Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Johnson Controls International plc, common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
- Short-term Debt
- The proportion of short-term debt relative to total liabilities and equity fluctuates considerably, generally remaining under 6%. Initial values were moderate, peaking sharply at 5.9% in Q1 2019 and again increasing to above 5% in early 2024, indicating episodic reliance on short-term borrowing.
- Current Portion of Long-term Debt
- This category shows variable levels mostly under 3%, with notable increases around Q4 2019 and early 2020, followed by a downward adjustment mid-2020. It remains fairly stable post-2020, fluctuating between 1.4% and 2.7%, suggesting stable management of near-term long-term obligations.
- Accounts Payable
- Accounts payable steadily increase over time, rising from 8.08% at the end of 2017 to peak above 10% in late 2022 and early 2023. This upward trend signals increased trade credit usage, potentially reflecting higher operational activity or extended payment terms.
- Accrued Compensation and Benefits
- This liability exhibits moderate volatility yet remains within a narrow band roughly between 1.5% and 2.4%. Peaks notably occur in late 2018 to 2019 and again in 2022, possibly linked to periods of staffing changes or benefit accrual adjustments.
- Deferred Revenue
- Deferred revenue demonstrates a consistent upward trend from 2.75% in late 2017 to over 5% by early 2024. The gradual increase suggests growing advance payments or contract liabilities, indicative of strengthening customer engagement or subscription-type revenue models.
- Current Liabilities Held for Sale
- Data is intermittent and limited to certain periods, with values around 0.1% to 3.4% in 2018 and minor presence afterward. This reflects occasional disposition of current liabilities associated with assets held for sale.
- Other Current Liabilities
- These liabilities decrease from 6.77% in late 2017 to around 4.5% in 2018, then stabilize near 5.5% to 7.1% in subsequent years, indicating general consistency with some minor fluctuations possibly related to miscellaneous short-term obligations.
- Current Liabilities (Total)
- Overall current liabilities fluctuate between roughly 20% and 31% of total liabilities and equity, with increasing peaks in recent quarters (notably over 30% in early 2024). This trend may reflect cyclical working capital demands or shifts in short-term financial management strategies.
- Long-term Debt, Less Current Portion
- The long-term debt portion shows a declining trend from about 22% in late 2017 to under 17% in early 2024. There is a modest recovery at intervals post-2020. This decline may indicate debt repayments or maturities outpacing new borrowings on a long-term basis.
- Pension and Postretirement Benefits
- These benefits show a general decline from a peak near 2.8% in 2020 to below 0.6% by early 2024, suggesting reduced obligations or discounting effects related to actuarial assumptions or plan settlements.
- Noncurrent Liabilities Held for Sale
- Present only sporadically, these liabilities remain under 0.6%, indicating minimal ongoing burden from liabilities associated with assets held for sale.
- Other Noncurrent Liabilities
- This category holds a relatively stable share ranging from about 9.5% to 14.1%, with slight peak around 2020-2021. The stability suggests consistent recognition of long-term miscellaneous obligations.
- Long-term Liabilities (Total)
- Long-term liabilities represent approximately 30% to 34% of total liabilities and equity, showing minor variation but with a slight downward trajectory toward 30% in recent periods. This reflects the interplay of long-term debt, pension liabilities, and other noncurrent obligations.
- Total Liabilities
- Total liabilities maintain a range between 50% and 61%, with an upward shift especially noticeable after 2021, culminating near 61% in early 2024. This increase is driven largely by current liabilities and indicates a gradual rise in financial obligations relative to equity.
- Equity Components
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- Ordinary Shares
- The par value remains constant at a minimal 0.02% throughout, reflecting no significant share repurchases or issuances altering par value.
- Ordinary Shares Held in Treasury
- Treasury shares consistently decrease equity by roughly 1.7% to 3.2%, demonstrating ongoing repurchase activities or balance sheet management practices involving shares held.
- Capital in Excess of Par Value
- This component remains substantial and relatively stable, fluctuating between 33% and 41%, peaking around 2019-2021, reflecting paid-in capital and share premium stability over time.
- Retained Earnings
- Retained earnings show a declining trend from a high exceeding 13% in mid-2019 to around 1% by early 2024. The decline implies cumulative net losses, dividend payments, or other equity reductions impacting accumulated profits.
- Accumulated Other Comprehensive Loss
- This account remains negative, ranging approximately between -0.5% and -2.3%, indicating sustained accumulated losses from currency translation adjustments, pension adjustments, or other comprehensive income items.
- Shareholders’ Equity Attributable to Johnson Controls
- Overall equity attributable to shareholders declines steadily from above 43% in 2018 to about 36% by early 2024. This trend is consistent with the decrease in retained earnings and increasing liabilities, suggesting pressure on net asset value.
- Noncontrolling Interests
- Noncontrolling interests maintain a narrow range between 2.4% and 2.9%, signifying consistent minority ownership stakes without major changes.
- Total Equity
- Total equity fluctuates moderately but shows a steady descent from around 44%-46% in earlier years to approximately 39% in early 2024, reflecting the overall reduction in equity base relative to total capitalization.
- Total Liabilities and Equity
- This value is consistently maintained at 100%, serving as the baseline for all relative measurements reported.