What is the main reason for this 8-K filing?

The primary reason for this 8-K filing is to revise and restate certain financial information and disclosures from the company's 2016 Annual Report on Form 10-K. This includes reclassifying the Automotive Experience business (Adient) as a discontinued operation, changing the segment performance measure to EBITA, and retrospectively adopting new accounting standards.

How does the reclassification of Adient as a discontinued operation affect investors?

Reclassifying Adient as a discontinued operation means its historical financial results will be presented separately from the company's continuing operations. This provides a clearer view of the performance of JCI's ongoing businesses and allows for a more accurate comparison of financial results over different periods.

What is EBITA and why is it important?

EBITA stands for Earnings Before Interest, Taxes, and Amortization. By adopting EBITA as the primary segment performance measure, JCI is focusing on operational profitability before certain financial and non-cash charges. This metric aims to offer a more consistent and comparable view of segment operational performance, excluding items that may not reflect core business activities.

Are there any new material events or business changes disclosed in this filing?

This filing primarily addresses retrospective adjustments to previously reported financial data. It does not disclose new material events that have occurred subsequent to the original 10-K filing, other than those directly related to the accounting revisions described.

JCI 8-K SEC Disclosure — Feb 23, 2017

Summary

Johnson Controls International plc (JCI) filed this 8-K on February 23, 2017, to revise certain financial information and disclosures previously reported in its Annual Report on Form 10-K for the fiscal year ended September 30, 2016. The primary driver for these revisions is the reclassification of the Automotive Experience business (Adient) as a discontinued operation, requiring retrospective application to all presented financial periods. Additionally, the company updated its primary segment performance measure to EBITA (Earnings Before Interest, Taxes, and Amortization), excluding specific corporate and non-recurring items, and has restated historical data accordingly. The filing also reflects the retrospective adoption of new accounting standards: ASU No. 2015-03 regarding debt issuance costs and ASU No. 2015-07 concerning disclosures for investments valued at NAV per share. Investors should note that this filing primarily serves to correct and align historical financial reporting and does not introduce new material events subsequent to the original 10-K filing, apart from those related to the adjustments detailed herein. For events occurring after the Annual Report filing, investors should consult JCI's subsequent filings.

Key Highlights

1Reclassification of Automotive Experience business (Adient) as a discontinued operation, impacting historical financial reporting retrospectively.
2Change in primary segment performance measure to EBITA, providing a potentially clearer view of ongoing operational profitability.
3Retrospective adoption of ASU No. 2015-03 (debt issuance costs) and ASU No. 2015-07 (NAV per share investments), ensuring consistent accounting treatment.
4The filing is an update to the 2016 10-K, not an amendment to incorporate subsequent events beyond the disclosed adjustments.
5Updated financial information is provided in Exhibit 99.1 and XBRL format (Exhibit 101.1).
6Investors should read this filing in conjunction with the original 10-K and the more recent 10-Q for the quarter ended December 31, 2016.

Johnson Controls International plc 8-K Report, Corporate Update (Feb 23, 2017)

Summary

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