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FY22 Guidance Impacted by Delayed Excess Conversion Resulting from Supply Chain Volatility
- GAAP EPS of $0.02; Adjusted EPS of $0.63, upwardly 21% versus prior twelvemonth
- Reported sales +9% versus prior yr; +9% organically
- Field Orders +11% twelvemonth-over-year, with wide-based strength across regions; Service orders +8%
- Record Backlog of $10.9 billion, increased 12% organically twelvemonth-over-year
- Completed over $500 million in share repurchases in Q2; Over $1.0 billion yr-to-date
- Fiscal 2022 adjusted EPS guidance revised to $2.95 to $three.05, from $iii.22 to $3.32 previously, an increase of 11% to xv% year-over-year
, /PRNewswire/ -- Johnson Controls International plc (NYSE: JCI), a global leader for smart, good for you and sustainable buildings, today reported financial 2d quarter 2022 GAAP earnings per share ("EPS") from continuing operations, including special items, of $0.02. Excluding special items, adjusted EPS from continuing operations was $0.63, up 21% versus the prior year catamenia (see fastened footnotes for non-GAAP reconciliation).
Sales of $half-dozen.one billion increased ix% compared to the prior year on an as reported basis and grew 9% organically. GAAP net income from continuing operations was $11 million. Adjusted net income from standing operations of $441 1000000 increased 18% versus the prior twelvemonth. Earnings before interest and taxes ("EBIT") was $161 million and EBIT margin was two.6%. Adjusted EBIT was $608 million and adjusted EBIT margin was x.0%, upward xl footing points versus the prior year.
"Demand for innovative solutions that address urgent needs for sustainability, free energy efficiency, and higher indoor ecology quality continues to accelerate," said George Oliver, chairman and chief executive officer. "We delivered some other quarter of strong order, revenue and profit growth in Q2. We are, however, experiencing more near-term supply chain disruptions than expected, which have negatively impacted the pace and mix of our backlog conversion."
"The underlying fundamentals of our concern remain stiff, and I am confident in our ability to navigate the temporary headwinds impacting our profitability. We continue to brand progress toward enabling our strategic vision to digitally transform the buildings industry, leveraging our OpenBlue digital platform to capitalize on the bonny global trends over the next decade." Oliver continued.
"I remain encouraged by the momentum nosotros are seeing across our portfolio, and believe we are positioned to deliver bonny order, backlog, revenue, and EPS growth this yr and beyond," said Olivier Leonetti, chief financial officer. "Near term uncertainties related to the lockdown in China and geopolitical instability, coupled with the impact of ongoing supply chain disruptions, warrant a more cautious outlook and a revision to our 2d half expectations. Looking ahead, the force of our backlog and the improving margin profile, together with our cost savings programs, positions us to deliver on the financial targets we set for the medium term."
Income and EPS amounts attributable to Johnson Controls ordinary shareholders
($ millions, except per-share amounts)
The fiscal highlights presented in the tables beneath are in accordance with GAAP, unless otherwise indicated. All comparisons are to the fiscal 2d quarter of 2021. Effective October 1, 2021, the Company's Marine business organization, previously reported across the Building Solutions Asia Pacific, Global Products and Building Solutions EMEA/LA segments, is now managed and reported under the Building Solutions EMEA/LA segment. Historical information has been re-cast to nowadays the comparative periods on a consequent basis.
Organic sales, adapted sales, total segment EBITA, adjusted segment EBITA, adjusted corporate expense, EBIT, adjusted EBIT, adapted net income from standing operations, adjusted EPS from standing operations, free cash menses and free greenbacks flow conversion are non-GAAP financial measures. For a reconciliation of these non-GAAP measures and detail of the special items, refer to the attached footnotes. A slide presentation to accompany the results can be found in the Investor Relations department of Johnson Controls' website at https://investors.johnsoncontrols.com.
| Fiscal Q2 | ||||
| GAAP | Adapted | |||
| 2021 | 2022 | 2021 | 2022 | |
| Sales | $5,594 | $half-dozen,098 | $5,594 | $6,098 |
| Segment EBITA | 711 | 800 | 711 | 768 |
| EBIT | 650 | 161 | 537 | 608 |
| Net income from continuing operations | 343 | 11 | 373 | 441 |
| Diluted EPS from standing operations | $0.48 | $0.02 | $0.52 | $0.63 |
SEGMENT RESULTS
Building Solutions Northward America
| Financial Q2 | ||||
| GAAP | Adjusted | |||
| 2021 | 2022 | 2021 | 2022 | |
| Sales | $2,092 | $2,227 | $2,092 | $two,227 |
| Segment EBITA | 266 | 235 | 266 | 235 |
| Segment EBITA Margin % | 12.7% | 10.half-dozen% | 12.vii% | x.six% |
Sales in the quarter of $two.2 billion increased 6% versus the prior year. Organic sales increased 6% over the prior year, led past high-single digit growth in Service and potent growth in our HVAC & Controls platform.
Orders in the quarter, excluding M&A and adjusted for strange currency, increased 13% yr-over-year. Excess at the end of the quarter of $half-dozen.9 billion increased fourteen% compared to the prior year, excluding M&A and adjusted for foreign currency.
Adjusted segment EBITA was $235 million, downwardly 12% versus the prior year. Adapted segment EBITA margin of 10.6% declined 210 basis points versus the prior yr equally the benefit of book leverage and the SG&A/COGS deportment were more than offset past continued investment spending and lower absorption related to supply chain challenges and reduced labor productivity.
Building Solutions EMEA/LA (Europe, Center East, Africa/Latin America)
| Fiscal Q2 | ||||
| GAAP | Adjusted | |||
| 2021 | 2022 | 2021 | 2022 | |
| Sales | $934 | $958 | $934 | $958 |
| Segment EBITA | 88 | 79 | 88 | xc |
| Segment EBITA Margin % | 9.4% | viii.2% | 9.four% | 9.4% |
Sales in the quarter of $958 one thousand thousand increased 3% versus the prior year. Organic sales grew 8% versus the prior year with low double-digit growth in Service, and strong functioning in our Fire & Security platforms. By region, strong growth in Europe and Latin America was partially offset by continued weakness in the Middle East.
Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 8% twelvemonth-over-year. Backlog at the stop of the quarter of $two.2 billion increased 9% year-over-year, excluding One thousand&A and adjusted for strange currency.
Adapted segment EBITA was $xc one thousand thousand, upwards 2% versus the prior year. Adjusted segment EBITA margin of 9.4% was apartment with the prior year, as the benefit of SG&A/COGS actions and positive price/toll were kickoff past supply chain disruptions, unfavorable mix, continued investment spending and lower equity income.
Edifice Solutions Asia Pacific
| Fiscal Q2 | ||||
| GAAP | Adjusted | |||
| 2021 | 2022 | 2021 | 2022 | |
| Sales | $594 | $623 | $594 | $623 |
| Segment EBITA | 73 | 74 | 73 | 74 |
| Segment EBITA Margin % | 12.iii% | xi.9% | 12.3% | 11.9% |
Sales in the quarter of $623 million increased 5% versus the prior year. Sales grew vii% organically versus the prior year, led by strong demand for Commercial Applied HVAC & Controls and Industrial Refrigeration equipment. Red china remains the primary source of growth, upward high-teens in the quarter.
Orders in the quarter, excluding M&A and adjusted for strange currency, increased eight% year-over-yr. Backlog at the stop of the quarter of $1.8 billion increased 5% year-over-yr, excluding M&A and adapted for foreign currency.
Adjusted segment EBITA was $74 1000000, up 1% versus the prior year. Adjusted segment EBITA margin of 11.9% declined twoscore basis points versus the prior year as the benefit of SG&A/COGS deportment were more than commencement by negative cost/toll, supply chain disruptions and unfavorable mix.
Global Products
| Financial Q2 | ||||
| GAAP | Adjusted | |||
| 2021 | 2022 | 2021 | 2022 | |
| Sales | $i,974 | $two,290 | $i,974 | $ii,290 |
| Segment EBITA | 284 | 412 | 284 | 369 |
| Segment EBITA Margin % | fourteen.4% | xviii.0% | 14.four% | 16.1% |
Sales in the quarter of $2.iii billion increased sixteen% versus the prior year. Organic sales grew xiv% versus the prior year driven by strong pricing and wide-based need for Commercial and Residential HVAC and Fire & Security products.
Adapted segment EBITA was $369 million, upwards 30% versus the prior year. Adapted segment EBITA margin of xvi.1% expanded 170 footing points versus the prior year as book leverage, positive mix, and the benefit of SG&A/COGS actions were partially showtime past negative price/toll, continued investment spending and lower equity income.
Corporate
| Fiscal Q2 | ||||
| GAAP | Adjusted | |||
| 2021 | 2022 | 2021 | 2022 | |
| Corporate Expense | ($seventy) | ($lx) | ($seventy) | ($60) |
Adjusted Corporate expense was $60 million in the quarter, a decrease of 14% compared to the prior year.
OTHER ITEMS
During the quarter…
- Greenbacks used in operating activities from continuing operations was ($68) 1000000 and capital expenditures were ($125) meg, resulting in a costless cash outflow from continuing operations of ($193) million.
- The Company repurchased approximately 7.3 million shares for $509 one thousand thousand. Twelvemonth to date through March, the Company repurchased 14.five million shares for approximately $1.0 billion.
- The Company recorded net pre-tax mark-to-market gains of $89 million related primarily to the remeasurement of the Visitor's pension and postretirement benefit plans.
- The Visitor recorded pre-tax restructuring and impairment costs of $384 1000000, including the damage of assets associated with a business classified every bit held for sale in the quarter. Additionally, the Company recorded $eleven million in pre-revenue enhancement charges associated with the suspension of operations in Russia.
THIRD QUARTER GUIDANCE
The Visitor initiated financial 2022 tertiary quarter guidance:
- Organic revenue up loftier-single digits year-over year
- Adjusted segment EBITA margin turn down of 80 to 100 basis points, year-over-year
- Adjusted EPS earlier special items of [$0.82 to $0.87]
Full YEAR GUIDANCE
The Visitor revised fiscal 2022 full twelvemonth EPS guidance:
- Organic revenue growth of 8% to 10% year-over year
- Adjusted segment EBITA margin flat to downwardly 30 basis points, year-over-year
- Adapted EPS before special items of $2.95 to $three.05; representing eleven% to 15% growth year-over-year
Conference Call & WEBCAST INFO
Johnson Controls volition host a briefing call to discuss this quarter's results at eight:30 a.m. ET today, which can be accessed by dialing 888-324-9610 (in the United States) or 630-395-0255 (outside the U.s.), or via webcast. The passcode is "Johnson Controls". A slide presentation volition accompany the prepared remarks and has been posted on the investor relations section of the Johnson Controls website at https://investors.johnsoncontrols.com/news-and-events/events-and-presentations. A replay will be made available approximately 2 hours following the determination of the conference call.
About Johnson Controls
At Johnson Controls (NYSE:JCI), nosotros transform the environments where people alive, piece of work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.
Building on a proud history of more than than 135 years of innovation, we deliver the blueprint of the futurity for industries such equally healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offer. Today, with a global squad of 100,000 experts in more than than 150 countries, Johnson Controls offers the world`s largest portfolio of building applied science and software as well equally service solutions from some of the near trusted names in the industry. Visit world wide web.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.
JOHNSON CONTROLS CONTACTS:
| INVESTOR CONTACTS: | MEDIA CONTACTS: |
| Ryan Edelman | Karen Tognarelli |
| Straight: +one 609.720.4545 | Direct: +ane 571.214.7744 |
| Email: ryan.edelman@jci.com | Electronic mail: karen.tognarelli@jci.com |
| Michael Gates | Michael Isaac |
| Direct: +1 414.524.5785 | Directly: +41 79 694 14 62 |
| E-mail: michael.j.gates@jci.com | Email: michael.isaac@jci.com |
Johnson Controls International plc Cautionary Statement Regarding Forward-Looking Statements
Johnson Controls International plc has made statements in this advice that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, "forwards-looking statements" inside the significant of the Individual Securities Litigation Reform Human action of 1995. In this communication, statements regarding Johnson Controls' future financial position, sales, costs, earnings, cash flows, other measures of results of operations, synergies and integration opportunities, capital expenditures, debt levels and market outlook are forrard-looking statements. Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" and terms of similar meaning are as well generally intended to identify frontwards-looking statements. Even so, the absence of these words does not mean that a argument is not forward-looking. Johnson Controls cautions that these statements are subject area to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond its control, that could cause its actual results to differ materially from those expressed or unsaid by such forrad-looking statements, including, among others, risks related to: Johnson Controls ability to manage full general economic, business, capital market and geopolitical conditions, including global price inflation, shortages impacting the availability of raw materials and component products and the current disharmonize between Russia and Ukraine; Johnson Controls ability to manage the impacts of natural disasters, climate change, pandemics and outbreaks of contagious diseases and other agin public health developments, such as the COVID-19 pandemic; the strength of the U.S. or other economies; changes or incertitude in laws, regulations, rates, policies or interpretations that impact Johnson Controls business operations or tax status; the ability to develop or larn new products and technologies that attain marketplace acceptance and meet applicable regulatory requirements; changes to laws or policies governing foreign trade, including economical sanctions, increased tariffs or merchandise restrictions; maintaining the capacity, reliability and security of Johnson Controls enterprise it infrastructure; the ability to manage the lifecycle cybersecurity risk in the development, deployment and operation of Johnson Controls digital platforms and services; the chance of infringement or expiration of intellectual property rights; any delay or inability of Johnson Controls to realize the expected benefits and synergies of recent portfolio transactions; the consequence of litigation and governmental proceedings; the power to hire and retain senior direction and other primal personnel; the taxation treatment of recent portfolio transactions; meaning transaction costs and/or unknown liabilities associated with such transactions; fluctuations in currency exchange rates; labor shortages, work stoppages, union negotiations, labor disputes and other matters associated with the labor force; and the cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Johnson Controls' business is included in the section entitled "Take chances Factors" in Johnson Controls' Annual Report on Form 10-K for the 2021 fiscal year filed with the SEC on November 15, 2021, which is available at www.sec.gov and www.johnsoncontrols.com nether the "Investors" tab. The description of certain of these risks is supplemented in Particular 1A of Part II of Johnson Controls' subsequently filed Quarterly Reports on Form 10-Q. Shareholders, potential investors and others should consider these factors in evaluating the forrard-looking statements and should not place undue reliance on such statements. The forwards-looking statements included in this communication are made but as of the date of this document, unless otherwise specified, and, except every bit required by law, Johnson Controls assumes no obligation, and disclaims whatsoever obligation, to update such statements to reflect events or circumstances occurring after the date of this communication.
Non-GAAP Financial Information
This printing release contains financial information regarding adjusted earnings per share, which is a non-GAAP performance measure out. The adjusting items include restructuring and impairment costs, net marking-to-market adjustments, Silent-Aire transaction costs and other nonrecurring items, Silent-Aire earn-out adjustment, charges associated with the interruption of operations in Russia, Power Solutions divestiture reserve adjustment and discrete revenue enhancement items. Financial information regarding organic sales, adjusted sales, EBIT, EBIT margin, adjusted EBIT, adjusted EBIT margin, total segment EBITA, adapted segment EBITA, adjusted segment EBITA margin, adjusted corporate expense, free greenbacks period, free greenbacks flow conversion and adjusted net income from continuing operations are also presented, which are not-GAAP performance measures. Direction believes that, when considered together with unadjusted amounts, these non-GAAP measures are useful to investors in understanding period-over-period operating results and business concern trends of Johnson Controls. Management may also use these metrics as guides in forecasting, budgeting and long-term planning processes and for compensation purposes. These metrics should be considered in addition to, and non as replacements for, the most comparable GAAP measure. For farther information on the adding of the non-GAAP measures and a reconciliation of these not-GAAP measures, refer to the attached footnotes.
| JOHNSON CONTROLS INTERNATIONAL PLC | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||
| (in millions, except per share data; unaudited) | |||||
| Three Months Concluded March 31, | |||||
| 2022 | 2021 | ||||
| Internet sales | $ 6,098 | $ five,594 | |||
| Cost of sales | 4,141 | 3,651 | |||
| Gross profit | ane,957 | one,943 | |||
| Selling, general and authoritative expenses | (one,454) | (one,253) | |||
| Restructuring and impairment costs | (384) | (96) | |||
| Net financing charges | (51) | (44) | |||
| Equity income | 42 | 56 | |||
| Income from continuing operations earlier income taxes | 110 | 606 | |||
| Income revenue enhancement provision | 58 | 209 | |||
| Income from continuing operations | 52 | 397 | |||
| Income from discontinued operations, net of tax | - | - | |||
| Internet income | 52 | 397 | |||
| Less: Income from standing operations | |||||
| attributable to noncontrolling interests | 41 | 54 | |||
| Less: Income from discontinued operations | |||||
| attributable to noncontrolling interests | - | - | |||
| Cyberspace income attributable to JCI | $ 11 | $ 343 | |||
| Income from standing operations | $ 11 | $ 343 | |||
| Income from discontinued operations | - | - | |||
| Net income attributable to JCI | $ 11 | $ 343 | |||
| Diluted earnings per share from standing operations | $ 0.02 | $ 0.48 | |||
| Diluted earnings per share from discontinued operations | - | - | |||
| Diluted earnings per share | $ 0.02 | $ 0.48 | |||
| Diluted weighted average shares | 702.vii | 721.3 | |||
| Shares outstanding at flow end | 695.seven | 716.vii | |||
| JOHNSON CONTROLS INTERNATIONAL PLC | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||
| (in millions, except per share information; unaudited) | |||||
| Half dozen Months Concluded March 31, | |||||
| 2022 | 2021 | ||||
| Cyberspace sales | $ 11,960 | $ x,935 | |||
| Cost of sales | 8,112 | vii,264 | |||
| Gross profit | 3,848 | 3,671 | |||
| Selling, general and administrative expenses | (two,823) | (two,547) | |||
| Restructuring and impairment costs | (433) | (96) | |||
| Net financing charges | (104) | (103) | |||
| Equity income | 112 | 114 | |||
| Income from continuing operations before income taxes | 600 | ane,039 | |||
| Income tax provision | 129 | 270 | |||
| Income from continuing operations | 471 | 769 | |||
| Income from discontinued operations, net of taxation | - | 124 | |||
| Internet income | 471 | 893 | |||
| Less: Income from continuing operations | |||||
| attributable to noncontrolling interests | 79 | 99 | |||
| Less: Income from discontinued operations | |||||
| attributable to noncontrolling interests | - | - | |||
| Internet income owing to JCI | $ 392 | $ 794 | |||
| Income from continuing operations | $ 392 | $ 670 | |||
| Income from discontinued operations | - | 124 | |||
| Net income owing to JCI | $ 392 | $ 794 | |||
| Diluted earnings per share from standing operations | $ 0.56 | $ 0.93 | |||
| Diluted earnings per share from discontinued operations | - | 0.17 | |||
| Diluted earnings per share | $ 0.56 | $ 1.10 | |||
| Diluted weighted average shares | 706.ii | 723.9 | |||
| Shares outstanding at period end | 695.vii | 716.7 | |||
| JOHNSON CONTROLS INTERNATIONAL PLC | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF Fiscal POSITION | |||||
| (in millions; unaudited) | |||||
| March 31, | September 30, | ||||
| 2022 | 2021 | ||||
| Assets | |||||
| Cash and cash equivalents | $ ane,787 | $ i,336 | |||
| Accounts receivable - net | 5,689 | 5,613 | |||
| Inventories | 2,515 | two,057 | |||
| Assets held for auction | 386 | - | |||
| Other current assets | 1,235 | 992 | |||
| Electric current assets | eleven,612 | 9,998 | |||
| Property, constitute and equipment - net | 3,103 | 3,228 | |||
| Goodwill | 18,029 | xviii,335 | |||
| Other intangible assets - net | 4,889 | five,549 | |||
| Investments in partially-owned affiliates | one,073 | 1,066 | |||
| Noncurrent assets held for sale | one,079 | 156 | |||
| Other noncurrent assets | 3,206 | 3,558 | |||
| Total assets | $ 42,991 | $ 41,890 | |||
| LIABILITIES AND Equity | |||||
| Short-term debt and current portion of long-term debt | $ 2,284 | $ 234 | |||
| Accounts payable and accrued expenses | 4,809 | 4,754 | |||
| Liabilities held for sale | 326 | - | |||
| Other current liabilities | 4,235 | 4,110 | |||
| Current liabilities | 11,654 | 9,098 | |||
| Long-term debt | 7,366 | 7,506 | |||
| Other noncurrent liabilities | 6,055 | six,533 | |||
| Noncurrent liabilities held for sale | 228 | - | |||
| Shareholders' equity attributable to JCI | 16,536 | 17,562 | |||
| Noncontrolling interests | i,152 | one,191 | |||
| Total liabilities and equity | $ 42,991 | $ 41,890 | |||
| JOHNSON CONTROLS INTERNATIONAL PLC | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF Greenbacks FLOWS | |||||||||
| (in millions; unaudited) | |||||||||
| Iii Months Ended March 31, | |||||||||
| 2022 | 2021 | ||||||||
| Operating Activities | |||||||||
| Net income from continuing operations attributable to JCI | $ xi | $ 343 | |||||||
| Income from standing operations attributable to noncontrolling interests | 41 | 54 | |||||||
| Net income from continuing operations | 52 | 397 | |||||||
| Adjustments to reconcile internet income from continuing operations to greenbacks provided by operating activities: | |||||||||
| Depreciation and amortization | 208 | 212 | |||||||
| Pension and postretirement benefit expense (income) | 31 | (253) | |||||||
| Pension and postretirement contributions | (35) | (8) | |||||||
| Equity in earnings of partially-owned affiliates, internet of dividends received | 38 | (55) | |||||||
| Deferred income taxes | (65) | 84 | |||||||
| Non-cash restructuring and impairment costs | 361 | 54 | |||||||
| Other - net | (8) | (vii) | |||||||
| Changes in assets and liabilities, excluding acquisitions and divestitures: | |||||||||
| Accounts receivable | (231) | (57) | |||||||
| Inventories | (243) | (113) | |||||||
| Other assets | (143) | (20) | |||||||
| Restructuring reserves | (38) | x | |||||||
| Accounts payable and accrued liabilities | 156 | 419 | |||||||
| Accrued income taxes | (151) | (18) | |||||||
| Cash provided (used) by operating activities from continuing operations | (68) | 645 | |||||||
| Investing Activities | |||||||||
| Capital expenditures | (125) | (106) | |||||||
| Conquering of businesses, cyberspace of cash caused | (16) | (10) | |||||||
| Business divestitures, internet of greenbacks divested | - | 8 | |||||||
| Other - internet | 27 | 26 | |||||||
| Greenbacks used past investing activities from continuing operations | (114) | (82) | |||||||
| Financing Activities | |||||||||
| Increase (decrease) in curt and long-term debt - net | 1,666 | (13) | |||||||
| Stock repurchases and retirements | (509) | (315) | |||||||
| Payment of cash dividends | (239) | (187) | |||||||
| Dividends paid to noncontrolling interests | (118) | (101) | |||||||
| Proceeds from the exercise of stock options | 5 | 102 | |||||||
| Cash paid to larn a noncontrolling involvement | - | (14) | |||||||
| Employee disinterestedness-based compensation withholding taxes | (2) | (viii) | |||||||
| Other - cyberspace | (2) | 4 | |||||||
| Cash provided (used) past financing activities from standing operations | 801 | (532) | |||||||
| Discontinued Operations | |||||||||
| Net cash used by operating activities | - | (1) | |||||||
| Cyberspace cash used past investing activities | - | - | |||||||
| Net greenbacks used by financing activities | - | - | |||||||
| Net greenbacks flows used by discontinued operations | - | (1) | |||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted greenbacks | (21) | twenty | |||||||
| Changes in cash held for auction | - | - | |||||||
| Increase in cash, cash equivalents and restricted cash | $ 598 | $ 50 | |||||||
| JOHNSON CONTROLS INTERNATIONAL PLC | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| (in millions; unaudited) | |||||||||
| Six Months Ended March 31, | |||||||||
| 2022 | 2021 | ||||||||
| Operating Activities | |||||||||
| Cyberspace income from continuing operations attributable to JCI | $ 392 | $ 670 | |||||||
| Income from continuing operations owing to noncontrolling interests | 79 | 99 | |||||||
| Internet income from continuing operations | 471 | 769 | |||||||
| Adjustments to reconcile internet income from standing operations to cash provided by operating activities: | |||||||||
| Depreciation and acquittal | 432 | 419 | |||||||
| Pension and postretirement benefit income | (51) | (299) | |||||||
| Alimony and postretirement contributions | (76) | (25) | |||||||
| Equity in earnings of partially-endemic affiliates, net of dividends received | twenty | (107) | |||||||
| Deferred income taxes | (97) | 25 | |||||||
| Non-cash restructuring and damage costs | 361 | 54 | |||||||
| Other - net | (vii) | (32) | |||||||
| Changes in assets and liabilities, excluding acquisitions and divestitures: | |||||||||
| Accounts receivable | (306) | 167 | |||||||
| Inventories | (619) | (211) | |||||||
| Other assets | (206) | (90) | |||||||
| Restructuring reserves | (nineteen) | (24) | |||||||
| Accounts payable and accrued liabilities | 489 | 510 | |||||||
| Accrued income taxes | (68) | iv | |||||||
| Cash provided by operating activities from continuing operations | 324 | i,160 | |||||||
| Investing Activities | |||||||||
| Capital letter expenditures | (260) | (197) | |||||||
| Conquering of businesses, net of cash acquired | (124) | (ten) | |||||||
| Business concern divestitures, net of cash divested | 16 | xix | |||||||
| Other - net | 36 | 69 | |||||||
| Cash used by investing activities from continuing operations | (332) | (119) | |||||||
| Financing Activities | |||||||||
| Increase (decrease) in brusk and long-term debt - net | two,059 | (33) | |||||||
| Stock repurchases and retirements | (i,035) | (661) | |||||||
| Payment of cash dividends | (430) | (377) | |||||||
| Proceeds from the exercise of stock options | 13 | 133 | |||||||
| Dividends paid to noncontrolling interests | (118) | (101) | |||||||
| Greenbacks paid to acquire a noncontrolling involvement | - | (fourteen) | |||||||
| Employee equity-based compensation withholding taxes | (49) | (29) | |||||||
| Other - cyberspace | 4 | 3 | |||||||
| Cash provided (used) by financing activities from continuing operations | 444 | (one,079) | |||||||
| Discontinued Operations | |||||||||
| Net cash used past operating activities | (four) | (37) | |||||||
| Cyberspace cash used by investing activities | - | - | |||||||
| Net greenbacks used by financing activities | - | - | |||||||
| Net cash flows used past discontinued operations | (four) | (37) | |||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 46 | 9 | |||||||
| Changes in cash held for auction | - | - | |||||||
| Increment (decrease) in cash, greenbacks equivalents and restricted cash | $ 478 | $ (66) | |||||||
| FOOTNOTES | ||||||||||||||||||||||||||||||||
| 1. Financial Summary | ||||||||||||||||||||||||||||||||
| The Visitor evaluates the functioning of its business units primarily on segment earnings before interest, taxes and amortization (EBITA), which represents income from continuing operations before income taxes and noncontrolling interests, excluding general corporate expenses, intangible asset amortization, net financing charges, restructuring and harm costs, charges attributable to the intermission of operations in Russia, Silent-Aire earn-out adjustment, and the cyberspace mark-to-marketplace adjustments related to restricted asbestos investments and pension and postretirement plans. The financial results shown below are for continuing operations and exclude the Ability Solutions business concern. Historical information has been re-cast for changes in the composition of reportable segments effective October one, 2021, to present the comparative periods on a consequent footing. | ||||||||||||||||||||||||||||||||
| (in millions; unaudited) | Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Actual | Adapted | Actual | Adjusted | Actual | Adjusted | Actual | Adjusted | ||||||||||
| Net sales (one) | |||||||||||||||||
| Building Solutions North America | $ 2,227 | $ two,227 | $ 2,092 | $ ii,092 | $ 4,379 | $ 4,379 | $ 4,126 | $ iv,126 | |||||||||
| Edifice Solutions EMEA/LA | 958 | 958 | 934 | 934 | 1,917 | ane,917 | 1,882 | ane,882 | |||||||||
| Building Solutions Asia Pacific | 623 | 623 | 594 | 594 | ane,298 | 1,298 | 1,198 | ane,198 | |||||||||
| Global Products | 2,290 | two,290 | 1,974 | i,974 | 4,366 | 4,366 | 3,729 | iii,729 | |||||||||
| Net sales | $ 6,098 | $ vi,098 | $ 5,594 | $ five,594 | $ 11,960 | $ 11,960 | $ 10,935 | $ 10,935 | |||||||||
| Segment EBITA (ane) | |||||||||||||||||
| Edifice Solutions North America | $ 235 | $ 235 | $ 266 | $ 266 | $ 485 | $ 485 | $ 521 | $ 521 | |||||||||
| Edifice Solutions EMEA/LA | 79 | 90 | 88 | 88 | 183 | 194 | 186 | 186 | |||||||||
| Building Solutions Asia Pacific | 74 | 74 | 73 | 73 | 142 | 142 | 150 | 150 | |||||||||
| Global Products | 412 | 369 | 284 | 284 | 713 | 670 | 496 | 496 | |||||||||
| Segment EBITA | 800 | 768 | 711 | 711 | 1,523 | 1,491 | 1,353 | ane,353 | |||||||||
| Corporate expenses | (60) | (sixty) | (70) | (70) | (130) | (130) | (137) | (137) | |||||||||
| Acquittal of intangible assets (2) | (106) | (100) | (104) | (104) | (224) | (211) | (208) | (208) | |||||||||
| Cyberspace marking-to-market adjustments (three) | (89) | - | 209 | - | (32) | - | 230 | - | |||||||||
| Restructuring and harm costs (4) | (384) | - | (96) | - | (433) | - | (96) | - | |||||||||
| EBIT (5) | 161 | 608 | 650 | 537 | 704 | ane,150 | one,142 | i,008 | |||||||||
| EBIT margin | 2.vi% | ten.0% | 11.half dozen% | ix.vi% | five.9% | 9.6% | x.4% | 9.2% | |||||||||
| Net financing charges | (51) | (51) | (44) | (44) | (104) | (104) | (103) | (103) | |||||||||
| Income from continuing operations before income taxes | 110 | 557 | 606 | 493 | 600 | 1,046 | one,039 | 905 | |||||||||
| Income tax provision (6) | (58) | (75) | (209) | (66) | (129) | (141) | (270) | (122) | |||||||||
| Income from standing operations | 52 | 482 | 397 | 427 | 471 | 905 | 769 | 783 | |||||||||
| Income from continuing operations attributable to | |||||||||||||||||
| noncontrolling interests (7) | (41) | (41) | (54) | (54) | (79) | (84) | (99) | (99) | |||||||||
| Net income from continuing operations owing to JCI | $ eleven | $ 441 | $ 343 | $ 373 | $ 392 | $ 821 | $ 670 | $ 684 | |||||||||
| (one) The Visitor's printing release contains financial information regarding adjusted cyberspace sales, segment EBITA, adjusted segment EBITA and adjusted segment EBITA margins, which are non-GAAP operation measures. The Visitor'south definition of adjusted net sales and adjusted segment EBITA excludes special items considering these costs are not considered to be straight related to the underlying operating operation of its businesses. Management believes these non-GAAP measures are useful to investors in understanding the ongoing operations and business trends of the Company. | |||||||||||||||||||||||||||||||
| A reconciliation of segment EBITA to income from continuing operations is shown earlier within this footnote. For the iii months and six months ended March 31, 2022 and 2021, there were no items excluded from the calculation of adjusted net sales. The following is the three months ended March 31, 2022 and 2021 reconciliation of segment EBITA and segment EBITA margin as reported to adapted segment EBITA and adjusted segment EBITA margin (unaudited): |
| (in millions) | Building Solutions | Edifice Solutions | Edifice Solutions | Global Products | Consolidated | ||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
| Segment EBITA equally reported | $ 235 | $ 266 | $ 79 | $ 88 | $ 74 | $ 73 | $ 412 | $ 284 | $ 800 | $ 711 | |||||||||||||||||||||
| Segment EBITA margin equally reported | ten.6% | 12.7% | 8.2% | 9.four% | 11.ix% | 12.3% | xviii.0% | 14.4% | xiii.1% | 12.seven% | |||||||||||||||||||||
| Adjusting items: | |||||||||||||||||||||||||||||||
| Silent-Aire earn-out adjustment | - | - | - | - | - | - | (43) | - | (43) | - | |||||||||||||||||||||
| Charges attributable to the suspension of operations in Russian federation | - | - | 11 | - | - | - | - | - | eleven | - | |||||||||||||||||||||
| Adjusted segment EBITA | $ 235 | $ 266 | $ 90 | $ 88 | $ 74 | $ 73 | $ 369 | $ 284 | $ 768 | $ 711 | |||||||||||||||||||||
| Adjusted segment EBITA margin | 10.6% | 12.seven% | 9.4% | 9.four% | 11.9% | 12.iii% | 16.ane% | 14.4% | 12.vi% | 12.7% | |||||||||||||||||||||
| The following is the 6 months ended March 31, 2022 and 2021 reconciliation of segment EBITA and segment EBITA margin as reported to adjusted segment EBITA and adapted segment EBITA margin (unaudited): | |||||||||||||||||||||||||||||||
| (in millions) | Building Solutions | Edifice Solutions | Building Solutions | Global Products | Consolidated | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||
| Segment EBITA equally reported | $ 485 | $ 521 | $ 183 | $ 186 | $ 142 | $ 150 | $ 713 | $ 496 | $ 1,523 | $ i,353 | |||||||||
| Segment EBITA margin every bit reported | 11.one% | 12.6% | nine.v% | 9.9% | 10.9% | 12.5% | 16.3% | 13.3% | 12.7% | 12.4% | |||||||||
| Adjusting items: | |||||||||||||||||||
| Silent-Aire earn-out adjustment | - | - | - | - | - | - | (43) | - | (43) | - | |||||||||
| Charges attributable to the suspension of operations in Russia | - | - | 11 | - | - | - | - | - | 11 | - | |||||||||
| Adapted segment EBITA | $ 485 | $ 521 | $ 194 | $ 186 | $ 142 | $ 150 | $ 670 | $ 496 | $ 1,491 | $ 1,353 | |||||||||
| Adjusted segment EBITA margin | 11.i% | 12.vi% | 10.1% | 9.9% | ten.9% | 12.5% | 15.3% | 13.3% | 12.5% | 12.4% | |||||||||
| (2) Adjusted amortization of intangible assets for the three months ended March 31, 2022 excludes $6 one thousand thousand of nonrecurring intangible asset amortization related to Silent-Aire purchase accounting. Adjusted amortization of intangible assets for the half dozen months ended March 31, 2022 excludes $13 million of nonrecurring intangible asset acquittal related to Silent-Aire purchase accounting. | |||||||||||||||||||||||||||||||
| (three) The iii months ended March 31, 2022 exclude the net marking-to-market adjustments on restricted investments and pension and postretirement plans of $89 million. The six months ended March 31, 2022 exclude the internet mark-to-market adjustments on restricted investments and pension and postretirement plans of $32 million. The three months ended March 31, 2021 exclude the net marking-to-market place adjustments on restricted investments and pension and postretirement plans of $209 million. The six months ended March 31, 2021 exclude the cyberspace marker-to-marketplace adjustments on restricted investments and pension and postretirement plans of $230 million. | |||||||||||||||||||||||||||||||
| (four) Restructuring and damage costs for the three months ended March 31, 2022 of $384 million are excluded from the adapted non-GAAP results. Restructuring and impairment costs for the half-dozen months ended March 31, 2022 of $433 million are excluded from the adjusted non-GAAP results. The restructuring actions and harm costs for the iii and half-dozen months concluded March 31, 2022 are related primarily to the impairment of assets associated with a business concern classified equally held for sale, workforce reductions and other asset impairments. Restructuring and damage costs for the three and six months ended March 31, 2021 of $96 million are excluded from the adjusted non-GAAP results. The restructuring actions and impairment costs for the three and six months ended March 31, 2021, are related primarily to workforce reductions and asset impairments. | |||||||||||||||||||||||||||||||
| (5) Direction defines earnings before interest and taxes (EBIT) every bit income (loss) from standing operations before net financing charges, income taxes and noncontrolling interests. EBIT is a not-GAAP performance measure. Management believes this not-GAAP measure is useful to investors in understanding the ongoing operations and business trends of the Company. A reconciliation of EBIT to income from standing operations is shown earlier within this footnote. | |||||||||||||||||||||||||||||||
| (6) Adapted income tax provision for the 3 months concluded March 31, 2022 excludes tax benefits related to net mark-to-market adjustments of $21 million, restructuring and harm costs of $7 million, Silent-Aire nonrecurring intangible asset amortization of $i 1000000 and charges related to the pause of operations in Russia of $1 1000000, partially beginning past tax provisions related to APB23 adjustments attributable to a business classified equally held for sale of $13 million. Adjusted income tax provision for the six months ended March 31, 2022 excludes taxation benefits related to restructuring and harm costs of $14 million, net mark-to-market adjustments of $7 meg, Silent-Aire nonrecurring intangible asset amortization of $3 meg and charges related to the suspension of operations in Russia of $1 million, partially offset past tax provisions related to APB23 adjustments attributable to a business classified as held for auction of $xiii 1000000. Adjusted income revenue enhancement provision for the three months concluded March 31, 2021 excludes taxation provisions related to a Mexico valuation allowance adjustment of $105 million and net mark-to-marketplace adjustments of $53 1000000, partially starting time past revenue enhancement benefits related to restructuring and damage costs of $15 one thousand thousand. Adapted income tax provision for the six months ended March 31, 2021 excludes revenue enhancement provisions related to a Mexico valuation allowance adjustment of $105 million and internet mark-to-market adjustments of $58 million, partially commencement by tax benefits related to restructuring and harm costs of $15 million. | |||||||||||||||||||||||||||||||
| (seven) Adapted income from continuing operations attributable to noncontrolling interests for the six months concluded March 31, 2022 excludes $five one thousand thousand impact from restructuring and impairment costs. |
| 2. Diluted Earnings Per Share Reconciliation | |||||||||||||||||||||||||||||||
| The Visitor's printing release contains fiscal information regarding adjusted earnings per share, which is a non-GAAP performance measure. The adjusting items include net mark-to-market place adjustments, restructuring and impairment costs, Silent-Aire transaction costs and other nonrecurring costs, Silent-Aire earn-out adjustment, charges related to the suspension of operations in Russia, Ability Solutions divestiture reserve adjustment, and detached tax items. The Company excludes these items because they are not considered to exist directly related to the underlying operating performance of the Company. Direction believes these non-GAAP measures are useful to investors in agreement the ongoing operations and business trends of the Visitor. | |||||||||||||||||||||||||||||||
| A reconciliation of diluted earnings per share every bit reported to adjusted diluted earnings per share for the corresponding periods is shown beneath (unaudited): | |||||||||||||||||||||||||||||||
| Net Income Attributable to JCI plc | Net Income Attributable to JCI plc from | Net Income Attributable to JCI plc | Internet Income Attributable to JCI plc from | ||||||||||||||||||||||||||||
| Three Months Ended | 3 Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
| Earnings per share as reported for JCI plc | $ 0.02 | $ 0.48 | $ 0.02 | $ 0.48 | $ 0.56 | $ i.x | $ 0.56 | $ 0.93 | |||||||||||||||||||||||
| Adjusting items: | |||||||||||||||||||||||||||||||
| Net mark-to-market adjustments | 0.13 | (0.29) | 0.xiii | (0.29) | 0.05 | (0.32) | 0.05 | (0.32) | |||||||||||||||||||||||
| Related tax impact | (0.03) | 0.07 | (0.03) | 0.07 | (0.01) | 0.08 | (0.01) | 0.08 | |||||||||||||||||||||||
| Restructuring and damage costs | 0.55 | 0.xiii | 0.55 | 0.xiii | 0.61 | 0.13 | 0.61 | 0.13 | |||||||||||||||||||||||
| Related tax touch on | (0.01) | (0.02) | (0.01) | (0.02) | (0.02) | (0.02) | (0.02) | (0.02) | |||||||||||||||||||||||
| NCI impact of restructuring and harm costs | - | - | - | - | (0.01) | - | (0.01) | - | |||||||||||||||||||||||
| Power Solutions divestiture reserve adjustment | - | - | - | - | - | (0.21) | - | - | |||||||||||||||||||||||
| Related tax impact | - | - | - | - | - | 0.04 | - | - | |||||||||||||||||||||||
| Silent-Aire transaction costs and other nonrecurring costs | 0.01 | - | 0.01 | - | 0.02 | - | 0.02 | - | |||||||||||||||||||||||
| Silent-Aire earn-out adjustment | (0.06) | - | (0.06) | - | (0.06) | - | (0.06) | - | |||||||||||||||||||||||
| Charges attributable to the interruption of operations in Russian federation | 0.01 | - | 0.01 | - | 0.01 | - | 0.01 | - | |||||||||||||||||||||||
| Discrete revenue enhancement items | 0.02 | 0.fifteen | 0.02 | 0.xv | 0.02 | 0.fifteen | 0.02 | 0.15 | |||||||||||||||||||||||
| Adjusted earnings per share for JCI plc* | $ 0.63 | $ 0.52 | $ 0.63 | $ 0.52 | $ 1.16 | $ 0.94 | $ 1.xvi | $ 0.94 | |||||||||||||||||||||||
| * May not sum due to rounding | |||||||||||||||||||||||||||||||
| The following table reconciles the denominators used to calculate bones and diluted earnings per share for JCI plc (in millions; unaudited): | |||||||||||||||||||||||||||||||
| Iii Months Concluded | Six Months Ended | ||||||||||||||||||||||||||||||
| March 31, | March 31, | ||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
| Weighted average shares outstanding for JCI plc | |||||||||||||||||||||||||||||||
| Basic weighted average shares outstanding | 699.1 | 717.one | 701.8 | 720.1 | |||||||||||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||||||||||
| Stock options, unvested restricted stock | |||||||||||||||||||||||||||||||
| and unvested performance share awards | 3.half dozen | 4.2 | 4.4 | iii.8 | |||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 702.7 | 721.3 | 706.ii | 723.nine | |||||||||||||||||||||||||||
| The Company has presented forwards-looking statements regarding adapted corporate expense, adapted EPS, organic revenue, adapted EBITA margin and free cash menstruum conversion, which are non-GAAP financial measures. These not-GAAP financial measures are derived by excluding certain amounts, expenses, or income from the corresponding fiscal measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given menstruation, including just not limited to the loftier variability of the cyberspace marker-to-market adjustments and the consequence of foreign currency exchange fluctuations. Our financial 2022 full year and tertiary quarter guidance for organic revenue likewise excludes the effect of acquisitions, divestitures and strange currency. Nosotros are unable to nowadays a quantitative reconciliation of the aforementioned forward-looking not-GAAP fiscal measures to their most directly comparable forwards-looking GAAP financial measures because such information is not bachelor and direction cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a meaning impact on the Company'south third quarter and full year 2022 GAAP fiscal results. | |||||||||||||||||||||||||||||||
| 3. Organic Growth Reconciliation | ||||||||||||||||||||||||||||||||
| The components of the modify in net sales for the three months ended March 31, 2022 versus the three months ended March 31, 2021, including organic growth, are shown beneath (unaudited): | ||||||||||||||||||||||||||||||||
| (in millions) | Internet Sales for the | Base of operations Year Adjustments - | Base Year Adjustments - | Adapted Base Internet | Acquisitions | Organic Growth | Net Sales for the | |||||||||||||||||||||||||
| Building Solutions North America | $ 2,092 | $ - | - | $ - | - | $ 2,092 | $ 4 | - | $ 131 | 6% | $ 2,227 | 6% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 934 | (8) | -1% | (45) | -5% | 881 | 7 | one% | 70 | 8% | 958 | three% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 594 | - | - | (17) | -3% | 577 | ix | 2% | 37 | vii% | 623 | 5% | ||||||||||||||||||||
| Total field | 3,620 | (viii) | - | (62) | -2% | iii,550 | 20 | 1% | 238 | 7% | 3,808 | 5% | ||||||||||||||||||||
| Global Products | 1,974 | - | - | (48) | -two% | 1,926 | 98 | 5% | 266 | 14% | 2,290 | 16% | ||||||||||||||||||||
| Total cyberspace sales | $ 5,594 | $ (viii) | - | $ (110) | -two% | $ 5,476 | $ 118 | 2% | $ 504 | nine% | $ 6,098 | nine% | ||||||||||||||||||||
| The components of the change in net sales for the six months concluded March 31, 2022 versus the six months ended March 31, 2021, including organic growth, are shown beneath (unaudited): | ||||||||||||||||||||||||||||||||
| (in millions) | Net Sales for the | Base Yr Adjustments - | Base of operations Year Adjustments - | Adapted Base of operations Cyberspace | Acquisitions | Organic Growth | Net Sales for the | |||||||||||||||||||||||||
| Edifice Solutions North America | $ 4,126 | $ - | - | $ vi | - | $ 4,132 | $ 9 | - | $ 238 | half dozen% | $ four,379 | 6% | ||||||||||||||||||||
| Building Solutions EMEA/LA | ane,882 | (9) | - | (67) | -4% | 1,806 | 15 | 1% | 96 | 5% | 1,917 | 2% | ||||||||||||||||||||
| Edifice Solutions Asia Pacific | 1,198 | (1) | - | (23) | -ii% | 1,174 | 18 | 2% | 106 | 9% | 1,298 | eight% | ||||||||||||||||||||
| Full field | 7,206 | (10) | - | (84) | -ane% | 7,112 | 42 | 1% | 440 | half dozen% | 7,594 | 5% | ||||||||||||||||||||
| Global Products | three,729 | - | - | (71) | -ii% | 3,658 | 204 | half-dozen% | 504 | xiv% | iv,366 | 17% | ||||||||||||||||||||
| Total internet sales | $ 10,935 | $ (ten) | - | $ (155) | -1% | $ 10,770 | $ 246 | 2% | $ 944 | 9% | $11,960 | nine% | ||||||||||||||||||||
| The Company's earnings presentation presents organic growth for each of the periods re-casted equally a consequence of changes in the composition of reportable segments effective October 1, 2021. The components of the change in adjusted net sales, including organic growth, are shown below for the three months ended December 31, 2020 versus the 3 months concluded December 31, 2019, the three months ended March 31, 2021 versus the three months concluded March 31, 2020, the three months concluded June 30, 2021 versus the iii months ended June thirty, 2020, the three months ended September xxx, 2021 versus the 3 months concluded September 30, 2020, and the twelve months ended September 30, 2021 versus the twelve months ended September 30, 2020 (unaudited). | ||||||||||||||||||||||||||||||||
| (in millions) | Adjusted Internet Sales | Base Year Adjustments - | Base of operations Year Adjustments - | Adjusted Base Net | Acquisitions | Organic Growth | Adapted Net Sales | |||||||||||||||||||||||||
| Building Solutions N America | $ 2,167 | $ - | - | $ 3 | - | $ 2,170 | $ - | - | $ (136) | -6% | $ 2,034 | -vi% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 970 | - | - | 24 | 2% | 994 | 9 | ane% | (55) | -6% | 948 | -2% | ||||||||||||||||||||
| Edifice Solutions Asia Pacific | 620 | (2) | - | 28 | 5% | 646 | - | - | (42) | -vii% | 604 | -3% | ||||||||||||||||||||
| Total field | 3,757 | (2) | - | 55 | ane% | three,810 | ix | - | (233) | -6% | iii,586 | -5% | ||||||||||||||||||||
| Global Products | 1,819 | (71) | -4% | 35 | two% | one,783 | - | - | (28) | -2% | ane,755 | -4% | ||||||||||||||||||||
| Total cyberspace sales | $ v,576 | $ (73) | -ane% | $ 90 | 2% | $ 5,593 | $ 9 | - | $ (261) | -v% | $ 5,341 | -four% | ||||||||||||||||||||
| (in millions) | Adjusted Internet Sales | Base Twelvemonth Adjustments - | Base of operations Twelvemonth Adjustments - Foreign Currency | Adjusted Base Net | Acquisitions | Organic Growth | Adjusted Internet Sales | |||||||||||||||||||||||||
| Building Solutions Due north America | $ 2,175 | $ - | - | $ 13 | 1% | $ 2,188 | $ - | - | $ (96) | -4% | $ two,092 | -four% | ||||||||||||||||||||
| Edifice Solutions EMEA/LA | 891 | - | - | 44 | 5% | 935 | iv | - | (v) | -1% | 934 | five% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 518 | (2) | - | 29 | half-dozen% | 545 | - | - | 49 | 9% | 594 | 15% | ||||||||||||||||||||
| Total field | three,584 | (two) | - | 86 | 2% | three,668 | 4 | - | (52) | -ane% | iii,620 | ane% | ||||||||||||||||||||
| Global Products | 1,860 | (62) | -iii% | 49 | 3% | 1,847 | - | - | 127 | 7% | 1,974 | vi% | ||||||||||||||||||||
| Total cyberspace sales | $ 5,444 | $ (64) | -1% | $ 135 | 2% | $ 5,515 | $ 4 | - | $ 75 | ane% | $ v,594 | 3% | ||||||||||||||||||||
| (in millions) | Adjusted Net Sales | Base Twelvemonth Adjustments - | Base of operations Year Adjustments - | Adjusted Base Net | Acquisitions | Organic Growth | Adapted Cyberspace Sales | |||||||||||||||||||||||||
| Edifice Solutions Northward America | $ two,020 | $ - | - | $ 21 | 1% | $ 2,041 | $ - | - | $ 171 | 8% | $ 2,212 | 10% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 795 | - | - | 60 | eight% | 855 | 10 | 1% | 136 | 16% | i,001 | 26% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 579 | (iii) | -1% | 40 | seven% | 616 | - | - | 87 | 14% | 703 | 21% | ||||||||||||||||||||
| Full field | three,394 | (3) | - | 121 | 4% | 3,512 | ten | - | 394 | 11% | 3,916 | 15% | ||||||||||||||||||||
| Global Products | ane,949 | (54) | -3% | 44 | two% | i,939 | 80 | 4% | 409 | 21% | 2,428 | 25% | ||||||||||||||||||||
| Total cyberspace sales | $ 5,343 | $ (57) | -1% | $ 165 | three% | $ 5,451 | $ ninety | 2% | $ 803 | xv% | $ 6,344 | xix% | ||||||||||||||||||||
| (in millions) | Adjusted Net Sales | Base Twelvemonth Adjustments - | Base Year Adjustments - | Adjusted Base Cyberspace | Acquisitions | Organic Growth | Adjusted Net Sales | |||||||||||||||||||||||||
| Edifice Solutions North America | $ 2,243 | $ - | - | $ 12 | one% | $ 2,255 | $ iv | - | $ 88 | four% | $ ii,347 | five% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 957 | - | - | 17 | 2% | 974 | 14 | 1% | 13 | 1% | 1,001 | v% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 651 | (2) | - | eighteen | 3% | 667 | - | - | 48 | 7% | 715 | 10% | ||||||||||||||||||||
| Total field | three,851 | (two) | - | 47 | 1% | 3,896 | xviii | - | 149 | four% | 4,063 | 6% | ||||||||||||||||||||
| Global Products | ii,103 | (79) | -4% | 10 | - | 2,034 | 132 | 6% | 166 | 8% | ii,332 | eleven% | ||||||||||||||||||||
| Full net sales | $ 5,954 | $ (81) | -1% | $ 57 | ane% | $ 5,930 | $ 150 | 3% | $ 315 | 5% | $ half-dozen,395 | 7% | ||||||||||||||||||||
| (in millions) | Adapted Net Sales | Base Yr Adjustments - | Base Year Adjustments - | Adjusted Base Net | Acquisitions | Organic Growth | Adjusted Net Sales | |||||||||||||||||||||||||
| Building Solutions North America | $ 8,605 | $ - | - | $ 49 | i% | $ 8,654 | $ iv | - | $ 27 | - | $ 8,685 | one% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 3,613 | - | - | 145 | 4% | 3,758 | 37 | 1% | 89 | 2% | 3,884 | 8% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 2,368 | (ix) | - | 115 | v% | 2,474 | - | - | 142 | 6% | 2,616 | ten% | ||||||||||||||||||||
| Total field | 14,586 | (9) | - | 309 | 2% | fourteen,886 | 41 | - | 258 | 2% | 15,185 | 4% | ||||||||||||||||||||
| Global Products | seven,731 | (266) | -3% | 138 | 2% | 7,603 | 212 | iii% | 674 | 9% | eight,489 | 10% | ||||||||||||||||||||
| Total cyberspace sales | $ 22,317 | $ (275) | -i% | $ 447 | two% | $ 22,489 | $ 253 | 1% | $ 932 | iv% | $23,674 | vi% | ||||||||||||||||||||
| The organic growth reconciliations presented earlier within this footnote incorporate financial information regarding adjusted net sales. The following is the reconciliation of net sales as re-casted to adjusted net sales for the iii months concluded December 31, 2020 and 2019, the three months ended March 31, 2021 and 2020, the iii months ended June 30, 2021 and 2020, the 3 months ended September 30, 2021 and 2020, and the twelve months ended September 30, 2021 and 2020 (unaudited): | ||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Concluded | |||||||||||||||||||||||||||||||
| Dec 31, | March 31, | June thirty, | September 30, | September thirty, | ||||||||||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
| Net sales as re-casted | ||||||||||||||||||||||||||||||||
| Edifice Solutions North America | $ ii,034 | $ 2,167 | $ 2,092 | $ ii,175 | $ 2,212 | $ two,020 | $ 2,347 | $ 2,243 | $ 8,685 | $ 8,605 | ||||||||||||||||||||||
| Building Solutions EMEA/LA | 948 | 970 | 934 | 891 | ane,001 | 795 | ane,001 | 957 | 3,884 | 3,613 | ||||||||||||||||||||||
| Edifice Solutions Asia Pacific | 604 | 620 | 594 | 518 | 703 | 579 | 715 | 651 | 2,616 | two,368 | ||||||||||||||||||||||
| Global Products | ane,755 | one,819 | 1,974 | 1,860 | 2,425 | 1,949 | ii,329 | 2,103 | 8,483 | seven,731 | ||||||||||||||||||||||
| Net sales equally re-casted | 5,341 | v,576 | 5,594 | 5,444 | half-dozen,341 | 5,343 | 6,392 | 5,954 | 23,668 | 22,317 | ||||||||||||||||||||||
| Adjusting items (1) | ||||||||||||||||||||||||||||||||
| Building Solutions N America | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
| Building Solutions EMEA/LA | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
| Edifice Solutions Asia Pacific | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
| Global Products | - | - | - | - | 3 | - | 3 | - | six | - | ||||||||||||||||||||||
| Adjusting items | - | - | - | - | iii | - | 3 | - | 6 | - | ||||||||||||||||||||||
| Adjusted net sales | ||||||||||||||||||||||||||||||||
| Building Solutions North America | 2,034 | 2,167 | ii,092 | 2,175 | 2,212 | ii,020 | 2,347 | 2,243 | eight,685 | 8,605 | ||||||||||||||||||||||
| Edifice Solutions EMEA/LA | 948 | 970 | 934 | 891 | 1,001 | 795 | 1,001 | 957 | 3,884 | 3,613 | ||||||||||||||||||||||
| Edifice Solutions Asia Pacific | 604 | 620 | 594 | 518 | 703 | 579 | 715 | 651 | 2,616 | 2,368 | ||||||||||||||||||||||
| Global Products | 1,755 | ane,819 | 1,974 | one,860 | 2,428 | 1,949 | 2,332 | two,103 | 8,489 | 7,731 | ||||||||||||||||||||||
| Adapted cyberspace sales | $ 5,341 | $ 5,576 | $ 5,594 | $ 5,444 | $ six,344 | $ 5,343 | $ half-dozen,395 | $ 5,954 | $ 23,674 | $ 22,317 | ||||||||||||||||||||||
| (1) Adjusting items to cyberspace sales relate to nonrecurring Silent-Aire purchase accounting impacts. | ||||||||||||||||||||||||||||||||
| The Company'south earnings presentation presents service revenue and organic growth for the three months ended March 31, 2022. The components of the change in service revenue, including organic growth, are shown beneath (unaudited): | ||||||||||||||||||||||||||||||||
| (in millions) | Proforma Service | Base Year Adjustments - | Base Year Adjustments - Strange Currency | Adjusted Base Service | Acquisitions | Organic Growth | Service Revenue | |||||||||||||||||||||||||
| Edifice Solutions North America | $ 820 | $ - | - | $ (i) | - | $ 819 | $ four | - | $ 61 | 7% | $ 884 | 8% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 407 | (8) | -2% | (20) | -5% | 379 | 1 | - | 42 | eleven% | 422 | 4% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 171 | - | - | (viii) | -v% | 163 | 2 | 1% | x | 6% | 175 | 2% | ||||||||||||||||||||
| Full field | 1,398 | (8) | -i% | (29) | -two% | i,361 | 7 | 1% | 113 | viii% | 1,481 | six% | ||||||||||||||||||||
| Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
| Full net sales | $ 1,398 | $ (8) | -1% | $ (29) | -2% | $ 1,361 | $ vii | 1% | $ 113 | 8% | $ 1,481 | 6% | ||||||||||||||||||||
| The Company's earnings presentation presents proforma service revenue and organic growth for the three months concluded Dec 31, 2020, the 3 months ended March 31, 2021, the 3 months concluded June 30, 2021, the 3 months concluded September 30, 2021, and the twelve months ended September xxx, 2021. The components of the modify in proforma service revenue, including organic growth, for each menstruum for which proforma fiscal information is presented are shown below (unaudited). | ||||||||||||||||||||||||||||||||
| (in millions) | Proforma Service | Base Year Adjustments - | Base Year Adjustments - | Adapted Base Service | Acquisitions | Organic Growth | Proforma Service Revenue for the | |||||||||||||||||||||||||
| Building Solutions Due north America | $ 811 | $ - | - | $ 1 | - | $ 812 | $ - | - | $ (20) | -ii% | $ 792 | -2% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 414 | - | - | five | 1% | 419 | iii | 1% | (v) | -1% | 417 | 1% | ||||||||||||||||||||
| Edifice Solutions Asia Pacific | 165 | (ii) | -one% | seven | 4% | 170 | - | - | (2) | -i% | 168 | ii% | ||||||||||||||||||||
| Full field | one,390 | (two) | - | 13 | 1% | 1,401 | three | - | (27) | -2% | ane,377 | -1% | ||||||||||||||||||||
| Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
| Full service acquirement | $ 1,390 | $ (two) | - | $ 13 | ane% | $ one,401 | $ 3 | - | $ (27) | -two% | $ 1,377 | -1% | ||||||||||||||||||||
| (in millions) | Proforma Service | Base Year Adjustments - | Base Year Adjustments - | Adjusted Base Service | Acquisitions | Organic Growth | Proforma Service Acquirement for the | |||||||||||||||||||||||||
| Building Solutions North America | $ 818 | $ - | - | $ 4 | - | $ 822 | $ - | - | $ (ii) | - | $ 820 | - | ||||||||||||||||||||
| Building Solutions EMEA/LA | 396 | - | - | 16 | 4% | 412 | 2 | - | (7) | -two% | 407 | iii% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 160 | (ii) | -1% | eleven | seven% | 169 | - | - | two | 1% | 171 | 7% | ||||||||||||||||||||
| Total field | 1,374 | (2) | - | 31 | two% | ane,403 | 2 | - | (seven) | - | 1,398 | ii% | ||||||||||||||||||||
| Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
| Full service revenue | $ ane,374 | $ (ii) | - | $ 31 | 2% | $ one,403 | $ 2 | - | $ (7) | - | $ i,398 | 2% | ||||||||||||||||||||
| (in millions) | Proforma Service | Base Twelvemonth Adjustments - | Base Year Adjustments - | Adjusted Base Service | Acquisitions | Organic Growth | Proforma Service Acquirement for the | |||||||||||||||||||||||||
| Building Solutions North America | $ 770 | $ - | - | $ 9 | ane% | $ 779 | $ - | - | $ 78 | x% | $ 857 | 11% | ||||||||||||||||||||
| Edifice Solutions EMEA/LA | 349 | - | - | 26 | 7% | 375 | 4 | 1% | 48 | xiii% | 427 | 22% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 156 | (iii) | -2% | 12 | 8% | 165 | - | - | 18 | 11% | 183 | 17% | ||||||||||||||||||||
| Full field | 1,275 | (3) | - | 47 | 4% | 1,319 | 4 | - | 144 | 11% | ane,467 | 15% | ||||||||||||||||||||
| Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
| Total service revenue | $ 1,275 | $ (3) | - | $ 47 | 4% | $ 1,319 | $ 4 | - | $ 144 | 11% | $ i,467 | xv% | ||||||||||||||||||||
| (in millions) | Proforma Service | Base Year Adjustments - | Base Year Adjustments - | Adjusted Base Service | Acquisitions | Organic Growth | Proforma Service Revenue for the | |||||||||||||||||||||||||
| Building Solutions Northward America | $ 835 | $ - | - | $ 4 | - | $ 839 | $ three | - | $ 62 | 7% | $ 904 | 8% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 435 | - | - | 6 | 1% | 441 | 1 | - | (9) | -two% | 433 | - | ||||||||||||||||||||
| Building Solutions Asia Pacific | 180 | (2) | -1% | four | ii% | 182 | - | - | 2 | 1% | 184 | 2% | ||||||||||||||||||||
| Total field | 1,450 | (2) | - | 14 | 1% | ane,462 | 4 | - | 55 | 4% | 1,521 | 5% | ||||||||||||||||||||
| Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
| Total service revenue | $ 1,450 | $ (2) | - | $ 14 | i% | $ 1,462 | $ 4 | - | $ 55 | 4% | $ one,521 | 5% | ||||||||||||||||||||
| (in millions) | Proforma Service | Base Twelvemonth Adjustments - | Base Year Adjustments - | Adapted Base Service | Acquisitions | Organic Growth | Proforma Service | |||||||||||||||||||||||||
| Building Solutions North America | $ three,234 | $ - | - | $ 18 | 1% | $ 3,252 | $ 3 | - | $ 118 | four% | $ iii,373 | 4% | ||||||||||||||||||||
| Building Solutions EMEA/LA | 1,594 | - | - | 53 | 3% | 1,647 | x | 1% | 27 | ii% | one,684 | half dozen% | ||||||||||||||||||||
| Building Solutions Asia Pacific | 661 | (9) | -i% | 34 | 5% | 686 | - | - | twenty | iii% | 706 | 7% | ||||||||||||||||||||
| Total field | 5,489 | (9) | - | 105 | ii% | five,585 | 13 | - | 165 | 3% | v,763 | 5% | ||||||||||||||||||||
| Global Products | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
| Total service revenue | $ 5,489 | $ (9) | - | $ 105 | 2% | $ 5,585 | $ 13 | - | $ 165 | 3% | $ 5,763 | five% | ||||||||||||||||||||
| four. Gratis Cash Menstruum Conversion | |||||||||||||||||||||||||||||||
| The Company's press release contains fiscal information regarding costless cash period and costless cash flow conversion, which are non-GAAP performance measures. Free cash flow is defined as greenbacks provided past operating activities less capital expenditures. Free cash menstruum conversion is defined every bit gratis greenbacks catamenia divided past adjusted cyberspace income attributable to JCI. Direction believes these non-GAAP measures are useful to investors in agreement the force of the Company and its power to generate greenbacks. These non-GAAP measures can also be used to evaluate our ability to generate greenbacks flow from operations and the impact that this cash catamenia has on our liquidity. | |||||||||||||||||||||||||||||||
| The post-obit is the three months and six months ended March 31, 2022 and 2021 reconciliation of free greenbacks flow and free cash flow conversion for continuing operations (unaudited): | |||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
| (in millions) | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||||||
| Greenbacks provided (used) by operating activities from standing operations | $ (68) | $ 645 | $ 324 | $ 1,160 | |||||||||||||||||||||||||||
| Capital expenditures | (125) | (106) | (260) | (197) | |||||||||||||||||||||||||||
| Reported free cash flow | $ (193) | $ 539 | $ 64 | $ 963 | |||||||||||||||||||||||||||
| Adjusted net income from continuing operations | |||||||||||||||||||||||||||||||
| attributable to JCI | $ 441 | $ 373 | $ 821 | $ 684 | |||||||||||||||||||||||||||
| Adjusted complimentary greenbacks menstruation conversion | -44% | 144% | 8% | 141% | |||||||||||||||||||||||||||
| 5. Net Debt to EBITDA | ||||||||||||||||||||||||||||||||
| The Visitor provides financial information regarding cyberspace debt to adjusted EBITDA, which is a not-GAAP performance measure out. The Company believes the total internet debt to adjusted EBITDA ratio is useful to understanding the Company's financial condition as information technology provides a review of the extent to which the Visitor relies on external debt financing for its funding and is a measure of risk to its shareholders. The following is the March 31, 2022 calculation of cyberspace debt to adjusted EBITDA (unaudited): | ||||||||||||||||||||||||||||||||
| (in millions) | March 31, 2022 | |||||||||||||||||||||||||||||||
| Short-term debt and electric current portion of long-term debt | $ 2,284 | |||||||||||||||||||||||||||||||
| Long-term debt | 7,366 | |||||||||||||||||||||||||||||||
| Total debt | nine,650 | |||||||||||||||||||||||||||||||
| Less: cash and cash equivalents | ane,787 | |||||||||||||||||||||||||||||||
| Total net debt | $ 7,863 | |||||||||||||||||||||||||||||||
| Last twelve months adjusted EBITDA | $ 3,660 | |||||||||||||||||||||||||||||||
| Full net debt to adjusted EBITDA | two.1x | |||||||||||||||||||||||||||||||
| The following is the last twelve months ended March 31, 2022 reconciliation of income from continuing operations to adjusted EBIT and adapted EBITDA, which are non-GAAP performance measures (unaudited): | ||||||||||||||||||||||||||||||||
| (in millions) | Concluding Twelve Months | |||||||||||||||||||||||||||||||
| Income from continuing operations | $ 1,448 | |||||||||||||||||||||||||||||||
| Income tax provision | 727 | |||||||||||||||||||||||||||||||
| Net financing charges | 207 | |||||||||||||||||||||||||||||||
| EBIT | 2,382 | |||||||||||||||||||||||||||||||
| Adjusting items: | ||||||||||||||||||||||||||||||||
| Internet mark-to-market adjustments | (140) | |||||||||||||||||||||||||||||||
| Restructuring and damage costs | 579 | |||||||||||||||||||||||||||||||
| Silent-Aire transaction and other nonrecurring costs | 36 | |||||||||||||||||||||||||||||||
| Silent-Aire earn-out adjustment | (43) | |||||||||||||||||||||||||||||||
| Charges attributable to the suspension of operations in Russia | xi | |||||||||||||||||||||||||||||||
| Adjusted EBIT (one) | 2,825 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 835 | |||||||||||||||||||||||||||||||
| Adjusted EBITDA (1) | $ 3,660 | |||||||||||||||||||||||||||||||
| (i) The Company's definition of adjusted EBIT and adjusted EBITDA excludes special items because these costs are not considered to exist directly related to the underlying operating functioning of its businesses. Management believes this not-GAAP measure out is useful to investors in understanding the ongoing operations and business trends of the Company. | ||||||||||||||||||||||||||||||||
| half-dozen. Trade Working Upper-case letter equally a Percent of Net Sales | |||||||||||||||||||||||||||||||
| The Company provides fiscal information regarding merchandise working majuscule as a percentage of net sales, which is a non-GAAP performance measure. Trade working capital is defined equally current assets less current liabilities, excluding cash, short-term debt, the electric current portion of long-term debt, the current portion of assets and liabilities held for auction, accrued compensation and benefits, and other current avails and liabilities. Management believes this not-GAAP measure out, which excludes financing-related items, not-merchandise related items and businesses to exist divested, is a more useful measurement of the Visitor's operating performance. The following is the March 31, 2022 and March 31, 2021 calculation of trade working uppercase as a pct of net sales (unaudited): | |||||||||||||||||||||||||||||||
| (in millions) | March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||||||||
| Current assets | $ 11,612 | $ x,204 | |||||||||||||||||||||||||||||
| Electric current liabilities | (11,654) | (8,740) | |||||||||||||||||||||||||||||
| Total working majuscule | (42) | ane,464 | |||||||||||||||||||||||||||||
| Less: cash and cash equivalents | (1,787) | (1,883) | |||||||||||||||||||||||||||||
| Less: assets held for sale | (386) | - | |||||||||||||||||||||||||||||
| Less: other current assets | (1,235) | (one,160) | |||||||||||||||||||||||||||||
| Add: short-term debt | two,044 | 248 | |||||||||||||||||||||||||||||
| Add: electric current portion of long-term debt | 240 | 196 | |||||||||||||||||||||||||||||
| Add together: accrued bounty and benefits | 708 | 817 | |||||||||||||||||||||||||||||
| Add: liabilities held for sale | 326 | - | |||||||||||||||||||||||||||||
| Add: other current liabilities | 2,264 | 2,352 | |||||||||||||||||||||||||||||
| Trade working upper-case letter | $ 2,132 | $ two,034 | |||||||||||||||||||||||||||||
| Concluding twelve months net sales | $ 24,693 | $ 22,232 | |||||||||||||||||||||||||||||
| Trade working capital as a pct of net sales | 8.6% | 9.1% | |||||||||||||||||||||||||||||
| 7. Income Taxes | |||||||||||||||||||||||||||||||
| The Company'south effective revenue enhancement rate from continuing operations before consideration of net mark-to-market adjustments, restructuring and impairment costs, Silent-Aire nonrecurring intangible asset amortization, charges related to the break of operations in Russian federation and detached revenue enhancement items for the three and six months ending March 31, 2022 and March 31, 2021 is approximately xiii.five%. | |||||||||||||||||||||||||||||||
| 8. Restructuring and Damage Costs | |||||||||||||||||||||||||||||||
| The three months ended March 31, 2022 include restructuring and impairment costs of $384 million related primarily to the harm of assets associated with a business classified as held for auction, workforce reductions and other nugget impairments. The six months ended March 31, 2022 include restructuring and impairment costs of $433 million related primarily to the impairment of assets associated with a business classified equally held for auction, workforce reductions and other asset impairments. The three and six months ended March 31, 2021 include restructuring and impairment costs of $96 million related primarily to workforce reductions and asset impairments. | |||||||||||||||||||||||||||||||
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