Johnson Controls International plc
For the period ended Sep 30, 2024. Filed Nov 19, 2024.
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FY2024 · Filed Nov 19, 2024
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20. Guarantees
- GUARANTEES
Certain of the Company's subsidiaries at the business segment level have guaranteed the performance of third-parties and provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from the current fiscal year through the completion of such transactions and would typically be triggered in the event of nonperformance. Performance under the guarantees, if required, would not have a material effect on the Company's financial position, results of operations or cash flows.
The Company offers warranties to its customers depending upon the specific product and terms of the customer purchase agreement. A typical warranty program requires that the Company replace defective products within a specified time period from the date of sale.
The changes in the carrying amount of the Company’s total product warranty liability were as follows (in millions).
| Year Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Balance at beginning of period | $91 | $66 |
| Accruals for warranties issued during the period | 85 | 72 |
| Settlements made (in cash or in kind) during the period | (87) | (46) |
| Changes in estimates to pre-existing warranties | 31 | (2) |
| Accruals from acquisitions and divestitures | — | 1 |
| Currency translation | 2 | — |
| Balance at end of period | $122 | $91 |
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