Johnson Controls 2015 Annual Report Download - page 24

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24
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."
Title of Class Number of Record Holders
as of September 30, 2015
Common Stock, $1.00 par value 35,425
Common Stock Price Range Dividends
2015 2014 2015 2014
First Quarter $ 38.60 - 50.92 $ 39.42 - 51.90 $ 0.26 $ 0.22
Second Quarter 44.32 - 52.00 43.85 - 52.50 0.26 0.22
Third Quarter 49.14 - 54.52 43.16 - 50.71 0.26 0.22
Fourth Quarter 38.48 - 51.85 43.74 - 51.60 0.26 0.22
Year $ 38.48 - 54.52 $ 39.42 - 52.50 $ 1.04 $ 0.88
In November 2012, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $500 million of the
Company’s outstanding common stock, which supersedes any prior programs. In September 2013, the Company’s Board of
Directors authorized up to an additional $500 million in stock repurchases of the Company’s outstanding common stock, and in
November 2013, the Company's Board of Directors authorized an additional $3.0 billion under the stock repurchase program, both
incremental to prior authorizations. Stock repurchases under the stock repurchase program may be made through open market,
privately negotiated, or structured 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 spent $1,362 million on repurchases under the stock repurchase program
in fiscal 2015.
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, 2015.