johnson controls FY2006 3rd Quarter Form 10-Q

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Text of johnson controls FY2006 3rd Quarter Form 10-Q

  • 1. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2006 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-5097 JOHNSON CONTROLS, INC. (Exact name of registrant as specified in its charter) Wisconsin 39-0380010 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 5757 North Green Bay Avenue Milwaukee, Wisconsin 53201 (Address of principal executive offices) (Zip Code) (414) 524-1200 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non- accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Large accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Shares Outstanding at June 30, 2006 Common Stock: $0.04 1/6 par value per share 195,565,351
  • 2. JOHNSON CONTROLS, INC. Form 10-Q Report Index Page Part I. Financial Information Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Financial Position at June 30, 2006, September 30, 2005 and June 30, 2005..........................................................3 Consolidated Statements of Income for the Three and Nine Month Periods Ended June 30, 2006 and 2005 ............................................................4 Condensed Consolidated Statements of Cash Flows for the Three and Nine Month Periods Ended June 30, 2006 and 2005 ..............................................................5 Notes to Condensed Consolidated Financial Statements ..........................................................6 Report of Independent Registered Public Accounting Firm ...................................................27 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ....................................................................................................28 Item 3. Quantitative and Qualitative Disclosures About Market Risk ..................................................41 Item 4. Controls and Procedures ...........................................................................................................41 Part II. Other Information Item 1. Legal Proceedings .....................................................................................................................42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ..................................................43 Item 6. Exhibits .....................................................................................................................................44 Signatures ....................................................................................................................................................45 2
  • 3. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS JOHNSON CONTROLS, INC. Condensed Consolidated Statements of Financial Position (in millions; unaudited) June 30, September 30, June 30, 2006 2005 2005 ASSETS Cash and cash equivalents $ 380 $ 171 $ 385 Accounts receivable - net 5,686 4,987 4,529 Inventories 1,740 983 915 Assets of discontinued operations 153 - - Other current assets 1,385 998 896 Current assets 9,344 7,139 6,725 Property, plant and equipment - net 3,970 3,581 3,294 Goodwill 5,758 3,733 3,670 Other intangible assets 779 289 274 Investments in partially-owned affiliates 488 445 420 Other noncurrent assets 1,717 957 778 Total assets $ 22,056 $ 16,144 $ 15,161 LIABILITIES AND SHAREHOLDERS' EQUITY Short-term debt $ 248 $ 684 $ 393 Current portion of long-term debt 585 81 221 Accounts payable 4,315 3,938 3,544 Accrued compensation and benefits 1,019 704 747 Accrued income taxes 239 44 27 Liabilities of discontinued operations 40 - - Other current liabilities 2,237 1,390 1,350 Current liabilities 8,683 6,841 6,282 Commitments and contingencies (Note 18) Long-term debt 4,180 1,577 1,632 Postretirement health and other benefits 270 159 158 Minority interests in equity of subsidiaries 136 196 143 Other noncurrent liabilities 1,878 1,313 1,169 Shareholders' equity 6,909 6,058 5,777 Total liabilities and shareholders' equity $ 22,056 $ 16,144 $ 15,161 The accompanying notes are an integral part of these financial statements. 3
  • 4. JOHNSON CONTROLS, INC. Consolidated Statements of Income (in millions, except per share data; unaudited)