Emerson Electric (EMR) 10-Q 5 Aug 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Information [Line Items]
Entity Registrant Name	EMERSON ELECTRIC CO
Entity Central Index Key	32,604
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		657,140,239

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 5,503	$ 6,312	$ 16,490	$ 17,730
Costs and expenses:
Cost of sales	3,269	3,674	9,810	10,461
Selling, general and administrative expenses	1,276	1,424	3,999	4,262
Gain on sale of business	0	0	932	0
Other deductions, net	122	96	322	328
Interest expense (net of interest income of $9, $7, $25 and $18, respectively)	40	46	126	147
Earnings before income taxes	796	1,072	3,165	2,532
Income taxes	222	334	1,083	763
Net earnings	574	738	2,082	1,769
Less: Noncontrolling interests in earnings of subsidiaries	10	10	20	32
Net earnings common stockholders	$ 564	$ 728	$ 2,062	$ 1,737
Basic earnings per share common stockholders	$ 0.84	$ 1.03	$ 3.02	$ 2.46
Diluted earnings per share common stockholders	0.84	1.03	3.01	2.45
Cash dividends per common share	$ 0.47	$ 0.43	$ 1.41	$ 1.29

Consolidated Statements Of Ear3

Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Interest income	$ 9	$ 7	$ 25	$ 18

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net earnings	$ 574	$ 738	$ 2,082	$ 1,769
Other comprehensive income (loss), net of tax:
Foreign currency translation	189	37	(543)	48
Pension and postretirement	27	24	83	71
Cash flow hedges	0	15	(23)	8
Total other comprehensive income (loss)	216	76	(483)	127
Comprehensive income	790	814	1,599	1,896
Less: Noncontrolling interests in comprehensive income of subsidiaries	9	10	18	30
Comprehensive income common stockholders	$ 781	$ 804	$ 1,581	$ 1,866

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Current assets
Cash and equivalents	$ 3,393	$ 3,149
Receivables, less allowances of $103 and $114, respectively	4,272	5,019
Inventories	2,144	2,057
Other current assets	835	642
Total current assets	10,644	10,867
Property, plant and equipment, net	3,610	3,802
Other assets
Goodwill	6,930	7,182
Other intangible assets	1,575	1,689
Other	705	637
Total other assets	9,210	9,508
Total assets	23,464	24,177
Current liabilities
Short-term borrowings and current maturities of long-term debt	3,179	2,465
Accounts payable	2,402	2,951
Accrued expenses	2,678	2,876
Income taxes	53	162
Total current liabilities	8,312	8,454
Long-term debt	4,290	3,559
Other liabilities	2,063	1,997
Equity
Common stock, $0.50 par value; authorized, 1,200,000,000 shares; issued, 953,354,012 shares; outstanding, 663,311,878 shares and 696,605,222 shares, respectively	477	477
Additional paid-in-capital	162	161
Retained earnings	20,969	19,867
Accumulated other comprehensive income (loss)	(1,056)	(575)
Cost of common stock in treasury, 290,042,134 shares and 256,748,790 shares, respectively	(11,803)	(9,811)
Common stockholders’ equity	8,749	10,119
Noncontrolling interests in subsidiaries	50	48
Total equity	8,799	10,167
Total liabilities and equity	$ 23,464	$ 24,177

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 103	$ 114
Common stock, par value per share	$ 0.50	$ 0.50
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	953,354,012	953,354,012
Common stock, shares outstanding	663,311,878	696,605,222
Treasury stock, shares	290,042,134	256,748,790

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net earnings	$ 2,082	$ 1,769
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	613	623
Changes in operating working capital	(530)	(157)
Pension funding	(21)	(90)
Gain on divestiture of business, after tax	(528)	0
Income taxes paid on divestiture gain	(360)	0
Other, net	172	139
Net cash provided by operating activities	1,428	2,284
Investing activities
Capital expenditures	(516)	(573)
Purchases of businesses, net of cash and equivalents acquired	(250)	(610)
Divestitures of businesses	1,399	264
Other, net	(86)	(107)
Net cash (used by) provided by investing activities	547	(1,026)
Financing activities
Net increase in short-term borrowings	1,500	910
Proceeds from short-term borrowings greater than three months	2,515	2,181
Payments of short-term borrowings greater than three months	(3,070)	(1,958)
Proceeds from long-term debt	1,000	1
Payments of long-term debt	(504)	(323)
Dividends paid	(960)	(910)
Purchases of common stock	(2,041)	(783)
Purchase of noncontrolling interest	0	(574)
Other, net	(12)	(19)
Net cash used by financing activities	(1,572)	(1,475)
Effect of exchange rate changes on cash and equivalents	(159)	(9)
Increase (decrease) in cash and equivalents	244	(226)
Beginning cash and equivalents	3,149	3,275
Ending cash and equivalents	3,393	3,049
Changes in operating working capital
Receivables	473	107
Inventories	(265)	(254)
Other current assets	(177)	(45)
Accounts payable	(287)	53
Accrued expenses	(130)	(82)
Income taxes	(144)	64
Changes in operating working capital	$ (530)	$ (157)

Summary of Significant Accounti

Summary of Significant Accounting Policies Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation And Recently Issued Accounting Pronouncements	In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles (GAAP). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2014 . Certain prior year amounts have been reclassified to conform with current year presentation. In the first quarter of 2015, the Company adopted updates to ASC 205, Presentation of Financial Statements , and ASC 360, Property, Plant and Equipment , regarding the reporting of discontinued operations. These updates raised the threshold for reporting discontinued operations to a strategic business shift having a major effect on an entity's operations and financial results. The updates also added disclosures for disposals of business units qualifying for discontinued presentation, and for some dispositions that do not qualify as discontinued operations but are still considered individually significant components of the entity.

Weighted Average Common Shares

Weighted Average Common Shares	9 Months Ended
	Jun. 30, 2015
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted Average Common Shares	Reconciliations of weighted average shares for basic and diluted earnings per common share follow (in millions). Earnings allocated to participating securities were inconsequential. Three Months Ended Nine Months Ended 2014 2015 2014 2015 Basic shares outstanding 699.6 665.7 701.6 679.3 Dilutive shares 3.7 3.2 4.0 3.3 Diluted shares outstanding 703.3 668.9 705.6 682.6

Other Financial Information

Other Financial Information	9 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Other Financial Information	Other Financial Information (in millions): Sept 30, 2014 June 30, 2015 Inventories Finished products $ 741 810 Raw materials and work in process 1,316 1,334 Total $ 2,057 2,144 Property, plant and equipment, net Property, plant and equipment, at cost $ 9,411 9,052 Less: Accumulated depreciation 5,609 5,442 Total $ 3,802 3,610 Goodwill by business segment Process Management $ 2,701 2,796 Industrial Automation 1,329 1,042 Network Power 2,218 2,172 Climate Technologies 500 494 Commercial & Residential Solutions 434 426 Total $ 7,182 6,930 The Company has announced certain strategic actions, including the planned spinoff of the Network Power business, as well as the evaluation of alternatives, including potential sale, for the power generation and motors and drives businesses. These units, with goodwill of $2.2 billion , $430 million and $239 million , respectively, will be included in the Company's annual goodwill impairment review in the fourth quarter. Business conditions remain uncertain and it is possible the Company could recognize an impairment charge, or incur a future loss on the ultimate spinoff of Network Power or potential separation of the other businesses. See Note 11. The gross carrying amount of goodwill for the Company was $7,576 million and $7,828 million as of June 30, 2015 and September 30, 2014, respectively. Accumulated pretax goodwill impairment losses were $646 million at the end of both periods, all in the Network Power segment. The decrease in goodwill since September 30, 2014 is primarily due to the sale of the power transmission solutions business (previously reported in the Industrial Automation segment), as well as foreign currency translation. Sept 30, 2014 June 30, 2015 Accrued expenses include the following Employee compensation $ 705 587 Customer advanced payments $ 455 496 Product warranty $ 193 172 Other liabilities Pension plans $ 564 544 Deferred income taxes 572 637 Postretirement plans, excluding current portion 233 215 Other 628 667 Total $ 1,997 2,063

Financial Instruments

Financial Instruments	9 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Following is a discussion regarding the Company’s use of financial instruments: Hedging Activities – As of June 30, 2015 , the notional amount of foreign currency hedge positions was approximately $1.6 billion , while commodity hedge contracts totaled approximately 79 million pounds ( $201 million ) of copper and aluminum. All derivatives receiving deferral accounting are cash flow hedges. The majority of hedging gains and losses deferred as of June 30, 2015 are expected to be recognized over the next 12 months as the underlying forecasted transactions occur. Gains and losses on foreign currency derivatives reported in other deductions, net reflect hedges of balance sheet exposures that do not receive deferral accounting. The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and nine months ended June 30, 2015 and 2014 (in millions): Into Earnings Into OCI 3rd Quarter Nine Months 3rd Quarter Nine Months Gains (Losses) Location 2014 2015 2014 2015 2014 2015 2014 2015 Commodity Cost of sales $ (5 ) (6 ) (10 ) (16 ) 9 (7 ) (7 ) (26 ) Foreign currency Sales, cost of sales 3 (3 ) 6 (3 ) 13 (2 ) 15 (29 ) Foreign currency Other deductions, net 5 (2 ) (5 ) 12 Total $ 3 (11 ) (9 ) (7 ) 22 (9 ) 8 (55 ) Regardless of whether derivatives receive deferral accounting, the Company expects hedging gains or losses to be essentially offset by losses or gains on the related underlying exposures. The amounts ultimately recognized will differ from those presented above for open positions, which remain subject to ongoing market price fluctuations until settlement. Derivatives receiving deferral accounting are highly effective and no amounts were excluded from the assessment of hedge effectiveness. Hedge ineffectiveness was immaterial for the three and nine months ended June 30, 2015 and 2014 . Fair Value Measurement – Valuations for all derivatives and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. As of June 30, 2015 , the fair value of long-term debt was $4,885 million , which exceeded the carrying value by $305 million . At June 30, 2015 , the fair values of commodity contracts and foreign currency contracts were reported in other current assets and accrued expenses. Valuations of derivative contract positions are summarized below (in millions): September 30, 2014 June 30, 2015 Assets Liabilities Assets Liabilities Foreign Currency $ 32 20 32 50 Commodity $ 1 10 — 20 Counterparties to derivatives arrangements are companies with high credit ratings. The Company has bilateral collateral arrangements with counterparties with credit rating-based posting thresholds that vary depending on the arrangement. If credit ratings on the Company's debt fall below preestablished levels, counterparties can require immediate full collateralization of all derivatives in net liability positions. The Company can demand full collateralization of derivatives in net asset positions should any counterparty credit ratings fall below certain thresholds. No collateral was posted with counterparties and none was held by the Company as of June 30, 2015 . The maximum collateral that could have been required was $47 million .

Equity Roll Forward

Equity Roll Forward	9 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity	The change in equity for the first nine months of 2015 is shown below (in millions): Common Stockholders' Equity Noncontrolling Interests in Subsidiaries Total Equity Balance at September 30, 2014 $ 10,119 48 10,167 Net earnings 2,062 20 2,082 Other comprehensive income (loss) (481 ) (2 ) (483 ) Cash dividends (960 ) (16 ) (976 ) Purchase of noncontrolling interest (23 ) — (23 ) Net purchases of common stock (1,968 ) — (1,968 ) Balance at June 30, 2015 $ 8,749 50 8,799

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income	9 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Comprehensive Income (Loss)	Activity in accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2015 and 2014 is shown below (in millions): Three Months Ended Nine Months Ended 2014 2015 2014 2015 Foreign currency translation Beginning balance $ 525 (560 ) 504 171 Other comprehensive income (loss) 37 190 50 (541 ) Purchase of noncontrolling interest — — 8 — Ending balance 562 (370 ) 562 (370 ) Pension and postretirement Beginning balance (645 ) (690 ) (692 ) (746 ) Amortization of deferred actuarial losses into earnings 24 27 71 83 Ending balance (621 ) (663 ) (621 ) (663 ) Cash flow hedges Beginning balance (8 ) (23 ) (1 ) — Deferral of gains (losses) arising during the period 14 (6 ) 5 (35 ) Reclassification of realized (gain) loss to sales and cost of sales 1 6 3 12 Ending balance 7 (23 ) 7 (23 ) Accumulated other comprehensive income (loss) $ (52 ) (1,056 ) (52 ) (1,056 ) Activity above is shown net of income taxes for the three and nine months ended June 30, 2014 and 2015, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(13), $(16), $(39), $(46); deferral of cash flow hedging gains (losses): $(8), $3, $(3), $20; reclassification of realized cash flow hedging (gains) losses: $(1), $(3), $(1), $(7).

Pension & Postretirement Expens

Pension & Postretirement Expenses	9 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Pension And Postretirement Plan Expenses	Total periodic pension and postretirement expense is summarized below (in millions): Three Months Ended Nine Months Ended 2014 2015 2014 2015 Service cost $ 24 27 71 81 Interest cost 62 60 184 181 Expected return on plan assets (86 ) (92 ) (258 ) (276 ) Net amortization 37 43 110 128 Total $ 37 38 107 114

Other Deductions, Net

Other Deductions, Net	9 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Other Deductions, Net	Other deductions, net are summarized below (in millions): Three Months Ended Nine Months Ended 2014 2015 2014 2015 Amortization of intangibles $ 55 52 170 160 Rationalization of operations 11 36 45 89 Other 30 34 113 73 Total $ 96 122 328 322 The year-to-date change in Other reflects a favorable comparative effect from an equity investment loss of $34 million in the prior year.

Rationalization Of Operations

Rationalization Of Operations	9 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Rationalization Of Operations	Rationalization of operations expense reflects costs associated with the Company’s ongoing efforts to improve operational efficiency and deploy assets globally in order to remain competitive on a worldwide basis. The Company expects full year 2015 rationalization expense to be in the range of $160 million to $180 million . This includes the $89 million incurred to date, as well as costs to complete actions initiated before the end of the third quarter and actions anticipated to be approved and initiated during the remainder of the year. Costs for the three and nine months ended June 30, 2015 largely relate to selective repositioning of the global cost structure to match the current level of economic activity, as well as the redeployment of resources for future growth. Rationalization of operations expense by segment is provided below (in millions): Three Months Ended Nine Months Ended 2014 2015 2014 2015 Process Management $ 4 12 12 37 Industrial Automation 2 4 7 8 Network Power 3 17 13 31 Climate Technologies 1 2 11 8 Commercial & Residential Solutions 1 1 2 5 Total $ 11 36 45 89 Details of the change in the liability for rationalization during the nine months ended June 30, 2015 follow (in millions): Sept 30, 2014 Expense Paid/Utilized June 30, 2015 Severance and benefits $ 20 72 47 45 Lease and other contract terminations 1 1 2 — Fixed assets write-downs — 2 2 — Vacant facility and other shutdown costs — 4 2 2 Start-up and moving costs 1 10 10 1 Total $ 22 89 63 48 The severance and benefits expenses incurred year-to-date are associated with closing 8 facilities and reducing forcecount by approximately 2,300 , mainly for Process Management in Europe and North America and Network Power in Asia, Europe and North America. Start-up and moving costs were incurred across all segments to redeploy assets to best cost locations and expand geographically to directly serve local markets.

Business Segment Information

Business Segment Information	9 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Summarized information about the Company's results of operations by business segment follows (in millions): Three Months Ended June 30, Nine Months Ended June 30, Sales Earnings Sales Earnings 2014 2015 2014 2015 2014 2015 2014 2015 Process Management $ 2,317 2,084 473 373 6,466 6,225 1,229 1,064 Industrial Automation 1,289 990 214 156 3,670 3,176 563 464 Network Power 1,237 1,028 107 37 3,711 3,210 286 150 Climate Technologies 1,191 1,125 250 222 3,018 3,007 543 518 Commercial & Residential Solutions 492 477 108 98 1,418 1,422 307 292 6,526 5,704 1,152 886 18,283 17,040 2,928 2,488 Differences in accounting methods 63 54 180 165 Corporate and other (97 ) (104 ) (429 ) 638 Eliminations/Interest (214 ) (201 ) (46 ) (40 ) (553 ) (550 ) (147 ) (126 ) Total $ 6,312 5,503 1,072 796 17,730 16,490 2,532 3,165 Industrial Automation intersegment sales for the quarters ended June 30, 2015 and 2014 were $184 million and $194 million , respectively, and year-to-date $496 million and $492 million . The year-to-date change in corporate and other primarily reflects the $932 million gain on the divestiture of power transmission solutions (see Note 11). The change also reflects lower 2015 stock compensation of $56 million and favorable comparative impacts from 2014 items, including a $34 million loss from an equity investment, accelerated charitable contributions of $28 million and purchase accounting inventory costs of $20 million .

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Jun. 30, 2015
Acquisitions And Divestitures [Abstract]
Business Combinations Disclosure	On June 30, 2015, the Company announced plans to spin off its Network Power business via a tax-free distribution to shareholders as part of a strategic plan to streamline its portfolio, drive growth, and accelerate value creation for shareholders. The Company will also explore strategic alternatives, including potential sale, for its motors and drives, power generation and remaining storage businesses. These businesses represent approximately 30 percent of consolidated 2014 sales and 20 percent of earnings and cash flow. When complete, these transactions are expected to result in a smaller and more focused Company, with leadership positions in higher-growth end markets that provide significant opportunities for enhanced growth and improved profitability. In addition, the Company will conduct a complete review and assessment of its corporate services and structure to bring them into alignment with its smaller scale and sharper focus. The separation of Network Power will create two independent publicly-traded companies, both owned by Emerson stockholders, and is subject to certain conditions, including final approval by Emerson’s Board of Directors, receipt of favorable opinions regarding the tax-free status of the transaction for federal income tax purposes, and review and approval of the Form 10 that will be filed with the SEC. The various transactions are expected to be substantially completed by September 30, 2016. With regard to the evaluation of strategic alternatives for the other businesses, there can be no assurance that the review process will result in any transaction. The Company expects to incur significant costs to implement these transactions, including income taxes related to reorganizing the ownership structure of these businesses, investment banking, legal, consulting and other costs. The Company is evaluating strategic alternatives for its InterMetro storage business, including a potential sale. InterMetro is a leading manufacturer and supplier of storage and transport products in the food service, commercial products and healthcare industries. This business had annual sales of $284 million and pretax earnings of $36 million in 2014, and is reported in the Commercial & Residential Solutions segment. The Company has received nonbinding indications of interest from certain third parties, and expects to receive final offers in August and make a decision and announce plans for this business by year end. On January 30, 2015, the Company completed the previously announced sale of its mechanical power transmission solutions business to Regal Beloit Corporation for $1.4 billion . The Company recognized a pretax gain from the transaction of $932 million ( $528 million after-tax, $0.77 per share). Assets and liabilities held-for-sale at the closing date were as follows: other current assets, $181 million (accounts receivable, inventories, other); other assets, $375 million (property, plant and equipment, goodwill, other noncurrent assets); accrued expenses, $51 million (accounts payable, other current liabilities); and other liabilities, $41 million . After-tax proceeds of approximately $1 billion were used for share repurchase. This business was previously reported in the Industrial Automation segment and had fiscal 2014 sales of $605 million and earnings before income taxes of $87 million . Power transmission solutions designs and manufactures market-leading couplings, bearings, conveying components and gearing and drive components, and provides supporting services and solutions. During 2015, the Company completed six acquisitions with combined annualized sales of approximately $70 million in Process Management's final control, measurement devices and systems and solutions businesses. Total cash paid for all businesses was $250 million , net of cash acquired. The Company recognized goodwill of $149 million ( $42 million of which is expected to be tax deductible) and other intangible assets of $100 million , primarily customer relationships and intellectual property with a weighted-average life of approximately 9 years. In the first quarter of 2014, the Company completed the divestiture of a 51 percent controlling interest in Artesyn and in the fourth quarter of 2014, the Company sold its connectivity solutions business. Both of these businesses had been previously reported in the Network Power segment. Consolidated operating results for the nine months ended June 30, 2014 included combined sales of $203 million and a pretax loss of $7 million (net loss, $6 million ) for these businesses.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	9 Months Ended
	Jun. 30, 2015
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Schedule Of Basic And Diluted Earnings Per Share Reconciliation	Three Months Ended Nine Months Ended 2014 2015 2014 2015 Basic shares outstanding 699.6 665.7 701.6 679.3 Dilutive shares 3.7 3.2 4.0 3.3 Diluted shares outstanding 703.3 668.9 705.6 682.6

Other Financial Information (Ta

Other Financial Information (Tables)	9 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Inventories	Sept 30, 2014 June 30, 2015 Inventories Finished products $ 741 810 Raw materials and work in process 1,316 1,334 Total $ 2,057 2,144
Property, Plant And Equipment, Net	Property, plant and equipment, net Property, plant and equipment, at cost $ 9,411 9,052 Less: Accumulated depreciation 5,609 5,442 Total $ 3,802 3,610
Goodwill By Business Segment	Goodwill by business segment Process Management $ 2,701 2,796 Industrial Automation 1,329 1,042 Network Power 2,218 2,172 Climate Technologies 500 494 Commercial & Residential Solutions 434 426 Total $ 7,182 6,930
Accrued Expenses	Sept 30, 2014 June 30, 2015 Accrued expenses include the following Employee compensation $ 705 587 Customer advanced payments $ 455 496 Product warranty $ 193 172
Other Liabilities	Other liabilities Pension plans $ 564 544 Deferred income taxes 572 637 Postretirement plans, excluding current portion 233 215 Other 628 667 Total $ 1,997 2,063

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Derivative Instruments	Into Earnings Into OCI 3rd Quarter Nine Months 3rd Quarter Nine Months Gains (Losses) Location 2014 2015 2014 2015 2014 2015 2014 2015 Commodity Cost of sales $ (5 ) (6 ) (10 ) (16 ) 9 (7 ) (7 ) (26 ) Foreign currency Sales, cost of sales 3 (3 ) 6 (3 ) 13 (2 ) 15 (29 ) Foreign currency Other deductions, net 5 (2 ) (5 ) 12 Total $ 3 (11 ) (9 ) (7 ) 22 (9 ) 8 (55 )
Fair Value Measurements	September 30, 2014 June 30, 2015 Assets Liabilities Assets Liabilities Foreign Currency $ 32 20 32 50 Commodity $ 1 10 — 20

Equity Roll Forward (Tables)

Equity Roll Forward (Tables)	9 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Stockholders' Equity	Common Stockholders' Equity Noncontrolling Interests in Subsidiaries Total Equity Balance at September 30, 2014 $ 10,119 48 10,167 Net earnings 2,062 20 2,082 Other comprehensive income (loss) (481 ) (2 ) (483 ) Cash dividends (960 ) (16 ) (976 ) Purchase of noncontrolling interest (23 ) — (23 ) Net purchases of common stock (1,968 ) — (1,968 ) Balance at June 30, 2015 $ 8,749 50 8,799

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Three Months Ended Nine Months Ended 2014 2015 2014 2015 Foreign currency translation Beginning balance $ 525 (560 ) 504 171 Other comprehensive income (loss) 37 190 50 (541 ) Purchase of noncontrolling interest — — 8 — Ending balance 562 (370 ) 562 (370 ) Pension and postretirement Beginning balance (645 ) (690 ) (692 ) (746 ) Amortization of deferred actuarial losses into earnings 24 27 71 83 Ending balance (621 ) (663 ) (621 ) (663 ) Cash flow hedges Beginning balance (8 ) (23 ) (1 ) — Deferral of gains (losses) arising during the period 14 (6 ) 5 (35 ) Reclassification of realized (gain) loss to sales and cost of sales 1 6 3 12 Ending balance 7 (23 ) 7 (23 ) Accumulated other comprehensive income (loss) $ (52 ) (1,056 ) (52 ) (1,056 ) Activity above is shown net of income taxes for the three and nine months ended June 30, 2014 and 2015, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(13), $(16), $(39), $(46); deferral of cash flow hedging gains (losses): $(8), $3, $(3), $20; reclassification of realized cash flow hedging (gains) losses: $(1), $(3), $(1), $(7).

Pension & Postretirement Expe24

Pension & Postretirement Expenses (Tables)	9 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Summary of Pension and Postretirement Plan Expenses	Three Months Ended Nine Months Ended 2014 2015 2014 2015 Service cost $ 24 27 71 81 Interest cost 62 60 184 181 Expected return on plan assets (86 ) (92 ) (258 ) (276 ) Net amortization 37 43 110 128 Total $ 37 38 107 114

Other Deductions, Net (Tables)

Other Deductions, Net (Tables)	9 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Schedule of Other Deductions, net	Three Months Ended Nine Months Ended 2014 2015 2014 2015 Amortization of intangibles $ 55 52 170 160 Rationalization of operations 11 36 45 89 Other 30 34 113 73 Total $ 96 122 328 322

Rationalization Of Operations (

Rationalization Of Operations (Tables)	9 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Rationalization Of Operations By Segment [Table Text Block]	Rationalization of operations expense by segment is provided below (in millions): Three Months Ended Nine Months Ended 2014 2015 2014 2015 Process Management $ 4 12 12 37 Industrial Automation 2 4 7 8 Network Power 3 17 13 31 Climate Technologies 1 2 11 8 Commercial & Residential Solutions 1 1 2 5 Total $ 11 36 45 89
Change In Liability For Rationalization Costs	Details of the change in the liability for rationalization during the nine months ended June 30, 2015 follow (in millions): Sept 30, 2014 Expense Paid/Utilized June 30, 2015 Severance and benefits $ 20 72 47 45 Lease and other contract terminations 1 1 2 — Fixed assets write-downs — 2 2 — Vacant facility and other shutdown costs — 4 2 2 Start-up and moving costs 1 10 10 1 Total $ 22 89 63 48

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Results Of Operations By Business Segment	Three Months Ended June 30, Nine Months Ended June 30, Sales Earnings Sales Earnings 2014 2015 2014 2015 2014 2015 2014 2015 Process Management $ 2,317 2,084 473 373 6,466 6,225 1,229 1,064 Industrial Automation 1,289 990 214 156 3,670 3,176 563 464 Network Power 1,237 1,028 107 37 3,711 3,210 286 150 Climate Technologies 1,191 1,125 250 222 3,018 3,007 543 518 Commercial & Residential Solutions 492 477 108 98 1,418 1,422 307 292 6,526 5,704 1,152 886 18,283 17,040 2,928 2,488 Differences in accounting methods 63 54 180 165 Corporate and other (97 ) (104 ) (429 ) 638 Eliminations/Interest (214 ) (201 ) (46 ) (40 ) (553 ) (550 ) (147 ) (126 ) Total $ 6,312 5,503 1,072 796 17,730 16,490 2,532 3,165

Weighted Average Common Share28

Weighted Average Common Shares (Schedule Of Basic And Diluted Earnings Per Share Reconciliation) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic shares outstanding	665.7	699.6	679.3	701.6
Dilutive shares	3.2	3.7	3.3	4
Diluted shares outstanding	668.9	703.3	682.6	705.6

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Other Financial Information [Line Items]
Finished products	$ 810	$ 741
Raw materials and work in process	1,334	1,316
Total	2,144	2,057
Property, plant and equipment, at cost	9,052	9,411
Less: Accumulated depreciation	5,442	5,609
Total	3,610	3,802
Goodwill, net	6,930	7,182
Goodwill, gross	7,576	7,828
Employee compensation	587	705
Customer advanced payments	496	455
Product warranty	172	193
Pension plans	544	564
Deferred income taxes	637	572
Postretirement plans, excluding current portion	215	233
Other	667	628
Total	2,063	1,997
Process Management [Member]
Other Financial Information [Line Items]
Goodwill, net	2,796	2,701
Industrial Automation [Member]
Other Financial Information [Line Items]
Goodwill, net	1,042	1,329
Network Power [Member]
Other Financial Information [Line Items]
Goodwill, net	2,172	2,218
Goodwill, accumulated impairment losses	646	646
Climate Technologies [Member]
Other Financial Information [Line Items]
Goodwill, net	494	500
Commercial & Residential Solutions [Member]
Other Financial Information [Line Items]
Goodwill, net	426	$ 434
Network Power [Member]
Other Financial Information [Line Items]
Goodwill, net	2,172
Power Generation [Member]
Other Financial Information [Line Items]
Goodwill, net	430
Motors and Drives [Member]
Other Financial Information [Line Items]
Goodwill, net	$ 239

Financial Instruments (Schedule

Financial Instruments (Schedule Of Derivative Instruments) (Details) lb in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015USD ($)lb	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)lb	Jun. 30, 2014USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to earnings	$ (11)	$ 3	$ (7)	$ (9)
Gain (loss) to other comprehensive income	(9)	22	(55)	8
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to other comprehensive income	(7)	9	(26)	(7)
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified to earnings	(6)	(5)	(16)	(10)
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency hedge positions	1,600		1,600
Foreign Exchange Contract [Member] | Other deductions, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to earnings	(2)	5	12	(5)
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to other comprehensive income	(2)	13	(29)	15
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales, Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified to earnings	$ (3)	$ 3	$ (3)	$ 6
Copper and Aluminum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Weight in pounds of copper and aluminum commodity hedges | lb	79		79
Amount of copper and aluminum hedged	$ 201		$ 201

Financial Instruments (Fair Val

Financial Instruments (Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Sep. 30, 2014
Derivatives, Fair Value [Line Items]
Fair value of long-term debt compared with carrying value	$ (305)
Collateral posted to counterparties	0
Collateral held from counterparties	0
Maximum collateral that could have been required	47
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	4,885
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	32	$ 32
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	50	20
Cash Flow Hedging [Member] | Commodity Contract [Member] | Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	0	1
Cash Flow Hedging [Member] | Commodity Contract [Member] | Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	$ 20	$ 10

Equity Roll Forward (Schedule O

Equity Roll Forward (Schedule Of Change In Equity) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at September 30, 2014			$ 10,167
Net earnings	$ 574	$ 738	2,082	$ 1,769
Other comprehensive income (loss)	216	$ 76	(483)	$ 127
Cash dividends			(976)
Purchase of noncontrolling interest			(23)
Net purchases of common stock			(1,968)
Balance at June 30, 2015	8,799		8,799
Parent Company [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at September 30, 2014			10,119
Other comprehensive income (loss)			(481)
Cash dividends			(960)
Purchase of noncontrolling interest			(23)
Net purchases of common stock			(1,968)
Balance at June 30, 2015	8,749		8,749
Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at September 30, 2014			48
Other comprehensive income (loss)			(2)
Cash dividends			(16)
Purchase of noncontrolling interest			0
Net purchases of common stock			0
Balance at June 30, 2015	$ 50		$ 50

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Accumulated other comprehensive income [Roll Forward]
Accumulated other comprehensive income (loss)	$ (1,056)	$ (52)	$ (1,056)	$ (52)	$ (575)
Foreign currency translation [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(560)	525	171	504
Other comprehensive income (loss)	190	37	(541)	50
Purchase of noncontrolling interest	0	0	0	8
Ending balance	(370)	562	(370)	562
Pension and post retirement [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(690)	(645)	(746)	(692)
Amortization of deferred actuarial losses into earnings	27	24	83	71
Ending balance	(663)	(621)	(663)	(621)
Cash Flow Hedges [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(23)	(8)	0	(1)
Deferred gains (losses) arising during the period	(6)	14	(35)	5
Reclassification of realized (gain) loss to sales and cost of sales	6	1	12	3
Ending balance	$ (23)	$ 7	$ (23)	$ 7

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension and post retirement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of deferred actuarial losses, tax	$ (16)	$ (13)	$ (46)	$ (39)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred cash flow hedging gains (losses), tax	3	(8)	20	(3)
Reclass of deferred cash flow hedging (losses), tax	$ (3)	$ (1)	$ (7)	$ (1)

Pension & Postretirement Expe35

Pension & Postretirement Expenses (Summary Of Net Periodic Pension And Net Postretirement Plan Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension And Postretirement Plan Expenses [Line Items]
Service cost	$ 27	$ 24	$ 81	$ 71
Interest cost	60	62	181	184
Expected return on plan assets	(92)	(86)	(276)	(258)
Net amortization	43	37	128	110
Total	$ 38	$ 37	$ 114	$ 107

Other Deductions, Net (Schedule

Other Deductions, Net (Schedule Of Other Deductions, Net) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other deductions, net [Line Items]
Amortization of intangibles	$ 52	$ 55	$ 160	$ 170
Rationalization of operations	36	11	89	45
Other	34	30	73	113
Total	$ 122	$ 96	322	$ 328
Increase in income from equity method investment loss in prior year			$ 34

Rationalization Of Operations37

Rationalization Of Operations (Details) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Sep. 30, 2015USD ($)
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability			$ 22
Rationalization of operations, expense	$ 36	$ 11	89	$ 45
Rationalization of operations, paid			63
Ending rationalization of operations liability	48		$ 48
Total number of facilities exited			8
Total number of forcecount reduced			2,300
Severance and benefits [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability			$ 20
Rationalization of operations, expense			72
Rationalization of operations, paid			47
Ending rationalization of operations liability	45		45
Lease and other contract terminations [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability			1
Rationalization of operations, expense			1
Rationalization of operations, paid			2
Ending rationalization of operations liability	0		0
Fixed assets write downs [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability			0
Rationalization of operations, expense			2
Rationalization of operations, paid			2
Ending rationalization of operations liability	0		0
Vacant facility and other shutdown costs [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability			0
Rationalization of operations, expense			4
Rationalization of operations, paid			2
Ending rationalization of operations liability	2		2
Start-up and moving costs [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability			1
Rationalization of operations, expense			10
Rationalization of operations, paid			10
Ending rationalization of operations liability	1		1
Process Management [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	12	4	37	12
Industrial Automation [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	4	2	8	7
Network Power [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	17	3	31	13
Climate Technologies [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	2	1	8	11
Commercial & Residential Solutions [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	$ 1	$ 1	$ 5	$ 2
Minimum [Member] | Scenario, Forecast [Member]
Restructuring Reserve [Roll Forward]
Expected fiscal year rationalization expense					$ 160
Maximum [Member] | Scenario, Forecast [Member]
Restructuring Reserve [Roll Forward]
Expected fiscal year rationalization expense					$ 180

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net sales	$ 5,503	$ 6,312	$ 16,490	$ 17,730
Earnings before income taxes	796	1,072	3,165	2,532
Eliminations/Interest	(40)	(46)	(126)	(147)
Increase (decrease) in incentive stock compensation expense			(56)
Gain on sale of business	0	0	932	0
Increase in income from equity method investment loss in prior year			34
Increase (decrease) in pretax charitable contributions			(28)
Increase (decrease) in inventory costs (purchase accounting)			20
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	5,704	6,526	17,040	18,283
Earnings before income taxes	886	1,152	2,488	2,928
Operating Segments [Member] | Process Management [Member]
Segment Reporting Information [Line Items]
Net sales	2,084	2,317	6,225	6,466
Earnings before income taxes	373	473	1,064	1,229
Operating Segments [Member] | Industrial Automation [Member]
Segment Reporting Information [Line Items]
Net sales	990	1,289	3,176	3,670
Earnings before income taxes	156	214	464	563
Operating Segments [Member] | Network Power [Member]
Segment Reporting Information [Line Items]
Net sales	1,028	1,237	3,210	3,711
Earnings before income taxes	37	107	150	286
Operating Segments [Member] | Climate Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	1,125	1,191	3,007	3,018
Earnings before income taxes	222	250	518	543
Operating Segments [Member] | Commercial & Residential Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	477	492	1,422	1,418
Earnings before income taxes	98	108	292	307
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Differences in accounting methods	54	63	165	180
Corporate and other	(104)	(97)	638	(429)
Eliminations/Interest	(40)	(46)	(126)	(147)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(201)	(214)	(550)	(553)
Intersegment Eliminations [Member] | Industrial Automation [Member]
Segment Reporting Information [Line Items]
Net sales	$ (184)	$ (194)	$ (496)	$ (492)

Acquisitions and Divestitures A

Acquisitions and Divestitures Acquisitions and Divestitures (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2014USD ($)	Sep. 30, 2014USD ($)	Jan. 30, 2015USD ($)	Dec. 31, 2013
Significant Acquisitions and Disposals [Line Items]
Net sales	$ 5,503	$ 6,312	$ 16,490	$ 17,730
Earnings (loss) before income taxes	796	1,072	3,165	2,532
Gain on sale of business, pretax	0	0	932	0
Gain on divestiture of business, after tax			528	0
Payments to acquire businesses, net of cash acquired			250	610
Goodwill	6,930		6,930		$ 7,182
Net earnings (loss)	574	$ 738	2,082	1,769
Series of Individually Immaterial Business Acquisitions [Member]
Significant Acquisitions and Disposals [Line Items]
Net sales			$ 70
Number of individually immaterial businesses acquired			6
Payments to acquire businesses, net of cash acquired			$ 250
Goodwill	149		149
Goodwill, expected tax deductible amount	42		42
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	100		$ 100
Acquired finite-lived intangible assets, weighted average useful life			9 years
InterMetro [Member]
Significant Acquisitions and Disposals [Line Items]
Net sales					284
Earnings (loss) before income taxes					36
Power Transmission Solutions [Member]
Significant Acquisitions and Disposals [Line Items]
Net sales					605
Earnings (loss) before income taxes					87
Proceeds from divestiture of business			$ 1,400
Gain on sale of business, pretax			932
Gain on divestiture of business, after tax			$ 528
Disposal gain impact on diluted earnings per share | $ / shares			$ 0.77
Assets disposed of, other current assets						$ 181
Assets disposed of, other assets						375
Liabilities disposed of, accrued expenses						51
Liabilities disposed of, other liabilities						$ 41
After-tax proceeds from divestiture of business			$ 1,000
Artesyn (embedded computing and power) and connectivity solutions [Member]
Significant Acquisitions and Disposals [Line Items]
Net sales				203
Earnings (loss) before income taxes				(7)
Percentage of controlling interest sold							51.00%
Net earnings (loss)				$ (6)
Network Power [Member]
Significant Acquisitions and Disposals [Line Items]
Percentage of consolidated sales				30.00%
Percentage of consolidated cash flow				20.00%
Percentage of consolidated earnings				20.00%
Goodwill	$ 2,172		$ 2,172		$ 2,218