Cover
Cover - shares | 9 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-278 | |
Entity Registrant Name | EMERSON ELECTRIC CO. | |
Entity Central Index Key | 0000032604 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Incorporation, State or Country Code | MO | |
Entity Tax Identification Number | 43-0259330 | |
Entity Address, Address Line One | 8000 W. Florissant Ave. | |
Entity Address, Address Line Two | P.O. Box 4100 | |
Entity Address, City or Town | St. Louis, | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63136 | |
City Area Code | 314 | |
Local Phone Number | 553-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 597,591,921 | |
Amendment Flag | false | |
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock of $0.50 par value per share [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock of $0.50 par value per share | |
Trading Symbol | EMR | |
Security Exchange Name | NYSE | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 0.375% Notes due 2024 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.375% Notes due 2024 | |
Trading Symbol | EMR 24 | |
Security Exchange Name | NYSE | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 1.250% Notes due 2025 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Notes due 2025 | |
Trading Symbol | EMR 25A | |
Security Exchange Name | NYSE | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 2.000% Notes due 2029 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.000% Notes due 2029 | |
Trading Symbol | EMR 29 | |
Security Exchange Name | NYSE | |
CHICAGO STOCK EXCHANGE, INC [Member] | Common Stock of $0.50 par value per share [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock of $0.50 par value per share | |
Trading Symbol | EMR | |
Security Exchange Name | CHX |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net sales | $ 3,914 | $ 4,684 | $ 12,227 | $ 13,401 |
Costs and expenses: | ||||
Cost of sales | 2,296 | 2,683 | 7,100 | 7,714 |
Selling, general and administrative expenses | 934 | 1,126 | 3,040 | 3,348 |
Other deductions, net | 181 | 65 | 401 | 172 |
Interest expense (net of interest income of $4, $7, $16 and $19 respectively) | 45 | 43 | 116 | 134 |
Earnings before income taxes | 458 | 767 | 1,570 | 2,033 |
Income taxes | 51 | 155 | 310 | 429 |
Net earnings | 407 | 612 | 1,260 | 1,604 |
Less: Noncontrolling interests in earnings of subsidiaries | 8 | 8 | 18 | 15 |
Net earnings common stockholders | $ 399 | $ 604 | $ 1,242 | $ 1,589 |
Basic earnings per share common stockholders | $ 0.67 | $ 0.98 | $ 2.05 | $ 2.57 |
Diluted earnings per share common stockholders | $ 0.67 | $ 0.97 | $ 2.04 | $ 2.55 |
Consolidated Statements Of Ea_2
Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Interest income | $ 4 | $ 7 | $ 16 | $ 19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net earnings | $ 407 | $ 612 | $ 1,260 | $ 1,604 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 134 | (93) | (48) | (40) |
Pension and postretirement | 29 | 13 | 87 | 38 |
Cash flow hedges | 40 | (8) | (16) | 2 |
Total other comprehensive income (loss) | 203 | (88) | 23 | 0 |
Comprehensive income | 610 | 524 | 1,283 | 1,604 |
Less: Noncontrolling interests in comprehensive income of subsidiaries | 7 | 8 | 18 | 16 |
Comprehensive income common stockholders | $ 603 | $ 516 | $ 1,265 | $ 1,588 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Current assets | ||
Cash and equivalents | $ 2,450 | $ 1,494 |
Receivables, less allowances of $109 and $112, respectively | 2,512 | 2,985 |
Inventories | 2,102 | 1,880 |
Other current assets | 815 | 780 |
Total current assets | 7,879 | 7,139 |
Property, plant and equipment, net | 3,565 | 3,642 |
Other assets | ||
Goodwill | 6,624 | 6,536 |
Other intangible assets | 2,488 | 2,615 |
Other | 1,174 | 565 |
Total other assets | 10,286 | 9,716 |
Total assets | 21,730 | 20,497 |
Current liabilities | ||
Short-term borrowings and current maturities of long-term debt | 1,725 | 1,444 |
Accounts payable | 1,426 | 1,874 |
Accrued expenses | 2,834 | 2,658 |
Total current liabilities | 5,985 | 5,976 |
Long-term debt | 5,500 | 4,277 |
Other liabilities | 2,367 | 1,971 |
Equity | ||
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 597.6 shares and 611.0 shares, respectively | 477 | 477 |
Additional paid-in-capital | 459 | 393 |
Retained earnings | 24,531 | 24,199 |
Accumulated other comprehensive income (loss) | (1,699) | (1,722) |
Cost of common stock in treasury, 355.8 shares and 342.4 shares, respectively | (15,937) | (15,114) |
Common stockholders’ equity | 7,831 | 8,233 |
Noncontrolling interests in subsidiaries | 47 | 40 |
Total equity | 7,878 | 8,273 |
Total liabilities and equity | $ 21,730 | $ 20,497 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 109 | $ 112 |
Common stock, par value per share | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 1,200 | 1,200 |
Common stock, shares issued | 953.4 | 953.4 |
Common stock, shares outstanding | 597.6 | 611 |
Treasury stock, shares | 355.8 | 342.4 |
Consolidated Statement of Equit
Consolidated Statement of Equity Statement - USD ($) $ in Millions | Total | Common stock | Additional paid-in-capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interests in subsidiaries |
Beginning balance at Sep. 30, 2018 | $ 348 | $ 23,072 | $ (1,015) | $ (13,935) | $ 43 | ||
Statement [Roll Forward] | |||||||
Stock plans | 39 | ||||||
Net earnings common stockholders | $ 1,589 | 1,589 | |||||
Dividends paid | (909) | (10) | |||||
Foreign currency translation | (40) | (41) | |||||
Pension and postretirement | 38 | ||||||
Cash flow hedges | 2 | 2 | |||||
Purchases | (1,000) | ||||||
Issued under stock plans | 65 | ||||||
Net earnings | 15 | ||||||
Other comprehensive income | 0 | 1 | |||||
Ending balance at Jun. 30, 2019 | 8,804 | $ 477 | 387 | 23,777 | (1,016) | (14,870) | 49 |
Beginning balance at Mar. 31, 2019 | 380 | 23,475 | (928) | (14,878) | 46 | ||
Statement [Roll Forward] | |||||||
Stock plans | 7 | ||||||
Net earnings common stockholders | 604 | 604 | |||||
Dividends paid | (302) | (5) | |||||
Foreign currency translation | (93) | (93) | |||||
Pension and postretirement | 13 | ||||||
Cash flow hedges | (8) | (8) | |||||
Purchases | 0 | ||||||
Issued under stock plans | 8 | ||||||
Net earnings | 8 | ||||||
Other comprehensive income | (88) | 0 | |||||
Ending balance at Jun. 30, 2019 | 8,804 | 477 | 387 | 23,777 | (1,016) | (14,870) | 49 |
Statement [Roll Forward] | |||||||
Common stockholders' equity | 8,755 | ||||||
Common stockholders' equity | 8,233 | ||||||
Beginning balance at Sep. 30, 2019 | 8,273 | 393 | 24,199 | (1,722) | (15,114) | 40 | |
Statement [Roll Forward] | |||||||
Stock plans | 66 | ||||||
Net earnings common stockholders | 1,242 | 1,242 | |||||
Dividends paid | (910) | (11) | |||||
Foreign currency translation | (48) | (48) | |||||
Pension and postretirement | 87 | ||||||
Cash flow hedges | (16) | (16) | |||||
Purchases | (942) | ||||||
Issued under stock plans | 119 | ||||||
Net earnings | 18 | ||||||
Other comprehensive income | 23 | 0 | |||||
Ending balance at Jun. 30, 2020 | 7,878 | 477 | 459 | 24,531 | (1,699) | (15,937) | 47 |
Beginning balance at Mar. 31, 2020 | 453 | 24,431 | (1,903) | (15,941) | 46 | ||
Statement [Roll Forward] | |||||||
Stock plans | 6 | ||||||
Net earnings common stockholders | 399 | 399 | |||||
Dividends paid | (299) | (6) | |||||
Foreign currency translation | 134 | 135 | |||||
Pension and postretirement | 29 | ||||||
Cash flow hedges | 40 | 40 | |||||
Purchases | 0 | ||||||
Issued under stock plans | 4 | ||||||
Net earnings | 8 | ||||||
Other comprehensive income | 203 | (1) | |||||
Ending balance at Jun. 30, 2020 | 7,878 | $ 477 | $ 459 | $ 24,531 | $ (1,699) | $ (15,937) | $ 47 |
Statement [Roll Forward] | |||||||
Common stockholders' equity | $ 7,831 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends paid (per share: $0.50, $0.49, $1.50, and $1.47, respectively) | $ 0.50 | $ 0.49 | $ 1.50 | $ 1.47 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net earnings | $ 1,260 | $ 1,604 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 631 | 609 |
Stock compensation | 69 | 83 |
Pension expense | 50 | (1) |
Total changes in operating working capital | (86) | (352) |
Other, net | (70) | (141) |
Cash provided by operating activities | 1,854 | 1,802 |
Investing activities | ||
Capital expenditures | (329) | (395) |
Purchases of businesses, net of cash and equivalents acquired | (114) | (385) |
Divestitures of businesses | 0 | 10 |
Other, net | (65) | (91) |
Cash used in investing activities | (508) | (861) |
Financing activities | ||
Net increase in short-term borrowings | 269 | 427 |
Proceeds from short-term borrowings greater than three months | 546 | 0 |
Payments of short-term borrowings greater than three months | (340) | 0 |
Proceeds from long-term debt | 1,488 | 1,691 |
Payments of long-term debt | (502) | (655) |
Dividends paid | (910) | (909) |
Purchases of common stock | (942) | (1,000) |
Other, net | 28 | 21 |
Cash used in financing activities | (363) | (425) |
Effect of exchange rate changes on cash and equivalents | (27) | (6) |
Increase in cash and equivalents | 956 | 510 |
Beginning cash and equivalents | 1,494 | 1,093 |
Ending cash and equivalents | 2,450 | 1,603 |
Changes in operating working capital | ||
Receivables | 456 | 178 |
Inventories | (218) | (217) |
Other current assets | 40 | (74) |
Accounts payable | (439) | (156) |
Accrued expenses | 75 | (83) |
Total changes in operating working capital | $ (86) | $ (352) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION 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, 2019. Certain prior year amounts have been reclassified to conform to current year presentation. On October 1, 2019, the Company adopted ASC 842, Leases, which requires rights and obligations related to lease arrangements to be recognized on the balance sheet, using the optional transition method under which prior periods were not adjusted. The Company elected the package of practical expedients for leases that commenced prior to the adoption date, which included carrying forward the historical lease classification as operating or finance. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets and related lease liabilities of approximately $500 as of October 1, 2019, but did not materially impact the Company's earnings or cash flows for the three and nine months ended June 30, 2020. On October 1, 2019, the Company adopted updates to ASC 815, Derivatives and Hedging , which permit hedging certain contractually specified risk components. Additionally, the updates eliminate the requirement to separately measure and report hedge ineffectiveness and simplify hedge documentation and effectiveness assessment requirements. These updates were adopted using a modified retrospective approach and were immaterial to the Company's financial statements for the three and nine months ended June 30, 2020. In June 2016, the FASB issued ASC 326, Financial Instruments - Credit Losses , which amends the impairment model by requiring entities to use a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The new standard is effective in the first quarter of fiscal 2021 and is expected to have an immaterial impact on the Company's financial statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Emerson is a global manufacturer that combines technology and engineering to provide innovative solutions to its customers, largely in the form of tangible products. The vast majority of the Company's revenues relate to a broad offering of manufactured products which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues. The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other current assets, and its customer advances (contract liabilities), which are reported in Accrued expenses. Sept 30, 2019 June 30, 2020 Unbilled receivables (contract assets) $ 456 409 Customer advances (contract liabilities) (519) (613) Net contract liabilities $ (63) (204) The majority of the Company's contract balances relate to arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule. The increase in net contract liabilities was due to customer billings which exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and nine months ended June 30, 2020 included approximately $37 and $363, respectively, that was included in the beginning contract liability balance. Other factors that impacted the change in |
Weighted Average Common Shares
Weighted Average Common Shares | 9 Months Ended |
Jun. 30, 2020 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Weighted Average Common Shares | 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 Nine Months Ended 2019 2020 2019 2020 Basic shares outstanding 614.3 596.9 617.4 604.8 Dilutive shares 4.7 3.1 4.2 3.6 Diluted shares outstanding 619.0 600.0 621.6 608.4 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES During the first nine months of 2020, the Company's acquisition spending totaled $114, net of cash acquired. The Company acquired eight businesses in 2019, all in the Automation Solutions segment, for $469, net of cash acquired. These eight businesses had combined annual sales of approximately $300. The Company recognized goodwill of $213 ($158 of which is expected to be tax deductible) and other identifiable intangible assets of $155, primarily customer relationships and intellectual property with a weighted-average life of approximately nine years. |
Pension & Postretirement Expens
Pension & Postretirement Expenses | 9 Months Ended |
Jun. 30, 2020 | |
Defined Benefit Plan [Abstract] | |
Pension & Postretirement Plans | PENSION & POSTRETIREMENT PLANS Total periodic pension and postretirement (income) expense is summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Service cost $ 18 21 54 65 Interest cost 49 40 149 120 Expected return on plan assets (88) (84) (264) (252) Net amortization 17 38 50 113 Total $ (4) 15 (11) 46 |
Other Deductions, Net
Other Deductions, Net | 9 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Deductions, Net | OTHER DEDUCTIONS, NET Other deductions, net are summarized below: Three Months Ended Nine Months Ended 2019 2020 2019 2020 Amortization of intangibles (intellectual property and customer $ 60 60 177 178 Restructuring costs 20 88 40 216 Special advisory fees — — — 13 Other (15) 33 (45) (6) Total $ 65 181 172 401 In the third quarter of fiscal 2020, the change in Other included unfavorable impacts from foreign currency transactions of $25 and pensions of $16. On a year-to-date basis, the change in Other reflects an unfavorable impact from pensions of $46, partially offset by lower litigation costs. |
Restructuring Costs
Restructuring Costs | 9 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | RESTRUCTURING COSTS 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 costs incurred in the first nine months of fiscal 2020 largely relate to the Company's initiatives to improve operating margins that began in the third quarter of fiscal 2019 and include workforce reductions of approximately 3,300 employees. The Company expects fiscal 2020 restructuring expense and related costs to be approximately $300, an increase of $20 com pared to its previous estimate, including costs to complete actions initiated in the first nine months of the year. Restructuring expense by business segment follows: Three Months Ended Nine Months Ended 2019 2020 2019 2020 Automation Solutions $ 15 76 26 182 Climate Technologies 4 5 8 14 Tools & Home Products 1 4 5 12 Commercial & Residential Solutions 5 9 13 26 Corporate — 3 1 8 Total $ 20 88 40 216 Details of the change in the liability for restructuring costs during the nine months ended June 30, 2020 follow: Sept 30, 2019 Expense Utilized/Paid June 30, 2020 Severance and benefits $ 62 184 92 154 Other 7 32 34 5 Total $ 69 216 126 159 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income taxes were $51 in the third quarter of fiscal 2020 and $155 in 2019, resulting in effective tax rates of 11 percent and 20 percent, respectively. The current year rate included $57 ($0.10 per share) of discrete benefits, which decreased the rate 12 percentage points, related to updates to estimates for the prior year U.S. income tax return and the impact of a research and development tax credit study. The prior year rate included favorable discrete tax items, which reduced the rate 3 percentage points, largely due to a tax benefit of $21 ($0.03 per share) from restructuring a foreign subsidiary. Income taxes were $310 for the first nine months of 2020 and $429 for 2019, resulting in effective tax rates of 20 percent and 21 percent, respectively. The current year and prior year rates included favorable discrete items, including the items discussed above, which reduced both years' rates approximately 3 percentage points. |
Leases
Leases | 9 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | LEASES The Company leases offices; manufacturing facilities and equipment; and transportation, information technology and office equipment under operating lease arrangements. Finance lease arrangements are immaterial. The Company determines whether an arrangement is, or contains, a lease at contract inception. An arrangement contains a lease if the Company has the right to direct the use of and obtain substantially all of the economic benefits of an identified asset. Right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recognized on the balance sheet and are recorded as short-term lease expense. The discount rate used to calculate present value is the Company's incremental borrowing rate based on the lease term and the economic environment of the applicable country or region. Certain leases contain renewal options or options to terminate prior to lease expiration, which are included in the measurement of right-of-use assets and lease liabilities when it is reasonably certain they will be exercised. The Company has elected to account for lease and non-lease components as a single lease component for its offices and manufacturing facilities. Some lease arrangements include payments that are adjusted periodically based on actual charges incurred for common area maintenance, utilities, taxes and insurance, or changes in an index or rate referenced in the lease. The fixed portion of these payments is included in the measurement of right-of-use assets and lease liabilities at lease commencement, while the variable portion is recorded as variable lease expense. The Company's leases typically do not contain material residual value guarantees or restrictive covenants. The components of lease expense for the three and nine months ended June 30, 2020 were as follows: Three Months Ended Nine Months Ended June 30, 2020 Operating lease expense $ 50 156 Variable lease expense $ 4 14 Short-term lease expense and sublease income were immaterial for the three and nine months ended June 30, 2020. Cash paid for operating leases is classified within operating cash flows and was $155 for the nine months ended June 30, 2020. Operating lease right-of-use asset additions were $172 for the nine months ended June 30, 2020. The following table summarizes the balances of the Company's operating lease right-of-use assets and operating lease liabilities as of June 30, 2020, the vast majority of which relates to offices and manufacturing facilities: June 30, 2020 Right-of-use assets (Other assets) $ 500 Current lease liabilities (Accrued expenses) $ 149 Noncurrent lease liabilities (Other liabilities) $ 359 The weighted-average remaining lease term for operating leases was 5.2 years and the weighted-average discount rate was 3.0 percent as of June 30, 2020. Future maturities of operating lease liabilities as of June 30, 2020 are summarized below: June 30, 2020 Remainder of 2020 $ 44 2021 143 2022 110 2023 83 2024 58 Thereafter 115 Total lease payments 553 Less: Interest 45 Total lease liabilities $ 508 Lease commitments that have not yet commenced were immaterial as of June 30, 2020. |
Other Financial Information
Other Financial Information | 9 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Other Financial Information | OTHER FINANCIAL INFORMATION Sept 30, 2019 June 30, 2020 Inventories Finished products $ 578 624 Raw materials and work in process 1,302 1,478 Total $ 1,880 2,102 Property, plant and equipment, net Property, plant and equipment, at cost $ 8,671 8,835 Less: Accumulated depreciation 5,029 5,270 Total $ 3,642 3,565 Goodwill by business segment Automation Solutions $ 5,467 5,492 Climate Technologies 668 727 Tools & Home Products 401 405 Commercial & Residential Solutions 1,069 1,132 Total $ 6,536 6,624 Sept 30, 2019 June 30, 2020 Other intangible assets Gross carrying amount $ 4,872 5,019 Less: Accumulated amortization 2,257 2,531 Net carrying amount $ 2,615 2,488 Other intangible assets include customer relationships, net of $1,391 and $1,298 as of September 30, 2019 and June 30, 2020, respectively. Other assets include the following: Operating lease right-of-use assets $ — 500 Pension assets 164 294 Asbestos-related insurance receivables 115 102 Deferred income taxes 97 96 Accrued expenses include the following: Customer advances (contract liabilities) $ 519 613 Employee compensation 606 570 Operating lease liabilities (current) — 149 Product warranty 140 138 Other liabilities include the following: Pension and postretirement liabilities $ 775 781 Operating lease liabilities (noncurrent) — 359 Deferred income taxes 327 361 Asbestos litigation 313 302 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBTIn April 2020, the Company issued $500 of 1.8% notes due October 2027, $500 of 1.95% notes due October 2030 and $500 of 2.75% notes due October 2050. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Following is a discussion regarding the Company’s use of financial instruments: Hedging Activities – As of June 30, 2020, the notional amount of foreign currency hedge positions was approximately $2.2 billion, and commodity hedge contracts totaled approximately $96 (primarily 39 million pounds of copper and aluminum). All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of June 30, 2020 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 hedge accounting. Net Investment Hedge – In fiscal 2019, the Company issued euro-denominated debt of €1.5 billion. The euro notes reduce foreign currency risk associated with the Company's international subsidiaries that use the euro as their functional currency and have been designated as a hedge of a portion of the investment in these operations. Foreign currency gains or losses associated with the euro-denominated debt are deferred in accumulated other comprehensive income (loss) and will remain until the hedged investment is sold or substantially liquidated. The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and nine months ended June 30, 2020 and 2019: Into Earnings Into OCI 3rd Quarter Nine Months 3rd Quarter Nine Months Gains (Losses) Location 2019 2020 2019 2020 2019 2020 2019 2020 Commodity Cost of sales $ (2) (4) (8) (8) (8) 17 (5) 1 Foreign currency Sales (2) (2) (5) (5) (3) 6 (5) 1 Foreign currency Cost of sales 6 (3) 15 8 3 21 15 (28) Foreign currency Other deductions, net 3 (26) 43 (5) Net Investment Hedges Euro denominated debt 6 (72) 12 (41) Total $ 5 (35) 45 (10) (2) (28) 17 (67) Regardless of whether derivatives and non-derivative financial instruments receive hedge 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 hedge accounting are highly effective and no amounts were excluded from the assessment of hedge effectiveness. Fair Value Measurement – Valuations for all derivatives and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. As of June 30, 2020, the fair value of long-term debt was $6.4 billion, which exceeded the carrying value by $596. The fair values of commodity and foreign currency contracts were reported in Other current assets and Accrued expenses and did not materially change since September 30, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity in Accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2020 and 2019 is shown below, net of income taxes: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Foreign currency translation Beginning balance $ (548) (977) (600) (794) Other comprehensive income (loss), net of tax of $(2), $17, $(3) and $10, respectively (93) 135 (41) (48) Ending balance (641) (842) (641) (842) Pension and postretirement Beginning balance (395) (870) (420) (928) Amortization of deferred actuarial losses into earnings, net of tax of $(4), $(9), $(12) and $(26), respectively 13 29 38 87 Ending balance (382) (841) (382) (841) Cash flow hedges Beginning balance 15 (56) 5 — Deferral of gains (losses) arising during the period, net of tax of $2, $(11), $(1) and $6, respectively (6) 33 4 (20) Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $0, $(2), $0 and $(1), respectively (2) 7 (2) 4 Ending balance 7 (16) 7 (16) Accumulated other comprehensive income (loss) $ (1,016) (1,699) (1,016) (1,699) |
Business Segments
Business Segments | 9 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Summarized information about the Company's results of operations by business segment follows: Three Months Ended June 30, Nine Months Ended June 30, Sales Earnings Sales Earnings 2019 2020 2019 2020 2019 2020 2019 2020 Automation Solutions $ 3,025 2,589 477 311 8,834 8,150 1,328 1,012 Climate Technologies 1,199 970 278 195 3,171 2,869 650 563 Tools & Home Products 463 357 93 58 1,390 1,219 286 233 Commercial & Residential Solutions 1,662 1,327 371 253 4,561 4,088 936 796 Stock compensation (31) (51) (83) (69) Unallocated pension and 27 12 81 37 Corporate and other (34) (22) (95) (90) Eliminations/Interest (3) (2) (43) (45) 6 (11) (134) (116) Total $ 4,684 3,914 767 458 13,401 12,227 2,033 1,570 The increase in stock compensation expense for the three months ended June 30, 2020 was due to an increase in the Company's stock price. Automation Solutions sales by major product offering are summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Measurement & Analytical Instrumentation $ 945 735 2,730 2,381 Valves, Actuators & Regulators 941 842 2,752 2,609 Industrial Solutions 548 469 1,664 1,470 Process Control Systems & Solutions 591 543 1,688 1,690 Automation Solutions $ 3,025 2,589 8,834 8,150 Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Automation Solutions $ 133 137 393 414 Climate Technologies 42 44 132 133 Tools & Home Products 18 20 54 58 Commercial & Residential Solutions 60 64 186 191 Corporate and other 10 8 30 26 Total $ 203 209 609 631 Sales by geographic destination are summarized below: Three Months Ended June 30, 2019 2020 Automation Solutions Commercial & Residential Solutions Total Automation Solutions Commercial & Residential Solutions Total Americas $ 1,448 1,164 2,612 1,159 915 2,074 Asia, Middle East & Africa 970 313 1,283 893 253 1,146 Europe 607 185 792 537 159 696 Total $ 3,025 1,662 4,687 2,589 1,327 3,916 Nine Months Ended June 30, 2019 2020 Automation Solutions Commercial & Residential Solutions Total Automation Solutions Commercial & Residential Solutions Total Americas $ 4,376 3,153 7,529 3,915 2,815 6,730 Asia, Middle East & Africa 2,721 863 3,584 2,619 765 3,384 Europe 1,737 545 2,282 1,616 508 2,124 Total $ 8,834 4,561 13,395 8,150 4,088 12,238 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Contract Liabilities | The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other current assets, and its customer advances (contract liabilities), which are reported in Accrued expenses. Sept 30, 2019 June 30, 2020 Unbilled receivables (contract assets) $ 456 409 Customer advances (contract liabilities) (519) (613) Net contract liabilities $ (63) (204) |
Weighted Average Common Shares
Weighted Average Common Shares (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share Reconciliation | Three Months Ended Nine Months Ended 2019 2020 2019 2020 Basic shares outstanding 614.3 596.9 617.4 604.8 Dilutive shares 4.7 3.1 4.2 3.6 Diluted shares outstanding 619.0 600.0 621.6 608.4 |
Pension & Postretirement Expe_2
Pension & Postretirement Expenses (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Defined Benefit Plan [Abstract] | |
Schedule of Pension and Postretirement Plan Expenses | Total periodic pension and postretirement (income) expense is summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Service cost $ 18 21 54 65 Interest cost 49 40 149 120 Expected return on plan assets (88) (84) (264) (252) Net amortization 17 38 50 113 Total $ (4) 15 (11) 46 |
Other Deductions, Net (Tables)
Other Deductions, Net (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Deductions, net | Other deductions, net are summarized below: Three Months Ended Nine Months Ended 2019 2020 2019 2020 Amortization of intangibles (intellectual property and customer $ 60 60 177 178 Restructuring costs 20 88 40 216 Special advisory fees — — — 13 Other (15) 33 (45) (6) Total $ 65 181 172 401 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expense by Segment | Restructuring expense by business segment follows: Three Months Ended Nine Months Ended 2019 2020 2019 2020 Automation Solutions $ 15 76 26 182 Climate Technologies 4 5 8 14 Tools & Home Products 1 4 5 12 Commercial & Residential Solutions 5 9 13 26 Corporate — 3 1 8 Total $ 20 88 40 216 |
Schedule of Change in Restructuring Reserve by Type of Cost | Details of the change in the liability for restructuring costs during the nine months ended June 30, 2020 follow: Sept 30, 2019 Expense Utilized/Paid June 30, 2020 Severance and benefits $ 62 184 92 154 Other 7 32 34 5 Total $ 69 216 126 159 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Operating Lease Costs | The components of lease expense for the three and nine months ended June 30, 2020 were as follows: Three Months Ended Nine Months Ended June 30, 2020 Operating lease expense $ 50 156 Variable lease expense $ 4 14 |
Schedule of Operating Lease Assets and Liabilities | The following table summarizes the balances of the Company's operating lease right-of-use assets and operating lease liabilities as of June 30, 2020, the vast majority of which relates to offices and manufacturing facilities: June 30, 2020 Right-of-use assets (Other assets) $ 500 Current lease liabilities (Accrued expenses) $ 149 Noncurrent lease liabilities (Other liabilities) $ 359 |
Schedule of Future Maturities of Operating Lease Liabilities | Future maturities of operating lease liabilities as of June 30, 2020 are summarized below: June 30, 2020 Remainder of 2020 $ 44 2021 143 2022 110 2023 83 2024 58 Thereafter 115 Total lease payments 553 Less: Interest 45 Total lease liabilities $ 508 |
Other Financial Information (Ta
Other Financial Information (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Inventories | Sept 30, 2019 June 30, 2020 Inventories Finished products $ 578 624 Raw materials and work in process 1,302 1,478 Total $ 1,880 2,102 |
Property, Plant and Equipment, net | Property, plant and equipment, net Property, plant and equipment, at cost $ 8,671 8,835 Less: Accumulated depreciation 5,029 5,270 Total $ 3,642 3,565 |
Goodwill by Business Segment | Goodwill by business segment Automation Solutions $ 5,467 5,492 Climate Technologies 668 727 Tools & Home Products 401 405 Commercial & Residential Solutions 1,069 1,132 Total $ 6,536 6,624 |
Other Intangible Assets | Sept 30, 2019 June 30, 2020 Other intangible assets Gross carrying amount $ 4,872 5,019 Less: Accumulated amortization 2,257 2,531 Net carrying amount $ 2,615 2,488 |
Other Assets | Other assets include the following: Operating lease right-of-use assets $ — 500 Pension assets 164 294 Asbestos-related insurance receivables 115 102 Deferred income taxes 97 96 |
Accrued Expenses | Accrued expenses include the following: Customer advances (contract liabilities) $ 519 613 Employee compensation 606 570 Operating lease liabilities (current) — 149 Product warranty 140 138 |
Other Liabilities | Other liabilities include the following: Pension and postretirement liabilities $ 775 781 Operating lease liabilities (noncurrent) — 359 Deferred income taxes 327 361 Asbestos litigation 313 302 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments | Into Earnings Into OCI 3rd Quarter Nine Months 3rd Quarter Nine Months Gains (Losses) Location 2019 2020 2019 2020 2019 2020 2019 2020 Commodity Cost of sales $ (2) (4) (8) (8) (8) 17 (5) 1 Foreign currency Sales (2) (2) (5) (5) (3) 6 (5) 1 Foreign currency Cost of sales 6 (3) 15 8 3 21 15 (28) Foreign currency Other deductions, net 3 (26) 43 (5) Net Investment Hedges Euro denominated debt 6 (72) 12 (41) Total $ 5 (35) 45 (10) (2) (28) 17 (67) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
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 nine months ended June 30, 2020 and 2019 is shown below, net of income taxes: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Foreign currency translation Beginning balance $ (548) (977) (600) (794) Other comprehensive income (loss), net of tax of $(2), $17, $(3) and $10, respectively (93) 135 (41) (48) Ending balance (641) (842) (641) (842) Pension and postretirement Beginning balance (395) (870) (420) (928) Amortization of deferred actuarial losses into earnings, net of tax of $(4), $(9), $(12) and $(26), respectively 13 29 38 87 Ending balance (382) (841) (382) (841) Cash flow hedges Beginning balance 15 (56) 5 — Deferral of gains (losses) arising during the period, net of tax of $2, $(11), $(1) and $6, respectively (6) 33 4 (20) Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $0, $(2), $0 and $(1), respectively (2) 7 (2) 4 Ending balance 7 (16) 7 (16) Accumulated other comprehensive income (loss) $ (1,016) (1,699) (1,016) (1,699) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
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 June 30, Nine Months Ended June 30, Sales Earnings Sales Earnings 2019 2020 2019 2020 2019 2020 2019 2020 Automation Solutions $ 3,025 2,589 477 311 8,834 8,150 1,328 1,012 Climate Technologies 1,199 970 278 195 3,171 2,869 650 563 Tools & Home Products 463 357 93 58 1,390 1,219 286 233 Commercial & Residential Solutions 1,662 1,327 371 253 4,561 4,088 936 796 Stock compensation (31) (51) (83) (69) Unallocated pension and 27 12 81 37 Corporate and other (34) (22) (95) (90) Eliminations/Interest (3) (2) (43) (45) 6 (11) (134) (116) Total $ 4,684 3,914 767 458 13,401 12,227 2,033 1,570 Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Automation Solutions $ 133 137 393 414 Climate Technologies 42 44 132 133 Tools & Home Products 18 20 54 58 Commercial & Residential Solutions 60 64 186 191 Corporate and other 10 8 30 26 Total $ 203 209 609 631 |
Schedule of Financial Information by Major Product Offering | Automation Solutions sales by major product offering are summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2020 2019 2020 Measurement & Analytical Instrumentation $ 945 735 2,730 2,381 Valves, Actuators & Regulators 941 842 2,752 2,609 Industrial Solutions 548 469 1,664 1,470 Process Control Systems & Solutions 591 543 1,688 1,690 Automation Solutions $ 3,025 2,589 8,834 8,150 |
Schedule of Financial Information By Geographic Area | Sales by geographic destination are summarized below: Three Months Ended June 30, 2019 2020 Automation Solutions Commercial & Residential Solutions Total Automation Solutions Commercial & Residential Solutions Total Americas $ 1,448 1,164 2,612 1,159 915 2,074 Asia, Middle East & Africa 970 313 1,283 893 253 1,146 Europe 607 185 792 537 159 696 Total $ 3,025 1,662 4,687 2,589 1,327 3,916 Nine Months Ended June 30, 2019 2020 Automation Solutions Commercial & Residential Solutions Total Automation Solutions Commercial & Residential Solutions Total Americas $ 4,376 3,153 7,529 3,915 2,815 6,730 Asia, Middle East & Africa 2,721 863 3,584 2,619 765 3,384 Europe 1,737 545 2,282 1,616 508 2,124 Total $ 8,834 4,561 13,395 8,150 4,088 12,238 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Oct. 01, 2019 | Sep. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 500 | $ 0 | |
Operating lease liabilities | $ 508 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 500 | ||
Operating lease liabilities | $ 500 |
Revenue Recognition Contract As
Revenue Recognition Contract Assets (Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Unbilled receivables (contract assets) | $ 409 | $ 409 | $ 456 |
Customer advances (contract liabilities) | (613) | (613) | (519) |
Net contract liabilities | (204) | (204) | $ (63) |
Revenue recognized, included in beginning contract liability | $ 37 | $ 363 |
Revenue Recognition Performance
Revenue Recognition Performance Obligations (Details) $ in Billions | Jun. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Backlog | $ 5.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Percentage of backlog recognized as revenue, next 12 months | 85.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, backlog | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, backlog | 1 year |
Weighted Average Common Share_2
Weighted Average Common Shares (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic shares outstanding | 596.9 | 614.3 | 604.8 | 617.4 |
Dilutive shares | 3.1 | 4.7 | 3.6 | 4.2 |
Diluted shares outstanding | 600 | 619 | 608.4 | 621.6 |
Acquisitions and Divestitures N
Acquisitions and Divestitures Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Business Acquisition & Disposal [Line Items] | |||||
Purchase price of businesses, net of cash acquired | $ 114 | $ 385 | $ 469 | ||
Net sales | $ 3,914 | $ 4,684 | 12,227 | $ 13,401 | |
Goodwill | 6,624 | 6,624 | 6,536 | ||
Automation Solutions [Member] | |||||
Business Acquisition & Disposal [Line Items] | |||||
Goodwill | $ 5,492 | $ 5,492 | $ 5,467 | ||
Automation Solutions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||
Business Acquisition & Disposal [Line Items] | |||||
Number of additional businesses acquired | 8 | ||||
Net sales | $ 300 | ||||
Goodwill | 213 | ||||
Goodwill expected tax deductible amount | 158 | ||||
Intangibles | $ 155 | ||||
Intangible assets, weighted average useful life | 9 years |
Pension & Postretirement Expe_3
Pension & Postretirement Expenses (Schedule Of Net Periodic Pension And Net Postretirement Plan Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension And Postretirement Plan Expenses [Line Items] | ||||
Total | $ 50 | $ (1) | ||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Pension And Postretirement Plan Expenses [Line Items] | ||||
Service cost | $ 21 | $ 18 | 65 | 54 |
Interest cost | 40 | 49 | 120 | 149 |
Expected return on plan assets | (84) | (88) | (252) | (264) |
Net amortization | 38 | 17 | 113 | 50 |
Total | $ 15 | $ (4) | $ 46 | $ (11) |
Other Deductions, Net (Schedule
Other Deductions, Net (Schedule Of Other Deductions, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other deductions, net [Line Items] | ||||
Amortization of intangibles (intellectual property and customer relationships) | $ 60 | $ 60 | $ 178 | $ 177 |
Restructuring costs | 88 | 20 | 216 | 40 |
Special advisory fees | 0 | 0 | 13 | 0 |
Other | 33 | (15) | (6) | (45) |
Total | 181 | $ 65 | 401 | $ 172 |
Change in gain (loss) from foreign currency exchange transactions | (25) | |||
Change in pension expense (income) | $ 16 | $ 46 |
Restructuring Costs (Details)
Restructuring Costs (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |||||
Beginning restructuring liability | $ 69 | ||||
Restructuring expense | $ 88 | $ 20 | 216 | $ 40 | |
Restructuring utilized/paid | 126 | ||||
Ending restructuring liability | 159 | $ 159 | |||
Total number of employee workforce reductions | 3,300 | ||||
Cost of Sales [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring expense | 6 | $ 15 | |||
Severance and benefits [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning restructuring liability | 62 | ||||
Restructuring expense | 184 | ||||
Restructuring utilized/paid | 92 | ||||
Ending restructuring liability | 154 | 154 | |||
Other Restructuring [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning restructuring liability | 7 | ||||
Restructuring expense | 32 | ||||
Restructuring utilized/paid | 34 | ||||
Ending restructuring liability | 5 | 5 | |||
Automation Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring expense | 76 | 15 | 182 | 26 | |
Commercial & Residential Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring expense | 9 | 5 | 26 | 13 | |
Climate Technologies [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring expense | 5 | 4 | 14 | 8 | |
Tools & Home Products [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring expense | 4 | 1 | 12 | 5 | |
Corporate [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring expense | $ 3 | $ 0 | $ 8 | $ 1 | |
Forecast [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Expected fiscal year restructuring expense | $ 300 | ||||
Increase (decrease) in expected restructuring related costs | $ 20 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 15 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | |
Income Tax [Line Items] | |||||
Income taxes | $ 51 | $ 155 | $ 310 | $ 429 | |
Effective income tax rate | 11.00% | 20.00% | 20.00% | 21.00% | |
Tax benefit from provisional updates and research and development multiyear tax credit study | $ 57 | ||||
Tax benefit from provisional updates and research and development multiyear tax study per share | $ 0.10 | ||||
Favorable discrete items, percentage impact | 12.00% | 3.00% | 3.00% | 3.00% | |
Tax benefit from restructuring foreign subsidiary | $ 21 | ||||
Tax benefit from restructuring foreign subsidiary per share | $ 0.03 | ||||
Forecast [Member] | |||||
Income Tax [Line Items] | |||||
Payroll tax deferral from CARES Act expected through December 2020 | $ 75 |
Leases Expense (Details)
Leases Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 50 | $ 156 |
Variable lease expense | $ 4 | 14 |
Cash paid for operating leases, operating cash flows | 155 | |
Operating lease right-of-use asset additions | $ 172 |
Leases Assets and Liabilities (
Leases Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Leases [Abstract] | ||
Right-of-use assets (Other assets) | $ 500 | $ 0 |
Current lease liabilities (Accrued expenses) | 149 | 0 |
Noncurrent lease liabilities (Other liabilities) | $ 359 | $ 0 |
Operating leases, weighted-average remaining term | 5 years 2 months 12 days | |
Operating leases, weighted-average discount rate | 3.00% |
Leases Future Maturities of Ope
Leases Future Maturities of Operating Lease Liabilities (Details) $ in Millions | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
Operating lease payments due, remainder of 2020 | $ 44 |
Operating lease payments due, 2021 | 143 |
Operating lease payments due, 2022 | 110 |
Operating lease payments due, 2023 | 83 |
Operating lease payments due, 2024 | 58 |
Operating lease payments due, thereafter | 115 |
Total lease payments | 553 |
Less: Interest | 45 |
Total lease liabilities | $ 508 |
Leases Future Minimum Payments
Leases Future Minimum Payments (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Future minimum annual rentals for noncancelable long-term leases, 2020 | $ 159 |
Future minimum annual rentals for noncancelable long-term leases, 2021 | 112 |
Future minimum annual rentals for noncancelable long-term leases, 2022 | 82 |
Future minimum annual rentals for noncancelable long-term leases, 2023 | 57 |
Future minimum annual rentals for noncancelable long-term leases, 2024 | 38 |
Future minimum annual rentals for noncancelable long-term leases, thereafter | $ 63 |
Other Financial Information (In
Other Financial Information (Inventories) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 624 | $ 578 |
Raw materials and work in process | 1,478 | 1,302 |
Total | $ 2,102 | $ 1,880 |
Other Financial Information (PP
Other Financial Information (PPE) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, at cost | $ 8,835 | $ 8,671 |
Less: Accumulated depreciation | 5,270 | 5,029 |
Total | $ 3,565 | $ 3,642 |
Other Financial Information (Go
Other Financial Information (Goodwill) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 6,624 | $ 6,536 |
Automation Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 5,492 | 5,467 |
Commercial & Residential Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,132 | 1,069 |
Climate Technologies [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 727 | 668 |
Tools & Home Products [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 405 | $ 401 |
Other Financial Information (_2
Other Financial Information (Intangibles) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 5,019 | $ 4,872 |
Less: Accumulated amortization | 2,531 | 2,257 |
Net carrying amount | 2,488 | 2,615 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount | $ 1,298 | $ 1,391 |
Other Financial Information (Ot
Other Financial Information (Other Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Operating lease right-of-use assets | $ 500 | $ 0 |
Pension assets | 294 | 164 |
Asbestos-related insurance receivables | 102 | 115 |
Deferred income taxes | $ 96 | $ 97 |
Other Financial Information (Ac
Other Financial Information (Accrued Expenses) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Customer advances (contract liabilities) | $ 613 | $ 519 |
Employee compensation | 570 | 606 |
Operating lease liabilities (current) | 149 | 0 |
Product warranty | $ 138 | $ 140 |
Other Financial Information (_3
Other Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Other Liabilities [Abstract] | ||
Pension and postretirement liabilities | $ 781 | $ 775 |
Operating lease liabilities (noncurrent) | 359 | 0 |
Deferred income taxes | 361 | 327 |
Asbestos litigation | $ 302 | $ 313 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Millions | Jun. 30, 2020USD ($) |
1.8% Notes due October 2027 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt | $ 500 |
Notes interest rate, percentage | 1.80% |
1.95% Notes due October 2030 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt | $ 500 |
Notes interest rate, percentage | 1.95% |
2.75% Notes due October 2050 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt | $ 500 |
Notes interest rate, percentage | 2.75% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Derivative Instruments) (Details) € in Millions, lb in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020USD ($)lb | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)lb | Jun. 30, 2019USD ($) | Sep. 30, 2019EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | $ (35) | $ 5 | $ (10) | $ 45 | |
Gain (loss) to other comprehensive income | (28) | (2) | (67) | 17 | |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | (4) | (2) | (8) | (8) | |
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) to other comprehensive income | 17 | (8) | 1 | (5) | |
Foreign Exchange Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional amount of foreign currency hedge positions | 2,200 | 2,200 | |||
Foreign Exchange Contract [Member] | Other deductions, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | (26) | 3 | (5) | 43 | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | (3) | 6 | 8 | 15 | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) to other comprehensive income | 21 | 3 | (28) | 15 | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | (2) | (2) | (5) | (5) | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) to other comprehensive income | 6 | (3) | 1 | (5) | |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | Other Comprehensive Income (Loss) [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) to other comprehensive income | (72) | 6 | (41) | 12 | |
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | Other deductions, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) to other comprehensive income | |||||
All Commodity Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of commodities hedged | $ 96 | $ 96 | |||
Copper and Aluminum [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Weight in pounds of copper and aluminum commodity hedges | lb | 39 | 39 | |||
Senior Notes [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Debt, face amount | € | € 1,500 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measurements) (Details) $ in Millions | Jun. 30, 2020USD ($) |
Derivatives, Fair Value [Line Items] | |
Fair value of long-term debt compared with carrying value | $ 596 |
Maximum collateral that could have been required | 11 |
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 | $ 6,400 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | |
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | $ 8,273 | ||||
Ending balance | $ 7,878 | $ 8,804 | 7,878 | $ 8,804 | |
Accumulated other comprehensive income (loss) | (1,699) | (1,016) | (1,699) | (1,016) | $ (1,722) |
Foreign currency translation [Member] | |||||
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | (977) | (548) | (794) | (600) | |
Other comprehensive income (loss), foreign currency translation, net of tax of $17, $(2), $10, and $(3), respectively | 135 | (93) | (48) | (41) | |
Ending balance | (842) | (641) | (842) | (641) | |
Pension and post retirement [Member] | |||||
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | (870) | (395) | (928) | (420) | |
Amortization of deferred actuarial losses into earnings, net of tax of $(9), $(4), $(26) and $(12), respectively | 29 | 13 | 87 | 38 | |
Ending balance | (841) | (382) | (841) | (382) | |
Cash Flow Hedges [Member] | |||||
Accumulated other comprehensive income [Roll Forward] | |||||
Beginning balance | (56) | 15 | 0 | 5 | |
Deferral of gains (losses) arising during the period, net of tax of $(11), $2, $6 and $(1), respectively | 33 | (6) | (20) | 4 | |
Reclassification of realized gains (losses) to sales and cost of sales, net of tax of $(2), $0, $(1) and $0, respectively | 7 | (2) | 4 | (2) | |
Ending balance | $ (16) | $ 7 | $ (16) | $ 7 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation, tax | $ 17 | $ (2) | $ 10 | $ (3) |
Amortization of deferred actuarial losses, tax | (9) | (4) | (26) | (12) |
Deferred cash flow hedging gains (losses), tax | (11) | 2 | 6 | (1) |
Reclassification of realized cash flow hedging (losses), tax | $ (2) | $ 0 | $ (1) | $ 0 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 3,914 | $ 4,684 | $ 12,227 | $ 13,401 |
Earnings | 458 | 767 | 1,570 | 2,033 |
Interest expense | (45) | (43) | (116) | (134) |
Operating Segments [Member] | Automation Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,589 | 3,025 | 8,150 | 8,834 |
Earnings | 311 | 477 | 1,012 | 1,328 |
Operating Segments [Member] | Commercial & Residential Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,327 | 1,662 | 4,088 | 4,561 |
Earnings | 253 | 371 | 796 | 936 |
Operating Segments [Member] | Climate Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 970 | 1,199 | 2,869 | 3,171 |
Earnings | 195 | 278 | 563 | 650 |
Operating Segments [Member] | Tools & Home Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 357 | 463 | 1,219 | 1,390 |
Earnings | 58 | 93 | 233 | 286 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Stock compensation | (51) | (31) | (69) | (83) |
Unallocated pension and postretirement costs | 12 | 27 | 37 | 81 |
Interest expense | (45) | (43) | (116) | (134) |
Corporate and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings | (22) | (34) | (90) | (95) |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (2) | $ (3) | $ (11) | $ 6 |
Business Segments Product Line
Business Segments Product Line Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,914 | $ 4,684 | $ 12,227 | $ 13,401 |
Automation Solutions [Member] | Measurement & Analytical Instrumentation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 735 | 945 | 2,381 | 2,730 |
Automation Solutions [Member] | Valves, Actuators & Regulators [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 842 | 941 | 2,609 | 2,752 |
Automation Solutions [Member] | Industrial Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 469 | 548 | 1,470 | 1,664 |
Automation Solutions [Member] | Process Control Systems & Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 543 | 591 | 1,690 | 1,688 |
Operating Segments [Member] | Automation Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 2,589 | $ 3,025 | $ 8,150 | $ 8,834 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 209 | $ 203 | $ 631 | $ 609 |
Corporate and other [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 8 | 10 | 26 | 30 |
Operating Segments [Member] | Automation Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 137 | 133 | 414 | 393 |
Operating Segments [Member] | Commercial & Residential Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 64 | 60 | 191 | 186 |
Operating Segments [Member] | Climate Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 44 | 42 | 133 | 132 |
Operating Segments [Member] | Tools & Home Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 20 | $ 18 | $ 58 | $ 54 |
Business Segments Geographic In
Business Segments Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,914 | $ 4,684 | $ 12,227 | $ 13,401 |
Reportable Geographical Components [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 3,916 | 4,687 | 12,238 | 13,395 |
Reportable Geographical Components [Member] | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,074 | 2,612 | 6,730 | 7,529 |
Reportable Geographical Components [Member] | Asia, Middle East & Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,146 | 1,283 | 3,384 | 3,584 |
Reportable Geographical Components [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 696 | 792 | 2,124 | 2,282 |
Reportable Geographical Components [Member] | Automation Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,589 | 3,025 | 8,150 | 8,834 |
Reportable Geographical Components [Member] | Automation Solutions [Member] | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,159 | 1,448 | 3,915 | 4,376 |
Reportable Geographical Components [Member] | Automation Solutions [Member] | Asia, Middle East & Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 893 | 970 | 2,619 | 2,721 |
Reportable Geographical Components [Member] | Automation Solutions [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 537 | 607 | 1,616 | 1,737 |
Reportable Geographical Components [Member] | Commercial & Residential Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,327 | 1,662 | 4,088 | 4,561 |
Reportable Geographical Components [Member] | Commercial & Residential Solutions [Member] | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 915 | 1,164 | 2,815 | 3,153 |
Reportable Geographical Components [Member] | Commercial & Residential Solutions [Member] | Asia, Middle East & Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 253 | 313 | 765 | 863 |
Reportable Geographical Components [Member] | Commercial & Residential Solutions [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 159 | $ 185 | $ 508 | $ 545 |
Uncategorized Items - emr-20200
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 25,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |