Cover
Cover | 3 Months Ended |
Dec. 31, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Dec. 31, 2022 |
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 | 2023 |
Document Fiscal Period Focus | Q1 |
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 | 571,400,000 |
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 $0.50 par value per share |
Trading Symbol | EMR |
Security Exchange Name | CHX |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 3,373 | $ 3,156 |
Cost of sales | 1,753 | 1,741 |
Selling, general and administrative expenses | 1,030 | 849 |
Gain on subordinated interest | 0 | (453) |
Other deductions, net | 120 | 38 |
Interest expense (net of interest income of $20, and $3, respectively) | 48 | 39 |
Earnings from continuing operations before income taxes | 422 | 942 |
Income taxes | 98 | 196 |
Earnings from continuing operations | 324 | 746 |
Discontinued operations, net of tax: $966 and $84, respectively | 2,002 | 149 |
Net earnings | 2,326 | 895 |
Less: Noncontrolling interests in subsidiaries | (5) | (1) |
Net earnings common stockholders | 2,331 | 896 |
Earnings from continuing operations common stockholders | 329 | 746 |
Earnings from discontinued operations common stockholders | $ 2,002 | $ 150 |
Earnings from continuing operations, per basic share | $ 0.56 | $ 1.25 |
Earnings from discontinued operations, per basic share | 3.43 | 0.26 |
Earnings Per Share, Basic | 3.99 | 1.51 |
Earnings from continuing operations, per diluted share | 0.56 | 1.25 |
Earnings from discontinued operations, per diluted share | 3.41 | 0.25 |
Earnings Per Share, Diluted | $ 3.97 | $ 1.50 |
Weighted Average Number of Shares Outstanding, Basic | 583.6 | 594.6 |
Weighted Average Number of Shares Outstanding, Diluted | 586.7 | 598.1 |
Consolidated Statements Of Ea_2
Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Interest income | $ 20 | $ 3 |
Discontinued operation taxes | $ 966 | $ 84 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net earnings | $ 2,326 | $ 895 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation | 241 | (72) |
Pension and postretirement | (16) | 18 |
Cash flow hedges | 10 | 4 |
Total other comprehensive income (loss) | 235 | (50) |
Comprehensive income | 2,561 | 845 |
Less: Noncontrolling interests in subsidiaries | 0 | (1) |
Comprehensive income common stockholders | $ 2,561 | $ 846 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 |
Current assets | ||
Cash and equivalents | $ 2,271 | $ 1,804 |
Receivables, less allowances of $101 and $100, respectively | 2,231 | 2,261 |
Inventories | 1,999 | 1,742 |
Other current assets | 1,290 | 1,301 |
Current assets held-for-sale | 1,209 | 1,398 |
Total current assets | 9,000 | 8,506 |
Property, plant and equipment, net | 2,263 | 2,239 |
Other assets | ||
Goodwill | 14,087 | 13,946 |
Other intangible assets | 6,460 | 6,572 |
Other | 2,268 | 2,151 |
Noncurrent assets held-for-sale | 2,163 | 2,258 |
Total other assets | 24,978 | 24,927 |
Total assets | 36,241 | 35,672 |
Current liabilities | ||
Short-term borrowings and current maturities of long-term debt | 1,792 | 2,115 |
Accounts payable | 1,219 | 1,276 |
Accrued expenses | 3,949 | 3,038 |
Current liabilities held-for-sale | 1,200 | 1,348 |
Total current liabilities | 8,160 | 7,777 |
Long-term debt | 8,159 | 8,259 |
Other Liabilities, Noncurrent | 3,057 | 3,153 |
Noncurrent liabilities held-for-sale | 151 | 167 |
Equity | ||
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 571.4 shares and 591.4 shares, respectively | 477 | 477 |
Additional paid-in-capital | 112 | 57 |
Retained earnings | 30,076 | 28,053 |
Accumulated other comprehensive income (loss) | (1,255) | (1,485) |
Cost of common stock in treasury, 382.0 shares and 362.0 shares, respectively | (18,683) | (16,738) |
Common stockholders’ equity | 10,727 | 10,364 |
Noncontrolling interests in subsidiaries | 5,987 | 5,952 |
Total equity | 16,714 | 16,316 |
Total liabilities and equity | $ 36,241 | $ 35,672 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 101 | $ 100 |
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 | 571.4 | 591.4 |
Treasury stock, shares | 382 | 362 |
Consolidated Statement of Equit
Consolidated Statement of Equity Statement - USD ($) $ in Millions | Total | AspenTech | Common stock | Additional paid-in-capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interests in subsidiaries |
Beginning balance at Sep. 30, 2021 | $ 522 | $ 26,047 | $ (872) | $ (16,291) | $ 40 | |||
Statement [Roll Forward] | ||||||||
Stock plans | 42 | |||||||
Net earnings common stockholders | $ 896 | 896 | ||||||
Dividends paid (per share: $0.52 and $0.515, respectively) | (307) | |||||||
Foreign currency translation | (72) | (72) | ||||||
Pension and postretirement | (18) | 18 | ||||||
Cash flow hedges | 4 | 4 | ||||||
Purchases | (258) | |||||||
Issued under stock plans | 43 | |||||||
Net earnings | (1) | |||||||
Stock compensation | 0 | |||||||
Other comprehensive income | (50) | 0 | ||||||
Ending balance at Dec. 31, 2021 | 10,288 | $ 477 | 564 | 26,636 | (922) | (16,506) | 39 | |
Beginning balance at Sep. 30, 2021 | 522 | 26,047 | (872) | (16,291) | 40 | |||
Statement [Roll Forward] | ||||||||
Adjustments to Additional Paid in Capital, Other | $ 550 | |||||||
Ending balance at Sep. 30, 2022 | 16,316 | 57 | 28,053 | (1,485) | (16,738) | 5,952 | ||
Statement [Roll Forward] | ||||||||
Common stockholders' equity | 10,249 | |||||||
Common stockholders' equity | 10,364 | |||||||
Stock plans | 55 | |||||||
Net earnings common stockholders | 2,331 | 2,331 | ||||||
Dividends paid (per share: $0.52 and $0.515, respectively) | (308) | |||||||
Foreign currency translation | 241 | 236 | ||||||
Pension and postretirement | 16 | (16) | ||||||
Cash flow hedges | 10 | 10 | ||||||
Purchases | (2,000) | |||||||
Issued under stock plans | 55 | |||||||
Net earnings | (5) | |||||||
Stock compensation | 35 | |||||||
Other comprehensive income | 235 | 5 | ||||||
Ending balance at Dec. 31, 2022 | 16,714 | $ 477 | $ 112 | $ 30,076 | $ (1,255) | $ (18,683) | $ 5,987 | |
Statement [Roll Forward] | ||||||||
Common stockholders' equity | $ 10,727 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends paid, per share | $ 0.52 | $ 0.515 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows € in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating activities | ||
Net earnings | $ 2,326 | $ 895 |
Earnings from discontinued operations, net of tax | (2,002) | (149) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 260 | 178 |
Stock compensation | 102 | 34 |
Total changes in operating working capital | (289) | (125) |
Gain on subordinated interest | 0 | (453) |
Other, net | (95) | (3) |
Cash from continuing operations | 302 | 377 |
Cash from discontinued operations | 116 | 146 |
Cash provided by operating activities | 418 | 523 |
Investing activities | ||
Capital expenditures | (59) | (73) |
Purchases of businesses, net of cash and equivalents acquired | 0 | (39) |
Proceeds from subordinated interest | 15 | 438 |
Other, net | (23) | 3 |
Investing cash from continuing operations | (67) | 329 |
Investing cash from discontinued operations | 2,953 | (44) |
Cash provided by investing activities | 2,886 | 285 |
Financing activities | ||
Net increase in short-term borrowings | (539) | (335) |
Proceeds from long-term debt | 0 | 2,975 |
Payments of long-term debt | (9) | (501) |
Dividends paid | (306) | (307) |
Purchases of common stock | (2,000) | (253) |
Other, net | (41) | 22 |
Cash provided by (used in) financing activities | (2,895) | 1,601 |
Effect of exchange rate changes on cash and equivalents | 58 | (37) |
Increase (Decrease) in cash and equivalents | 467 | 2,372 |
Beginning cash and equivalents | 1,804 | 2,354 |
Ending cash and equivalents | 2,271 | 4,726 |
Changes in operating working capital | ||
Receivables | 78 | 172 |
Inventories | (193) | (177) |
Other current assets | 14 | 7 |
Accounts payable | (58) | (15) |
Accrued expenses | (130) | (112) |
Total changes in operating working capital | $ (289) | $ (125) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022. Over the past 18 months, Emerson Electric Co. ("Emerson" or the "Company") has taken significant actions to accelerate the transformation of its portfolio through the completion of strategic acquisitions and divestitures of non-core businesses. The Company's recent portfolio actions include the combination of its industrial software businesses with Aspen Technology, Inc., with the Company owning 55 percent of the outstanding shares of the combined entity on a fully diluted basis upon closing of the transaction on May 16, 2022, the sale of its Therm-O-Disc business, which was completed on May 31, 2022, the sale of its InSinkErator business, which was completed on October 31, 2022, and the sale of a majority stake in its Climate Technologies business, which was announced on October 31, 2022, and is expected to close in the first half of calendar year 2023, subject to regulatory approvals and customary closing conditions. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Dec. 31, 2022 | |
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 13 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 assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities. Sept 30, 2022 Dec 31, 2022 Unbilled receivables (contract assets) $ 1,390 1,412 Customer advances (contract liabilities) (776) (938) Net contract assets (liabilities) $ 614 474 The majority of the Company's contract balances relate to (1) arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule, and (2) revenue from term software lice nse arrangements sold by AspenTech where the license revenue is recognized upfront upon delivery. The decrease in net contract assets was due to customer billings exceeding revenue recognized for performance completed during the period. Revenue recognized for the three months ended December 31, 2022 included $335 that was included in the beginning contract liability balance. Other factors that impacted the change in net contract assets were immaterial. Revenue recognized for the three months ended December 31, 2022 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was not material. As of December 31, 2022, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $7.8 billion . The Company expects to recognize appro ximately 80 percent of its |
Common Shares and Share-Based C
Common Shares and Share-Based Compensation | 3 Months Ended |
Dec. 31, 2022 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Common Shares and Share-Based Compensation | COMMON SHARES AND SHARE-BASED COMPENSATION Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential. Three Months Ended 2021 2022 Basic shares outstanding 594.6 583.6 Dilutive shares 3.5 3.1 Diluted shares outstanding 598.1 586.7 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Aspen Technology On May 16, 2022, the Company completed the transactions contemplated by its definitive agreement with Aspen Technology, Inc. ("Heritage AspenTech") to contribute two of Emerson's stand-alone industrial software businesses, Open Systems International, Inc. and the Geological Simulation Software business ( collectively, the “Emerson Industrial Software Business”) , along with approximately $6.0 billion in cash to Heritage AspenTech stockholders, to create "New AspenTech", a diversified, high-performance industrial software leader with greater scale, capabilities and technologies (hereinafter referred to as "AspenTech"). Upon closing of the transaction, Emerson owned 55 percent of the outstanding shares of New AspenTech common stock (on a fully diluted basis) and former Heritage AspenTech stockholders owned the remaining outstanding shares of AspenTech common stock. AspenTech and its subsidiaries now operate under Heritage AspenTech’s previous name “Aspen Technology, Inc.” and AspenTech common stock is traded on NASDAQ under AspenTech’s previous stock ticker symbol “AZPN.” The business combination has been accounted for using the acquisition method of accounting with Emerson considered the accounting acquirer of Heritage AspenTech. The net assets of Heritage AspenTech were recorded at their estimated fair value and for the Emerson Industrial Software Business continue at their historical basis. The Company recorded a noncontrolling interest of $5.9 billion for the 45 percent ownership interest of former Heritage AspenTech stockholders in AspenTech. The noncontrolling interest associated with the Heritage AspenTech acquired net assets was recorded at fair value determined using the closing market price per share of Heritage AspenTech as of May 16, 2022, while the portion attributable to the Emerson Industrial Software business was recorded at its historical carrying amount. The impact of recognizing the noncontrolling interest in the Emerson Industrial Software Business resulted in a decrease to additional paid-in-capital of $550. The following table summarizes the components of the purchase consideration reflected in the acquisition accounting using Heritage AspenTech's shares outstanding and closing market price per share as of May 16, 2022 (in millions except share and per share data): Heritage AspenTech shares outstanding 66,662,482 Heritage AspenTech share price $ 166.30 Purchase price $ 11,086 Value of stock-based compensation awards attributable to pre-combination service 102 Total purchase consideration $ 11,188 The total purchase consideration for Heritage AspenTech was allocated to assets and liabilities as follows. Cash and equivalents $ 274 Receivables 43 Other current assets 280 Property, plant equipment 4 Goodwill ($34 expected to be tax-deductible) 7,225 Other intangible assets 4,390 Other assets 513 Total assets 12,729 Short-term borrowings 27 Accounts payable 8 Accrued expenses 113 Long-term debt 255 Deferred taxes and other liabilities 1,138 Total purchase consideration $ 11,188 Emerson's cash contribution of approximately $6.0 billion was paid out at approximately $87.69 per share (on a fully diluted basis) to holders of issued and outstanding shares of Heritage AspenTech common stock as of the closing of the transactions, with $168 of cash remaining on AspenTech's balance sheet as of the closing which is not included in the allocation of purchase consideration above. The estimated intangible assets attributable to the transaction are comprised of the following (in millions) : Amount Estimated Weighted Average Life (Years) Developed technology $ 1,350 10 Customer relationships 2,300 15 Trade names 430 Indefinite-lived Backlog 310 3 Total $ 4,390 Results of operations for the first quarter of 2023 attributable to the Heritage AspenTech acquisition include sales of $168 while the impact to GAAP net earnings was not material. Pro Forma Financial Information The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of Heritage AspenTech occurred on Oct ober 1, 2020. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts). Three Months Ended December 31, 2021 Net Sales $ 3,327 Net earnings from continuing operations common stockholders $ 734 Diluted earnings per share from continuing operations $ 1.23 The pro forma results for the three months ended December 31, 2021 include $32 of transaction costs which were assumed to be incurred in the first fiscal quarter of 2021. Of these transaction costs, $22 were included in the Company's reported results for the three months ended December 31, 2021, but have been excluded from the fiscal 2022 pro forma results above. In addition, Heritage AspenTech incurred $68 of transaction costs prior to the completion of the acquisition that were not included in Emerson's reported results. The pro forma results for the three months ended December 31, 2021 include estimated interest exp ense of $37 related to the issuance of $3 billion of term debt and increased commercial paper borrowings to fund the acquisition. Other Transactions On July 27, 2022, AspenTech entered into an agreement to acquire Micromine, a global leader in design and operational solutions for the mining industry, for AU$900 (approximately $623 USD based on exchange rates when the transaction was announced). The transaction is expected to close as soon as the remaining regulatory approval is obtained. On May 4, 2022, Emerson announced its intention to exit business operations in Russia and divest Metran, its Russia-based manufacturing subs idiary, and on September 27, 2022, announced an agreement to sell the business to the local management group. In the first quarter of fiscal 2023, the Company recognized a pretax loss of $47 in Other deductions ($47 after-tax, in total $0.08 per share) related to its exit of business operations in Russia. The transaction will be subject to regulatory and government approvals, and other customary closing conditions. Emerson will work closely with the local Russia management group to help ensure a smooth transition for employees through the sale process. two three |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups | 3 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS In October 2022, the Board of Directors approved the Company's announced agreement to sell a majority stake in its Climate Technologies business (which constitutes the former Climate Technologies segment, excluding Therm-O-Disc which was divested earlier in fiscal 2022) to private equity funds managed by Blackstone in a $14.0 billion transaction. Emerson will receive upfront, pre-tax cash proceeds of approximately $9.5 billion and a note of $2.25 billion at close (which will accrue 5 percent interest payable in kind by capitalizing interest), while retaining a 45 percent non-controlling interest in a new standalone joint venture between Emerson and Blackstone. The Climate Technologies business, which includes the Copeland compressor business and the entire portfolio of products and services across all residential and commercial HVAC and refrigeration end-markets, had fiscal 2022 net sales of approximately $5.0 billion and pretax earnings of $1.0 billion. The transaction is expected to close in the first half of calendar year 2023, subject to regulatory approvals and customary closing conditions. On October 31, 2022, the Company completed the divestiture of its InSinkErator business, which manufactures food waste disposers, to Whirlpool Corporation for $3.0 billion. This business had net sales of $630 and pretax earnings of $152 in fiscal 2022. The Company recognized a pretax gain of $2.8 billion (approximately $2.1 billion after-tax) in the first quarter of fiscal 2023. On May 31, 2022 the Company completed the divestiture of its Therm-O-Disc sensing and protection technologies business to an affiliate of One Rock Capital Partners, LLC. The Company recognized a pretax gain of $486 ($429 after-tax) in the third fiscal quarter of 2022. The financial results of Climate Technologies, InSinkErator ("ISE") and Therm-O-Disc ("TOD") (through the completion of the divestitures), are reported as discontinued operations for the three months ended December 31, 2022 and 2021 and were as follows: Climate Technologies ISE and TOD Total Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, 2021 2022 2021 2022 2021 2022 Net sales $ 1,079 1,064 238 49 1,317 1,113 Cost of sales 762 702 148 29 910 731 SG&A 127 142 35 8 162 150 Gain on sale of business — — — (2,780) — (2,780) Other deductions, net 6 32 6 12 12 44 Earnings (Loss) before income taxes 184 188 49 2,780 233 2,968 Income taxes 39 313 45 653 84 966 Earnings (Loss), net of tax $ 145 (125) 4 2,127 149 2,002 Climate Technologies' results for the three months ended December 31, 2022 include lower expense of $27 due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $27 of transaction-related costs for the three months ended December 31, 2022. Income taxes for the three months ended December 31, 2022 included approximately $275 for Climate Technologies subsidiary restructurings and approximately $660 related to the gain on the InSinkErator divestiture. The aggregate carrying amounts of the major classes of assets and liabilities classified as held-for-sale as of December 31, 2022 and September 30, 2022 are summarized as follows: Climate Technologies ISE Total Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Assets 2022 2022 2022 2022 2022 2022 Receivables $ 747 608 68 — 815 608 Inventories 449 541 81 — 530 541 Other current assets 49 60 4 — 53 60 Property, plant & equipment, net 1,122 1,093 141 — 1,263 1,093 Goodwill 716 720 2 — 718 720 Other noncurrent assets 265 350 12 — 277 350 Total assets held-for-sale $ 3,348 3,372 308 — 3,656 3,372 Liabilities Accounts payable $ 752 733 60 — 812 733 Other current liabilities 475 467 61 — 536 467 Deferred taxes and other noncurrent liabilities 154 151 13 — 167 151 Total liabilities held-for-sale $ 1,381 1,351 134 — 1,515 1,351 Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the three months ended December 31, 2022 and 2021 were as follows: Climate Technologies ISE and TOD Total Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, 2021 2022 2021 2022 2021 2022 Cash from operating activities $ 132 205 14 (89) 146 116 Cash from investing activities $ (35) (43) (9) 2,996 (44) 2,953 Cash from operating activities reflects the payment of ISE transaction fees and unfavorable working capital. Cash from investing activities for the three months ended December 31, 2022 reflects the proceeds of $3.0 billion related to the InSinkErator divestiture. |
Pension & Postretirement Plans
Pension & Postretirement Plans | 3 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension & Postretirement Plans | PENSION & POSTRETIREMENT PLANS Total periodic pension and postretirement (income) expense is summarized below: Three Months Ended December 31, 2021 2022 Service cost $ 19 12 Interest cost 34 54 Expected return on plan assets (78) (71) Net amortization 23 (20) Total $ (2) (25) |
Other Deductions, Net
Other Deductions, Net | 3 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Deductions, Net | OTHER DEDUCTIONS, NET Other deductions, net are summarized below: Three Months Ended 2021 2022 Amortization of intangibles (intellectual property and $ 57 118 Restructuring costs 6 10 Acquisition/divestiture costs 23 — Foreign currency transaction (gains) losses (7) (7) Investment-related gains & gains from sales of capital assets (15) (4) Russia business exit — 47 Other (26) (44) Total $ 38 120 In the first quarter of fiscal 2023, intangibles amortization for the three months ended December 31, 2022 included $64 related to the Heritage AspenTech acquisition and foreign currency transaction gains included a mark-to-market gain of $35 related to foreign currency forward contracts entered into by AspenTec |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Dec. 31, 2022 | |
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 Company expects fiscal 2023 restructuring expense and related costs to be approximately $90, including costs to complete actions initiated in the first three months of the year. Restructuring expense by business segment follows: Three Months Ended 2021 2022 Final Control $ — (1) Measurement & Analytical 2 1 Discrete Automation 2 1 Safety & Productivity — — Intelligent Devices 4 1 Control Systems & Software 1 1 AspenTech — — Software and Control 1 1 Corporate 1 8 Total $ 6 10 Details of the change in the liability for restructuring costs during the three months ended December 31, 2022 follow: Sept 30, 2022 Expense Utilized/Paid Dec 31, 2022 Severance and benefits $ 117 (2) 1 114 Other 5 12 11 6 Total $ 122 10 12 120 The tables above do not include $8 and $5 of costs related to restructuring actions incurred for the three months ended December 31, 2021 and 2022, respectively, that are required to be reported in cost of sales and selling, general and administrative expenses. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | TAXES Income taxes were $98 in the first quarter of fiscal 2023 and $196 in 2022, resulting in effective tax rates of 23 percent and 21 percent, respectively. The current year rate included a 2 percentage point unfavorable impact related to the Russia charge, which had no related tax benefit. On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic, and among other things, provides tax relief to businesses. Tax provisions of the CARES Act include the deferral of certain payroll taxes, relief for retaining employees, and other provisions. The Company deferred $73 of certain payroll taxes through the end of calendar year 2020, of which approximately $37 was paid in December 2021 and the remainder was paid in December 2022. |
Other Financial Information
Other Financial Information | 3 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block [Abstract] | |
Other Financial Information | OTHER FINANCIAL INFORMATION Sept 30, 2022 Dec 31, 2022 Inventories Finished products $ 417 456 Raw materials and work in process 1,325 1,543 Total $ 1,742 1,999 Property, plant and equipment, net Property, plant and equipment, at cost $ 5,390 5,373 Less: Accumulated depreciation 3,151 3,110 Total $ 2,239 2,263 Goodwill by business segment Final Control $ 2,605 2,659 Measurement & Analytical 1,112 1,131 Discrete Automation 807 839 Safety & Productivity 364 389 Intelligent Devices 4,888 5,018 Control Systems & Software 732 740 AspenTech 8,326 8,329 Software and Control 9,058 9,069 Total $ 13,946 14,087 Other intangible assets Gross carrying amount $ 9,671 9,767 Less: Accumulated amortization 3,099 3,307 Net carrying amount $ 6,572 6,460 Other intangible assets include customer relationships, net, of $3,436 and $3,399 and intellectual property, net, of $2,934 and $2,860 as of September 30, 2022 and December 31, 2022, respectively. Three Months Ended December 31, 2021 2022 Depreciation and amortization expense include the following: Depreciation expense $ 84 74 Amortization of intangibles (includes $14 and $49 reported in Cost of Sales, respectively) 71 167 Amortization of capitalized software 23 19 Total $ 178 260 Amortization of intangibles included $99 related to the Heritage AspenTech acquisition for the three months ended December 31, 2022. Sept 30, 2022 Dec 31, 2022 Other assets include the following: Pension assets $ 865 912 Unbilled receivables (contract assets) 428 516 Operating lease right-of-use assets 439 434 Deferred income taxes 85 73 Asbestos-related insurance receivables 68 68 Accrued expenses include the following: Income taxes $ 125 1,080 Customer advances (contract liabilities) 751 901 Employee compensation 523 372 Operating lease liabilities (current) 128 131 Product warranty 84 89 The increase in Income taxes was due to taxes of approximately $660 related to the gain on divestiture of InSinkErator and approximately $275 related to subsidiary restructurings at Climate Technologies. See Note 5. Other liabilities include the following: Deferred income taxes $ 1,714 1,694 Pension and postretirement liabilities 427 441 Operating lease liabilities (noncurrent) 312 306 Asbestos litigation 205 200 Debt: On January 17, 2023, AspenTech paid off the outstanding balance of its existing term loan facility of $264, plus accrued interest, which resulted in the long-term portion being reclassified and reported as short-term borrowings as of December 31, 2022. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Hedging Activities – As of December 31, 2022, the notional amount of foreign currency hedge positions was approximately $5.2 billion, and commodity hedge contracts totaled approximately $115 (primarily 33 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 December 31, 2022 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 months ended December 31, 2021 and 2022: Into Earnings Into OCI 1st Quarter 1st Quarter Gains (Losses) Location 2021 2022 2021 2022 Commodity Cost of sales $ 7 (8) 13 11 Foreign currency Sales 1 (1) — 4 Foreign currency Cost of sales 2 8 3 (3) Foreign currency Other deductions, net 44 5 Net Investment Hedges Euro denominated debt 44 (123) Total $ 54 4 60 (111) Regardless of whether derivatives and non-derivative financial instruments receive hedge accounting, the Company expects hedging gains or losses to be 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 as sessment of hedge effectiveness. Equity Investment – The Company has an equity investment in National Instruments, valued at $82 as of December 31, 2022, and reported in Other current assets. On January 17, 2023, the Company announced a proposal to acquire National Instruments for $53 per share in cash at an implied enterprise value of $7.6 billion. National Instruments, which had fiscal 2021 sales of approximately $1.5 billion, announced on January 13, 2023 it was undertaking a strategic review which could include the solicitation of interest from other potential acquirors. Fair Value Measurement – Valuations for all derivatives and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. As of December 31, 2022, the fair value of long-term debt was $7.7 billion, which was lower than the carrying value by $1,169. The fair values of commodity and foreign currency contracts did not materially change since September 30, 2022. Foreign currency contracts were reported in Other current assets and Accrued expenses, while commodity contracts, which primarily relate to discontinued operations, were reported in Current assets and liabilities held-for-sale. The fair value of the Company's equity investment in National Instruments falls within Level 1 and was based on the most recent quoted closing market price from its principal exchange. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2022 | |
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 months ended December 31, 2021 and 2022 is shown below, net of income taxes: Three Months Ended December 31, 2021 2022 Foreign currency translation Beginning balance $ (629) (1,265) Other comprehensive income (loss), net of tax of $(10) and $28, respectively (72) 236 Ending balance (701) (1,029) Pension and postretirement Beginning balance (259) (222) Amortization of deferred actuarial losses into earnings, net of tax of $(5) and $4, respectively 18 (16) Ending balance (241) (238) Cash flow hedges Beginning balance 16 2 Gains deferred during the period, net of taxes of $(4) and $(3), respectively 12 9 Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $2 and $—, respectively (8) 1 Ending balance 20 12 Accumulated other comprehensive income (loss) $ (922) (1,255) |
Business Segments
Business Segments | 3 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS As disclosed in Note 5, the financial results of Climate Technologies, InSinkErator and Therm-O-Disc are reported as discontinued operations for all periods presented. As a result of these portfolio actions, the Company has realigned its business segments and now reports six segments and two business groups, which are highlighted in the table below. The Company also reclassified certain product sales that were previously reported in Control Systems & Software to Discrete Automation. INTELLIGENT DEVICES SOFTWARE AND CONTROL • Final Control • Control Systems & Software • Measurement & Analytical • AspenTech • Discrete Automation • Safety & Productivity The new segments were previously described as follows: Final Control was the Valves, Actuators & Regulators product offering; Measurement & Analytical was the Measurement & Analytical instrumentation product offering; Discrete Automation was the Industrial Solutions product offering; Safety & Productivity was the Tools & Home Products segment, excluding the divested InSinkErator business; Control Systems & Software was the Systems & Software product offering; and, AspenTech remains unchanged. The AspenTech segment was identified in the third quarter of fiscal 2022 as a result of the Heritage AspenTech acquisition and reflects the combined results of Heritage AspenTech and the Emerson Industrial Software Business (see Note 4 for further details). The results for this new segment include the historical results of the Emerson Industrial Software Business (which were previously reported in the Control Systems & Software segment), while results related to the Heritage AspenTech business only include periods subsequent to the close of the transaction. Prior year amounts have been reclassified to conform to the current year presentation. Three Months Ended December 31, Sales Earnings 2021 2022 2021 2022 Final Control $ 817 862 122 158 Measurement & Analytical 737 749 170 175 Discrete Automation 617 618 120 121 Safety & Productivity 351 310 65 63 Intelligent Devices 2,522 2,539 477 517 Control Systems & Software 570 606 116 107 AspenTech 82 243 (2) (33) Software and Control 652 849 114 74 Stock compensation (34) (102) Unallocated pension and postretirement costs 26 45 Corporate and other (55) (64) Gain on subordinated interest 453 — Eliminations/Interest (18) (15) (39) (48) Total $ 3,156 3,373 942 422 Corporate and other for the three months ended December 31, 2022 included a loss of $47 related to the Company's exit of business operations in Russia and a mark-to-market gain of $35 related to foreign currency forward contracts entered into by AspenTec h to mitigate the impact of foreign currency exchange associated with the Micromine purchase price, while the three months ended December 31, 2021 included acquisition/divestiture costs of $23. Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below: Three Months Ended December 31, 2021 2022 Final Control $ 53 45 Measurement & Analytical 31 30 Discrete Automation 23 21 Safety & Productivity 15 14 Intelligent Devices 122 110 Control Systems & Software 25 21 AspenTech 23 123 Software and Control 48 144 Corporate and other 8 6 Total $ 178 260 Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below: Three Months Ended December 31, Three Months Ended December 31, 2021 2022 Americas AMEA Europe Total Americas AMEA Europe Total Final Control $ 352 336 129 817 446 308 108 862 Measurement & Analytical 311 296 130 737 396 246 107 749 Discrete Automation 274 183 160 617 291 175 152 618 Safety & Productivity 270 16 65 351 236 17 57 310 Intelligent Devices 1,207 831 484 2,522 1,369 746 424 2,539 Control Systems & Software 268 173 129 570 294 185 127 606 AspenTech 54 16 12 82 112 63 68 243 Software and Control 322 189 141 652 406 248 195 849 Total $ 1,529 1,020 625 3,174 1,775 994 619 3,388 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
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 assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities. Sept 30, 2022 Dec 31, 2022 Unbilled receivables (contract assets) $ 1,390 1,412 Customer advances (contract liabilities) (776) (938) Net contract assets (liabilities) $ 614 474 |
Common Shares and Share-Based_2
Common Shares and Share-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share Reconciliation | Three Months Ended 2021 2022 Basic shares outstanding 594.6 583.6 Dilutive shares 3.5 3.1 Diluted shares outstanding 598.1 586.7 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Purchase Consideration | The following table summarizes the components of the purchase consideration reflected in the acquisition accounting using Heritage AspenTech's shares outstanding and closing market price per share as of May 16, 2022 (in millions except share and per share data): Heritage AspenTech shares outstanding 66,662,482 Heritage AspenTech share price $ 166.30 Purchase price $ 11,086 Value of stock-based compensation awards attributable to pre-combination service 102 Total purchase consideration $ 11,188 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The total purchase consideration for Heritage AspenTech was allocated to assets and liabilities as follows. Cash and equivalents $ 274 Receivables 43 Other current assets 280 Property, plant equipment 4 Goodwill ($34 expected to be tax-deductible) 7,225 Other intangible assets 4,390 Other assets 513 Total assets 12,729 Short-term borrowings 27 Accounts payable 8 Accrued expenses 113 Long-term debt 255 Deferred taxes and other liabilities 1,138 Total purchase consideration $ 11,188 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The estimated intangible assets attributable to the transaction are comprised of the following (in millions) : Amount Estimated Weighted Average Life (Years) Developed technology $ 1,350 10 Customer relationships 2,300 15 Trade names 430 Indefinite-lived Backlog 310 3 Total $ 4,390 |
Business Acquisition, Pro Forma Information | The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of Heritage AspenTech occurred on Oct ober 1, 2020. 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 ($ in millions, except per share amounts). Three Months Ended December 31, 2021 Net Sales $ 3,327 Net earnings from continuing operations common stockholders $ 734 Diluted earnings per share from continuing operations $ 1.23 |
Discontinued Operations and D_2
Discontinued Operations and Disposal Groups (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The financial results of Climate Technologies, InSinkErator ("ISE") and Therm-O-Disc ("TOD") (through the completion of the divestitures), are reported as discontinued operations for the three months ended December 31, 2022 and 2021 and were as follows: Climate Technologies ISE and TOD Total Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, 2021 2022 2021 2022 2021 2022 Net sales $ 1,079 1,064 238 49 1,317 1,113 Cost of sales 762 702 148 29 910 731 SG&A 127 142 35 8 162 150 Gain on sale of business — — — (2,780) — (2,780) Other deductions, net 6 32 6 12 12 44 Earnings (Loss) before income taxes 184 188 49 2,780 233 2,968 Income taxes 39 313 45 653 84 966 Earnings (Loss), net of tax $ 145 (125) 4 2,127 149 2,002 Climate Technologies' results for the three months ended December 31, 2022 include lower expense of $27 due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $27 of transaction-related costs for the three months ended December 31, 2022. Income taxes for the three months ended December 31, 2022 included approximately $275 for Climate Technologies subsidiary restructurings and approximately $660 related to the gain on the InSinkErator divestiture. The aggregate carrying amounts of the major classes of assets and liabilities classified as held-for-sale as of December 31, 2022 and September 30, 2022 are summarized as follows: Climate Technologies ISE Total Sept. 30, Dec. 31, Sept. 30, Dec. 31, Sept. 30, Dec. 31, Assets 2022 2022 2022 2022 2022 2022 Receivables $ 747 608 68 — 815 608 Inventories 449 541 81 — 530 541 Other current assets 49 60 4 — 53 60 Property, plant & equipment, net 1,122 1,093 141 — 1,263 1,093 Goodwill 716 720 2 — 718 720 Other noncurrent assets 265 350 12 — 277 350 Total assets held-for-sale $ 3,348 3,372 308 — 3,656 3,372 Liabilities Accounts payable $ 752 733 60 — 812 733 Other current liabilities 475 467 61 — 536 467 Deferred taxes and other noncurrent liabilities 154 151 13 — 167 151 Total liabilities held-for-sale $ 1,381 1,351 134 — 1,515 1,351 Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the three months ended December 31, 2022 and 2021 were as follows: Climate Technologies ISE and TOD Total Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, 2021 2022 2021 2022 2021 2022 Cash from operating activities $ 132 205 14 (89) 146 116 Cash from investing activities $ (35) (43) (9) 2,996 (44) 2,953 |
Pension & Postretirement Plans
Pension & Postretirement Plans (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Pension and Postretirement Plan Expenses | Total periodic pension and postretirement (income) expense is summarized below: Three Months Ended December 31, 2021 2022 Service cost $ 19 12 Interest cost 34 54 Expected return on plan assets (78) (71) Net amortization 23 (20) Total $ (2) (25) |
Other Deductions, Net (Tables)
Other Deductions, Net (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Deductions, net | Other deductions, net are summarized below: Three Months Ended 2021 2022 Amortization of intangibles (intellectual property and $ 57 118 Restructuring costs 6 10 Acquisition/divestiture costs 23 — Foreign currency transaction (gains) losses (7) (7) Investment-related gains & gains from sales of capital assets (15) (4) Russia business exit — 47 Other (26) (44) Total $ 38 120 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expense by Segment | Restructuring expense by business segment follows: Three Months Ended 2021 2022 Final Control $ — (1) Measurement & Analytical 2 1 Discrete Automation 2 1 Safety & Productivity — — Intelligent Devices 4 1 Control Systems & Software 1 1 AspenTech — — Software and Control 1 1 Corporate 1 8 Total $ 6 10 |
Schedule of Change in Restructuring Reserve by Type of Cost | Details of the change in the liability for restructuring costs during the three months ended December 31, 2022 follow: Sept 30, 2022 Expense Utilized/Paid Dec 31, 2022 Severance and benefits $ 117 (2) 1 114 Other 5 12 11 6 Total $ 122 10 12 120 |
Other Financial Information (Ta
Other Financial Information (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block [Abstract] | |
Inventories | Sept 30, 2022 Dec 31, 2022 Inventories Finished products $ 417 456 Raw materials and work in process 1,325 1,543 Total $ 1,742 1,999 |
Property, Plant and Equipment, net | Property, plant and equipment, net Property, plant and equipment, at cost $ 5,390 5,373 Less: Accumulated depreciation 3,151 3,110 Total $ 2,239 2,263 |
Goodwill by Business Segment | Goodwill by business segment Final Control $ 2,605 2,659 Measurement & Analytical 1,112 1,131 Discrete Automation 807 839 Safety & Productivity 364 389 Intelligent Devices 4,888 5,018 Control Systems & Software 732 740 AspenTech 8,326 8,329 Software and Control 9,058 9,069 Total $ 13,946 14,087 |
Other Intangible Assets | Other intangible assets Gross carrying amount $ 9,671 9,767 Less: Accumulated amortization 3,099 3,307 Net carrying amount $ 6,572 6,460 |
Depreciation and Amortization components | Three Months Ended December 31, 2021 2022 Depreciation and amortization expense include the following: Depreciation expense $ 84 74 Amortization of intangibles (includes $14 and $49 reported in Cost of Sales, respectively) 71 167 Amortization of capitalized software 23 19 Total $ 178 260 |
Other Assets | Sept 30, 2022 Dec 31, 2022 Other assets include the following: Pension assets $ 865 912 Unbilled receivables (contract assets) 428 516 Operating lease right-of-use assets 439 434 Deferred income taxes 85 73 Asbestos-related insurance receivables 68 68 |
Accrued Expenses | Accrued expenses include the following: Income taxes $ 125 1,080 Customer advances (contract liabilities) 751 901 Employee compensation 523 372 Operating lease liabilities (current) 128 131 Product warranty 84 89 |
Other Liabilities | Other liabilities include the following: Deferred income taxes $ 1,714 1,694 Pension and postretirement liabilities 427 441 Operating lease liabilities (noncurrent) 312 306 Asbestos litigation 205 200 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments | Into Earnings Into OCI 1st Quarter 1st Quarter Gains (Losses) Location 2021 2022 2021 2022 Commodity Cost of sales $ 7 (8) 13 11 Foreign currency Sales 1 (1) — 4 Foreign currency Cost of sales 2 8 3 (3) Foreign currency Other deductions, net 44 5 Net Investment Hedges Euro denominated debt 44 (123) Total $ 54 4 60 (111) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Activity in Accumulated other comprehensive income (loss) for the three months ended December 31, 2021 and 2022 is shown below, net of income taxes: Three Months Ended December 31, 2021 2022 Foreign currency translation Beginning balance $ (629) (1,265) Other comprehensive income (loss), net of tax of $(10) and $28, respectively (72) 236 Ending balance (701) (1,029) Pension and postretirement Beginning balance (259) (222) Amortization of deferred actuarial losses into earnings, net of tax of $(5) and $4, respectively 18 (16) Ending balance (241) (238) Cash flow hedges Beginning balance 16 2 Gains deferred during the period, net of taxes of $(4) and $(3), respectively 12 9 Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $2 and $—, respectively (8) 1 Ending balance 20 12 Accumulated other comprehensive income (loss) $ (922) (1,255) |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended December 31, Sales Earnings 2021 2022 2021 2022 Final Control $ 817 862 122 158 Measurement & Analytical 737 749 170 175 Discrete Automation 617 618 120 121 Safety & Productivity 351 310 65 63 Intelligent Devices 2,522 2,539 477 517 Control Systems & Software 570 606 116 107 AspenTech 82 243 (2) (33) Software and Control 652 849 114 74 Stock compensation (34) (102) Unallocated pension and postretirement costs 26 45 Corporate and other (55) (64) Gain on subordinated interest 453 — Eliminations/Interest (18) (15) (39) (48) Total $ 3,156 3,373 942 422 Corporate and other for the three months ended December 31, 2022 included a loss of $47 related to the Company's exit of business operations in Russia and a mark-to-market gain of $35 related to foreign currency forward contracts entered into by AspenTec h to mitigate the impact of foreign currency exchange associated with the Micromine purchase price, while the three months ended December 31, 2021 included acquisition/divestiture costs of $23. Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below: Three Months Ended December 31, 2021 2022 Final Control $ 53 45 Measurement & Analytical 31 30 Discrete Automation 23 21 Safety & Productivity 15 14 Intelligent Devices 122 110 Control Systems & Software 25 21 AspenTech 23 123 Software and Control 48 144 Corporate and other 8 6 Total $ 178 260 |
Schedule of Financial Information By Geographic Area | Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below: Three Months Ended December 31, Three Months Ended December 31, 2021 2022 Americas AMEA Europe Total Americas AMEA Europe Total Final Control $ 352 336 129 817 446 308 108 862 Measurement & Analytical 311 296 130 737 396 246 107 749 Discrete Automation 274 183 160 617 291 175 152 618 Safety & Productivity 270 16 65 351 236 17 57 310 Intelligent Devices 1,207 831 484 2,522 1,369 746 424 2,539 Control Systems & Software 268 173 129 570 294 185 127 606 AspenTech 54 16 12 82 112 63 68 243 Software and Control 322 189 141 652 406 248 195 849 Total $ 1,529 1,020 625 3,174 1,775 994 619 3,388 |
Revenue Recognition Contract As
Revenue Recognition Contract Assets (Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled receivables (contract assets) | $ 1,412 | $ 1,390 |
Customer advances (contract liabilities) | (938) | (776) |
Net contract liabilities | 474 | $ 614 |
Revenue recognized, included in beginning contract liability | 335 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Backlog | $ 7,800 |
Revenue Recognition Performance
Revenue Recognition Performance Obligations (Details) $ in Billions | Dec. 31, 2022 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Backlog | $ 7.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Percentage of backlog recognized as revenue, next 12 months | 80% |
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]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, backlog | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, backlog | 1 year |
Common Shares and Share-Based_3
Common Shares and Share-Based Compensation (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 583.6 | 594.6 |
Dilutive shares | 3.1 | 3.5 |
Diluted shares outstanding | 586.7 | 598.1 |
Purchase Price (Details)
Purchase Price (Details) - AspenTech $ / shares in Units, $ in Millions | May 16, 2022 USD ($) $ / shares shares |
Business Acquisition [Line Items] | |
Shares, Outstanding | shares | 66,662,482 |
Share Price | $ / shares | $ 166.30 |
Purchase price - AspenTech | $ 11,086 |
Value of stock-based compensation awards attributable to pre-combination service | 102 |
Total purchase consideration | $ 11,188 |
Acquisitions And Divestitures S
Acquisitions And Divestitures Schedule of Purchase Price Allocated to Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | May 16, 2022 |
Business Acquisition [Line Items] | |||
Goodwill ($34 expected to be tax-deductible) | $ 14,087 | $ 13,946 | |
Goodwill expected tax deductible amount | $ 34 | ||
AspenTech | |||
Business Acquisition [Line Items] | |||
Cash and equivalents | 274 | ||
Accounts receivable | 43 | ||
Other current assets | 280 | ||
Property, plant and equipment, net | 4 | ||
Goodwill ($34 expected to be tax-deductible) | 7,225 | ||
Other intangible assets | 4,390 | ||
Other assets | 513 | ||
Total assets | 12,729 | ||
Short-term borrowings | 27 | ||
Accounts payable | 8 | ||
Accrued expenses | 113 | ||
Long-term debt | 255 | ||
Deferred tax and other liabilities | 1,138 | ||
Total purchase consideration | $ 11,188 |
Finite & Indefinite Lived Intan
Finite & Indefinite Lived Intangibles (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | May 16, 2022 | |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted average useful life | 10 years | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted average useful life | 15 years | |
Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted average useful life | 3 years | |
AspenTech | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles | $ 4,390 | |
AspenTech | Trade Names | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 430 | |
AspenTech | Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles | 1,350 | |
AspenTech | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles | 2,300 | |
AspenTech | Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles | $ 310 |
Pro Forma Financial Information
Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Dec. 31, 2021 USD ($) $ / shares | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Revenue | $ 3,327 |
Business Acquisition, Pro Forma Net Income (Loss) from continuing operations common stockholders | $ 734 |
Business Acquisition, Pro Forma Earnings Per Share from continuing operations, Diluted | $ / shares | $ 1.23 |
Acquisitions and Divestitures N
Acquisitions and Divestitures Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 8 Months Ended | 12 Months Ended | 27 Months Ended | ||||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2023 AUD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | May 16, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Cash and equivalents | $ 2,271,000,000 | $ 4,726,000,000 | $ 1,804,000,000 | $ 2,354,000,000 | ||||
Net sales | 3,373,000,000 | 3,156,000,000 | ||||||
Acquisition/divestiture costs | 0 | 23,000,000 | ||||||
Proceeds from Issuance of Debt | 3,000,000,000 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 2,780,000,000 | 0 | ||||||
Gain from periodic distribution from retained subordinated interest in Vertiv (VRT) | 0 | 453,000,000 | ||||||
Proceeds from subordinated interest | 15,000,000 | 438,000,000 | ||||||
Gain from periodic distribution from retained subordinated interest in Vertiv (VRT), net of tax | $ 358,000,000 | |||||||
Gain from periodic distribution from retained subordinated interest in Vertiv (VRT), net of tax, per diluted share | $ / shares | $ 0.60 | |||||||
AspenTech | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% | |||||||
Acquisition-related Costs | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition/divestiture costs | $ 32,000,000 | |||||||
Interest Expense | 37,000,000 | |||||||
RUSSIAN FEDERATION | ||||||||
Business Acquisition [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (47,000,000) | |||||||
(Loss) on sale of business, net of tax | $ (47,000,000) | |||||||
Disposal Group, Gain (loss) on disposal, net of tax, per diluted share | $ / shares | $ (0.08) | |||||||
Backlog | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets, weighted average useful life | 3 years | |||||||
AspenTech | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash contribution to AspenTech shareholders | 6,000,000,000 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 55% | |||||||
Proceeds from Noncontrolling Interests | 5,900,000,000 | |||||||
Adjustments to Additional Paid in Capital, Other | 550,000,000 | |||||||
Approximate per share payout | $ / shares | $ 87.69 | |||||||
Cash and equivalents | $ 168,000,000 | |||||||
Net sales | $ 168,000,000 | |||||||
Acquisition/divestiture costs | $ 22,000,000 | |||||||
Intangibles | 4,390,000,000 | |||||||
AspenTech | Backlog | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangibles | $ 310,000,000 | |||||||
Heritage AspenTech | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition/divestiture costs | $ 68,000,000 | |||||||
Forecast [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Pretax periodic distribution from retained subordinated interest | $ 75,000,000 | |||||||
Forecast [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Period over which distributions are expected to occur | 2 years | |||||||
Forecast [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Period over which distributions are expected to occur | 3 years | |||||||
Forecast [Member] | Micromine | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price | $ 623,000,000 | $ 900 |
Discontinued Operations and D_3
Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Sep. 30, 2022 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Revenue | $ 1,113 | $ 1,317 | ||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 731 | 910 | ||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 150 | 162 | ||
Gain (loss) on sale of business | (2,780) | 0 | ||
Disposal Group, Including Discontinued Operations, Other (income) deductions, net | 44 | 12 | ||
Earnings before income taxes | 2,968 | 233 | ||
Discontinued operations taxes | 966 | 84 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 2,002 | 149 | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 608 | $ 815 | ||
Disposal Group, Including Discontinued Operation, Inventory, Current | 541 | 530 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 60 | 53 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 1,093 | 1,263 | ||
Disposal Group, Including Discontinued Operation, Goodwill, Current | 720 | 718 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 350 | 277 | ||
Disposal Group, Including Discontinued Operation, Assets | 3,372 | 3,656 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities, Current [Abstract] | 733 | 812 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 467 | 536 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 151 | 167 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 1,351 | 1,515 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | ||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 116 | 146 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 2,953 | (44) | ||
InSinkErator [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Purchase price | 3,000 | |||
Disposal Group, Pre-tax earnings | 152 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 2,800 | |||
(Loss) on sale of business, net of tax | 2,100 | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 630 | |||
Discontinued Operation, Tax Effect of Discontinued Operation | 660 | |||
Climate Technologies (excluding Therm-O-Disc) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Pre-tax earnings | 1,000 | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 1,064 | 1,079 | 5,000 | |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 702 | 762 | ||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 142 | 127 | ||
Gain (loss) on sale of business | 0 | 0 | ||
Disposal Group, Including Discontinued Operations, Other (income) deductions, net | 32 | 6 | ||
Earnings before income taxes | 188 | 184 | ||
Discontinued operations taxes | 313 | 39 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (125) | 145 | ||
Ceased Depreciation | 27 | |||
Discontinued operations costs | 27 | |||
Discontinued Operation, Tax Effect of Discontinued Operation | 275 | |||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 608 | 747 | ||
Disposal Group, Including Discontinued Operation, Inventory, Current | 541 | 449 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 60 | 49 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 1,093 | 1,122 | ||
Disposal Group, Including Discontinued Operation, Goodwill, Current | 720 | 716 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 350 | 265 | ||
Disposal Group, Including Discontinued Operation, Assets | 3,372 | 3,348 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities, Current [Abstract] | 733 | 752 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 467 | 475 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 151 | 154 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 1,351 | 1,381 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | ||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 205 | 132 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (43) | (35) | ||
Therm-O-Disc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (486) | |||
(Loss) on sale of business, net of tax | 429 | |||
Therm-O-Disc &/or InSinkErator | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 49 | 238 | ||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 29 | 148 | ||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 8 | 35 | ||
Gain (loss) on sale of business | (2,780) | 0 | ||
Disposal Group, Including Discontinued Operations, Other (income) deductions, net | 12 | 6 | ||
Earnings before income taxes | 2,780 | 49 | ||
Discontinued operations taxes | 653 | 45 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 2,127 | 4 | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 68 | ||
Disposal Group, Including Discontinued Operation, Inventory, Current | 0 | 81 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 4 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 0 | 141 | ||
Disposal Group, Including Discontinued Operation, Goodwill, Current | 0 | 2 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 12 | ||
Disposal Group, Including Discontinued Operation, Assets | 0 | 308 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities, Current [Abstract] | 0 | 60 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 61 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | 13 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | $ 134 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | ||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (89) | 14 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | $ 2,996 | $ (9) | ||
Forecast [Member] | Climate Technologies (excluding Therm-O-Disc) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 45% | |||
Forecast [Member] | Climate Technologies (excluding Therm-O-Disc) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 9,500 | |||
Purchase price | 14,000 | |||
Proceeds from Sale and Collection of Notes Receivable | $ 2,250 |
Pension & Postretirement Plan_2
Pension & Postretirement Plans (Schedule Of Net Periodic Pension And Net Postretirement Plan Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 12 | $ 19 |
Interest cost | 54 | 34 |
Expected return on plan assets | (71) | (78) |
Net amortization | (20) | 23 |
Total | $ (25) | $ (2) |
Other Deductions, Net (Schedule
Other Deductions, Net (Schedule Of Other Deductions, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other deductions, net [Line Items] | ||
Amortization of intangibles intellectual property and customer relationships | $ 118 | $ 57 |
Restructuring costs | 10 | 6 |
Acquisition/divestiture costs | 0 | 23 |
Foreign currency transaction gain (loss) | 7 | 7 |
Investment-related gains & gains from sales of capital assets | (4) | (15) |
Russia business exit - excluding restructuring expense | 47 | 0 |
Other | (44) | (26) |
Other deductions, net | 120 | 38 |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 35 | |
AspenTech | ||
Other deductions, net [Line Items] | ||
Acquisition/divestiture costs | $ 22 | |
Amortization of intangible assets | 99 | |
AspenTech | Other Nonoperating Income (Expense) | ||
Other deductions, net [Line Items] | ||
Amortization of intangible assets | $ 64 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | |
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring liability | $ 122 | ||
Restructuring expense | 10 | $ 6 | |
Restructuring utilized/paid | 12 | ||
Ending restructuring liability | 120 | ||
Cost of sales and selling, general, and administrative expenses [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 5 | 8 | |
Severance and benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring liability | 117 | ||
Restructuring expense | (2) | ||
Restructuring utilized/paid | 1 | ||
Ending restructuring liability | 114 | ||
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning restructuring liability | 5 | ||
Restructuring expense | 12 | ||
Restructuring utilized/paid | 11 | ||
Ending restructuring liability | 6 | ||
Measurement & Analytical Instrumentation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | 2 | |
Final Control | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | (1) | 0 | |
Discrete Automation | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | 2 | |
Safety & Productivity [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 0 | 0 | |
Intelligent Devices | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | 4 | |
AspenTech | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 0 | 0 | |
Control Systems & Software | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | 1 | |
Software and Control | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | 1 | 1 | |
Corporate [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring expense | $ 8 | $ 1 | |
Forecast [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Expected fiscal year restructuring expense | $ 90 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 15 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | |||
Income taxes | $ 98 | $ 196 | |
Effective income tax rate | 23% | 21% | |
Unfavorable discrete items, percentage impact | 2% | ||
Payroll tax deferral from CARES Act through December 2020 | $ 73 | ||
Payroll Taxes Paid | $ 37 | $ 37 |
Other Financial Information (In
Other Financial Information (Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 456 | $ 417 |
Raw materials and work in process | 1,543 | 1,325 |
Total | $ 1,999 | $ 1,742 |
Other Financial Information (PP
Other Financial Information (PPE) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, at cost | $ 5,373 | $ 5,390 |
Less: Accumulated depreciation | 3,110 | 3,151 |
Total | $ 2,263 | $ 2,239 |
Other Financial Information (Go
Other Financial Information (Goodwill) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 14,087 | $ 13,946 |
Measurement & Analytical Instrumentation [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,131 | 1,112 |
Final Control | ||
Goodwill [Line Items] | ||
Goodwill | 2,659 | 2,605 |
Discrete Automation | ||
Goodwill [Line Items] | ||
Goodwill | 839 | 807 |
Safety & Productivity [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 389 | 364 |
Intelligent Devices | ||
Goodwill [Line Items] | ||
Goodwill | 5,018 | 4,888 |
AspenTech | ||
Goodwill [Line Items] | ||
Goodwill | 8,329 | 8,326 |
Control Systems & Software | ||
Goodwill [Line Items] | ||
Goodwill | 740 | 732 |
Software and Control | ||
Goodwill [Line Items] | ||
Goodwill | $ 9,069 | $ 9,058 |
Other Financial Information (_2
Other Financial Information (Intangibles) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 9,767 | $ 9,671 |
Less: Accumulated amortization | 3,307 | 3,099 |
Net carrying amount | 6,460 | 6,572 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount | 3,399 | 3,436 |
Intellectual Property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount | $ 2,860 | $ 2,934 |
Other Financial Data (Component
Other Financial Data (Components of Depreciation and Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation expense | $ 74 | $ 84 |
Amortization of intangibles (includes $49 and $14 reported in Cost of Sales, respectively) | 167 | 71 |
Amortization of capitalized software | 19 | 23 |
Depreciation and amortization | 260 | 178 |
Amortization of intangibles in Cost of Sales | 49 | $ 14 |
AspenTech | ||
Amortization of intangible assets | $ 99 |
Other Financial Information (Ot
Other Financial Information (Other Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Pension assets | $ 912 | $ 865 |
Operating lease right-of-use assets | 434 | 439 |
Unbilled receivables (contract assets) | 516 | 428 |
Deferred income taxes | 73 | 85 |
Asbestos-related insurance receivables | $ 68 | $ 68 |
Other Financial Information (Ac
Other Financial Information (Accrued Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2022 | |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Customer advances (contract liabilities) | $ 901 | $ 751 |
Employee compensation | $ 372 | 523 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | |
Operating lease liabilities (current) | $ 131 | 128 |
Product warranty | 89 | 84 |
Accrued Income Taxes, Current | 1,080 | $ 125 |
InSinkErator [Member] | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 660 | |
Climate Technologies (excluding Therm-O-Disc) | ||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 275 |
Other Financial Information (_3
Other Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Other Liabilities [Abstract] | |||
Deferred income taxes | $ 1,694 | $ 1,714 | |
Pension and postretirement liabilities | 441 | 427 | |
Operating lease liabilities (noncurrent) | 306 | 312 | |
Asbestos litigation | $ 200 | $ 205 | |
AspenTech | Subsequent Event [Member] | |||
Repayments of Short-term Debt | $ 264 |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Derivative Instruments) (Details) $ / shares in Units, € in Millions, lb in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jan. 17, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) lb | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2019 EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | $ 4 | $ 54 | |||
Other Comprehensive Income (Loss), Total | (111) | 60 | |||
Net sales | 3,373 | 3,156 | |||
National Instruments | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net sales | $ 1,500 | ||||
National Instruments | Forecast [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Business Acquisition, Share Price | $ / shares | $ 53 | ||||
Purchase price | $ 7,600 | ||||
National Instruments | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Investments | 82 | ||||
Commodity Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | (8) | 7 | |||
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 | 11 | 13 | |||
Foreign Exchange Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional amount of foreign currency hedge positions | 5,200 | ||||
Foreign Exchange Contract [Member] | Other deductions, net [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | 5 | 44 | |||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | 8 | 2 | |||
Foreign Exchange Contract [Member] | 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 | (3) | 3 | |||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) reclassified to earnings | (1) | 1 | |||
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 | 4 | 0 | |||
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 | (123) | $ 44 | |||
All Commodity Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of commodities hedged | $ 115 | ||||
Copper and Aluminum [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Weight in pounds of copper and aluminum commodity hedges | lb | 33 | ||||
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 | Dec. 31, 2022 USD ($) |
Derivatives, Fair Value [Line Items] | |
Fair value of long-term debt compared with carrying value | $ 1,169 |
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 | $ 7,700 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Accumulated other comprehensive income [Roll Forward] | |||
Beginning balance | $ 16,316 | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Ending balance | 16,714 | $ 10,288 | |
Accumulated other comprehensive income (loss) | (1,255) | (922) | $ (1,485) |
Accumulated other comprehensive income (loss) | |||
Accumulated other comprehensive income [Roll Forward] | |||
Beginning balance | (1,485) | (872) | |
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Ending balance | (1,255) | (922) | |
Foreign currency translation [Member] | |||
Accumulated other comprehensive income [Roll Forward] | |||
Beginning balance | (1,265) | (629) | |
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Other comprehensive income (loss), foreign currency translation, net of tax of $28 and $(10), respectively | 236 | (72) | |
Ending balance | (1,029) | (701) | |
Pension and post retirement [Member] | |||
Accumulated other comprehensive income [Roll Forward] | |||
Beginning balance | (222) | (259) | |
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Amortization of deferred actuarial losses into earnings, net of tax of $4 and $(5), respectively | (16) | 18 | |
Ending balance | (238) | (241) | |
Cash Flow Hedges [Member] | |||
Accumulated other comprehensive income [Roll Forward] | |||
Beginning balance | 2 | 16 | |
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Deferral of gains (losses) arising during the period, net of tax of $(3) and $(4), respectively | 9 | 12 | |
Reclassification of realized gains (losses) to sales and cost of sales, net of tax of $0 and $2, respectively | 1 | (8) | |
Ending balance | $ 12 | $ 20 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation, tax | $ 28 | $ (10) |
Amortization of deferred actuarial losses, tax | 4 | (5) |
Gains (losses) deferred during the period, tax | (3) | (4) |
Reclassification of (gains) losses to sales and cost of sales, tax | $ 0 | $ 2 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 3,373 | $ 3,156 |
Earnings | 422 | 942 |
Gain from periodic distribution from retained subordinated interest in Vertiv (VRT) | 0 | 453 |
Gain (loss) on sale of business | 2,780 | 0 |
Interest expense | (48) | (39) |
Operating Segments [Member] | Measurement & Analytical Instrumentation [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 749 | 737 |
Earnings | 175 | 170 |
Operating Segments [Member] | Final Control | ||
Segment Reporting Information [Line Items] | ||
Net sales | 862 | 817 |
Earnings | 158 | 122 |
Operating Segments [Member] | Discrete Automation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 618 | 617 |
Earnings | 121 | 120 |
Operating Segments [Member] | Safety & Productivity [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 310 | 351 |
Earnings | 63 | 65 |
Operating Segments [Member] | Intelligent Devices | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,539 | 2,522 |
Earnings | 517 | 477 |
Operating Segments [Member] | AspenTech | ||
Segment Reporting Information [Line Items] | ||
Net sales | 243 | 82 |
Earnings | (33) | (2) |
Operating Segments [Member] | Control Systems & Software | ||
Segment Reporting Information [Line Items] | ||
Net sales | 606 | 570 |
Earnings | 107 | 116 |
Operating Segments [Member] | Software and Control | ||
Segment Reporting Information [Line Items] | ||
Net sales | 849 | 652 |
Earnings | 74 | 114 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Stock compensation | (102) | (34) |
Unallocated pension and postretirement costs | 45 | 26 |
Gain from periodic distribution from retained subordinated interest in Vertiv (VRT) | 0 | 453 |
Corporate and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings | (64) | (55) |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | (15) | (18) |
Interest expense | $ (48) | $ (39) |
Business Segments Narrative (De
Business Segments Narrative (Details) | 3 Months Ended |
Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 35,000,000 |
AspenTech | |
Segment Reporting Information [Line Items] | |
Business Acquisition, Transaction Costs | 23,000,000 |
RUSSIAN FEDERATION | |
Segment Reporting Information [Line Items] | |
(Loss) on sale of business, net of tax | $ 47,000,000 |
Business Segment Information -
Business Segment Information - Depreciation & Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 260 | $ 178 |
Corporate, non-segment [Member] | Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 6 | 8 |
Operating Segments [Member] | Measurement & Analytical Instrumentation [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 30 | 31 |
Operating Segments [Member] | Final Control | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 45 | 53 |
Operating Segments [Member] | Discrete Automation | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 21 | 23 |
Operating Segments [Member] | Safety & Productivity [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 14 | 15 |
Operating Segments [Member] | Intelligent Devices | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 110 | 122 |
Operating Segments [Member] | AspenTech | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 123 | 23 |
Operating Segments [Member] | Control Systems & Software | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 21 | 25 |
Operating Segments [Member] | Software and Control | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 144 | $ 48 |
Business Segments Geographic In
Business Segments Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 3,373 | $ 3,156 |
Reportable Geographical Components [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,388 | 3,174 |
Reportable Geographical Components [Member] | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,775 | 1,529 |
Reportable Geographical Components [Member] | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 994 | 1,020 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 619 | 625 |
Reportable Geographical Components [Member] | Final Control | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 862 | 817 |
Reportable Geographical Components [Member] | Final Control | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 446 | 352 |
Reportable Geographical Components [Member] | Final Control | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 308 | 336 |
Reportable Geographical Components [Member] | Final Control | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 108 | 129 |
Reportable Geographical Components [Member] | Measurement & Analytical Instrumentation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 749 | 737 |
Reportable Geographical Components [Member] | Measurement & Analytical Instrumentation [Member] | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 396 | 311 |
Reportable Geographical Components [Member] | Measurement & Analytical Instrumentation [Member] | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 246 | 296 |
Reportable Geographical Components [Member] | Measurement & Analytical Instrumentation [Member] | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 107 | 130 |
Reportable Geographical Components [Member] | Discrete Automation | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 618 | 617 |
Reportable Geographical Components [Member] | Discrete Automation | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 291 | 274 |
Reportable Geographical Components [Member] | Discrete Automation | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 175 | 183 |
Reportable Geographical Components [Member] | Discrete Automation | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 152 | 160 |
Reportable Geographical Components [Member] | Safety & Productivity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 310 | 351 |
Reportable Geographical Components [Member] | Safety & Productivity [Member] | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 236 | 270 |
Reportable Geographical Components [Member] | Safety & Productivity [Member] | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 17 | 16 |
Reportable Geographical Components [Member] | Safety & Productivity [Member] | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 57 | 65 |
Reportable Geographical Components [Member] | Intelligent Devices | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,539 | 2,522 |
Reportable Geographical Components [Member] | Intelligent Devices | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,369 | 1,207 |
Reportable Geographical Components [Member] | Intelligent Devices | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 746 | 831 |
Reportable Geographical Components [Member] | Intelligent Devices | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 424 | 484 |
Reportable Geographical Components [Member] | Control Systems & Software | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 606 | 570 |
Reportable Geographical Components [Member] | Control Systems & Software | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 294 | 268 |
Reportable Geographical Components [Member] | Control Systems & Software | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 185 | 173 |
Reportable Geographical Components [Member] | Control Systems & Software | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 127 | 129 |
Reportable Geographical Components [Member] | AspenTech | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 243 | 82 |
Reportable Geographical Components [Member] | AspenTech | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 112 | 54 |
Reportable Geographical Components [Member] | AspenTech | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 63 | 16 |
Reportable Geographical Components [Member] | AspenTech | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 68 | 12 |
Reportable Geographical Components [Member] | Software and Control | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 849 | 652 |
Reportable Geographical Components [Member] | Software and Control | Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 406 | 322 |
Reportable Geographical Components [Member] | Software and Control | Asia, Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 248 | 189 |
Reportable Geographical Components [Member] | Software and Control | Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 195 | $ 141 |