Johnson Controls 2011 Annual Report Download - page 20

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20
PART II
ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
The shares of the Company’s common stock are traded on the New York Stock Exchange under the symbol ―JCI.‖
Number of Record Holders
Title of Class as of September 30, 2011
Common Stock, $0.01 7/18 par value 43,340
Common Stock Price Range
Dividends
2011
2010
2011
2010
First Quarter
$
29.95 - 40.15
$
23.62 - 28.34
$
0.16
$
0.13
Second Quarter
36.95 - 42.42
27.21 - 33.60
0.16
0.13
Third Quarter
35.37 - 42.53
25.56 - 35.77
0.16
0.13
Fourth Quarter
25.91 - 42.92
26.07 - 31.14
0.16
0.13
Year
$
25.91 - 42.92
$
23.62 - 35.77
$
0.64
$
0.52
In September 2006, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $200
million of the Company’s outstanding common stock. Stock repurchases under this program may be made through
open market, privately negotiated transactions or otherwise at times and in such amounts as Company management
deems appropriate. The stock repurchase program does not have an expiration date and may be amended or
terminated by the Board of Directors at any time without prior notice.
The Company entered into an Equity Swap Agreement, dated March 13, 2009, with Citibank, N.A. (Citibank). The
Company selectively uses equity swaps to reduce market risk associated with its stock-based compensation plans,
such as its deferred compensation plans. These equity compensation liabilities increase as the Company’s stock
price increases and decrease as the Company’s stock price decreases. In contrast, the value of the Equity Swap
Agreement moves in the opposite direction of these liabilities, allowing the Company to fix a portion of the
liabilities at a stated amount.
In connection with the Equity Swap Agreement, Citibank may purchase unlimited shares of the Company’s stock in
the market or in privately negotiated transactions. The Company disclaims that Citibank is an ―affiliated purchaser‖
of the Company as such term is defined in Rule 10b-18(a)(3) under the Securities Exchange Act or that Citibank is
purchasing any shares for the Company. The Equity Swap Agreement has no stated expiration date. The net effect of
the change in fair value of the Equity Swap Agreement and the change in equity compensation liabilities was not
material to the Company’s earnings for the three months ended September 30, 2011.