 9.67
Noncurrent liabilities 31.87% 32.06% 33.51% 34.38% 29.30% 30.92%
Total liabilities 58.11% 58.72% 55.23% 54.59% 50.74% 53.98%
Ordinary shares, par value $0.01 0.02 0.02 0.02 0.02 0.02 0.02
Ordinary A shares, par value €1.00; none outstanding 0.00 0.00 0.00 0.00 0.00 0.00
Preferred shares, par value $0.01; none outstanding 0.00 0.00 0.00 0.00 0.00 0.00
Ordinary shares held in treasury, at cost -2.94 -2.85 -2.75 -2.74 -2.57 -2.16
Capital in excess of par value 41.07 40.86 40.86 41.32 39.76 33.91
Retained earnings 3.28 2.73 4.83 6.05 11.41 13.53
Accumulated other comprehensive loss -2.26 -2.16 -1.04 -1.90 -1.88 -1.94
Shareholders’ equity attributable to Johnson Controls 39.17% 38.59% 41.92% 42.75% 46.74% 43.37%
Noncontrolling interests 2.72 2.69 2.84 2.66 2.51 2.65
Total equity 41.89% 41.28% 44.77% 45.41% 49.26% 46.02%
Total liabilities and equity 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 financial structure of the organization exhibits a gradual shift toward higher leverage over the analyzed six-year period. Total liabilities increased from 53.98% of total liabilities and equity in 2018 to 58.11% in 2023. Correspondingly, total equity experienced a decline, moving from 46.02% in 2018 to 41.89% in 2023, indicating a higher reliance on external financing and obligations relative to shareholder funding.

Current Liabilities and Short-Term Obligations
Current liabilities rose from 23.05% in 2018 to 26.24% in 2023. A notable trend is the consistent growth of deferred revenue, which increased from 2.72% to 4.73% over the period, suggesting an increase in advance payments from customers. Accounts payable remained relatively stable, fluctuating between 7.64% and 10.10%. Short-term debt and the current portion of long-term debt remained low for most of the period but showed a relative increase in 2022 and 2023, peaking at 1.59% and 2.05% respectively in 2022 before slightly moderating.
Noncurrent Liabilities and Long-Term Debt
Noncurrent liabilities shifted from 30.92% in 2018 to 31.87% in 2023, with a peak of 34.38% in 2020. Long-term debt, less current portion, remained a significant component, fluctuating between 15.86% and 19.78%, ending at 18.51% in 2023. There is a marked decrease in pension and postretirement benefit obligations, which dropped from a peak of 2.79% in 2020 to 0.66% in 2023. This decline was partially offset by an increase in other noncurrent liabilities, which rose from 9.67% in 2018 to 12.71% in 2023.
Equity Composition and Shareholder Value
The composition of shareholders' equity underwent a significant transformation. Retained earnings showed a steep downward trend, falling from 13.53% in 2018 to 3.28% in 2023. This contraction is contrasted by an increase in capital in excess of par value, which grew from 33.91% to 41.07%. Additionally, the weight of ordinary shares held in treasury increased from -2.16% to -2.94%, indicating an expansion of share buyback activities. These patterns suggest a corporate strategy focused on returning capital to shareholders rather than accumulating retained earnings.

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