Summary
Johnson Controls International plc (JCI) filed an 8-K on March 11, 2016, to announce a change in its financial reporting presentation. Effective for the first quarter of fiscal 2016, the company will present operating income by segment and Corporate and Other, excluding restructuring and repositioning charges, net. These charges will now be presented in aggregate. This change aligns the external financial reporting with how JCI's management reviews business performance and makes strategic decisions. To comply with SEC rules, the company is also recasting its consolidated financial statements for the three fiscal years ending September 25, 2015, to reflect this new presentation method. The recast information is available in Exhibit 99.1 of this filing.
Key Highlights
- 1Change in reporting of operating income by segment to exclude restructuring and repositioning charges, net.
- 2Restructuring and repositioning charges will be presented in aggregate.
- 3This change is consistent with management's internal review and performance assessment.
- 4Prior period financial statements (fiscal years ending 2013-2015) are being recast to reflect this new presentation.
- 5The filing does not amend or restate the audited consolidated financial statements from the fiscal 2015 10-K.
- 6This filing does not affect previously reported net income, EPS, cash flows, or balance sheet items.
- 7Information on subsequent events can be found in the Form 10-Q for the quarter ended December 25, 2015.