Johnson Controls 2014 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2014 Johnson Controls annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 122

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122

90
In November 2013, the Company's Board of Directors authorized a $3 billion increase in the Company's share repurchase program,
which brought the total authorized amount under the repurchase program to $3.65 billion. The share 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
has spent approximately $1,249 million on repurchases under the stock repurchase program in fiscal 2014.
The Company consolidates certain subsidiaries in which the noncontrolling interest party has within their control the right to
require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests are reported
at their estimated redemption value. Any adjustment to the redemption value impacts retained earnings but does not impact net
income. Redeemable noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently
probable, are recorded at carrying value.
The following schedules present changes in the redeemable noncontrolling interests (in millions):
Year Ended
September 30, 2014 Year Ended
September 30, 2013 Year Ended
September 30, 2012
Beginning balance, September 30 $ 157 $ 253 $ 260
Net income 38 48 69
Foreign currency translation adjustments — 1 (1)
Change in noncontrolling interest share —(63)(95)
Dividends (7)(23)(15)
Redemption value adjustment —(59) 35
Other 6——
Ending balance, September 30 $ 194 $ 157 $ 253
The following schedules present changes in accumulated other comprehensive income (AOCI) attributable to Johnson Controls,
Inc. (in millions, net of tax):
Year Ended
September 30,
2014
Year Ended
September 30,
2013
Year Ended
September 30,
2012
Foreign currency translation adjustments
Balance at beginning of period $ 392 $ 413 $ 634
Aggregate adjustment for the period (net of tax effect of $7, $19 and $(15)) * (640) (21) (221)
Balance at end of period (248) 392 413
Realized and unrealized gains (losses) on derivatives
Balance at beginning of period 7 12 (27)
Current period changes in fair value (net of tax effect of $(1), $(2) and $9) (3) (2) 14
Reclassification to income (net of tax effect of $0, $(2) and $17)) ** — (3) 25
Balance at end of period 4 7 12
Unrealized gains (losses) on marketable common stock
Balance at beginning of period 7 5 6
Current period changes in fair value (net of tax effect of $0, $0 and $(3)) (1) 2 (15)
Reclassifications to income (net of tax effect of $(2), $0 and $0) *** (6) — 14
Balance at end of period — 7 5
Pension and postretirement plans
Balance at beginning of period 12 28 36
Reclassification to income (net of tax effect of $(3), $(9) and $(7)) **** (4) (18) (10)
Other changes (net of tax effect of $0) (1) 2 2
Balance at end of period 7 12 28
Accumulated other comprehensive income (loss), end of period $ (237) $ 418 $ 458