Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Johnson Controls International plc | a8-ksegmentrecast93017.htm |
November 9, 2017
Exhibit 99.1
Three Months Ended December 31, 2016 | Three Months Ended March 31, 2017 | Three Months Ended June 30, 2017 | Three Months Ended September 30, 2017 | Twelve Months Ended September 30, 2017 | |||||||||||||||
(in millions); (unaudited) | |||||||||||||||||||
Net Sales | |||||||||||||||||||
Building Solutions North America | $ | 1,942 | $ | 2,097 | $ | 2,142 | $ | 2,160 | $ | 8,341 | |||||||||
Building Solutions EMEA/LA | 875 | 898 | 896 | 926 | 3,595 | ||||||||||||||
Building Solutions Asia Pacific | 575 | 562 | 630 | 677 | 2,444 | ||||||||||||||
Global Products | 1,794 | 2,014 | 2,406 | 2,241 | 8,455 | ||||||||||||||
Total Building Technologies & Solutions | $ | 5,186 | $ | 5,571 | $ | 6,074 | $ | 6,004 | $ | 22,835 | |||||||||
Segment EBITA * | |||||||||||||||||||
Building Solutions North America | $ | 196 | $ | 255 | $ | 290 | $ | 298 | $ | 1,039 | |||||||||
Building Solutions EMEA/LA | 49 | 89 | 100 | 52 | 290 | ||||||||||||||
Building Solutions Asia Pacific | 63 | 67 | 85 | 108 | 323 | ||||||||||||||
Global Products | 127 | 242 | 437 | 373 | 1,179 | ||||||||||||||
Total Building Technologies & Solutions | $ | 435 | $ | 653 | $ | 912 | $ | 831 | $ | 2,831 | |||||||||
* Management evaluates the performance of the segments 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, significant restructuring and impairment costs, and the net mark-to-market adjustments related to pension and postretirement plans.
The Company's filing contains financial information regarding adjusted net sales, adjusted segment EBITA and adjusted segment EBITA margins, which are non-GAAP performance measures. The Company's definition of adjusted segment EBITA excludes special items because these costs are not considered to be directly related to the underlying operating performance of its business units. Management believes these non-GAAP measures are useful to investors in understanding the ongoing operations and business trends of the Company.
The following is the three months ended December 31, 2016 reconciliation of net sales, segment EBITA and segment EBITA margin as reported to adjusted net sales, adjusted segment EBITA and adjusted segment EBITA margin (unaudited):
Building Solutions North America | Building Solutions EMEA/LA | Building Solutions Asia Pacific | Global Products | Total Building Technologies & Solutions | |||||||||||||||
(in millions) | |||||||||||||||||||
Net sales as reported | $ | 1,942 | $ | 875 | $ | 575 | $ | 1,794 | $ | 5,186 | |||||||||
Adjusting items: | |||||||||||||||||||
Nonrecurring purchase accounting impacts | — | 3 | 1 | 6 | 10 | ||||||||||||||
Adjusted net sales | $ | 1,942 | $ | 878 | $ | 576 | $ | 1,800 | $ | 5,196 | |||||||||
Segment EBITA as reported | $ | 196 | $ | 49 | $ | 63 | $ | 127 | $ | 435 | |||||||||
Segment EBITA margin as reported | 10.1 | % | 5.6 | % | 11.0 | % | 7.1 | % | 8.4 | % | |||||||||
Adjusting items: | |||||||||||||||||||
Transaction costs | 10 | 2 | 2 | 3 | 17 | ||||||||||||||
Integration costs | 7 | 2 | 1 | 4 | 14 | ||||||||||||||
Nonrecurring purchase accounting impacts | 23 | 12 | 6 | 71 | 112 | ||||||||||||||
Adjusted segment EBITA | $ | 236 | $ | 65 | $ | 72 | $ | 205 | $ | 578 | |||||||||
Adjusted segment EBITA margin | 12.2 | % | 7.4 | % | 12.5 | % | 11.4 | % | 11.1 | % | |||||||||
The following is the three months ended March 31, 2017 reconciliation of net sales, segment EBITA and segment EBITA margin as reported to adjusted net sales, adjusted segment EBITA and adjusted segment EBITA margin (unaudited):
Building Solutions North America | Building Solutions EMEA/LA | Building Solutions Asia Pacific | Global Products | Total Building Technologies & Solutions | |||||||||||||||
(in millions) | |||||||||||||||||||
Net sales as reported | $ | 2,097 | $ | 898 | $ | 562 | $ | 2,014 | $ | 5,571 | |||||||||
Adjusting items: | |||||||||||||||||||
Nonrecurring purchase accounting impacts | (23 | ) | (7 | ) | — | — | (30 | ) | |||||||||||
Adjusted net sales | $ | 2,074 | $ | 891 | $ | 562 | $ | 2,014 | $ | 5,541 | |||||||||
Segment EBITA as reported | $ | 255 | $ | 89 | $ | 67 | $ | 242 | $ | 653 | |||||||||
Segment EBITA margin as reported | 12.2 | % | 9.9 | % | 11.9 | % | 12.0 | % | 11.7 | % | |||||||||
Adjusting items: | |||||||||||||||||||
Transaction costs | 1 | 3 | — | 6 | 10 | ||||||||||||||
Integration costs | 7 | 2 | 2 | 5 | 16 | ||||||||||||||
Nonrecurring purchase accounting impacts | (34 | ) | (15 | ) | (2 | ) | — | (51 | ) | ||||||||||
Adjusted segment EBITA | $ | 229 | $ | 79 | $ | 67 | $ | 253 | $ | 628 | |||||||||
Adjusted segment EBITA margin | 11.0 | % | 8.9 | % | 11.9 | % | 12.6 | % | 11.3 | % | |||||||||
The following is the three months ended June 30, 2017 reconciliation of net sales, segment EBITA and segment EBITA margin as reported to adjusted net sales, adjusted segment EBITA and adjusted segment EBITA margin (unaudited):
Building Solutions North America | Building Solutions EMEA/LA | Building Solutions Asia Pacific | Global Products | Total Building Technologies & Solutions | |||||||||||||||
(in millions) | |||||||||||||||||||
Net sales as reported | $ | 2,142 | $ | 896 | $ | 630 | $ | 2,406 | $ | 6,074 | |||||||||
Adjusting items: | |||||||||||||||||||
Nonrecurring purchase accounting impacts | (7 | ) | (7 | ) | — | — | (14 | ) | |||||||||||
Adjusted net sales | $ | 2,135 | $ | 889 | $ | 630 | $ | 2,406 | $ | 6,060 | |||||||||
Segment EBITA as reported | $ | 290 | $ | 100 | $ | 85 | $ | 437 | $ | 912 | |||||||||
Segment EBITA margin as reported | 13.5 | % | 11.2 | % | 13.5 | % | 18.2 | % | 15.0 | % | |||||||||
Adjusting items: | |||||||||||||||||||
Transaction costs | 2 | — | — | 4 | 6 | ||||||||||||||
Integration costs | 10 | — | — | 4 | 14 | ||||||||||||||
Nonrecurring purchase accounting impacts | (12 | ) | (11 | ) | (1 | ) | — | (24 | ) | ||||||||||
Adjusted segment EBITA | $ | 290 | $ | 89 | $ | 84 | $ | 445 | $ | 908 | |||||||||
Adjusted segment EBITA margin | 13.6 | % | 10.0 | % | 13.3 | % | 18.5 | % | 15.0 | % | |||||||||
The following is the three months ended September 30, 2017 reconciliation of net sales, segment EBITA and segment EBITA margin as reported to adjusted net sales, adjusted segment EBITA and adjusted segment EBITA margin (unaudited):
Building Solutions North America | Building Solutions EMEA/LA | Building Solutions Asia Pacific | Global Products | Total Building Technologies & Solutions | |||||||||||||||
(in millions) | |||||||||||||||||||
Net sales as reported | $ | 2,160 | $ | 926 | $ | 677 | $ | 2,241 | $ | 6,004 | |||||||||
Adjusting items: | |||||||||||||||||||
Nonrecurring purchase accounting impacts | 5 | (5 | ) | — | — | — | |||||||||||||
Adjusted net sales | $ | 2,165 | $ | 921 | $ | 677 | $ | 2,241 | $ | 6,004 | |||||||||
Segment EBITA as reported | $ | 298 | $ | 52 | $ | 108 | $ | 373 | $ | 831 | |||||||||
Segment EBITA margin as reported | 13.8 | % | 5.6 | % | 16.0 | % | 16.6 | % | 13.8 | % | |||||||||
Adjusting items: | |||||||||||||||||||
Integration costs | 18 | 2 | 2 | 12 | 34 | ||||||||||||||
Nonrecurring purchase accounting impacts | (1 | ) | (9 | ) | (1 | ) | — | (11 | ) | ||||||||||
Unfavorable arbitration award | — | 50 | — | — | 50 | ||||||||||||||
Adjusted segment EBITA | $ | 315 | $ | 95 | $ | 109 | $ | 385 | $ | 904 | |||||||||
Adjusted segment EBITA margin | 14.5 | % | 10.3 | % | 16.1 | % | 17.2 | % | 15.1 | % | |||||||||
The following is the twelve months ended September 30, 2017 reconciliation of net sales, segment EBITA and segment EBITA margin as reported to adjusted net sales, adjusted segment EBITA and adjusted segment EBITA margin (unaudited):
Building Solutions North America | Building Solutions EMEA/LA | Building Solutions Asia Pacific | Global Products | Total Building Technologies & Solutions | |||||||||||||||
(in millions) | |||||||||||||||||||
Net sales as reported | $ | 8,341 | $ | 3,595 | $ | 2,444 | $ | 8,455 | $ | 22,835 | |||||||||
Adjusting items: | |||||||||||||||||||
Nonrecurring purchase accounting impacts | (25 | ) | (16 | ) | 1 | 6 | (34 | ) | |||||||||||
Adjusted net sales | $ | 8,316 | $ | 3,579 | $ | 2,445 | $ | 8,461 | $ | 22,801 | |||||||||
Segment EBITA as reported | $ | 1,039 | $ | 290 | $ | 323 | $ | 1,179 | $ | 2,831 | |||||||||
Segment EBITA margin as reported | 12.5 | % | 8.1 | % | 13.2 | % | 13.9 | % | 12.4 | % | |||||||||
Adjusting items: | |||||||||||||||||||
Transaction costs | 13 | 5 | 2 | 13 | 33 | ||||||||||||||
Integration costs | 42 | 6 | 5 | 25 | 78 | ||||||||||||||
Nonrecurring purchase accounting impacts | (24 | ) | (23 | ) | 2 | 71 | 26 | ||||||||||||
Unfavorable arbitration award | — | 50 | — | — | 50 | ||||||||||||||
Adjusted segment EBITA | $ | 1,070 | $ | 328 | $ | 332 | $ | 1,288 | $ | 3,018 | |||||||||
Adjusted segment EBITA margin | 12.9 | % | 9.2 | % | 13.6 | % | 15.2 | % | 13.2 | % | |||||||||