Debt to Equity
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Calculation
Johnson Controls International plc, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity attributable to Johnson Controls1 | |
|---|---|---|---|---|---|
| Sep 30, 2023 | = | ÷ | |||
| Sep 30, 2022 | = | ÷ | |||
| Sep 30, 2021 | = | ÷ | |||
| Sep 30, 2020 | = | ÷ | |||
| Sep 30, 2019 | = | ÷ | |||
| Sep 30, 2018 | = | ÷ | |||
| Sep 30, 2017 | = | ÷ | |||
| Sep 30, 2016 | = | ÷ | |||
| Sep 30, 2015 | = | ÷ | |||
| Sep 30, 2014 | = | ÷ | |||
| Sep 30, 2013 | = | ÷ | |||
| Sep 30, 2012 | = | ÷ | |||
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| Sep 30, 2008 | = | ÷ | |||
| Sep 30, 2007 | = | ÷ | |||
| Sep 30, 2006 | = | ÷ | |||
| Sep 30, 2005 | = | ÷ |
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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1 US$ in millions
The data reveals several notable trends and fluctuations in the financial leverage and equity base over the analyzed periods.
- Total Debt
- Total debt exhibited significant variability, with an initial increase from 2,342 million US dollars in 2005 to a peak of 6,680 million in 2014. A substantial surge followed in 2016, where debt more than doubled to 16,353 million, indicating possible large financing activities or acquisitions. Subsequently, total debt declined steadily over the next few years, reaching around 7,740 million in 2021, before experiencing a moderate increase again to about 8,960 million in 2022 and slightly declining to 8,848 million in 2023. The spike in 2016 and subsequent reduction suggest cyclical debt management or strategic financial restructuring.
- Shareholders’ Equity Attributable to Johnson Controls
- Shareholders’ equity showed a general upward trend from 6,058 million US dollars in 2005 to a peak near 24,118 million in 2016, mirroring the period of high debt levels. Following this peak, equity declined steadily to around 17,268 million by 2020 and remained relatively stable with minor fluctuations through 2023. The growth in equity up to 2016 could indicate retained earnings growth or equity issuances, while the decline after suggests distributions to shareholders or impairment losses.
- Debt to Equity Ratio
- The debt to equity ratio fluctuated, reflective of the movements in total debt and equity. It increased sharply from 0.39 in 2005 to 0.64 in 2006, then decreased to around 0.34 in 2010, indicating a reduction in leverage relative to equity. A steady rise followed, peaking at approximately 0.68 in 2016, coinciding with peak debt levels, then it trended downward to 0.37 in 2019, indicating deleveraging. After 2019, the ratio rose again modestly, stabilizing around 0.53 by 2023. This pattern indicates periods of increased leverage followed by deleveraging strategies.
Overall, the data suggests an approach to capital structure management characterized by phases of increased debt financing, particularly around 2016, matched by growth in equity, followed by gradual debt reduction and equity contraction in later years. The company appears to actively manage its leverage ratio, balancing debt and equity to support its financial position over time.
Comparison to Competitors
Johnson Controls International plc, debt to equity, long-term trends, comparison to competitors
| Johnson Controls International plc | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
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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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Sector (Capital Goods)
Johnson Controls International plc, debt to equity, long-term trends, comparison to sector (capital goods)
| Johnson Controls International plc | Capital Goods | |
|---|---|---|
| Sep 30, 2023 | ||
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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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Industry (Industrials)
Johnson Controls International plc, debt to equity, long-term trends, comparison to industry (industrials)
| Johnson Controls International plc | Industrials | |
|---|---|---|
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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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).