01—Abstract
Summary
Summary of the 8-K filed February 1, 2017. Cited figures are marked; the original filing is the authoritative source.
This Form 8-K filing from Johnson Controls International plc (JCI) on February 1, 2017, primarily serves to provide investors with unaudited pro forma consolidated financial statements.
These statements present JCI's financial position and performance as if key strategic transactions had occurred at earlier dates. Specifically, the pro forma statements reflect the merger with Tyco International plc and the spin-off of the automotive seating and interiors business into Adient plc, treating Adient's results as discontinued operations.
The purpose of these pro forma statements is to offer a clearer view of the company's ongoing operations and financial structure following these significant corporate events. Investors should review these financials to understand the combined entity's performance post-merger and the impact of the Adient spin-off on JCI's historical and projected financial trajectory.
02—Key points
Key Highlights
- Filing provides unaudited pro forma consolidated financial statements for Johnson Controls International plc.
- The pro forma statements reflect the merger with Tyco International plc as if it occurred on October 1, 2015.
- The pro forma statements also reflect the spin-off of the automotive seating and interiors business into Adient plc.
- Adient's financial results are presented as discontinued operations in the pro forma statements.
- These pro forma financials are designed to show the impact of these major transactions on the company's financial position and performance.
- The pro forma statements cover periods ending September 30, 2016, 2015, and 2014, and as of September 30, 2016.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to provide investors with unaudited pro forma consolidated financial statements. These statements are adjusted to reflect the impact of significant corporate events, namely the merger with Tyco International plc and the spin-off of the automotive seating and interiors business (Adient plc), as if they had occurred at earlier dates.
How does the merger with Tyco International plc affect the presented financials?
The unaudited pro forma consolidated statement of income for the year ended September 30, 2016, gives effect to the merger of Johnson Controls Inc. with Tyco International plc as if it occurred at the beginning of that period, on October 1, 2015. This allows for a view of the combined entity's performance.
How are the results of the Adient spin-off presented?
The spin-off of Johnson Controls' automotive seating and interiors business into Adient plc and related events are reflected in the pro forma statements. Adient's historical financial results are presented as discontinued operations in all periods shown, and the statement of financial position gives effect to the spin-off as of September 30, 2016.
Why are pro forma financial statements important for investors?
Pro forma financial statements are important for investors because they provide a clearer picture of the company's financial performance and position after major structural changes, such as mergers and spin-offs. They help investors analyze the ongoing business and its potential without the historical noise of divested operations or the immediate impact of acquired ones.
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