The company said it entered into a definitive agreement in fiscal 2024 in the Q4 to sell its R&LC HVAC business to Robert Bosch GmbH for $8.1 billion in cash, with its share of the consideration being $6.7 billion. It said the deal is expected to close in the Q4 of fiscal 2025.

10-KAnnual reportFiled Nov 19, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said it entered into a definitive agreement in fiscal 2024 in the Q4 to sell its R&LC HVAC business to Robert Bosch GmbH for $8.1 billion in cash, with its share of the consideration being $6.7 billion. It said the deal is expected to close in the Q4 of fiscal 2025.
Johnson Controls cited the net impact of the water systems AFFF settlement agreement costs, net of insurance recoveries, of $383 million as the main driver of the increase in SG&A in fiscal 2024. It said the increase was partially offset by the year-over-year impact of net mark-to-market adjustments of $100 million and productivity improvements.
The company said the increase in net sales was due to higher organic sales of $790 million, partially offset by the impact of foreign currency translation of $98 million and the net impact of acquisitions and divestitures of $71 million. Excluding the impact of foreign currency translation and business acquisitions and divestitures, consolidated net sales rose 4% over the prior year.
Johnson Controls said it committed in the Q4 of fiscal 2024 to a multi-year restructuring plan. It expects one-time costs of about $400 million to be incurred over fiscal 2025 to 2027, with annual cost savings of about $500 million once the plan is fully completed.

Key figures

Fiscal year ended September 30, 2024

Revenue: $23.0B
Net income: $1.7B
EPS: $2.52
Gross profit: $8.1B
Operating cash flow: $1.6B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

R&LC HVAC Business Sale Agreement

The company said it entered into a definitive agreement in fiscal 2024 in the Q4 to sell its R&LC HVAC business to Robert Bosch GmbH for $8.1 billion in cash, with its share of the consideration being $6.7 billion. It said the deal is expected to close in the Q4 of fiscal 2025.

Source · Based on the MD&A text of the filing

AFFF Settlement Costs and Higher SG&A

Johnson Controls cited the net impact of the water systems AFFF settlement agreement costs, net of insurance recoveries, of $383 million as the main driver of the increase in SG&A in fiscal 2024. It said the increase was partially offset by the year-over-year impact of net mark-to-market adjustments of $100 million and productivity improvements.

Source · Based on the MD&A text of the filing

Organic Net Sales Up 4% Excluding FX and M&A

The company said the increase in net sales was due to higher organic sales of $790 million, partially offset by the impact of foreign currency translation of $98 million and the net impact of acquisitions and divestitures of $71 million. Excluding the impact of foreign currency translation and business acquisitions and divestitures, consolidated net sales rose 4% over the prior year.

Source · Based on the MD&A text of the filing

Multi-Year Restructuring Plan

Johnson Controls said it committed in the Q4 of fiscal 2024 to a multi-year restructuring plan. It expects one-time costs of about $400 million to be incurred over fiscal 2025 to 2027, with annual cost savings of about $500 million once the plan is fully completed.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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