Summary
Johnson Controls International plc's (JCI) 2015 10-K filing, filed under the name Tyco International plc at the time, details a global provider of security, fire detection and suppression, and life safety products. The company operates through three main segments: North America Integrated Solutions & Services (NA ISS), Rest of World Integrated Solutions & Services (ROW ISS), and Global Products. Total revenue for the fiscal year ended September 24, 2015, was $9.9 billion. Key operational themes include a continued focus on integrated solutions and services, global market presence with over 50% of revenue generated outside North America, and ongoing efforts in restructuring and cost containment. The company also faces significant challenges and risks, including environmental remediation costs, asbestos-related litigation, and tax disputes with the IRS, which significantly impacted the prior fiscal year's financial results. The filing also highlights the company's strategic shift from a holding company to a more focused operating entity.
Financial Highlights
56 data points| Revenue | $17.10B |
| Cost of Revenue | $12.57B |
| Gross Profit | $4.53B |
| R&D Expenses | $134.00M |
| SG&A Expenses | $3.19B |
| Operating Income | $884.00M |
| Interest Expense | $275.00M |
| Net Income | $1.56B |
| EPS (Basic) | $2.39 |
| EPS (Diluted) | $2.36 |
| Shares Outstanding (Basic) | 655.20M |
| Shares Outstanding (Diluted) | 661.50M |
Key Highlights
- 1Revenue for the fiscal year ended September 24, 2015, was $9.9 billion, a 4.2% decrease from the prior year, largely impacted by foreign currency fluctuations and divestitures.
- 2The company operates across three segments: North America Integrated Solutions & Services (39% of revenue), Rest of World Integrated Solutions & Services (35% of revenue), and Global Products (26% of revenue).
- 3Significant financial events during the year included a $452 million decline in asbestos-related charges and a $289 million in restructuring and repositioning charges.
- 4The company reported a strong balance sheet with $1.4 billion in cash and cash equivalents and $4.0 billion in shareholder's equity as of September 25, 2015.
- 5Global Products segment showed organic revenue growth of 2.6%, driven by security and life safety businesses, despite an overall unfavorable impact from foreign currency exchange rates.
- 6Significant ongoing legal and environmental matters include an estimated $33 million in environmental remediation costs and a reported net asbestos-related liability of $28 million as of September 25, 2015.
- 7The company is actively managing its capital structure, issuing new debt and redeeming existing notes, aiming to lower its weighted-average interest rate.