Summary
Johnson Controls International plc (JCI) filed an 8-K on November 8, 2016, to provide supplemental unaudited historical financial information. This information is crucial for investors as it presents a combined view of JCI's historical Building Efficiency business and Tyco's results, reflecting the recent merger between the two entities. It also details the separation of JCI's automotive seating and interiors business, Adient, which was distributed to shareholders. The provided data is intended to help investors understand the ongoing business operations and performance trends of the newly combined JCI and Tyco entity, excluding the divested Adient business.
Key Highlights
- 1Filing provides supplemental unaudited historical financial information for the combined Johnson Controls and Tyco entities.
- 2The information excludes the results of operations for Adient, the automotive seating and interiors business, which was separated and distributed to shareholders on October 31, 2016.
- 3The merger between Johnson Controls, Inc. and Tyco International plc is accounted for as a reverse acquisition, with JCI acquiring Tyco for accounting purposes.
- 4The supplemental information combines JCI's historical Building Efficiency business with historical Tyco results, presented as if they had been operated together.
- 5Certain financial metrics such as sales, income, and EPS are presented both on an unadjusted basis and adjusted for 'special items' to enhance trend analysis.
- 6The filing clarifies that this supplemental information is distinct from, and does not supersede, the previously filed pro forma condensed combined financial information.
Frequently Asked Questions
The primary purpose of this 8-K filing is to provide investors with supplemental unaudited historical financial information that combines the operations of Johnson Controls (JCI) and Tyco International plc, following their merger, while excluding the divested Adient business. This aims to offer a clearer view of the ongoing combined entity's performance.
The merger is accounted for as a reverse acquisition, meaning that for accounting purposes, Johnson Controls, Inc. is considered to be acquiring Tyco International plc.
Adient, JCI's former automotive seating and interiors business, was separated and distributed to shareholders on October 31, 2016. Therefore, its results are excluded from this supplemental combined information to present the performance of the continuing operations of the merged JCI and Tyco entity.
'Special items' are specific, often non-recurring events or transactions that can significantly impact financial results in a particular period. The filing presents certain financial metrics adjusted for these special items to help investors analyze underlying business trends and performance more effectively, separate from these potentially disproportionate impacts.