Cover
Cover shares in Millions | 9 Months Ended |
Jun. 30, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2024 |
Document Transition Report | false |
Entity File Number | 1-278 |
Entity Registrant Name | EMERSON ELECTRIC CO. |
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 | 572.7 |
Entity Central Index Key | 0000032604 |
Current Fiscal Year End Date | --09-30 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
New York Stock Exchange | Common Stock of $0.50 par value per share | |
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 | 1.250% Notes due 2025 | |
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 | 2.000% Notes due 2029 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.000% Notes due 2029 |
Trading Symbol | EMR 29 |
Security Exchange Name | NYSE |
NYSE Chicago | Common Stock of $0.50 par value per share | |
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 | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 4,380 | $ 3,946 | $ 12,873 | $ 11,075 |
Cost of sales | 2,066 | 1,952 | 6,359 | 5,660 |
Selling, general and administrative expenses | 1,254 | 1,042 | 3,827 | 3,072 |
Gain on subordinated interest | 0 | 0 | (79) | 0 |
Loss on Copeland note receivable | 279 | 0 | 279 | 0 |
Other deductions, net | 294 | 130 | 1,075 | 359 |
Interest expense (net of interest income of $58, $32, $96 and $105, respectively) | 56 | 10 | 157 | 111 |
Earnings from continuing operations before income taxes | 455 | 822 | 1,341 | 1,883 |
Income taxes | 88 | 168 | 266 | 400 |
Earnings from continuing operations | 367 | 654 | 1,075 | 1,483 |
Discontinued operations, net of tax of $2,004, $5, $3,009 and $27, respectively | (15) | 8,712 | (88) | 10,979 |
Net earnings | 352 | 9,366 | 987 | 12,462 |
Less: Noncontrolling interests in subsidiaries | 23 | 14 | 15 | (13) |
Net earnings common stockholders | 329 | 9,352 | 972 | 12,475 |
Earnings common stockholders: | ||||
Earnings from continuing operations | 344 | 643 | 1,060 | 1,502 |
Discontinued operations | $ (15) | $ 8,709 | $ (88) | $ 10,973 |
Basic earnings per share common stockholders: | ||||
Earnings from continuing operations (in dollars per share) | $ 0.60 | $ 1.12 | $ 1.85 | $ 2.61 |
Discontinued operations (in dollars per share) | (0.02) | 15.24 | (0.15) | 19.06 |
Basic earnings per common share (in dollars per share) | 0.58 | 16.36 | 1.70 | 21.67 |
Diluted earnings per share common stockholders: | ||||
Earnings from continuing operations (in dollars per share) | 0.60 | 1.12 | 1.84 | 2.60 |
Discontinued operations (in dollars per share) | (0.03) | 15.16 | (0.15) | 18.96 |
Diluted earnings per common share (in dollars per share) | $ 0.57 | $ 16.28 | $ 1.69 | $ 21.56 |
Weighted average outstanding shares: | ||||
Basic (in shares) | 571.9 | 570.9 | 571.4 | 575.1 |
Diluted (in shares) | 574.8 | 574 | 574.1 | 578.1 |
Related Party | ||||
Interest income from related party | $ (24) | $ (10) | $ (86) | $ (10) |
Consolidated Statements Of Ea_2
Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Interest income | $ 32 | $ 58 | $ 105 | $ 96 |
Discontinued operation taxes | $ 5 | $ 2,004 | $ 27 | $ 3,009 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 352 | $ 9,366 | $ 987 | $ 12,462 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (124) | 86 | 56 | 437 |
Pension and postretirement | (12) | 10 | (36) | (23) |
Cash flow hedges | (6) | (19) | (4) | 4 |
Total other comprehensive income (loss) | (142) | 77 | 16 | 418 |
Comprehensive income | 210 | 9,443 | 1,003 | 12,880 |
Less: Noncontrolling interests in subsidiaries | 21 | 15 | 15 | (8) |
Comprehensive income common stockholders | $ 189 | $ 9,428 | $ 988 | $ 12,888 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Current assets | ||
Cash and equivalents | $ 2,298 | $ 8,051 |
Receivables, less allowances of $100 and $115, respectively | 2,761 | 2,518 |
Inventories | 2,303 | 2,006 |
Other current assets | 1,458 | 1,244 |
Total current assets | 8,820 | 13,819 |
Property, plant and equipment, net | 2,688 | 2,363 |
Other assets | ||
Goodwill | 17,936 | 14,480 |
Other intangible assets | 10,627 | 6,263 |
Copeland note receivable and equity investment held-for-sale | 2,908 | 3,255 |
Other | 2,606 | 2,566 |
Total other assets | 34,077 | 26,564 |
Total assets | 45,585 | 42,746 |
Current liabilities | ||
Short-term borrowings and current maturities of long-term debt | 2,991 | 547 |
Accounts payable | 1,251 | 1,275 |
Accrued expenses | 3,350 | 3,210 |
Total current liabilities | 7,592 | 5,032 |
Long-term debt | 7,111 | 7,610 |
Other liabilities | 4,194 | 3,506 |
Equity | ||
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 572.0 shares and 572.7 shares, respectively | 477 | 477 |
Additional paid-in-capital | 140 | 62 |
Retained earnings | 40,135 | 40,070 |
Accumulated other comprehensive income (loss) | (1,237) | (1,253) |
Cost of common stock in treasury, 381.4 shares and 380.7 shares, respectively | (18,716) | (18,667) |
Common stockholders’ equity | 20,799 | 20,689 |
Noncontrolling interests in subsidiaries | 5,889 | 5,909 |
Total equity | 26,688 | 26,598 |
Total liabilities and equity | $ 45,585 | $ 42,746 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 115 | $ 100 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 1,200 | 1,200 |
Common stock, shares issued (in shares) | 953.4 | 953.4 |
Common stock, shares outstanding (in shares) | 572.7 | 572 |
Treasury stock, shares (in shares) | 380.7 | 381.4 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common stockholders' equity | Common stock | Additional paid-in-capital | Additional paid-in-capital AspenTech | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling interests in subsidiaries | Noncontrolling interests in subsidiaries AspenTech |
Stockholders' equity, beginning balance at Sep. 30, 2022 | $ 477 | $ 57 | $ 28,053 | $ (1,485) | $ (16,738) | $ 5,952 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock plans | 111 | |||||||||
AspenTech purchases of common stock | $ (56) | |||||||||
Purchases | (2,000) | $ (44) | ||||||||
Net earnings common stockholders | $ 12,475 | 12,475 | ||||||||
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively) | (904) | (1) | ||||||||
Foreign currency translation | 437 | 432 | ||||||||
Pension and postretirement | (23) | (23) | ||||||||
Cash flow hedges | 4 | 4 | ||||||||
Issued under stock plans | 61 | |||||||||
Net earnings (loss) | (13) | |||||||||
Stock plans | 79 | |||||||||
Climate Technologies divestiture | (29) | |||||||||
Other comprehensive income | 418 | 5 | ||||||||
Stockholders' equity, ending balance at Jun. 30, 2023 | 26,413 | $ 20,464 | 477 | 112 | 39,624 | (1,072) | (18,677) | 5,949 | ||
Stockholders' equity, beginning balance at Mar. 31, 2023 | 477 | 138 | 30,571 | (1,148) | (18,678) | 5,987 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock plans | 30 | |||||||||
AspenTech purchases of common stock | (56) | |||||||||
Purchases | 0 | (44) | ||||||||
Net earnings common stockholders | 9,352 | 9,352 | ||||||||
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively) | (299) | (1) | ||||||||
Foreign currency translation | 86 | 85 | ||||||||
Pension and postretirement | 10 | 10 | ||||||||
Cash flow hedges | (19) | (19) | ||||||||
Issued under stock plans | 1 | |||||||||
Net earnings (loss) | 14 | |||||||||
Stock plans | 21 | |||||||||
Climate Technologies divestiture | (29) | |||||||||
Other comprehensive income | 77 | 1 | ||||||||
Stockholders' equity, ending balance at Jun. 30, 2023 | 26,413 | 20,464 | 477 | 112 | 39,624 | (1,072) | (18,677) | 5,949 | ||
Stockholders' equity, beginning balance at Sep. 30, 2023 | 26,598 | 477 | 62 | 40,070 | (1,253) | (18,667) | 5,909 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock plans | 186 | |||||||||
AspenTech purchases of common stock | (108) | |||||||||
Purchases | (175) | (80) | ||||||||
Net earnings common stockholders | 972 | 972 | ||||||||
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively) | (907) | (3) | ||||||||
Foreign currency translation | 56 | 56 | ||||||||
Pension and postretirement | (36) | (36) | ||||||||
Cash flow hedges | (4) | (4) | ||||||||
Issued under stock plans | 126 | |||||||||
Net earnings (loss) | 15 | |||||||||
Stock plans | 48 | |||||||||
Climate Technologies divestiture | 0 | |||||||||
Other comprehensive income | 16 | 0 | ||||||||
Stockholders' equity, ending balance at Jun. 30, 2024 | 26,688 | 20,799 | 477 | 140 | 40,135 | (1,237) | (18,716) | 5,889 | ||
Stockholders' equity, beginning balance at Mar. 31, 2024 | 477 | 158 | 40,108 | (1,097) | (18,746) | 5,881 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock plans | 16 | |||||||||
AspenTech purchases of common stock | $ (34) | |||||||||
Purchases | 0 | $ (25) | ||||||||
Net earnings common stockholders | 329 | 329 | ||||||||
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively) | (302) | (3) | ||||||||
Foreign currency translation | (124) | (122) | ||||||||
Pension and postretirement | (12) | (12) | ||||||||
Cash flow hedges | (6) | (6) | ||||||||
Issued under stock plans | 30 | |||||||||
Net earnings (loss) | 23 | |||||||||
Stock plans | 15 | |||||||||
Climate Technologies divestiture | 0 | |||||||||
Other comprehensive income | (142) | (2) | ||||||||
Stockholders' equity, ending balance at Jun. 30, 2024 | $ 26,688 | $ 20,799 | $ 477 | $ 140 | $ 40,135 | $ (1,237) | $ (18,716) | $ 5,889 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid (in dollars per share) | $ 0.525 | $ 0.52 | $ 1.56 | $ 1.575 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net earnings | $ 987 | $ 12,462 |
Earnings from discontinued operations, net of tax | 88 | (10,979) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,263 | 780 |
Stock compensation | 203 | 198 |
Amortization of acquisition-related inventory step-up | 231 | 0 |
Gain on subordinated interest | (79) | 0 |
Changes in operating working capital | (176) | (359) |
Loss on Copeland note receivable | 279 | 0 |
Other, net | (552) | (383) |
Cash from continuing operations | 2,244 | 1,719 |
Cash from discontinued operations | 4 | (439) |
Cash provided by operating activities | 2,248 | 1,280 |
Investing activities | ||
Capital expenditures | (251) | (194) |
Purchases of businesses, net of cash and equivalents acquired | (8,342) | 0 |
Proceeds from subordinated interest | 79 | 15 |
Proceeds from related party note receivable | 0 | 918 |
Other, net | (86) | (124) |
Cash from continuing operations | (8,600) | 615 |
Cash from discontinued operations | 36 | 12,485 |
Cash provided by (used in) investing activities | (8,564) | 13,100 |
Financing activities | ||
Net increase (decrease) in short-term borrowings | 2,229 | (1,476) |
Proceeds from short-term borrowings greater than three months | 322 | 395 |
Payments of short-term borrowings greater than three months | (100) | (400) |
Payments of long-term debt | (547) | (744) |
Dividends paid | (901) | (900) |
Purchases of common stock | (175) | (2,000) |
AspenTech purchases of common stock | (188) | (100) |
Payment of related party note payable | 0 | (918) |
Other, net | (57) | (159) |
Cash provided by (used in) financing activities | 583 | (6,302) |
Effect of exchange rate changes on cash and equivalents | (20) | 75 |
Increase (decrease) in cash and equivalents | (5,753) | 8,153 |
Beginning cash and equivalents | 8,051 | 1,804 |
Ending cash and equivalents | 2,298 | 9,957 |
Changes in operating working capital | ||
Receivables | 44 | (114) |
Inventories | (34) | (259) |
Other current assets | (130) | 27 |
Accounts payable | (61) | (71) |
Accrued expenses | 5 | 58 |
Changes in operating working capital | $ (176) | $ (359) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Jun. 30, 2024 | |
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, 2023. Certain prior year amounts have been reclassified to conform to the current year presentation. On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and its note receivable to Copeland for $1.9 billion. As a result of the definitive agreements, the equity interest and note receivable are reported as held-for-sale, and the equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented (see Notes 5 and 10). |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION Emerson is a global manufacturer that designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions for its customers. The majority of the Company's revenues relate to a broad offering of manufactured products and software which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues. The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities. Sept 30, 2023 June 30, 2024 Unbilled receivables (contract assets) $ 1,453 1,541 Customer advances (contract liabilities) (897) (1,158) Net contract assets (liabilities) $ 556 383 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 license arrangements where the license revenue is recognized upfront upon delivery. The decrease in net contract assets was primarily due to the acquisition of National Instruments, which increased contract liabilities by approximately $160, while customer billings slightly exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and nine months ended June 30, 2024 included $83 and $605, respectively, 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 and nine months ended June 30, 2024 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long- term contracts, was immaterial. As of June 30, 2024, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $8.7 billion (of which approximately $1.3 billion was attributable to AspenTech and approximately $450 was attributable to National Instruments) . The Company expects to recognize appro ximately 75 percent of its |
COMMON SHARES
COMMON SHARES | 9 Months Ended |
Jun. 30, 2024 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
COMMON SHARES | COMMON SHARES Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential. Three Months Ended Nine Months Ended 2023 2024 2023 2024 Basic shares outstanding 570.9 571.9 575.1 571.4 Dilutive shares 3.1 2.9 3.0 2.7 Diluted shares outstanding 574.0 574.8 578.1 574.1 |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 9 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES National Instruments On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (“NI”). NI, which provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, had revenues of approximately $1.7 billion and pretax earnings of approximately $170 for the 12 months ended September 30, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group, see Note 14. The following table summarizes the components of the purchase consideration reflected in the acquisition accounting for NI. Cash paid to acquire remaining NI shares not already owned by Emerson $ 7,833 Payoff of NI debt at closing 634 Total consideration paid in cash at closing 8,467 Fair value of NI shares already owned by Emerson prior to acquisition 137 Value of stock-based compensation awards attributable to pre-combination service 49 Total purchase consideration $ 8,653 The total purchase consideration for NI was allocated to assets and liabilities as follows. Valuations of acquired assets and liabilities are in-process and subject to refinement. Cash and equivalents $ 135 Receivables 310 Inventory 496 Other current assets 140 Property, plant and equipment 329 Goodwill ($121 expected to be tax-deductible) 3,434 Other intangible assets 5,275 Other assets 113 Total assets 10,232 Accounts payable 52 Accrued expenses 328 Deferred taxes and other liabilities 1,199 Total purchase consideration $ 8,653 The estimated intangible assets attributable to the transaction are comprised of the following (in millions) : Amount Estimated Weighted Average Life (Years) Developed technology $ 1,570 9 Customer relationships 3,360 15 Trade names 210 9 Backlog 135 1 Total $ 5,275 Results of operations for the three and nine months ended June 30, 2024 attributable to the NI acquisition include sales of $355 and $1,104, respectively, and a net loss of $86 and $492, respectively. The net loss included the impact of inventory step-up amortization recorded in the first quarter, intangibles amortization, retention bonuses, stock compensation expense and restructuring. Pro Forma Financial Information The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of NI occurred on October 1, 2022. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts). Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Net Sales $ 4,363 4,380 12,377 12,892 Net earnings from continuing operations common stockholders $ 581 374 887 1,396 Diluted earnings per share from continuing operations $ 1.00 0.65 1.53 2.43 Pro forma Net sales for the three and nine months ended June 30, 2023 include $417 and $1,302 , respectively, attributable to NI. The pro forma results for the three months ended June 30, 2023 include ongoing intangibles amortization of $105 and backlog amortization of $34, and exclude the mark-to-market gain of $12 recognized in the prior year on the Company's equity investment in National Instruments Corporation (see Note 7). The pro forma results for the nine months ended June 30, 2023 include transaction costs of $198 which were assumed to be incurred in the first quarter of fiscal 2023. These transaction costs include $88 incurred by NI prior to the completion of the transaction and $110 incurred by Emerson in periods subsequent to the first quarter of fiscal 2023. The pro forma results for the nine months ended June 30, 2023 also include $317 of ongoing intangibles amortization, backlog amortization of $102, inventory step-up amortization of $213, and retention bonuses of $51, and exclude the mark-to-market gain of $47 recognized in the prior year on the equity investment in National Instruments Corporation. Other Transactions In the second quarter of fiscal 2024, the Company received its final distribution of $79 related to its subordinated interest in Vertiv. In addition, the Company divested a small business in the Final Control segment and recognized a non-cash loss of $39 . In the fourth quarter of fiscal 2023, the Company acquired two businesses, Flexim, which is reported in the Measurement & Analytical segment, and Afag, which is reported in the Discrete Automation segment, for $715, net of cash acquired. The Company recognized goodwill of $424 (none of which is expected to be tax deductible) and other identifiable intangible assets of $323, primarily customer relationships and intellectual property with a weighted-average useful life of approximately 9 years. On March 31, 2023, Emerson completed the divestiture of Metran, its Russia-based manufacturing subsidiary. 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 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On May 31, 2023, the Company completed the sale of 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 received upfront, pretax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion (which accrues 5 percent interest payable in kind by capitalizing interest), while retaining a 40 percent non-controlling common equity 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 Company recognized a pretax gain of approximately $10.6 billion in the third quarter of fiscal 2023 (approximately $8.4 billion after-tax including tax expense recognized prior to the completion of the transaction related to subsidiary restructurings). The new standalone business is named Copeland. On June 6, 2024, the Company entered into a definitive agreement to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion, and the transaction is expected to close by the end of August 2024. The equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented and are included within Climate Technologies in Other deductions, net in the tables below. See Note 10 for further details. 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 approximately $2.8 billion (approximately $2.1 billion after-tax) in the first quarter of fiscal 2023. For the three and nine months ended June 30, 2024, the results of discontinued operations primarily reflect the Company's equity method losses on its non-controlling common equity interest in Copeland, which were $16 ($9 after-tax) and $111 ($82 after-tax), respectively. For the three and nine months ended June 30, 2023, the financial results of Climate Technologies (including equity method losses on the equity interest in Copeland) and InSinkErator ("ISE") are reported as discontinued operations and were as follows: Three Months Ended June 30, 2023 Climate Technologies ISE Total Net sales $ 847 — 847 Cost of sales 516 — 516 SG&A 122 — 122 Gain on sale of business (10,576) — (10,576) Other deductions, net 69 — 69 Earnings before income taxes 10,716 — 10,716 Income taxes 2,004 — 2,004 Earnings, net of tax $ 8,712 — 8,712 Nine Months Ended June 30, 2023 Climate Technologies ISE Total Net sales $ 3,156 49 3,205 Cost of sales 2,000 29 2,029 SG&A 391 8 399 Gain on sale of business (10,576) (2,783) (13,359) Other deductions, net 136 12 148 Earnings before income taxes 11,205 2,783 13,988 Income taxes 2,356 653 3,009 Earnings, net of tax $ 8,849 2,130 10,979 Climate Technologies' results for the three and nine months ended June 30, 2023 included lower expense of $26 and $96, respectively, due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $57 of transaction-related costs for the nine months ended June 30, 2023. For the three and nine months ended June 30, 2023, the Company recorded a loss of $61 in Other deductions, net to reflect equity method losses on its non-controlling common equity interest in Copeland. Income taxes for the three and nine months ended June 30, 2023 included a tax benefit of $10 related to Copeland's U.S. business, which is taxed as a partnership. Income taxes for the nine months ended June 30, 2023 included approximately $2.2 billion for the gain on the Climate Technologies subsidiary restructurings and approximately $660 related to the gain on the InSinkErator divestiture. Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the nine months ended June 30, 2024 and 2023 were as follows: Climate Technologies ISE and TOD Total Nine Months Ended June 30, Nine Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 2023 2024 Cash from operating activities $ 156 4 (595) — (439) 4 Cash from investing activities $ 9,430 36 3,055 — 12,485 36 Cash from operating activities for the nine months ended June 30, 2023 reflects approximately $750 of income taxes paid related to the gain on the InSinkErator divestiture and the Climate Technologies subsidiary restructurings, transaction fees and unfavorable working capital. Cash from investing activities for the nine months ended June 30, 2023 reflects the proceeds of approximately $9.7 billion related to the Copeland transaction and approximately $3.0 billion related to the InSinkErator divestiture. |
PENSION & POSTRETIREMENT PLANS
PENSION & POSTRETIREMENT PLANS | 9 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
PENSION & POSTRETIREMENT PLANS | PENSION & POSTRETIREMENT PLANS Total periodic pension and postretirement (income) expense is summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Service cost $ 12 9 36 27 Interest cost 54 55 162 165 Expected return on plan assets (71) (74) (213) (222) Net amortization (18) (14) (58) (42) Total $ (23) (24) (73) (72) |
OTHER DEDUCTIONS, NET
OTHER DEDUCTIONS, NET | 9 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER DEDUCTIONS, NET | OTHER DEDUCTIONS, NET Other deductions, net are summarized below: Three Months Ended Nine Months Ended 2023 2024 2023 2024 Amortization of intangibles (intellectual property and customer relationships) $ 120 264 357 811 Restructuring costs 12 57 41 170 Acquisition/divestiture costs 38 7 48 92 Foreign currency transaction (gains) losses 22 9 41 60 Investment-related gains & gains from sales of capital assets (26) — (63) — Loss on divestiture of business — — — 39 Russia business exit — — 47 — Other (36) (43) (112) (97) Total $ 130 294 359 1,075 Intangibles amortization for the three and nine months ended June 30, 2024 included $139 and $419, respectively, related to the NI acquisition. Foreign currency transaction losses for the three and nine months ended June 30, 2023 included a mark-to-market gain of $3 and $24, respectively, related to foreign currency forward contracts that were terminated in June 202 |
RESTRUCTURING COSTS
RESTRUCTURING COSTS | 9 Months Ended |
Jun. 30, 2024 | |
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 2024 restructuring expense and related costs to be approximately $250, including costs to complete actions initiated in the first nine months of the year. Restructuring expense by business segment follows: Three Months Ended June 30, Nine Months Ended 2023 2024 2023 2024 Final Control $ (2) 5 (1) 1 Measurement & Analytical 1 3 2 7 Discrete Automation 12 16 20 33 Safety & Productivity (1) 1 1 2 Intelligent Devices 10 25 22 43 Control Systems & Software 1 3 7 7 Test & Measurement — 24 — 78 AspenTech — — — — Software and Control 1 27 7 85 Corporate 1 5 12 42 Total $ 12 57 41 170 Corporate restructuring of $5 and $42 for the three and nine months ended June 30, 2024, respectively, is comprised almost entirely of integration-related stock compensation expense attributable to NI. Details of the change in the liability for restructuring costs during the nine months ended June 30, 2024 follow: Sept 30, 2023 Expense Utilized/Paid June 30, 2024 Severance and benefits $ 85 142 129 98 Other 2 28 24 6 Total $ 87 170 153 104 The tables above do not include $1 and $3 of costs related to restructuring actions incurred for the three months ended June 30, 2023 and 2024, respectively, that are required to be reported in cost of sales and selling, general and administrative expenses; year-to-date amounts are $13 and $10, respectively . |
TAXES
TAXES | 9 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES Income taxes were $ 88 in the third quarter of fiscal 2024 and $168 in 2023, resulting in effective tax rates of 19 percent and 21 percent, respectively. The current year rate reflected a 3 percentage point benefit related to the filing of the prior year U.S. tax return, partially offset by other items. Income taxes were $266 in the first nine of months of fiscal 2024 and $400 in 2023 , resulting in effective tax rates of 20 percent and 21 percent, respectively. The current year rate i |
EQUITY METHOD INVESTMENT AND NO
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE | 9 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE | EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE As discussed in Note 5, the Company completed the divestiture of a majority stake in Copeland on May 31, 2023, and received upfront, pretax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion, while retaining a 40 percent non-controlling common equity interest in Copeland. On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and the note receivable to Copeland for $1.9 billion. The equity interest and note receivable, as well as $33 of future indemnity obligations included in Other liabilities (net of tax), are reported as held-for-sale as of June 30, 2024. Subsequent to the end of the quarter, the Company completed the sale of the note receivable on August 2, 2024 and received $1.9 billion of pretax cash proceeds. The sale of the equity interest is expected to close by the end of August 2024. The Company recognized non-cash interest income on the note receivable (through the date of the agreement) of $24 and $86 for the three and nine months ended June 30, 2024, respectively, which is reported in Interest income from related party within continuing operations and capitalized to the carrying value of the note. Upon entering into the note agreement, the Company recorded a pretax loss of $279 ($217 after-tax, $0.38 per share) to adjust the carrying value of the note to $1.9 billion to reflect the transaction price. The Company's share of Copeland's income or loss, which will continue to be recorded using the equity method of accounting until the transaction is completed, is now reported in discontinued operations for all periods presented (see Note 5). As of June 30, 2024, the carrying value of the retained equity investment was $1,008. Summarized financial information for Copeland for the three and nine months ended June 30, 2024 is as follows. Three Months Ended June 30, Nine Months Ended June 30, 2024 2024 Net sales $ 1,259 $ 3,458 Gross profit $ 441 $ 1,198 Income (loss) from continuing operations $ (40) $ (280) Net income (loss) $ (40) $ (280) Net income (loss) attributable to shareholders $ (40) $ (278) |
OTHER FINANCIAL INFORMATION
OTHER FINANCIAL INFORMATION | 9 Months Ended |
Jun. 30, 2024 | |
Other Financial Information [Abstract] | |
OTHER FINANCIAL INFORMATION | OTHER FINANCIAL INFORMATION Sept 30, 2023 June 30, 2024 Inventories Finished products $ 446 551 Raw materials and work in process 1,560 1,752 Total $ 2,006 2,303 Property, plant and equipment, net Property, plant and equipment, at cost $ 5,524 5,994 Less: Accumulated depreciation 3,161 3,306 Total $ 2,363 2,688 Sept 30, 2023 June 30, 2024 Goodwill by business segment Final Control $ 2,660 2,668 Measurement & Analytical 1,545 1,548 Discrete Automation 892 899 Safety & Productivity 388 391 Intelligent Devices 5,485 5,506 Control Systems & Software 668 670 Test & Measurement — 3,433 AspenTech 8,327 8,327 Software and Control 8,995 12,430 Total $ 14,480 17,936 Other intangible assets Gross carrying amount $ 10,111 15,443 Less: Accumulated amortization 3,848 4,816 Net carrying amount $ 6,263 10,627 Other intangible assets include customer relationships, net, of $3,353 and $6,325 and intellectual property, net, of $2,707 and $4,067 as of September 30, 2023 and June 30, 2024, respectively. The increase in goodwill and intangibles was primarily due to the NI acquisition. See Note 4. Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Depreciation and amortization expense include the following: Depreciation expense $ 67 80 213 238 Amortization of intangibles (includes $49, $49, $147 and $147 reported in Cost of Sales, respectively) 169 313 504 958 Amortization of capitalized software 21 24 63 67 Total $ 257 417 780 1,263 Amortization of intangibles included $139 and $419 related to the NI acquisition for the three and nine months ended June 30, 2024. Sept 30, 2023 June 30, 2024 Other assets include the following: Pension assets $ 995 1,070 Operating lease right-of-use assets 550 685 Unbilled receivables (contract assets) 559 515 Deferred income taxes 100 59 Asbestos-related insurance receivables 53 38 Sept 30, 2023 June 30, 2024 Accrued expenses include the following: Customer advances (contract liabilities) $ 861 1,088 Employee compensation 618 630 Income taxes 207 231 Operating lease liabilities (current) 144 153 Product warranty 84 74 Other liabilities include the following: Deferred income taxes $ 1,959 2,507 Operating lease liabilities (noncurrent) 404 511 Pension and postretirement liabilities 435 443 Asbestos litigation 173 161 The increase in deferred income tax liabilities reflects the impact of the NI acquisition. See Note 4. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Hedging Activities – As of June 30, 2024, the notional amount of foreign currency hedge positions was approximately $3.1 billion. All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of June 30, 2024 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, of which €500 was repaid in the third quarter of fiscal 2024. The euro notes reduce foreign currency risk associated with the Company's international subsidiaries that use the euro as their functional currency and have been designated as a hedge of a portion of the investment in these operations. Foreign currency gains or losses associated with the euro-denominated debt are deferred in accumulated other comprehensive income (loss) and will remain until the hedged investment is sold or substantially liquidated. The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and nine months ended June 30, 2023 and 2024: Into Earnings Into OCI 3rd Quarter Nine Months 3rd Quarter Nine Months Gains (Losses) Location 2023 2024 2023 2024 2023 2024 2023 2024 Commodity Cost of sales $ (9) — (19) — (13) — 6 — Foreign currency Sales — — (2) — (2) 5 1 7 Foreign currency Cost of sales 42 3 60 9 24 (10) 38 (3) Foreign currency Other deductions, net (91) (12) (108) (23) Net Investment Hedges Euro denominated debt $ 16 — 16 — (46) 25 (183) (27) Total $ (42) (9) (53) (14) (37) 20 (138) (23) 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. Fair Value Measurement – Valuations for all derivatives and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. As of June 30, 2024, the fair value of long-term debt was approximately $6.6 billion, which was lower than the carrying value by $1,012. The fair value of foreign currency contracts, which are reported in Other current assets and Accrued expenses, did not materially change since September 30, 2023. Commodity contracts related to discontinued operations and were novated to Copeland upon the completion of the transaction. Counterparties to derivatives arran |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity in Accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2023 and 2024 is shown below, net of income taxes: Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Foreign currency translation Beginning balance $ (918) (834) (1,265) (1,012) Other comprehensive income (loss), net of tax of $3, $(6), $35 and $6, respectively (10) (122) 337 33 Reclassification to loss on divestiture of business 95 — 95 23 Ending balance (833) (956) (833) (956) Pension and postretirement Beginning balance (255) (271) (222) (247) Amortization of deferred actuarial losses into earnings, net of tax of $6, $2, $13 and $6, respectively (12) (12) (45) (36) Reclassified to gain on sale of business 22 — 22 — Ending balance (245) (283) (245) (283) Cash flow hedges Beginning balance 25 8 2 6 Gains deferred during the period, net of taxes of $(2), $1, $(11) and $(1), respectively 7 (4) 34 3 Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $1, $1, $3 and $2, respectively (7) (2) (11) (7) Reclassified to gain on sale of business (19) — (19) — Ending balance 6 2 6 2 Accumulated other comprehensive income (loss) $ (1,072) (1,237) (1,072) (1,237) |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS As disclosed in Note 4, the Company completed the acquisition of NI on October 11, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group. Summarized information about the Company's results of operations by business segment follows: Three Months Ended June 30, Nine Months Ended June 30, Sales Earnings (Loss) Sales Earnings (Loss) 2023 2024 2023 2024 2023 2024 2023 2024 Final Control $ 1,035 1,046 245 253 2,889 3,037 618 706 Measurement & Analytical 913 982 257 252 2,550 2,942 661 761 Discrete Automation 668 618 124 109 1,969 1,863 378 322 Safety & Productivity 363 351 82 79 1,034 1,038 228 230 Intelligent Devices 2,979 2,997 708 693 8,442 8,880 1,885 2,019 Control Systems & Software 663 700 144 168 1,892 2,062 378 468 Test & Measurement — 355 — (88) — 1,104 — (245) AspenTech 320 343 27 49 793 878 (60) 6 Software and Control 983 1,398 171 129 2,685 4,044 318 229 Stock compensation (56) (56) (198) (203) Unallocated pension and postretirement costs 42 38 133 107 Corporate and other (43) (38) (154) (540) Loss on Copeland note receivable — (279) — (279) Gain on subordinated interest — — — 79 Eliminations/Interest (16) (15) (10) (56) (52) (51) (111) (157) Interest income from related party 10 24 10 86 Total $ 3,946 4,380 822 455 11,075 12,873 1,883 1,341 Stock compensation for the three months and nine months ended June 30, 2024 included $9 and $53 of integration-related stock compensation expense attributable to NI (of which $5 and $41, respectively, was reported as restructuring costs). Corporate and other for the three and nine months ended June 30, 2024 included acquisition/divestiture fees and related costs of $13 and $159, respectively, while year-to-date also includes acquisition-related inventory step-up amortization of $231 and a divestiture loss of $39. Corporate and other for the three and nine months ended June 30, 2023 included acquisition/divestiture costs of $38 and $48, respectively, and a mark-to-market gain of $12 and $47, respectively, related to its equity investment in National Instruments Corporation, while year-to-date also included a loss of $47 related to the Company's exit of business operations in Russia. Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Final Control $ 39 41 129 120 Measurement & Analytical 26 32 84 105 Discrete Automation 20 22 63 65 Safety & Productivity 15 14 44 43 Intelligent Devices 100 109 320 333 Control Systems & Software 22 26 67 75 Test & Measurement — 150 — 454 AspenTech 123 122 369 369 Software and Control 145 298 436 898 Corporate and other 12 10 24 32 Total $ 257 417 780 1,263 Test & Measurement depreciation and amortization for the three and nine months ended June 30, 2024 included intangibles amortization of $139 and $419 due to the acquisition. Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below: Three Months Ended June 30, Three Months Ended June 30, 2023 2024 Americas AMEA Europe Total Americas AMEA Europe Total Final Control $ 498 399 138 1,035 509 398 139 1,046 Measurement & Analytical 482 303 128 913 488 345 149 982 Discrete Automation 312 180 176 668 294 154 170 618 Safety & Productivity 269 18 76 363 262 18 71 351 Intelligent Devices 1,561 900 518 2,979 1,553 915 529 2,997 Control Systems & Software 322 207 134 663 326 224 150 700 Test & Measurement — — — — 160 98 97 355 AspenTech 111 104 105 320 167 75 101 343 Software and Control 433 311 239 983 653 397 348 1,398 Total $ 1,994 1,211 757 3,962 2,206 1,312 877 4,395 Nine Months Ended June 30, Nine Months Ended June 30, 2023 2024 Americas AMEA Europe Total Americas AMEA Europe Total Final Control $ 1,438 1,069 382 2,889 1,476 1,172 389 3,037 Measurement & Analytical 1,333 853 364 2,550 1,475 1,004 463 2,942 Discrete Automation 914 539 516 1,969 874 477 512 1,863 Safety & Productivity 777 51 206 1,034 774 53 211 1,038 Intelligent Devices 4,462 2,512 1,468 8,442 4,599 2,706 1,575 8,880 Control Systems & Software 930 578 384 1,892 972 650 440 2,062 Test & Measurement — — — — 486 295 323 1,104 AspenTech 337 228 228 793 428 208 242 878 Software and Control 1,267 806 612 2,685 1,886 1,153 1,005 4,044 Total $ 5,729 3,318 2,080 11,127 6,485 3,859 2,580 12,924 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net earnings common stockholders | $ 329 | $ 9,352 | $ 972 | $ 12,475 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
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, 2023 June 30, 2024 Unbilled receivables (contract assets) $ 1,453 1,541 Customer advances (contract liabilities) (897) (1,158) Net contract assets (liabilities) $ 556 383 |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share Reconciliation | Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential. Three Months Ended Nine Months Ended 2023 2024 2023 2024 Basic shares outstanding 570.9 571.9 575.1 571.4 Dilutive shares 3.1 2.9 3.0 2.7 Diluted shares outstanding 574.0 574.8 578.1 574.1 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Schedule of Purchase Price Consideration | The following table summarizes the components of the purchase consideration reflected in the acquisition accounting for NI. Cash paid to acquire remaining NI shares not already owned by Emerson $ 7,833 Payoff of NI debt at closing 634 Total consideration paid in cash at closing 8,467 Fair value of NI shares already owned by Emerson prior to acquisition 137 Value of stock-based compensation awards attributable to pre-combination service 49 Total purchase consideration $ 8,653 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The total purchase consideration for NI was allocated to assets and liabilities as follows. Valuations of acquired assets and liabilities are in-process and subject to refinement. Cash and equivalents $ 135 Receivables 310 Inventory 496 Other current assets 140 Property, plant and equipment 329 Goodwill ($121 expected to be tax-deductible) 3,434 Other intangible assets 5,275 Other assets 113 Total assets 10,232 Accounts payable 52 Accrued expenses 328 Deferred taxes and other liabilities 1,199 Total purchase consideration $ 8,653 |
Schedule of 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 $ 1,570 9 Customer relationships 3,360 15 Trade names 210 9 Backlog 135 1 Total $ 5,275 |
Schedule of Business Acquisition Pro Forma Information | The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of NI occurred on October 1, 2022. 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 June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Net Sales $ 4,363 4,380 12,377 12,892 Net earnings from continuing operations common stockholders $ 581 374 887 1,396 Diluted earnings per share from continuing operations $ 1.00 0.65 1.53 2.43 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | For the three and nine months ended June 30, 2023, the financial results of Climate Technologies (including equity method losses on the equity interest in Copeland) and InSinkErator ("ISE") are reported as discontinued operations and were as follows: Three Months Ended June 30, 2023 Climate Technologies ISE Total Net sales $ 847 — 847 Cost of sales 516 — 516 SG&A 122 — 122 Gain on sale of business (10,576) — (10,576) Other deductions, net 69 — 69 Earnings before income taxes 10,716 — 10,716 Income taxes 2,004 — 2,004 Earnings, net of tax $ 8,712 — 8,712 Nine Months Ended June 30, 2023 Climate Technologies ISE Total Net sales $ 3,156 49 3,205 Cost of sales 2,000 29 2,029 SG&A 391 8 399 Gain on sale of business (10,576) (2,783) (13,359) Other deductions, net 136 12 148 Earnings before income taxes 11,205 2,783 13,988 Income taxes 2,356 653 3,009 Earnings, net of tax $ 8,849 2,130 10,979 Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the nine months ended June 30, 2024 and 2023 were as follows: Climate Technologies ISE and TOD Total Nine Months Ended June 30, Nine Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 2023 2024 Cash from operating activities $ 156 4 (595) — (439) 4 Cash from investing activities $ 9,430 36 3,055 — 12,485 36 |
PENSION & POSTRETIREMENT PLANS
PENSION & POSTRETIREMENT PLANS (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Pension and Postretirement Plan Expenses | Total periodic pension and postretirement (income) expense is summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Service cost $ 12 9 36 27 Interest cost 54 55 162 165 Expected return on plan assets (71) (74) (213) (222) Net amortization (18) (14) (58) (42) Total $ (23) (24) (73) (72) |
OTHER DEDUCTIONS, NET (Tables)
OTHER DEDUCTIONS, NET (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Deductions, Net | Other deductions, net are summarized below: Three Months Ended Nine Months Ended 2023 2024 2023 2024 Amortization of intangibles (intellectual property and customer relationships) $ 120 264 357 811 Restructuring costs 12 57 41 170 Acquisition/divestiture costs 38 7 48 92 Foreign currency transaction (gains) losses 22 9 41 60 Investment-related gains & gains from sales of capital assets (26) — (63) — Loss on divestiture of business — — — 39 Russia business exit — — 47 — Other (36) (43) (112) (97) Total $ 130 294 359 1,075 |
RESTRUCTURING COSTS (Tables)
RESTRUCTURING COSTS (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expense by Segment | Restructuring expense by business segment follows: Three Months Ended June 30, Nine Months Ended 2023 2024 2023 2024 Final Control $ (2) 5 (1) 1 Measurement & Analytical 1 3 2 7 Discrete Automation 12 16 20 33 Safety & Productivity (1) 1 1 2 Intelligent Devices 10 25 22 43 Control Systems & Software 1 3 7 7 Test & Measurement — 24 — 78 AspenTech — — — — Software and Control 1 27 7 85 Corporate 1 5 12 42 Total $ 12 57 41 170 |
Schedule of Change in Restructuring Reserve by Type of Cost | Details of the change in the liability for restructuring costs during the nine months ended June 30, 2024 follow: Sept 30, 2023 Expense Utilized/Paid June 30, 2024 Severance and benefits $ 85 142 129 98 Other 2 28 24 6 Total $ 87 170 153 104 |
EQUITY METHOD INVESTMENT AND _2
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Financial Information | Summarized financial information for Copeland for the three and nine months ended June 30, 2024 is as follows. Three Months Ended June 30, Nine Months Ended June 30, 2024 2024 Net sales $ 1,259 $ 3,458 Gross profit $ 441 $ 1,198 Income (loss) from continuing operations $ (40) $ (280) Net income (loss) $ (40) $ (280) Net income (loss) attributable to shareholders $ (40) $ (278) |
OTHER FINANCIAL INFORMATION (Ta
OTHER FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Other Financial Information [Abstract] | |
Schedule of Inventories | Sept 30, 2023 June 30, 2024 Inventories Finished products $ 446 551 Raw materials and work in process 1,560 1,752 Total $ 2,006 2,303 |
Schedule of Property, Plant and Equipment, net | Property, plant and equipment, net Property, plant and equipment, at cost $ 5,524 5,994 Less: Accumulated depreciation 3,161 3,306 Total $ 2,363 2,688 |
Schedule of Goodwill by Business Segment | Sept 30, 2023 June 30, 2024 Goodwill by business segment Final Control $ 2,660 2,668 Measurement & Analytical 1,545 1,548 Discrete Automation 892 899 Safety & Productivity 388 391 Intelligent Devices 5,485 5,506 Control Systems & Software 668 670 Test & Measurement — 3,433 AspenTech 8,327 8,327 Software and Control 8,995 12,430 Total $ 14,480 17,936 |
Schedule of Other Intangible Assets | Other intangible assets Gross carrying amount $ 10,111 15,443 Less: Accumulated amortization 3,848 4,816 Net carrying amount $ 6,263 10,627 |
Schedule of Depreciation and Amortization Components | Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Depreciation and amortization expense include the following: Depreciation expense $ 67 80 213 238 Amortization of intangibles (includes $49, $49, $147 and $147 reported in Cost of Sales, respectively) 169 313 504 958 Amortization of capitalized software 21 24 63 67 Total $ 257 417 780 1,263 |
Schedule of Other Assets | Sept 30, 2023 June 30, 2024 Other assets include the following: Pension assets $ 995 1,070 Operating lease right-of-use assets 550 685 Unbilled receivables (contract assets) 559 515 Deferred income taxes 100 59 Asbestos-related insurance receivables 53 38 |
Schedule of Accrued Expenses | Sept 30, 2023 June 30, 2024 Accrued expenses include the following: Customer advances (contract liabilities) $ 861 1,088 Employee compensation 618 630 Income taxes 207 231 Operating lease liabilities (current) 144 153 Product warranty 84 74 |
Schedule of Other Liabilities | Other liabilities include the following: Deferred income taxes $ 1,959 2,507 Operating lease liabilities (noncurrent) 404 511 Pension and postretirement liabilities 435 443 Asbestos litigation 173 161 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments | The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and nine months ended June 30, 2023 and 2024: Into Earnings Into OCI 3rd Quarter Nine Months 3rd Quarter Nine Months Gains (Losses) Location 2023 2024 2023 2024 2023 2024 2023 2024 Commodity Cost of sales $ (9) — (19) — (13) — 6 — Foreign currency Sales — — (2) — (2) 5 1 7 Foreign currency Cost of sales 42 3 60 9 24 (10) 38 (3) Foreign currency Other deductions, net (91) (12) (108) (23) Net Investment Hedges Euro denominated debt $ 16 — 16 — (46) 25 (183) (27) Total $ (42) (9) (53) (14) (37) 20 (138) (23) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Activity in Accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2023 and 2024 is shown below, net of income taxes: Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Foreign currency translation Beginning balance $ (918) (834) (1,265) (1,012) Other comprehensive income (loss), net of tax of $3, $(6), $35 and $6, respectively (10) (122) 337 33 Reclassification to loss on divestiture of business 95 — 95 23 Ending balance (833) (956) (833) (956) Pension and postretirement Beginning balance (255) (271) (222) (247) Amortization of deferred actuarial losses into earnings, net of tax of $6, $2, $13 and $6, respectively (12) (12) (45) (36) Reclassified to gain on sale of business 22 — 22 — Ending balance (245) (283) (245) (283) Cash flow hedges Beginning balance 25 8 2 6 Gains deferred during the period, net of taxes of $(2), $1, $(11) and $(1), respectively 7 (4) 34 3 Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $1, $1, $3 and $2, respectively (7) (2) (11) (7) Reclassified to gain on sale of business (19) — (19) — Ending balance 6 2 6 2 Accumulated other comprehensive income (loss) $ (1,072) (1,237) (1,072) (1,237) |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Summarized information about the Company's results of operations by business segment follows: Three Months Ended June 30, Nine Months Ended June 30, Sales Earnings (Loss) Sales Earnings (Loss) 2023 2024 2023 2024 2023 2024 2023 2024 Final Control $ 1,035 1,046 245 253 2,889 3,037 618 706 Measurement & Analytical 913 982 257 252 2,550 2,942 661 761 Discrete Automation 668 618 124 109 1,969 1,863 378 322 Safety & Productivity 363 351 82 79 1,034 1,038 228 230 Intelligent Devices 2,979 2,997 708 693 8,442 8,880 1,885 2,019 Control Systems & Software 663 700 144 168 1,892 2,062 378 468 Test & Measurement — 355 — (88) — 1,104 — (245) AspenTech 320 343 27 49 793 878 (60) 6 Software and Control 983 1,398 171 129 2,685 4,044 318 229 Stock compensation (56) (56) (198) (203) Unallocated pension and postretirement costs 42 38 133 107 Corporate and other (43) (38) (154) (540) Loss on Copeland note receivable — (279) — (279) Gain on subordinated interest — — — 79 Eliminations/Interest (16) (15) (10) (56) (52) (51) (111) (157) Interest income from related party 10 24 10 86 Total $ 3,946 4,380 822 455 11,075 12,873 1,883 1,341 Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below: Three Months Ended June 30, Nine Months Ended June 30, 2023 2024 2023 2024 Final Control $ 39 41 129 120 Measurement & Analytical 26 32 84 105 Discrete Automation 20 22 63 65 Safety & Productivity 15 14 44 43 Intelligent Devices 100 109 320 333 Control Systems & Software 22 26 67 75 Test & Measurement — 150 — 454 AspenTech 123 122 369 369 Software and Control 145 298 436 898 Corporate and other 12 10 24 32 Total $ 257 417 780 1,263 |
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 June 30, Three Months Ended June 30, 2023 2024 Americas AMEA Europe Total Americas AMEA Europe Total Final Control $ 498 399 138 1,035 509 398 139 1,046 Measurement & Analytical 482 303 128 913 488 345 149 982 Discrete Automation 312 180 176 668 294 154 170 618 Safety & Productivity 269 18 76 363 262 18 71 351 Intelligent Devices 1,561 900 518 2,979 1,553 915 529 2,997 Control Systems & Software 322 207 134 663 326 224 150 700 Test & Measurement — — — — 160 98 97 355 AspenTech 111 104 105 320 167 75 101 343 Software and Control 433 311 239 983 653 397 348 1,398 Total $ 1,994 1,211 757 3,962 2,206 1,312 877 4,395 Nine Months Ended June 30, Nine Months Ended June 30, 2023 2024 Americas AMEA Europe Total Americas AMEA Europe Total Final Control $ 1,438 1,069 382 2,889 1,476 1,172 389 3,037 Measurement & Analytical 1,333 853 364 2,550 1,475 1,004 463 2,942 Discrete Automation 914 539 516 1,969 874 477 512 1,863 Safety & Productivity 777 51 206 1,034 774 53 211 1,038 Intelligent Devices 4,462 2,512 1,468 8,442 4,599 2,706 1,575 8,880 Control Systems & Software 930 578 384 1,892 972 650 440 2,062 Test & Measurement — — — — 486 295 323 1,104 AspenTech 337 228 228 793 428 208 242 878 Software and Control 1,267 806 612 2,685 1,886 1,153 1,005 4,044 Total $ 5,729 3,318 2,080 11,127 6,485 3,859 2,580 12,924 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Billions | 1 Months Ended | |
Aug. 31, 2024 | May 31, 2023 | |
Forecast | Copeland | ||
Business Acquisition [Line Items] | ||
Proceeds from sale of equity method investments | $ 1.5 | |
Copeland | ||
Business Acquisition [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 40% |
REVENUE RECOGNITION - Schedule
REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Unbilled receivables (contract assets) | $ 1,541 | $ 1,453 |
Customer advances (contract liabilities) | (1,158) | (897) |
Net contract assets (liabilities) | $ 383 | $ 556 |
REVENUE RECOGNITION - Narrative
REVENUE RECOGNITION - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Increase in contract liabilities | $ 160 | |
Revenue recognized, included in beginning contract liability | $ 83 | 605 |
Backlog | 8,700 | 8,700 |
AspenTech | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Backlog | 1,300 | 1,300 |
National Instruments | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Backlog | $ 450 | $ 450 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percentage of backlog recognized as revenue, next 12 months | 75% | 75% |
Expected timing of satisfaction, backlog | 12 months | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Expected timing of satisfaction, backlog | 1 year | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Expected timing of satisfaction, backlog | 1 year | 1 year |
COMMON SHARES (Details)
COMMON SHARES (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic shares outstanding (in shares) | 571.9 | 570.9 | 571.4 | 575.1 |
Dilutive shares (in shares) | 2.9 | 3.1 | 2.7 | 3 |
Diluted shares outstanding (in shares) | 574.8 | 574 | 574.1 | 578.1 |
ACQUISITIONS AND DIVESTITURES -
ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Oct. 11, 2023 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Sep. 30, 2023 USD ($) business | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Jun. 30, 2024 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||||||||
Earnings | $ 4,380 | $ 3,946 | $ 12,873 | $ 11,075 | ||||||
Mark-to-market gain (loss) | 3 | 24 | ||||||||
Acquisition/divestiture costs | 7 | 38 | 92 | 48 | ||||||
Gain on subordinated interest | 0 | $ 79 | 0 | 79 | 0 | |||||
Loss on divestiture of business | 0 | 0 | 39 | 0 | ||||||
Purchase price of businesses, net of cash acquired | 8,342 | 0 | ||||||||
Goodwill | 17,936 | $ 14,480 | 17,936 | $ 14,480 | $ 14,480 | |||||
Goodwill expected tax deductible amount | $ 121 | |||||||||
Gain (loss) on sale of business | 10,576 | 13,359 | ||||||||
Russia | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain (loss) on sale of business | $ (47) | |||||||||
Loss on disposal (in dollars per share) | $ / shares | $ 0.08 | |||||||||
National Instruments | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Net sales | 1,700 | |||||||||
Earnings | 170 | |||||||||
Acquisition including sales | 355 | 417 | 1,104 | 1,302 | ||||||
Net loss since acquisition date | 86 | 492 | ||||||||
Amortization of intangible assets | 139 | 105 | 419 | 317 | ||||||
Mark-to-market gain (loss) | 12 | 47 | ||||||||
Acquisition/divestiture costs | 13 | 159 | 110 | 198 | ||||||
Net earnings from continuing operations common stockholders | $ 374 | 581 | $ 1,396 | 887 | ||||||
Goodwill | $ 3,434 | |||||||||
National Instruments | National Instruments | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition/divestiture costs | 88 | |||||||||
National Instruments | Backlog Amortization | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization of intangible assets | $ 34 | 102 | ||||||||
National Instruments | Fair Value Adjustment to Inventory | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Net earnings from continuing operations common stockholders | 213 | |||||||||
National Instruments | Retention Bonus | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Net earnings from continuing operations common stockholders | $ 51 | |||||||||
Other Segment Transactions | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of businesses acquired | business | 2 | |||||||||
Purchase price of businesses, net of cash acquired | $ 715 | |||||||||
Goodwill | 424 | 424 | 424 | |||||||
Goodwill expected tax deductible amount | 0 | 0 | 0 | |||||||
Intangible assets | $ 323 | $ 323 | $ 323 | |||||||
Weighted-average useful life | 9 years |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Consideration (Details) - National Instruments $ in Millions | Oct. 11, 2023 USD ($) |
Business Acquisition [Line Items] | |
Cash paid to acquire remaining NI shares not already owned by Emerson | $ 7,833 |
Payoff of NI debt at closing | 634 |
Total consideration paid in cash at closing | 8,467 |
Fair value of NI shares already owned by Emerson prior to acquisition | 137 |
Value of stock-based compensation awards attributable to pre-combination service | 49 |
Total purchase consideration | $ 8,653 |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Oct. 11, 2023 | Sep. 30, 2023 |
Business Acquisition [Line Items] | |||
Goodwill ($121 expected to be tax-deductible) | $ 17,936 | $ 14,480 | |
Goodwill expected tax deductible amount | $ 121 | ||
National Instruments | |||
Business Acquisition [Line Items] | |||
Cash and equivalents | 135 | ||
Receivables | 310 | ||
Inventory | 496 | ||
Other current assets | 140 | ||
Property, plant and equipment | 329 | ||
Goodwill ($121 expected to be tax-deductible) | 3,434 | ||
Other intangible assets | 5,275 | ||
Other assets | 113 | ||
Total assets | 10,232 | ||
Accounts payable | 52 | ||
Accrued expenses | 328 | ||
Deferred taxes and other liabilities | 1,199 | ||
Total purchase consideration | $ 8,653 |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - National Instruments $ in Millions | Oct. 11, 2023 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 5,275 |
Developed technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 1,570 |
Estimated Weighted Average Life (Years) | 9 years |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 3,360 |
Estimated Weighted Average Life (Years) | 15 years |
Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 210 |
Estimated Weighted Average Life (Years) | 9 years |
Backlog | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 135 |
Estimated Weighted Average Life (Years) | 1 year |
ACQUISITIONS AND DIVESTITURES_5
ACQUISITIONS AND DIVESTITURES - Schedule of Business Acquisition Pro Forma Information (Details) - National Instruments - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | ||||
Net Sales | $ 4,380 | $ 4,363 | $ 12,892 | $ 12,377 |
Net earnings from continuing operations common stockholders | $ 374 | $ 581 | $ 1,396 | $ 887 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 0.65 | $ 1 | $ 2.43 | $ 1.53 |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May 31, 2023 | Oct. 31, 2022 | Aug. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net sales | $ 847 | $ 3,205 | |||||||
Income tax benefit | $ (88) | (168) | $ (266) | (400) | |||||
Copeland U.S | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Income tax benefit | 10 | 10 | |||||||
Copeland | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Loss on Copeland note receivable | 61 | 61 | |||||||
Copeland | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Noncontrolling interest, ownership percentage by parent | 40% | ||||||||
Climate Technologies | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Purchase price | $ 14,000 | ||||||||
Proceeds from divestiture | 9,700 | 9,700 | |||||||
Proceeds from notes receivable | $ 2,250 | ||||||||
Interest accrual percentage on note payable | 5% | ||||||||
Net sales | 847 | 3,156 | $ 5,000 | ||||||
Disposal group, pre-tax earnings | 1,000 | ||||||||
Gain (loss) on disposal | 10,600 | ||||||||
Gain on sale of business, net of tax | 8,400 | ||||||||
Ceased depreciation | $ 26 | 96 | |||||||
Discontinued operations costs | 57 | ||||||||
Tax effect of discontinued operation | 2,200 | ||||||||
InSinkErator | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Purchase price | $ 3,000 | 750 | |||||||
Net sales | 630 | ||||||||
Disposal group, pre-tax earnings | $ 152 | ||||||||
Gain (loss) on disposal | $ 2,800 | ||||||||
Gain on sale of business, net of tax | $ 2,100 | ||||||||
Tax effect of discontinued operation | $ 660 | ||||||||
Copeland | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture | $ 9,700 | ||||||||
Gain (loss) on disposal | (16) | (111) | |||||||
Loss on disposal group, after tax | $ 9 | $ 82 | |||||||
Copeland | Forecast | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from sale of equity method investments | $ 1,500 |
DISCONTINUED OPERATIONS - Finan
DISCONTINUED OPERATIONS - Financial Results (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | $ 847 | $ 3,205 | |||
Cost of sales | 516 | 2,029 | |||
SG&A | 122 | 399 | |||
Gain on sale of business | (10,576) | (13,359) | |||
Other deductions, net | 69 | 148 | |||
Earnings before income taxes | 10,716 | 13,988 | |||
Income taxes | $ 5 | 2,004 | $ 27 | 3,009 | |
Earnings, net of tax | $ (15) | 8,712 | $ (88) | 10,979 | |
Climate Technologies | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 847 | 3,156 | $ 5,000 | ||
Cost of sales | 516 | 2,000 | |||
SG&A | 122 | 391 | |||
Gain on sale of business | (10,576) | (10,576) | |||
Other deductions, net | 69 | 136 | |||
Earnings before income taxes | 10,716 | 11,205 | |||
Income taxes | 2,004 | 2,356 | |||
Earnings, net of tax | 8,712 | 8,849 | |||
ISE | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 0 | 49 | |||
Cost of sales | 0 | 29 | |||
SG&A | 0 | 8 | |||
Gain on sale of business | 0 | (2,783) | |||
Other deductions, net | 0 | 12 | |||
Earnings before income taxes | 0 | 2,783 | |||
Income taxes | 0 | 653 | |||
Earnings, net of tax | $ 0 | $ 2,130 |
DISCONTINUED OPERATIONS - Net C
DISCONTINUED OPERATIONS - Net Cash from Operating and Investing Activities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash from operating activities | $ 4 | $ (439) |
Cash from investing activities | 36 | 12,485 |
Climate Technologies | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash from operating activities | 4 | 156 |
Cash from investing activities | 36 | 9,430 |
ISE | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash from operating activities | 0 | (595) |
Cash from investing activities | $ 0 | $ 3,055 |
PENSION & POSTRETIREMENT PLAN_2
PENSION & POSTRETIREMENT PLANS - Schedule of Pension and Postretirement Plan Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 9 | $ 12 | $ 27 | $ 36 |
Interest cost | 55 | 54 | 165 | 162 |
Expected return on plan assets | (74) | (71) | (222) | (213) |
Net amortization | (14) | (18) | (42) | (58) |
Total | $ (24) | $ (23) | $ (72) | $ (73) |
OTHER DEDUCTIONS, NET (Details)
OTHER DEDUCTIONS, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangibles (intellectual property and customer relationships) | $ 264 | $ 120 | $ 811 | $ 357 | |
Restructuring costs | 57 | 12 | 170 | 41 | |
Acquisition/divestiture costs | 7 | 38 | 92 | 48 | |
Foreign currency transaction (gains) losses | 9 | 22 | 60 | 41 | |
Investment-related gains & gains from sales of capital assets | 0 | (26) | 0 | (63) | |
Loss on divestiture of business | 0 | 0 | 39 | 0 | |
Russia business exit | 0 | 0 | 0 | 47 | |
Other | (43) | (36) | (97) | (112) | |
Total | 294 | 130 | 1,075 | 359 | |
Mark-to-market gain | 3 | 24 | |||
National Instruments | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangibles (intellectual property and customer relationships) | 139 | 419 | |||
Restructuring costs | 5 | 41 | |||
Acquisition/divestiture costs | $ 13 | $ 159 | $ 110 | 198 | |
Mark-to-market gain | $ 12 | $ 47 |
RESTRUCTURING COSTS - Narrative
RESTRUCTURING COSTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2024 | |
Restructuring [Line Items] | |||||
Expense | $ 57 | $ 12 | $ 170 | $ 41 | |
Restructuring costs included in cost of sales and selling and general and administrative expenses | 3 | 1 | 10 | 13 | |
Corporate and other | |||||
Restructuring [Line Items] | |||||
Expense | $ 5 | $ 1 | $ 42 | $ 12 | |
Forecast | |||||
Restructuring [Line Items] | |||||
Expected fiscal year restructuring expense | $ 250 |
RESTRUCTURING COSTS - Schedule
RESTRUCTURING COSTS - Schedule Of Restructuring Expense by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring [Line Items] | ||||
Expense | $ 57 | $ 12 | $ 170 | $ 41 |
Corporate and other | ||||
Restructuring [Line Items] | ||||
Expense | 5 | 1 | 42 | 12 |
Intelligent Devices | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | 25 | 10 | 43 | 22 |
Software and Control | ||||
Restructuring [Line Items] | ||||
Expense | 27 | 1 | 85 | 7 |
Final Control | Intelligent Devices | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | 5 | (2) | 1 | (1) |
Measurement & Analytical | Intelligent Devices | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | 3 | 1 | 7 | 2 |
Discrete Automation | Intelligent Devices | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | 16 | 12 | 33 | 20 |
Safety & Productivity | Intelligent Devices | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | 1 | (1) | 2 | 1 |
Control Systems & Software | Software and Control | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | 3 | 1 | 7 | 7 |
Test & Measurement | Software and Control | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | 24 | 0 | 78 | 0 |
AspenTech | Software and Control | Operating Segments | ||||
Restructuring [Line Items] | ||||
Expense | $ 0 | $ 0 | $ 0 | $ 0 |
RESTRUCTURING COSTS - Schedul_2
RESTRUCTURING COSTS - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 87 | |||
Expense | $ 57 | $ 12 | 170 | $ 41 |
Utilized/Paid | 153 | |||
Restructuring reserve, ending balance | 104 | 104 | ||
Severance and benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 85 | |||
Expense | 142 | |||
Utilized/Paid | 129 | |||
Restructuring reserve, ending balance | 98 | 98 | ||
Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 2 | |||
Expense | 28 | |||
Utilized/Paid | 24 | |||
Restructuring reserve, ending balance | $ 6 | $ 6 |
TAXES (Details)
TAXES (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income taxes | $ 88 | $ 168 | $ 266 | $ 400 |
Effective income tax rate | 19% | 21% | 20% | 21% |
Income tax (expense) benefit related to discrete tax items, as a percent | 3% | 2% | ||
Income tax benefit related to discrete tax items | $ 57 | |||
Income taxes benefit related to discrete tax items (in dollars per share) | $ 0.10 |
EQUITY METHOD INVESTMENT AND _3
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 02, 2024 | May 31, 2023 | Aug. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Interest income | $ 32 | $ 58 | $ 105 | $ 96 | |||
Loss on Copeland note receivable | 279 | $ 0 | 279 | $ 0 | |||
Loss on Copeland note receivable, net of tax | $ 217 | ||||||
Loss from equity method investment (in dollars per share) | $ 0.38 | ||||||
Copeland | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | 1,008 | $ 1,008 | |||||
Copeland | Related Party | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Interest income | $ 24 | 86 | |||||
Copeland | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Noncontrolling interest, ownership percentage by parent | 40% | ||||||
Copeland | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Proceeds from divestiture | $ 9,700 | ||||||
Notes receivable, consideration | $ 2,250 | $ 1,900 | |||||
Copeland | Subsequent Event [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Proceeds from sale of notes receivable | $ 1,900 | ||||||
Copeland | Forecast | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Proceeds from sale of equity method investments | $ 1,500 | ||||||
Future indemnity obligations | $ 33 |
EQUITY METHOD INVESTMENT AND _4
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE - Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income (loss) from continuing operations | $ 367 | $ 654 | $ 1,075 | $ 1,483 |
Net income (loss) | 352 | 9,366 | 987 | 12,462 |
Net income (loss) attributable to shareholders | 329 | $ 9,352 | 972 | $ 12,475 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Copeland | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 1,259 | 3,458 | ||
Gross profit | 441 | 1,198 | ||
Income (loss) from continuing operations | (40) | (280) | ||
Net income (loss) | (40) | (280) | ||
Net income (loss) attributable to shareholders | $ (40) | $ (278) |
OTHER FINANCIAL INFORMATION - S
OTHER FINANCIAL INFORMATION - Schedule of Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Other Financial Information [Abstract] | ||
Finished products | $ 551 | $ 446 |
Raw materials and work in process | 1,752 | 1,560 |
Total | $ 2,303 | $ 2,006 |
OTHER FINANCIAL INFORMATION -_2
OTHER FINANCIAL INFORMATION - Schedule of Property, Plant and Equipment, net (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Other Financial Information [Abstract] | ||
Property, plant and equipment, at cost | $ 5,994 | $ 5,524 |
Less: Accumulated depreciation | 3,306 | 3,161 |
Total | $ 2,688 | $ 2,363 |
OTHER FINANCIAL INFORMATION -_3
OTHER FINANCIAL INFORMATION - Schedule of Goodwill by Business Segment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Goodwill [Line Items] | ||
Goodwill | $ 17,936 | $ 14,480 |
Intelligent Devices | ||
Goodwill [Line Items] | ||
Goodwill | 5,506 | 5,485 |
Software and Control | ||
Goodwill [Line Items] | ||
Goodwill | 12,430 | 8,995 |
Final Control | Intelligent Devices | ||
Goodwill [Line Items] | ||
Goodwill | 2,668 | 2,660 |
Measurement & Analytical | Intelligent Devices | ||
Goodwill [Line Items] | ||
Goodwill | 1,548 | 1,545 |
Discrete Automation | Intelligent Devices | ||
Goodwill [Line Items] | ||
Goodwill | 899 | 892 |
Safety & Productivity | Intelligent Devices | ||
Goodwill [Line Items] | ||
Goodwill | 391 | 388 |
Control Systems & Software | Software and Control | ||
Goodwill [Line Items] | ||
Goodwill | 670 | 668 |
Test & Measurement | Software and Control | ||
Goodwill [Line Items] | ||
Goodwill | 3,433 | 0 |
AspenTech | Software and Control | ||
Goodwill [Line Items] | ||
Goodwill | $ 8,327 | $ 8,327 |
OTHER FINANCIAL INFORMATION -_4
OTHER FINANCIAL INFORMATION - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 15,443 | $ 10,111 |
Less: Accumulated amortization | 4,816 | 3,848 |
Net carrying amount | 10,627 | 6,263 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount | 6,325 | 3,353 |
Intellectual Property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount | $ 4,067 | $ 2,707 |
OTHER FINANCIAL INFORMATION -_5
OTHER FINANCIAL INFORMATION - Schedule of Depreciation and Amortization components (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | ||||
Depreciation expense | $ 80 | $ 67 | $ 238 | $ 213 |
Amortization of intangibles (includes $49, $49, $147 and $147 reported in Cost of Sales, respectively) | 313 | 169 | 958 | 504 |
Amortization of capitalized software | 24 | 21 | 67 | 63 |
Total | 417 | 257 | 1,263 | 780 |
Amortization of intangibles in cost of sales | 49 | 49 | 147 | 147 |
National Instruments | ||||
Business Acquisition [Line Items] | ||||
Amortization of intangible assets | $ 139 | $ 105 | $ 419 | $ 317 |
OTHER FINANCIAL INFORMATION -_6
OTHER FINANCIAL INFORMATION - Schedule of Other Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Other Financial Information [Abstract] | ||
Pension assets | $ 1,070 | $ 995 |
Operating lease right-of-use assets | 685 | 550 |
Unbilled receivables (contract assets) | 515 | 559 |
Deferred income taxes | 59 | 100 |
Asbestos-related insurance receivables | $ 38 | $ 53 |
OTHER FINANCIAL INFORMATION -_7
OTHER FINANCIAL INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Other Financial Information [Abstract] | ||
Customer advances (contract liabilities) | $ 1,088 | $ 861 |
Employee compensation | 630 | 618 |
Income taxes | 231 | 207 |
Operating lease liabilities (current) | 153 | 144 |
Product warranty | $ 74 | $ 84 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses | Accrued expenses |
OTHER FINANCIAL INFORMATION -_8
OTHER FINANCIAL INFORMATION - Schedule of Other Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Sep. 30, 2023 |
Other Financial Information [Abstract] | ||
Deferred income taxes | $ 2,507 | $ 1,959 |
Operating lease liabilities (noncurrent) | 511 | 404 |
Pension and postretirement liabilities | 443 | 435 |
Asbestos litigation | $ 161 | $ 173 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule Of Derivative Instruments (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2019 EUR (€) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into Earnings | $ (9) | $ (42) | $ (14) | $ (53) | ||
Into OCI | 20 | (37) | (23) | (138) | ||
Fair value of long-term debt compared with carrying value | 1,012 | 1,012 | ||||
Collateral already posted, aggregate fair value | 0 | 0 | ||||
Collateral held from counterparties | 0 | 0 | ||||
Level 2 | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Fair value of long-term debt | 6,600 | 6,600 | ||||
Senior Notes | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Debt, face amount | € | € 1,500 | |||||
Repayments of debt | € | € 500 | |||||
Foreign Exchange Contract | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount of foreign currency hedge positions | 3,100 | 3,100 | ||||
Foreign Exchange Contract | Cash Flow Hedging | Cost of sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into Earnings | 3 | 42 | 9 | 60 | ||
Foreign Exchange Contract | Cash Flow Hedging | Cost of sales | Other Comprehensive Income (Loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into OCI | (10) | 24 | (3) | 38 | ||
Foreign Exchange Contract | Cash Flow Hedging | Sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into Earnings | 0 | 0 | 0 | (2) | ||
Foreign Exchange Contract | Cash Flow Hedging | Sales | Other Comprehensive Income (Loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into OCI | 5 | (2) | 7 | 1 | ||
Foreign Exchange Contract | Net Investment Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into Earnings | 0 | 16 | 0 | 16 | ||
Foreign Exchange Contract | Net Investment Hedging | Other Comprehensive Income (Loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into OCI | 25 | (46) | (27) | (183) | ||
Commodity Contract | Cash Flow Hedging | Cost of sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into Earnings | 0 | (9) | 0 | (19) | ||
Commodity Contract | Cash Flow Hedging | Cost of sales | Other Comprehensive Income (Loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into OCI | 0 | (13) | 0 | 6 | ||
Commodity Contract | Cash Flow Hedging | Other deductions, net | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Into Earnings | $ (12) | $ (91) | $ (23) | $ (108) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated other comprehensive income [Roll Forward] | ||||
Stockholders' equity, beginning balance | $ 26,598 | |||
Other comprehensive income (loss), net of tax | $ (142) | $ 77 | 16 | $ 418 |
Stockholders' equity, ending balance | 26,688 | 26,413 | 26,688 | 26,413 |
Accumulated other comprehensive income (loss) | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Stockholders' equity, beginning balance | (1,097) | (1,148) | (1,253) | (1,485) |
Stockholders' equity, ending balance | (1,237) | (1,072) | (1,237) | (1,072) |
Foreign currency translation | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Stockholders' equity, beginning balance | (834) | (918) | (1,012) | (1,265) |
Other comprehensive income (loss), net of tax | (122) | (10) | 33 | 337 |
Reclassification of (gain) loss on sale of business | 0 | 95 | 23 | 95 |
Stockholders' equity, ending balance | (956) | (833) | (956) | (833) |
Other comprehensive income (loss), tax | (6) | 3 | 6 | 35 |
Pension and postretirement | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Stockholders' equity, beginning balance | (271) | (255) | (247) | (222) |
Other comprehensive income (loss), net of tax | (12) | (12) | (36) | (45) |
Reclassification of (gain) loss on sale of business | 0 | 22 | 0 | 22 |
Stockholders' equity, ending balance | (283) | (245) | (283) | (245) |
Other comprehensive income (loss), tax | 2 | 6 | 6 | 13 |
Cash flow hedges | ||||
Accumulated other comprehensive income [Roll Forward] | ||||
Stockholders' equity, beginning balance | 8 | 25 | 6 | 2 |
Other comprehensive income (loss), net of tax | (4) | 7 | 3 | 34 |
Reclassification of (gain) loss on sale of business | 0 | (19) | 0 | (19) |
Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $1, $1, $3 and $2, respectively | (2) | (7) | (7) | (11) |
Stockholders' equity, ending balance | 2 | 6 | 2 | 6 |
Other comprehensive income (loss), tax | 1 | (2) | (1) | (11) |
Reclassification of (gains) losses to sales and cost of sales, tax | $ 1 | $ 1 | $ 2 | $ 3 |
BUSINESS SEGMENTS - Schedule of
BUSINESS SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | |
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 4,380 | $ 3,946 | $ 12,873 | $ 11,075 | |||
Earnings (Loss) | 455 | 822 | 1,341 | 1,883 | |||
Gain on subordinated interest | 79 | 0 | |||||
Interest expenses | (56) | (10) | (157) | (111) | |||
Expense | 57 | 12 | 170 | 41 | |||
Acquisition/divestiture costs | 7 | 38 | 92 | 48 | |||
Amortization of acquisition-related inventory step-up | 231 | 0 | |||||
Loss on divestiture of business | 0 | 0 | 39 | 0 | |||
Unrealized gain (loss) on derivatives | 12 | 47 | |||||
Gain (loss) on sale of business | 10,576 | 13,359 | |||||
National Instruments | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 170 | ||||||
Expense | 5 | 41 | |||||
Acquisition/divestiture costs | 13 | 159 | $ 110 | 198 | |||
Restructuring Charges | National Instruments | |||||||
Segment Reporting Information [Line Items] | |||||||
Stock compensation | 9 | 53 | |||||
Software and Control | |||||||
Segment Reporting Information [Line Items] | |||||||
Expense | 27 | 1 | 85 | 7 | |||
Russia | |||||||
Segment Reporting Information [Line Items] | |||||||
Gain (loss) on sale of business | $ (47) | ||||||
Operating Segments | Intelligent Devices | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 2,997 | 2,979 | 8,880 | 8,442 | |||
Earnings (Loss) | 693 | 708 | 2,019 | 1,885 | |||
Expense | 25 | 10 | 43 | 22 | |||
Operating Segments | Software and Control | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,398 | 983 | |||||
Earnings (Loss) | 129 | 171 | |||||
Operating Segments | Final Control | Intelligent Devices | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,046 | 1,035 | 3,037 | 2,889 | |||
Earnings (Loss) | 253 | 245 | 706 | 618 | |||
Expense | 5 | (2) | 1 | (1) | |||
Operating Segments | Measurement & Analytical | Intelligent Devices | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 982 | 913 | 2,942 | 2,550 | |||
Earnings (Loss) | 252 | 257 | 761 | 661 | |||
Expense | 3 | 1 | 7 | 2 | |||
Operating Segments | Discrete Automation | Intelligent Devices | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 618 | 668 | 1,863 | 1,969 | |||
Earnings (Loss) | 109 | 124 | 322 | 378 | |||
Expense | 16 | 12 | 33 | 20 | |||
Operating Segments | Safety & Productivity | Intelligent Devices | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 351 | 363 | 1,038 | 1,034 | |||
Earnings (Loss) | 79 | 82 | 230 | 228 | |||
Expense | 1 | (1) | 2 | 1 | |||
Operating Segments | Control Systems & Software | Software and Control | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 700 | 663 | 2,062 | 1,892 | |||
Earnings (Loss) | 168 | 144 | 468 | 378 | |||
Expense | 3 | 1 | 7 | 7 | |||
Operating Segments | Test & Measurement | Software and Control | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 355 | 0 | 1,104 | 0 | |||
Earnings (Loss) | (88) | 0 | (245) | 0 | |||
Expense | 24 | 0 | 78 | 0 | |||
Operating Segments | AspenTech | Software and Control | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 343 | 320 | 878 | 793 | |||
Earnings (Loss) | 49 | 27 | 6 | (60) | |||
Expense | 0 | 0 | 0 | 0 | |||
Operating Segments | Software and Control | Software and Control | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 4,044 | 2,685 | |||||
Earnings (Loss) | 229 | 318 | |||||
Segment Reconciling | |||||||
Segment Reporting Information [Line Items] | |||||||
Stock compensation | (56) | (56) | (203) | (198) | |||
Unallocated pension and postretirement costs | 38 | 42 | 107 | 133 | |||
Loss on Copeland note receivable | (279) | 0 | (279) | 0 | |||
Gain on subordinated interest | 0 | 0 | 79 | 0 | |||
Segment Reconciling | Related Party | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income from related party | 24 | 10 | 86 | 10 | |||
Corporate and other | |||||||
Segment Reporting Information [Line Items] | |||||||
Earnings (Loss) | (38) | (43) | (540) | (154) | |||
Expense | 5 | 1 | 42 | 12 | |||
Eliminations/Interest | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | (15) | (16) | (51) | (52) | |||
Interest expenses | $ (56) | $ (10) | $ (157) | $ (111) |
BUSINESS SEGMENTS - Depreciatio
BUSINESS SEGMENTS - Depreciation & Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 417 | $ 257 | $ 1,263 | $ 780 |
National Instruments | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of intangible assets | 139 | 105 | 419 | 317 |
Operating Segments | Intelligent Devices | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 109 | 100 | 333 | 320 |
Operating Segments | Software and Control | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 298 | 145 | 898 | 436 |
Operating Segments | Final Control | Intelligent Devices | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 41 | 39 | 120 | 129 |
Operating Segments | Measurement & Analytical | Intelligent Devices | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 32 | 26 | 105 | 84 |
Operating Segments | Discrete Automation | Intelligent Devices | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 22 | 20 | 65 | 63 |
Operating Segments | Safety & Productivity | Intelligent Devices | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 14 | 15 | 43 | 44 |
Operating Segments | Control Systems & Software | Software and Control | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 26 | 22 | 75 | 67 |
Operating Segments | Test & Measurement | Software and Control | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 150 | 0 | 454 | 0 |
Operating Segments | AspenTech | Software and Control | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 122 | 123 | 369 | 369 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 10 | $ 12 | $ 32 | $ 24 |
BUSINESS SEGMENTS - Schedule _2
BUSINESS SEGMENTS - Schedule of Financial Information By Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | $ 4,395 | $ 3,962 | $ 12,924 | $ 11,127 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 2,206 | 1,994 | 6,485 | 5,729 |
AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 1,312 | 1,211 | 3,859 | 3,318 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 877 | 757 | 2,580 | 2,080 |
Intelligent Devices | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 2,997 | 2,979 | 8,880 | 8,442 |
Intelligent Devices | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 1,553 | 1,561 | 4,599 | 4,462 |
Intelligent Devices | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 915 | 900 | 2,706 | 2,512 |
Intelligent Devices | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 529 | 518 | 1,575 | 1,468 |
Intelligent Devices | Operating Segments | Final Control | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 1,046 | 1,035 | 3,037 | 2,889 |
Intelligent Devices | Operating Segments | Final Control | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 509 | 498 | 1,476 | 1,438 |
Intelligent Devices | Operating Segments | Final Control | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 398 | 399 | 1,172 | 1,069 |
Intelligent Devices | Operating Segments | Final Control | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 139 | 138 | 389 | 382 |
Intelligent Devices | Operating Segments | Measurement & Analytical | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 982 | 913 | 2,942 | 2,550 |
Intelligent Devices | Operating Segments | Measurement & Analytical | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 488 | 482 | 1,475 | 1,333 |
Intelligent Devices | Operating Segments | Measurement & Analytical | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 345 | 303 | 1,004 | 853 |
Intelligent Devices | Operating Segments | Measurement & Analytical | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 149 | 128 | 463 | 364 |
Intelligent Devices | Operating Segments | Discrete Automation | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 618 | 668 | 1,863 | 1,969 |
Intelligent Devices | Operating Segments | Discrete Automation | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 294 | 312 | 874 | 914 |
Intelligent Devices | Operating Segments | Discrete Automation | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 154 | 180 | 477 | 539 |
Intelligent Devices | Operating Segments | Discrete Automation | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 170 | 176 | 512 | 516 |
Intelligent Devices | Operating Segments | Safety & Productivity | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 351 | 363 | 1,038 | 1,034 |
Intelligent Devices | Operating Segments | Safety & Productivity | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 262 | 269 | 774 | 777 |
Intelligent Devices | Operating Segments | Safety & Productivity | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 18 | 18 | 53 | 51 |
Intelligent Devices | Operating Segments | Safety & Productivity | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 71 | 76 | 211 | 206 |
Software and Control | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 1,398 | 983 | 4,044 | 2,685 |
Software and Control | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 653 | 433 | 1,886 | 1,267 |
Software and Control | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 397 | 311 | 1,153 | 806 |
Software and Control | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 348 | 239 | 1,005 | 612 |
Software and Control | Operating Segments | Control Systems & Software | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 700 | 663 | 2,062 | 1,892 |
Software and Control | Operating Segments | Control Systems & Software | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 326 | 322 | 972 | 930 |
Software and Control | Operating Segments | Control Systems & Software | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 224 | 207 | 650 | 578 |
Software and Control | Operating Segments | Control Systems & Software | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 150 | 134 | 440 | 384 |
Software and Control | Operating Segments | Test & Measurement | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 355 | 0 | 1,104 | 0 |
Software and Control | Operating Segments | Test & Measurement | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 160 | 0 | 486 | 0 |
Software and Control | Operating Segments | Test & Measurement | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 98 | 0 | 295 | 0 |
Software and Control | Operating Segments | Test & Measurement | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 97 | 0 | 323 | 0 |
Software and Control | Operating Segments | AspenTech | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 343 | 320 | 878 | 793 |
Software and Control | Operating Segments | AspenTech | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 167 | 111 | 428 | 337 |
Software and Control | Operating Segments | AspenTech | AMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | 75 | 104 | 208 | 228 |
Software and Control | Operating Segments | AspenTech | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, excluding intersegment eliminations | $ 101 | $ 105 | $ 242 | $ 228 |