Emerson Electric (EMR) 10-Q 3 Feb 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Dec. 31, 2015	Jan. 31, 2016
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	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		643,115,792

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net sales	$ 4,713	$ 5,587
Costs and expenses:
Cost of sales	2,824	3,307
Selling, general and administrative expenses	1,226	1,405
Other deductions, net	114	64
Interest expense (net of interest income of $8 and $7, respectively)	46	46
Earnings before income taxes	503	765
Income taxes	151	236
Net earnings	352	529
Less: Noncontrolling interests in earnings of subsidiaries	3	4
Net earnings common stockholders	$ 349	$ 525
Basic earnings per share common stockholders	$ 0.54	$ 0.76
Diluted earnings per share common stockholders	0.53	0.75
Cash dividends per common share	$ 0.475	$ 0.47

Consolidated Statements Of Ear3

Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Interest income	$ 8	$ 7

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net earnings	$ 352	$ 529
Other comprehensive income (loss), net of tax:
Foreign currency translation	(153)	(305)
Pension and postretirement	26	28
Cash flow hedges	6	(24)
Total other comprehensive income (loss)	(121)	(301)
Comprehensive income	231	228
Less: Noncontrolling interests in comprehensive income of subsidiaries	3	3
Comprehensive income common stockholders	$ 228	$ 225

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2015
Current assets
Cash and equivalents	$ 3,109	$ 3,054
Receivables, less allowances of $122 and $128, respectively	3,842	4,319
Inventories	1,903	1,847
Other current assets	840	829
Total current assets	9,694	10,049
Property, plant and equipment, net	3,520	3,585
Other assets
Goodwill	6,601	6,653
Other intangible assets	1,467	1,526
Other	270	275
Total other assets	8,338	8,454
Total assets	21,552	22,088
Current liabilities
Short-term borrowings and current maturities of long-term debt	3,409	2,553
Accounts payable	2,075	2,358
Accrued expenses	2,616	2,803
Income taxes	102	86
Total current liabilities	8,202	7,800
Long-term debt	4,043	4,289
Other liabilities	1,810	1,871
Equity
Common stock, $0.50 par value; authorized, 1,200,000,000 shares; issued, 953,354,012 shares; outstanding, 643,099,581 shares and 654,608,521 shares, respectively	477	477
Additional paid-in-capital	178	170
Retained earnings	21,347	21,308
Accumulated other comprehensive income (loss)	(1,738)	(1,617)
Cost of common stock in treasury, 310,254,431 shares and 298,745,491 shares, respectively	(12,808)	(12,257)
Common stockholders’ equity	7,456	8,081
Noncontrolling interests in subsidiaries	41	47
Total equity	7,497	8,128
Total liabilities and equity	$ 21,552	$ 22,088

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 122	$ 128
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	643,099,581	654,608,521
Treasury stock, shares	310,254,431	298,745,491

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net earnings	$ 352	$ 529
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	202	207
Changes in operating working capital	(145)	(192)
Other, net	78	27
Net cash provided by operating activities	487	571
Investing activities
Capital expenditures	(145)	(207)
Purchases of businesses, net of cash and equivalents acquired	(6)	(143)
Other, net	(12)	(26)
Net cash used by investing activities	(163)	(376)
Financing activities
Net increase (decrease) in short-term borrowings	34	(227)
Proceeds from short-term borrowings greater than three months	827	1,957
Payments of short-term borrowings greater than three months	0	(731)
Payments of long-term debt	(251)	(251)
Dividends paid	(310)	(326)
Purchases of common stock	(507)	(509)
Other, net	(4)	(59)
Net cash used by financing activities	(211)	(146)
Effect of exchange rate changes on cash and equivalents	(58)	(76)
Increase (decrease) in cash and equivalents	55	(27)
Beginning cash and equivalents	3,054	3,149
Ending cash and equivalents	3,109	3,122
Changes in operating working capital
Receivables	433	434
Inventories	(78)	(195)
Other current assets	4	(17)
Accounts payable	(270)	(277)
Accrued expenses	(248)	(261)
Income taxes	14	124
Changes in operating working capital	$ (145)	$ (192)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 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, 2015 .

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Dec. 31, 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 2014 2015 Basic shares outstanding 691.4 650.0 Dilutive shares 3.3 2.5 Diluted shares outstanding 694.7 652.5

Other Financial Information

Other Financial Information	3 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Other Financial Information	Other Financial Information (in millions): Sept 30, 2015 Dec 31, 2015 Inventories Finished products $ 680 688 Raw materials and work in process 1,167 1,215 Total $ 1,847 1,903 Property, plant and equipment, net Property, plant and equipment, at cost $ 8,931 8,905 Less: Accumulated depreciation 5,346 5,385 Total $ 3,585 3,520 Goodwill by business segment Process Management $ 2,790 2,775 Industrial Automation 1,031 1,017 Network Power 2,144 2,126 Climate Technologies 492 490 Commercial & Residential Solutions 196 193 Total $ 6,653 6,601 The gross carrying amount of goodwill for the Company was $7,247 million and $7,299 million as of December 31, 2015 and September 30, 2015, respectively. Accumulated pretax goodwill impairment losses were $646 million at the end of both periods, all in the Network Power segment. Sept 30, 2015 Dec 31, 2015 Accrued expenses include the following Employee compensation $ 597 463 Customer advanced payments $ 450 478 Product warranty $ 167 162 Sept 30, 2015 Dec 31, 2015 Other liabilities Pension liabilities $ 662 626 Deferred income taxes 408 453 Postretirement liabilities, excluding current portion 199 198 Other 602 533 Total $ 1,871 1,810

Financial Instruments

Financial Instruments	3 Months Ended
	Dec. 31, 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 December 31, 2015 , the notional amount of foreign currency hedge positions was approximately $1.5 billion , and commodity hedge contracts totaled approximately $147 million (primarily 59 million pounds of copper and aluminum). All derivatives receiving deferral accounting are cash flow hedges. The majority of hedging gains and losses deferred as of December 31, 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 months ended December 31, 2015 and 2014 (in millions): Into Earnings Into OCI 1st Quarter 1st Quarter Gains (Losses) Location 2014 2015 2014 2015 Commodity Cost of sales $ (2 ) (8 ) (12 ) (11 ) Foreign currency Sales, cost of sales (1 ) (6 ) (31 ) 6 Foreign currency Other deductions, net (17 ) 3 Total $ (20 ) (11 ) (43 ) (5 ) 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 months ended December 31, 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 December 31, 2015 , the fair value of long-term debt was $4,618 million , which exceeded the carrying value by $289 million . At December 31, 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, 2015 December 31, 2015 Assets Liabilities Assets Liabilities Foreign Currency $ 30 65 26 52 Commodity $ — 29 — 32 Counterparties to derivatives arrangements are companies with investment-grade 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 maximum amount that could have potentially been required was $61 million . The Company also 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 December 31, 2015 .

Equity Roll Forward

Equity Roll Forward	3 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	The change in equity for the first three months of 2016 is shown below (in millions): Common Stockholders' Equity Noncontrolling Interests in Subsidiaries Total Equity Balance at September 30, 2015 $ 8,081 47 8,128 Net earnings 349 3 352 Other comprehensive income (loss) (121 ) — (121 ) Cash dividends (310 ) (9 ) (319 ) Net purchases of common stock (543 ) — (543 ) Balance at December 31, 2015 $ 7,456 41 7,497

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss)	Activity in accumulated other comprehensive income (loss) for the three months ended December 31, 2015 and 2014 is shown below (in millions): Three Months Ended 2014 2015 Foreign currency translation Beginning balance $ 171 (622 ) Other comprehensive income (loss) (304 ) (153 ) Ending balance (133 ) (775 ) Pension and postretirement Beginning balance (746 ) (952 ) Amortization of deferred actuarial losses into earnings 28 26 Ending balance (718 ) (926 ) Cash flow hedges Beginning balance — (43 ) Deferral of gains (losses) arising during the period (26 ) (3 ) Reclassification of realized (gains) losses to sales and cost of sales 2 9 Ending balance (24 ) (37 ) Accumulated other comprehensive income (loss) $ (875 ) (1,738 ) Activity above is shown net of income taxes for the three months ended December 31, 2015 and 2014, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(14) and $(15); deferral of cash flow hedging gains (losses): $2 and $17; reclassification of realized cash flow hedging (gains) losses: $(5) and $(1).

Pension & Postretirement Expens

Pension & Postretirement Expenses	3 Months Ended
	Dec. 31, 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 2014 2015 Service cost $ 27 22 Interest cost 60 50 Expected return on plan assets (92 ) (88 ) Net amortization 43 40 Total $ 38 24 Beginning in 2016, the Company refined the method used to determine the service and interest cost components of pension expense for its U.S. plans. The specific spot rates along the yield curve, rather than the single weighted-average rate previously used, are now applied to the projected cash flows to provide more precise measurement of these costs. This is a change in estimate which has been accounted for prospectively in the 2016 financial statements. The discount rates used to measure service and interest cost were 4.6 percent and 3.5 percent , respectively, compared with the single weighted-average rate of 4.35 percent which would have been used. The change will reduce interest and service cost by a total of $38 million ( $0.04 per share) for fiscal 2016 compared with the cost measured using the weighted-average rate.

Other Deductions, Net

Other Deductions, Net	3 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other Deductions, Net	Other deductions, net are summarized below (in millions): Three Months Ended 2014 2015 Amortization of intangibles $ 55 51 Rationalization of operations 9 13 Other — 50 Total $ 64 114 The increase in Other for the first quarter is primarily due to unfavorable foreign currency transactions of $27 million , reflecting foreign currency losses in the current year compared to gains in the prior year, and separation costs of $24 million ( $22 million after tax, $0.03 per share) related to the planned portfolio repositioning actions. See Note 11.

Rationalization Of Operations

Rationalization Of Operations	3 Months Ended
	Dec. 31, 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 2016 rationalization expense to be in the range of $60 to $70 million . This includes $13 million incurred to date, as well as costs to complete actions initiated before the end of the first quarter and actions anticipated to be approved and initiated during the remainder of the year. Costs for the three months ended December 31, 2015 largely relate to restructuring of the global cost structure consistent with 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 2014 2015 Process Management $ 3 4 Industrial Automation 2 3 Network Power 1 4 Climate Technologies 2 1 Commercial & Residential Solutions 1 1 Total $ 9 13 Details of the change in the liability for rationalization during the three months ended December 31, 2015 follow (in millions): Sept 30, 2015 Expense Paid/Utilized Dec 31, 2015 Severance and benefits $ 105 6 46 65 Lease and other contract terminations 1 1 1 1 Vacant facility and other shutdown costs 3 2 2 3 Start-up and moving costs 3 4 4 3 Total $ 112 13 53 72

Business Segment Information

Business Segment Information	3 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	Summarized information about the Company's results of operations by business segment follows (in millions): Three Months Ended December 31, Sales Earnings 2014 2015 2014 2015 Process Management $ 2,099 1,806 392 271 Industrial Automation 1,152 808 164 95 Network Power 1,119 1,051 79 84 Climate Technologies 900 787 126 109 Commercial & Residential Solutions 480 392 103 85 5,750 4,844 864 644 Differences in accounting methods 58 55 Corporate and other (111 ) (150 ) Eliminations/Interest (163 ) (131 ) (46 ) (46 ) Total $ 5,587 4,713 765 503 Industrial Automation intersegment sales for the quarters ended December 31, 2015 and 2014 were $116 million and $145 million , respectively. The increase in corporate and other primarily reflects higher incentive stock compensation expense of $21 million and separation costs of $24 million . See Note 11.

Planned Portfolio Repositioning

Planned Portfolio Repositioning Actions	3 Months Ended
	Dec. 31, 2015
Planned Portfolio Repositioning Actions [Abstract]
Planned Portfolio Repositioning Actions	In June 2015, the Company announced plans to spin off its network power systems business through a tax-free distribution to shareholders and to explore strategic alternatives, including potential sale, for its power generation and motors, drives, and residential storage businesses. These businesses together accounted for approximately $6.4 billion , $400 million and $500 million of consolidated 2015 sales, pretax earnings and cash flow, respectively. The Company currently estimates it will incur costs throughout 2016 to effect the portfolio repositioning as follows: approximately $250 to $350 million of expense for income taxes related to reorganizing the ownership structures of these businesses, investment banking, legal, consulting and other costs; and approximately $100 million in capitalized costs, including debt issuance costs, pension funding and the separation of information technology systems. In addition, the Company has received inquiries which could potentially lead to separation of the network power systems business through a sale transaction. There can be no assurance that the Company will not recognize a goodwill impairment charge or incur a loss on sale in connection with the separation of these businesses. With regard to the evaluation of strategic alternatives for the power generation and motors, drives, and residential storage businesses, it is uncertain whether the review process will result in any transaction. See the Company's 2015 Annual Report on Form 10-K for further information.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Dec. 31, 2015
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Schedule Of Basic And Diluted Earnings Per Share Reconciliation	Three Months Ended 2014 2015 Basic shares outstanding 691.4 650.0 Dilutive shares 3.3 2.5 Diluted shares outstanding 694.7 652.5

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Inventories	Sept 30, 2015 Dec 31, 2015 Inventories Finished products $ 680 688 Raw materials and work in process 1,167 1,215 Total $ 1,847 1,903
Property, Plant And Equipment, Net	Property, plant and equipment, net Property, plant and equipment, at cost $ 8,931 8,905 Less: Accumulated depreciation 5,346 5,385 Total $ 3,585 3,520
Goodwill By Business Segment	Goodwill by business segment Process Management $ 2,790 2,775 Industrial Automation 1,031 1,017 Network Power 2,144 2,126 Climate Technologies 492 490 Commercial & Residential Solutions 196 193 Total $ 6,653 6,601
Accrued Expenses	Sept 30, 2015 Dec 31, 2015 Accrued expenses include the following Employee compensation $ 597 463 Customer advanced payments $ 450 478 Product warranty $ 167 162
Other Liabilities	Sept 30, 2015 Dec 31, 2015 Other liabilities Pension liabilities $ 662 626 Deferred income taxes 408 453 Postretirement liabilities, excluding current portion 199 198 Other 602 533 Total $ 1,871 1,810

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Derivative Instruments	The following gains and losses are included in earnings and other comprehensive income (OCI) for the three months ended December 31, 2015 and 2014 (in millions): Into Earnings Into OCI 1st Quarter 1st Quarter Gains (Losses) Location 2014 2015 2014 2015 Commodity Cost of sales $ (2 ) (8 ) (12 ) (11 ) Foreign currency Sales, cost of sales (1 ) (6 ) (31 ) 6 Foreign currency Other deductions, net (17 ) 3 Total $ (20 ) (11 ) (43 ) (5 )
Fair Value Measurements	Valuations of derivative contract positions are summarized below (in millions): September 30, 2015 December 31, 2015 Assets Liabilities Assets Liabilities Foreign Currency $ 30 65 26 52 Commodity $ — 29 — 32

Equity Roll Forward (Tables)

Equity Roll Forward (Tables)	3 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Stockholders' Equity	The change in equity for the first three months of 2016 is shown below (in millions): Common Stockholders' Equity Noncontrolling Interests in Subsidiaries Total Equity Balance at September 30, 2015 $ 8,081 47 8,128 Net earnings 349 3 352 Other comprehensive income (loss) (121 ) — (121 ) Cash dividends (310 ) (9 ) (319 ) Net purchases of common stock (543 ) — (543 ) Balance at December 31, 2015 $ 7,456 41 7,497

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Activity in accumulated other comprehensive income (loss) for the three months ended December 31, 2015 and 2014 is shown below (in millions): Three Months Ended 2014 2015 Foreign currency translation Beginning balance $ 171 (622 ) Other comprehensive income (loss) (304 ) (153 ) Ending balance (133 ) (775 ) Pension and postretirement Beginning balance (746 ) (952 ) Amortization of deferred actuarial losses into earnings 28 26 Ending balance (718 ) (926 ) Cash flow hedges Beginning balance — (43 ) Deferral of gains (losses) arising during the period (26 ) (3 ) Reclassification of realized (gains) losses to sales and cost of sales 2 9 Ending balance (24 ) (37 ) Accumulated other comprehensive income (loss) $ (875 ) (1,738 ) Activity above is shown net of income taxes for the three months ended December 31, 2015 and 2014, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(14) and $(15); deferral of cash flow hedging gains (losses): $2 and $17; reclassification of realized cash flow hedging (gains) losses: $(5) and $(1).

Pension & Postretirement Expe24

Pension & Postretirement Expenses (Tables)	3 Months Ended
	Dec. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Summary of Pension and Postretirement Plan Expenses	Total periodic pension and postretirement expense is summarized below (in millions): Three Months Ended 2014 2015 Service cost $ 27 22 Interest cost 60 50 Expected return on plan assets (92 ) (88 ) Net amortization 43 40 Total $ 38 24

Other Deductions, Net (Tables)

Other Deductions, Net (Tables)	3 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Schedule of Other Deductions, net	Other deductions, net are summarized below (in millions): Three Months Ended 2014 2015 Amortization of intangibles $ 55 51 Rationalization of operations 9 13 Other — 50 Total $ 64 114

Rationalization Of Operations (

Rationalization Of Operations (Tables)	3 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Rationalization Of Operations By Segment	Rationalization of operations expense by segment is provided below (in millions): Three Months Ended 2014 2015 Process Management $ 3 4 Industrial Automation 2 3 Network Power 1 4 Climate Technologies 2 1 Commercial & Residential Solutions 1 1 Total $ 9 13
Change In Liability For Rationalization Costs	Details of the change in the liability for rationalization during the three months ended December 31, 2015 follow (in millions): Sept 30, 2015 Expense Paid/Utilized Dec 31, 2015 Severance and benefits $ 105 6 46 65 Lease and other contract terminations 1 1 1 1 Vacant facility and other shutdown costs 3 2 2 3 Start-up and moving costs 3 4 4 3 Total $ 112 13 53 72

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Results Of Operations By Business Segment	Summarized information about the Company's results of operations by business segment follows (in millions): Three Months Ended December 31, Sales Earnings 2014 2015 2014 2015 Process Management $ 2,099 1,806 392 271 Industrial Automation 1,152 808 164 95 Network Power 1,119 1,051 79 84 Climate Technologies 900 787 126 109 Commercial & Residential Solutions 480 392 103 85 5,750 4,844 864 644 Differences in accounting methods 58 55 Corporate and other (111 ) (150 ) Eliminations/Interest (163 ) (131 ) (46 ) (46 ) Total $ 5,587 4,713 765 503

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
	Dec. 31, 2015	Dec. 31, 2014
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic shares outstanding	650	691.4
Dilutive shares	2.5	3.3
Diluted shares outstanding	652.5	694.7

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2015
Other Financial Information [Line Items]
Finished products	$ 688	$ 680
Raw materials and work in process	1,215	1,167
Total	1,903	1,847
Property, plant and equipment, at cost	8,905	8,931
Less: Accumulated depreciation	5,385	5,346
Total	3,520	3,585
Goodwill, net	6,601	6,653
Goodwill, gross	7,247	7,299
Employee compensation	463	597
Customer advanced payments	478	450
Product warranty	162	167
Pension liabilities	626	662
Deferred income taxes	453	408
Postretirement liabilities, excluding current portion	198	199
Other	533	602
Total	1,810	1,871
Process Management [Member]
Other Financial Information [Line Items]
Goodwill, net	2,775	2,790
Industrial Automation [Member]
Other Financial Information [Line Items]
Goodwill, net	1,017	1,031
Network Power [Member]
Other Financial Information [Line Items]
Goodwill, net	2,126	2,144
Goodwill, accumulated impairment losses	646	646
Climate Technologies [Member]
Other Financial Information [Line Items]
Goodwill, net	490	492
Commercial & Residential Solutions [Member]
Other Financial Information [Line Items]
Goodwill, net	$ 193	$ 196

Financial Instruments (Schedule

Financial Instruments (Schedule Of Derivative Instruments) (Details) lb in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2015USD ($)lb	Dec. 31, 2014USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to earnings	$ (11)	$ (20)
Gain (loss) to other comprehensive income	(5)	(43)
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to other comprehensive income	(11)	(12)
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified to earnings	(8)	(2)
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency hedge positions	1,500
Foreign Exchange Contract [Member] | Other deductions, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to earnings	3	(17)
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	6	(31)
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales, Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified to earnings	(6)	$ (1)
All Commodity Hedges [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of commodities hedged	$ 147
Copper and Aluminum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Weight in pounds of copper and aluminum commodity hedges | lb	59

Financial Instruments (Fair Val

Financial Instruments (Fair Value Measurements) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2015
Derivatives, Fair Value [Line Items]
Fair value of long-term debt compared with carrying value	$ (289)
Collateral posted to counterparties	0
Collateral held from counterparties	0
Maximum collateral that could have been required	61
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	4,618
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	26	$ 30
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	52	65
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	0
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	$ 32	$ 29

Equity Roll Forward (Schedule O

Equity Roll Forward (Schedule Of Change In Equity) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at September 30, 2015	$ 8,128
Net earnings common stockholders	349	$ 525
Noncontrolling interests in earnings	3	4
Net earnings	352	529
Other comprehensive income (loss)	(121)	$ (301)
Cash dividends	(319)
Net purchases of common stock	(543)
Balance at December 31, 2015	7,497
Parent Company [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at September 30, 2015	8,081
Other comprehensive income (loss)	(121)
Cash dividends	(310)
Net purchases of common stock	(543)
Balance at December 31, 2015	7,456
Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at September 30, 2015	47
Other comprehensive income (loss)	0
Cash dividends	(9)
Net purchases of common stock	0
Balance at December 31, 2015	$ 41

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Accumulated other comprehensive income [Roll Forward]
Accumulated other comprehensive income (loss)	$ (1,738)	$ (875)	$ (1,617)
Foreign currency translation [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(622)	171
Other comprehensive income (loss)	(153)	(304)
Ending balance	(775)	(133)
Pension and post retirement [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(952)	(746)
Amortization of deferred actuarial losses into earnings	26	28
Ending balance	(926)	(718)
Cash Flow Hedges [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(43)	0
Deferral of gains (losses) arising during the period	(3)	(26)
Reclassification of realized (gains) losses to sales and cost of sales	9	2
Ending balance	$ (37)	$ (24)

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Details 2) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pension and post retirement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of deferred actuarial losses, tax	$ (14)	$ (15)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred cash flow hedging gains (losses), tax	2	17
Reclass of deferred cash flow hedging (losses), tax	$ (5)	$ (1)

Pension & Postretirement Expe35

Pension & Postretirement Expenses (Summary Of Net Periodic Pension And Net Postretirement Plan Expenses) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016
Pension And Postretirement Plan Expenses [Line Items]
Service cost	$ 22	$ 27
Interest cost	50	60
Expected return on plan assets	(88)	(92)
Net amortization	40	43
Total	$ 24	$ 38
Change in Assumptions for Pension Plans [Member] | Scenario, Forecast [Member]
Pension And Postretirement Plan Expenses [Line Items]
Discount rate used to measure service cost for pension expense			4.60%
Discount rate used to measure interest cost for pension expense			3.50%
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate			4.35%
Change in estimated service cost and interest cost for pension expense			$ (38)
Change in estimated service cost and interest cost for pension expense per share			$ (0.04)

Other Deductions, Net (Schedule

Other Deductions, Net (Schedule Of Other Deductions, Net) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Other deductions, net [Line Items]
Amortization of intangibles	$ 51	$ 55
Rationalization of operations	13	9
Other	50	0
Total	114	$ 64
Change in gain (loss) from foreign currency transactions	(27)
Separation costs related to planned strategic repositioning actions	24
After-tax separation costs related to planned strategic actions	$ 22
After-tax separation costs related to strategic repositioning actions per share	$ 0.03

Rationalization Of Operations37

Rationalization Of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability	$ 112
Rationalization of operations, expense	13	$ 9
Rationalization of operations, paid	53
Ending rationalization of operations liability	72
Severance and benefits [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability	105
Rationalization of operations, expense	6
Rationalization of operations, paid	46
Ending rationalization of operations liability	65
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	1
Ending rationalization of operations liability	1
Vacant facility and other shutdown costs [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability	3
Rationalization of operations, expense	2
Rationalization of operations, paid	2
Ending rationalization of operations liability	3
Start-up and moving costs [Member]
Restructuring Reserve [Roll Forward]
Beginning rationalization of operations liability	3
Rationalization of operations, expense	4
Rationalization of operations, paid	4
Ending rationalization of operations liability	3
Process Management [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	4	3
Industrial Automation [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	3	2
Network Power [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	4	1
Climate Technologies [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	1	2
Commercial & Residential Solutions [Member]
Restructuring Reserve [Roll Forward]
Rationalization of operations, expense	$ 1	$ 1
Minimum [Member] | Scenario, Forecast [Member]
Restructuring Reserve [Roll Forward]
Expected fiscal year rationalization expense			$ 60
Maximum [Member] | Scenario, Forecast [Member]
Restructuring Reserve [Roll Forward]
Expected fiscal year rationalization expense			$ 70

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$ 4,713	$ 5,587
Earnings before income taxes	503	765
Eliminations/Interest	(46)	(46)
Increase (decrease) in incentive stock compensation expense	21
Separation costs related to planned strategic repositioning actions	24
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	4,844	5,750
Earnings before income taxes	644	864
Operating Segments [Member] | Process Management [Member]
Segment Reporting Information [Line Items]
Net sales	1,806	2,099
Earnings before income taxes	271	392
Operating Segments [Member] | Industrial Automation [Member]
Segment Reporting Information [Line Items]
Net sales	808	1,152
Earnings before income taxes	95	164
Operating Segments [Member] | Network Power [Member]
Segment Reporting Information [Line Items]
Net sales	1,051	1,119
Earnings before income taxes	84	79
Operating Segments [Member] | Climate Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	787	900
Earnings before income taxes	109	126
Operating Segments [Member] | Commercial & Residential Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	392	480
Earnings before income taxes	85	103
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Differences in accounting methods	55	58
Corporate and other	(150)	(111)
Eliminations/Interest	(46)	(46)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(131)	(163)
Intersegment Eliminations [Member] | Industrial Automation [Member]
Segment Reporting Information [Line Items]
Net sales	$ (116)	$ (145)

Planned Portfolio Repositioni39

Planned Portfolio Repositioning Actions Planned Portfolio Repositioning Actions (Details) - Planned Spinoff of Network Power and Potential Sales of Motors and Drives, Power Generation and Storage Business [Member] - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Planned Portfolio Repositioning Actions [Line Items]
Approximate amount of sales		$ 6,400
Approximate amount of pretax earnings		400
Approximate amount of cash flows		$ 500
Scenario, Forecast [Member]
Planned Portfolio Repositioning Actions [Line Items]
Estimated capitalized costs, including debt issuance costs, pension funding and the separation of information technology systems	$ 100
Scenario, Forecast [Member] | Minimum [Member]
Planned Portfolio Repositioning Actions [Line Items]
Estimated income taxes related to reorganizing the ownership structures and investment banking, legal consulting and other costs	250
Scenario, Forecast [Member] | Maximum [Member]
Planned Portfolio Repositioning Actions [Line Items]
Estimated income taxes related to reorganizing the ownership structures and investment banking, legal consulting and other costs	$ 350