Emerson Electric (EMR) 10-Q 2 May 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		630,090,112

Consolidated Statements Of Earn

Consolidated Statements Of Earnings - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 4,248	$ 3,574	$ 8,064	$ 6,790
Costs and expenses:
Cost of sales	2,423	2,017	4,618	3,868
Selling, general and administrative expenses	1,032	868	2,024	1,690
Other deductions, net	99	83	187	116
Interest expense (net of interest income of $14, $9, $25, and $15, respectively)	36	41	74	87
Earnings from continuing operations before income taxes	658	565	1,161	1,029
Income taxes	169	181	278	275
Earnings from continuing operations	489	384	883	754
Discontinued operations, net of tax	0	(84)	0	(139)
Net earnings	489	300	883	615
Less: Noncontrolling interests in earnings of subsidiaries	7	8	9	14
Net earnings common stockholders	482	292	874	601
Earnings from continuing operations common stockholders	$ 482	$ 376	$ 874	$ 740
Basic earnings from continuing operations per common share	$ 0.76	$ 0.58	$ 1.37	$ 1.14
Basic earnings from discontinued operations per common share	0	(0.13)	0	(0.21)
Basic earnings per common share	0.76	0.45	1.37	0.93
Diluted earnings from continuing operations per common share	0.76	0.58	1.37	1.14
Diluted earnings from discontinued operations per common share	0	(0.13)	0	(0.21)
Diluted earnings per common share	0.76	0.45	1.37	0.93
Cash dividends per common share	$ 0.485	$ 0.48	$ 0.97	$ 0.96

Consolidated Statements Of Ear3

Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Interest income	$ 14	$ 9	$ 25	$ 15

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Net earnings	$ 489	$ 300	$ 883	$ 615
Other comprehensive income (loss), net of tax:
Foreign currency translation	148	259	155	156
Pension and postretirement	22	65	45	120
Cash flow hedges	(5)	17	(8)	32
Total other comprehensive income	165	341	192	308
Comprehensive income	654	641	1,075	923
Less: Noncontrolling interests in comprehensive income of subsidiaries	7	9	9	13
Comprehensive income common stockholders	$ 647	$ 632	$ 1,066	$ 910

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Current assets
Cash and equivalents	$ 2,444	$ 3,062
Receivables, less allowances of $97 and $91, respectively	3,042	3,072
Inventories	1,897	1,696
Other current assets	342	422
Total current assets	7,725	8,252
Property, plant and equipment, net	3,299	3,321
Other assets
Goodwill	5,821	5,316
Other intangible assets	2,203	1,890
Other	737	810
Total other assets	8,761	8,016
Total assets	19,785	19,589
Current liabilities
Short-term borrowings and current maturities of long-term debt	1,833	862
Accounts payable	1,603	1,776
Accrued expenses	2,362	2,342
Income taxes	147	65
Total current liabilities	5,945	5,045
Long-term debt	3,357	3,794
Other liabilities	1,946	1,980
Equity
Common stock, $0.50 par value; authorized, 1,200,000,000 shares; issued, 953,354,012 shares; outstanding, 631,535,208 shares and 641,691,971 shares, respectively	477	477
Additional paid-in-capital	323	297
Retained earnings	22,254	21,995
Accumulated other comprehensive income (loss)	(827)	(1,019)
Cost of common stock in treasury, 321,818,804 shares and 311,662,041 shares, respectively	(13,735)	(13,032)
Common stockholders’ equity	8,492	8,718
Noncontrolling interests in subsidiaries	45	52
Total equity	8,537	8,770
Total liabilities and equity	$ 19,785	$ 19,589

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 97	$ 91
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	631,535,208	641,691,971
Treasury stock, shares	321,818,804	311,662,041

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net earnings	$ 883	$ 615
Loss from discontinued operations, net of tax	0	139
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	378	283
Changes in operating working capital	(363)	(126)
Other, net	46	100
Cash from continuing operations	944	1,011
Cash from discontinued operations	0	(601)
Cash provided by operating activities	944	410
Investing activities
Capital expenditures	(194)	(194)
Purchases of businesses, net of cash and equivalents acquired	(770)	(16)
Divestitures of businesses	221	0
Other, net	(42)	(50)
Cash from continuing operations	(785)	(260)
Cash from discontinued operations	0	5,051
Cash provided by (used in) investing activities	(785)	4,791
Financing activities
Net increase (decrease) in short-term borrowings	782	(2,228)
Payments of short-term borrowings greater than three months	0	(90)
Payments of long-term debt	(251)	(252)
Dividends paid	(618)	(621)
Purchases of common stock	(750)	(120)
Other, net	(6)	29
Cash used in financing activities	(843)	(3,282)
Effect of exchange rate changes on cash and equivalents	66	(62)
Increase (Decrease) in cash and equivalents	(618)	1,857
Beginning cash and equivalents	3,062	3,182
Ending cash and equivalents	2,444	5,039
Changes in operating working capital
Receivables	98	190
Inventories	(172)	(137)
Other current assets	(30)	11
Accounts payable	(161)	(100)
Accrued expenses	(149)	(98)
Income taxes	51	8
Changes in operating working capital	$ (363)	$ (126)

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2018
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, 2017 . On December 22, 2017, the U.S. government enacted tax reform, the Tax Cuts and Jobs Act (the “Act”), which made comprehensive changes to federal income tax laws by moving from a global to a modified territorial tax regime. The Act includes a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent along with the elimination of certain deductions and credits, and a one-time “deemed repatriation” of accumulated foreign earnings. In the first fiscal quarter, the Company recognized a net tax benefit of $43 ( $0.07 per share) due to impacts of the Act, consisting of a $98 benefit on revaluation of net deferred income tax liabilities to the lower tax rate, and $185 of expense for the tax on deemed repatriation of accumulated foreign earnings and withholding taxes partially offset by $130 accrued in previous periods for the planned repatriation of non-U.S. cash. The Company continues to review the impacts of the Act and subsequent interpretations. Given its complexities, the ultimate effects on repatriation cost and other tax items may differ materially from these provisional amounts due to additional regulatory guidance that may be issued and further evaluation of the Company’s actions, assumptions and interpretations. The effective tax rate for full year 2018 is currently expected to be approximately 25 to 27 percent . In 2019 and thereafter, the tax rate is expected to be approximately 25 percent . In February 2018, the FASB issued updates to ASC 220, Comprehensive Income , which permit reclassification of stranded tax effects resulting from the Act from accumulated other comprehensive income to retained earnings. These updates are effective in the first quarter of fiscal 2020, with early adoption permitted, and are not expected to materially impact the Company's financial statements. In the first quarter of fiscal 2018, the Company adopted updates to ASC 330, Inventory , which changed the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. These updates did not materially impact the Company's financial statements. In the first quarter of fiscal 2018, the Company adopted updates to ASC 740, Income Taxes , requiring recognition of the income tax effects of intra-entity transfers of assets other than inventory when the transfer occurs. These updates were adopted on a modified retrospective basis and did not materially impact the Company's financial statements.

Weighted Average Common Shares

Weighted Average Common Shares	6 Months Ended
	Mar. 31, 2018
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. Earnings allocated to participating securities were inconsequential. Three Months Ended Six Months Ended 2017 2018 2017 2018 Basic shares outstanding 643.6 632.6 643.2 635.4 Dilutive shares 1.2 3.4 1.3 2.9 Diluted shares outstanding 644.8 636.0 644.5 638.3

Other Financial Information

Other Financial Information	6 Months Ended
	Mar. 31, 2018
Disclosure Text Block [Abstract]
Other Financial Information	Other Financial Information Sept 30, 2017 Mar 31, 2018 Inventories Finished products $ 560 663 Raw materials and work in process 1,136 1,234 Total $ 1,696 1,897 Sept 30, 2017 Mar 31, 2018 Property, plant and equipment, net Property, plant and equipment, at cost $ 7,873 8,065 Less: Accumulated depreciation 4,552 4,766 Total $ 3,321 3,299 Sept 30, 2017 Mar 31, 2018 Goodwill by business segment Automation Solutions $ 4,704 5,067 Climate Technologies 555 696 Tools & Home Products 57 58 Commercial & Residential Solutions 612 754 Total $ 5,316 5,821 The increase in goodwill reflects the acquisitions of Paradigm and Cooper-Atkins. See Note 11. Sept 30, 2017 Mar 31, 2018 Accrued expenses include the following Employee compensation $ 531 606 Customer advanced payments $ 505 533 Product warranty $ 120 130 Sept 30, 2017 Mar 31, 2018 Other liabilities Pension and postretirement liabilities $ 664 661 Deferred income taxes 425 262 Asbestos litigation 340 333 Other 551 690 Total $ 1,980 1,946 Other long-term assets include $131 of asbestos-related insurance receivables.

Financial Instruments

Financial Instruments	6 Months Ended
	Mar. 31, 2018
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, 2018 , the notional amount of foreign currency hedge positions was approximately $1.6 billion , and commodity hedge contracts totaled approximately $140 (primarily 53 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, 2018 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, 2018 and 2017 : Into Earnings Into OCI 2nd Quarter Six Months 2nd Quarter Six Months Gains (Losses) Location 2017 2018 2017 2018 2017 2018 2017 2018 Commodity Cost of sales $ 4 6 2 11 5 (9 ) 15 4 Foreign currency Sales, cost of sales (7 ) — (17 ) — 20 8 22 (4 ) Foreign currency Other deductions, net (6 ) (12 ) — (12 ) Total $ (9 ) (6 ) (15 ) (1 ) 25 (1 ) 37 — 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, 2018 and 2017 . 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, 2018 , the fair value of long-term debt was $4,013 , which exceeded the carrying value by $198 . At March 31, 2018 , 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: September 30, 2017 March 31, 2018 Assets Liabilities Assets Liabilities Foreign Currency $ 26 18 22 13 Commodity $ 12 — 6 2 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 pre-established levels, counterparties can require immediate full collateralization of all derivatives in net liability positions. The maximum amount that could potentially have been required was $2 . 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, 2018 .

Equity Roll Forward

Equity Roll Forward	6 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	The change in equity for the first six months of 2018 is shown below: Common Stockholders' Equity Noncontrolling Interests in Subsidiaries Total Equity Balance at September 30, 2017 $ 8,718 52 8,770 Net earnings 874 9 883 Other comprehensive income (loss) 192 — 192 Cash dividends (618 ) (16 ) (634 ) Purchases of treasury stock, net of issuances (677 ) — (677 ) Adoption of accounting standard update 3 — 3 Balance at March 31, 2018 $ 8,492 45 8,537

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Mar. 31, 2018
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, 2018 and 2017 is shown below: Three Months Ended March 31, Six Months Ended 2017 2018 2017 2018 Foreign currency translation Beginning balance $ (913 ) (362 ) (812 ) (369 ) Other comprehensive income (loss) before reclassifications 139 148 (228 ) 172 Reclassified to gain/loss on sale of businesses 119 — 385 (17 ) Ending balance (655 ) (214 ) (655 ) (214 ) Pension and postretirement Beginning balance (1,107 ) (639 ) (1,162 ) (662 ) Amortization of deferred actuarial losses into earnings 35 22 70 45 Reclassified to gain/loss on sale of businesses 30 — 50 — Ending balance (1,042 ) (617 ) (1,042 ) (617 ) Cash flow hedges Beginning balance (10 ) 9 (25 ) 12 Deferral of gains (losses) arising during the period 15 (1 ) 23 — Reclassification of realized (gains) losses to sales and cost of sales 2 (4 ) 9 (8 ) Ending balance 7 4 7 4 Accumulated other comprehensive income (loss) $ (1,690 ) (827 ) (1,690 ) (827 ) Activity above is shown net of income taxes for the three and six months ended March 31, 2018 and 2017, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(8), $(18), $(16), and $(36); pension and postretirement divestiture: $- , $(15), $-, and $(22); deferral of cash flow hedging gains (losses): $-, $(10), $-, and $(14); reclassification of realized cash flow hedging (gains) losses: $2, $(1), $3 and $(6).

Pension & Postretirement Expens

Pension & Postretirement Expenses	6 Months Ended
	Mar. 31, 2018
Defined Benefit Plan [Abstract]
Pension And Postretirement Plan Expenses	Total periodic pension and postretirement expense is summarized below: Three Months Ended March 31, Six Months Ended March 31, 2017 2018 2017 2018 Service cost $ 21 19 42 38 Interest cost 42 47 84 93 Expected return on plan assets (86 ) (88 ) (172 ) (175 ) Net amortization 53 30 106 61 Total $ 30 8 60 17

Other Deductions, Net

Other Deductions, Net	6 Months Ended
	Mar. 31, 2018
Other Income and Expenses [Abstract]
Other Deductions, Net	Other deductions, net are summarized below: Three Months Ended Six Months Ended 2017 2018 2017 2018 Amortization of intangibles $ 21 51 43 107 Restructuring costs 13 9 24 24 Other 49 39 49 56 Total $ 83 99 116 187 The increase in amortization for the three and six months ended March 31, 2018 is primarily due to the valves & controls acquisition. In the second quarter of 2018, Other included lower bad debt expense of $19 and a favorable comparative impact from foreign currency transactions of $19 , partially offset by an increase in acquisition/divestiture-related costs of $27 .

Restructuring

Restructuring	6 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring 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 2018 restructuring expense to be approximately $65 . The full year expense includes $24 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, 2018 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. Restructuring expense by business segment follows: Three Months Ended Six Months Ended 2017 2018 2017 2018 Automation Solutions $ 9 7 15 17 Climate Technologies 3 2 7 7 Tools & Home Products — — 1 — Commercial & Residential Solutions 3 2 8 7 Corporate 1 — 1 — Total $ 13 9 24 24 Details of the change in the liability for restructuring costs during the six months ended March 31, 2018 follow: Sept 30, 2017 Expense Utilized/Paid Mar 31, 2018 Severance and benefits $ 60 15 30 45 Lease and other contract terminations 4 2 2 4 Asset write-downs — 1 1 — Vacant facility and other shutdown costs 1 2 1 2 Start-up and moving costs — 4 4 — Total $ 65 24 38 51

Business Segment Information

Business Segment Information	6 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Business Segments – The Company designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions for customers in a wide range of industrial, commercial and consumer markets around the world. The Automation Solutions segment enables process, hybrid and discrete manufacturers to maximize production, protect personnel and the environment, and optimize their energy efficiency and operating costs through a broad offering of integrated solutions and products, including measurement and analytical instrumentation, industrial valves and equipment, and process control systems. Significant end markets serviced include oil and gas, refining, chemicals and power generation, as well as pharmaceuticals, food and beverage, automotive, pulp and paper, metals and mining, and municipal water supplies. The segment's major product offerings are described below. • Measurement & Analytical Instrumentation products measure the physical properties of liquids or gases in a process stream and communicate this information to a process control system or other software applications, and analyze the chemical composition of process fluids and emissions to enhance quality and efficiency, as well as environmental compliance. • Valves, Actuators & Regulators consists of control, isolation and pressure relief valves which respond to commands from a control system to continuously and precisely modulate the flow of process fluids, smart actuation and control technologies, pressure management products, and industrial and residential regulators that reduce the pressure of fluids moving from high-pressure supply lines into lower pressure systems. • Industrial Solutions provides fluid power and control mechanisms, electrical distribution equipment, and materials joining and precision cleaning products which are used in a variety of manufacturing operations to provide integrated solutions to customers. • Process Control Systems & Solutions provides a digital ecosystem that controls plant processes by communicating with and adjusting the "intelligent" plant devices described above to provide precision measurement, control, monitoring, asset optimization, and plant safety and reliability for plants that produce power, or process fluids or other items. The Commercial & Residential Solutions business consists of the Climate Technologies and Tools & Home Products segments. This business provides products and solutions that promote energy efficiency, enhance household and commercial comfort, and protect food quality and sustainability through heating, air conditioning and refrigeration technology, as well as a broad range of tools and appliance solutions. The Climate Technologies segment provides products, services and solutions for all areas of the climate control industry, including residential heating and cooling, commercial air conditioning, commercial and industrial refrigeration, and cold chain management. Products include compressors, temperature sensors and controls, thermostats, flow controls, and stationary and mobile remote monitoring technologies and services that enable homeowners and businesses to better manage their heating, air conditioning and refrigeration systems for improved control and comfort, and lower energy costs. The Tools & Home Products segment offers tools for professionals and homeowners and appliance solutions. Products include professional pipe-working tools, residential and commercial food waste disposers, and wet-dry vacuums. Summarized information about the Company's results of operations by business segment follows: Three Months Ended March 31, Six Months Ended March 31, Sales Earnings Sales Earnings 2017 2018 2017 2018 2017 2018 2017 2018 Automation Solutions $ 2,117 2,771 328 436 4,084 5,343 654 822 Climate Technologies 1,058 1,128 249 253 1,917 2,050 410 418 Tools & Home Products 402 355 96 96 795 685 184 183 Commercial & Residential Solutions 1,460 1,483 345 349 2,712 2,735 594 601 Differences in accounting methods 35 55 68 106 Corporate and other (102 ) (146 ) (200 ) (294 ) Eliminations/Interest (3 ) (6 ) (41 ) (36 ) (6 ) (14 ) (87 ) (74 ) Total $ 3,574 4,248 565 658 6,790 8,064 1,029 1,161 For the second quarter of 2018, corporate and other included an increase in acquisition/divestiture-related costs of $27 . Year-to-date results included higher incentive stock compensation of $51 and valves & controls first year acquisition accounting charges of $10 related to inventory and $19 for backlog amortization. Automation Solutions sales by major product offering are summarized below: Three Months Ended March 31, Six Months Ended March 31, 2017 2018 2017 2018 Measurement & Analytical Instrumentation $ 736 860 1,418 1,632 Valves, Actuators & Regulators 497 926 946 1,793 Industrial Solutions 419 479 786 903 Process Control Systems & Solutions 465 506 934 1,015 Total $ 2,117 2,771 4,084 5,343

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Divestitures	On April 18, 2018, the Company entered into an agreement to purchase Textron's tools and test equipment business for $ 810 , subject to certain post-closing adjustments. This business, with annual sales of approximately $470 , is a manufacturer of electrical and utility tools, diagnostics, and test and measurement instruments, and will be reported in the Tools & Home products segment. The transaction is expected to close in the fourth quarter, subject to various regulatory approvals and other customary closing conditions. On January 10, 2018, the Company completed the acquisition of Cooper-Atkins for $247 , net of cash acquired. This business, which manufactures temperature management and monitoring products for foodservice markets, is reported in the Climate Technologies segment. The Company recognized goodwill of $134 (all of which is expected to be tax deductible), and identifiable intangible assets of $105 , primarily intellectual property and customer relationships with weighted-average useful lives of approximately 12 years. During the first six months of 2018, the Company also acquired three smaller business, two in the Automation Solutions segment and one in the Climate Technologies segment. These four businesses had combined annual sales of approximately $70 . On December 1, 2017, the Company acquired Paradigm, a provider of software solutions for the oil and gas industry, for $505 , net of cash acquired. This business had annual sales of approximately $140 and is included in the Measurement & Analytical Instrumentation product offering within Automation Solutions. The Company recognized goodwill of $332 ( $160 of which is expected to be tax deductible), and identifiable intangible assets of $238 , primarily intellectual property and customer relationships with weighted-average useful lives of approximately 11 years. On April 28, 2017, the Company completed the acquisition of Pentair's valves & controls business for $2.960 billion , net of cash acquired of $207 . This business, with annualized sales of approximately $1.4 billion , is a manufacturer of control, isolation and pressure relief valves and actuators, and complements the Valves, Actuators & Regulators product offering within Automation Solutions. Results for the six months ended March 31, 2018 included first year pretax acquisition accounting charges related to inventory and backlog of $29 , $22 after-tax, $0.03 per share. Valuations of acquired assets and liabilities are in process and subject to refinement. Total cash paid for all businesses for the first six months of 2018 was $770 , net of cash acquired. On October 2, 2017, the Company sold its residential storage business for $200 in cash, and recognized a small pretax gain and an after-tax loss of $24 ( $0.04 per share) in the first quarter of 2018 due to income taxes resulting from nondeductible goodwill. The Company realized $150 in after-tax cash proceeds from the sale. Assets and liabilities for this business were classified as held-for-sale in the consolidated balance sheet at September 30, 2017 as follows: current assets, $73 ; other assets, $176 ; and accrued expenses and other liabilities, $61 . This business was previously reported within the Tools & Home Products segment. Pro Forma Financial Information The following unaudited pro forma consolidated condensed financial results of operations are presented as if the acquisition of the valves & controls business occurred on October 1, 2015. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time. Three Months Ended Six Months Ended March 31, 2017 Net sales $ 3,925 $ 7,545 Net earnings from continuing operations common stockholders $ 368 $ 730 Diluted earnings per share from continuing operations $ 0.57 $ 1.13

Discontinued Operations (Notes)

Discontinued Operations (Notes)	6 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure	Discontinued Operations – In fiscal 2017, the Company completed the previously announced strategic repositioning actions to streamline its portfolio and drive growth in its core businesses. On November 30, 2016, the Company completed the sale of its network power systems business for $4 billion in cash and retained a subordinated interest in distributions, contingent upon the equity holders first receiving a threshold return on their initial investment. Additionally, on January 31, 2017, the Company completed the sale of its power generation, motors and drives business for approximately $1.2 billion , subject to post-closing adjustments. The financial results of the network power systems and power generation, motors and drives businesses reported as discontinued operations for the three and six months ended March 31, 2017 were as follows: Three Months Ended Six Months Ended March 31, 2017 Net sales $ 97 $ 1,037 Cost of sales 75 701 SG&A 21 263 Other (income) deductions, net 4 (417 ) Earnings (Loss) before income taxes (3 ) 490 Income taxes 81 629 Earnings (Loss), net of tax $ (84 ) $ (139 ) In 2017, the loss of $139 , consisted of an after-tax loss of $172 ( $38 pretax loss) on the divestiture of the power generation, motors and drives business, an after-tax gain on the divestiture of the network power systems business of $100 ( $465 pretax), income tax expense of $103 for the planned repatriation of sales proceeds and existing cash from the businesses, lower expense of $30 due to ceasing depreciation and amortization for the discontinued businesses held-for-sale, and net earnings from operations of $6 . Net cash from operating and investing activities for the network power systems and power generation, motors and drives businesses for the six months ended March 31, 2017 were as follows: Six Months Ended Mar 31, 2017 Cash from operating activities $ (601 ) Cash from investing activities $ 5,051 Operating cash flow used by discontinued operations of $601 for the six months ended March 31, 2017 primarily included payments for income taxes on completion of the divestitures and repatriation of cash, and professional fees and other costs.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	6 Months Ended
	Mar. 31, 2018
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Schedule Of Basic And Diluted Earnings Per Share Reconciliation	Three Months Ended Six Months Ended 2017 2018 2017 2018 Basic shares outstanding 643.6 632.6 643.2 635.4 Dilutive shares 1.2 3.4 1.3 2.9 Diluted shares outstanding 644.8 636.0 644.5 638.3

Other Financial Information (Ta

Other Financial Information (Tables)	6 Months Ended
	Mar. 31, 2018
Disclosure Text Block [Abstract]
Inventories	Sept 30, 2017 Mar 31, 2018 Inventories Finished products $ 560 663 Raw materials and work in process 1,136 1,234 Total $ 1,696 1,897
Property, Plant And Equipment, Net	Sept 30, 2017 Mar 31, 2018 Property, plant and equipment, net Property, plant and equipment, at cost $ 7,873 8,065 Less: Accumulated depreciation 4,552 4,766 Total $ 3,321 3,299
Goodwill By Business Segment	Sept 30, 2017 Mar 31, 2018 Goodwill by business segment Automation Solutions $ 4,704 5,067 Climate Technologies 555 696 Tools & Home Products 57 58 Commercial & Residential Solutions 612 754 Total $ 5,316 5,821
Accrued Expenses	Sept 30, 2017 Mar 31, 2018 Accrued expenses include the following Employee compensation $ 531 606 Customer advanced payments $ 505 533 Product warranty $ 120 130
Other Liabilities	Sept 30, 2017 Mar 31, 2018 Other liabilities Pension and postretirement liabilities $ 664 661 Deferred income taxes 425 262 Asbestos litigation 340 333 Other 551 690 Total $ 1,980 1,946

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2018
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, 2018 and 2017 : Into Earnings Into OCI 2nd Quarter Six Months 2nd Quarter Six Months Gains (Losses) Location 2017 2018 2017 2018 2017 2018 2017 2018 Commodity Cost of sales $ 4 6 2 11 5 (9 ) 15 4 Foreign currency Sales, cost of sales (7 ) — (17 ) — 20 8 22 (4 ) Foreign currency Other deductions, net (6 ) (12 ) — (12 ) Total $ (9 ) (6 ) (15 ) (1 ) 25 (1 ) 37 —
Fair Value Measurements	Valuations of derivative contract positions are summarized below: September 30, 2017 March 31, 2018 Assets Liabilities Assets Liabilities Foreign Currency $ 26 18 22 13 Commodity $ 12 — 6 2

Equity Roll Forward (Tables)

Equity Roll Forward (Tables)	6 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Stockholders' Equity	The change in equity for the first six months of 2018 is shown below: Common Stockholders' Equity Noncontrolling Interests in Subsidiaries Total Equity Balance at September 30, 2017 $ 8,718 52 8,770 Net earnings 874 9 883 Other comprehensive income (loss) 192 — 192 Cash dividends (618 ) (16 ) (634 ) Purchases of treasury stock, net of issuances (677 ) — (677 ) Adoption of accounting standard update 3 — 3 Balance at March 31, 2018 $ 8,492 45 8,537

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Mar. 31, 2018
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, 2018 and 2017 is shown below: Three Months Ended March 31, Six Months Ended 2017 2018 2017 2018 Foreign currency translation Beginning balance $ (913 ) (362 ) (812 ) (369 ) Other comprehensive income (loss) before reclassifications 139 148 (228 ) 172 Reclassified to gain/loss on sale of businesses 119 — 385 (17 ) Ending balance (655 ) (214 ) (655 ) (214 ) Pension and postretirement Beginning balance (1,107 ) (639 ) (1,162 ) (662 ) Amortization of deferred actuarial losses into earnings 35 22 70 45 Reclassified to gain/loss on sale of businesses 30 — 50 — Ending balance (1,042 ) (617 ) (1,042 ) (617 ) Cash flow hedges Beginning balance (10 ) 9 (25 ) 12 Deferral of gains (losses) arising during the period 15 (1 ) 23 — Reclassification of realized (gains) losses to sales and cost of sales 2 (4 ) 9 (8 ) Ending balance 7 4 7 4 Accumulated other comprehensive income (loss) $ (1,690 ) (827 ) (1,690 ) (827 ) Activity above is shown net of income taxes for the three and six months ended March 31, 2018 and 2017, respectively, as follows: amortization of pension and postretirement deferred actuarial losses: $(8), $(18), $(16), and $(36); pension and postretirement divestiture: $- , $(15), $-, and $(22); deferral of cash flow hedging gains (losses): $-, $(10), $-, and $(14); reclassification of realized cash flow hedging (gains) losses: $2, $(1), $3 and $(6).

Pension & Postretirement Expe25

Pension & Postretirement Expenses (Tables)	6 Months Ended
	Mar. 31, 2018
Defined Benefit Plan [Abstract]
Summary of Pension and Postretirement Plan Expenses	Total periodic pension and postretirement expense is summarized below: Three Months Ended March 31, Six Months Ended March 31, 2017 2018 2017 2018 Service cost $ 21 19 42 38 Interest cost 42 47 84 93 Expected return on plan assets (86 ) (88 ) (172 ) (175 ) Net amortization 53 30 106 61 Total $ 30 8 60 17

Other Deductions, Net (Tables)

Other Deductions, Net (Tables)	6 Months Ended
	Mar. 31, 2018
Other Income and Expenses [Abstract]
Schedule of Other Deductions, net	Other deductions, net are summarized below: Three Months Ended Six Months Ended 2017 2018 2017 2018 Amortization of intangibles $ 21 51 43 107 Restructuring costs 13 9 24 24 Other 49 39 49 56 Total $ 83 99 116 187

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring Expense by Segment	Restructuring expense by business segment follows: Three Months Ended Six Months Ended 2017 2018 2017 2018 Automation Solutions $ 9 7 15 17 Climate Technologies 3 2 7 7 Tools & Home Products — — 1 — Commercial & Residential Solutions 3 2 8 7 Corporate 1 — 1 — Total $ 13 9 24 24
Change in Restructuring Reserve by Type of Cost	Details of the change in the liability for restructuring costs during the six months ended March 31, 2018 follow: Sept 30, 2017 Expense Utilized/Paid Mar 31, 2018 Severance and benefits $ 60 15 30 45 Lease and other contract terminations 4 2 2 4 Asset write-downs — 1 1 — Vacant facility and other shutdown costs 1 2 1 2 Start-up and moving costs — 4 4 — Total $ 65 24 38 51

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summarized information about the Company's results of operations by business segment follows: Three Months Ended March 31, Six Months Ended March 31, Sales Earnings Sales Earnings 2017 2018 2017 2018 2017 2018 2017 2018 Automation Solutions $ 2,117 2,771 328 436 4,084 5,343 654 822 Climate Technologies 1,058 1,128 249 253 1,917 2,050 410 418 Tools & Home Products 402 355 96 96 795 685 184 183 Commercial & Residential Solutions 1,460 1,483 345 349 2,712 2,735 594 601 Differences in accounting methods 35 55 68 106 Corporate and other (102 ) (146 ) (200 ) (294 ) Eliminations/Interest (3 ) (6 ) (41 ) (36 ) (6 ) (14 ) (87 ) (74 ) Total $ 3,574 4,248 565 658 6,790 8,064 1,029 1,161 Automation Solutions sales by major product offering are summarized below: Three Months Ended March 31, Six Months Ended March 31, 2017 2018 2017 2018 Measurement & Analytical Instrumentation $ 736 860 1,418 1,632 Valves, Actuators & Regulators 497 926 946 1,793 Industrial Solutions 419 479 786 903 Process Control Systems & Solutions 465 506 934 1,015 Total $ 2,117 2,771 4,084 5,343

Acquisitions and Divestitures A

Acquisitions and Divestitures Acquisitions and Divestitures (Tables)	6 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information	The following unaudited pro forma consolidated condensed financial results of operations are presented as if the acquisition of the valves & controls business occurred on October 1, 2015. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time. Three Months Ended Six Months Ended March 31, 2017 Net sales $ 3,925 $ 7,545 Net earnings from continuing operations common stockholders $ 368 $ 730 Diluted earnings per share from continuing operations $ 0.57 $ 1.13

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Net cash from operating and investing activities for the network power systems and power generation, motors and drives businesses for the six months ended March 31, 2017 were as follows: Six Months Ended Mar 31, 2017 Cash from operating activities $ (601 ) Cash from investing activities $ 5,051 The financial results of the network power systems and power generation, motors and drives businesses reported as discontinued operations for the three and six months ended March 31, 2017 were as follows: Three Months Ended Six Months Ended March 31, 2017 Net sales $ 97 $ 1,037 Cost of sales 75 701 SG&A 21 263 Other (income) deductions, net 4 (417 ) Earnings (Loss) before income taxes (3 ) 490 Income taxes 81 629 Earnings (Loss), net of tax $ (84 ) $ (139 )

Summary of Significant Accoun31

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Schedule of Income Tax Information [Line Items]
Federal statutory rate		21.00%			35.00%
Net income tax expense (benefit), tax reform	$ (43)
Net income tax expense (benefit), tax reform, per diluted share	$ (0.07)
Income tax expense (benefit), continuing operations, adjustment of deferred tax (asset) liability	$ (98)
Income tax expense (benefit), repatriation of foreign earnings and withholding taxes	185
Income tax expense (benefit) for repatriation of foreign earnings, prior periods	$ (130)
Scenario, Forecast [Member]
Schedule of Income Tax Information [Line Items]
Effective income tax rate			25.00%
Scenario, Forecast [Member] | Minimum [Member]
Schedule of Income Tax Information [Line Items]
Effective income tax rate				25.00%
Scenario, Forecast [Member] | Maximum [Member]
Schedule of Income Tax Information [Line Items]
Effective income tax rate				27.00%

Weighted Average Common Share32

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, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic shares outstanding	632.6	643.6	635.4	643.2
Dilutive shares	3.4	1.2	2.9	1.3
Diluted shares outstanding	636	644.8	638.3	644.5

Other Financial Information Oth

Other Financial Information Other Financial Information (Inventories) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Inventory Disclosure [Abstract]
Finished products	$ 663	$ 560
Raw materials and work in process	1,234	1,136
Total	$ 1,897	$ 1,696

Other Financial Information O34

Other Financial Information Other Financial Information (PPE) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Property, plant and equipment, at cost	$ 8,065	$ 7,873
Less: Accumulated depreciation	4,766	4,552
Total	$ 3,299	$ 3,321

Other Financial Information O35

Other Financial Information Other Financial Information (Goodwill) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Goodwill [Line Items]
Goodwill	$ 5,821	$ 5,316
Automation Solutions [Member]
Goodwill [Line Items]
Goodwill	5,067	4,704
Climate Technologies [Member]
Goodwill [Line Items]
Goodwill	696	555
Tools & Home Products [Member]
Goodwill [Line Items]
Goodwill	58	57
Commercial & Residential Solutions [Member]
Goodwill [Line Items]
Goodwill	$ 754	$ 612

Other Financial Information (Ac

Other Financial Information (Accrued Expenses & Other Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Other Financial Information [Line Items]
Employee compensation	$ 606	$ 531
Customer advanced payments	533	505
Product warranty	130	120
Pension and postretirement liabilities	661	664
Deferred income taxes	262	425
Asbestos litigation	333	340
Other	690	551
Total	1,946	$ 1,980
Asbestos Issue [Member]
Other Financial Information [Line Items]
Recorded Third-Party Environmental Recoveries Receivable	$ 131

Financial Instruments (Schedule

Financial Instruments (Schedule Of Derivative Instruments) (Details) lb in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018USD ($)lb	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)lb	Mar. 31, 2017USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to earnings	$ (6)	$ (9)	$ (1)	$ (15)
Gain (loss) to other comprehensive income	(1)	25	0	37
Commodity Contract [Member] | Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) to other comprehensive income	(9)	5	4	15
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified to earnings	6	4	11	2
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	(12)	(6)	(12)	0
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	8	20	(4)	22
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales, Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified to earnings	0	$ (7)	0	$ (17)
All Commodity Hedges [Member] [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of commodities hedged	$ 140		$ 140
Copper and Aluminum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Weight in pounds of copper and aluminum commodity hedges | lb	53		53

Financial Instruments (Fair Val

Financial Instruments (Fair Value Measurements) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Derivatives, Fair Value [Line Items]
Fair value of long-term debt compared with carrying value	$ 198
Maximum collateral that could have been required	2
Collateral posted to counterparties	0
Collateral held from counterparties	0
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	4,013
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	22	$ 26
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	13	18
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	6	12
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	$ 2	$ 0

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, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 8,770
Net earnings	$ 489	$ 300	883	$ 615
Other comprehensive income (loss)	165	$ 341	192	$ 308
Cash dividends			(634)
Purchases of treasury stock, net of issuances			(677)
Adoption of accounting standard update	3		3
Ending balance	8,537		8,537
Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			8,718
Ending balance	8,492		8,492
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings			874
Cash dividends			(618)
Adoption of accounting standard update	3		3
AOCI Attributable to Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)			192
Additional Paid-in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock, net of issuances			(677)
Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			52
Net earnings			9
Other comprehensive income (loss)			0
Cash dividends			(16)
Purchases of treasury stock, net of issuances			0
Adoption of accounting standard update	0		0
Ending balance	$ 45		$ 45

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017
Accumulated other comprehensive income [Roll Forward]
Beginning balance			$ 8,770
Ending balance	$ 8,537		8,537
Accumulated other comprehensive income (loss)	(827)	$ (1,690)	(827)	$ (1,690)	$ (1,019)
Foreign currency translation [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(362)	(913)	(369)	(812)
Other comprehensive income (loss) before reclassifications	148	139	172	(228)
Reclassified to gain/loss on sale of businesses	0	119	(17)	385
Ending balance	(214)	(655)	(214)	(655)
Pension and post retirement [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	(639)	(1,107)	(662)	(1,162)
Amortization of deferred actuarial losses into earnings	22	35	45	70
Reclassified to gain/loss on sale of businesses	0	30	0	50
Ending balance	(617)	(1,042)	(617)	(1,042)
Cash Flow Hedges [Member]
Accumulated other comprehensive income [Roll Forward]
Beginning balance	9	(10)	12	(25)
Deferral of gains (losses) arising during the period	(1)	15	0	23
Reclassification of realized (gains) losses to sales and cost of sales	(4)	2	(8)	9
Ending balance	$ 4	$ 7	$ 4	$ 7

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Pension and post retirement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of deferred actuarial losses, tax	$ (8)	$ (18)	$ (16)	$ (36)
Pension and post retirement divestiture	0	(15)	0	(22)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred cash flow hedging gains (losses), tax	0	(10)	0	(14)
Reclass of deferred cash flow hedging (losses), tax	$ 2	$ (1)	$ 3	$ (6)

Pension & Postretirement Expe42

Pension & Postretirement Expenses (Summary Of Net Periodic Pension And Net Postretirement Plan Expenses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Pension And Postretirement Plan Expenses [Line Items]
Service cost	$ 19	$ 21	$ 38	$ 42
Interest cost	47	42	93	84
Expected return on plan assets	(88)	(86)	(175)	(172)
Net amortization	30	53	61	106
Total	$ 8	$ 30	$ 17	$ 60

Other Deductions, Net (Schedule

Other Deductions, Net (Schedule Of Other Deductions, Net) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Other deductions, net [Line Items]
Amortization of intangibles	$ 51	$ 21	$ 107	$ 43
Restructuring costs	9	13	24	24
Other	39	49	56	49
Total	99	$ 83	$ 187	$ 116
Increase (decrease) in bad debt expense	(19)
Change in gain (loss) from foreign currency transactions	19
Acquisition/divestiture (costs) benefit	$ (27)

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2018
Restructuring Reserve [Roll Forward]
Beginning restructuring liability			$ 65
Restructuring expense	$ 9	$ 13	24	$ 24
Restructuring paid			38
Ending restructuring liability	51		51
Severance and benefits [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring liability			60
Restructuring expense			15
Restructuring paid			30
Ending restructuring liability	45		45
Lease and other contract terminations [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring liability			4
Restructuring expense			2
Restructuring paid			2
Ending restructuring liability	4		4
Fixed Assets Write Downs [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring liability			0
Restructuring expense			1
Restructuring paid			1
Ending restructuring liability	0		0
Vacant facility and other shutdown costs [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring liability			1
Restructuring expense			2
Restructuring paid			1
Ending restructuring liability	2		2
Start-up and moving costs [Member]
Restructuring Reserve [Roll Forward]
Beginning restructuring liability			0
Restructuring expense			4
Restructuring paid			4
Ending restructuring liability	0		0
Automation Solutions [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	7	9	17	15
Commercial & Residential Solutions [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	2	3	7	8
Climate Technologies [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	2	3	7	7
Tools & Home Products [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	0	0	0	1
Corporate Segment [Member]
Restructuring Reserve [Roll Forward]
Restructuring expense	$ 0	$ 1	$ 0	$ 1
Scenario, Forecast [Member]
Restructuring Reserve [Roll Forward]
Expected fiscal year restructuring expense					$ 65

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017
Segment Reporting Information [Line Items]
Acquisition/divestiture (costs) benefit	$ (27)
Increase (decrease) in incentive stock compensation expense			$ 51
Net sales	4,248	$ 3,574	8,064	$ 6,790
Earnings	658	565	1,161	1,029
Automation Solutions [Member] | Measurement & Analytical Instrumentation [Member]
Segment Reporting Information [Line Items]
Net sales	860	736	1,632	1,418
Automation Solutions [Member] | Valves, Actuators & Regulators [Member]
Segment Reporting Information [Line Items]
Net sales	926	497	1,793	946
Automation Solutions [Member] | Industrial Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	479	419	903	786
Automation Solutions [Member] | Process Control Systems & Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	506	465	1,015	934
Operating Segments [Member] | Automation Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	2,771	2,117	5,343	4,084
Earnings	436	328	822	654
Operating Segments [Member] | Commercial & Residential Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	1,483	1,460	2,735	2,712
Earnings	349	345	601	594
Operating Segments [Member] | Tools & Home Products [Member]
Segment Reporting Information [Line Items]
Net sales	355	402	685	795
Earnings	96	96	183	184
Operating Segments [Member] | Climate Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	1,128	1,058	2,050	1,917
Earnings	253	249	418	410
Differences in accounting methods [Member]
Segment Reporting Information [Line Items]
Earnings	55	35	106	68
Corporate and other [Member]
Segment Reporting Information [Line Items]
Earnings	(146)	(102)	(294)	(200)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(6)	(3)	(14)	(6)
Earnings	$ (36)	$ (41)	(74)	$ (87)
Pentair's Valves & Controls [Member]
Segment Reporting Information [Line Items]
Net sales					$ 1,400
Pentair's Valves & Controls [Member] | Order or Production Backlog [Member]
Segment Reporting Information [Line Items]
Amortization of intangible assets			19
FairValueAdjustmentToInventoryOnly [Member] | Pentair's Valves & Controls [Member]
Segment Reporting Information [Line Items]
Earnings			$ 10

Acquisitions and Divestitures N

Acquisitions and Divestitures Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Apr. 18, 2018USD ($)	Jan. 10, 2018USD ($)	Dec. 01, 2017USD ($)	Apr. 28, 2017USD ($)
Business Acquisition & Disposal [Line Items]
Net sales	$ 4,248	$ 3,574	$ 8,064	$ 6,790
Goodwill	5,821		5,821		$ 5,821		$ 5,316
Purchase price of businesses, net of cash acquired			770	16
Proceeds from divestiture of businesses			221	0
Pretax earnings (loss)	658	565	1,161	1,029
Net income (loss)	$ 489	$ 384	$ 883	$ 754
Diluted earnings per common share | $ / shares	$ (0.76)	$ (0.45)	$ (1.37)	$ (0.93)
Textron's Tools & Test [Member]
Business Acquisition & Disposal [Line Items]
Net sales					470
Cooper-Atkins [Member]
Business Acquisition & Disposal [Line Items]
Cash paid, net of cash acquired									$ 247
Goodwill									134
Goodwill expected tax deductible amount									134
Intangibles									$ 105
Intangible assets, weighted average useful life			12 years
Pentair's Valves & Controls [Member]
Business Acquisition & Disposal [Line Items]
Cash paid, net of cash acquired											$ 2,960
Net sales							1,400
Cash acquired											$ 207
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition & Disposal [Line Items]
Number of additional businesses acquired			3
Cooper-Atkins & Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition & Disposal [Line Items]
Net sales					70
Paradigm [Member]
Business Acquisition & Disposal [Line Items]
Cash paid, net of cash acquired										$ 505
Net sales						$ 140
Goodwill										332
Goodwill expected tax deductible amount										160
Intangibles										$ 238
Intangible assets, weighted average useful life			11 years
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ClosetMaid [Member]
Business Acquisition & Disposal [Line Items]
Proceeds from divestiture of businesses			$ 200
Gain (loss) on divestiture of business, after tax			$ (24)
Disposal gain (loss) impact on diluted earnings per share | $ / shares			$ (0.04)
After-tax proceeds on sale of business			$ 150
Current assets held-for-sale							73
Other noncurrent assets held-for-sale							176
Accrued expenses & other liabilities held-for-sale							61
Fair Value Adjustment To Inventory & Backlog [Member] | Pentair's Valves & Controls [Member]
Business Acquisition & Disposal [Line Items]
Pretax earnings (loss)			(29)
Net income (loss)			$ (22)
Diluted earnings per common share | $ / shares			$ 0.03
Automation Solutions [Member]
Business Acquisition & Disposal [Line Items]
Goodwill	$ 5,067		$ 5,067		5,067		4,704
Automation Solutions [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition & Disposal [Line Items]
Number of additional businesses acquired			2
Climate Technologies [Member]
Business Acquisition & Disposal [Line Items]
Goodwill	$ 696		$ 696		$ 696		$ 555
Climate Technologies [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition & Disposal [Line Items]
Number of additional businesses acquired			1
Subsequent Event [Member] | Textron's Tools & Test [Member]
Business Acquisition & Disposal [Line Items]
Cash paid, net of cash acquired								$ 810

Acquisitions and Divestitures P

Acquisitions and Divestitures Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Business Acquisition [Line Items]
Net sales	$ 3,925	$ 7,545
Net earnings from continuing operations common stockholders	$ 368	$ 730
Diluted earnings per share from continuing operations	$ 0.57	$ 1.13

Discontinued Operations Results

Discontinued Operations Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Financial Results of Discontinued Operations
Net sales		$ 97		$ 1,037
Cost of sales		75		701
SG&A		21		263
Other (income) deductions, net		4		(417)
Earnings (Loss) before income taxes		(3)		490
Income taxes		81		629
Earnings (Loss), net of tax	$ 0	$ (84)	$ 0	$ (139)

Discontinued Operations Narrati

Discontinued Operations Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, net of tax	$ 0	$ (84)	$ 0	$ (139)
Network Power Systems Business [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Agreed-upon purchase price of business				4,000
Gain (loss) on sale of business, net of tax				100
Gain on sale of business, pretax				465
Power Generation, Motors and Drives Business [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Agreed-upon purchase price of business				1,200
Gain (loss) on sale of business, net of tax				(172)
Loss on sale of business, pretax				38
Combined, Network Power and Power Generation, motors and Drives Business [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings (loss) from operations of discontinued operations, net of tax				6
Income tax expense for repatriation of cash				103
Benefit from ceasing depreciation on assets from discontinued operations				$ 30

Discontinued Operations Cash Fl

Discontinued Operations Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash from operating activities and investing activities for discontinued operations [Abstract]
Cash used in operating activities	$ 0	$ (601)
Cash provided by investing activities	$ 0	$ 5,051