Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Sep. 30, 2014 | Oct. 31, 2014 | Mar. 31, 2014 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ROCKWELL AUTOMATION INC. | ' | ' |
Entity Central Index Key | '0001024478 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $17.10 |
Entity Common Stock, Shares Outstanding | ' | 135,771,159 | ' |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,191.30 | $1,200.90 |
Short-term investments | 628.5 | 372.7 |
Receivables | 1,215.80 | 1,186.10 |
Inventories | 588.4 | 615.4 |
Deferred income taxes | 163.5 | 189.5 |
Other current assets | 146.7 | 115.3 |
Total current assets | 3,934.20 | 3,679.90 |
Property, net | 632.9 | 616 |
Goodwill | 1,050.60 | 1,023 |
Other intangible assets, net | 246.2 | 212.8 |
Deferred income taxes | 205.7 | 147.3 |
Other assets | 159.9 | 165.6 |
Total | 6,229.50 | 5,844.60 |
Current liabilities: | ' | ' |
Short-term debt | 325 | 179 |
Accounts payable | 520.6 | 546.7 |
Compensation and benefits | 277.7 | 236.8 |
Advance payments from customers and deferred revenue | 196.5 | 210.9 |
Customer returns, rebates and incentives | 184 | 175.1 |
Other current liabilities | 188.3 | 196.2 |
Total current liabilities | 1,692.10 | 1,544.70 |
Long-term debt | 905.6 | 905.1 |
Retirement benefits | 767.9 | 595.9 |
Other liabilities | 205.8 | 213.4 |
Commitments and contingent liabilities (Note 14) | ' | ' |
Shareowners' equity: | ' | ' |
Common stock ($1.00 par value, shares issued: 181.4) | 181.4 | 181.4 |
Additional paid-in capital | 1,512.30 | 1,456 |
Retained earnings | 4,839.60 | 4,333.40 |
Accumulated other comprehensive loss | -948 | -817.7 |
Common stock in treasury, at cost (shares held: 2014, 44.7; 2013, 42.5) | -2,927.20 | -2,567.60 |
Total shareowners' equity | 2,658.10 | 2,585.50 |
Total | $6,229.50 | $5,844.60 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Shareowners' equity: | ' | ' |
Common stock, shares issued | 181.4 | 181.4 |
Treasury stock, shares held | 44.7 | 42.5 |
Common Stock, par value per share | $1 | $1 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales | ' | ' | ' |
Products and solutions | $5,933.10 | $5,706 | $5,656.10 |
Services | 690.4 | 645.9 | 603.3 |
Total sales | 6,623.50 | 6,351.90 | 6,259.40 |
Cost of sales | ' | ' | ' |
Products and solutions | -3,391.30 | -3,326.40 | -3,315.90 |
Services | -478.3 | -451.7 | -420.8 |
Total cost of sales | -3,869.60 | -3,778.10 | -3,736.70 |
Gross profit | 2,753.90 | 2,573.80 | 2,522.70 |
Selling, general and administrative expenses | -1,570.10 | -1,537.70 | -1,491.70 |
Other income (expense) (Note 12) | 9.7 | 5.7 | -5 |
Interest expense | -59.3 | -60.9 | -60.1 |
Income before income taxes | 1,134.20 | 980.9 | 965.9 |
Income tax provision (Note 13) | -307.4 | -224.6 | -228.9 |
Net income | $826.80 | $756.30 | $737 |
Basic earnings per share: | ' | ' | ' |
Basic | $5.98 | $5.43 | $5.20 |
Diluted earnings per share: | ' | ' | ' |
Diluted | $5.91 | $5.36 | $5.13 |
Weighted average outstanding shares: | ' | ' | ' |
Basic | 138 | 139.2 | 141.5 |
Diluted | 139.7 | 140.9 | 143.4 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $826.80 | $756.30 | $737 |
Other comprehensive income (loss): | ' | ' | ' |
Pension and other postretirement benefit plan adjustments (net of tax (benefit) expense of ($27.6), $232.1, and ($103.1)) | -85.6 | 402.2 | -192.4 |
Currency translation adjustments | -61.3 | 8.3 | -35 |
Net change in unrealized gains and losses on cash flow hedges (net of tax expense (benefit) of $1.9, ($1.8), and ($3.1)) | 16.6 | -2.9 | -5 |
Other comprehensive income (loss) | -130.3 | 407.6 | -232.4 |
Comprehensive income | $696.50 | $1,163.90 | $504.60 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Other comprehensive income (loss): | ' | ' | ' |
Tax expense (benefit) from pension and other postretirement benefit plan adjustments | ($27.60) | $232.10 | ($103.10) |
Tax (benefit) expense from net change in unrealized gains and losses on cash flow hedges | $1.90 | ($1.80) | ($3.10) |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' | ' |
Net income | $826.80 | $756.30 | $737 |
Adjustments to arrive at cash provided by operating activities: | ' | ' | ' |
Depreciation | 122.5 | 113.8 | 103.9 |
Amortization of intangible assets | 30 | 31.4 | 34.7 |
Share-based compensation expense | 42.5 | 41.1 | 43.5 |
Retirement benefit expense | 132.9 | 170.4 | 105.9 |
Pension contributions | -42.1 | -41.3 | -341.1 |
Deferred income taxes | -7.2 | -6.5 | 82.2 |
Net loss on disposition of property | 0.6 | 0.5 | 1 |
Income tax benefit from the exercise of stock options | 0.1 | 2.1 | 0.7 |
Excess income tax benefit from share-based compensation | -29.9 | -31.9 | -18.5 |
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency adjustments: | ' | ' | ' |
Receivables | -53.7 | -12.3 | -135.7 |
Inventories | 12.9 | 0.8 | 21.4 |
Accounts payable | -20.7 | 3.3 | 90.2 |
Compensation and benefits | 43.3 | -8.5 | -67 |
Income taxes | 1.8 | 33.8 | 35.7 |
Other assets and liabilities | -26.5 | -38.2 | 24.8 |
Cash provided by operating activities | 1,033.30 | 1,014.80 | 718.7 |
Investing activities: | ' | ' | ' |
Capital expenditures | -141 | -146.2 | -139.6 |
Acquisition of businesses, net of cash acquired | -81.5 | -84.8 | -16.2 |
Purchases of short-term investments | -705.7 | -372.2 | -487.5 |
Proceeds from maturities of short-term investments | 447.8 | 350 | 137.5 |
Proceeds from sale of property | 0.4 | 0.5 | 2.6 |
Other investing activities | -3.4 | -4.1 | 0 |
Cash used for investing activities | -483.4 | -256.8 | -503.2 |
Financing activities: | ' | ' | ' |
Net issuance of short-term debt | 146 | 22 | 157 |
Cash dividends | -320.5 | -276.3 | -247.4 |
Purchases of treasury stock | -485.7 | -402.7 | -259.4 |
Proceeds from the exercise of stock options | 108.5 | 172.3 | 49 |
Excess income tax benefit from share-based compensation | 29.9 | 31.9 | 18.5 |
Other financing activities | 0 | -1.8 | -0.4 |
Cash used for financing activities | -521.8 | -454.6 | -282.7 |
Effect of exchange rate changes on cash | -37.7 | 0.6 | -16.8 |
Cash (used for) provided by continuing operations | -9.6 | 304 | -84 |
Discontinued operations: | ' | ' | ' |
Cash used for discontinued operating activities | 0 | -7 | -1 |
Cash used for discontinued operations | 0 | -7 | -1 |
(Decrease) increase in cash and cash equivalents | -9.6 | 297 | -85 |
Cash and cash equivalents at beginning of year | 1,200.90 | 903.9 | 988.9 |
Cash and cash equivalents at end of year | $1,191.30 | $1,200.90 | $903.90 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareowners' Equity (USD $) | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
In Millions | ||||||
Beginning balance at Sep. 30, 2011 | ' | ' | $1,381.40 | $3,382.80 | ($992.90) | ($2,204.70) |
Net income | 737 | ' | ' | 737 | ' | ' |
Cash dividends (2014, $2.32 per share; 2013, $1.98 per share; 2012, $1.745 per share) | ' | ' | ' | -247.4 | ' | ' |
Purchases | ' | ' | ' | ' | ' | -265.3 |
Income tax benefits from share-based compensation | ' | ' | 19.2 | ' | ' | ' |
Share-based compensation expense | ' | ' | 42.7 | ' | ' | ' |
Shares delivered under incentive plans | ' | ' | -26.6 | -13.6 | ' | 90.1 |
Other comprehensive (loss) income | -232.4 | ' | ' | ' | -232.4 | ' |
Ending balance at Sep. 30, 2012 | 1,851.70 | 181.4 | 1,416.70 | 3,858.80 | -1,225.30 | -2,379.90 |
Net income | 756.3 | ' | ' | 756.3 | ' | ' |
Cash dividends (2014, $2.32 per share; 2013, $1.98 per share; 2012, $1.745 per share) | ' | ' | ' | -276.3 | ' | ' |
Purchases | ' | ' | ' | ' | ' | -401.5 |
Income tax benefits from share-based compensation | ' | ' | 34 | ' | ' | ' |
Share-based compensation expense | ' | ' | 40.2 | ' | ' | ' |
Shares delivered under incentive plans | ' | ' | -34.9 | -5.4 | ' | 213.8 |
Other comprehensive (loss) income | 407.6 | ' | ' | ' | 407.6 | ' |
Ending balance at Sep. 30, 2013 | 2,585.50 | 181.4 | 1,456 | 4,333.40 | -817.7 | -2,567.60 |
Net income | 826.8 | ' | ' | 826.8 | ' | ' |
Cash dividends (2014, $2.32 per share; 2013, $1.98 per share; 2012, $1.745 per share) | ' | ' | ' | -320.5 | ' | ' |
Purchases | ' | ' | ' | ' | ' | -483.8 |
Income tax benefits from share-based compensation | ' | ' | 41.6 | ' | ' | ' |
Share-based compensation expense | ' | ' | 29.8 | ' | ' | ' |
Shares delivered under incentive plans | ' | ' | -15.1 | -0.1 | ' | 124.2 |
Other comprehensive (loss) income | -130.3 | ' | ' | ' | -130.3 | ' |
Ending balance at Sep. 30, 2014 | $2,658.10 | $181.40 | $1,512.30 | $4,839.60 | ($948) | ($2,927.20) |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareowners' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Retained Earnings | ' | ' | ' |
Cash dividends per share | $2.32 | $1.98 | $1.75 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation and Accounting Policies | ' | ||||||||||||
Basis of Presentation and Accounting Policies | |||||||||||||
Rockwell Automation, Inc. (the Company or Rockwell Automation) is a leading global provider of industrial automation power, control and information solutions that help manufacturers achieve competitive advantages for their businesses. | |||||||||||||
Basis of Presentation | |||||||||||||
Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and controlled majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Investments in affiliates over which we do not have control but exercise significant influence are accounted for using the equity method of accounting. These affiliated companies are not material individually or in the aggregate to our financial position, results of operations or cash flows. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. We use estimates in accounting for, among other items, customer returns, rebates and incentives; allowance for doubtful accounts; excess and obsolete inventory; share-based compensation; acquisitions; product warranty obligations; retirement benefits; litigation, claims and contingencies, including environmental matters, conditional asset retirement obligations and contractual indemnifications; and income taxes. We account for changes to estimates and assumptions prospectively when warranted by factually based experience. | |||||||||||||
Revenue Recognition | |||||||||||||
We recognize revenue when it is realized or realizable and earned. Product and solution sales consist of industrial automation power, control and information; hardware and software products; and custom-engineered systems. Service sales include multi-vendor customer technical support and repair, asset management and optimization consulting and training. All service sales recorded in the Consolidated Statement of Operations are associated with our Control Products & Solutions segment. | |||||||||||||
For approximately 85 percent of our consolidated sales, we record sales when all of the following have occurred: persuasive evidence of a sales agreement exists; pricing is fixed or determinable; collection is reasonably assured; and product has been delivered and acceptance has occurred, as may be required according to contract terms, or services have been rendered. Within this category, we will at times enter into arrangements that involve the delivery of multiple products and/or the performance of services, such as installation and commissioning. The timing of delivery, though varied based upon the nature of the undelivered component, is generally short-term in nature. For these arrangements, revenue is allocated to each deliverable based on that element's relative selling price, provided the delivered element has value to customers on a standalone basis and, if the arrangement includes a general right of return, delivery or performance of the undelivered items is probable and substantially in our control. Relative selling price is obtained from sources such as vendor-specific objective evidence, which is based on the separate selling price for that or a similar item, or from third-party evidence such as how competitors have priced similar items. If such evidence is not available, we use our best estimate of the selling price, which includes various internal factors such as our pricing strategy and market factors. | |||||||||||||
We recognize substantially all of the remainder of our sales as construction-type contracts using either the percentage-of-completion or completed contract method of accounting. We record sales relating to these contracts using the percentage-of-completion method when we determine that progress toward completion is reasonably and reliably estimable; we use the completed contract method for all others. Under the percentage-of-completion method, we recognize sales and gross profit as work is performed using the relationship between actual costs incurred and total estimated costs at completion. Under the percentage-of-completion method, we adjust sales and gross profit for revisions of estimated total contract costs or revenue in the period the change is identified. We record estimated losses on contracts when they are identified. | |||||||||||||
We use contracts and customer purchase orders to determine the existence of a sales agreement. We use shipping documents and customer acceptance, when applicable, to verify delivery. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. We assess collectibility based on the creditworthiness of the customer as determined by credit evaluations and analysis, as well as the customer’s payment history. | |||||||||||||
Shipping and handling costs billed to customers are included in sales and the related costs are included in cost of sales in the Consolidated Statement of Operations. | |||||||||||||
Returns, Rebates and Incentives | |||||||||||||
Our primary incentive program provides distributors with cash rebates or account credits based on agreed amounts that vary depending on the customer to whom our distributor ultimately sells the product. We also offer various other incentive programs that provide distributors and direct sale customers with cash rebates, account credits or additional products and services based on meeting specified program criteria. Certain distributors are offered a right to return product, subject to contractual limitations. | |||||||||||||
We record accruals for customer returns, rebates and incentives at the time of sale based primarily on historical experience. Returns, rebates and incentives are recognized as a reduction of sales if distributed in cash or customer account credits. Rebates and incentives are recognized in cost of sales for additional products and services to be provided. Accruals are reported as a current liability in our balance sheet or, where a right of setoff exists, as a reduction of accounts receivable. | |||||||||||||
Taxes on Revenue Producing Transactions | |||||||||||||
Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue). | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include time deposits and certificates of deposit with original maturities of three months or less at the time of purchase. | |||||||||||||
Short-term Investments | |||||||||||||
Short-term investments include time deposits and certificates of deposit with original maturities longer than three months but no longer than one year at the time of purchase. These investments are stated at cost, which approximates fair value. | |||||||||||||
Receivables | |||||||||||||
We record an allowance for doubtful accounts based on customer-specific analysis and general matters such as current assessments of past due balances and economic conditions. Receivables are stated net of an allowance for doubtful accounts of $19.4 million at September 30, 2014 and $22.5 million at September 30, 2013. In addition, receivables are stated net of an allowance for certain customer returns, rebates and incentives of $11.6 million at September 30, 2014 and $8.9 million at September 30, 2013. | |||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods. Market is determined on the basis of estimated realizable values. | |||||||||||||
Property | |||||||||||||
Property, including internal-use software, is stated at cost. We calculate depreciation of property using the straight-line method over 5 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment and 3 to 8 years for computer hardware and internal-use software. We capitalize significant renewals and enhancements and write off replaced units. We expense maintenance and repairs, as well as renewals of minor amounts. | |||||||||||||
Intangible Assets | |||||||||||||
Goodwill and other intangible assets generally result from business acquisitions. We account for business acquisitions by allocating the purchase price to tangible and intangible assets acquired and liabilities assumed at their fair values; the excess of the purchase price over the allocated amount is recorded as goodwill. | |||||||||||||
We review goodwill and other intangible assets with indefinite useful lives for impairment annually or more frequently if events or circumstances indicate impairment may be present. Any excess in carrying value over the estimated fair value is charged to results of operations. We perform an annual impairment test during the second quarter of our fiscal year. | |||||||||||||
We amortize certain customer relationships on an accelerated basis over the period of which we expect the intangible asset to generate future cash flows. We amortize all other intangible assets with finite useful lives on a straight-line basis over their estimated useful lives. Useful lives assigned range from 3 to 15 years for trademarks, 8 to 20 years for customer relationships, 5 to 17 years for technology and 5 to 30 years for other intangible assets. | |||||||||||||
Intangible assets also include costs of software developed or purchased by our software business to be sold, leased or otherwise marketed. Amortization of these computer software products is calculated on a product-by-product basis as the greater of (a) the unamortized cost at the beginning of the year times the ratio of the current year gross revenue for a product to the total of the current and anticipated future gross revenue for that product or (b) the straight-line amortization over the remaining estimated economic life of the product. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
We evaluate the recoverability of the recorded amount of long-lived assets whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. Impairment is assessed when the undiscounted expected future cash flows derived from an asset are less than its carrying amount. If we determine that an asset is impaired, we measure the impairment to be recognized as the amount by which the recorded amount of the asset exceeds its fair value. We report assets to be disposed of at the lower of the recorded amount or fair value less cost to sell. We determine fair value using a discounted future cash flow analysis. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
We use derivative financial instruments in the form of foreign currency forward exchange contracts to manage certain foreign currency risks. We enter into these contracts to hedge our exposure to foreign currency exchange rate variability in the expected future cash flows associated with certain third-party and intercompany transactions denominated in foreign currencies expected to occur within the next two years (cash flow hedges). Our accounting method for derivative financial instruments is based upon the designation of such instruments as hedges under U.S. GAAP. We also enter into similar contracts that we do not designate as hedges to offset transaction gains or losses associated with certain assets and liabilities resulting from intercompany loans and other transactions with third parties that are denominated in foreign currencies. It is our policy to execute such instruments with global financial institutions that we believe to be creditworthy and not to enter into derivative financial instruments for speculative purposes. Foreign currency forward exchange contracts are usually denominated in currencies of major industrial countries. | |||||||||||||
Foreign Currency Translation | |||||||||||||
We translate assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar into U.S. dollars using exchange rates at the end of the respective period. We translate sales, costs and expenses at average exchange rates effective during the respective period. We report foreign currency translation adjustments as a component of other comprehensive income (loss). Currency transaction gains and losses are included in results of operations in the period incurred. | |||||||||||||
Research and Development Expenses | |||||||||||||
We expense research and development (R&D) costs as incurred; these costs were $290.1 million in 2014, $260.7 million in 2013 and $247.6 million in 2012. We include R&D expenses in cost of sales in the Consolidated Statement of Operations. | |||||||||||||
Income Taxes | |||||||||||||
We account for uncertain tax positions by determining whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. For tax positions that meet the more-likely-than-not recognition threshold, we determine the amount of benefit to recognize in the consolidated financial statements based on our assertion of the most likely outcome resulting from an examination, including the resolution of any related appeals or litigation processes. | |||||||||||||
Earnings Per Share | |||||||||||||
We present basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing earnings available to common shareowners, which is income excluding the allocation to participating securities, by the weighted average number of common shares outstanding during the year, excluding unvested restricted stock. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the year. We use the treasury stock method to calculate the effect of outstanding share-based compensation awards, which requires us to compute total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. Share-based compensation awards for which the total employee proceeds of the award exceed the average market price of the same award over the period have an antidilutive effect on EPS, and accordingly, we exclude them from the calculation. Antidilutive share-based compensation awards for the years ended September 30, 2014 (0.8 million shares), 2013 (1.2 million shares) and 2012 (2.3 million shares) were excluded from the diluted EPS calculation. U.S. GAAP requires unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be treated as participating securities and included in the computation of earnings per share pursuant to the two-class method. Our participating securities are composed of unvested restricted stock and non-employee director restricted stock units. | |||||||||||||
The following table reconciles basic and diluted EPS amounts (in millions, except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 826.8 | $ | 756.3 | $ | 737 | |||||||
Less: Allocation to participating securities | (1.1 | ) | (1.1 | ) | (1.4 | ) | |||||||
Net income available to common shareowners | $ | 825.7 | $ | 755.2 | $ | 735.6 | |||||||
Basic weighted average outstanding shares | 138 | 139.2 | 141.5 | ||||||||||
Effect of dilutive securities | |||||||||||||
Stock options | 1.5 | 1.5 | 1.6 | ||||||||||
Performance shares | 0.2 | 0.2 | 0.3 | ||||||||||
Diluted weighted average outstanding shares | 139.7 | 140.9 | 143.4 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 5.98 | $ | 5.43 | $ | 5.2 | |||||||
Diluted | $ | 5.91 | $ | 5.36 | $ | 5.13 | |||||||
Share-Based Compensation | |||||||||||||
We recognize share-based compensation expense for equity awards on a straight-line basis over the service period of the award based on the fair value of the award as of the grant date. | |||||||||||||
Product and Workers’ Compensation Liabilities | |||||||||||||
We record accruals for product and workers’ compensation claims in the period in which they are probable and reasonably estimable. Our principal self-insurance programs include product liability and workers’ compensation where we self-insure up to a specified dollar amount. Claims exceeding this amount up to specified limits are covered by insurance policies purchased from commercial insurers. We estimate the liability for the majority of the self-insured claims using our claims experience for the periods being valued. | |||||||||||||
Environmental Matters | |||||||||||||
We record liabilities for environmental matters in the period in which our responsibility is probable and the costs can be reasonably estimated. We make changes to the liabilities in the periods in which the estimated costs of remediation change. At third-party environmental sites where more than one potentially responsible party has been identified, we record a liability for our estimated allocable share of costs related to our involvement with the site, as well as an estimated allocable share of costs related to the involvement of insolvent or unidentified parties. If we determine that recovery from insurers or other third parties is probable and a right of setoff exists, we record the liability net of the estimated recovery. If we determine that recovery from insurers or other third parties is probable, but a right of setoff does not exist, we record a liability for the total estimated costs of remediation and a receivable for the estimated recovery. At environmental sites where we are the sole responsible party, we record a liability for the total estimated costs of remediation. Ongoing operating and maintenance expenditures included in our environmental remediation obligations are discounted to present value over the probable future remediation period. Our remaining environmental remediation obligations are undiscounted due to subjectivity of timing and/or amount of future cash payments. | |||||||||||||
Conditional Asset Retirement Obligations | |||||||||||||
We record liabilities for costs related to legal obligations associated with the retirement of a tangible, long-lived asset that results from the acquisition, construction, development or the normal operation of the long-lived asset. The obligation to perform the asset retirement activity is not conditional even though the timing or method may be conditional. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board issued a new standard on revenue recognition from contracts with customers. This standard supersedes nearly all existing revenue recognition guidance and involves a five-step approach to recognizing revenue based on individual performance obligations in a contract. The new standard will also require additional qualitative and quantitative disclosures about contracts with customers, significant judgments made in applying the revenue guidance, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for us for reporting periods beginning October 1, 2017. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and related disclosures. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
The changes in the carrying amount of goodwill for the years ended September 30, 2014 and 2013 were (in millions): | |||||||||||||
Architecture & | Control | Total | |||||||||||
Software | Products & | ||||||||||||
Solutions | |||||||||||||
Balance as of September 30, 2012 | $ | 387.7 | $ | 561.1 | $ | 948.8 | |||||||
Acquisition of businesses | — | 71.1 | 71.1 | ||||||||||
Translation and other | 0.1 | 3 | 3.1 | ||||||||||
Balance as of September 30, 2013 | 387.8 | 635.2 | 1,023.00 | ||||||||||
Acquisition of businesses | 7.7 | 28 | 35.7 | ||||||||||
Translation | 0.1 | (8.2 | ) | (8.1 | ) | ||||||||
Balance as of September 30, 2014 | $ | 395.6 | $ | 655 | $ | 1,050.60 | |||||||
During the year ended September 30, 2014, we recognized goodwill of $35.7 million and intangible assets of $41.4 million resulting from the acquisitions of vMonitor LLC and its affiliates (vMonitor), a global technology leader for wireless solutions in the oil and gas industry, and Jacobs Automation (Jacobs), a leader in intelligent track motion control technology. We assigned the full amount of goodwill related to vMonitor to our Control Products & Solutions segment. We assigned the full amount of goodwill related to Jacobs to our Architecture & Software segment. | |||||||||||||
During the year ended September 30, 2013, we recognized goodwill of $71.1 million and intangible assets of $11.1 million resulting from the acquisition of the medium voltage drives business of Harbin Jiuzhou Electric Co., Ltd. (Harbin) located in Harbin, China. The acquisition strengthened our presence in the Asia-Pacific motor control market by adding significant capabilities in design, engineering and manufacturing of medium voltage drive products. We assigned the full amount of goodwill to our Control Products & Solutions segment. | |||||||||||||
Other intangible assets consist of (in millions): | |||||||||||||
September 30, 2014 | |||||||||||||
Carrying | Accumulated | Net | |||||||||||
Amount | Amortization | ||||||||||||
Amortized intangible assets: | |||||||||||||
Computer software products | $ | 169.1 | $ | 82.5 | $ | 86.6 | |||||||
Customer relationships | 89.8 | 45.4 | 44.4 | ||||||||||
Technology | 84 | 38.2 | 45.8 | ||||||||||
Trademarks | 33.7 | 14 | 19.7 | ||||||||||
Other | 15.5 | 9.5 | 6 | ||||||||||
Total amortized intangible assets | 392.1 | 189.6 | 202.5 | ||||||||||
Intangible assets not subject to amortization | 43.7 | — | 43.7 | ||||||||||
Total | $ | 435.8 | $ | 189.6 | $ | 246.2 | |||||||
September 30, 2013 | |||||||||||||
Carrying | Accumulated | Net | |||||||||||
Amount | Amortization | ||||||||||||
Amortized intangible assets: | |||||||||||||
Computer software products | $ | 146.9 | $ | 73.1 | $ | 73.8 | |||||||
Customer relationships | 77.4 | 37.1 | 40.3 | ||||||||||
Technology | 66.1 | 30.9 | 35.2 | ||||||||||
Trademarks | 26.4 | 10.7 | 15.7 | ||||||||||
Other | 12.1 | 8 | 4.1 | ||||||||||
Total amortized intangible assets | 328.9 | 159.8 | 169.1 | ||||||||||
Intangible assets not subject to amortization | 43.7 | — | 43.7 | ||||||||||
Total | $ | 372.6 | $ | 159.8 | $ | 212.8 | |||||||
Computer software products represent costs of computer software to be sold, leased or otherwise marketed. Computer software products amortization expense was $9.4 million in 2014, $13.1 million in 2013 and $15.9 million in 2012. | |||||||||||||
The Allen-Bradley® trademark has an indefinite life, and therefore is not subject to amortization. | |||||||||||||
Estimated amortization expense is $30.7 million in 2015, $34.1 million in 2016, $30.0 million in 2017, $23.9 million in 2018 and $18.0 million in 2019. | |||||||||||||
We performed the annual evaluation of our goodwill and indefinite life intangible assets for impairment as required by U.S. GAAP during the second quarter of 2014 and concluded that these assets are not impaired. We did not identify any impairment indicators during the remainder of fiscal 2014 that would require further impairment analysis. |
Inventories
Inventories | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 240.3 | $ | 248.4 | |||||
Work in process | 156.9 | 167.2 | |||||||
Raw materials, parts and supplies | 191.2 | 199.8 | |||||||
Inventories | $ | 588.4 | $ | 615.4 | |||||
Property_net
Property, net | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, net | ' | ||||||||
Property, net | |||||||||
Property consists of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 3.7 | $ | 3.7 | |||||
Buildings and improvements | 315.9 | 304.5 | |||||||
Machinery and equipment | 1,032.40 | 1,041.50 | |||||||
Internal-use software | 418.2 | 388.9 | |||||||
Construction in progress | 118.2 | 90.2 | |||||||
Total | 1,888.40 | 1,828.80 | |||||||
Less accumulated depreciation | (1,255.5 | ) | (1,212.8 | ) | |||||
Property, net | $ | 632.9 | $ | 616 | |||||
Longterm_and_Shortterm_Debt
Long-term and Short-term Debt | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term and Short-term Debt | ' | ||||||||
Long-term and Short-term Debt | |||||||||
Long-term debt consists of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
5.65% notes, payable in December 2017 | $ | 250 | $ | 250 | |||||
6.70% debentures, payable in January 2028 | 250 | 250 | |||||||
6.25% debentures, payable in December 2037 | 250 | 250 | |||||||
5.20% debentures, payable in January 2098 | 200 | 200 | |||||||
Unamortized discount and other | (44.4 | ) | (44.9 | ) | |||||
Long-term debt | $ | 905.6 | $ | 905.1 | |||||
At September 30, 2014 and 2013, our total borrowing capacity under our five year unsecured revolving credit facility expiring in May 2018 was $750.0 million. We can increase the aggregate amount of this credit facility by up to $250.0 million, subject to the consent of the banks in the credit facility. We have not borrowed against this credit facility during the years ended September 30, 2014 and 2013. Borrowings under this credit facility bear interest based on short-term money market rates in effect during the period borrowings are outstanding. The terms of this credit facility contain covenants under which we would be in default if our debt-to-total-capital ratio was to exceed 60 percent. Separate short-term unsecured credit facilities of approximately $126.6 million at September 30, 2014 were available to non-U.S. subsidiaries. Borrowings under our non-U.S. credit facilities during fiscal 2014 and 2013 were not significant. We were in compliance with all covenants under our credit facilities during the years ended September 30, 2014 and 2013. There were no significant commitment fees or compensating balance requirements under any of our credit facilities. | |||||||||
Our short-term debt obligations are primarily comprised of commercial paper borrowings. Commercial paper borrowings outstanding were $325.0 million at September 30, 2014 and $179.0 million at September 30, 2013. The weighted average interest rate of the commercial paper outstanding was 0.17 percent at September 30, 2014 and 2013. | |||||||||
Interest payments were $58.1 million during 2014, $59.7 million during 2013 and $59.0 million during 2012. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Current Liabilities | ' | ||||||||
Other Current Liabilities | |||||||||
Other current liabilities consist of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Unrealized losses on foreign exchange contracts (Note 8) | $ | 5.8 | $ | 10.1 | |||||
Product warranty obligations (Note 7) | 34.1 | 36.9 | |||||||
Taxes other than income taxes | 37.2 | 37.7 | |||||||
Accrued interest | 15.6 | 15.6 | |||||||
Income taxes payable | 41 | 35.9 | |||||||
Other | 54.6 | 60 | |||||||
Other current liabilities | $ | 188.3 | $ | 196.2 | |||||
Product_Warranty_Obligations
Product Warranty Obligations | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Obligations | ' | ||||||||
Product Warranty Obligations | |||||||||
We record a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Most of our products are covered under a warranty period that runs for 12 months from either the date of sale or installation. We also record a liability for specific warranty matters when they become known and reasonably estimable. Our product warranty obligations are included in other current liabilities in the Consolidated Balance Sheet. | |||||||||
Changes in product warranty obligations are (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 36.9 | $ | 37.8 | |||||
Warranties recorded at time of sale | 31.3 | 32 | |||||||
Adjustments to pre-existing warranties | (5.3 | ) | 0.8 | ||||||
Settlements of warranty claims | (28.8 | ) | (33.7 | ) | |||||
Balance at end of period | $ | 34.1 | $ | 36.9 | |||||
Derivative_Instruments_and_Fai
Derivative Instruments and Fair Value Measurement | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Derivative Instruments and Fair Value Measurement | ' | |||||||||||||||||||
Derivative Instruments and Fair Value Measurement | ||||||||||||||||||||
We use foreign currency forward exchange contracts to manage certain foreign currency risks. We enter into these contracts to hedge our exposure to foreign currency exchange rate variability in the expected future cash flows associated with certain third-party and intercompany transactions denominated in foreign currencies expected to occur within the next two years (cash flow hedges). Certain of our locations have assets and liabilities denominated in currencies other than their functional currencies resulting from intercompany loans and other transactions with third parties denominated in foreign currencies. We also enter into foreign currency forward exchange contracts that we do not designate as hedging instruments to offset the transaction gains or losses associated with some of these assets and liabilities. | ||||||||||||||||||||
We recognize all derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheet. We value our forward exchange contracts using a market approach. We use a valuation model based on inputs including forward and spot prices for currency and interest rate curves. We did not change our valuation techniques during fiscal 2014, 2013, or 2012. We report in other comprehensive income (loss) the effective portion of the gain or loss on derivative financial instruments that we designate and that qualify as cash flow hedges. We reclassify these gains or losses into earnings in the same periods when the hedged transactions affect earnings. Gains and losses on derivative financial instruments for which we do not elect hedge accounting are recognized in the Consolidated Statement of Operations in each period, based upon the change in the fair value of the derivative financial instruments. | ||||||||||||||||||||
It is our policy to execute such instruments with major financial institutions that we believe to be creditworthy and not to enter into derivative financial instruments for speculative purposes. We diversify our foreign currency forward exchange contracts among counterparties to minimize exposure to any one of these entities. Our foreign currency forward exchange contracts are usually denominated in currencies of major industrial countries. The notional values of our foreign currency forward exchange contracts outstanding at September 30, 2014 were $867.7 million, of which $641.2 million were designated as cash flow hedges. Currency pairs (buy/sell) comprising the most significant contract notional values were United States dollar (USD)/euro, Swiss franc/euro, USD/Canadian dollar, Mexican peso/USD, Singapore dollar/USD and Swiss franc/Canadian dollar. | ||||||||||||||||||||
We also use foreign currency denominated debt obligations to hedge portions of our net investments in non-U.S. subsidiaries. The currency effects of the debt obligations are reflected in accumulated other comprehensive loss within shareowners’ equity where they offset gains and losses recorded on our net investments globally. We had $14.7 million and $14.4 million of foreign currency denominated debt designated as net investment hedges at September 30, 2014 and 2013, respectively. | ||||||||||||||||||||
U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy: | ||||||||||||||||||||
Level 1: | Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||
Level 2: | Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. | |||||||||||||||||||
Level 3: | Unobservable inputs for the asset or liability. | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis and their location in our Consolidated Balance Sheet were (in millions): | ||||||||||||||||||||
Fair Value (Level 2) | ||||||||||||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | September 30, 2014 | September 30, 2013 | |||||||||||||||||
Forward exchange contracts | Other current assets | $ | 13.1 | $ | 4.8 | |||||||||||||||
Forward exchange contracts | Other assets | 5 | 0.2 | |||||||||||||||||
Forward exchange contracts | Other current liabilities | (4.1 | ) | (8.3 | ) | |||||||||||||||
Forward exchange contracts | Other liabilities | (0.3 | ) | (1.6 | ) | |||||||||||||||
Total | $ | 13.7 | $ | (4.9 | ) | |||||||||||||||
Fair Value (Level 2) | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Balance Sheet Location | September 30, 2014 | September 30, 2013 | |||||||||||||||||
Forward exchange contracts | Other current assets | $ | 3.5 | $ | 4.9 | |||||||||||||||
Forward exchange contracts | Other assets | — | 0.7 | |||||||||||||||||
Forward exchange contracts | Other current liabilities | (1.8 | ) | (1.8 | ) | |||||||||||||||
Total | $ | 1.7 | $ | 3.8 | ||||||||||||||||
The pre-tax amount of gains (losses) recorded in other comprehensive income (loss) related to hedges that would have been recorded in the Consolidated Statement of Operations had they not been so designated was (in millions): | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Forward exchange contracts (cash flow hedges) | $ | 16.9 | $ | 1.8 | $ | (1.7 | ) | |||||||||||||
Foreign currency denominated debt (net investment hedges) | (0.3 | ) | 0.2 | (0.5 | ) | |||||||||||||||
Total | $ | 16.6 | $ | 2 | $ | (2.2 | ) | |||||||||||||
Approximately $9.0 million ($9.2 million after tax) of net unrealized gains on cash flow hedges as of September 30, 2014 will be reclassified into earnings during the next 12 months. We expect that these net unrealized gains will be offset when the hedged items are recognized in earnings. | ||||||||||||||||||||
The pre-tax amount of (losses) gains reclassified from accumulated other comprehensive loss into the Consolidated Statement of Operations related to derivative forward exchange contracts designated as cash flow hedges, which offset the related gains and losses on the hedged items during the periods presented, was: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Sales | $ | (2.3 | ) | $ | 1.6 | $ | (1.1 | ) | ||||||||||||
Cost of sales | 0.7 | 4.9 | 7.5 | |||||||||||||||||
Total | $ | (1.6 | ) | $ | 6.5 | $ | 6.4 | |||||||||||||
The amount recognized in earnings as a result of ineffective hedges was not significant. | ||||||||||||||||||||
The pre-tax amount of gains (losses) from forward exchange contracts not designated as hedging instruments recognized in the Consolidated Statement of Operations during the periods presented was: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Other income (expense) | $ | 1.4 | $ | 0.1 | $ | (21.9 | ) | |||||||||||||
We also hold financial instruments consisting of cash, short-term investments, short-term debt and long-term debt. The fair values of our cash, short-term investments and short-term debt approximate their carrying amounts as reported in our Consolidated Balance Sheet due to the short-term nature of these instruments. We base the fair value of long-term debt upon quoted market prices for the same or similar issues. The following table presents the carrying amounts and estimated fair values of financial instruments not measured at fair value in the Consolidated Balance Sheet (in millions): | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Cash and cash equivalents | $ | 1,191.30 | $ | 1,191.30 | $ | 1,154.20 | $ | 37.1 | $ | — | ||||||||||
Short-term investments | 628.5 | 628.5 | — | 628.5 | — | |||||||||||||||
Short-term debt | 325 | 325 | — | 325 | — | |||||||||||||||
Long-term debt | 905.6 | 1,119.40 | — | 1,119.40 | — | |||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Cash and cash equivalents | $ | 1,200.90 | $ | 1,200.90 | $ | 1,079.00 | $ | 121.9 | $ | — | ||||||||||
Short-term investments | 372.7 | 372.7 | — | 372.7 | — | |||||||||||||||
Short-term debt | 179 | 179 | — | 179 | — | |||||||||||||||
Long-term debt | 905.1 | 1,072.20 | — | 1,072.20 | — | |||||||||||||||
Shareowners_Equity
Shareowners' Equity | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Shareowners' Equity | ' | ||||||||||||||||
Shareowners’ Equity | |||||||||||||||||
Common Stock | |||||||||||||||||
At September 30, 2014, the authorized stock of the Company consisted of one billion shares of common stock, par value $1.00 per share, and 25 million shares of preferred stock, without par value. At September 30, 2014, 10.1 million shares of authorized common stock were reserved for various incentive plans. | |||||||||||||||||
Changes in outstanding common shares are summarized as follows (in millions): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Beginning balance | 138.8 | 139.8 | 141.9 | ||||||||||||||
Treasury stock purchases | (4.1 | ) | (4.7 | ) | (3.7 | ) | |||||||||||
Shares delivered under incentive plans | 2 | 3.7 | 1.6 | ||||||||||||||
Ending balance | 136.7 | 138.8 | 139.8 | ||||||||||||||
During September 2014, we repurchased 40,757 shares of common stock for $4.5 million that did not settle until October 2014. During September 2013, we repurchased 60,000 shares of common stock for $6.4 million that did not settle until October 2013. These outstanding purchases were recorded in accounts payable at September 30, 2014 and 2013, respectively. | |||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
Changes in accumulated other comprehensive loss by component for the years ended September 30, 2014, 2013 and 2012 were (in millions): | |||||||||||||||||
Pension and other postretirement benefit plan adjustments, net of tax (Note 11) | Accumulated currency translation adjustments, net of tax | Net unrealized gains (losses) on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | ||||||||||||||
Balance as of September 30, 2011 | $ | (1,033.6 | ) | $ | 35.5 | $ | 5.2 | $ | (992.9 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (246.7 | ) | (35.0 | ) | (1.0 | ) | (282.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 54.3 | — | (4.0 | ) | 50.3 | ||||||||||||
Other comprehensive income (loss) | (192.4 | ) | (35.0 | ) | (5.0 | ) | (232.4 | ) | |||||||||
Balance as of September 30, 2012 | $ | (1,226.0 | ) | $ | 0.5 | $ | 0.2 | $ | (1,225.3 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 314.9 | 8.3 | 1.2 | 324.4 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 87.3 | — | (4.1 | ) | 83.2 | ||||||||||||
Other comprehensive income (loss) | 402.2 | 8.3 | (2.9 | ) | 407.6 | ||||||||||||
Balance as of September 30, 2013 | $ | (823.8 | ) | $ | 8.8 | $ | (2.7 | ) | $ | (817.7 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (143.9 | ) | (61.3 | ) | 14.2 | (191.0 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 58.3 | — | 2.4 | 60.7 | |||||||||||||
Other comprehensive income (loss) | $ | (85.6 | ) | $ | (61.3 | ) | $ | 16.6 | $ | (130.3 | ) | ||||||
Balance as of September 30, 2014 | $ | (909.4 | ) | $ | (52.5 | ) | $ | 13.9 | $ | (948.0 | ) | ||||||
The reclassifications out of accumulated other comprehensive loss to the Consolidated Statement of Operations for the years ended September 30, 2014, 2013 and 2012 were (in millions): | |||||||||||||||||
Year Ended September 30, | Affected Line in the Consolidated Statement of Operations | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Pension and other postretirement benefit plan adjustments: | |||||||||||||||||
Amortization of prior service credit | $ | (12.9 | ) | $ | (13.2 | ) | $ | (12.9 | ) | (a) | |||||||
Amortization of net actuarial loss | 102.6 | 149 | 97.1 | (a) | |||||||||||||
89.7 | 135.8 | 84.2 | Total before tax | ||||||||||||||
(31.4 | ) | (48.5 | ) | (29.9 | ) | Provision for tax | |||||||||||
$ | 58.3 | $ | 87.3 | $ | 54.3 | After tax | |||||||||||
Net unrealized (gains) losses on cash flow hedges: | |||||||||||||||||
Forward exchange contracts | $ | 2.3 | $ | (1.6 | ) | $ | 1.1 | Sales | |||||||||
Forward exchange contracts | (0.7 | ) | (4.9 | ) | (7.5 | ) | Cost of Sales | ||||||||||
1.6 | (6.5 | ) | (6.4 | ) | Total before tax | ||||||||||||
0.8 | 2.4 | 2.4 | Provision for tax | ||||||||||||||
$ | 2.4 | $ | (4.1 | ) | $ | (4.0 | ) | After tax | |||||||||
Total reclassifications | $ | 60.7 | $ | 83.2 | $ | 50.3 | After tax | ||||||||||
(a) Reclassified from accumulated other comprehensive loss into cost of sales and selling, general and administrative expenses. These components are included in the computation of net periodic benefit costs. See Note 11 for further information. |
Share_Based_Compensation
Share Based Compensation | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
Share-Based Compensation | ||||||||||||||
During 2014, 2013 and 2012 we recognized $42.5 million, $41.1 million and $43.5 million of pre-tax share-based compensation expense, respectively. The total income tax benefit related to share-based compensation expense was $12.9 million during 2014, $12.5 million during 2013 and $13.8 million during 2012. We recognize compensation expense on grants of share-based compensation awards on a straight-line basis over the service period of each award recipient. As of September 30, 2014, total unrecognized compensation cost related to share-based compensation awards was $38.3 million, net of estimated forfeitures, which we expect to recognize over a weighted average period of approximately 1.7 years. | ||||||||||||||
Our 2012 Long-Term Incentives Plan (2012 Plan) authorizes us to deliver up to 6.8 million shares of our common stock upon exercise of stock options, or upon grant or in payment of stock appreciation rights, performance shares, performance units, restricted stock units and restricted stock. Our 2003 Directors Stock Plan, as amended, authorizes us to deliver up to 0.5 million shares of our common stock upon exercise of stock options or upon grant of shares of our common stock and restricted stock units. Shares relating to awards under our 2012 Plan, 2008 Long-Term Incentives Plan, as amended, or our 2000 Long-Term Incentives Plan, as amended, that terminate by expiration, forfeiture, cancellation or otherwise without the issuance or delivery of shares will be available for further awards under the 2012 Plan. Approximately 4.2 million shares under our 2012 Plan and 0.3 million shares under our 2003 Directors Stock Plan remain available for future grant or payment at September 30, 2014. We use treasury stock to deliver shares of our common stock under these plans. Our 2012 Plan does not permit share-based compensation awards to be granted after February 7, 2022. | ||||||||||||||
Stock Options | ||||||||||||||
We have granted non-qualified and incentive stock options to purchase our common stock under various incentive plans at prices equal to the fair market value of the stock on the grant dates. The exercise price for stock options granted under the plans may be paid in cash, already-owned shares of common stock or a combination of cash and such shares. Stock options expire ten years after the grant date and vest ratably over three years. | ||||||||||||||
The per-share weighted average fair value of stock options granted during the years ended September 30, 2014, 2013 and 2012 was $34.03, $25.18 and $23.49, respectively. The total intrinsic value of stock options exercised was $108.1 million, $131.7 million and $43.9 million during 2014, 2013 and 2012, respectively. We estimated the fair value of each stock option on the date of grant using the Black-Scholes pricing model and the following assumptions: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Average risk-free interest rate | 1.52 | % | 0.66 | % | 1.06 | % | ||||||||
Expected dividend yield | 2.13 | % | 2.35 | % | 2.29 | % | ||||||||
Expected volatility | 41 | % | 43 | % | 43 | % | ||||||||
Expected term (years) | 5.2 | 5.3 | 5.3 | |||||||||||
The average risk-free interest rate is based on U.S. treasury security rates corresponding to the expected term in effect as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We determined expected volatility using daily historical volatility of our stock price over the most recent period corresponding to the expected term as of the grant date. We determined the expected term of the stock options using historical data adjusted for the estimated exercise dates of unexercised options. | ||||||||||||||
A summary of stock option activity for the year ended September 30, 2014 is: | ||||||||||||||
Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||
(in thousands) | Exercise | Remaining | Intrinsic Value | |||||||||||
Price | Contractual | of In-The-Money | ||||||||||||
Term (years) | Options | |||||||||||||
(in millions) | ||||||||||||||
Outstanding at October 1, 2013 | 5,488 | $ | 64.53 | |||||||||||
Granted | 947 | 109.07 | ||||||||||||
Exercised | (1,836 | ) | 58.95 | |||||||||||
Forfeited | (75 | ) | 92.06 | |||||||||||
Cancelled | (1 | ) | 72.52 | |||||||||||
Outstanding at September 30, 2014 | 4,523 | 75.65 | 7 | $ | 155 | |||||||||
Vested or expected to vest at September 30, 2014 | 4,361 | 75.04 | 6.9 | 152.1 | ||||||||||
Exercisable at September 30, 2014 | 2,511 | 62.48 | 5.8 | 119 | ||||||||||
Performance Share Awards | ||||||||||||||
Certain officers and key employees are also eligible to receive shares of our common stock in payment of performance share awards granted to them. Grantees of performance shares will be eligible to receive shares of our common stock depending upon our total shareowner return, assuming reinvestment of all dividends, relative to the performance of companies in the S&P 500 Index over a three-year period. The awards actually earned will range from zero percent to 200 percent of the targeted number of performance shares for the three-year performance periods and will be paid, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. For the three-year performance period ending September 30, 2014, the payout will be 187 percent of the target number of shares, with a maximum of 154,000 shares to be delivered in payment under the awards in December 2014. | ||||||||||||||
A summary of performance share activity for the year ended September 30, 2014 is as follows: | ||||||||||||||
Performance | Wtd. Avg. | |||||||||||||
Shares | Grant Date | |||||||||||||
(in thousands) | Share | |||||||||||||
Fair Value | ||||||||||||||
Outstanding at October 1, 2013 | 233 | $ | 96.02 | |||||||||||
Granted1 | 69 | 108.48 | ||||||||||||
Adjustment for performance results achieved2 | 57 | 87 | ||||||||||||
Vested and issued | (127 | ) | 87 | |||||||||||
Forfeited | (8 | ) | 100.85 | |||||||||||
Outstanding at September 30, 2014 | 224 | 102.54 | ||||||||||||
1Performance shares granted assuming achievement of performance goals at target. | ||||||||||||||
2Adjustments were due to the number of shares vested under the fiscal 2011 awards at the end of the three-year performance period ended September 30, 2013 being higher than the target number of shares. | ||||||||||||||
The following table summarizes information about performance shares vested during the years ended September 30: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Percent payout | 180 | % | 173 | % | 200 | % | ||||||||
Shares vested (in thousands) | 127 | 232 | 345 | |||||||||||
Total fair value of shares vested (in millions) | $ | 14.2 | $ | 18.7 | $ | 25.8 | ||||||||
The per-share fair value of performance share awards granted during the years ended September 30, 2014, 2013 and 2012 was $108.48, $98.15 and $101.57, respectively, which we determined using a Monte Carlo simulation and the following assumptions: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Average risk-free interest rate | 0.6 | % | 0.32 | % | 0.39 | % | ||||||||
Expected dividend yield | 2.11 | % | 2.32 | % | 2.29 | % | ||||||||
Expected volatility | 33 | % | 36 | % | 43 | % | ||||||||
The average risk-free interest rate is based on the three-year U.S. treasury security rate in effect as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. The expected volatilities were determined using daily historical volatility for the most recent three-year period as of the grant date. | ||||||||||||||
Restricted Stock and Restricted Stock Units | ||||||||||||||
We grant restricted stock and restricted stock units to certain employees, and non-employee directors may elect to receive a portion of their compensation in restricted stock units. Restrictions on employee restricted stock and employee restricted stock units generally lapse over periods ranging from one to five years. Director restricted stock units generally are payable upon retirement. We value restricted stock and restricted stock units at the closing market value of our common stock on the date of grant. The weighted average grant date fair value of restricted stock and restricted stock unit awards granted during the years ended September 30, 2014, 2013 and 2012 was $109.69, $80.17 and $73.73, respectively. The total fair value of shares vested during the years ended September 30, 2014, 2013, and 2012 was $6.4 million, $9.4 million, and $6.2 million, respectively. | ||||||||||||||
A summary of restricted stock and restricted stock unit activity for the year ended September 30, 2014 is as follows: | ||||||||||||||
Restricted | Wtd. Avg. | |||||||||||||
Stock and | Grant Date | |||||||||||||
Restricted | Share | |||||||||||||
Stock Units | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||
Outstanding at October 1, 2013 | 199 | $ | 74.63 | |||||||||||
Granted | 53 | 109.69 | ||||||||||||
Vested | (56 | ) | 73.31 | |||||||||||
Forfeited | (6 | ) | 83.92 | |||||||||||
Outstanding at September 30, 2014 | 190 | 84.57 | ||||||||||||
Retirement_Benefits
Retirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Retirement Benefits | ' | ||||||||||||||||||||||||
Retirement Benefits | |||||||||||||||||||||||||
We sponsor funded and unfunded pension plans and other postretirement benefit plans for our employees. The pension plans cover most of our employees and provide for monthly pension payments to eligible employees after retirement. Pension benefits for salaried employees generally are based on years of credited service and average earnings. Pension benefits for hourly employees are primarily based on specified benefit amounts and years of service. Effective July 1, 2010 we closed participation in our U.S. and Canada pension plans to employees hired after June 30, 2010. Employees hired after June 30, 2010 are instead eligible to participate in employee savings plans. The Company contributions are based on age and years of service and range from 3% to 7% of eligible compensation. Effective October 1, 2010, we also closed participation in our UK pension plan to employees hired after September 30, 2010 and these employees are now eligible for a defined contribution plan. Benefits to be provided to plan participants hired before July 1, 2010 or October 1, 2010, respectively, are not affected by these changes. Our policy with respect to funding our pension obligations is to fund the minimum amount required by applicable laws and governmental regulations. We were not required to make contributions to satisfy minimum funding requirements in our U.S. pension plans. However, we made voluntary contributions of $300.0 million to our U.S. qualified pension plan in 2012. Other postretirement benefits are primarily in the form of retirement medical plans that cover most of our employees in the U.S. and Canada and provide for the payment of certain medical costs of eligible employees and dependents after retirement. | |||||||||||||||||||||||||
The components of net periodic benefit cost are (in millions): | |||||||||||||||||||||||||
Other Postretirement | |||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 78.5 | $ | 92.1 | $ | 71.8 | $ | 2 | $ | 2.3 | $ | 2.2 | |||||||||||||
Interest cost | 174.2 | 160.2 | 167.6 | 6.5 | 6.3 | 7.2 | |||||||||||||||||||
Expected return on plan assets | (217.9 | ) | (226.3 | ) | (228.1 | ) | — | — | — | ||||||||||||||||
Amortization: | |||||||||||||||||||||||||
Prior service credit | (2.7 | ) | (2.5 | ) | (2.3 | ) | (10.2 | ) | (10.7 | ) | (10.6 | ) | |||||||||||||
Net actuarial loss | 99.7 | 144.6 | 94.7 | 2.9 | 4.4 | 2.4 | |||||||||||||||||||
Settlements | (0.1 | ) | — | 1 | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 131.7 | $ | 168.1 | $ | 104.7 | $ | 1.2 | $ | 2.3 | $ | 1.2 | |||||||||||||
Benefit obligation, plan assets, funded status, and net liability information is summarized as follows (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 3,804.80 | $ | 4,150.20 | $ | 150.2 | $ | 172.5 | |||||||||||||||||
Service cost | 78.5 | 92.1 | 2 | 2.3 | |||||||||||||||||||||
Interest cost | 174.2 | 160.2 | 6.5 | 6.3 | |||||||||||||||||||||
Actuarial losses (gains) | 431.5 | (401.0 | ) | 14.2 | (14.9 | ) | |||||||||||||||||||
Plan amendments | 1.2 | — | (37.0 | ) | — | ||||||||||||||||||||
Plan participant contributions | 5.4 | 5.5 | 8.2 | 9.4 | |||||||||||||||||||||
Benefits paid | (218.8 | ) | (198.0 | ) | (21.0 | ) | (24.7 | ) | |||||||||||||||||
Currency translation and other | (40.2 | ) | (4.2 | ) | (0.9 | ) | (0.7 | ) | |||||||||||||||||
Benefit obligation at end of year | 4,236.60 | 3,804.80 | 122.2 | 150.2 | |||||||||||||||||||||
Plan assets at beginning of year | 3,367.00 | 3,213.30 | — | — | |||||||||||||||||||||
Actual return on plan assets | 425.2 | 309 | — | — | |||||||||||||||||||||
Company contributions | 42.1 | 41.3 | 12.8 | 15.3 | |||||||||||||||||||||
Plan participant contributions | 5.4 | 5.5 | 8.2 | 9.4 | |||||||||||||||||||||
Benefits paid | (218.8 | ) | (198.0 | ) | (21.0 | ) | (24.7 | ) | |||||||||||||||||
Currency translation and other | (29.9 | ) | (4.1 | ) | — | — | |||||||||||||||||||
Plan assets at end of year | 3,591.00 | 3,367.00 | — | — | |||||||||||||||||||||
Funded status of plans | $ | (645.6 | ) | $ | (437.8 | ) | $ | (122.2 | ) | $ | (150.2 | ) | |||||||||||||
Net amount on balance sheet consists of: | |||||||||||||||||||||||||
Other assets | $ | 1.4 | $ | 10.3 | $ | — | $ | — | |||||||||||||||||
Compensation and benefits | (12.2 | ) | (10.8 | ) | (14.9 | ) | (14.7 | ) | |||||||||||||||||
Retirement benefits | (634.8 | ) | (437.3 | ) | (107.3 | ) | (135.5 | ) | |||||||||||||||||
Net amount on balance sheet | $ | (645.6 | ) | $ | (437.8 | ) | $ | (122.2 | ) | $ | (150.2 | ) | |||||||||||||
Amounts included in accumulated other comprehensive loss, net of tax, at September 30, 2014 and 2013 which have not yet been recognized in net periodic benefit cost are as follows (in millions): | |||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Prior service cost (credit) | $ | 4 | $ | 1.4 | $ | (31.9 | ) | $ | (15.1 | ) | |||||||||||||||
Net actuarial loss | 904.7 | 812.2 | 32.6 | 25.4 | |||||||||||||||||||||
Net transition benefit | — | (0.1 | ) | — | — | ||||||||||||||||||||
Total | $ | 908.7 | $ | 813.5 | $ | 0.7 | $ | 10.3 | |||||||||||||||||
During 2014, we recognized prior service credits of $12.9 million ($8.1 million net of tax) and net actuarial losses of $102.6 million ($66.4 million net of tax) in pension and other postretirement net periodic benefit cost, which were included in accumulated other comprehensive loss at September 30, 2013. In 2015, we expect to recognize prior service credits of $17.2 million ($10.8 million net of tax), and net actuarial losses of $126.0 million ($82.6 million net of tax) in pension and other postretirement net periodic benefit cost, which are included in accumulated other comprehensive loss at September 30, 2014. | |||||||||||||||||||||||||
The accumulated benefit obligation for our pension plans was $3,960.2 million and $3,563.2 million at September 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Net Periodic Benefit Cost Assumptions | |||||||||||||||||||||||||
Significant assumptions used in determining net periodic benefit cost included in the Consolidated Statement of Operations for the period ended September 30 are (in weighted averages): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
September 30, | Benefits | ||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Discount rate | 5.05 | % | 4.15 | % | 5.2 | % | 4.6 | % | 3.85 | % | 4.9 | % | |||||||||||||
Expected return on plan assets | 7.5 | % | 8 | % | 8 | % | — | — | — | ||||||||||||||||
Compensation increase rate | 3.75 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Discount rate | 3.69 | % | 3.37 | % | 4.15 | % | 4.2 | % | 3.8 | % | 4.1 | % | |||||||||||||
Expected return on plan assets | 5.33 | % | 5.42 | % | 5.93 | % | — | — | — | ||||||||||||||||
Compensation increase rate | 3.11 | % | 3.03 | % | 3.03 | % | — | — | — | ||||||||||||||||
Net Benefit Obligation Assumptions | |||||||||||||||||||||||||
Significant assumptions used in determining the benefit obligations included in the Consolidated Balance Sheet are (in weighted averages): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Discount rate | 4.5 | % | 5.05 | % | 3.65 | % | 4.6 | % | |||||||||||||||||
Compensation increase rate | 3.75 | % | 3.75 | % | — | — | |||||||||||||||||||
Healthcare cost trend rate(1) | — | — | 7 | % | 7.5 | % | |||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Discount rate | 3.01 | % | 3.69 | % | 3.5 | % | 4.2 | % | |||||||||||||||||
Compensation increase rate | 3.16 | % | 3.11 | % | — | — | |||||||||||||||||||
Healthcare cost trend rate(2) | — | — | 5.83 | % | 6.27 | % | |||||||||||||||||||
____________________ | |||||||||||||||||||||||||
-1 | The healthcare cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross healthcare cost trend rate will decrease to 5.50% in 2017. | ||||||||||||||||||||||||
-2 | Decreasing to 4.50% in 2017. | ||||||||||||||||||||||||
In determining the expected long-term rate of return on assets assumption, we consider actual returns on plan assets over the long term, adjusted for forward-looking considerations, such as inflation, interest rates, equity performance and the active management of the plan’s invested assets. We also considered our current and expected mix of plan assets in setting this assumption. This resulted in the selection of the weighted average long-term rate of return on assets assumption. Our global weighted-average targeted and actual asset allocations at September 30, by asset category, are: | |||||||||||||||||||||||||
Allocation | Target | September 30, | |||||||||||||||||||||||
Asset Category | Range | Allocations | 2014 | 2013 | |||||||||||||||||||||
Equity securities | 30% | – | 65% | 55% | 50% | 53% | |||||||||||||||||||
Debt securities | 35% | – | 50% | 40% | 42% | 40% | |||||||||||||||||||
Other | 0% | – | 35% | 5% | 8% | 7% | |||||||||||||||||||
The investment objective for pension funds related to our defined benefit plans is to meet the plan’s benefit obligations, while maximizing the long-term growth of assets without undue risk. We strive to achieve this objective by investing plan assets within target allocation ranges and diversification within asset categories. Target allocation ranges are guidelines that are adjusted periodically based on ongoing monitoring by plan fiduciaries. Investment risk is controlled by rebalancing to target allocations on a periodic basis and ongoing monitoring of investment manager performance relative to the investment guidelines established for each manager. | |||||||||||||||||||||||||
As of September 30, 2014 and 2013, our pension plans do not own our common stock. | |||||||||||||||||||||||||
In certain countries where we operate, there are no legal requirements or financial incentives provided to companies to pre-fund pension obligations. In these instances, we typically make benefit payments directly from cash as they become due, rather than by creating a separate pension fund. | |||||||||||||||||||||||||
The valuation methodologies used for our pension plans’ investments measured at fair value are described as follows. There have been no changes in the methodologies used at September 30, 2014 and 2013. | |||||||||||||||||||||||||
Common stock — Valued at the closing price reported on the active market on which the individual securities are traded. | |||||||||||||||||||||||||
Mutual funds — Valued at the net asset value reported by the fund. | |||||||||||||||||||||||||
Corporate debt — Valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks. | |||||||||||||||||||||||||
Government securities — Valued at the most recent closing price on the active market on which the individual securities are traded or, absent an active market, utilizing observable inputs such as closing prices in less frequently traded markets. | |||||||||||||||||||||||||
Common collective trusts — Valued at the net asset value as determined by the custodian of the fund. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding. | |||||||||||||||||||||||||
Private equity and alternative equity — Valued at the estimated fair value, as determined by the respective fund manager, based on the NAV of the investment units held at year end, which is subject to judgment. | |||||||||||||||||||||||||
Real estate funds- Consists of the real estate funds, which provide an indirect investment into a diversified and multi-sector portfolio of property assets. Publicly-traded real estate funds are valued at the most recent closing price reported on the SIX Swiss Exchange. The remainder is valued at the estimated fair value, as determined by the respective fund manager, based on the NAV of the investment units held at year end, which is subject to judgment. | |||||||||||||||||||||||||
Insurance contracts — Valued at the aggregate amount of accumulated contribution and investment income less amounts used to make benefit payments and administrative expenses which approximates fair value. | |||||||||||||||||||||||||
Other — Consists of other fixed income investments and common collective trusts with a mix of equity and fixed income underlying assets. Other fixed income investments are valued at the most recent closing price reported in the markets in which the individual securities are traded, which may be infrequently. | |||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Refer to Note 8 for further information regarding levels in the fair value hierarchy. The following table presents our pension plans’ investments measured at fair value as of September 30, 2014: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.9 | $ | — | $ | — | $ | 1.9 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 706.8 | — | — | 706.8 | |||||||||||||||||||||
Mutual funds | 216.8 | — | — | 216.8 | |||||||||||||||||||||
Common collective trusts | — | 527.2 | — | 527.2 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 692.6 | — | 692.6 | |||||||||||||||||||||
Government securities | 231.4 | 147.2 | — | 378.6 | |||||||||||||||||||||
Common collective trusts | — | 129.4 | — | 129.4 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity | — | — | 78.8 | 78.8 | |||||||||||||||||||||
Alternative equity | — | — | 49.9 | 49.9 | |||||||||||||||||||||
Insurance contracts | — | — | 0.9 | 0.9 | |||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | 7.2 | — | — | 7.2 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 46.4 | — | — | 46.4 | |||||||||||||||||||||
Common collective trusts | — | 286 | — | 286 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 31 | — | 31 | |||||||||||||||||||||
Government securities | 3.3 | 14.9 | — | 18.2 | |||||||||||||||||||||
Common collective trusts | — | 266.7 | — | 266.7 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Real estate funds | — | 80.3 | 8.6 | 88.9 | |||||||||||||||||||||
Insurance contracts | — | — | 57.8 | 57.8 | |||||||||||||||||||||
Other | — | 2.6 | 3.3 | 5.9 | |||||||||||||||||||||
Total plan investments | $ | 1,213.80 | $ | 2,177.90 | $ | 199.3 | $ | 3,591.00 | |||||||||||||||||
The following table presents our pension plans’ investments measured at fair value as of September 30, 2013: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 3.7 | $ | — | $ | — | $ | 3.7 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 711.8 | — | — | 711.8 | |||||||||||||||||||||
Mutual funds | 196.3 | — | — | 196.3 | |||||||||||||||||||||
Common collective trusts | — | 561.5 | — | 561.5 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 535.7 | — | 535.7 | |||||||||||||||||||||
Government securities | 240.8 | 116.2 | — | 357 | |||||||||||||||||||||
Common collective trusts | — | 128.6 | — | 128.6 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity | — | — | 80.4 | 80.4 | |||||||||||||||||||||
Alternative equity | — | — | 42.1 | 42.1 | |||||||||||||||||||||
Insurance contracts | — | — | 0.8 | 0.8 | |||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | 19 | — | — | 19 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 41.6 | — | — | 41.6 | |||||||||||||||||||||
Common collective trusts | — | 286.4 | — | 286.4 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 39.9 | — | 39.9 | |||||||||||||||||||||
Government securities | 3.9 | 13.7 | — | 17.6 | |||||||||||||||||||||
Common collective trusts | — | 239 | — | 239 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Real estate funds | — | 44.6 | 8.3 | 52.9 | |||||||||||||||||||||
Insurance contracts | — | — | 45.5 | 45.5 | |||||||||||||||||||||
Other | — | 3 | 4.2 | 7.2 | |||||||||||||||||||||
Total plan investments | $ | 1,217.10 | $ | 1,968.60 | $ | 181.3 | $ | 3,367.00 | |||||||||||||||||
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2014. | |||||||||||||||||||||||||
Balance October 1, 2013 | Realized Gains (Losses) | Unrealized Gains (Losses) | Purchases, Sales, Issuances, and Settlements, Net | Balance September 30, 2014 | |||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Private equity | $ | 80.4 | $ | 7.8 | $ | (3.5 | ) | $ | (5.9 | ) | $ | 78.8 | |||||||||||||
Alternative equity | 42.1 | 1.3 | 2.8 | 3.7 | 49.9 | ||||||||||||||||||||
Insurance contracts | 0.8 | — | — | 0.1 | 0.9 | ||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Real estate | 8.3 | — | 0.3 | — | 8.6 | ||||||||||||||||||||
Insurance contracts | 45.5 | — | 14.1 | (1.8 | ) | 57.8 | |||||||||||||||||||
Other | 4.2 | — | — | (0.9 | ) | 3.3 | |||||||||||||||||||
$ | 181.3 | $ | 9.1 | $ | 13.7 | $ | (4.8 | ) | $ | 199.3 | |||||||||||||||
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2013. | |||||||||||||||||||||||||
Balance October 1, 2012 | Realized Gains (Losses) | Unrealized Gains (Losses) | Purchases, Sales, Issuances, and Settlements, Net | Balance September 30, 2013 | |||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Private equity | $ | 83.2 | $ | 6.6 | $ | (10.8 | ) | $ | 1.4 | $ | 80.4 | ||||||||||||||
Alternative equity | 53.4 | (1.1 | ) | 4.1 | (14.3 | ) | 42.1 | ||||||||||||||||||
Insurance contracts | 0.8 | — | — | — | 0.8 | ||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Real estate | — | — | 0.4 | 7.9 | 8.3 | ||||||||||||||||||||
Insurance contracts | 38.5 | — | 1 | 6 | 45.5 | ||||||||||||||||||||
Other | 4.4 | — | 0.2 | (0.4 | ) | 4.2 | |||||||||||||||||||
$ | 180.3 | $ | 5.5 | $ | (5.1 | ) | $ | 0.6 | $ | 181.3 | |||||||||||||||
Estimated Future Payments | |||||||||||||||||||||||||
We expect to contribute $45.5 million related to our worldwide pension plans and $15.2 million to our postretirement benefit plans in 2015. | |||||||||||||||||||||||||
The following benefit payments, which include employees’ expected future service, as applicable, are expected to be paid (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2015 | $ | 238.4 | $ | 15.2 | |||||||||||||||||||||
2016 | 221.9 | 15.4 | |||||||||||||||||||||||
2017 | 227.1 | 14.6 | |||||||||||||||||||||||
2018 | 235.5 | 13.9 | |||||||||||||||||||||||
2019 | 238.7 | 13.2 | |||||||||||||||||||||||
2020 – 2024 | 1,375.20 | 30.8 | |||||||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||
A one-percentage point change in assumed healthcare cost trend rates would have the following effect (in millions): | |||||||||||||||||||||||||
One-Percentage | One-Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Increase (decrease) to total of service and interest cost components | $ | 0.2 | $ | 0.2 | $ | (0.1 | ) | $ | (0.2 | ) | |||||||||||||||
Increase (decrease) to postretirement benefit obligation | 3 | 2.1 | (2.6 | ) | (1.8 | ) | |||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) at September 30, 2014 and 2013 are as follows (in millions): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 3,919.10 | $ | 760.1 | |||||||||||||||||||||
Accumulated benefit obligation | 3,651.50 | 674.6 | |||||||||||||||||||||||
Fair value of plan assets | 3,277.80 | 436.1 | |||||||||||||||||||||||
Defined Contribution Savings Plans | |||||||||||||||||||||||||
We also sponsor certain defined contribution savings plans for eligible employees. Expense related to these plans was $43.8 million in 2014, $40.9 million in 2013 and $38.2 million in 2012. |
Other_Income_Expense
Other Income (Expense) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Other Income (Expense) | ' | ||||||||||||
Other Income (Expense) | |||||||||||||
The components of other income (expense) are (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss on disposition of property | $ | (0.6 | ) | $ | (0.5 | ) | $ | (1.0 | ) | ||||
Interest income | 9.5 | 9.8 | 7.8 | ||||||||||
Royalty income | 2.5 | 3.3 | 2.3 | ||||||||||
Environmental charges | (5.2 | ) | (13.5 | ) | (9.3 | ) | |||||||
Other | 3.5 | 6.6 | (4.8 | ) | |||||||||
Other income (expense) | $ | 9.7 | $ | 5.7 | $ | (5.0 | ) | ||||||
Other income included an $8.0 million gain in 2014 and a $19.2 million gain in 2013 from favorable resolutions of certain intellectual property and commercial legal matters. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Selected income tax data (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of income before income taxes: | |||||||||||||
United States | $ | 607.3 | $ | 513.5 | $ | 469.6 | |||||||
Non-United States | 526.9 | 467.4 | 496.3 | ||||||||||
Total | $ | 1,134.20 | $ | 980.9 | $ | 965.9 | |||||||
Components of the income tax provision: | |||||||||||||
Current: | |||||||||||||
United States | $ | 219.4 | $ | 164.5 | $ | 71.3 | |||||||
Non-United States | 85.3 | 51.1 | 72.3 | ||||||||||
State and local | 9.9 | 15.5 | 3.1 | ||||||||||
Total current | 314.6 | 231.1 | 146.7 | ||||||||||
Deferred: | |||||||||||||
United States | (3.8 | ) | (1.3 | ) | 76.8 | ||||||||
Non-United States | (4.0 | ) | (2.9 | ) | 0.4 | ||||||||
State and local | 0.6 | (2.3 | ) | 5 | |||||||||
Total deferred | (7.2 | ) | (6.5 | ) | 82.2 | ||||||||
Income tax provision | $ | 307.4 | $ | 224.6 | $ | 228.9 | |||||||
Total income taxes paid | $ | 323.8 | $ | 203.9 | $ | 167.5 | |||||||
During 2013, we recognized net discrete tax benefits of $22.7 million primarily related to the favorable resolution of tax matters in various global jurisdictions and the retroactive extension of the U.S. federal research and development tax credit. | |||||||||||||
Effective Tax Rate Reconciliation | |||||||||||||
The reconciliation between the U.S. federal statutory rate and our effective tax rate was: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 0.8 | 0.9 | 0.8 | ||||||||||
Non-United States taxes | (9.5 | ) | (9.6 | ) | (10.3 | ) | |||||||
Foreign tax credit utilization | 0.5 | 0.8 | 0.4 | ||||||||||
Employee stock ownership plan benefit | (0.2 | ) | (0.2 | ) | (0.3 | ) | |||||||
Change in valuation allowances | (0.1 | ) | (0.4 | ) | (0.2 | ) | |||||||
Domestic manufacturing deduction | (1.1 | ) | (1.1 | ) | (1.1 | ) | |||||||
Adjustments for prior period tax matters | 1 | (2.0 | ) | (0.6 | ) | ||||||||
Other | 0.7 | (0.5 | ) | — | |||||||||
Effective income tax rate | 27.1 | % | 22.9 | % | 23.7 | % | |||||||
We operate in certain non-U.S. tax jurisdictions under various government sponsored tax incentive programs, which expire during 2016 through 2019 and may be extended if certain additional requirements are met. The tax benefit attributable to these incentive programs was $42.9 million ($0.31 per diluted share) in 2014, $38.2 million ($0.27 per diluted share) in 2013 and $41.9 million ($0.29 per diluted share) in 2012. | |||||||||||||
Deferred Taxes | |||||||||||||
The tax effects of temporary differences that give rise to our net deferred income tax assets and liabilities were (in millions): | |||||||||||||
2014 | 2013 | ||||||||||||
Current deferred income tax assets: | |||||||||||||
Compensation and benefits | $ | 33.7 | $ | 26.4 | |||||||||
Product warranty costs | 12.3 | 13 | |||||||||||
Inventory | 18.3 | 48 | |||||||||||
Allowance for doubtful accounts | 8.8 | 9.8 | |||||||||||
Deferred credits | 7.5 | 9.3 | |||||||||||
Returns, rebates and incentives | 54.5 | 49.7 | |||||||||||
Self-insurance reserves | 0.9 | 2.5 | |||||||||||
Restructuring reserves | 2.1 | 3.1 | |||||||||||
Net operating loss carryforwards | 3.5 | 3.7 | |||||||||||
U.S. federal tax credit carryforwards | 0.2 | — | |||||||||||
Other — net | 21.7 | 24 | |||||||||||
Current deferred income tax assets | 163.5 | 189.5 | |||||||||||
Long-term deferred income tax assets (liabilities): | |||||||||||||
Retirement benefits | $ | 240.4 | $ | 177.4 | |||||||||
Property | (81.9 | ) | (88.5 | ) | |||||||||
Intangible assets | (50.2 | ) | (40.2 | ) | |||||||||
Environmental reserves | 16.9 | 18 | |||||||||||
Share-based compensation | 32.6 | 33.8 | |||||||||||
Self-insurance reserves | 7.9 | 7 | |||||||||||
Deferred gains | 2.4 | 2.8 | |||||||||||
Net operating loss carryforwards | 31.9 | 37.6 | |||||||||||
Capital loss carryforwards | 14.8 | 14.2 | |||||||||||
U.S. federal tax credit carryforwards | 1.3 | 2.1 | |||||||||||
State tax credit carryforwards | 5.8 | 4.7 | |||||||||||
Other — net | 11.6 | 6.7 | |||||||||||
Subtotal | 233.5 | 175.6 | |||||||||||
Valuation allowance | (27.8 | ) | (28.3 | ) | |||||||||
Net long-term deferred income tax assets | 205.7 | 147.3 | |||||||||||
Total deferred income tax assets | $ | 369.2 | $ | 336.8 | |||||||||
Total deferred tax assets were $529.1 million at September 30, 2014 and $493.8 million at September 30, 2013. Total deferred tax liabilities were $132.1 million at September 30, 2014 and $128.7 million at September 30, 2013. | |||||||||||||
We have not provided U.S. deferred taxes for $2,781.0 million of undistributed earnings of the Company’s subsidiaries, since these earnings have been, and under current plans will continue to be, permanently reinvested outside the U.S. It is not practicable to estimate the amount of additional taxes that may be payable upon distribution. | |||||||||||||
We believe it is more likely than not that we will realize current and long-term deferred tax assets through the reduction of future taxable income, other than for the deferred tax assets reflected below. Significant factors we considered in determining the probability of the realization of the deferred tax assets include our historical operating results and expected future earnings. | |||||||||||||
Tax attributes and related valuation allowances at September 30, 2014 are (in millions): | |||||||||||||
Tax Attribute to be Carried Forward | Tax Benefit Amount | Valuation Allowance | Carryforward | ||||||||||
Period Ends | |||||||||||||
Non-United States net operating loss carryforward | $ | 6.7 | $ | 4.9 | 2015 | - | 2024 | ||||||
Non-United States net operating loss carryforward | 10.1 | 6.7 | Indefinite | ||||||||||
Non-United States capital loss carryforward | 14.8 | 14.8 | Indefinite | ||||||||||
United States net operating loss carryforward | 5 | — | 2019 | - | 2033 | ||||||||
United States tax credit carryforward | 1.5 | — | 2018 | - | 2027 | ||||||||
State and local net operating loss carryforward | 13.6 | 0.2 | 2015 | - | 2033 | ||||||||
State tax credit carryforward | 5.8 | — | 2025 | - | 2029 | ||||||||
Subtotal — tax carryforwards | 57.5 | 26.6 | |||||||||||
Other deferred tax assets | 1.2 | 1.2 | Indefinite | ||||||||||
Total | $ | 58.7 | $ | 27.8 | |||||||||
There was no material change in the valuation allowance in 2014 and 2013. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
We operate in numerous taxing jurisdictions and are subject to regular examinations by various U.S. federal, state and non-U.S. taxing authorities for various tax periods. Additionally, we have retained tax liabilities and the rights to tax refunds in connection with various divestitures of businesses in prior years. Our income tax positions are based on research and interpretations of the income tax laws and rulings in each of the jurisdictions in which we do business. Due to the subjectivity of interpretations of laws and rulings in each jurisdiction, the differences and interplay in tax laws between those jurisdictions as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, our estimates of income tax liabilities may differ from actual payments or assessments. | |||||||||||||
A reconciliation of our gross unrecognized tax benefits, excluding interest and penalties, is as follows (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Gross unrecognized tax benefits balance at beginning of year | $ | 40.8 | $ | 70.3 | $ | 75.1 | |||||||
Additions based on tax positions related to the current year | 1 | 1.1 | — | ||||||||||
Additions based on tax positions related to prior years | 2.2 | 8.8 | 3.3 | ||||||||||
Reductions based on tax positions related to prior years | — | — | — | ||||||||||
Reductions related to settlements with taxing authorities | — | (36.2 | ) | (6.3 | ) | ||||||||
Reductions related to lapses of statute of limitations | (4.2 | ) | (1.2 | ) | (2.4 | ) | |||||||
Effect of foreign currency translation | (0.9 | ) | (2.0 | ) | 0.6 | ||||||||
Gross unrecognized tax benefits balance at end of year | $ | 38.9 | $ | 40.8 | $ | 70.3 | |||||||
The amount of gross unrecognized tax benefits that would reduce our effective tax rate if recognized was $38.9 million, $40.8 million and $70.3 million at September 30, 2014, 2013 and 2012, respectively. | |||||||||||||
Accrued interest and penalties related to unrecognized tax benefits were $8.1 million and $12.4 million at September 30, 2014 and 2013, respectively. We recognize interest and penalties related to unrecognized tax benefits in the income tax provision. Benefits (expense) recognized were $4.0 million, $6.7 million and $(3.1) million in 2014, 2013 and 2012, respectively. | |||||||||||||
If the unrecognized tax benefits were recognized, the net impact on our income tax provision, including the recognition of interest and penalties and offsetting tax assets, would be $22.9 million as of September 30, 2014. | |||||||||||||
We believe it is reasonably possible that the amount of gross unrecognized tax benefits could be reduced by up to $23.8 million in the next 12 months as a result of the resolution of tax matters in various global jurisdictions and the lapses of statutes of limitations. If the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, could be up to $9.1 million. | |||||||||||||
We conduct business globally and are routinely audited by the various tax jurisdictions in which we operate. We are no longer subject to U.S. federal income tax examinations for years before 2012 and are no longer subject to state, local and non-U.S. income tax examinations for years before 2003. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingent Liabilities | ' | |||
Commitments and Contingent Liabilities | ||||
Environmental Matters | ||||
Federal, state and local requirements relating to the discharge of substances into the environment, the disposal of hazardous wastes and other activities affecting the environment have and will continue to have an effect on our manufacturing operations. Thus far, compliance with environmental requirements and resolution of environmental claims have been accomplished without material effect on our liquidity and capital resources, competitive position, financial condition or results of operations. | ||||
We have been designated as a potentially responsible party at 13 Superfund sites, excluding sites as to which our records disclose no involvement or as to which our potential liability has been finally determined and assumed by third parties. In addition, various other lawsuits, claims and proceedings have been asserted against us seeking remediation of alleged environmental impairments, principally at previously owned properties. As of September 30, 2014, we have estimated the total reasonably possible costs we could incur from these matters to be $105.0 million ($90.0 million, net of related receivables). We have recorded an environmental liability of $60.0 million ($47.0 million, net of related receivables) for these matters. Of the $60.0 million recorded liability, $40.6 million relates to discounted ongoing operating and maintenance expenditures. In addition to the above matters, certain environmental liabilities are substantially indemnified by ExxonMobil Corporation. At September 30, 2014, we recorded a liability of $27.9 million and a receivable of $26.7 million for these matters. We estimate the total reasonably possible costs that we could incur from these matters to be $30.6 million. | ||||
Based on our assessment, we believe that our expenditures for environmental capital investment and remediation necessary to comply with present regulations governing environmental protection and other expenditures for the resolution of environmental claims will not have a material effect on our liquidity and capital resources, competitive position, financial condition or results of operations. We cannot assess the possible effect of compliance with future requirements. | ||||
Conditional Asset Retirement Obligations | ||||
We accrue for costs related to a legal obligation associated with the retirement of a tangible long-lived asset that results from the acquisition, construction, development or the normal operation of the long-lived asset. The obligation to perform the asset retirement activity is not conditional even though the timing or method may be conditional. Identified conditional asset retirement obligations include asbestos abatement and remediation of soil contamination beneath current and previously divested facilities. We estimated conditional asset retirement obligations using site-specific knowledge and historical industry expertise. As of September 30, 2014 and September 30, 2013, we have recorded $0.3 million and $2.3 million, respectively, in other current liabilities and $21.9 million and $22.0 million, respectively, in other liabilities for these obligations. | ||||
Lease Commitments | ||||
Rental expense was $121.6 million in 2014, $119.6 million in 2013 and $115.0 million in 2012. Minimum future rental commitments under operating leases having noncancelable lease terms in excess of one year aggregated $339.8 million as of September 30, 2014 and are payable as follows (in millions): | ||||
2015 | $ | 78.7 | ||
2016 | 62.1 | |||
2017 | 51.1 | |||
2018 | 40.3 | |||
2019 | 31.4 | |||
Beyond 2019 | 76.2 | |||
Total | $ | 339.8 | ||
Commitments from third parties under sublease agreements having noncancelable lease terms in excess of one year aggregated $0.8 million as of September 30, 2014 and are receivable through 2018 at approximately $0.2 million per year. Most leases contain renewal options for varying periods, and certain leases include options to purchase the leased property. | ||||
Other Matters | ||||
Various other lawsuits, claims and proceedings have been or may be instituted or asserted against us relating to the conduct of our business, including those pertaining to product liability, environmental, safety and health, intellectual property, employment and contract matters. Although the outcome of litigation cannot be predicted with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to us, we believe the disposition of matters that are pending or have been asserted will not have a material effect on our business, financial condition or results of operations. | ||||
We (including our subsidiaries) have been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos that was used in certain components of our products many years ago. Currently there are a few thousand claimants in lawsuits that name us as defendants, together with hundreds of other companies. In some cases, the claims involve products from divested businesses, and we are indemnified for most of the costs. However, we have agreed to defend and indemnify asbestos claims associated with products manufactured or sold by our former Dodge mechanical and Reliance Electric motors and motor repair services businesses prior to their divestiture by us, which occurred on January 31, 2007. We are also responsible for half of the costs and liabilities associated with asbestos cases against our former Rockwell International Corporation's divested measurement and flow control business. But in all cases, for those claimants who do show that they worked with our products or products of divested businesses for which we are responsible, we nevertheless believe we have meritorious defenses, in substantial part due to the integrity of the products, the encapsulated nature of any asbestos-containing components, and the lack of any impairing medical condition on the part of many claimants. We defend those cases vigorously. Historically, we have been dismissed from the vast majority of these claims with no payment to claimants. | ||||
We have maintained insurance coverage that we believe covers indemnity and defense costs, over and above self-insured retentions, for claims arising from our former Allen-Bradley subsidiary. Following litigation against Nationwide Indemnity Company (Nationwide) and Kemper Insurance (Kemper), the insurance carriers that provided liability insurance coverage to Allen-Bradley, we entered into separate agreements on April 1, 2008 with both insurance carriers to further resolve responsibility for ongoing and future coverage of Allen-Bradley asbestos claims. In exchange for a lump sum payment, Kemper bought out its remaining liability and has been released from further insurance obligations to Allen-Bradley. Nationwide entered into a cost share agreement with us to pay the substantial majority of future defense and indemnity costs for Allen-Bradley asbestos claims. We believe that this arrangement with Nationwide will continue to provide coverage for Allen-Bradley asbestos claims throughout the remaining life of the asbestos liability. | ||||
The uncertainties of asbestos claim litigation make it difficult to predict accurately the ultimate outcome of asbestos claims. That uncertainty is increased by the possibility of adverse rulings or new legislation affecting asbestos claim litigation or the settlement process. Subject to these uncertainties and based on our experience defending asbestos claims, we do not believe these lawsuits will have a material effect on our financial condition or results of operations. | ||||
We have, from time to time, divested certain of our businesses. In connection with these divestitures, certain lawsuits, claims and proceedings may be instituted or asserted against us related to the period that we owned the businesses, either because we agreed to retain certain liabilities related to these periods or because such liabilities fall upon us by operation of law. In some instances the divested business has assumed the liabilities; however, it is possible that we might be responsible to satisfy those liabilities if the divested business is unable to do so. | ||||
In connection with the spin-offs of our former automotive business, semiconductor systems business and Rockwell Collins avionics and communications business, the spun-off companies have agreed to indemnify us for substantially all contingent liabilities related to the respective businesses, including environmental and intellectual property matters. | ||||
In conjunction with the sale of our Dodge mechanical and Reliance Electric motors and motor repair services businesses, we agreed to indemnify Baldor Electric Company for costs and damages related to certain legal, legacy environmental and asbestos matters of these businesses arising before January 31, 2007, for which the maximum exposure would be capped at the amount received for the sale. We estimate the potential future payments we could incur under these indemnifications may approximate $9.2 million, of which $0.8 million has been accrued in other current liabilities and $7.0 million has been accrued in other liabilities at September 30, 2014. We recorded $0.3 million and $9.2 million in other current liabilities and other liabilities, respectively, at September 30, 2013 for these indemnifications. | ||||
In many countries we provide a limited intellectual property indemnity as part of our terms and conditions of sale. We also at times provide limited intellectual property indemnities in other contracts with third parties, such as contracts concerning the development and manufacture of our products. As of September 30, 2014, we were not aware of any material indemnification claims that were probable or reasonably possible of an unfavorable outcome. Historically, claims that have been made under the indemnification agreements have not had a material impact on our operating results, financial position or cash flows; however, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||||||
Rockwell Automation is a leading global provider of industrial automation power, control and information solutions that help manufacturers achieve competitive advantages for their businesses. We determine our operating segments based on the information used by our chief operating decision maker, our Chief Executive Officer, to allocate resources and assess performance. Based upon this information, we organized our products, solutions and services into two operating segments: Architecture & Software and Control Products & Solutions. | |||||||||||||||||||||||||
Architecture & Software | |||||||||||||||||||||||||
The Architecture & Software segment contains all of the hardware, software and communication components of our integrated control and information architecture capable of controlling our customer’s industrial processes and connecting with their business enterprise. Architecture & Software has a broad portfolio of products including: | |||||||||||||||||||||||||
• | Control platforms that perform multiple control disciplines and monitoring of applications, including discrete, batch and continuous process, drives control, motion control and machine safety control. Our platform products include controllers, electronic operator interface devices, electronic input/output devices, communication and networking products and industrial computers. The information-enabled Logix controllers provide integrated multi-discipline control that is modular and scalable. | ||||||||||||||||||||||||
• | Software products that include configuration and visualization software used to operate and supervise control platforms, advanced process control software and manufacturing execution software (MES) that addresses information needs between the factory floor and our customer’s enterprise business system. | ||||||||||||||||||||||||
• | Other products, including rotary and linear motion control products, sensors and machine safety components. | ||||||||||||||||||||||||
Control Products & Solutions | |||||||||||||||||||||||||
The Control Products & Solutions segment combines a comprehensive portfolio of intelligent motor control and industrial control products, application expertise and project management capabilities. This comprehensive portfolio includes: | |||||||||||||||||||||||||
• | Low and medium voltage electro-mechanical and electronic motor starters, motor and circuit protection devices, AC/DC variable frequency drives, push buttons, signaling devices, termination and protection devices, relays, timers and condition sensors. | ||||||||||||||||||||||||
• | Value-added solutions ranging from packaged solutions such as configured drives and motor control centers to automation and information solutions where we provide design, integration and start-up services for custom-engineered hardware and software systems primarily for manufacturing applications. | ||||||||||||||||||||||||
• | Services designed to help maximize our customer’s automation investment and provide total life-cycle support, including technical support and repair, asset management, training, predictive and preventative maintenance, and safety and network consulting. | ||||||||||||||||||||||||
The following tables reflect the sales and operating results of our reportable segments for the years ended September 30 (in millions): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
Architecture & Software | $ | 2,845.30 | $ | 2,682.00 | $ | 2,650.40 | |||||||||||||||||||
Control Products & Solutions | 3,778.20 | 3,669.90 | 3,609.00 | ||||||||||||||||||||||
Total | $ | 6,623.50 | $ | 6,351.90 | $ | 6,259.40 | |||||||||||||||||||
Segment operating earnings: | |||||||||||||||||||||||||
Architecture & Software | $ | 839.6 | $ | 759.4 | $ | 714.4 | |||||||||||||||||||
Control Products & Solutions | 512.4 | 477.4 | 449.5 | ||||||||||||||||||||||
Total | 1,352.00 | 1,236.80 | 1,163.90 | ||||||||||||||||||||||
Purchase accounting depreciation and amortization | (21.6 | ) | (19.3 | ) | (19.8 | ) | |||||||||||||||||||
General corporate-net | (81.0 | ) | (97.2 | ) | (82.9 | ) | |||||||||||||||||||
Non-operating pension costs1 | (55.9 | ) | (78.5 | ) | (35.2 | ) | |||||||||||||||||||
Interest expense | (59.3 | ) | (60.9 | ) | (60.1 | ) | |||||||||||||||||||
Income before income taxes | $ | 1,134.20 | $ | 980.9 | $ | 965.9 | |||||||||||||||||||
1Beginning in fiscal 2013, we redefined segment operating earnings to exclude non-operating pension costs. Non-operating pension costs were reclassified to a separate line item within the above table for all periods presented. These costs were previously included in the operating earnings of each segment and in general corporate-net. Non-operating pension costs consist of defined benefit plan interest cost, expected return on plan assets, amortization of actuarial gains and losses and the impacts of any plan curtailments or settlements. These components of net periodic benefit cost primarily relate to changes in pension assets and liabilities that are a result of market performance; we consider these costs to be unrelated to the operating performance of our business. We continue to include service cost and amortization of prior service cost in the business segment that incurred the expense as these components of net periodic benefit cost represent the operating cost of providing pension benefits to our employees. | |||||||||||||||||||||||||
Among other considerations, we evaluate performance and allocate resources based upon segment operating earnings before income taxes, interest expense, costs related to corporate offices, non-operating pension costs, certain nonrecurring corporate initiatives, gains and losses from the disposition of businesses and purchase accounting depreciation and amortization. Depending on the product, intersegment sales within a single legal entity are either at cost or cost plus a mark-up, which does not necessarily represent a market price. Sales between legal entities are at an appropriate transfer price. We allocate costs related to shared segment operating activities to the segments using a methodology consistent with the expected benefit. | |||||||||||||||||||||||||
The following tables summarize the identifiable assets at September 30 and the provision for depreciation and amortization and the amount of capital expenditures for property for the years ended September 30 for each of the reportable segments and Corporate (in millions): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Identifiable assets: | |||||||||||||||||||||||||
Architecture & Software | $ | 1,874.50 | $ | 1,653.40 | $ | 1,648.40 | |||||||||||||||||||
Control Products & Solutions | 2,273.70 | 2,200.00 | 2,270.70 | ||||||||||||||||||||||
Corporate | 2,081.30 | 1,991.20 | 1,717.40 | ||||||||||||||||||||||
Total | $ | 6,229.50 | $ | 5,844.60 | $ | 5,636.50 | |||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||
Architecture & Software | $ | 64.8 | $ | 68.1 | $ | 61.6 | |||||||||||||||||||
Control Products & Solutions | 65.9 | 57.7 | 57.1 | ||||||||||||||||||||||
Corporate | 0.2 | 0.1 | 0.1 | ||||||||||||||||||||||
Total | 130.9 | 125.9 | 118.8 | ||||||||||||||||||||||
Purchase accounting depreciation and amortization | 21.6 | 19.3 | 19.8 | ||||||||||||||||||||||
Total | $ | 152.5 | $ | 145.2 | $ | 138.6 | |||||||||||||||||||
Capital expenditures for property: | |||||||||||||||||||||||||
Architecture & Software | $ | 33.6 | $ | 31.5 | $ | 24.6 | |||||||||||||||||||
Control Products & Solutions | 51.2 | 52.8 | 55.3 | ||||||||||||||||||||||
Corporate | 56.2 | 61.9 | 59.7 | ||||||||||||||||||||||
Total | $ | 141 | $ | 146.2 | $ | 139.6 | |||||||||||||||||||
Identifiable assets at Corporate consist principally of cash, net deferred income tax assets, prepaid pension and property. Property shared by the segments and used in operating activities is also reported in Corporate identifiable assets and Corporate capital expenditures. Corporate identifiable assets include shared net property balances of $294.1 million, $299.2 million and $318.0 million at September 30, 2014, 2013 and 2012, respectively, for which depreciation expense has been allocated to segment operating earnings based on the expected benefit to be realized by each segment. Corporate capital expenditures include $56.2 million, $61.9 million and $59.7 million in 2014, 2013 and 2012, respectively, that will be shared by our operating segments. | |||||||||||||||||||||||||
We conduct a significant portion of our business activities outside the United States. The following tables present sales and property by geographic region (in millions): | |||||||||||||||||||||||||
Sales | Property | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 3,414.60 | $ | 3,202.90 | $ | 3,067.30 | $ | 497.5 | $ | 484.7 | $ | 458.8 | |||||||||||||
Canada | 437 | 468.7 | 464.3 | 7.6 | 7.6 | 8.6 | |||||||||||||||||||
Europe, Middle East and Africa | 1,351.80 | 1,284.90 | 1,280.60 | 48.8 | 43 | 41.6 | |||||||||||||||||||
Asia Pacific | 884 | 851.9 | 942.4 | 37.3 | 39.1 | 39.4 | |||||||||||||||||||
Latin America | 536.1 | 543.5 | 504.8 | 41.7 | 41.6 | 38.7 | |||||||||||||||||||
Total | $ | 6,623.50 | $ | 6,351.90 | $ | 6,259.40 | $ | 632.9 | $ | 616 | $ | 587.1 | |||||||||||||
We attribute sales to the geographic regions based on the country of destination. | |||||||||||||||||||||||||
In the United States, Canada and certain other countries, we sell our products primarily through independent distributors. In the remaining countries, we sell products through a combination of direct sales and sales through distributors. We sell large systems and service offerings principally through our direct sales force, though opportunities are sometimes identified through distributors. Sales to our largest distributor in 2014, 2013 and 2012, which are attributable to both segments, were approximately 10 percent of our total sales. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||||||
2014 Quarters | |||||||||||||||||||||
First | Second | Third | Fourth | 2014 | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Sales | $ | 1,591.70 | $ | 1,600.50 | $ | 1,649.50 | $ | 1,781.80 | $ | 6,623.50 | |||||||||||
Gross profit | 663.7 | 655.8 | 681.5 | 752.9 | 2,753.90 | ||||||||||||||||
Income before income taxes | 272.8 | 248.4 | 274 | 339 | 1,134.20 | ||||||||||||||||
Net income | 198.1 | 180.3 | 199.7 | 248.7 | 826.8 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | 1.43 | 1.3 | 1.44 | 1.81 | 5.98 | ||||||||||||||||
Diluted | 1.41 | 1.28 | 1.43 | 1.79 | 5.91 | ||||||||||||||||
2013 Quarters | |||||||||||||||||||||
First | Second | Third | Fourth | 2013 | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Sales | $ | 1,489.20 | $ | 1,522.80 | $ | 1,624.20 | $ | 1,715.70 | $ | 6,351.90 | |||||||||||
Gross profit | 607.3 | 616.4 | 652.9 | 697.2 | 2,573.80 | ||||||||||||||||
Income before income taxes | 217.2 | 227.1 | 257.4 | 279.2 | 980.9 | ||||||||||||||||
Net income | 161.4 | 175.9 | 203.7 | 215.3 | 756.3 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | 1.16 | 1.25 | 1.46 | 1.55 | 5.43 | ||||||||||||||||
Diluted | 1.14 | 1.24 | 1.45 | 1.53 | 5.36 | ||||||||||||||||
Note: The sum of the quarterly per share amounts will not necessarily equal the annual per share amounts presented. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
ROCKWELL AUTOMATION, INC. | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Years Ended September 30, 2014, 2013 and 2012 | |||||||||||||||||||||
Balance at | Additions | ||||||||||||||||||||
Beginning | Charged to | Charged to | Deductions(b) | Balance at | |||||||||||||||||
of | Costs and | Other | End of | ||||||||||||||||||
Year | Expenses | Accounts | Year | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Description | |||||||||||||||||||||
*Year ended September 30, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts (a) | $ | 25.3 | $ | 6.5 | $ | — | $ | 9.6 | $ | 22.2 | |||||||||||
Valuation allowance for deferred tax assets | 28.3 | 4 | 0.5 | 5 | 27.8 | ||||||||||||||||
*Year ended September 30, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts (a) | $ | 30.8 | $ | 2.8 | $ | — | $ | 8.3 | $ | 25.3 | |||||||||||
Valuation allowance for deferred tax assets | 31.8 | 2.3 | — | 5.8 | 28.3 | ||||||||||||||||
*Year ended September 30, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts (a) | $ | 28.9 | $ | 7.8 | $ | — | $ | 5.9 | $ | 30.8 | |||||||||||
Valuation allowance for deferred tax assets | 32.8 | 1 | 0.5 | 2.5 | 31.8 | ||||||||||||||||
(a) | Includes allowances for current and other long-term receivables. | ||||||||||||||||||||
(b) | Consists of amounts written off for the allowance for doubtful accounts and adjustments resulting from our ability to utilize foreign tax credits, capital losses, or net operating loss carryforwards for which a valuation allowance had previously been recorded. | ||||||||||||||||||||
* | Amounts reported relate to continuing operations in all periods presented. |
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policies (Policies) | 12 Months Ended | ||
Sep. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Derivative Instruments and Fair Value Measurement | ' | ||
We use foreign currency forward exchange contracts to manage certain foreign currency risks. We enter into these contracts to hedge our exposure to foreign currency exchange rate variability in the expected future cash flows associated with certain third-party and intercompany transactions denominated in foreign currencies expected to occur within the next two years (cash flow hedges). Certain of our locations have assets and liabilities denominated in currencies other than their functional currencies resulting from intercompany loans and other transactions with third parties denominated in foreign currencies. We also enter into foreign currency forward exchange contracts that we do not designate as hedging instruments to offset the transaction gains or losses associated with some of these assets and liabilities. | |||
We recognize all derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheet. We value our forward exchange contracts using a market approach. We use a valuation model based on inputs including forward and spot prices for currency and interest rate curves. We did not change our valuation techniques during fiscal 2014, 2013, or 2012. We report in other comprehensive income (loss) the effective portion of the gain or loss on derivative financial instruments that we designate and that qualify as cash flow hedges. We reclassify these gains or losses into earnings in the same periods when the hedged transactions affect earnings. Gains and losses on derivative financial instruments for which we do not elect hedge accounting are recognized in the Consolidated Statement of Operations in each period, based upon the change in the fair value of the derivative financial instruments. | |||
It is our policy to execute such instruments with major financial institutions that we believe to be creditworthy and not to enter into derivative financial instruments for speculative purposes. We diversify our foreign currency forward exchange contracts among counterparties to minimize exposure to any one of these entities. Our foreign currency forward exchange contracts are usually denominated in currencies of major industrial countries. The notional values of our foreign currency forward exchange contracts outstanding at September 30, 2014 were $867.7 million, of which $641.2 million were designated as cash flow hedges. Currency pairs (buy/sell) comprising the most significant contract notional values were United States dollar (USD)/euro, Swiss franc/euro, USD/Canadian dollar, Mexican peso/USD, Singapore dollar/USD and Swiss franc/Canadian dollar. | |||
We also use foreign currency denominated debt obligations to hedge portions of our net investments in non-U.S. subsidiaries. The currency effects of the debt obligations are reflected in accumulated other comprehensive loss within shareowners’ equity where they offset gains and losses recorded on our net investments globally. We had $14.7 million and $14.4 million of foreign currency denominated debt designated as net investment hedges at September 30, 2014 and 2013, respectively. | |||
U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy: | |||
Level 1: | Quoted prices in active markets for identical assets or liabilities. | ||
Level 2: | Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. | ||
Level 3: | Unobservable inputs for the asset or liability. | ||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and controlled majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Investments in affiliates over which we do not have control but exercise significant influence are accounted for using the equity method of accounting. These affiliated companies are not material individually or in the aggregate to our financial position, results of operations or cash flows. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. We use estimates in accounting for, among other items, customer returns, rebates and incentives; allowance for doubtful accounts; excess and obsolete inventory; share-based compensation; acquisitions; product warranty obligations; retirement benefits; litigation, claims and contingencies, including environmental matters, conditional asset retirement obligations and contractual indemnifications; and income taxes. We account for changes to estimates and assumptions prospectively when warranted by factually based experience. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
We recognize revenue when it is realized or realizable and earned. Product and solution sales consist of industrial automation power, control and information; hardware and software products; and custom-engineered systems. Service sales include multi-vendor customer technical support and repair, asset management and optimization consulting and training. All service sales recorded in the Consolidated Statement of Operations are associated with our Control Products & Solutions segment. | |||
For approximately 85 percent of our consolidated sales, we record sales when all of the following have occurred: persuasive evidence of a sales agreement exists; pricing is fixed or determinable; collection is reasonably assured; and product has been delivered and acceptance has occurred, as may be required according to contract terms, or services have been rendered. Within this category, we will at times enter into arrangements that involve the delivery of multiple products and/or the performance of services, such as installation and commissioning. The timing of delivery, though varied based upon the nature of the undelivered component, is generally short-term in nature. For these arrangements, revenue is allocated to each deliverable based on that element's relative selling price, provided the delivered element has value to customers on a standalone basis and, if the arrangement includes a general right of return, delivery or performance of the undelivered items is probable and substantially in our control. Relative selling price is obtained from sources such as vendor-specific objective evidence, which is based on the separate selling price for that or a similar item, or from third-party evidence such as how competitors have priced similar items. If such evidence is not available, we use our best estimate of the selling price, which includes various internal factors such as our pricing strategy and market factors. | |||
We recognize substantially all of the remainder of our sales as construction-type contracts using either the percentage-of-completion or completed contract method of accounting. We record sales relating to these contracts using the percentage-of-completion method when we determine that progress toward completion is reasonably and reliably estimable; we use the completed contract method for all others. Under the percentage-of-completion method, we recognize sales and gross profit as work is performed using the relationship between actual costs incurred and total estimated costs at completion. Under the percentage-of-completion method, we adjust sales and gross profit for revisions of estimated total contract costs or revenue in the period the change is identified. We record estimated losses on contracts when they are identified. | |||
We use contracts and customer purchase orders to determine the existence of a sales agreement. We use shipping documents and customer acceptance, when applicable, to verify delivery. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. We assess collectibility based on the creditworthiness of the customer as determined by credit evaluations and analysis, as well as the customer’s payment history. | |||
Shipping and handling costs billed to customers are included in sales and the related costs are included in cost of sales in the Consolidated Statement of Operations. | |||
Returns, Rebates and Incentives | ' | ||
Returns, Rebates and Incentives | |||
Our primary incentive program provides distributors with cash rebates or account credits based on agreed amounts that vary depending on the customer to whom our distributor ultimately sells the product. We also offer various other incentive programs that provide distributors and direct sale customers with cash rebates, account credits or additional products and services based on meeting specified program criteria. Certain distributors are offered a right to return product, subject to contractual limitations. | |||
We record accruals for customer returns, rebates and incentives at the time of sale based primarily on historical experience. Returns, rebates and incentives are recognized as a reduction of sales if distributed in cash or customer account credits. Rebates and incentives are recognized in cost of sales for additional products and services to be provided. Accruals are reported as a current liability in our balance sheet or, where a right of setoff exists, as a reduction of accounts receivable. | |||
Taxes on Revenue Producing Transactions | ' | ||
Taxes on Revenue Producing Transactions | |||
Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue). | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash and cash equivalents include time deposits and certificates of deposit with original maturities of three months or less at the time of purchase. | |||
Short-Term Investments | ' | ||
Short-term Investments | |||
Short-term investments include time deposits and certificates of deposit with original maturities longer than three months but no longer than one year at the time of purchase. These investments are stated at cost, which approximates fair value. | |||
Receivables | ' | ||
Receivables | |||
We record an allowance for doubtful accounts based on customer-specific analysis and general matters such as current assessments of past due balances and economic conditions. Receivables are stated net of an allowance for doubtful accounts of $19.4 million at September 30, 2014 and $22.5 million at September 30, 2013. In addition, receivables are stated net of an allowance for certain customer returns, rebates and incentives of $11.6 million at September 30, 2014 and $8.9 million at September 30, 2013. | |||
Inventories | ' | ||
Inventories | |||
Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods. Market is determined on the basis of estimated realizable values. | |||
Property | ' | ||
Property | |||
Property, including internal-use software, is stated at cost. We calculate depreciation of property using the straight-line method over 5 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment and 3 to 8 years for computer hardware and internal-use software. We capitalize significant renewals and enhancements and write off replaced units. We expense maintenance and repairs, as well as renewals of minor amounts. | |||
Intangible Assets | ' | ||
Intangible Assets | |||
Goodwill and other intangible assets generally result from business acquisitions. We account for business acquisitions by allocating the purchase price to tangible and intangible assets acquired and liabilities assumed at their fair values; the excess of the purchase price over the allocated amount is recorded as goodwill. | |||
We review goodwill and other intangible assets with indefinite useful lives for impairment annually or more frequently if events or circumstances indicate impairment may be present. Any excess in carrying value over the estimated fair value is charged to results of operations. We perform an annual impairment test during the second quarter of our fiscal year. | |||
We amortize certain customer relationships on an accelerated basis over the period of which we expect the intangible asset to generate future cash flows. We amortize all other intangible assets with finite useful lives on a straight-line basis over their estimated useful lives. Useful lives assigned range from 3 to 15 years for trademarks, 8 to 20 years for customer relationships, 5 to 17 years for technology and 5 to 30 years for other intangible assets. | |||
Intangible assets also include costs of software developed or purchased by our software business to be sold, leased or otherwise marketed. Amortization of these computer software products is calculated on a product-by-product basis as the greater of (a) the unamortized cost at the beginning of the year times the ratio of the current year gross revenue for a product to the total of the current and anticipated future gross revenue for that product or (b) the straight-line amortization over the remaining estimated economic life of the product. | |||
Impairment of Long-Lived Assets | ' | ||
Impairment of Long-Lived Assets | |||
We evaluate the recoverability of the recorded amount of long-lived assets whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. Impairment is assessed when the undiscounted expected future cash flows derived from an asset are less than its carrying amount. If we determine that an asset is impaired, we measure the impairment to be recognized as the amount by which the recorded amount of the asset exceeds its fair value. We report assets to be disposed of at the lower of the recorded amount or fair value less cost to sell. We determine fair value using a discounted future cash flow analysis. | |||
Derivative Financial Instruments | ' | ||
Derivative Financial Instruments | |||
We use derivative financial instruments in the form of foreign currency forward exchange contracts to manage certain foreign currency risks. We enter into these contracts to hedge our exposure to foreign currency exchange rate variability in the expected future cash flows associated with certain third-party and intercompany transactions denominated in foreign currencies expected to occur within the next two years (cash flow hedges). Our accounting method for derivative financial instruments is based upon the designation of such instruments as hedges under U.S. GAAP. We also enter into similar contracts that we do not designate as hedges to offset transaction gains or losses associated with certain assets and liabilities resulting from intercompany loans and other transactions with third parties that are denominated in foreign currencies. It is our policy to execute such instruments with global financial institutions that we believe to be creditworthy and not to enter into derivative financial instruments for speculative purposes. Foreign currency forward exchange contracts are usually denominated in currencies of major industrial countries. | |||
Foreign Currency Translation | ' | ||
Foreign Currency Translation | |||
We translate assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar into U.S. dollars using exchange rates at the end of the respective period. We translate sales, costs and expenses at average exchange rates effective during the respective period. We report foreign currency translation adjustments as a component of other comprehensive income (loss). Currency transaction gains and losses are included in results of operations in the period incurred. | |||
Research and Development Expenses | ' | ||
Research and Development Expenses | |||
We expense research and development (R&D) costs as incurred; these costs were $290.1 million in 2014, $260.7 million in 2013 and $247.6 million in 2012. We include R&D expenses in cost of sales in the Consolidated Statement of Operations. | |||
Income Taxes | ' | ||
Income Taxes | |||
We account for uncertain tax positions by determining whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. For tax positions that meet the more-likely-than-not recognition threshold, we determine the amount of benefit to recognize in the consolidated financial statements based on our assertion of the most likely outcome resulting from an examination, including the resolution of any related appeals or litigation processes. | |||
Earnings Per Share | ' | ||
Earnings Per Share | |||
We present basic and diluted earnings per share (EPS) amounts. Basic EPS is calculated by dividing earnings available to common shareowners, which is income excluding the allocation to participating securities, by the weighted average number of common shares outstanding during the year, excluding unvested restricted stock. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the year. We use the treasury stock method to calculate the effect of outstanding share-based compensation awards, which requires us to compute total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. Share-based compensation awards for which the total employee proceeds of the award exceed the average market price of the same award over the period have an antidilutive effect on EPS, and accordingly, we exclude them from the calculation. Antidilutive share-based compensation awards for the years ended September 30, 2014 (0.8 million shares), 2013 (1.2 million shares) and 2012 (2.3 million shares) were excluded from the diluted EPS calculation. U.S. GAAP requires unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be treated as participating securities and included in the computation of earnings per share pursuant to the two-class method. Our participating securities are composed of unvested restricted stock and non-employee director restricted stock units. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation | |||
We recognize share-based compensation expense for equity awards on a straight-line basis over the service period of the award based on the fair value of the award as of the grant date. | |||
Product and Workers' Compensation Liabilities | ' | ||
Product and Workers’ Compensation Liabilities | |||
We record accruals for product and workers’ compensation claims in the period in which they are probable and reasonably estimable. Our principal self-insurance programs include product liability and workers’ compensation where we self-insure up to a specified dollar amount. Claims exceeding this amount up to specified limits are covered by insurance policies purchased from commercial insurers. We estimate the liability for the majority of the self-insured claims using our claims experience for the periods being valued. | |||
Environmental Matters and Conditional Asset Retirement Obligations | ' | ||
Environmental Matters | |||
We record liabilities for environmental matters in the period in which our responsibility is probable and the costs can be reasonably estimated. We make changes to the liabilities in the periods in which the estimated costs of remediation change. At third-party environmental sites where more than one potentially responsible party has been identified, we record a liability for our estimated allocable share of costs related to our involvement with the site, as well as an estimated allocable share of costs related to the involvement of insolvent or unidentified parties. If we determine that recovery from insurers or other third parties is probable and a right of setoff exists, we record the liability net of the estimated recovery. If we determine that recovery from insurers or other third parties is probable, but a right of setoff does not exist, we record a liability for the total estimated costs of remediation and a receivable for the estimated recovery. At environmental sites where we are the sole responsible party, we record a liability for the total estimated costs of remediation. Ongoing operating and maintenance expenditures included in our environmental remediation obligations are discounted to present value over the probable future remediation period. Our remaining environmental remediation obligations are undiscounted due to subjectivity of timing and/or amount of future cash payments. | |||
Conditional Asset Retirement Obligations | |||
We record liabilities for costs related to legal obligations associated with the retirement of a tangible, long-lived asset that results from the acquisition, construction, development or the normal operation of the long-lived asset. The obligation to perform the asset retirement activity is not conditional even though the timing or method may be conditional. | |||
Product Warranty Obligations | ' | ||
We record a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Most of our products are covered under a warranty period that runs for 12 months from either the date of sale or installation. We also record a liability for specific warranty matters when they become known and reasonably estimable. Our product warranty obligations are included in other current liabilities in the Consolidated Balance Sheet. |
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Reconciled Basic and Diluted EPS | ' | ||||||||||||
The following table reconciles basic and diluted EPS amounts (in millions, except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 826.8 | $ | 756.3 | $ | 737 | |||||||
Less: Allocation to participating securities | (1.1 | ) | (1.1 | ) | (1.4 | ) | |||||||
Net income available to common shareowners | $ | 825.7 | $ | 755.2 | $ | 735.6 | |||||||
Basic weighted average outstanding shares | 138 | 139.2 | 141.5 | ||||||||||
Effect of dilutive securities | |||||||||||||
Stock options | 1.5 | 1.5 | 1.6 | ||||||||||
Performance shares | 0.2 | 0.2 | 0.3 | ||||||||||
Diluted weighted average outstanding shares | 139.7 | 140.9 | 143.4 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 5.98 | $ | 5.43 | $ | 5.2 | |||||||
Diluted | $ | 5.91 | $ | 5.36 | $ | 5.13 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill | ' | ||||||||||||
The changes in the carrying amount of goodwill for the years ended September 30, 2014 and 2013 were (in millions): | |||||||||||||
Architecture & | Control | Total | |||||||||||
Software | Products & | ||||||||||||
Solutions | |||||||||||||
Balance as of September 30, 2012 | $ | 387.7 | $ | 561.1 | $ | 948.8 | |||||||
Acquisition of businesses | — | 71.1 | 71.1 | ||||||||||
Translation and other | 0.1 | 3 | 3.1 | ||||||||||
Balance as of September 30, 2013 | 387.8 | 635.2 | 1,023.00 | ||||||||||
Acquisition of businesses | 7.7 | 28 | 35.7 | ||||||||||
Translation | 0.1 | (8.2 | ) | (8.1 | ) | ||||||||
Balance as of September 30, 2014 | $ | 395.6 | $ | 655 | $ | 1,050.60 | |||||||
Other intangible assets | ' | ||||||||||||
Other intangible assets consist of (in millions): | |||||||||||||
September 30, 2014 | |||||||||||||
Carrying | Accumulated | Net | |||||||||||
Amount | Amortization | ||||||||||||
Amortized intangible assets: | |||||||||||||
Computer software products | $ | 169.1 | $ | 82.5 | $ | 86.6 | |||||||
Customer relationships | 89.8 | 45.4 | 44.4 | ||||||||||
Technology | 84 | 38.2 | 45.8 | ||||||||||
Trademarks | 33.7 | 14 | 19.7 | ||||||||||
Other | 15.5 | 9.5 | 6 | ||||||||||
Total amortized intangible assets | 392.1 | 189.6 | 202.5 | ||||||||||
Intangible assets not subject to amortization | 43.7 | — | 43.7 | ||||||||||
Total | $ | 435.8 | $ | 189.6 | $ | 246.2 | |||||||
September 30, 2013 | |||||||||||||
Carrying | Accumulated | Net | |||||||||||
Amount | Amortization | ||||||||||||
Amortized intangible assets: | |||||||||||||
Computer software products | $ | 146.9 | $ | 73.1 | $ | 73.8 | |||||||
Customer relationships | 77.4 | 37.1 | 40.3 | ||||||||||
Technology | 66.1 | 30.9 | 35.2 | ||||||||||
Trademarks | 26.4 | 10.7 | 15.7 | ||||||||||
Other | 12.1 | 8 | 4.1 | ||||||||||
Total amortized intangible assets | 328.9 | 159.8 | 169.1 | ||||||||||
Intangible assets not subject to amortization | 43.7 | — | 43.7 | ||||||||||
Total | $ | 372.6 | $ | 159.8 | $ | 212.8 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consist of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 240.3 | $ | 248.4 | |||||
Work in process | 156.9 | 167.2 | |||||||
Raw materials, parts and supplies | 191.2 | 199.8 | |||||||
Inventories | $ | 588.4 | $ | 615.4 | |||||
Property_net_Tables
Property, net (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, net | ' | ||||||||
Property consists of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 3.7 | $ | 3.7 | |||||
Buildings and improvements | 315.9 | 304.5 | |||||||
Machinery and equipment | 1,032.40 | 1,041.50 | |||||||
Internal-use software | 418.2 | 388.9 | |||||||
Construction in progress | 118.2 | 90.2 | |||||||
Total | 1,888.40 | 1,828.80 | |||||||
Less accumulated depreciation | (1,255.5 | ) | (1,212.8 | ) | |||||
Property, net | $ | 632.9 | $ | 616 | |||||
Longterm_and_Shortterm_Debt_Ta
Long-term and Short-term Debt (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
Long-term debt consists of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
5.65% notes, payable in December 2017 | $ | 250 | $ | 250 | |||||
6.70% debentures, payable in January 2028 | 250 | 250 | |||||||
6.25% debentures, payable in December 2037 | 250 | 250 | |||||||
5.20% debentures, payable in January 2098 | 200 | 200 | |||||||
Unamortized discount and other | (44.4 | ) | (44.9 | ) | |||||
Long-term debt | $ | 905.6 | $ | 905.1 | |||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Current Liabilities | ' | ||||||||
Other current liabilities consist of (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Unrealized losses on foreign exchange contracts (Note 8) | $ | 5.8 | $ | 10.1 | |||||
Product warranty obligations (Note 7) | 34.1 | 36.9 | |||||||
Taxes other than income taxes | 37.2 | 37.7 | |||||||
Accrued interest | 15.6 | 15.6 | |||||||
Income taxes payable | 41 | 35.9 | |||||||
Other | 54.6 | 60 | |||||||
Other current liabilities | $ | 188.3 | $ | 196.2 | |||||
Product_Warranty_Obligations_T
Product Warranty Obligations (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Changes in the product warranty obligations | ' | ||||||||
Changes in product warranty obligations are (in millions): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 36.9 | $ | 37.8 | |||||
Warranties recorded at time of sale | 31.3 | 32 | |||||||
Adjustments to pre-existing warranties | (5.3 | ) | 0.8 | ||||||
Settlements of warranty claims | (28.8 | ) | (33.7 | ) | |||||
Balance at end of period | $ | 34.1 | $ | 36.9 | |||||
Derivative_Instruments_and_Fai1
Derivative Instruments and Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis and their location in our Consolidated Balance Sheet were (in millions): | ||||||||||||||||||||
Fair Value (Level 2) | ||||||||||||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | September 30, 2014 | September 30, 2013 | |||||||||||||||||
Forward exchange contracts | Other current assets | $ | 13.1 | $ | 4.8 | |||||||||||||||
Forward exchange contracts | Other assets | 5 | 0.2 | |||||||||||||||||
Forward exchange contracts | Other current liabilities | (4.1 | ) | (8.3 | ) | |||||||||||||||
Forward exchange contracts | Other liabilities | (0.3 | ) | (1.6 | ) | |||||||||||||||
Total | $ | 13.7 | $ | (4.9 | ) | |||||||||||||||
Fair Value (Level 2) | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Balance Sheet Location | September 30, 2014 | September 30, 2013 | |||||||||||||||||
Forward exchange contracts | Other current assets | $ | 3.5 | $ | 4.9 | |||||||||||||||
Forward exchange contracts | Other assets | — | 0.7 | |||||||||||||||||
Forward exchange contracts | Other current liabilities | (1.8 | ) | (1.8 | ) | |||||||||||||||
Total | $ | 1.7 | $ | 3.8 | ||||||||||||||||
Pre-tax amount of gains (losses) recorded in other comprehensive income related to hedges | ' | |||||||||||||||||||
The pre-tax amount of gains (losses) recorded in other comprehensive income (loss) related to hedges that would have been recorded in the Consolidated Statement of Operations had they not been so designated was (in millions): | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Forward exchange contracts (cash flow hedges) | $ | 16.9 | $ | 1.8 | $ | (1.7 | ) | |||||||||||||
Foreign currency denominated debt (net investment hedges) | (0.3 | ) | 0.2 | (0.5 | ) | |||||||||||||||
Total | $ | 16.6 | $ | 2 | $ | (2.2 | ) | |||||||||||||
Pre-tax amount of (losses) gains reclassified from accumulated other comprehensive loss related to derivative forward exchange contracts designated as cash flow hedges | ' | |||||||||||||||||||
The pre-tax amount of (losses) gains reclassified from accumulated other comprehensive loss into the Consolidated Statement of Operations related to derivative forward exchange contracts designated as cash flow hedges, which offset the related gains and losses on the hedged items during the periods presented, was: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Sales | $ | (2.3 | ) | $ | 1.6 | $ | (1.1 | ) | ||||||||||||
Cost of sales | 0.7 | 4.9 | 7.5 | |||||||||||||||||
Total | $ | (1.6 | ) | $ | 6.5 | $ | 6.4 | |||||||||||||
Pre-tax gains (losses) recognized in the Condensed Consolidated Statement of Operations related to forward exchange contracts not designated as hedging instruments | ' | |||||||||||||||||||
The pre-tax amount of gains (losses) from forward exchange contracts not designated as hedging instruments recognized in the Consolidated Statement of Operations during the periods presented was: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Other income (expense) | $ | 1.4 | $ | 0.1 | $ | (21.9 | ) | |||||||||||||
Carrying amounts and estimated fair values of financial instruments not measured at fair value in the Consolidated Balance Sheet | ' | |||||||||||||||||||
The following table presents the carrying amounts and estimated fair values of financial instruments not measured at fair value in the Consolidated Balance Sheet (in millions): | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Cash and cash equivalents | $ | 1,191.30 | $ | 1,191.30 | $ | 1,154.20 | $ | 37.1 | $ | — | ||||||||||
Short-term investments | 628.5 | 628.5 | — | 628.5 | — | |||||||||||||||
Short-term debt | 325 | 325 | — | 325 | — | |||||||||||||||
Long-term debt | 905.6 | 1,119.40 | — | 1,119.40 | — | |||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Carrying Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Cash and cash equivalents | $ | 1,200.90 | $ | 1,200.90 | $ | 1,079.00 | $ | 121.9 | $ | — | ||||||||||
Short-term investments | 372.7 | 372.7 | — | 372.7 | — | |||||||||||||||
Short-term debt | 179 | 179 | — | 179 | — | |||||||||||||||
Long-term debt | 905.1 | 1,072.20 | — | 1,072.20 | — | |||||||||||||||
Shareowners_Equity_Tables
Shareowners' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in outstanding common shares | ' | ||||||||||||||||
Changes in outstanding common shares are summarized as follows (in millions): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Beginning balance | 138.8 | 139.8 | 141.9 | ||||||||||||||
Treasury stock purchases | (4.1 | ) | (4.7 | ) | (3.7 | ) | |||||||||||
Shares delivered under incentive plans | 2 | 3.7 | 1.6 | ||||||||||||||
Ending balance | 136.7 | 138.8 | 139.8 | ||||||||||||||
Accumulated other comprehensive loss | ' | ||||||||||||||||
Changes in accumulated other comprehensive loss by component for the years ended September 30, 2014, 2013 and 2012 were (in millions): | |||||||||||||||||
Pension and other postretirement benefit plan adjustments, net of tax (Note 11) | Accumulated currency translation adjustments, net of tax | Net unrealized gains (losses) on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | ||||||||||||||
Balance as of September 30, 2011 | $ | (1,033.6 | ) | $ | 35.5 | $ | 5.2 | $ | (992.9 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (246.7 | ) | (35.0 | ) | (1.0 | ) | (282.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 54.3 | — | (4.0 | ) | 50.3 | ||||||||||||
Other comprehensive income (loss) | (192.4 | ) | (35.0 | ) | (5.0 | ) | (232.4 | ) | |||||||||
Balance as of September 30, 2012 | $ | (1,226.0 | ) | $ | 0.5 | $ | 0.2 | $ | (1,225.3 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 314.9 | 8.3 | 1.2 | 324.4 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 87.3 | — | (4.1 | ) | 83.2 | ||||||||||||
Other comprehensive income (loss) | 402.2 | 8.3 | (2.9 | ) | 407.6 | ||||||||||||
Balance as of September 30, 2013 | $ | (823.8 | ) | $ | 8.8 | $ | (2.7 | ) | $ | (817.7 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (143.9 | ) | (61.3 | ) | 14.2 | (191.0 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 58.3 | — | 2.4 | 60.7 | |||||||||||||
Other comprehensive income (loss) | $ | (85.6 | ) | $ | (61.3 | ) | $ | 16.6 | $ | (130.3 | ) | ||||||
Balance as of September 30, 2014 | $ | (909.4 | ) | $ | (52.5 | ) | $ | 13.9 | $ | (948.0 | ) | ||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The reclassifications out of accumulated other comprehensive loss to the Consolidated Statement of Operations for the years ended September 30, 2014, 2013 and 2012 were (in millions): | |||||||||||||||||
Year Ended September 30, | Affected Line in the Consolidated Statement of Operations | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Pension and other postretirement benefit plan adjustments: | |||||||||||||||||
Amortization of prior service credit | $ | (12.9 | ) | $ | (13.2 | ) | $ | (12.9 | ) | (a) | |||||||
Amortization of net actuarial loss | 102.6 | 149 | 97.1 | (a) | |||||||||||||
89.7 | 135.8 | 84.2 | Total before tax | ||||||||||||||
(31.4 | ) | (48.5 | ) | (29.9 | ) | Provision for tax | |||||||||||
$ | 58.3 | $ | 87.3 | $ | 54.3 | After tax | |||||||||||
Net unrealized (gains) losses on cash flow hedges: | |||||||||||||||||
Forward exchange contracts | $ | 2.3 | $ | (1.6 | ) | $ | 1.1 | Sales | |||||||||
Forward exchange contracts | (0.7 | ) | (4.9 | ) | (7.5 | ) | Cost of Sales | ||||||||||
1.6 | (6.5 | ) | (6.4 | ) | Total before tax | ||||||||||||
0.8 | 2.4 | 2.4 | Provision for tax | ||||||||||||||
$ | 2.4 | $ | (4.1 | ) | $ | (4.0 | ) | After tax | |||||||||
Total reclassifications | $ | 60.7 | $ | 83.2 | $ | 50.3 | After tax | ||||||||||
(a) Reclassified from accumulated other comprehensive loss into cost of sales and selling, general and administrative expenses. These components are included in the computation of net periodic benefit costs. See Note 11 for further information. |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Fair value assumptions for stock options on the date of grant | ' | |||||||||||||
We estimated the fair value of each stock option on the date of grant using the Black-Scholes pricing model and the following assumptions: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Average risk-free interest rate | 1.52 | % | 0.66 | % | 1.06 | % | ||||||||
Expected dividend yield | 2.13 | % | 2.35 | % | 2.29 | % | ||||||||
Expected volatility | 41 | % | 43 | % | 43 | % | ||||||||
Expected term (years) | 5.2 | 5.3 | 5.3 | |||||||||||
Summary of stock option activity | ' | |||||||||||||
A summary of stock option activity for the year ended September 30, 2014 is: | ||||||||||||||
Shares | Wtd. Avg. | Wtd. Avg. | Aggregate | |||||||||||
(in thousands) | Exercise | Remaining | Intrinsic Value | |||||||||||
Price | Contractual | of In-The-Money | ||||||||||||
Term (years) | Options | |||||||||||||
(in millions) | ||||||||||||||
Outstanding at October 1, 2013 | 5,488 | $ | 64.53 | |||||||||||
Granted | 947 | 109.07 | ||||||||||||
Exercised | (1,836 | ) | 58.95 | |||||||||||
Forfeited | (75 | ) | 92.06 | |||||||||||
Cancelled | (1 | ) | 72.52 | |||||||||||
Outstanding at September 30, 2014 | 4,523 | 75.65 | 7 | $ | 155 | |||||||||
Vested or expected to vest at September 30, 2014 | 4,361 | 75.04 | 6.9 | 152.1 | ||||||||||
Exercisable at September 30, 2014 | 2,511 | 62.48 | 5.8 | 119 | ||||||||||
Summary of performance share activity | ' | |||||||||||||
A summary of performance share activity for the year ended September 30, 2014 is as follows: | ||||||||||||||
Performance | Wtd. Avg. | |||||||||||||
Shares | Grant Date | |||||||||||||
(in thousands) | Share | |||||||||||||
Fair Value | ||||||||||||||
Outstanding at October 1, 2013 | 233 | $ | 96.02 | |||||||||||
Granted1 | 69 | 108.48 | ||||||||||||
Adjustment for performance results achieved2 | 57 | 87 | ||||||||||||
Vested and issued | (127 | ) | 87 | |||||||||||
Forfeited | (8 | ) | 100.85 | |||||||||||
Outstanding at September 30, 2014 | 224 | 102.54 | ||||||||||||
Schedule of performance shares vested during the year [Table Text Block] | ' | |||||||||||||
The following table summarizes information about performance shares vested during the years ended September 30: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Percent payout | 180 | % | 173 | % | 200 | % | ||||||||
Shares vested (in thousands) | 127 | 232 | 345 | |||||||||||
Total fair value of shares vested (in millions) | $ | 14.2 | $ | 18.7 | $ | 25.8 | ||||||||
Fair value assumptions for performance share awards on the date of grant | ' | |||||||||||||
The per-share fair value of performance share awards granted during the years ended September 30, 2014, 2013 and 2012 was $108.48, $98.15 and $101.57, respectively, which we determined using a Monte Carlo simulation and the following assumptions: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Average risk-free interest rate | 0.6 | % | 0.32 | % | 0.39 | % | ||||||||
Expected dividend yield | 2.11 | % | 2.32 | % | 2.29 | % | ||||||||
Expected volatility | 33 | % | 36 | % | 43 | % | ||||||||
Summary of restricted stock and restricted stock unit activity | ' | |||||||||||||
A summary of restricted stock and restricted stock unit activity for the year ended September 30, 2014 is as follows: | ||||||||||||||
Restricted | Wtd. Avg. | |||||||||||||
Stock and | Grant Date | |||||||||||||
Restricted | Share | |||||||||||||
Stock Units | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||
Outstanding at October 1, 2013 | 199 | $ | 74.63 | |||||||||||
Granted | 53 | 109.69 | ||||||||||||
Vested | (56 | ) | 73.31 | |||||||||||
Forfeited | (6 | ) | 83.92 | |||||||||||
Outstanding at September 30, 2014 | 190 | 84.57 | ||||||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of net periodic benefit cost | ' | ||||||||||||||||||||||||
The components of net periodic benefit cost are (in millions): | |||||||||||||||||||||||||
Other Postretirement | |||||||||||||||||||||||||
Pension Benefits | Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 78.5 | $ | 92.1 | $ | 71.8 | $ | 2 | $ | 2.3 | $ | 2.2 | |||||||||||||
Interest cost | 174.2 | 160.2 | 167.6 | 6.5 | 6.3 | 7.2 | |||||||||||||||||||
Expected return on plan assets | (217.9 | ) | (226.3 | ) | (228.1 | ) | — | — | — | ||||||||||||||||
Amortization: | |||||||||||||||||||||||||
Prior service credit | (2.7 | ) | (2.5 | ) | (2.3 | ) | (10.2 | ) | (10.7 | ) | (10.6 | ) | |||||||||||||
Net actuarial loss | 99.7 | 144.6 | 94.7 | 2.9 | 4.4 | 2.4 | |||||||||||||||||||
Settlements | (0.1 | ) | — | 1 | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 131.7 | $ | 168.1 | $ | 104.7 | $ | 1.2 | $ | 2.3 | $ | 1.2 | |||||||||||||
Summary of benefit obligation, plan assets, funded status, and net liability information | ' | ||||||||||||||||||||||||
Benefit obligation, plan assets, funded status, and net liability information is summarized as follows (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 3,804.80 | $ | 4,150.20 | $ | 150.2 | $ | 172.5 | |||||||||||||||||
Service cost | 78.5 | 92.1 | 2 | 2.3 | |||||||||||||||||||||
Interest cost | 174.2 | 160.2 | 6.5 | 6.3 | |||||||||||||||||||||
Actuarial losses (gains) | 431.5 | (401.0 | ) | 14.2 | (14.9 | ) | |||||||||||||||||||
Plan amendments | 1.2 | — | (37.0 | ) | — | ||||||||||||||||||||
Plan participant contributions | 5.4 | 5.5 | 8.2 | 9.4 | |||||||||||||||||||||
Benefits paid | (218.8 | ) | (198.0 | ) | (21.0 | ) | (24.7 | ) | |||||||||||||||||
Currency translation and other | (40.2 | ) | (4.2 | ) | (0.9 | ) | (0.7 | ) | |||||||||||||||||
Benefit obligation at end of year | 4,236.60 | 3,804.80 | 122.2 | 150.2 | |||||||||||||||||||||
Plan assets at beginning of year | 3,367.00 | 3,213.30 | — | — | |||||||||||||||||||||
Actual return on plan assets | 425.2 | 309 | — | — | |||||||||||||||||||||
Company contributions | 42.1 | 41.3 | 12.8 | 15.3 | |||||||||||||||||||||
Plan participant contributions | 5.4 | 5.5 | 8.2 | 9.4 | |||||||||||||||||||||
Benefits paid | (218.8 | ) | (198.0 | ) | (21.0 | ) | (24.7 | ) | |||||||||||||||||
Currency translation and other | (29.9 | ) | (4.1 | ) | — | — | |||||||||||||||||||
Plan assets at end of year | 3,591.00 | 3,367.00 | — | — | |||||||||||||||||||||
Funded status of plans | $ | (645.6 | ) | $ | (437.8 | ) | $ | (122.2 | ) | $ | (150.2 | ) | |||||||||||||
Net amount on balance sheet | ' | ||||||||||||||||||||||||
Net amount on balance sheet consists of: | |||||||||||||||||||||||||
Other assets | $ | 1.4 | $ | 10.3 | $ | — | $ | — | |||||||||||||||||
Compensation and benefits | (12.2 | ) | (10.8 | ) | (14.9 | ) | (14.7 | ) | |||||||||||||||||
Retirement benefits | (634.8 | ) | (437.3 | ) | (107.3 | ) | (135.5 | ) | |||||||||||||||||
Net amount on balance sheet | $ | (645.6 | ) | $ | (437.8 | ) | $ | (122.2 | ) | $ | (150.2 | ) | |||||||||||||
Amounts included in accumulated other comprehensive loss, net of tax | ' | ||||||||||||||||||||||||
Amounts included in accumulated other comprehensive loss, net of tax, at September 30, 2014 and 2013 which have not yet been recognized in net periodic benefit cost are as follows (in millions): | |||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Prior service cost (credit) | $ | 4 | $ | 1.4 | $ | (31.9 | ) | $ | (15.1 | ) | |||||||||||||||
Net actuarial loss | 904.7 | 812.2 | 32.6 | 25.4 | |||||||||||||||||||||
Net transition benefit | — | (0.1 | ) | — | — | ||||||||||||||||||||
Total | $ | 908.7 | $ | 813.5 | $ | 0.7 | $ | 10.3 | |||||||||||||||||
Net periodic benefit cost assumptions and Net benefit obligation assumptions | ' | ||||||||||||||||||||||||
Net Periodic Benefit Cost Assumptions | |||||||||||||||||||||||||
Significant assumptions used in determining net periodic benefit cost included in the Consolidated Statement of Operations for the period ended September 30 are (in weighted averages): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||||||||
September 30, | Benefits | ||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Discount rate | 5.05 | % | 4.15 | % | 5.2 | % | 4.6 | % | 3.85 | % | 4.9 | % | |||||||||||||
Expected return on plan assets | 7.5 | % | 8 | % | 8 | % | — | — | — | ||||||||||||||||
Compensation increase rate | 3.75 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Discount rate | 3.69 | % | 3.37 | % | 4.15 | % | 4.2 | % | 3.8 | % | 4.1 | % | |||||||||||||
Expected return on plan assets | 5.33 | % | 5.42 | % | 5.93 | % | — | — | — | ||||||||||||||||
Compensation increase rate | 3.11 | % | 3.03 | % | 3.03 | % | — | — | — | ||||||||||||||||
Net Benefit Obligation Assumptions | |||||||||||||||||||||||||
Significant assumptions used in determining the benefit obligations included in the Consolidated Balance Sheet are (in weighted averages): | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Discount rate | 4.5 | % | 5.05 | % | 3.65 | % | 4.6 | % | |||||||||||||||||
Compensation increase rate | 3.75 | % | 3.75 | % | — | — | |||||||||||||||||||
Healthcare cost trend rate(1) | — | — | 7 | % | 7.5 | % | |||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Discount rate | 3.01 | % | 3.69 | % | 3.5 | % | 4.2 | % | |||||||||||||||||
Compensation increase rate | 3.16 | % | 3.11 | % | — | — | |||||||||||||||||||
Healthcare cost trend rate(2) | — | — | 5.83 | % | 6.27 | % | |||||||||||||||||||
____________________ | |||||||||||||||||||||||||
-1 | The healthcare cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross healthcare cost trend rate will decrease to 5.50% in 2017. | ||||||||||||||||||||||||
-2 | Decreasing to 4.50% in 2017. | ||||||||||||||||||||||||
Asset allocations by asset category and investments measured at fair value | ' | ||||||||||||||||||||||||
Our global weighted-average targeted and actual asset allocations at September 30, by asset category, are: | |||||||||||||||||||||||||
Allocation | Target | September 30, | |||||||||||||||||||||||
Asset Category | Range | Allocations | 2014 | 2013 | |||||||||||||||||||||
Equity securities | 30% | – | 65% | 55% | 50% | 53% | |||||||||||||||||||
Debt securities | 35% | – | 50% | 40% | 42% | 40% | |||||||||||||||||||
Other | 0% | – | 35% | 5% | 8% | 7% | |||||||||||||||||||
The following table presents our pension plans’ investments measured at fair value as of September 30, 2014: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.9 | $ | — | $ | — | $ | 1.9 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 706.8 | — | — | 706.8 | |||||||||||||||||||||
Mutual funds | 216.8 | — | — | 216.8 | |||||||||||||||||||||
Common collective trusts | — | 527.2 | — | 527.2 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 692.6 | — | 692.6 | |||||||||||||||||||||
Government securities | 231.4 | 147.2 | — | 378.6 | |||||||||||||||||||||
Common collective trusts | — | 129.4 | — | 129.4 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity | — | — | 78.8 | 78.8 | |||||||||||||||||||||
Alternative equity | — | — | 49.9 | 49.9 | |||||||||||||||||||||
Insurance contracts | — | — | 0.9 | 0.9 | |||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | 7.2 | — | — | 7.2 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 46.4 | — | — | 46.4 | |||||||||||||||||||||
Common collective trusts | — | 286 | — | 286 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 31 | — | 31 | |||||||||||||||||||||
Government securities | 3.3 | 14.9 | — | 18.2 | |||||||||||||||||||||
Common collective trusts | — | 266.7 | — | 266.7 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Real estate funds | — | 80.3 | 8.6 | 88.9 | |||||||||||||||||||||
Insurance contracts | — | — | 57.8 | 57.8 | |||||||||||||||||||||
Other | — | 2.6 | 3.3 | 5.9 | |||||||||||||||||||||
Total plan investments | $ | 1,213.80 | $ | 2,177.90 | $ | 199.3 | $ | 3,591.00 | |||||||||||||||||
The following table presents our pension plans’ investments measured at fair value as of September 30, 2013: | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 3.7 | $ | — | $ | — | $ | 3.7 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 711.8 | — | — | 711.8 | |||||||||||||||||||||
Mutual funds | 196.3 | — | — | 196.3 | |||||||||||||||||||||
Common collective trusts | — | 561.5 | — | 561.5 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 535.7 | — | 535.7 | |||||||||||||||||||||
Government securities | 240.8 | 116.2 | — | 357 | |||||||||||||||||||||
Common collective trusts | — | 128.6 | — | 128.6 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity | — | — | 80.4 | 80.4 | |||||||||||||||||||||
Alternative equity | — | — | 42.1 | 42.1 | |||||||||||||||||||||
Insurance contracts | — | — | 0.8 | 0.8 | |||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Cash and cash equivalents | 19 | — | — | 19 | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 41.6 | — | — | 41.6 | |||||||||||||||||||||
Common collective trusts | — | 286.4 | — | 286.4 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate debt | — | 39.9 | — | 39.9 | |||||||||||||||||||||
Government securities | 3.9 | 13.7 | — | 17.6 | |||||||||||||||||||||
Common collective trusts | — | 239 | — | 239 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Real estate funds | — | 44.6 | 8.3 | 52.9 | |||||||||||||||||||||
Insurance contracts | — | — | 45.5 | 45.5 | |||||||||||||||||||||
Other | — | 3 | 4.2 | 7.2 | |||||||||||||||||||||
Total plan investments | $ | 1,217.10 | $ | 1,968.60 | $ | 181.3 | $ | 3,367.00 | |||||||||||||||||
Summary of changes in fair market value of our pension plansb Level 3 assets | ' | ||||||||||||||||||||||||
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2014. | |||||||||||||||||||||||||
Balance October 1, 2013 | Realized Gains (Losses) | Unrealized Gains (Losses) | Purchases, Sales, Issuances, and Settlements, Net | Balance September 30, 2014 | |||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Private equity | $ | 80.4 | $ | 7.8 | $ | (3.5 | ) | $ | (5.9 | ) | $ | 78.8 | |||||||||||||
Alternative equity | 42.1 | 1.3 | 2.8 | 3.7 | 49.9 | ||||||||||||||||||||
Insurance contracts | 0.8 | — | — | 0.1 | 0.9 | ||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Real estate | 8.3 | — | 0.3 | — | 8.6 | ||||||||||||||||||||
Insurance contracts | 45.5 | — | 14.1 | (1.8 | ) | 57.8 | |||||||||||||||||||
Other | 4.2 | — | — | (0.9 | ) | 3.3 | |||||||||||||||||||
$ | 181.3 | $ | 9.1 | $ | 13.7 | $ | (4.8 | ) | $ | 199.3 | |||||||||||||||
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2013. | |||||||||||||||||||||||||
Balance October 1, 2012 | Realized Gains (Losses) | Unrealized Gains (Losses) | Purchases, Sales, Issuances, and Settlements, Net | Balance September 30, 2013 | |||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||
Private equity | $ | 83.2 | $ | 6.6 | $ | (10.8 | ) | $ | 1.4 | $ | 80.4 | ||||||||||||||
Alternative equity | 53.4 | (1.1 | ) | 4.1 | (14.3 | ) | 42.1 | ||||||||||||||||||
Insurance contracts | 0.8 | — | — | — | 0.8 | ||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||
Real estate | — | — | 0.4 | 7.9 | 8.3 | ||||||||||||||||||||
Insurance contracts | 38.5 | — | 1 | 6 | 45.5 | ||||||||||||||||||||
Other | 4.4 | — | 0.2 | (0.4 | ) | 4.2 | |||||||||||||||||||
$ | 180.3 | $ | 5.5 | $ | (5.1 | ) | $ | 0.6 | $ | 181.3 | |||||||||||||||
Estimated future payments | ' | ||||||||||||||||||||||||
The following benefit payments, which include employees’ expected future service, as applicable, are expected to be paid (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
2015 | $ | 238.4 | $ | 15.2 | |||||||||||||||||||||
2016 | 221.9 | 15.4 | |||||||||||||||||||||||
2017 | 227.1 | 14.6 | |||||||||||||||||||||||
2018 | 235.5 | 13.9 | |||||||||||||||||||||||
2019 | 238.7 | 13.2 | |||||||||||||||||||||||
2020 – 2024 | 1,375.20 | 30.8 | |||||||||||||||||||||||
One percentage point change in assumed health care cost trend rates | ' | ||||||||||||||||||||||||
A one-percentage point change in assumed healthcare cost trend rates would have the following effect (in millions): | |||||||||||||||||||||||||
One-Percentage | One-Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Increase (decrease) to total of service and interest cost components | $ | 0.2 | $ | 0.2 | $ | (0.1 | ) | $ | (0.2 | ) | |||||||||||||||
Increase (decrease) to postretirement benefit obligation | 3 | 2.1 | (2.6 | ) | (1.8 | ) | |||||||||||||||||||
Other required retirement benefit disclosures | ' | ||||||||||||||||||||||||
Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) at September 30, 2014 and 2013 are as follows (in millions): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 3,919.10 | $ | 760.1 | |||||||||||||||||||||
Accumulated benefit obligation | 3,651.50 | 674.6 | |||||||||||||||||||||||
Fair value of plan assets | 3,277.80 | 436.1 | |||||||||||||||||||||||
Other_Income_Expense_Tables
Other Income (Expense) (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Components of other income (expense) | ' | ||||||||||||
The components of other income (expense) are (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss on disposition of property | $ | (0.6 | ) | $ | (0.5 | ) | $ | (1.0 | ) | ||||
Interest income | 9.5 | 9.8 | 7.8 | ||||||||||
Royalty income | 2.5 | 3.3 | 2.3 | ||||||||||
Environmental charges | (5.2 | ) | (13.5 | ) | (9.3 | ) | |||||||
Other | 3.5 | 6.6 | (4.8 | ) | |||||||||
Other income (expense) | $ | 9.7 | $ | 5.7 | $ | (5.0 | ) | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of income before income taxes | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of income before income taxes: | |||||||||||||
United States | $ | 607.3 | $ | 513.5 | $ | 469.6 | |||||||
Non-United States | 526.9 | 467.4 | 496.3 | ||||||||||
Total | $ | 1,134.20 | $ | 980.9 | $ | 965.9 | |||||||
Components of the income tax provision | ' | ||||||||||||
Components of the income tax provision: | |||||||||||||
Current: | |||||||||||||
United States | $ | 219.4 | $ | 164.5 | $ | 71.3 | |||||||
Non-United States | 85.3 | 51.1 | 72.3 | ||||||||||
State and local | 9.9 | 15.5 | 3.1 | ||||||||||
Total current | 314.6 | 231.1 | 146.7 | ||||||||||
Deferred: | |||||||||||||
United States | (3.8 | ) | (1.3 | ) | 76.8 | ||||||||
Non-United States | (4.0 | ) | (2.9 | ) | 0.4 | ||||||||
State and local | 0.6 | (2.3 | ) | 5 | |||||||||
Total deferred | (7.2 | ) | (6.5 | ) | 82.2 | ||||||||
Income tax provision | $ | 307.4 | $ | 224.6 | $ | 228.9 | |||||||
Total income taxes paid | $ | 323.8 | $ | 203.9 | $ | 167.5 | |||||||
Effective tax rate reconciliation | ' | ||||||||||||
The reconciliation between the U.S. federal statutory rate and our effective tax rate was: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 0.8 | 0.9 | 0.8 | ||||||||||
Non-United States taxes | (9.5 | ) | (9.6 | ) | (10.3 | ) | |||||||
Foreign tax credit utilization | 0.5 | 0.8 | 0.4 | ||||||||||
Employee stock ownership plan benefit | (0.2 | ) | (0.2 | ) | (0.3 | ) | |||||||
Change in valuation allowances | (0.1 | ) | (0.4 | ) | (0.2 | ) | |||||||
Domestic manufacturing deduction | (1.1 | ) | (1.1 | ) | (1.1 | ) | |||||||
Adjustments for prior period tax matters | 1 | (2.0 | ) | (0.6 | ) | ||||||||
Other | 0.7 | (0.5 | ) | — | |||||||||
Effective income tax rate | 27.1 | % | 22.9 | % | 23.7 | % | |||||||
Deferred income tax assets and liabilities | ' | ||||||||||||
The tax effects of temporary differences that give rise to our net deferred income tax assets and liabilities were (in millions): | |||||||||||||
2014 | 2013 | ||||||||||||
Current deferred income tax assets: | |||||||||||||
Compensation and benefits | $ | 33.7 | $ | 26.4 | |||||||||
Product warranty costs | 12.3 | 13 | |||||||||||
Inventory | 18.3 | 48 | |||||||||||
Allowance for doubtful accounts | 8.8 | 9.8 | |||||||||||
Deferred credits | 7.5 | 9.3 | |||||||||||
Returns, rebates and incentives | 54.5 | 49.7 | |||||||||||
Self-insurance reserves | 0.9 | 2.5 | |||||||||||
Restructuring reserves | 2.1 | 3.1 | |||||||||||
Net operating loss carryforwards | 3.5 | 3.7 | |||||||||||
U.S. federal tax credit carryforwards | 0.2 | — | |||||||||||
Other — net | 21.7 | 24 | |||||||||||
Current deferred income tax assets | 163.5 | 189.5 | |||||||||||
Long-term deferred income tax assets (liabilities): | |||||||||||||
Retirement benefits | $ | 240.4 | $ | 177.4 | |||||||||
Property | (81.9 | ) | (88.5 | ) | |||||||||
Intangible assets | (50.2 | ) | (40.2 | ) | |||||||||
Environmental reserves | 16.9 | 18 | |||||||||||
Share-based compensation | 32.6 | 33.8 | |||||||||||
Self-insurance reserves | 7.9 | 7 | |||||||||||
Deferred gains | 2.4 | 2.8 | |||||||||||
Net operating loss carryforwards | 31.9 | 37.6 | |||||||||||
Capital loss carryforwards | 14.8 | 14.2 | |||||||||||
U.S. federal tax credit carryforwards | 1.3 | 2.1 | |||||||||||
State tax credit carryforwards | 5.8 | 4.7 | |||||||||||
Other — net | 11.6 | 6.7 | |||||||||||
Subtotal | 233.5 | 175.6 | |||||||||||
Valuation allowance | (27.8 | ) | (28.3 | ) | |||||||||
Net long-term deferred income tax assets | 205.7 | 147.3 | |||||||||||
Total deferred income tax assets | $ | 369.2 | $ | 336.8 | |||||||||
Tax attributes and related valuation allowances | ' | ||||||||||||
Tax attributes and related valuation allowances at September 30, 2014 are (in millions): | |||||||||||||
Tax Attribute to be Carried Forward | Tax Benefit Amount | Valuation Allowance | Carryforward | ||||||||||
Period Ends | |||||||||||||
Non-United States net operating loss carryforward | $ | 6.7 | $ | 4.9 | 2015 | - | 2024 | ||||||
Non-United States net operating loss carryforward | 10.1 | 6.7 | Indefinite | ||||||||||
Non-United States capital loss carryforward | 14.8 | 14.8 | Indefinite | ||||||||||
United States net operating loss carryforward | 5 | — | 2019 | - | 2033 | ||||||||
United States tax credit carryforward | 1.5 | — | 2018 | - | 2027 | ||||||||
State and local net operating loss carryforward | 13.6 | 0.2 | 2015 | - | 2033 | ||||||||
State tax credit carryforward | 5.8 | — | 2025 | - | 2029 | ||||||||
Subtotal — tax carryforwards | 57.5 | 26.6 | |||||||||||
Other deferred tax assets | 1.2 | 1.2 | Indefinite | ||||||||||
Total | $ | 58.7 | $ | 27.8 | |||||||||
Gross unrecognized tax benefits, excluding interest and penalties | ' | ||||||||||||
A reconciliation of our gross unrecognized tax benefits, excluding interest and penalties, is as follows (in millions): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Gross unrecognized tax benefits balance at beginning of year | $ | 40.8 | $ | 70.3 | $ | 75.1 | |||||||
Additions based on tax positions related to the current year | 1 | 1.1 | — | ||||||||||
Additions based on tax positions related to prior years | 2.2 | 8.8 | 3.3 | ||||||||||
Reductions based on tax positions related to prior years | — | — | — | ||||||||||
Reductions related to settlements with taxing authorities | — | (36.2 | ) | (6.3 | ) | ||||||||
Reductions related to lapses of statute of limitations | (4.2 | ) | (1.2 | ) | (2.4 | ) | |||||||
Effect of foreign currency translation | (0.9 | ) | (2.0 | ) | 0.6 | ||||||||
Gross unrecognized tax benefits balance at end of year | $ | 38.9 | $ | 40.8 | $ | 70.3 | |||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Minimum future rental commitments under operating leases having noncancelable lease terms | ' | |||
Minimum future rental commitments under operating leases having noncancelable lease terms in excess of one year aggregated $339.8 million as of September 30, 2014 and are payable as follows (in millions): | ||||
2015 | $ | 78.7 | ||
2016 | 62.1 | |||
2017 | 51.1 | |||
2018 | 40.3 | |||
2019 | 31.4 | |||
Beyond 2019 | 76.2 | |||
Total | $ | 339.8 | ||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Sales and operating results of reportable segments | ' | ||||||||||||||||||||||||
The following tables reflect the sales and operating results of our reportable segments for the years ended September 30 (in millions): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
Architecture & Software | $ | 2,845.30 | $ | 2,682.00 | $ | 2,650.40 | |||||||||||||||||||
Control Products & Solutions | 3,778.20 | 3,669.90 | 3,609.00 | ||||||||||||||||||||||
Total | $ | 6,623.50 | $ | 6,351.90 | $ | 6,259.40 | |||||||||||||||||||
Segment operating earnings: | |||||||||||||||||||||||||
Architecture & Software | $ | 839.6 | $ | 759.4 | $ | 714.4 | |||||||||||||||||||
Control Products & Solutions | 512.4 | 477.4 | 449.5 | ||||||||||||||||||||||
Total | 1,352.00 | 1,236.80 | 1,163.90 | ||||||||||||||||||||||
Purchase accounting depreciation and amortization | (21.6 | ) | (19.3 | ) | (19.8 | ) | |||||||||||||||||||
General corporate-net | (81.0 | ) | (97.2 | ) | (82.9 | ) | |||||||||||||||||||
Non-operating pension costs1 | (55.9 | ) | (78.5 | ) | (35.2 | ) | |||||||||||||||||||
Interest expense | (59.3 | ) | (60.9 | ) | (60.1 | ) | |||||||||||||||||||
Income before income taxes | $ | 1,134.20 | $ | 980.9 | $ | 965.9 | |||||||||||||||||||
Summary of identifiable assets and the provision for depreciation and amortization and the amount of capital expenditures for property | ' | ||||||||||||||||||||||||
The following tables summarize the identifiable assets at September 30 and the provision for depreciation and amortization and the amount of capital expenditures for property for the years ended September 30 for each of the reportable segments and Corporate (in millions): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Identifiable assets: | |||||||||||||||||||||||||
Architecture & Software | $ | 1,874.50 | $ | 1,653.40 | $ | 1,648.40 | |||||||||||||||||||
Control Products & Solutions | 2,273.70 | 2,200.00 | 2,270.70 | ||||||||||||||||||||||
Corporate | 2,081.30 | 1,991.20 | 1,717.40 | ||||||||||||||||||||||
Total | $ | 6,229.50 | $ | 5,844.60 | $ | 5,636.50 | |||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||
Architecture & Software | $ | 64.8 | $ | 68.1 | $ | 61.6 | |||||||||||||||||||
Control Products & Solutions | 65.9 | 57.7 | 57.1 | ||||||||||||||||||||||
Corporate | 0.2 | 0.1 | 0.1 | ||||||||||||||||||||||
Total | 130.9 | 125.9 | 118.8 | ||||||||||||||||||||||
Purchase accounting depreciation and amortization | 21.6 | 19.3 | 19.8 | ||||||||||||||||||||||
Total | $ | 152.5 | $ | 145.2 | $ | 138.6 | |||||||||||||||||||
Capital expenditures for property: | |||||||||||||||||||||||||
Architecture & Software | $ | 33.6 | $ | 31.5 | $ | 24.6 | |||||||||||||||||||
Control Products & Solutions | 51.2 | 52.8 | 55.3 | ||||||||||||||||||||||
Corporate | 56.2 | 61.9 | 59.7 | ||||||||||||||||||||||
Total | $ | 141 | $ | 146.2 | $ | 139.6 | |||||||||||||||||||
Sales by geographic region | ' | ||||||||||||||||||||||||
We conduct a significant portion of our business activities outside the United States. The following tables present sales and property by geographic region (in millions): | |||||||||||||||||||||||||
Sales | Property | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 3,414.60 | $ | 3,202.90 | $ | 3,067.30 | $ | 497.5 | $ | 484.7 | $ | 458.8 | |||||||||||||
Canada | 437 | 468.7 | 464.3 | 7.6 | 7.6 | 8.6 | |||||||||||||||||||
Europe, Middle East and Africa | 1,351.80 | 1,284.90 | 1,280.60 | 48.8 | 43 | 41.6 | |||||||||||||||||||
Asia Pacific | 884 | 851.9 | 942.4 | 37.3 | 39.1 | 39.4 | |||||||||||||||||||
Latin America | 536.1 | 543.5 | 504.8 | 41.7 | 41.6 | 38.7 | |||||||||||||||||||
Total | $ | 6,623.50 | $ | 6,351.90 | $ | 6,259.40 | $ | 632.9 | $ | 616 | $ | 587.1 | |||||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||||||
2014 Quarters | |||||||||||||||||||||
First | Second | Third | Fourth | 2014 | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Sales | $ | 1,591.70 | $ | 1,600.50 | $ | 1,649.50 | $ | 1,781.80 | $ | 6,623.50 | |||||||||||
Gross profit | 663.7 | 655.8 | 681.5 | 752.9 | 2,753.90 | ||||||||||||||||
Income before income taxes | 272.8 | 248.4 | 274 | 339 | 1,134.20 | ||||||||||||||||
Net income | 198.1 | 180.3 | 199.7 | 248.7 | 826.8 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | 1.43 | 1.3 | 1.44 | 1.81 | 5.98 | ||||||||||||||||
Diluted | 1.41 | 1.28 | 1.43 | 1.79 | 5.91 | ||||||||||||||||
2013 Quarters | |||||||||||||||||||||
First | Second | Third | Fourth | 2013 | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Sales | $ | 1,489.20 | $ | 1,522.80 | $ | 1,624.20 | $ | 1,715.70 | $ | 6,351.90 | |||||||||||
Gross profit | 607.3 | 616.4 | 652.9 | 697.2 | 2,573.80 | ||||||||||||||||
Income before income taxes | 217.2 | 227.1 | 257.4 | 279.2 | 980.9 | ||||||||||||||||
Net income | 161.4 | 175.9 | 203.7 | 215.3 | 756.3 | ||||||||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | 1.16 | 1.25 | 1.46 | 1.55 | 5.43 | ||||||||||||||||
Diluted | 1.14 | 1.24 | 1.45 | 1.53 | 5.36 | ||||||||||||||||
Note: The sum of the quarterly per share amounts will not necessarily equal the annual per share amounts presented. |
Basis_of_Presentation_and_Acco3
Basis of Presentation and Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciled Basic and Diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $248.70 | $199.70 | $180.30 | $198.10 | $215.30 | $203.70 | $175.90 | $161.40 | $826.80 | $756.30 | $737 |
Less: Allocation to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -1.1 | -1.1 | -1.4 |
Net income available to common shareowners | ' | ' | ' | ' | ' | ' | ' | ' | $825.70 | $755.20 | $735.60 |
Basic weighted average outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | 138 | 139.2 | 141.5 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 1.5 | 1.6 |
Performance shares | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.2 | 0.3 |
Diluted weighted average outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | 139.7 | 140.9 | 143.4 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $1.81 | $1.44 | $1.30 | $1.43 | $1.55 | $1.46 | $1.25 | $1.16 | $5.98 | $5.43 | $5.20 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | $1.79 | $1.43 | $1.28 | $1.41 | $1.53 | $1.45 | $1.24 | $1.14 | $5.91 | $5.36 | $5.13 |
Basis_of_Presentation_and_Acco4
Basis of Presentation and Accounting Policies (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Basis of Presentation and Accounting Policies (Textuals) [Abstract] | ' | ' | ' |
Percentage of consolidated sales recorded when: an agreement of sale exists; pricing is fixed or determinable; collection is reasonably assured; and product has been delivered and acceptance has occurred or services have been rendered | 85.00% | ' | ' |
Allowances for doubtful accounts | $19.40 | $22.50 | ' |
Allowance for certain customer returns, rebates and incentives | 11.6 | 8.9 | ' |
Research and development costs | $290.10 | $260.70 | $247.60 |
Antidilutive share-based compensation awards | 0.8 | 1.2 | 2.3 |
Minimum [Member] | Trademarks [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '3 years | ' | ' |
Minimum [Member] | Customer relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '8 years | ' | ' |
Minimum [Member] | Technology-Based Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '5 years | ' | ' |
Minimum [Member] | Other Intangible assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '5 years | ' | ' |
Maximum [Member] | Trademarks [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '15 years | ' | ' |
Maximum [Member] | Customer relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '20 years | ' | ' |
Maximum [Member] | Technology-Based Intangible Assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '17 years | ' | ' |
Maximum [Member] | Other Intangible assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '30 years | ' | ' |
Basis_of_Presentation_and_Acco5
Basis of Presentation and Accounting Policies Basis of Presentation and Accounting Policies (Details Textual 2) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Minimum [Member] | Building and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Software Development [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | Building and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Maximum [Member] | Software Development [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '8 years |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill | ' | ' |
Beginning Balance | $1,023 | $948.80 |
Acquisition of businesses | 35.7 | 71.1 |
Translation and other | -8.1 | 3.1 |
Ending Balance | 1,050.60 | 1,023 |
Architecture and Software [Member] | ' | ' |
Goodwill | ' | ' |
Beginning Balance | 387.8 | 387.7 |
Acquisition of businesses | 7.7 | ' |
Translation and other | 0.1 | 0.1 |
Ending Balance | 395.6 | 387.8 |
Control Products and Solutions [Member] | ' | ' |
Goodwill | ' | ' |
Beginning Balance | 635.2 | 561.1 |
Acquisition of businesses | 28 | 71.1 |
Translation and other | -8.2 | 3 |
Ending Balance | $655 | $635.20 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived Intangible Assets Acquired | $41.40 | $11.10 | ' |
Other intangible assets | ' | ' | ' |
Amortized intangible assets, carrying amount | 392.1 | 328.9 | ' |
Amortized intangible assets, accumulated amortization | 189.6 | 159.8 | ' |
Amortized intangible assets, net | 202.5 | 169.1 | ' |
Intangible asset amortization expense | 30 | 31.4 | 34.7 |
Intangible assets not subject to amortization | 43.7 | 43.7 | ' |
Total other intangible assets, carrying amount | 435.8 | 372.6 | ' |
Total other intangible assets, net | 246.2 | 212.8 | ' |
Goodwill and Other Intangible Assets (Textuals) [Abstract] | ' | ' | ' |
Estimated amortization expense in 2015 | 30.7 | ' | ' |
Estimated amortization expense in 2016 | 34.1 | ' | ' |
Estimated amortization expense in 2017 | 30 | ' | ' |
Estimated amortization expense in 2018 | 23.9 | ' | ' |
Estimated amortization expense in 2019 | 18 | ' | ' |
Computer software products [Member] | ' | ' | ' |
Other intangible assets | ' | ' | ' |
Amortized intangible assets, carrying amount | 169.1 | 146.9 | ' |
Amortized intangible assets, accumulated amortization | 82.5 | 73.1 | ' |
Amortized intangible assets, net | 86.6 | 73.8 | ' |
Intangible asset amortization expense | 9.4 | 13.1 | 15.9 |
Customer relationships [Member] | ' | ' | ' |
Other intangible assets | ' | ' | ' |
Amortized intangible assets, carrying amount | 89.8 | 77.4 | ' |
Amortized intangible assets, accumulated amortization | 45.4 | 37.1 | ' |
Amortized intangible assets, net | 44.4 | 40.3 | ' |
Technology-Based Intangible Assets [Member] | ' | ' | ' |
Other intangible assets | ' | ' | ' |
Amortized intangible assets, carrying amount | 84 | 66.1 | ' |
Amortized intangible assets, accumulated amortization | 38.2 | 30.9 | ' |
Amortized intangible assets, net | 45.8 | 35.2 | ' |
Trademarks [Member] | ' | ' | ' |
Other intangible assets | ' | ' | ' |
Amortized intangible assets, carrying amount | 33.7 | 26.4 | ' |
Amortized intangible assets, accumulated amortization | 14 | 10.7 | ' |
Amortized intangible assets, net | 19.7 | 15.7 | ' |
Other [Member] | ' | ' | ' |
Other intangible assets | ' | ' | ' |
Amortized intangible assets, carrying amount | 15.5 | 12.1 | ' |
Amortized intangible assets, accumulated amortization | 9.5 | 8 | ' |
Amortized intangible assets, net | $6 | $4.10 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Finished goods | $240.30 | $248.40 |
Work in process | 156.9 | 167.2 |
Raw materials, parts and supplies | 191.2 | 199.8 |
Inventories | $588.40 | $615.40 |
Property_net_Details
Property, net (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Property, net | ' | ' | ' |
Land | $3.70 | $3.70 | ' |
Buildings and improvements | 315.9 | 304.5 | ' |
Machinery and equipment | 1,032.40 | 1,041.50 | ' |
Internal-use software | 418.2 | 388.9 | ' |
Construction in progress | 118.2 | 90.2 | ' |
Total | 1,888.40 | 1,828.80 | ' |
Less accumulated depreciation | -1,255.50 | -1,212.80 | ' |
Property, net | $632.90 | $616 | $587.10 |
Longterm_and_Shortterm_Debt_De
Long-term and Short-term Debt (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Long-term debt | ' | ' |
Unamortized discount and other | ($44.40) | ($44.90) |
Long-term debt | 905.6 | 905.1 |
5.65% notes, payable in December 2017 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt instruments | 250 | 250 |
Interest rate | 5.65% | ' |
Maturity date | 1-Dec-17 | ' |
6.70% debentures, payable in January 2028 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt instruments | 250 | 250 |
Interest rate | 6.70% | ' |
Maturity date | 15-Jan-28 | ' |
6.25% debentures, payable in December 2037 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt instruments | 250 | 250 |
Interest rate | 6.25% | ' |
Maturity date | 1-Dec-37 | ' |
5.20% debentures, payable in January 2098 [Member] | ' | ' |
Long-term debt | ' | ' |
Debt instruments | $200 | $200 |
Interest rate | 5.20% | ' |
Maturity date | 15-Jan-98 | ' |
Longterm_and_Shortterm_Debt_De1
Long-term and Short-term Debt (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Long term and Short term (Textuals) [Abstract] | ' | ' | ' |
Maximum debt to total capital ratio required by debt covenants | 0.6 | ' | ' |
Commercial paper borrowings | $325 | $179 | ' |
Weighted average interest rate of commercial paper outstanding | 0.17% | 0.17% | ' |
Interest payments | 58.1 | 59.7 | 59 |
Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Term | '5 years | ' | ' |
Line of Credit Facility, Expiration Date | 22-May-18 | ' | ' |
Unsecured revolving credit facility | 750 | ' | ' |
Option to increase borrowing capacity of credit facility | 250 | ' | ' |
Non US Facilities [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Unsecured revolving credit facility | $126.60 | ' | ' |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Other current liabilities | ' | ' | ' |
Unrealized losses on foreign exchange contracts (Note 8) | $5.80 | $10.10 | ' |
Product warranty obligations (Note 7) | 34.1 | 36.9 | 37.8 |
Taxes other than income taxes | 37.2 | 37.7 | ' |
Accrued interest | 15.6 | 15.6 | ' |
Income taxes payable | 41 | 35.9 | ' |
Other | 54.6 | 60 | ' |
Other current liabilities | $188.30 | $196.20 | ' |
Product_Warranty_Obligations_D
Product Warranty Obligations (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in the product warranty obligations | ' | ' |
Balance at beginning of period | $36.90 | $37.80 |
Warranties recorded at time of sale | 31.3 | 32 |
Adjustments to pre-existing warranties | -5.3 | 0.8 |
Settlements of warranty claims | -28.8 | -33.7 |
Balance at end of period | $34.10 | $36.90 |
Derivative_Instruments_and_Fai2
Derivative Instruments and Fair Value Measurement (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Fair Value Measurement (Textual) [Abstract] | ' | ' |
Notional values of forward exchange contracts | $867.70 | ' |
Foreign currency denominated debt designated as net investment hedges | 14.7 | 14.4 |
Net unrealized gains on cash flow hedges to be reclassified into earnings during the next 12 months | 9 | ' |
Net unrealized gains on cash flow hedges to be reclassified into earnings during the next 12 months, net of tax | 9.2 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Net derivative asset / (liability) designated as hedging instruments | 13.7 | -4.9 |
Net derivative asset / (liability) not designated as hedging instruments | 1.7 | 3.8 |
Fair Value, Inputs, Level 2 [Member] | Other current assets [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Derivative assets designated as hedging instruments | 13.1 | 4.8 |
Derivative assets not designated as hedging instruments | 3.5 | 4.9 |
Fair Value, Inputs, Level 2 [Member] | Other assets [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Derivative assets designated as hedging instruments | 5 | 0.2 |
Derivative assets not designated as hedging instruments | 0 | 0.7 |
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Derivative liabilities designated as hedging instruments | -4.1 | -8.3 |
Derivative liabilities not designated as hedging instruments | -1.8 | -1.8 |
Fair Value, Inputs, Level 2 [Member] | Other liabilities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Derivative liabilities designated as hedging instruments | -0.3 | -1.6 |
Cash Flow Hedging [Member] | ' | ' |
Derivative Instruments and Fair Value Measurement (Textual) [Abstract] | ' | ' |
Notional values of forward exchange contracts | $641.20 | ' |
Derivative_Instruments_and_Fai3
Derivative Instruments and Fair Value Measurement (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount recognized in earnings as a result of ineffective hedges is not significant | 'not significant | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Net [Abstract] | ' | ' | ' |
Pre-tax amount of gains (losses) recorded in other comprehensive income (loss) related to forward exchange contracts (cash flow hedges) | $16.90 | $1.80 | ($1.70) |
Pre-tax amount of gains (losses) recorded in other comprehensive income (loss) related to foreign currency denominated debt (net investment hedges) | -0.3 | 0.2 | -0.5 |
Total pre-tax amount of gains (losses) recorded in other comprehensive income (loss) related to hedges | 16.6 | 2 | -2.2 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI/OCL into Income, Effective Portion, Net [Abstract] | ' | ' | ' |
Pre-tax amount of gains (losses) reclassified from accumulated other comprehensive income into the Condensed Consolidated Statement of Operations related to derivative forward exchange contracts designated as cash flow hedges | -1.6 | 6.5 | 6.4 |
Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI/OCL into Income, Effective Portion, Net [Abstract] | ' | ' | ' |
Pre-tax amount of gains (losses) reclassified from accumulated other comprehensive income into the Condensed Consolidated Statement of Operations related to derivative forward exchange contracts designated as cash flow hedges | -2.3 | 1.6 | -1.1 |
Cost of sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI/OCL into Income, Effective Portion, Net [Abstract] | ' | ' | ' |
Pre-tax amount of gains (losses) reclassified from accumulated other comprehensive income into the Condensed Consolidated Statement of Operations related to derivative forward exchange contracts designated as cash flow hedges | 0.7 | 4.9 | 7.5 |
Other income (expense) [Member] | ' | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' |
Pre-tax amount of gains (losses) from forward exchange contracts not designated as hedging instruments recognized in the Consolidated Statement of Operations | $1.40 | $0.10 | ($21.90) |
Derivative_Instruments_and_Fai4
Derivative Instruments and Fair Value Measurement (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, carrying amount | $1,191.30 | $1,200.90 | $903.90 | $988.90 |
Cash and cash equivalents, fair value | 1,191.30 | 1,200.90 | ' | ' |
Short-term investments, carrying amount | 628.5 | 372.7 | ' | ' |
Short-term investments, fair value | 628.5 | 372.7 | ' | ' |
Short-term debt | 325 | 179 | ' | ' |
Short-term debt, fair value | 325 | 179 | ' | ' |
Long-term debt, carrying amount | 905.6 | 905.1 | ' | ' |
Long-term debt, fair value | 1,119.40 | 1,072.20 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, fair value | 1,154.20 | 1,079 | ' | ' |
Short-term investments, fair value | 0 | 0 | ' | ' |
Short-term debt, fair value | 0 | 0 | ' | ' |
Long-term debt, fair value | 0 | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, fair value | 37.1 | 121.9 | ' | ' |
Short-term investments, fair value | 628.5 | 372.7 | ' | ' |
Short-term debt, fair value | 325 | 179 | ' | ' |
Long-term debt, fair value | 1,119.40 | 1,072.20 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, fair value | 0 | 0 | ' | ' |
Short-term investments, fair value | 0 | 0 | ' | ' |
Short-term debt, fair value | 0 | 0 | ' | ' |
Long-term debt, fair value | $0 | $0 | ' | ' |
Shareowners_Equity_Details
Shareowners' Equity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Shareowners' Equity (Textuals) [Abstract] | ' | ' | ' |
Common Stock, authorized | 1,000,000,000 | ' | ' |
Common Stock, par value | $1 | $1 | ' |
Preferred Stock, authorized | 25,000,000 | ' | ' |
Preferred Stock, par value | $0 | ' | ' |
Common Stock reserved for various incentive plans | 10,100,000 | ' | ' |
Repurchase of common stock that did not settle, shares | 40,757 | 60,000 | ' |
Outstanding purchase of common stock recorded in accounts payable | $4.50 | $6.40 | ' |
Changes in outstanding common shares | ' | ' | ' |
Beginning Balance | 138,800,000 | 139,800,000 | 141,900,000 |
Treasury stock purchases | -4,100,000 | -4,700,000 | -3,700,000 |
Shares delivered under incentive plans | 2,000,000 | 3,700,000 | 1,600,000 |
Ending Balance | 136,700,000 | 138,800,000 | 139,800,000 |
Shareowners_Equity_Details_1
Shareowners' Equity (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ($948) | ' | ' | ' | ($817.70) | ' | ' | ' | ($948) | ($817.70) | ($1,225.30) | ($992.90) |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 191 | -324.4 | 282.7 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 60.7 | 83.2 | 50.3 | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -130.3 | 407.6 | -232.4 | ' |
Provision for tax | ' | ' | ' | ' | ' | ' | ' | ' | -307.4 | -224.6 | -228.9 | ' |
After tax | 248.7 | 199.7 | 180.3 | 198.1 | 215.3 | 203.7 | 175.9 | 161.4 | 826.8 | 756.3 | 737 | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,933.10 | 5,706 | 5,656.10 | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -3,391.30 | -3,326.40 | -3,315.90 | ' |
Pension and other postretirement benefit plan adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -909.4 | ' | ' | ' | -823.8 | ' | ' | ' | -909.4 | -823.8 | -1,226 | -1,033.60 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 143.9 | -314.9 | 246.7 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 58.3 | 87.3 | 54.3 | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -85.6 | 402.2 | -192.4 | ' |
Accumulated currency translation adjustments, net of tax [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -52.5 | ' | ' | ' | 8.8 | ' | ' | ' | -52.5 | 8.8 | 0.5 | 35.5 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | 61.3 | -8.3 | 35 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -61.3 | 8.3 | -35 | ' |
Net unrealized gains (losses) on cash flow hedges, net of tax [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | 13.9 | ' | ' | ' | -2.7 | ' | ' | ' | 13.9 | -2.7 | 0.2 | 5.2 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | -14.2 | -1.2 | 1 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | -4.1 | -4 | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 16.6 | -2.9 | -5 | ' |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After tax | ' | ' | ' | ' | ' | ' | ' | ' | 60.7 | 83.2 | 50.3 | ' |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Pension and other postretirement benefit plan adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | -12.9 | -13.2 | -12.9 | ' |
Amortization of net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 102.6 | 149 | 97.1 | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 89.7 | 135.8 | 84.2 | ' |
Provision for tax | ' | ' | ' | ' | ' | ' | ' | ' | -31.4 | -48.5 | -29.9 | ' |
After tax | ' | ' | ' | ' | ' | ' | ' | ' | 58.3 | 87.3 | 54.3 | ' |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Net unrealized gains (losses) on cash flow hedges, net of tax [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | -6.5 | -6.4 | ' |
Provision for tax | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 2.4 | 2.4 | ' |
After tax | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | -4.1 | -4 | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | -1.6 | 1.1 | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ($0.70) | ($4.90) | ($7.50) | ' |
Share_Based_Compensation_Detai
Share Based Compensation (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Black Scholes Pricing Model [Member] | ' | ' | ' |
Share-Based Compensation | ' | ' | ' |
Average risk-free interest rate | 1.52% | 0.66% | 1.06% |
Expected dividend yield | 2.13% | 2.35% | 2.29% |
Expected volatility | 41.00% | 43.00% | 43.00% |
Expected term (years) | '5 years 2 months | '5 years 4 months | '5 years 4 months |
Monte Carlo Simulation [Member] | ' | ' | ' |
Share-Based Compensation | ' | ' | ' |
Average risk-free interest rate | 0.60% | 0.32% | 0.39% |
Expected dividend yield | 2.11% | 2.32% | 2.29% |
Expected volatility | 33.00% | 36.00% | 43.00% |
Share_Based_Compensation_Detai1
Share Based Compensation (Details 1) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 |
Summary of stock options | ' |
Outstanding shares, beginning balance | 5,488 |
Granted, shares | 947 |
Exercised, shares | -1,836 |
Forfeited, shares | -75 |
Cancelled, shares | -1 |
Outstanding shares, ending balance | 4,523 |
Vested or expected to vest, shares | 4,361 |
Exercisable, shares | 2,511 |
Outstanding, Weighted avg exercise price beginning balance | $64.53 |
Granted, Weighted Avg Exercise price | $109.07 |
Exercised, Weighted Avg Exercise price | $58.95 |
Forfeited, Weighted Avg Exercise price | $92.06 |
Cancelled, Weighted Avg Exercise price | $72.52 |
Outstanding, Weighted avg exercise price ending balance | $75.65 |
Vested or expected, Weighted Avg Exercise price | $75.04 |
Exercisable, Weighted Avg Exercise price | $62.48 |
Outstanding, Weighted Avg remaining contractual term (years) | '7 years |
Vested or expected ,Weighted Avg remaining contractual term (years) | '6 years 11 months |
Exercisable, Weighted Avg remaining contractual term (years) | '5 years 10 months |
Outstanding, Aggregate intrinsic value of in the money options | $155 |
Vested or expected, Aggregate intrinsic value of in the money options | 152.1 |
Exercisable, Aggregate intrinsic value of in the money options | $119 |
Share_Based_Compensation_Detai2
Share Based Compensation (Details 2) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of activity | ' | ' | ' |
Payout percentage | 180.00% | 173.00% | 200.00% |
Performance shares [Member] | ' | ' | ' |
Summary of activity | ' | ' | ' |
Outstanding shares, beginning balance | 233 | ' | ' |
Granted, shares | 69 | ' | ' |
Adjustment for performance results achieved | 57 | ' | ' |
Vested and issued, shares | -127 | -232 | -345 |
Forfeited, shares | -8 | ' | ' |
Outstanding shares, ending balance | 224 | 233 | ' |
Outstanding, Wtd. Avg. Grant Date Share Fair Value, Beginning Balance | 96.02 | ' | ' |
Granted, Wtd. Avg. Grant Date Share Fair Value | 108.48 | 98.15 | 101.57 |
Adjustment for performance results achieved, Wtd. Avg.Grant Date Fair Value | 87 | ' | ' |
Vested and issued, Wtd. Avg. Grant Date Share Fair Value | 87 | ' | ' |
Forfeited, Wtd. Avg. Grant Date Share Fair Value | 100.85 | ' | ' |
Outstanding, Wtd. Avg. Grant Date Share Fair Value, Ending Balance | 102.54 | 96.02 | ' |
Vested shares, Total Fair Value | 14.2 | 18.7 | 25.8 |
Restricted stock and restricted stock units [Member] | ' | ' | ' |
Summary of activity | ' | ' | ' |
Outstanding shares, beginning balance | 199 | ' | ' |
Granted, shares | 53 | ' | ' |
Vested and issued, shares | -56 | ' | ' |
Forfeited, shares | -6 | ' | ' |
Outstanding shares, ending balance | 190 | 199 | ' |
Outstanding, Wtd. Avg. Grant Date Share Fair Value, Beginning Balance | 74.63 | ' | ' |
Granted, Wtd. Avg. Grant Date Share Fair Value | 109.69 | 80.17 | 73.73 |
Vested and issued, Wtd. Avg. Grant Date Share Fair Value | 73.31 | ' | ' |
Forfeited, Wtd. Avg. Grant Date Share Fair Value | 83.92 | ' | ' |
Outstanding, Wtd. Avg. Grant Date Share Fair Value, Ending Balance | 84.57 | 74.63 | ' |
Vested shares, Total Fair Value | 6.4 | 9.4 | 6.2 |
Share_Based_Compensation_Detai3
Share Based Compensation (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Pre-tax share-based compensation expense | $42.50 | $41.10 | $43.50 |
Income tax benefit related to share-based compensation expense, Total | 12.9 | 12.5 | 13.8 |
Unrecognized compensation cost related to share-based compensation awards, net of estimated forfeitures, Total | 38.3 | ' | ' |
Weighted average period for recognition of total unrecognized compensation cost | '1 year 8 months | ' | ' |
Payout percentage | 180.00% | 173.00% | 200.00% |
Payout percentage in December 2014 for performance period ending September 30, 2014 | 187.00% | ' | ' |
Stock Option [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Expiration Period | '10 years | ' | ' |
Vesting period | '3 years | ' | ' |
Per share weighted average fair value of stock options granted | $34.03 | $25.18 | $23.49 |
Total intrinsic value of stock option exercised | 108.1 | 131.7 | 43.9 |
Performance shares [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Maximum potential shares to be delivered in payment under performance share awards | 154,000 | ' | ' |
Per share weighted average fair value | $108.48 | $98.15 | $101.57 |
Vested shares, Total Fair Value | 14.2 | 18.7 | 25.8 |
Restricted stock and restricted stock units [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Per share weighted average fair value | $109.69 | $80.17 | $73.73 |
Vested shares, Total Fair Value | $6.40 | $9.40 | $6.20 |
2012 Long Term Incentive Plan [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Shares authorized | 6,800,000 | ' | ' |
Shares available for grant | 4,200,000 | ' | ' |
2003 Directors Stock Incentive Plan [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Shares authorized | 500,000 | ' | ' |
Shares available for grant | 300,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Payout percentage | 0.00% | ' | ' |
Minimum [Member] | Restricted stock and restricted stock units [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Vesting period | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Payout percentage | 200.00% | ' | ' |
Maximum [Member] | Restricted stock and restricted stock units [Member] | ' | ' | ' |
Share-Based Compensation (Textuals) [Abstract] | ' | ' | ' |
Vesting period | '5 years | ' | ' |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Amortization: | ' | ' | ' |
Prior service credit | ($12.90) | ' | ' |
Net actuarial loss | 102.6 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 78.5 | 92.1 | 71.8 |
Interest cost | 174.2 | 160.2 | 167.6 |
Expected return on plan assets | -217.9 | -226.3 | -228.1 |
Amortization: | ' | ' | ' |
Prior service credit | -2.7 | -2.5 | -2.3 |
Net actuarial loss | 99.7 | 144.6 | 94.7 |
Settlements | -0.1 | 0 | 1 |
Net periodic benefit cost | 131.7 | 168.1 | 104.7 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 2 | 2.3 | 2.2 |
Interest cost | 6.5 | 6.3 | 7.2 |
Expected return on plan assets | ' | ' | ' |
Amortization: | ' | ' | ' |
Prior service credit | -10.2 | -10.7 | -10.6 |
Net actuarial loss | 2.9 | 4.4 | 2.4 |
Settlements | ' | ' | ' |
Net periodic benefit cost | $1.20 | $2.30 | $1.20 |
Retirement_Benefits_Details_1
Retirement Benefits (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of benefit obligation plan assets and funded status | ' | ' | ' |
Plan assets at end of year | $3,591 | $3,367 | ' |
Net amount on balance sheet consists of: | ' | ' | ' |
Retirement benefits | -767.9 | -595.9 | ' |
Pension Benefits [Member] | ' | ' | ' |
Summary of benefit obligation plan assets and funded status | ' | ' | ' |
Benefit obligation at beginning of year | 3,804.80 | 4,150.20 | ' |
Service cost | 78.5 | 92.1 | 71.8 |
Interest cost | 174.2 | 160.2 | 167.6 |
Actuarial losses (gains) | 431.5 | -401 | ' |
Plan amendments | 1.2 | ' | ' |
Plan participant contributions | 5.4 | 5.5 | ' |
Benefits paid | -218.8 | -198 | ' |
Currency translation and other | -40.2 | -4.2 | ' |
Benefit obligation at end of year | 4,236.60 | 3,804.80 | 4,150.20 |
Plan assets at beginning of year | 3,367 | 3,213.30 | ' |
Actual return on plan assets | 425.2 | 309 | ' |
Company contributions | 42.1 | 41.3 | ' |
Currency translation and other | -29.9 | -4.1 | ' |
Plan assets at end of year | 3,591 | 3,367 | 3,213.30 |
Funded status of plans | -645.6 | -437.8 | ' |
Net amount on balance sheet consists of: | ' | ' | ' |
Other assets | 1.4 | 10.3 | ' |
Compensation and benefits | -12.2 | -10.8 | ' |
Retirement benefits | -634.8 | -437.3 | ' |
Net amount on balance sheet | -645.6 | -437.8 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Summary of benefit obligation plan assets and funded status | ' | ' | ' |
Benefit obligation at beginning of year | 150.2 | 172.5 | ' |
Service cost | 2 | 2.3 | 2.2 |
Interest cost | 6.5 | 6.3 | 7.2 |
Actuarial losses (gains) | 14.2 | -14.9 | ' |
Plan amendments | -37 | ' | ' |
Plan participant contributions | 8.2 | 9.4 | ' |
Benefits paid | -21 | -24.7 | ' |
Currency translation and other | -0.9 | -0.7 | ' |
Benefit obligation at end of year | 122.2 | 150.2 | 172.5 |
Plan assets at beginning of year | ' | ' | ' |
Actual return on plan assets | ' | ' | ' |
Company contributions | 12.8 | 15.3 | ' |
Currency translation and other | ' | ' | ' |
Plan assets at end of year | ' | ' | ' |
Funded status of plans | -122.2 | -150.2 | ' |
Net amount on balance sheet consists of: | ' | ' | ' |
Other assets | ' | ' | ' |
Compensation and benefits | -14.9 | -14.7 | ' |
Retirement benefits | -107.3 | -135.5 | ' |
Net amount on balance sheet | ($122.20) | ($150.20) | ' |
Retirement_Benefits_Details_2
Retirement Benefits (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Amounts included in accumulated other comprehensive loss, net of tax | ' | ' |
Prior service cost (credit) | $4 | $1.40 |
Net actuarial loss | 904.7 | 812.2 |
Net transition benefit | ' | -0.1 |
Total | 908.7 | 813.5 |
Other Postretirement Benefits [Member] | ' | ' |
Amounts included in accumulated other comprehensive loss, net of tax | ' | ' |
Prior service cost (credit) | -31.9 | -15.1 |
Net actuarial loss | 32.6 | 25.4 |
Net transition benefit | ' | ' |
Total | $0.70 | $10.30 |
Retirement_Benefits_Details_3
Retirement Benefits (Details 3) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Net periodic benefit cost assumptions | ' | ' | ' |
Discount rate | 5.05% | 4.15% | 5.20% |
Expected return on plan assets | 7.50% | 8.00% | 8.00% |
Compensation increase rate | 3.75% | 4.00% | 4.00% |
Net benefit obligation assumptions | ' | ' | ' |
Discount rate | 4.50% | 5.05% | ' |
Compensation increase rate | 3.75% | 3.75% | ' |
Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Net periodic benefit cost assumptions | ' | ' | ' |
Discount rate | 3.69% | 3.37% | 4.15% |
Expected return on plan assets | 5.33% | 5.42% | 5.93% |
Compensation increase rate | 3.11% | 3.03% | 3.03% |
Net benefit obligation assumptions | ' | ' | ' |
Discount rate | 3.01% | 3.69% | ' |
Compensation increase rate | 3.16% | 3.11% | ' |
U.S. Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Net periodic benefit cost assumptions | ' | ' | ' |
Discount rate | 4.60% | 3.85% | 4.90% |
Net benefit obligation assumptions | ' | ' | ' |
Discount rate | 3.65% | 4.60% | ' |
Healthcare cost trend rate | 7.00% | 7.50% | ' |
Non-U.S. Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Net periodic benefit cost assumptions | ' | ' | ' |
Discount rate | 4.20% | 3.80% | 4.10% |
Net benefit obligation assumptions | ' | ' | ' |
Discount rate | 3.50% | 4.20% | ' |
Healthcare cost trend rate | 5.83% | 6.27% | ' |
Retirement_Benefits_Details_4
Retirement Benefits (Details 4) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Equity Securities [Member] | ' | ' |
Asset Allocation | ' | ' |
Minimum | 30.00% | ' |
Maximum | 65.00% | ' |
Target Allocation | 55.00% | ' |
As of the balance sheet date | 50.00% | 53.00% |
Debt Securities [Member] | ' | ' |
Asset Allocation | ' | ' |
Minimum | 35.00% | ' |
Maximum | 50.00% | ' |
Target Allocation | 40.00% | ' |
As of the balance sheet date | 42.00% | 40.00% |
Other Security [Member] | ' | ' |
Asset Allocation | ' | ' |
Minimum | 0.00% | ' |
Maximum | 35.00% | ' |
Target Allocation | 5.00% | ' |
As of the balance sheet date | 8.00% | 7.00% |
Retirement_Benefits_Details_5
Retirement Benefits (Details 5) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | $3,591 | $3,367 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 1,213.80 | 1,217.10 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 2,177.90 | 1,968.60 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 199.3 | 181.3 | 180.3 |
Cash and Cash Equivalents [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 1.9 | 3.7 | ' |
Cash and Cash Equivalents [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 7.2 | 19 | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 1.9 | 3.7 | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 7.2 | 19 | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Common stock [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 706.8 | 711.8 | ' |
Common stock [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 46.4 | 41.6 | ' |
Common stock [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 706.8 | 711.8 | ' |
Common stock [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 46.4 | 41.6 | ' |
Common stock [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Common stock [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Common stock [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Common stock [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Mutual funds [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 216.8 | 196.3 | ' |
Mutual funds [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 216.8 | 196.3 | ' |
Mutual funds [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Mutual funds [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Equity Common collective trusts [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 527.2 | 561.5 | ' |
Equity Common collective trusts [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 286 | 286.4 | ' |
Equity Common collective trusts [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Equity Common collective trusts [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Equity Common collective trusts [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 527.2 | 561.5 | ' |
Equity Common collective trusts [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 286 | 286.4 | ' |
Equity Common collective trusts [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Equity Common collective trusts [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Corporate debt [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 692.6 | 535.7 | ' |
Corporate debt [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 31 | 39.9 | ' |
Corporate debt [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Corporate debt [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Corporate debt [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 692.6 | 535.7 | ' |
Corporate debt [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 31 | 39.9 | ' |
Corporate debt [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Corporate debt [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
U.S. Government Securities [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 378.6 | 357 | ' |
U.S. Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 231.4 | 240.8 | ' |
U.S. Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 147.2 | 116.2 | ' |
U.S. Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Non-U.S. Government securities [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 18.2 | 17.6 | ' |
Non-U.S. Government securities [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 3.3 | 3.9 | ' |
Non-U.S. Government securities [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 14.9 | 13.7 | ' |
Non-U.S. Government securities [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Fixed income securities Common collective trusts [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 129.4 | 128.6 | ' |
Fixed income securities Common collective trusts [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 266.7 | 239 | ' |
Fixed income securities Common collective trusts [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Fixed income securities Common collective trusts [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Fixed income securities Common collective trusts [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 129.4 | 128.6 | ' |
Fixed income securities Common collective trusts [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 266.7 | 239 | ' |
Fixed income securities Common collective trusts [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Fixed income securities Common collective trusts [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Private equity [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 78.8 | 80.4 | ' |
Private equity [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Private equity [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Private equity [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 78.8 | 80.4 | 83.2 |
Alternative equity [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 49.9 | 42.1 | ' |
Alternative equity [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Alternative equity [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Alternative equity [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 49.9 | 42.1 | 53.4 |
Real estate [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 88.9 | 52.9 | ' |
Real estate [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Real estate [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 80.3 | 44.6 | ' |
Real estate [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 8.6 | 8.3 | 0 |
Insurance contracts [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 0.9 | 0.8 | ' |
Insurance contracts [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 57.8 | 45.5 | ' |
Insurance contracts [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Insurance contracts [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Insurance contracts [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Insurance contracts [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Insurance contracts [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 0.9 | 0.8 | 0.8 |
Insurance contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 57.8 | 45.5 | 38.5 |
Other [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 5.9 | 7.2 | ' |
Other [Member] | Fair Value, Inputs, Level 1 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | ' | ' | ' |
Other [Member] | Fair Value, Inputs, Level 2 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | 2.6 | 3 | ' |
Other [Member] | Fair Value, Inputs, Level 3 [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Investments measured at fair value | ' | ' | ' |
Defined benefit plan fair value of plan assets | $3.30 | $4.20 | $4.40 |
Retirement_Benefits_Details_6
Retirement Benefits (Details 6) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at end of year | $3,591 | $3,367 |
Private equity [Member] | U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at end of year | 78.8 | 80.4 |
Alternative equity [Member] | U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at end of year | 49.9 | 42.1 |
Insurance contracts [Member] | U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at end of year | 0.9 | 0.8 |
Insurance contracts [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at end of year | 57.8 | 45.5 |
Real estate [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at end of year | 88.9 | 52.9 |
Other [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at end of year | 5.9 | 7.2 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at beginning of year | 181.3 | 180.3 |
Realized Gains | 9.1 | 5.5 |
Unrealized Gains (Losses) | 13.7 | -5.1 |
Purchases, Sales, Issuances, and Settlements, Net | -4.8 | 0.6 |
Plan assets at end of year | 199.3 | 181.3 |
Fair Value, Inputs, Level 3 [Member] | Private equity [Member] | U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at beginning of year | 80.4 | 83.2 |
Realized Gains | 7.8 | 6.6 |
Unrealized Gains (Losses) | -3.5 | -10.8 |
Purchases, Sales, Issuances, and Settlements, Net | -5.9 | 1.4 |
Plan assets at end of year | 78.8 | 80.4 |
Fair Value, Inputs, Level 3 [Member] | Alternative equity [Member] | U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at beginning of year | 42.1 | 53.4 |
Realized Gains | 1.3 | -1.1 |
Unrealized Gains (Losses) | 2.8 | 4.1 |
Purchases, Sales, Issuances, and Settlements, Net | 3.7 | -14.3 |
Plan assets at end of year | 49.9 | 42.1 |
Fair Value, Inputs, Level 3 [Member] | Insurance contracts [Member] | U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at beginning of year | 0.8 | 0.8 |
Realized Gains | ' | ' |
Unrealized Gains (Losses) | ' | ' |
Purchases, Sales, Issuances, and Settlements, Net | 0.1 | ' |
Plan assets at end of year | 0.9 | 0.8 |
Fair Value, Inputs, Level 3 [Member] | Insurance contracts [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at beginning of year | 45.5 | 38.5 |
Realized Gains | ' | ' |
Unrealized Gains (Losses) | 14.1 | 1 |
Purchases, Sales, Issuances, and Settlements, Net | -1.8 | 6 |
Plan assets at end of year | 57.8 | 45.5 |
Fair Value, Inputs, Level 3 [Member] | Real estate [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at beginning of year | 8.3 | 0 |
Realized Gains | ' | ' |
Unrealized Gains (Losses) | 0.3 | 0.4 |
Purchases, Sales, Issuances, and Settlements, Net | 0 | 7.9 |
Plan assets at end of year | 8.6 | 8.3 |
Fair Value, Inputs, Level 3 [Member] | Other [Member] | Non-U.S. Pension Benefit Plans [Member] | ' | ' |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Plan assets at beginning of year | 4.2 | 4.4 |
Realized Gains | ' | ' |
Unrealized Gains (Losses) | ' | 0.2 |
Purchases, Sales, Issuances, and Settlements, Net | -0.9 | -0.4 |
Plan assets at end of year | $3.30 | $4.20 |
Retirement_Benefits_Details_7
Retirement Benefits (Details 7) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | ' |
Estimated future benefit payments | ' |
2015 | $238.40 |
2016 | 221.9 |
2017 | 227.1 |
2018 | 235.5 |
2019 | 238.7 |
2020 - 2024 | 1,375.20 |
Other Postretirement Benefits [Member] | ' |
Estimated future benefit payments | ' |
2015 | 15.2 |
2016 | 15.4 |
2017 | 14.6 |
2018 | 13.9 |
2019 | 13.2 |
2020 - 2024 | $30.80 |
Retirement_Benefits_Details_8
Retirement Benefits (Details 8) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
One percentage point change in assumed health care cost trend rates | ' | ' |
One-Percentage Point Increase - Increase to total of service and interest cost components | $0.20 | $0.20 |
One-Percentage Point Decrease - Decrease to total of service and interest cost components | -0.1 | -0.2 |
One-Percentage Point Increase - Increase to postretirement benefit obligation | 3 | 2.1 |
One-Percentage Point Decrease - Decrease to postretirement benefit obligation | -2.6 | -1.8 |
Pension plans with accumulated benefit obligations in excess of plan assets | ' | ' |
Projected benefit obligation | 3,919.10 | 760.1 |
Accumulated benefit obligation | 3,651.50 | 674.6 |
Fair value of plan assets | $3,277.80 | $436.10 |
Retirement_Benefit_Details_Tex
Retirement Benefit (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company contribution range | '3% to 7% | ' | ' |
Voluntary contributions to U.S. qualified pension plan | ' | ' | $300 |
Recognized prior service credits | 12.9 | ' | ' |
Recognized prior service credits, net of tax | 8.1 | ' | ' |
Recognized net actuarial losses | 102.6 | ' | ' |
Recognized net actuarial losses, net of tax | 66.4 | ' | ' |
Accumulated benefit obligation for pension plans | 3,960.20 | 3,563.20 | ' |
Expense related to defined contribution savings plans | 43.8 | 40.9 | 38.2 |
Defined Benefit Plan, Amounts that will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | ' | ' | ' |
Prior service credits | 17.2 | ' | ' |
Prior service credits, net of tax | 10.8 | ' | ' |
Net actuarial losses | 126 | ' | ' |
Net actuarial losses, net of tax | 82.6 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Recognized prior service credits | 2.7 | 2.5 | 2.3 |
Recognized net actuarial losses | 99.7 | 144.6 | 94.7 |
Non-U.S. Pension Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated future payments, during next fiscal year | 45.5 | ' | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Recognized prior service credits | 10.2 | 10.7 | 10.6 |
Recognized net actuarial losses | 2.9 | 4.4 | 2.4 |
U.S. Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Decrease in gross healthcare trend rate | 5.50% | ' | ' |
Year of decrease in gross healthcare trend rate | '2017 | ' | ' |
Non-U.S. Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Decrease in gross healthcare trend rate | 4.50% | ' | ' |
Year of decrease in gross healthcare trend rate | '2017 | ' | ' |
Estimated future payments, during next fiscal year | $15.20 | ' | ' |
Other_Income_Expense_Details
Other Income (Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of other expense | ' | ' | ' |
Net loss on disposition of property | ($0.60) | ($0.50) | ($1) |
Interest income | 9.5 | 9.8 | 7.8 |
Royalty income | 2.5 | 3.3 | 2.3 |
Environmental charges | -5.2 | -13.5 | -9.3 |
Other | 3.5 | 6.6 | -4.8 |
Other income (expense) | 9.7 | 5.7 | -5 |
Gain from favorable resolutions of certain intellectual property and commercial legal matters | $8 | $19.20 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | $607.30 | $513.50 | $469.60 |
Non-United States | ' | ' | ' | ' | ' | ' | ' | ' | 526.9 | 467.4 | 496.3 |
Total | 339 | 274 | 248.4 | 272.8 | 279.2 | 257.4 | 227.1 | 217.2 | 1,134.20 | 980.9 | 965.9 |
Current income tax provision: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | 219.4 | 164.5 | 71.3 |
Non-United States | ' | ' | ' | ' | ' | ' | ' | ' | 85.3 | 51.1 | 72.3 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 9.9 | 15.5 | 3.1 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 314.6 | 231.1 | 146.7 |
Deferred income tax provision: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | -3.8 | -1.3 | 76.8 |
Non-United States | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -2.9 | 0.4 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | -2.3 | 5 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -7.2 | -6.5 | 82.2 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 307.4 | 224.6 | 228.9 |
Total income taxes paid | ' | ' | ' | ' | ' | ' | ' | ' | $323.80 | $203.90 | $167.50 |
Income_Taxes_Details_1
Income Taxes (Details 1) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Effective Tax Rate Reconciliation | ' | ' | ' |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 0.80% | 0.90% | 0.80% |
Non-United States taxes | -9.50% | -9.60% | -10.30% |
Foreign tax credit utilization | 0.50% | 0.80% | 0.40% |
Employee stock ownership plan benefit | -0.20% | -0.20% | -0.30% |
Changes in valuation allowances | -0.10% | -0.40% | -0.20% |
Domestic manufacturing deduction | -1.10% | -1.10% | -1.10% |
Resolution of prior period tax matters | 1.00% | -2.00% | -0.60% |
Other | 0.70% | -0.50% | 0.00% |
Effective income tax rate | 27.10% | 22.90% | 23.70% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Current deferred income tax assets: | ' | ' |
Compensation and benefits | $33.70 | $26.40 |
Product warranty costs | 12.3 | 13 |
Inventory | 18.3 | 48 |
Allowance for doubtful accounts | 8.8 | 9.8 |
Deferred credits | 7.5 | 9.3 |
Returns, rebates and incentives | 54.5 | 49.7 |
Self-insurance reserves | 0.9 | 2.5 |
Restructuring reserves | 2.1 | 3.1 |
Net operating loss carryforwards | 3.5 | 3.7 |
U.S. federal tax credit carryforward | 0.2 | 0 |
Other - net | 21.7 | 24 |
Current deferred income tax assets | 163.5 | 189.5 |
Long-term deferred income tax assets (liabilities): | ' | ' |
Retirement benefits | 240.4 | 177.4 |
Property | -81.9 | -88.5 |
Intangible assets | -50.2 | -40.2 |
Environmental reserves | 16.9 | 18 |
Share-based compensation | 32.6 | 33.8 |
Self-insurance reserves | 7.9 | 7 |
Deferred gains | 2.4 | 2.8 |
Net operating loss carryforwards | 31.9 | 37.6 |
Capital loss carryforwards | 14.8 | 14.2 |
US federal tax credit carryforwards | 1.3 | 2.1 |
State tax credit carryforwards | 5.8 | 4.7 |
Other - net | 11.6 | 6.7 |
Subtotal | 233.5 | 175.6 |
Valuation allowance | -27.8 | -28.3 |
Net long-term deferred income tax assets | 205.7 | 147.3 |
Total deferred income tax assets | $369.20 | $336.80 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, tax benefit amount | 57.5 |
Net operating loss carryforward, valuation allowance | 26.6 |
Tax credit carryforward, tax benefit amount | 1.2 |
Tax credit carryforward, valuation allowance | 1.2 |
Total, tax benefit amount | 58.7 |
Total, valuation allowance | 27.8 |
Non-United States - Finite [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, tax benefit amount | 6.7 |
Net operating loss carryforward, valuation allowance | 4.9 |
Non-United States - Infinite [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, tax benefit amount | 10.1 |
Net operating loss carryforward, valuation allowance | 6.7 |
Non-United States capital loss carryforward [Member] | ' |
Tax attributes and valuation allowances | ' |
Tax credit carryforward, tax benefit amount | 14.8 |
Tax credit carryforward, valuation allowance | 14.8 |
United States [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, tax benefit amount | 5 |
Net operating loss carryforward, valuation allowance | 0 |
Tax credit carryforward, tax benefit amount | 1.5 |
Tax credit carryforward, valuation allowance | 0 |
State and Local [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, tax benefit amount | 13.6 |
Net operating loss carryforward, valuation allowance | 0.2 |
Tax credit carryforward, tax benefit amount | 5.8 |
Tax credit carryforward, valuation allowance | 0 |
Minimum [Member] | Non-United States - Finite [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, carryforward period ends | 30-Sep-15 |
Minimum [Member] | United States [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, carryforward period ends | 30-Sep-19 |
Other tax carryforward, carryforward period ends | 30-Sep-18 |
Minimum [Member] | State and Local [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, carryforward period ends | 30-Sep-15 |
Other tax carryforward, carryforward period ends | 30-Sep-25 |
Maximum [Member] | Non-United States - Finite [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, carryforward period ends | 30-Sep-24 |
Maximum [Member] | United States [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, carryforward period ends | 30-Sep-33 |
Other tax carryforward, carryforward period ends | 30-Sep-27 |
Maximum [Member] | State and Local [Member] | ' |
Tax attributes and valuation allowances | ' |
Net operating loss carryforward, carryforward period ends | 30-Sep-33 |
Other tax carryforward, carryforward period ends | 30-Sep-29 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Unrecognized tax benefits, excluding interest and penalties | ' | ' | ' |
Gross unrecognized tax benefits balance at beginning of year | $40.80 | $70.30 | $75.10 |
Additions based on tax positions related to the current year | 1 | 1.1 | 0 |
Additions based on tax positions related to prior years | 2.2 | 8.8 | 3.3 |
Reductions based on tax positions related to prior years | 0 | 0 | ' |
Reductions related to settlements with taxing authorities | ' | -36.2 | -6.3 |
Reductions related to lapses of statute of limitations | -4.2 | -1.2 | -2.4 |
Effect of foreign currency translation (decreases) | -0.9 | -2 | ' |
Effect of foreign currency translation (increases) | ' | ' | 0.6 |
Gross unrecognized tax benefits balance at end of year | $38.90 | $40.80 | $70.30 |
Income_Taxes_Details_Textuals
Income Taxes (Details Textuals) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes (Textuals) [Abstract] | ' | ' | ' | ' |
Net discrete tax benefits | ' | $22.70 | ' | ' |
Expiration date of non-U.S. government sponsored tax incentive programs | '2016 through 2019 | ' | ' | ' |
Tax benefit attributable to non-U.S. government sponsored tax incentive programs | 42.9 | 38.2 | 41.9 | ' |
Tax benefit per diluted share attributable to non-U.S. government sponsored tax incentive programs | $0.31 | $0.27 | $0.29 | ' |
Total deferred tax assets | 529.1 | 493.8 | ' | ' |
Total deferred tax liabilities | 132.1 | 128.7 | ' | ' |
Cumulative undistributed earnings of foreign subsidiaries | 2,781 | ' | ' | ' |
Gross unrecognized tax benefits | 38.9 | 40.8 | 70.3 | 75.1 |
Accrued interest and penalties for unrecognized tax benefits | 8.1 | 12.4 | ' | ' |
Benefits (expense) recognized for interest and penalties related to unrecognized tax benefits | 4 | 6.7 | -3.1 | ' |
Net impact on effective tax rate of unrecognized tax benefits, tax penalities, accrued interest, and offsetting tax assets | 22.9 | ' | ' | ' |
Reasonably possible amount of decrease in unrecognized tax benefits for the next twelve months, upper bound | 23.8 | ' | ' | ' |
Reasonably possible amount of net reduction to income tax provision if unrecognized tax benefits were recognized | $9.10 | ' | ' | ' |
Earliest open year for income tax examinations, U.S. federal | '2012 | ' | ' | ' |
Earliest open year for income tax examinations, state, local and non-U.S. | '2003 | ' | ' | ' |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Minimum future rental commitments under operating leases having noncancelable lease terms | ' |
2015 | $78.70 |
2016 | 62.1 |
2017 | 51.1 |
2018 | 40.3 |
2019 | 31.4 |
Beyond 2019 | 76.2 |
Total | $339.80 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingent Liabilities (Textuals) [Abstract] | ' | ' | ' |
Number of Superfund sites designated potentially responsible party at | 13 | ' | ' |
Asset retirement obligations in other current liabilities | $0.30 | $2.30 | ' |
Asset retirement obligations in other liabilities | 21.9 | 22 | ' |
Rental expense | 121.6 | 119.6 | 115 |
Minimum future rental commitments under operating leases | 339.8 | ' | ' |
Commitments from third parties under sublease agreements | 0.8 | ' | ' |
Commitments from third parties under sublease agreements, annual | 0.2 | ' | ' |
Dodge mechanical and Reliance Electric motors indemnification [ Member] | ' | ' | ' |
Site Contingency [Line Items] | ' | ' | ' |
Total reasonably possible contingency costs | 9.2 | ' | ' |
Accrued potential future payments in other current liabilities | 0.8 | 0.3 | ' |
Accrued potential future payments in other liabilities | 7 | 9.2 | ' |
Environmental Sites Other Than Reliance Electric [Member] | ' | ' | ' |
Site Contingency [Line Items] | ' | ' | ' |
Total reasonably possible contingency costs | 105 | ' | ' |
Loss Contingency, Estimate of Possible Loss, Net of Related Receivables | 90 | ' | ' |
Accrued environmental cost | 60 | ' | ' |
Accrual For Environmental Loss Contingencies, Net of Related Receivables | 47 | ' | ' |
Environmental Sites Other Than Reliance Electric [Member] | Discounted [Member] | ' | ' | ' |
Site Contingency [Line Items] | ' | ' | ' |
Accrued environmental cost | 40.6 | ' | ' |
Reliance Electric [Member] | ' | ' | ' |
Site Contingency [Line Items] | ' | ' | ' |
Total reasonably possible contingency costs | 30.6 | ' | ' |
Accrued environmental cost | 27.9 | ' | ' |
Environmental receivables | $26.70 | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales and operating results of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $1,781.80 | $1,649.50 | $1,600.50 | $1,591.70 | $1,715.70 | $1,624.20 | $1,522.80 | $1,489.20 | $6,623.50 | $6,351.90 | $6,259.40 |
Income before income taxes | 339 | 274 | 248.4 | 272.8 | 279.2 | 257.4 | 227.1 | 217.2 | 1,134.20 | 980.9 | 965.9 |
Purchase accounting depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -21.6 | -19.3 | -19.8 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -59.3 | -60.9 | -60.1 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and operating results of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,352 | 1,236.80 | 1,163.90 |
Architecture and Software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and operating results of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,845.30 | 2,682 | 2,650.40 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 839.6 | 759.4 | 714.4 |
Control Products and Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and operating results of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,778.20 | 3,669.90 | 3,609 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 512.4 | 477.4 | 449.5 |
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and operating results of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase accounting depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -21.6 | -19.3 | -19.8 |
Non-operating pension cost | ' | ' | ' | ' | ' | ' | ' | ' | -55.9 | -78.5 | -35.2 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and operating results of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General corporate-net | ' | ' | ' | ' | ' | ' | ' | ' | -81 | -97.2 | -82.9 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ($59.30) | ($60.90) | ($60.10) |
Business_Segment_Information_D1
Business Segment Information (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets | $6,229.50 | $5,844.60 | $5,636.50 |
Depreciation and amortization | 152.5 | 145.2 | 138.6 |
Components of Identifiable assets Depreciation and amortization and Capital expenditures for property | ' | ' | ' |
Purchase accounting depreciation and amortization | 21.6 | 19.3 | 19.8 |
Capital expenditures | 141 | 146.2 | 139.6 |
Architecture and Software [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets | 1,874.50 | 1,653.40 | 1,648.40 |
Depreciation and amortization | 64.8 | 68.1 | 61.6 |
Components of Identifiable assets Depreciation and amortization and Capital expenditures for property | ' | ' | ' |
Capital expenditures | 33.6 | 31.5 | 24.6 |
Control Products and Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets | 2,273.70 | 2,200 | 2,270.70 |
Depreciation and amortization | 65.9 | 57.7 | 57.1 |
Components of Identifiable assets Depreciation and amortization and Capital expenditures for property | ' | ' | ' |
Capital expenditures | 51.2 | 52.8 | 55.3 |
Corporate, Non-Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets | 2,081.30 | 1,991.20 | 1,717.40 |
Depreciation and amortization | 0.2 | 0.1 | 0.1 |
Components of Identifiable assets Depreciation and amortization and Capital expenditures for property | ' | ' | ' |
Capital expenditures | 56.2 | 61.9 | 59.7 |
Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | $130.90 | $125.90 | $118.80 |
Business_Segment_Information_D2
Business Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales and property by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $1,781.80 | $1,649.50 | $1,600.50 | $1,591.70 | $1,715.70 | $1,624.20 | $1,522.80 | $1,489.20 | $6,623.50 | $6,351.90 | $6,259.40 |
Property | 632.9 | ' | ' | ' | 616 | ' | ' | ' | 632.9 | 616 | 587.1 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and property by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,414.60 | 3,202.90 | 3,067.30 |
Property | 497.5 | ' | ' | ' | 484.7 | ' | ' | ' | 497.5 | 484.7 | 458.8 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and property by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 437 | 468.7 | 464.3 |
Property | 7.6 | ' | ' | ' | 7.6 | ' | ' | ' | 7.6 | 7.6 | 8.6 |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and property by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,351.80 | 1,284.90 | 1,280.60 |
Property | 48.8 | ' | ' | ' | 43 | ' | ' | ' | 48.8 | 43 | 41.6 |
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and property by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 884 | 851.9 | 942.4 |
Property | 37.3 | ' | ' | ' | 39.1 | ' | ' | ' | 37.3 | 39.1 | 39.4 |
Latin America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and property by geographic region | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 536.1 | 543.5 | 504.8 |
Property | $41.70 | ' | ' | ' | $41.60 | ' | ' | ' | $41.70 | $41.60 | $38.70 |
Business_Segment_Information_D3
Business Segment Information (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Portion of total sales to largest distributor | 10.00% | 10.00% | 10.00% |
Identifiable assets | $6,229.50 | $5,844.60 | $5,636.50 |
Capital expenditures | 141 | 146.2 | 139.6 |
Corporate, Non-Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets | 2,081.30 | 1,991.20 | 1,717.40 |
Capital expenditures | 56.2 | 61.9 | 59.7 |
Corporate, Non-Segment [Member] | Shared by segments and used in operating activities [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable assets | 294.1 | 299.2 | 318 |
Capital expenditures | $56.20 | $61.90 | $59.70 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $1,781.80 | $1,649.50 | $1,600.50 | $1,591.70 | $1,715.70 | $1,624.20 | $1,522.80 | $1,489.20 | $6,623.50 | $6,351.90 | $6,259.40 |
Gross profit | 752.9 | 681.5 | 655.8 | 663.7 | 697.2 | 652.9 | 616.4 | 607.3 | 2,753.90 | 2,573.80 | 2,522.70 |
Income before income taxes | 339 | 274 | 248.4 | 272.8 | 279.2 | 257.4 | 227.1 | 217.2 | 1,134.20 | 980.9 | 965.9 |
Net income | $248.70 | $199.70 | $180.30 | $198.10 | $215.30 | $203.70 | $175.90 | $161.40 | $826.80 | $756.30 | $737 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $1.81 | $1.44 | $1.30 | $1.43 | $1.55 | $1.46 | $1.25 | $1.16 | $5.98 | $5.43 | $5.20 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | $1.79 | $1.43 | $1.28 | $1.41 | $1.53 | $1.45 | $1.24 | $1.14 | $5.91 | $5.36 | $5.13 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts | ' | ' | ' |
Balance at Beginning of Year | $25.30 | $30.80 | $28.90 |
Additions Charged to Costs and Expenses | 6.5 | 2.8 | 7.8 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 9.6 | 8.3 | 5.9 |
Balance at End of Year | 22.2 | 25.3 | 30.8 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts | ' | ' | ' |
Balance at Beginning of Year | 28.3 | 31.8 | 32.8 |
Additions Charged to Costs and Expenses | 4 | 2.3 | 1 |
Additions Charged to Other Accounts | 0.5 | 0 | 0.5 |
Deductions | 5 | 5.8 | 2.5 |
Balance at End of Year | $27.80 | $28.30 | $31.80 |