Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Mar. 31, 2016 | Apr. 30, 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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 643,351,041 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 4,928 | $ 5,400 | $ 9,641 | $ 10,987 |
Costs and expenses: | ||||
Cost of sales | 2,934 | 3,234 | 5,758 | 6,541 |
Selling, general and administrative expenses | 1,218 | 1,318 | 2,444 | 2,723 |
Gain on sale of business | 0 | 932 | 0 | 932 |
Other deductions, net | 122 | 136 | 236 | 200 |
Interest expense (net of interest income of $8, $9, $16 and $16, respectively) | 46 | 40 | 92 | 86 |
Earnings before income taxes | 608 | 1,604 | 1,111 | 2,369 |
Income taxes | 231 | 625 | 382 | 861 |
Net earnings | 377 | 979 | 729 | 1,508 |
Less: Noncontrolling interests in earnings of subsidiaries | 8 | 6 | 11 | 10 |
Net earnings common stockholders | $ 369 | $ 973 | $ 718 | $ 1,498 |
Basic earnings per share common stockholders | $ 0.57 | $ 1.42 | $ 1.11 | $ 2.18 |
Diluted earnings per share common stockholders | 0.57 | 1.42 | 1.10 | 2.17 |
Cash dividends per common share | $ 0.475 | $ 0.47 | $ 0.95 | $ 0.94 |
Consolidated Statements Of Ear3
Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Interest income | $ 8 | $ 9 | $ 16 | $ 16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net earnings | $ 377 | $ 979 | $ 729 | $ 1,508 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 125 | (427) | (28) | (732) |
Pension and postretirement | 27 | 28 | 53 | 56 |
Cash flow hedges | 5 | 1 | 11 | (23) |
Total other comprehensive income (loss) | 157 | (398) | 36 | (699) |
Comprehensive income | 534 | 581 | 765 | 809 |
Less: Noncontrolling interests in comprehensive income of subsidiaries | 9 | 6 | 12 | 9 |
Comprehensive income common stockholders | $ 525 | $ 575 | $ 753 | $ 800 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Sep. 30, 2015 |
Current assets | ||
Cash and equivalents | $ 3,322 | $ 3,054 |
Receivables, less allowances of $120 and $128, respectively | 3,874 | 4,319 |
Inventories | 1,950 | 1,847 |
Other current assets | 767 | 829 |
Total current assets | 9,913 | 10,049 |
Property, plant and equipment, net | 3,523 | 3,585 |
Other assets | ||
Goodwill | 6,642 | 6,653 |
Other intangible assets | 1,437 | 1,526 |
Other | 249 | 275 |
Total other assets | 8,328 | 8,454 |
Total assets | 21,764 | 22,088 |
Current liabilities | ||
Short-term borrowings and current maturities of long-term debt | 3,232 | 2,553 |
Accounts payable | 2,140 | 2,358 |
Accrued expenses | 2,722 | 2,803 |
Income taxes | 88 | 86 |
Total current liabilities | 8,182 | 7,800 |
Long-term debt | 4,062 | 4,289 |
Other liabilities | 1,777 | 1,871 |
Equity | ||
Common stock, $0.50 par value; authorized, 1,200,000,000 shares; issued, 953,354,012 shares; outstanding, 643,261,142 shares and 654,608,521 shares, respectively | 477 | 477 |
Additional paid-in-capital | 189 | 170 |
Retained earnings | 21,410 | 21,308 |
Accumulated other comprehensive income (loss) | (1,582) | (1,617) |
Cost of common stock in treasury, 310,092,870 shares and 298,745,491 shares, respectively | (12,802) | (12,257) |
Common stockholders’ equity | 7,692 | 8,081 |
Noncontrolling interests in subsidiaries | 51 | 47 |
Total equity | 7,743 | 8,128 |
Total liabilities and equity | $ 21,764 | $ 22,088 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 120 | $ 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 | 643,261,142 | 654,608,521 |
Treasury stock, shares | 310,092,870 | 298,745,491 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net earnings | $ 729 | $ 1,508 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 397 | 412 |
Changes in operating working capital | (57) | (530) |
Gain on divestiture of business, after tax | 0 | 528 |
Other, net | 137 | 67 |
Net cash provided by operating activities | 1,206 | 929 |
Investing activities | ||
Capital expenditures | (247) | (359) |
Purchases of businesses, net of cash and equivalents acquired | (11) | (145) |
Divestiture of business | 0 | 1,391 |
Other, net | 70 | (86) |
Net cash provided by (used by) investing activities | (188) | 801 |
Financing activities | ||
Net increase in short-term borrowings | 357 | 1,223 |
Proceeds from short-term borrowings greater than three months | 1,174 | 2,299 |
Payments of short-term borrowings greater than three months | (827) | (2,668) |
Payments of long-term debt | (253) | (251) |
Dividends paid | (616) | (647) |
Purchases of common stock | (555) | (1,351) |
Other, net | (5) | (20) |
Net cash used by financing activities | (725) | (1,415) |
Effect of exchange rate changes on cash and equivalents | (25) | (208) |
Increase (decrease) in cash and equivalents | 268 | 107 |
Beginning cash and equivalents | 3,054 | 3,149 |
Ending cash and equivalents | 3,322 | 3,256 |
Changes in operating working capital | ||
Receivables | 436 | 408 |
Inventories | (100) | (251) |
Other current assets | (30) | (40) |
Accounts payable | (175) | (310) |
Accrued expenses | (189) | (183) |
Income taxes | 1 | (154) |
Changes in operating working capital | $ (57) | $ (530) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [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 . In February 2016, the FASB amended ASC 842, Leases , to require recognition on the balance sheet of assets and liabilities related to the rights and obligations associated with all lease arrangements. Currently, obligations classified as operating leases are not recorded on the balance sheet but must be disclosed. The new standard is effective for the Company in the first quarter of fiscal 2020. The Company is in the process of evaluating the impact of the revised standard on its financial statements. |
Weighted Average Common Shares
Weighted Average Common Shares | 6 Months Ended |
Mar. 31, 2016 | |
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 Six Months Ended 2015 2016 2015 2016 Basic shares outstanding 680.9 642.0 686.1 646.0 Dilutive shares 3.2 2.7 3.3 2.6 Diluted shares outstanding 684.1 644.7 689.4 648.6 |
Other Financial Information
Other Financial Information | 6 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Other Financial Information | Other Financial Information (in millions): Sept 30, 2015 Mar 31, 2016 Inventories Finished products $ 680 701 Raw materials and work in process 1,167 1,249 Total $ 1,847 1,950 Property, plant and equipment, net Property, plant and equipment, at cost $ 8,931 9,034 Less: Accumulated depreciation 5,346 5,511 Total $ 3,585 3,523 Goodwill by business segment Process Management $ 2,790 2,790 Industrial Automation 1,031 1,027 Network Power 2,144 2,137 Climate Technologies 492 491 Commercial & Residential Solutions 196 197 Total $ 6,653 6,642 The gross carrying amount of goodwill for the Company was $7,288 million and $7,299 million as of March 31, 2016 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 Mar 31, 2016 Accrued expenses include the following Employee compensation $ 597 517 Customer advanced payments $ 450 495 Product warranty $ 167 172 Sept 30, 2015 Mar 31, 2016 Other liabilities Pension liabilities $ 662 579 Deferred income taxes 408 453 Postretirement liabilities, excluding current portion 199 197 Other 602 548 Total $ 1,871 1,777 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , the notional amount of foreign currency hedge positions was approximately $1.5 billion , and commodity hedge contracts totaled approximately $125 million (primarily 54 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 March 31, 2016 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 six months ended March 31, 2016 and 2015 (in millions): Into Earnings Into OCI 2nd Quarter Six Months 2nd Quarter Six Months Gains (Losses) Location 2015 2016 2015 2016 2015 2016 2015 2016 Commodity Cost of sales $ (8 ) (12 ) (10 ) (20 ) (7 ) 1 (19 ) (10 ) Foreign currency Sales, cost of sales 1 (9 ) — (15 ) 4 (13 ) (27 ) (7 ) Foreign currency Other deductions, net 31 (10 ) 14 (7 ) Total $ 24 (31 ) 4 (42 ) (3 ) (12 ) (46 ) (17 ) 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 six months ended March 31, 2016 and 2015 . 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 March 31, 2016 , the fair value of long-term debt was $4,736 million , which exceeded the carrying value by $407 million . At March 31, 2016 , 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 March 31, 2016 Assets Liabilities Assets Liabilities Foreign Currency $ 30 65 16 45 Commodity $ — 29 — 19 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 $52 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 March 31, 2016 . |
Equity Roll Forward
Equity Roll Forward | 6 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Equity | The change in equity for the first six 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 718 11 729 Other comprehensive income (loss) 35 1 36 Cash dividends (616 ) (8 ) (624 ) Net purchases of common stock (526 ) — (526 ) Balance at March 31, 2016 $ 7,692 51 7,743 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) | Activity in accumulated other comprehensive income (loss) for the three and six months ended March 31, 2016 and 2015 is shown below (in millions): Three Months Ended Six Months Ended 2015 2016 2015 2016 Foreign currency translation Beginning balance $ (133 ) (775 ) 171 (622 ) Other comprehensive income (loss) (427 ) 124 (731 ) (29 ) Ending balance (560 ) (651 ) (560 ) (651 ) Pension and postretirement Beginning balance (718 ) (926 ) (746 ) (952 ) Amortization of deferred actuarial losses into earnings 27 27 55 53 Divestiture of business 1 — 1 — Ending balance (690 ) (899 ) (690 ) (899 ) Cash flow hedges Beginning balance (24 ) (37 ) — (43 ) Deferral of gains (losses) arising during the period (3 ) (8 ) (29 ) (11 ) Reclassification of realized (gains) losses to sales and cost of sales 4 13 6 22 Ending balance (23 ) (32 ) (23 ) (32 ) Accumulated other comprehensive income (loss) $ (1,273 ) (1,582 ) (1,273 ) (1,582 ) Activity above is shown net of income taxes for the three and six months ended March 31, 2016 and 2015, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(14), $(15), $(28) and $(30); deferral of cash flow hedging gains (losses): $4, $ -, $6 and $17; reclassification of realized cash flow hedging (gains) losses: $(8), $(3), $(13) and $(4). |
Pension & Postretirement Expens
Pension & Postretirement Expenses | 6 Months Ended |
Mar. 31, 2016 | |
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 Six Months Ended 2015 2016 2015 2016 Service cost $ 27 23 54 45 Interest cost 61 49 121 99 Expected return on plan assets (92 ) (88 ) (184 ) (176 ) Net amortization 42 41 85 81 Total $ 38 25 76 49 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 | 6 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Deductions, Net | Other deductions, net are summarized below (in millions): Three Months Ended Six Months Ended 2015 2016 2015 2016 Amortization of intangibles $ 53 46 108 97 Rationalization of operations 44 15 53 28 Separation costs — 31 — 55 Other 39 30 39 56 Total $ 136 122 200 236 Separation costs relate to the planned portfolio repositioning actions. See Note 11. Foreign currency transactions were unfavorable by $19 million for the second quarter and $46 million year-to-date. The second quarter of 2015 included $20 million of litigation costs. |
Rationalization Of Operations
Rationalization Of Operations | 6 Months Ended |
Mar. 31, 2016 | |
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 $70 to $80 million . This includes $28 million incurred to date, as well as costs to complete actions initiated before the end of the second quarter and actions anticipated to be approved and initiated during the remainder of the year. Costs for the three and six months ended March 31, 2016 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 Six Months Ended 2015 2016 2015 2016 Process Management $ 22 9 25 13 Industrial Automation 2 1 4 4 Network Power 13 2 14 6 Climate Technologies 4 2 6 3 Commercial & Residential Solutions 3 1 4 2 Total $ 44 15 53 28 Details of the change in the liability for rationalization during the six months ended March 31, 2016 follow (in millions): Sept 30, 2015 Expense Paid/Utilized Mar 31, 2016 Severance and benefits $ 105 14 69 50 Lease and other contract terminations 1 2 2 1 Vacant facility and other shutdown costs 3 4 5 2 Start-up and moving costs 3 8 9 2 Total $ 112 28 85 55 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Summarized information about the Company's results of operations by business segment follows (in millions): Three Months Ended March 31, Six Months Ended March 31, Sales Earnings Sales Earnings 2015 2016 2015 2016 2015 2016 2015 2016 Process Management $ 2,042 1,828 299 265 4,141 3,634 691 536 Industrial Automation 1,034 870 144 116 2,186 1,678 308 211 Network Power 1,063 1,018 34 83 2,182 2,069 113 167 Climate Technologies 982 995 170 188 1,882 1,782 296 297 Commercial & Residential Solutions 465 394 91 92 945 786 194 177 5,586 5,105 738 744 11,336 9,949 1,602 1,388 Differences in accounting methods 53 58 111 113 Corporate and other 853 (148 ) 742 (298 ) Eliminations/Interest (186 ) (177 ) (40 ) (46 ) (349 ) (308 ) (86 ) (92 ) Total $ 5,400 4,928 1,604 608 10,987 9,641 2,369 1,111 Industrial Automation intersegment sales for the quarters ended March 31, 2016 and 2015 were $164 million and $167 million , respectively, and year-to-date $280 million and $312 million . Corporate and other in 2015 included a $932 million gain on the power transmission solutions divestiture. See Note 11. Corporate and other for 2016 includes higher incentive stock compensation expense of $46 million in the second quarter and $67 million year-to-date due primarily to an increasing stock price in the current year compared with a decreasing price in the prior year, and overlap of award programs. Corporate and other also includes separation costs of $31 million in the second quarter and $55 million year-to-date. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Acquisitions and Divestitures | 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 separation costs throughout 2016 to effect the portfolio repositioning as follows: approximately $250 to $300 million of expense for income taxes related to reorganizing the ownership structures of these businesses, investment banking, legal, consulting and other costs; and approximately $50 million in capitalized costs, including debt issuance costs and the separation of information technology systems. In the second quarter of 2016, the Company incurred separation costs of $56 million , or $0.09 per share, which is comprised of income tax expense of $28 million and other costs of $31 million ( $28 million after-tax). Year-to-date the Company incurred costs of $78 million , or $0.12 per share, which is comprised of income tax expense of $28 million and other costs of $55 million ( $50 million after-tax). In addition, the Company continues to discuss the potential sale of the network power systems business with interested parties. 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. In the second quarter of 2015, the Company sold its power transmission solutions business to Regal Beloit Corporation for $1.4 billion and recognized a pretax gain of $932 million ( $528 million after-tax, $0.77 per share). |
Weighted Average Common Shares
Weighted Average Common Shares (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share Reconciliation | Three Months Ended Six Months Ended 2015 2016 2015 2016 Basic shares outstanding 680.9 642.0 686.1 646.0 Dilutive shares 3.2 2.7 3.3 2.6 Diluted shares outstanding 684.1 644.7 689.4 648.6 |
Other Financial Information (Ta
Other Financial Information (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Inventories | Sept 30, 2015 Mar 31, 2016 Inventories Finished products $ 680 701 Raw materials and work in process 1,167 1,249 Total $ 1,847 1,950 |
Property, Plant And Equipment, Net | Property, plant and equipment, net Property, plant and equipment, at cost $ 8,931 9,034 Less: Accumulated depreciation 5,346 5,511 Total $ 3,585 3,523 |
Goodwill By Business Segment | Goodwill by business segment Process Management $ 2,790 2,790 Industrial Automation 1,031 1,027 Network Power 2,144 2,137 Climate Technologies 492 491 Commercial & Residential Solutions 196 197 Total $ 6,653 6,642 |
Accrued Expenses | Sept 30, 2015 Mar 31, 2016 Accrued expenses include the following Employee compensation $ 597 517 Customer advanced payments $ 450 495 Product warranty $ 167 172 |
Other Liabilities | Sept 30, 2015 Mar 31, 2016 Other liabilities Pension liabilities $ 662 579 Deferred income taxes 408 453 Postretirement liabilities, excluding current portion 199 197 Other 602 548 Total $ 1,871 1,777 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
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 and six months ended March 31, 2016 and 2015 (in millions): Into Earnings Into OCI 2nd Quarter Six Months 2nd Quarter Six Months Gains (Losses) Location 2015 2016 2015 2016 2015 2016 2015 2016 Commodity Cost of sales $ (8 ) (12 ) (10 ) (20 ) (7 ) 1 (19 ) (10 ) Foreign currency Sales, cost of sales 1 (9 ) — (15 ) 4 (13 ) (27 ) (7 ) Foreign currency Other deductions, net 31 (10 ) 14 (7 ) Total $ 24 (31 ) 4 (42 ) (3 ) (12 ) (46 ) (17 ) |
Fair Value Measurements | Valuations of derivative contract positions are summarized below (in millions): September 30, 2015 March 31, 2016 Assets Liabilities Assets Liabilities Foreign Currency $ 30 65 16 45 Commodity $ — 29 — 19 |
Equity Roll Forward (Tables)
Equity Roll Forward (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity | The change in equity for the first six 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 718 11 729 Other comprehensive income (loss) 35 1 36 Cash dividends (616 ) (8 ) (624 ) Net purchases of common stock (526 ) — (526 ) Balance at March 31, 2016 $ 7,692 51 7,743 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
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 and six months ended March 31, 2016 and 2015 is shown below (in millions): Three Months Ended Six Months Ended 2015 2016 2015 2016 Foreign currency translation Beginning balance $ (133 ) (775 ) 171 (622 ) Other comprehensive income (loss) (427 ) 124 (731 ) (29 ) Ending balance (560 ) (651 ) (560 ) (651 ) Pension and postretirement Beginning balance (718 ) (926 ) (746 ) (952 ) Amortization of deferred actuarial losses into earnings 27 27 55 53 Divestiture of business 1 — 1 — Ending balance (690 ) (899 ) (690 ) (899 ) Cash flow hedges Beginning balance (24 ) (37 ) — (43 ) Deferral of gains (losses) arising during the period (3 ) (8 ) (29 ) (11 ) Reclassification of realized (gains) losses to sales and cost of sales 4 13 6 22 Ending balance (23 ) (32 ) (23 ) (32 ) Accumulated other comprehensive income (loss) $ (1,273 ) (1,582 ) (1,273 ) (1,582 ) Activity above is shown net of income taxes for the three and six months ended March 31, 2016 and 2015, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(14), $(15), $(28) and $(30); deferral of cash flow hedging gains (losses): $4, $ -, $6 and $17; reclassification of realized cash flow hedging (gains) losses: $(8), $(3), $(13) and $(4). |
Pension & Postretirement Expe24
Pension & Postretirement Expenses (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
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 Six Months Ended 2015 2016 2015 2016 Service cost $ 27 23 54 45 Interest cost 61 49 121 99 Expected return on plan assets (92 ) (88 ) (184 ) (176 ) Net amortization 42 41 85 81 Total $ 38 25 76 49 |
Other Deductions, Net (Tables)
Other Deductions, Net (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Deductions, net | Other deductions, net are summarized below (in millions): Three Months Ended Six Months Ended 2015 2016 2015 2016 Amortization of intangibles $ 53 46 108 97 Rationalization of operations 44 15 53 28 Separation costs — 31 — 55 Other 39 30 39 56 Total $ 136 122 200 236 |
Rationalization Of Operations (
Rationalization Of Operations (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Rationalization Of Operations By Segment | Rationalization of operations expense by segment is provided below (in millions): Three Months Ended Six Months Ended 2015 2016 2015 2016 Process Management $ 22 9 25 13 Industrial Automation 2 1 4 4 Network Power 13 2 14 6 Climate Technologies 4 2 6 3 Commercial & Residential Solutions 3 1 4 2 Total $ 44 15 53 28 |
Change In Liability For Rationalization Costs | Details of the change in the liability for rationalization during the six months ended March 31, 2016 follow (in millions): Sept 30, 2015 Expense Paid/Utilized Mar 31, 2016 Severance and benefits $ 105 14 69 50 Lease and other contract terminations 1 2 2 1 Vacant facility and other shutdown costs 3 4 5 2 Start-up and moving costs 3 8 9 2 Total $ 112 28 85 55 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
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 March 31, Six Months Ended March 31, Sales Earnings Sales Earnings 2015 2016 2015 2016 2015 2016 2015 2016 Process Management $ 2,042 1,828 299 265 4,141 3,634 691 536 Industrial Automation 1,034 870 144 116 2,186 1,678 308 211 Network Power 1,063 1,018 34 83 2,182 2,069 113 167 Climate Technologies 982 995 170 188 1,882 1,782 296 297 Commercial & Residential Solutions 465 394 91 92 945 786 194 177 5,586 5,105 738 744 11,336 9,949 1,602 1,388 Differences in accounting methods 53 58 111 113 Corporate and other 853 (148 ) 742 (298 ) Eliminations/Interest (186 ) (177 ) (40 ) (46 ) (349 ) (308 ) (86 ) (92 ) Total $ 5,400 4,928 1,604 608 10,987 9,641 2,369 1,111 |
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 | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic shares outstanding | 642 | 680.9 | 646 | 686.1 |
Dilutive shares | 2.7 | 3.2 | 2.6 | 3.3 |
Diluted shares outstanding | 644.7 | 684.1 | 648.6 | 689.4 |
Other Financial Information (De
Other Financial Information (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Sep. 30, 2015 |
Other Financial Information [Line Items] | ||
Finished products | $ 701 | $ 680 |
Raw materials and work in process | 1,249 | 1,167 |
Total | 1,950 | 1,847 |
Property, plant and equipment, at cost | 9,034 | 8,931 |
Less: Accumulated depreciation | 5,511 | 5,346 |
Total | 3,523 | 3,585 |
Goodwill, net | 6,642 | 6,653 |
Goodwill, gross | 7,288 | 7,299 |
Employee compensation | 517 | 597 |
Customer advanced payments | 495 | 450 |
Product warranty | 172 | 167 |
Pension liabilities | 579 | 662 |
Deferred income taxes | 453 | 408 |
Postretirement liabilities, excluding current portion | 197 | 199 |
Other | 548 | 602 |
Total | 1,777 | 1,871 |
Process Management [Member] | ||
Other Financial Information [Line Items] | ||
Goodwill, net | 2,790 | 2,790 |
Industrial Automation [Member] | ||
Other Financial Information [Line Items] | ||
Goodwill, net | 1,027 | 1,031 |
Network Power [Member] | ||
Other Financial Information [Line Items] | ||
Goodwill, net | 2,137 | 2,144 |
Goodwill, accumulated impairment losses | 646 | 646 |
Climate Technologies [Member] | ||
Other Financial Information [Line Items] | ||
Goodwill, net | 491 | 492 |
Commercial & Residential Solutions [Member] | ||
Other Financial Information [Line Items] | ||
Goodwill, net | $ 197 | $ 196 |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Derivative Instruments) (Details) lb in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016USD ($)lb | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)lb | Mar. 31, 2015USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) to earnings | $ (31) | $ 24 | $ (42) | $ 4 |
Gain (loss) to other comprehensive income | (12) | (3) | (17) | (46) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) to other comprehensive income | 1 | (7) | (10) | (19) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified to earnings | (12) | (8) | (20) | (10) |
Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount of foreign currency hedge positions | 1,500 | 1,500 | ||
Foreign Exchange Contract [Member] | Other deductions, net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) to earnings | (10) | 31 | (7) | 14 |
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 | (13) | 4 | (7) | (27) |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales, Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) reclassified to earnings | (9) | $ 1 | (15) | $ 0 |
All Commodity Hedges [Member] [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of commodities hedged | $ 125 | $ 125 | ||
Copper and Aluminum [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Weight in pounds of copper and aluminum commodity hedges | lb | 54 | 54 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measurements) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Sep. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||
Fair value of long-term debt compared with carrying value | $ (407) | |
Collateral posted to counterparties | 0 | |
Collateral held from counterparties | 0 | |
Maximum collateral that could have been required | 52 | |
Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of long-term debt | 4,736 | |
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 | 16 | $ 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 | 45 | 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 | $ 19 | $ 29 |
Equity Roll Forward (Schedule O
Equity Roll Forward (Schedule Of Change In Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 8,128 | |||
Net earnings common stockholders | $ 369 | $ 973 | 718 | $ 1,498 |
Noncontrolling interests in earnings | 8 | 6 | 11 | 10 |
Net earnings | 377 | 979 | 729 | 1,508 |
Other comprehensive income (loss) | 157 | $ (398) | 36 | $ (699) |
Cash dividends | (624) | |||
Net purchases of common stock | (526) | |||
Ending balance | 7,743 | 7,743 | ||
Parent Company [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 8,081 | |||
Other comprehensive income (loss) | 35 | |||
Cash dividends | (616) | |||
Net purchases of common stock | (526) | |||
Ending balance | 7,692 | 7,692 | ||
Noncontrolling Interest [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 47 | |||
Other comprehensive income (loss) | 1 | |||
Cash dividends | (8) | |||
Net purchases of common stock | 0 | |||
Ending balance | $ 51 | $ 51 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | $ 8,128 | ||||
Ending balance | $ 7,743 | 7,743 | |||
Accumulated other comprehensive income (loss) | (1,582) | $ (1,273) | (1,582) | $ (1,273) | $ (1,617) |
Foreign currency translation [Member] | |||||
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | (775) | (133) | (622) | 171 | |
Other comprehensive income (loss) | 124 | (427) | (29) | (731) | |
Ending balance | (651) | (560) | (651) | (560) | |
Pension and post retirement [Member] | |||||
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | (926) | (718) | (952) | (746) | |
Amortization of deferred actuarial losses into earnings | 27 | 27 | 53 | 55 | |
Divestiture of business | 0 | 1 | 0 | 1 | |
Ending balance | (899) | (690) | (899) | (690) | |
Cash Flow Hedges [Member] | |||||
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | (37) | (24) | (43) | 0 | |
Deferral of gains (losses) arising during the period | (8) | (3) | (11) | (29) | |
Reclassification of realized (gains) losses to sales and cost of sales | 13 | 4 | 22 | 6 | |
Ending balance | $ (32) | $ (23) | $ (32) | $ (23) |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Details 2) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Pension and post retirement [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of deferred actuarial losses, tax | $ (14) | $ (15) | $ (28) | $ (30) |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Deferred cash flow hedging gains (losses), tax | 4 | 0 | 6 | 17 |
Reclass of deferred cash flow hedging (losses), tax | $ (8) | $ (3) | $ (13) | $ (4) |
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 | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | |
Pension And Postretirement Plan Expenses [Line Items] | |||||
Service cost | $ 23 | $ 27 | $ 45 | $ 54 | |
Interest cost | 49 | 61 | 99 | 121 | |
Expected return on plan assets | (88) | (92) | (176) | (184) | |
Net amortization | 41 | 42 | 81 | 85 | |
Total | $ 25 | $ 38 | $ 49 | $ 76 | |
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 ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Other deductions, net [Line Items] | ||||
Amortization of intangibles | $ 46 | $ 53 | $ 97 | $ 108 |
Rationalization of operations | 15 | 44 | 28 | 53 |
Separation costs | 31 | 0 | 55 | 0 |
Other | 30 | 39 | 56 | 39 |
Total | 122 | 136 | 236 | $ 200 |
Change in gain (loss) from foreign currency transactions | $ (19) | $ (46) | ||
Litigation costs | $ 20 |
Rationalization Of Operations37
Rationalization Of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | |
Restructuring Reserve [Roll Forward] | |||||
Beginning rationalization of operations liability | $ 112 | ||||
Rationalization of operations, expense | $ 15 | $ 44 | 28 | $ 53 | |
Rationalization of operations, paid | 85 | ||||
Ending rationalization of operations liability | 55 | 55 | |||
Severance and benefits [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning rationalization of operations liability | 105 | ||||
Rationalization of operations, expense | 14 | ||||
Rationalization of operations, paid | 69 | ||||
Ending rationalization of operations liability | 50 | 50 | |||
Lease and other contract terminations [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning rationalization of operations liability | 1 | ||||
Rationalization of operations, expense | 2 | ||||
Rationalization of operations, paid | 2 | ||||
Ending rationalization of operations liability | 1 | 1 | |||
Vacant facility and other shutdown costs [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning rationalization of operations liability | 3 | ||||
Rationalization of operations, expense | 4 | ||||
Rationalization of operations, paid | 5 | ||||
Ending rationalization of operations liability | 2 | 2 | |||
Start-up and moving costs [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning rationalization of operations liability | 3 | ||||
Rationalization of operations, expense | 8 | ||||
Rationalization of operations, paid | 9 | ||||
Ending rationalization of operations liability | 2 | 2 | |||
Process Management [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Rationalization of operations, expense | 9 | 22 | 13 | 25 | |
Industrial Automation [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Rationalization of operations, expense | 1 | 2 | 4 | 4 | |
Network Power [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Rationalization of operations, expense | 2 | 13 | 6 | 14 | |
Climate Technologies [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Rationalization of operations, expense | 2 | 4 | 3 | 6 | |
Commercial & Residential Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Rationalization of operations, expense | $ 1 | $ 3 | $ 2 | $ 4 | |
Minimum [Member] | Scenario, Forecast [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Expected fiscal year rationalization expense | $ 70 | ||||
Maximum [Member] | Scenario, Forecast [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Expected fiscal year rationalization expense | $ 80 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 4,928 | $ 5,400 | $ 9,641 | $ 10,987 |
Earnings before income taxes | 608 | 1,604 | 1,111 | 2,369 |
Gain on divestiture of business | 0 | 932 | 0 | 932 |
Increase (decrease) in incentive stock compensation expense | 46 | 67 | ||
Pretax separation costs | 31 | 0 | 55 | 0 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,105 | 5,586 | 9,949 | 11,336 |
Earnings before income taxes | 744 | 738 | 1,388 | 1,602 |
Operating Segments [Member] | Process Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,828 | 2,042 | 3,634 | 4,141 |
Earnings before income taxes | 265 | 299 | 536 | 691 |
Operating Segments [Member] | Industrial Automation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 870 | 1,034 | 1,678 | 2,186 |
Earnings before income taxes | 116 | 144 | 211 | 308 |
Operating Segments [Member] | Network Power [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,018 | 1,063 | 2,069 | 2,182 |
Earnings before income taxes | 83 | 34 | 167 | 113 |
Operating Segments [Member] | Climate Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 995 | 982 | 1,782 | 1,882 |
Earnings before income taxes | 188 | 170 | 297 | 296 |
Operating Segments [Member] | Commercial & Residential Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 394 | 465 | 786 | 945 |
Earnings before income taxes | 92 | 91 | 177 | 194 |
Differences in accounting methods [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes | 58 | 53 | 113 | 111 |
Corporate and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes | (148) | 853 | (298) | 742 |
Intersegment Eliminations/Interest [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (177) | (186) | (308) | (349) |
Earnings before income taxes | (46) | (40) | (92) | (86) |
Intersegment Eliminations [Member] | Industrial Automation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (164) | $ (167) | $ (280) | $ (312) |
Acquisitions and Divestitures A
Acquisitions and Divestitures Acquisitions & Divestitures (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Approximate sales | $ 4,928 | $ 5,400 | $ 9,641 | $ 10,987 | ||
Approximate pretax earnings | 608 | 1,604 | 1,111 | 2,369 | ||
Approximate cash flows | 1,206 | 929 | ||||
Total after-tax separation costs | $ 56 | $ 78 | ||||
Total after-tax separation costs per share | $ 0.09 | $ 0.12 | ||||
Income tax expense related to planned strategic repositioning actions | $ 28 | $ 28 | ||||
Pretax separation costs | 31 | 0 | 55 | 0 | ||
After-tax separation costs | 28 | 50 | ||||
Proceeds from divestiture of business | 0 | 1,391 | ||||
Gain on divestiture of business | $ 0 | $ 932 | 0 | 932 | ||
Gain on divestiture of business, after tax | $ 0 | 528 | ||||
Planned Spinoff of Network Power and Potential Sales of Motors and Drives, Power Generation and Storage Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Approximate sales | $ 6,400 | |||||
Approximate pretax earnings | 400 | |||||
Approximate cash flows | $ 500 | |||||
Planned Spinoff of Network Power and Potential Sales of Motors and Drives, Power Generation and Storage Business [Member] | Scenario, Forecast [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Estimated capitalized costs, including debt issuance costs and the separation of information technology systems | $ 50 | |||||
Planned Spinoff of Network Power and Potential Sales of Motors and Drives, Power Generation and Storage Business [Member] | Scenario, Forecast [Member] | Minimum [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Estimated income taxes related to reorganizing the ownership structures and investment banking, legal consulting and other costs | 250 | |||||
Planned Spinoff of Network Power and Potential Sales of Motors and Drives, Power Generation and Storage Business [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Estimated income taxes related to reorganizing the ownership structures and investment banking, legal consulting and other costs | $ 300 | |||||
Power Transmission Solutions [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of business | 1,400 | |||||
Gain on divestiture of business | 932 | |||||
Gain on divestiture of business, after tax | $ 528 | |||||
Gain on divestiture impact on diluted earnings per share | $ 0.77 |