Johnson Controls 2013 Annual Report Download - page 70

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70
3. ASSETS AND LIABILITIES HELD FOR SALE
At September 30, 2013, the Company determined that certain of its businesses met the criteria to be classified as held for sale.
The Automotive Experience Electronics segment and certain product lines of the Automotive Experience Interiors segment are
classified as held for sale as of September 30, 2013.
The following table summarizes the carrying value of the assets and liabilities held for sale (in millions):
September 30,
2013
Cash and cash equivalents $ 4
Accounts receivable 197
Inventories 124
Other current assets 91
Property, plant and equipment - net 167
Goodwill 74
Other intangibles assets - net 57
Investments in partially-owned affiliates 26
Other noncurrent assets 64
Assets held for sale $ 804
Short-term debt $ 5
Accounts payable 253
Accrued compensation and benefits 46
Other current liabilities 84
Pension and postretirement benefits 13
Other noncurrent liabilities 1
Liabilities held for sale $ 402
Assets and liabilities classified as held for sale were required to be recorded at the lower of carrying value or fair value less any
costs to sell. Accordingly, the Company recorded an impairment charge of $41 million within restructuring and impairment costs
in the consolidated statement of income related to certain product lines of the Automotive Experience Interiors segment. Refer to
Note 17, “Impairment of Long-Lived Assets” of the notes to consolidated financial statements for further information regarding
the impairment charge. The divestiture of the businesses held for sale could result in a gain or loss on sale to the extent the ultimate
selling price differs from the current carrying value of the net assets recorded.
The Automotive Experience Electronics business does not meet the criteria to be classified as a discontinued operation at
September 30, 2013 primarily due to the uncertainty regarding the Company’s potential continuing involvement in these operations
following a divestiture. The Automotive Experience Interiors product lines classified as held for sale are immaterial to the Company
individually and in the aggregate and do not constitute a distinguishable business in order to be classified as a discontinued operation.