Missouri
|
|
43-0259330
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
||
|
|
|
|
8000 W. Florissant Ave.
|
|
||
P.O. Box 4100
|
|
||
St. Louis,
|
Missouri
|
63136
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
Common Stock of $0.50 par value per share
|
EMR
|
New York Stock Exchange
|
|
|
Chicago Stock Exchange
|
0.375% Notes due 2024
|
EMR 24
|
New York Stock Exchange
|
1.250% Notes due 2025
|
EMR 25A
|
New York Stock Exchange
|
2.000% Notes due 2029
|
EMR 29
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
|
|
|
|
|
|
Non-accelerated filer
|
☐
|
|
|
Smaller reporting company
|
☐
|
|
||||
|
|
|
|
Emerging growth company
|
☐
|
|
1.
|
Portions of Emerson Electric Co. Notice of 2020 Annual Meeting of Shareholders and Proxy Statement incorporated by reference into Part III hereof.
|
•
|
Automation Solutions - enables process, hybrid and discrete manufacturers to maximize production, protect personnel and the environment, and optimize their energy efficiency and operating costs through a broad offering of products and integrated solutions, including measurement and analytical instrumentation, industrial valves and equipment, and process control software and systems.
|
•
|
Commercial & Residential Solutions - provides products and solutions that promote energy efficiency, enhance household and commercial comfort, and protect food quality and sustainability through heating, air conditioning and refrigeration technology, as well as a broad range of tools and appliance solutions.
|
|
2018
|
|
|
2019
|
|
|
Automation Solutions
|
$
|
4,473
|
|
|
4,594
|
|
Commercial & Residential Solutions
|
493
|
|
|
467
|
|
|
Total Backlog
|
$
|
4,966
|
|
|
5,061
|
|
Name
|
Position
|
Age
|
Fiscal Year
|
|
|
|
|
D. N. Farr
|
Chairman of the Board and Chief Executive Officer*
|
64
|
1985
|
|
|
|
|
F. J. Dellaquila
|
Senior Executive Vice President and Chief Financial Officer
|
62
|
1991
|
|
|
|
|
S. J. Pelch
|
Chief Operating Officer and Executive Vice President - Organization Planning and Development
|
55
|
2005
|
|
|
|
|
M. H. Train
|
President
|
57
|
1994
|
|
|
|
|
L. Karsanbhai
|
Executive President - Automation Solutions
|
50
|
2002
|
|
|
|
|
R. T. Sharp
|
Executive President - Commercial & Residential Solutions
|
52
|
1999
|
|
|
|
|
S. Y. Bosco
|
Senior Vice President, Secretary and General Counsel
|
61
|
2005
|
|
|
|
|
M. J. Bulanda
|
Senior Vice President - Planning and Development
|
53
|
2002
|
|
|
|
|
K. Button Bell
|
Senior Vice President and Chief Marketing Officer
|
61
|
1999
|
|
|
|
|
M. J. Baughman
|
Vice President, Controller and Chief Accounting Officer
|
54
|
2018
|
Period
|
|
Total Number of Share Purchased
(000s)
|
|
Average Price
Paid per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (000s)
|
|
Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or
Programs (000s)
|
||||||
July 2019
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
26,121
|
August 2019
|
|
|
3,020
|
|
|
|
$58.36
|
|
|
|
3,020
|
|
|
23,101
|
September 2019
|
|
|
1,161
|
|
|
|
$63.51
|
|
|
|
1,161
|
|
|
21,940
|
Total
|
|
|
4,181
|
|
|
|
$59.79
|
|
|
|
4,181
|
|
|
21,940
|
|
2015 (a)
|
|
|
2016
|
|
|
2017
|
|
|
2018 (b)
|
|
|
2019
|
|
|
Net sales
|
$
|
16,249
|
|
|
14,522
|
|
|
15,264
|
|
|
17,408
|
|
|
18,372
|
|
Earnings from continuing operations – common
stockholders
|
$
|
2,517
|
|
|
1,590
|
|
|
1,643
|
|
|
2,203
|
|
|
2,306
|
|
Basic earnings per common share from continuing
operations
|
$
|
3.72
|
|
|
2.46
|
|
|
2.54
|
|
|
3.48
|
|
|
3.74
|
|
Diluted earnings per common share from continuing
operations
|
$
|
3.71
|
|
|
2.45
|
|
|
2.54
|
|
|
3.46
|
|
|
3.71
|
|
Cash dividends per common share
|
$
|
1.88
|
|
|
1.90
|
|
|
1.92
|
|
|
1.94
|
|
|
1.96
|
|
Long-term debt
|
$
|
4,289
|
|
|
4,051
|
|
|
3,794
|
|
|
3,137
|
|
|
4,277
|
|
Total assets
|
$
|
22,088
|
|
|
21,732
|
|
|
19,589
|
|
|
20,390
|
|
|
20,497
|
|
/s/ David N. Farr
|
|
/s/ Frank J. Dellaquila
|
|
David N. Farr
|
|
Frank J. Dellaquila
|
|
Chairman of the Board
|
|
Senior Executive Vice President
|
|
and Chief Executive Officer
|
|
and Chief Financial Officer
|
|
|
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
18 vs. 17
|
|
19 vs. 18
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Net sales
|
$
|
15,264
|
|
|
17,408
|
|
|
18,372
|
|
|
14
|
%
|
|
6
|
%
|
Gross profit
|
$
|
6,431
|
|
|
7,432
|
|
|
7,815
|
|
|
16
|
%
|
|
5
|
%
|
Percent of sales
|
42.1
|
%
|
|
42.7
|
%
|
|
42.5
|
%
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
SG&A
|
$
|
3,607
|
|
|
4,269
|
|
|
4,457
|
|
|
|
|
|
|
|
Percent of sales
|
23.6
|
%
|
|
24.5
|
%
|
|
24.2
|
%
|
|
|
|
|
|
||
Other deductions, net
|
$
|
324
|
|
|
337
|
|
|
325
|
|
|
|
|
|
|
|
Interest expense, net
|
$
|
165
|
|
|
159
|
|
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
||||||
before income taxes
|
$
|
2,335
|
|
|
2,667
|
|
|
2,859
|
|
|
14
|
%
|
|
7
|
%
|
Percent of sales
|
15.3
|
%
|
|
15.3
|
%
|
|
15.6
|
%
|
|
|
|
|
|
||
Earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
||||||
common stockholders
|
$
|
1,643
|
|
|
2,203
|
|
|
2,306
|
|
|
34
|
%
|
|
5
|
%
|
Percent of sales
|
10.8
|
%
|
|
12.7
|
%
|
|
12.6
|
%
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
Diluted EPS – Earnings from continuing operations
|
$
|
2.54
|
|
|
3.46
|
|
|
3.71
|
|
|
36
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on common stockholders' equity
|
18.6
|
%
|
|
24.9
|
%
|
|
26.8
|
%
|
|
|
|
|
|||
Return on total capital
|
15.3
|
%
|
|
20.6
|
%
|
|
19.5
|
%
|
|
|
|
|
AUTOMATION SOLUTIONS
|
|
|
|
|
|
|
|
|
|
||||||
(dollars in millions)
|
2017
|
|
2018
|
|
2019
|
|
18 vs. 17
|
|
19 vs. 18
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Sales
|
$
|
9,418
|
|
|
11,441
|
|
|
12,202
|
|
|
21
|
%
|
|
7
|
%
|
Earnings
|
$
|
1,522
|
|
|
1,886
|
|
|
1,947
|
|
|
24
|
%
|
|
3
|
%
|
Margin
|
16.2
|
%
|
|
16.5
|
%
|
|
16.0
|
%
|
|
|
|
|
Sales by Major Product Offering
|
|
|
|
|
|
|
|
|
|
||||||
Measurement & Analytical Instrumentation
|
$
|
3,070
|
|
|
3,604
|
|
|
3,807
|
|
|
17
|
%
|
|
6
|
%
|
Valves, Actuators & Regulators
|
2,659
|
|
|
3,749
|
|
|
3,794
|
|
|
41
|
%
|
|
1
|
%
|
|
Industrial Solutions
|
1,689
|
|
|
1,967
|
|
|
2,232
|
|
|
16
|
%
|
|
14
|
%
|
|
Process Control Systems & Solutions
|
2,000
|
|
|
2,121
|
|
|
2,369
|
|
|
6
|
%
|
|
12
|
%
|
|
Total
|
$
|
9,418
|
|
|
11,441
|
|
|
12,202
|
|
|
21
|
%
|
|
7
|
%
|
COMMERCIAL & RESIDENTIAL SOLUTIONS
|
|
|
|
|
|
|
|||||||||
(dollars in millions)
|
2017
|
|
2018
|
|
2019
|
|
18 vs. 17
|
|
19 vs. 18
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Sales:
|
|
|
|
|
|
|
|
|
|
||||||
Climate Technologies
|
$
|
4,212
|
|
|
4,454
|
|
|
4,313
|
|
|
6
|
%
|
|
(3
|
)%
|
Tools & Home Products
|
1,645
|
|
|
1,528
|
|
|
1,856
|
|
|
(7
|
)%
|
|
22
|
%
|
|
Total
|
$
|
5,857
|
|
|
5,982
|
|
|
6,169
|
|
|
2
|
%
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||
Climate Technologies
|
$
|
975
|
|
|
972
|
|
|
883
|
|
|
—
|
%
|
|
(9
|
)%
|
Tools & Home Products
|
383
|
|
|
380
|
|
|
388
|
|
|
(1
|
)%
|
|
2
|
%
|
|
Total
|
$
|
1,358
|
|
|
1,352
|
|
|
1,271
|
|
|
—
|
%
|
|
(6
|
)%
|
Margin
|
23.2
|
%
|
|
22.6
|
%
|
|
20.6
|
%
|
|
|
|
|
CASH FLOW FROM CONTINUING OPERATIONS
|
|
|
|
|
|
||||
(dollars in millions)
|
2017
|
|
2018
|
|
2019
|
||||
|
|
|
|
|
|
||||
Operating Cash Flow
|
$
|
2,690
|
|
|
2,892
|
|
|
3,006
|
|
Percent of sales
|
17.6
|
%
|
|
16.6
|
%
|
|
16.4
|
%
|
|
Capital Expenditures
|
$
|
476
|
|
|
617
|
|
|
594
|
|
Percent of sales
|
3.1
|
%
|
|
3.5
|
%
|
|
3.2
|
%
|
|
Free Cash Flow (Operating Cash Flow less Capital Expenditures)
|
$
|
2,214
|
|
|
2,275
|
|
|
2,412
|
|
Percent of sales
|
14.5
|
%
|
|
13.1
|
%
|
|
13.1
|
%
|
|
Operating Working Capital
|
$
|
1,007
|
|
|
985
|
|
|
1,113
|
|
Percent of sales
|
6.6
|
%
|
|
5.7
|
%
|
|
6.1
|
%
|
LEVERAGE/CAPITALIZATION
|
|
|
|
|
|
||||
(dollars in millions)
|
2017
|
|
2018
|
|
2019
|
||||
|
|
|
|
|
|
||||
Total Assets
|
$
|
19,589
|
|
|
20,390
|
|
|
20,497
|
|
Long-term Debt
|
$
|
3,794
|
|
|
3,137
|
|
|
4,277
|
|
Common Stockholders' Equity
|
$
|
8,718
|
|
|
8,947
|
|
|
8,233
|
|
|
|
|
|
|
|
||||
Total Debt-to-Total Capital Ratio
|
34.8
|
%
|
|
34.7
|
%
|
|
41.0
|
%
|
|
Net Debt-to-Net Capital Ratio
|
15.4
|
%
|
|
29.1
|
%
|
|
33.9
|
%
|
|
Operating Cash Flow-to-Debt Ratio
|
57.8
|
%
|
|
60.7
|
%
|
|
52.5
|
%
|
|
Interest Coverage Ratio
|
12.6X
|
|
|
14.2X
|
|
|
15.2X
|
|
|
Amounts Due By Period
|
||||||||||||||
(dollars in millions)
|
Total
|
|
|
Less Than 1 Year
|
|
|
1 - 3
Years
|
|
|
3 - 5
Years
|
|
|
More Than
5 Years
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Long-term Debt (including Interest)
|
$
|
6,163
|
|
|
663
|
|
|
1,080
|
|
|
1,226
|
|
|
3,194
|
|
Operating Leases
|
511
|
|
|
159
|
|
|
194
|
|
|
95
|
|
|
63
|
|
|
Purchase Obligations
|
854
|
|
|
738
|
|
|
94
|
|
|
16
|
|
|
6
|
|
|
Total
|
$
|
7,528
|
|
|
1,560
|
|
|
1,368
|
|
|
1,337
|
|
|
3,263
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
15,264
|
|
|
17,408
|
|
|
18,372
|
|
Costs and expenses:
|
|
|
|
|
|
||||
Cost of sales
|
8,833
|
|
|
9,976
|
|
|
10,557
|
|
|
Selling, general and administrative expenses
|
3,607
|
|
|
4,269
|
|
|
4,457
|
|
|
Other deductions, net
|
324
|
|
|
337
|
|
|
325
|
|
|
Interest expense, net of interest income of: 2017, $36;
2018, $43; 2019, $27
|
165
|
|
|
159
|
|
|
174
|
|
|
Earnings from continuing operations before income taxes
|
2,335
|
|
|
2,667
|
|
|
2,859
|
|
|
Income taxes
|
660
|
|
|
443
|
|
|
531
|
|
|
Earnings from continuing operations
|
1,675
|
|
|
2,224
|
|
|
2,328
|
|
|
Discontinued operations, net of tax of $671
|
(125
|
)
|
|
—
|
|
|
—
|
|
|
Net earnings
|
1,550
|
|
|
2,224
|
|
|
2,328
|
|
|
Less: Noncontrolling interests in earnings of subsidiaries
|
32
|
|
|
21
|
|
|
22
|
|
|
Net earnings common stockholders
|
$
|
1,518
|
|
|
2,203
|
|
|
2,306
|
|
|
|
|
|
|
|
||||
Earnings common stockholders:
|
|
|
|
|
|
||||
Earnings from continuing operations
|
$
|
1,643
|
|
|
2,203
|
|
|
2,306
|
|
Discontinued operations, net of tax
|
(125
|
)
|
|
—
|
|
|
—
|
|
|
Net earnings common stockholders
|
$
|
1,518
|
|
|
2,203
|
|
|
2,306
|
|
|
|
|
|
|
|
||||
Basic earnings per share common stockholders:
|
|
|
|
|
|
||||
Earnings from continuing operations
|
$
|
2.54
|
|
|
3.48
|
|
|
3.74
|
|
Discontinued operations
|
(0.19
|
)
|
|
—
|
|
|
—
|
|
|
Basic earnings per common share
|
$
|
2.35
|
|
|
3.48
|
|
|
3.74
|
|
|
|
|
|
|
|
||||
Diluted earnings per share common stockholders:
|
|
|
|
|
|
||||
Earnings from continuing operations
|
$
|
2.54
|
|
|
3.46
|
|
|
3.71
|
|
Discontinued operations
|
(0.19
|
)
|
|
—
|
|
|
—
|
|
|
Diluted earnings per common share
|
$
|
2.35
|
|
|
3.46
|
|
|
3.71
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Net earnings
|
|
$
|
1,550
|
|
|
2,224
|
|
|
2,328
|
|
|
|
|
|
|
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||
Foreign currency translation
|
|
441
|
|
|
(231
|
)
|
|
(194
|
)
|
|
Pension and postretirement
|
|
500
|
|
|
242
|
|
|
(508
|
)
|
|
Cash flow hedges
|
|
37
|
|
|
(7
|
)
|
|
(5
|
)
|
|
Total other comprehensive income (loss)
|
|
978
|
|
|
4
|
|
|
(707
|
)
|
|
|
|
|
|
|
|
|
||||
Comprehensive income
|
|
2,528
|
|
|
2,228
|
|
|
1,621
|
|
|
|
|
|
|
|
|
|
||||
Less: Noncontrolling interests in comprehensive income of subsidiaries
|
|
30
|
|
|
21
|
|
|
22
|
|
|
Comprehensive income common stockholders
|
|
$
|
2,498
|
|
|
2,207
|
|
|
1,599
|
|
|
2018
|
|
|
2019
|
|
|
ASSETS
|
|
|
|
|||
Current assets
|
|
|
|
|||
Cash and equivalents
|
$
|
1,093
|
|
|
1,494
|
|
Receivables, less allowances of $113 in 2018 and $112 in 2019
|
3,023
|
|
|
2,985
|
|
|
Inventories
|
1,813
|
|
|
1,880
|
|
|
Other current assets
|
690
|
|
|
780
|
|
|
Total current assets
|
6,619
|
|
|
7,139
|
|
|
|
|
|
|
|||
Property, plant and equipment, net
|
3,562
|
|
|
3,642
|
|
|
|
|
|
|
|||
Other assets
|
|
|
|
|
||
Goodwill
|
6,455
|
|
|
6,536
|
|
|
Other intangible assets
|
2,751
|
|
|
2,615
|
|
|
Other
|
1,003
|
|
|
565
|
|
|
Total other assets
|
10,209
|
|
|
9,716
|
|
|
Total assets
|
$
|
20,390
|
|
|
20,497
|
|
|
|
|
|
|||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Short-term borrowings and current maturities of long-term debt
|
$
|
1,623
|
|
|
1,444
|
|
Accounts payable
|
1,943
|
|
|
1,874
|
|
|
Accrued expenses
|
2,598
|
|
|
2,658
|
|
|
Total current liabilities
|
6,164
|
|
|
5,976
|
|
|
|
|
|
|
|||
Long-term debt
|
3,137
|
|
|
4,277
|
|
|
|
|
|
|
|||
Other liabilities
|
2,099
|
|
|
1,971
|
|
|
|
|
|
|
|||
Equity
|
|
|
|
|
|
|
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 629.2 shares in 2018; 611.0 shares in 2019
|
477
|
|
|
477
|
|
|
Additional paid-in-capital
|
348
|
|
|
393
|
|
|
Retained earnings
|
23,072
|
|
|
24,199
|
|
|
Accumulated other comprehensive income (loss)
|
(1,015
|
)
|
|
(1,722
|
)
|
|
|
22,882
|
|
|
23,347
|
|
|
Less: Cost of common stock in treasury, 324.2 shares in 2018; 342.4 shares in 2019
|
13,935
|
|
|
15,114
|
|
|
Common stockholders’ equity
|
8,947
|
|
|
8,233
|
|
|
Noncontrolling interests in subsidiaries
|
43
|
|
|
40
|
|
|
Total equity
|
8,990
|
|
|
8,273
|
|
|
Total liabilities and equity
|
$
|
20,390
|
|
|
20,497
|
|
|
|
|
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
|
|
|
|||
See accompanying Notes to Consolidated Financial Statements.
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
|
|
|
|
|
||||
Common stock
|
$
|
477
|
|
|
477
|
|
|
477
|
|
|
|
|
|
|
|
||||
Additional paid-in-capital
|
|
|
|
|
|
||||
Beginning balance
|
205
|
|
|
297
|
|
|
348
|
|
|
Stock plans
|
92
|
|
|
51
|
|
|
45
|
|
|
Ending balance
|
297
|
|
|
348
|
|
|
393
|
|
|
|
|
|
|
|
|
||||
Retained earnings
|
|
|
|
|
|
||||
Beginning balance
|
21,716
|
|
|
21,995
|
|
|
23,072
|
|
|
Net earnings common stockholders
|
1,518
|
|
|
2,203
|
|
|
2,306
|
|
|
Dividends paid (per share: 2017, $1.92; 2018, $1.94; 2019, $1.96)
|
(1,239
|
)
|
|
(1,229
|
)
|
|
(1,209
|
)
|
|
Adoption of accounting standard updates
|
—
|
|
|
103
|
|
|
30
|
|
|
Ending balance
|
21,995
|
|
|
23,072
|
|
|
24,199
|
|
|
|
|
|
|
|
|
||||
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
||||
Beginning balance
|
(1,999
|
)
|
|
(1,019
|
)
|
|
(1,015
|
)
|
|
Foreign currency translation
|
443
|
|
|
(231
|
)
|
|
(194
|
)
|
|
Pension and postretirement
|
500
|
|
|
242
|
|
|
(508
|
)
|
|
Cash flow hedges
|
37
|
|
|
(7
|
)
|
|
(5
|
)
|
|
Ending balance
|
(1,019
|
)
|
|
(1,015
|
)
|
|
(1,722
|
)
|
|
|
|
|
|
|
|
||||
Treasury stock
|
|
|
|
|
|
||||
Beginning balance
|
(12,831
|
)
|
|
(13,032
|
)
|
|
(13,935
|
)
|
|
Purchases
|
(400
|
)
|
|
(1,000
|
)
|
|
(1,250
|
)
|
|
Issued under stock plans
|
199
|
|
|
97
|
|
|
71
|
|
|
Ending balance
|
(13,032
|
)
|
|
(13,935
|
)
|
|
(15,114
|
)
|
|
|
|
|
|
|
|
||||
Common stockholders' equity
|
8,718
|
|
|
8,947
|
|
|
8,233
|
|
|
|
|
|
|
|
|
||||
Noncontrolling interests in subsidiaries
|
|
|
|
|
|
||||
Beginning balance
|
50
|
|
|
52
|
|
|
43
|
|
|
Net earnings
|
32
|
|
|
21
|
|
|
22
|
|
|
Other comprehensive income (loss)
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
Dividends paid
|
(28
|
)
|
|
(30
|
)
|
|
(25
|
)
|
|
Ending balance
|
52
|
|
|
43
|
|
|
40
|
|
|
|
|
|
|
|
|
||||
Total equity
|
$
|
8,770
|
|
|
8,990
|
|
|
8,273
|
|
|
|
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Operating activities
|
|
|
|
|
|
||||
Net earnings
|
$
|
1,550
|
|
|
2,224
|
|
|
2,328
|
|
Loss from discontinued operations, net of tax
|
125
|
|
|
—
|
|
|
—
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
||||
Depreciation and amortization
|
636
|
|
|
758
|
|
|
822
|
|
|
Stock compensation expense
|
110
|
|
|
216
|
|
|
120
|
|
|
Pension expense
|
127
|
|
|
49
|
|
|
2
|
|
|
Pension funding
|
(45
|
)
|
|
(61
|
)
|
|
(60
|
)
|
|
Transition impact of Tax Act
|
—
|
|
|
(189
|
)
|
|
—
|
|
|
Changes in operating working capital
|
160
|
|
|
(83
|
)
|
|
(150
|
)
|
|
Other, net
|
27
|
|
|
(22
|
)
|
|
(56
|
)
|
|
Cash from continuing operations
|
2,690
|
|
|
2,892
|
|
|
3,006
|
|
|
Cash from discontinued operations
|
(778
|
)
|
|
—
|
|
|
—
|
|
|
Cash provided by operating activities
|
1,912
|
|
|
2,892
|
|
|
3,006
|
|
|
|
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
|
||||
Capital expenditures
|
(476
|
)
|
|
(617
|
)
|
|
(594
|
)
|
|
Purchases of businesses, net of cash and equivalents acquired
|
(2,990
|
)
|
|
(2,203
|
)
|
|
(469
|
)
|
|
Divestitures of businesses
|
39
|
|
|
201
|
|
|
14
|
|
|
Other, net
|
(106
|
)
|
|
(101
|
)
|
|
(125
|
)
|
|
Cash from continuing operations
|
(3,533
|
)
|
|
(2,720
|
)
|
|
(1,174
|
)
|
|
Cash from discontinued operations
|
5,047
|
|
|
—
|
|
|
—
|
|
|
Cash provided by (used in) investing activities
|
1,514
|
|
|
(2,720
|
)
|
|
(1,174
|
)
|
|
|
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
|
||||
Net increase (decrease) in short-term borrowings
|
(1,635
|
)
|
|
343
|
|
|
(6
|
)
|
|
Payments of short-term borrowings greater than three months
|
(90
|
)
|
|
—
|
|
|
—
|
|
|
Proceeds from long-term debt
|
—
|
|
|
—
|
|
|
1,691
|
|
|
Payments of long-term debt
|
(254
|
)
|
|
(241
|
)
|
|
(656
|
)
|
|
Dividends paid
|
(1,239
|
)
|
|
(1,229
|
)
|
|
(1,209
|
)
|
|
Purchases of common stock
|
(400
|
)
|
|
(1,000
|
)
|
|
(1,250
|
)
|
|
Other, net
|
27
|
|
|
35
|
|
|
39
|
|
|
Cash used in financing activities
|
(3,591
|
)
|
|
(2,092
|
)
|
|
(1,391
|
)
|
|
|
|
|
|
|
|
||||
Effect of exchange rate changes on cash and equivalents
|
45
|
|
|
(49
|
)
|
|
(40
|
)
|
|
Increase (Decrease) in cash and equivalents
|
(120
|
)
|
|
(1,969
|
)
|
|
401
|
|
|
Beginning cash and equivalents
|
3,182
|
|
|
3,062
|
|
|
1,093
|
|
|
Ending cash and equivalents
|
$
|
3,062
|
|
|
1,093
|
|
|
1,494
|
|
|
|
|
|
|
|
||||
Changes in operating working capital
|
|
|
|
|
|
||||
Receivables
|
$
|
(25
|
)
|
|
(175
|
)
|
|
51
|
|
Inventories
|
32
|
|
|
17
|
|
|
(87
|
)
|
|
Other current assets
|
(12
|
)
|
|
(42
|
)
|
|
(87
|
)
|
|
Accounts payable
|
135
|
|
|
115
|
|
|
(37
|
)
|
|
Accrued expenses
|
30
|
|
|
2
|
|
|
10
|
|
|
Total changes in operating working capital
|
$
|
160
|
|
|
(83
|
)
|
|
(150
|
)
|
|
|
2018
|
|
|
2019
|
|
|
Finished products
|
|
$
|
592
|
|
|
578
|
|
Raw materials and work in process
|
|
1,221
|
|
|
1,302
|
|
|
Total inventories
|
|
$
|
1,813
|
|
|
1,880
|
|
|
|
2018
|
|
|
2019
|
|
|
Land
|
|
$
|
316
|
|
|
336
|
|
Buildings
|
|
2,145
|
|
|
2,219
|
|
|
Machinery and equipment
|
|
5,470
|
|
|
5,645
|
|
|
Construction in progress
|
|
439
|
|
|
471
|
|
|
Property, plant and equipment, at cost
|
|
8,370
|
|
|
8,671
|
|
|
Less: Accumulated depreciation
|
|
4,808
|
|
|
5,029
|
|
|
Property, plant and equipment, net
|
|
$
|
3,562
|
|
|
3,642
|
|
|
|
2018
|
|
|
2019
|
|
|
Unbilled receivables (contract assets)
|
|
$
|
321
|
|
|
456
|
|
Customer advances (contract liabilities)
|
|
(510
|
)
|
|
(519
|
)
|
|
Net contract liabilities
|
|
$
|
(189
|
)
|
|
(63
|
)
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
Basic shares outstanding
|
642.1
|
|
|
632.0
|
|
|
616.2
|
|
Dilutive shares
|
1.3
|
|
|
3.3
|
|
|
4.4
|
|
Diluted shares outstanding
|
643.4
|
|
|
635.3
|
|
|
620.6
|
|
Accounts receivable
|
|
$
|
153
|
|
Inventory
|
|
187
|
|
|
Property, plant and equipment
|
|
140
|
|
|
Goodwill
|
|
1,176
|
|
|
Intangibles
|
|
1,013
|
|
|
Other assets
|
|
77
|
|
|
Total assets
|
|
2,746
|
|
|
|
|
|
||
Accounts payable
|
|
73
|
|
|
Other current liabilities
|
|
134
|
|
|
Deferred taxes and other liabilities
|
|
325
|
|
|
Cash paid, net of cash acquired
|
|
$
|
2,214
|
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|||
Net sales
|
|
$
|
17,148
|
|
|
18,186
|
|
Net earnings from continuing operations common stockholders
|
|
$
|
1,638
|
|
|
2,269
|
|
Diluted earnings per share from continuing operations
|
|
$
|
2.53
|
|
|
3.56
|
|
|
|
|
|
|
|
2017
|
|
|
Net sales
|
|
|
|
|
|
$
|
1,037
|
|
Cost of sales
|
|
|
|
|
|
701
|
|
|
SG&A
|
|
|
|
|
|
263
|
|
|
Other deductions, net
|
|
|
|
|
|
(473
|
)
|
|
Earnings (Loss) before income taxes
|
|
|
|
|
|
546
|
|
|
Income taxes
|
|
|
|
|
|
671
|
|
|
Earnings (Loss), net of tax
|
|
|
|
|
|
$
|
(125
|
)
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Automation Solutions
|
$
|
63
|
|
|
41
|
|
|
65
|
|
|
|
|
|
|
|
||||
Climate Technologies
|
10
|
|
|
20
|
|
|
20
|
|
|
Tools & Home Products
|
2
|
|
|
3
|
|
|
7
|
|
|
Commercial & Residential Solutions
|
12
|
|
|
23
|
|
|
27
|
|
|
|
|
|
|
|
|
||||
Corporate
|
3
|
|
|
1
|
|
|
3
|
|
|
|
|
|
|
|
|
||||
Total
|
$
|
78
|
|
|
65
|
|
|
95
|
|
|
2018
|
|
|
Expense
|
|
Utilized/Paid
|
|
2019
|
|
|||||||
Severance and benefits
|
$
|
46
|
|
|
|
72
|
|
|
|
|
56
|
|
|
|
62
|
|
Other
|
6
|
|
|
|
23
|
|
|
|
|
22
|
|
|
|
7
|
|
|
Total
|
$
|
52
|
|
|
|
95
|
|
|
|
|
78
|
|
|
|
69
|
|
|
2017
|
|
|
Expense
|
|
Utilized/Paid
|
|
2018
|
|
|||||||
Severance and benefits
|
$
|
60
|
|
|
|
43
|
|
|
|
|
57
|
|
|
|
46
|
|
Other
|
5
|
|
|
|
22
|
|
|
|
|
21
|
|
|
|
6
|
|
|
Total
|
$
|
65
|
|
|
|
65
|
|
|
|
|
78
|
|
|
|
52
|
|
|
Automation Solutions
|
|
|
Climate Technologies
|
|
|
Tools & Home Products
|
|
|
Commercial & Residential Solutions
|
|
|
|
||
|
|
|
|
|
Total
|
|
|||||||||
Balance, September 30, 2017
|
$
|
4,704
|
|
|
555
|
|
|
57
|
|
|
612
|
|
|
5,316
|
|
Acquisitions
|
696
|
|
|
118
|
|
|
374
|
|
|
492
|
|
|
1,188
|
|
|
Foreign currency
translation and other
|
(45
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
(49
|
)
|
|
Balance, September 30, 2018
|
5,355
|
|
|
670
|
|
|
430
|
|
|
1,100
|
|
|
6,455
|
|
|
Acquisitions
|
210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
210
|
|
|
Divestitures
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
Foreign currency
translation and other
|
(98
|
)
|
|
(2
|
)
|
|
(27
|
)
|
|
(29
|
)
|
|
(127
|
)
|
|
Balance, September 30, 2019
|
$
|
5,467
|
|
|
668
|
|
|
401
|
|
|
1,069
|
|
|
6,536
|
|
|
Customer Relationships
|
|
Intellectual Property
|
|
Capitalized Software
|
|
Total
|
|||||||||||||||||
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
Gross carrying amount
|
$
|
1,968
|
|
|
1,973
|
|
|
1,469
|
|
|
1,565
|
|
|
1,230
|
|
|
1,334
|
|
|
4,667
|
|
|
4,872
|
|
Less: Accumulated amortization
|
451
|
|
|
582
|
|
|
544
|
|
|
650
|
|
|
921
|
|
|
1,025
|
|
|
1,916
|
|
|
2,257
|
|
|
Net carrying amount
|
$
|
1,517
|
|
|
1,391
|
|
|
925
|
|
|
915
|
|
|
309
|
|
|
309
|
|
|
2,751
|
|
|
2,615
|
|
|
|
|
Gain (Loss) to Earnings
|
|
Gain (Loss) to OCI
|
|||||||||||||||
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
Location
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commodity
|
Cost of sales
|
|
$
|
10
|
|
|
13
|
|
|
(11
|
)
|
|
25
|
|
|
(7
|
)
|
|
(10
|
)
|
Foreign currency
|
Sales, cost of sales
|
|
(15
|
)
|
|
2
|
|
|
13
|
|
|
30
|
|
|
9
|
|
|
6
|
|
|
Foreign currency
|
Other deductions, net
|
|
(39
|
)
|
|
(15
|
)
|
|
66
|
|
|
|
|
|
|
|
||||
Total
|
|
|
$
|
(44
|
)
|
|
—
|
|
|
68
|
|
|
55
|
|
|
2
|
|
|
(4
|
)
|
|
|
2018
|
|
2019
|
|||||||||||
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|||||||
Commodity
|
|
|
$
|
1
|
|
|
|
10
|
|
|
—
|
|
|
8
|
|
Foreign currency
|
|
|
$
|
35
|
|
|
|
11
|
|
|
29
|
|
|
12
|
|
|
|
2018
|
|
|
2019
|
|
|
Current maturities of long-term debt
|
|
$
|
688
|
|
|
515
|
|
Commercial paper
|
|
935
|
|
|
929
|
|
|
Total
|
|
$
|
1,623
|
|
|
1,444
|
|
|
|
|
|
|
|||
Interest rate for weighted-average short-term borrowings at year end
|
|
2.1%
|
|
2.1%
|
|
2018
|
|
|
2019
|
|
|
5.25% notes due October 2018
|
400
|
|
|
—
|
|
|
5.0% notes due April 2019
|
250
|
|
|
—
|
|
|
4.875% notes due October 2019
|
500
|
|
|
500
|
|
|
4.25% notes due November 2020
|
300
|
|
|
300
|
|
|
2.625% notes due December 2021
|
500
|
|
|
500
|
|
|
2.625% notes due February 2023
|
500
|
|
|
500
|
|
|
0.375% notes due May 2024
|
—
|
|
|
545
|
|
|
3.15% notes due June 2025
|
500
|
|
|
500
|
|
|
1.25% notes due October 2025
|
—
|
|
|
545
|
|
|
2.0% notes due October 2029
|
—
|
|
|
545
|
|
|
6.0% notes due August 2032
|
250
|
|
|
250
|
|
|
6.125% notes due April 2039
|
250
|
|
|
250
|
|
|
5.25% notes due November 2039
|
300
|
|
|
300
|
|
|
Other
|
75
|
|
|
57
|
|
|
Long-term debt
|
3,825
|
|
|
4,792
|
|
|
Less: Current maturities
|
688
|
|
|
515
|
|
|
Total, net
|
$
|
3,137
|
|
|
4,277
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|||||||||||||||
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Service cost (benefits earned during the period)
|
$
|
60
|
|
|
52
|
|
|
47
|
|
|
19
|
|
|
24
|
|
|
24
|
|
Interest cost
|
134
|
|
|
141
|
|
|
155
|
|
|
30
|
|
|
39
|
|
|
38
|
|
|
Expected return on plan assets
|
(290
|
)
|
|
(283
|
)
|
|
(281
|
)
|
|
(56
|
)
|
|
(67
|
)
|
|
(68
|
)
|
|
Net amortization and other
|
211
|
|
|
129
|
|
|
81
|
|
|
22
|
|
|
14
|
|
|
6
|
|
|
Net periodic pension expense
|
115
|
|
|
39
|
|
|
2
|
|
|
15
|
|
|
10
|
|
|
—
|
|
|
Defined contribution plans
|
96
|
|
|
132
|
|
|
125
|
|
|
47
|
|
|
52
|
|
|
56
|
|
|
Total retirement plans expense
|
$
|
211
|
|
|
171
|
|
|
127
|
|
|
62
|
|
|
62
|
|
|
56
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|||||||||
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
Projected benefit obligation, beginning
|
$
|
4,369
|
|
|
3,957
|
|
|
1,489
|
|
|
1,442
|
|
Service cost
|
52
|
|
|
47
|
|
|
24
|
|
|
24
|
|
|
Interest cost
|
141
|
|
|
155
|
|
|
39
|
|
|
38
|
|
|
Actuarial (gain) loss
|
(262
|
)
|
|
608
|
|
|
(51
|
)
|
|
216
|
|
|
Benefits paid
|
(205
|
)
|
|
(206
|
)
|
|
(36
|
)
|
|
(36
|
)
|
|
Settlements
|
(152
|
)
|
|
(152
|
)
|
|
(49
|
)
|
|
(41
|
)
|
|
Acquisitions (Divestitures), net
|
13
|
|
|
—
|
|
|
54
|
|
|
2
|
|
|
Foreign currency translation and other
|
1
|
|
|
1
|
|
|
(28
|
)
|
|
(61
|
)
|
|
Projected benefit obligation, ending
|
$
|
3,957
|
|
|
4,410
|
|
|
1,442
|
|
|
1,584
|
|
|
|
|
|
|
|
|
|
|||||
Fair value of plan assets, beginning
|
$
|
4,292
|
|
|
4,233
|
|
|
1,236
|
|
|
1,243
|
|
Actual return on plan assets
|
265
|
|
|
316
|
|
|
69
|
|
|
135
|
|
|
Employer contributions
|
20
|
|
|
16
|
|
|
41
|
|
|
44
|
|
|
Benefits paid
|
(205
|
)
|
|
(206
|
)
|
|
(36
|
)
|
|
(36
|
)
|
|
Settlements
|
(152
|
)
|
|
(152
|
)
|
|
(49
|
)
|
|
(41
|
)
|
|
Acquisitions (Divestitures), net
|
12
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
Foreign currency translation and other
|
1
|
|
|
1
|
|
|
(28
|
)
|
|
(61
|
)
|
|
Fair value of plan assets, ending
|
$
|
4,233
|
|
|
4,208
|
|
|
1,243
|
|
|
1,284
|
|
|
|
|
|
|
|
|
|
|||||
Net amount recognized in the balance sheet
|
$
|
276
|
|
|
(202
|
)
|
|
(199
|
)
|
|
(300
|
)
|
|
|
|
|
|
|
|
|
|||||
Location of net amount recognized in the balance sheet:
|
|
|
|
|
|
|
|
|||||
Noncurrent asset
|
$
|
465
|
|
|
67
|
|
|
126
|
|
|
97
|
|
Current liability
|
(10
|
)
|
|
(11
|
)
|
|
(13
|
)
|
|
(14
|
)
|
|
Noncurrent liability
|
(179
|
)
|
|
(258
|
)
|
|
(312
|
)
|
|
(383
|
)
|
|
Net amount recognized in the balance sheet
|
$
|
276
|
|
|
(202
|
)
|
|
(199
|
)
|
|
(300
|
)
|
|
|
|
|
|
|
|
|
|||||
Pretax accumulated other comprehensive loss
|
$
|
(548
|
)
|
|
(1,040
|
)
|
|
(164
|
)
|
|
(307
|
)
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
Net pension expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate used to determine service cost
|
3.75
|
%
|
|
3.95
|
%
|
|
4.33
|
%
|
|
2.3
|
%
|
|
2.6
|
%
|
|
2.7
|
%
|
Discount rate used to determine interest cost
|
2.90
|
%
|
|
3.25
|
%
|
|
3.98
|
%
|
|
2.3
|
%
|
|
2.6
|
%
|
|
2.7
|
%
|
Expected return on plan assets
|
7.25
|
%
|
|
7.00
|
%
|
|
7.00
|
%
|
|
6.2
|
%
|
|
5.7
|
%
|
|
6.1
|
%
|
Rate of compensation increase
|
3.25
|
%
|
|
3.25
|
%
|
|
3.25
|
%
|
|
3.2
|
%
|
|
3.4
|
%
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Benefit obligations
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
3.76
|
%
|
|
4.26
|
%
|
|
3.22
|
%
|
|
2.6
|
%
|
|
2.7
|
%
|
|
1.9
|
%
|
Rate of compensation increase
|
3.25
|
%
|
|
3.25
|
%
|
|
3.25
|
%
|
|
3.4
|
%
|
|
3.5
|
%
|
|
3.7
|
%
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||
|
2018
|
|
|
2019
|
|
|
Target
|
|
2018
|
|
|
2019
|
|
|
Target
|
Equity securities
|
62
|
%
|
|
53
|
%
|
|
50-60%
|
|
52
|
%
|
|
42
|
%
|
|
40-50%
|
Debt securities
|
34
|
|
|
46
|
|
|
40-50
|
|
38
|
|
|
47
|
|
|
45-55
|
Other
|
4
|
|
|
1
|
|
|
0-10
|
|
10
|
|
|
11
|
|
|
5-15
|
Total
|
100
|
%
|
|
100
|
%
|
|
100%
|
|
100
|
%
|
|
100
|
%
|
|
100%
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Measured at NAV
|
|
Total
|
|
|
%
|
|
||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. equities
|
$
|
789
|
|
|
5
|
|
|
386
|
|
|
284
|
|
|
1,464
|
|
|
27
|
%
|
International equities
|
459
|
|
|
15
|
|
|
—
|
|
|
615
|
|
|
1,089
|
|
|
20
|
%
|
|
Emerging market equities
|
—
|
|
|
—
|
|
|
—
|
|
|
213
|
|
|
213
|
|
|
4
|
%
|
|
Corporate bonds
|
—
|
|
|
1,008
|
|
|
—
|
|
|
464
|
|
|
1,472
|
|
|
27
|
%
|
|
Government bonds
|
0
|
|
|
512
|
|
|
—
|
|
|
540
|
|
|
1,052
|
|
|
19
|
%
|
|
High-yield bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
Other
|
1
|
|
|
8
|
|
|
129
|
|
|
64
|
|
|
202
|
|
|
3
|
%
|
|
Total
|
$
|
1,249
|
|
|
1,548
|
|
|
515
|
|
|
2,180
|
|
|
5,492
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. equities
|
$
|
968
|
|
|
5
|
|
|
350
|
|
|
320
|
|
|
1,643
|
|
|
30
|
%
|
International equities
|
595
|
|
|
21
|
|
|
—
|
|
|
745
|
|
|
1,361
|
|
|
25
|
%
|
|
Emerging market equities
|
—
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|
243
|
|
|
5
|
%
|
|
Corporate bonds
|
—
|
|
|
696
|
|
|
—
|
|
|
423
|
|
|
1,119
|
|
|
20
|
%
|
|
Government bonds
|
—
|
|
|
350
|
|
|
—
|
|
|
438
|
|
|
788
|
|
|
14
|
%
|
|
High-yield bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
%
|
|
Other
|
107
|
|
|
6
|
|
|
121
|
|
|
78
|
|
|
312
|
|
|
6
|
%
|
|
Total
|
$
|
1,670
|
|
|
1,078
|
|
|
471
|
|
|
2,257
|
|
|
5,476
|
|
|
100
|
%
|
|
2018
|
|
|
2019
|
|
|
Level 3, beginning
|
$
|
451
|
|
|
471
|
|
Gains (Losses) on assets held
|
1
|
|
|
—
|
|
|
Gains (Losses) on assets sold
|
37
|
|
|
34
|
|
|
Purchases, sales and settlements, net
|
(18
|
)
|
|
10
|
|
|
Level 3, ending
|
$
|
471
|
|
|
515
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Service cost
|
$
|
1
|
|
|
1
|
|
|
1
|
|
Interest cost
|
6
|
|
|
6
|
|
|
5
|
|
|
Net amortization
|
(19
|
)
|
|
(19
|
)
|
|
(18
|
)
|
|
Net postretirement expense
|
$
|
(12
|
)
|
|
(12
|
)
|
|
(12
|
)
|
|
2018
|
|
|
2019
|
|
|
Benefit obligation, beginning
|
$
|
174
|
|
|
149
|
|
Service cost
|
1
|
|
|
1
|
|
|
Interest cost
|
6
|
|
|
5
|
|
|
Actuarial (gain) loss
|
(19
|
)
|
|
5
|
|
|
Benefits paid
|
(13
|
)
|
|
(13
|
)
|
|
Benefit obligation, ending (recognized in balance sheet)
|
$
|
149
|
|
|
147
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
United States
|
$
|
1,350
|
|
|
1,652
|
|
|
1,771
|
|
Non-U.S.
|
985
|
|
|
1,015
|
|
|
1,088
|
|
|
Total pretax earnings
|
$
|
2,335
|
|
|
2,667
|
|
|
2,859
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Current:
|
|
|
|
|
|
||||
U.S. federal
|
$
|
351
|
|
|
341
|
|
|
247
|
|
State and local
|
40
|
|
|
52
|
|
|
24
|
|
|
Non-U.S.
|
311
|
|
|
300
|
|
|
308
|
|
|
|
|
|
|
|
|
||||
Deferred:
|
|
|
|
|
|
||||
U.S. federal
|
7
|
|
|
(224
|
)
|
|
(2
|
)
|
|
State and local
|
4
|
|
|
(11
|
)
|
|
12
|
|
|
Non-U.S.
|
(53
|
)
|
|
(15
|
)
|
|
(58
|
)
|
|
Income tax expense
|
$
|
660
|
|
|
443
|
|
|
531
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
U.S. federal statutory rate
|
35.0
|
%
|
|
24.5
|
%
|
|
21.0
|
%
|
State and local taxes, net of U.S. federal tax benefit
|
1.2
|
|
|
1.2
|
|
|
1.0
|
|
Non-U.S. rate differential
|
(3.6
|
)
|
|
0.8
|
|
|
1.8
|
|
Non-U.S. tax holidays
|
(1.0
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
U.S. manufacturing deduction
|
(1.7
|
)
|
|
(1.1
|
)
|
|
—
|
|
Foreign derived intangible income
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
Gain on divestiture
|
—
|
|
|
1.0
|
|
|
—
|
|
Subsidiary restructuring
|
(1.8
|
)
|
|
(2.0
|
)
|
|
(2.6
|
)
|
Transition impact of Tax Act
|
—
|
|
|
(7.1
|
)
|
|
—
|
|
Other
|
0.2
|
|
|
0.1
|
|
|
(0.4
|
)
|
Effective income tax rate
|
28.3
|
%
|
|
16.6
|
%
|
|
18.6
|
%
|
|
2018
|
|
|
2019
|
|
|
Unrecognized tax benefits, beginning
|
$
|
132
|
|
|
158
|
|
Additions for current year tax positions
|
13
|
|
|
15
|
|
|
Additions for prior year tax positions
|
8
|
|
|
18
|
|
|
Reductions for prior year tax positions
|
(8
|
)
|
|
(22
|
)
|
|
Acquisitions and divestitures
|
21
|
|
|
4
|
|
|
Reductions for settlements with tax authorities
|
(3
|
)
|
|
(5
|
)
|
|
Reductions for expiration of statutes of limitations
|
(5
|
)
|
|
(9
|
)
|
|
Unrecognized tax benefits, ending
|
$
|
158
|
|
|
159
|
|
|
2018
|
|
|
2019
|
|
|
Deferred tax assets:
|
|
|
|
|||
Net operating losses and tax credits
|
$
|
396
|
|
|
407
|
|
Accrued liabilities
|
238
|
|
|
228
|
|
|
Postretirement and postemployment benefits
|
37
|
|
|
36
|
|
|
Employee compensation and benefits
|
119
|
|
|
110
|
|
|
Pensions
|
—
|
|
|
95
|
|
|
Other
|
151
|
|
|
121
|
|
|
Total
|
$
|
941
|
|
|
997
|
|
|
|
|
|
|||
Valuation allowances
|
$
|
(341
|
)
|
|
(307
|
)
|
|
|
|
|
|||
Deferred tax liabilities:
|
|
|
|
|||
Intangibles
|
$
|
(693
|
)
|
|
(637
|
)
|
Pensions
|
(43
|
)
|
|
—
|
|
|
Property, plant and equipment
|
(187
|
)
|
|
(195
|
)
|
|
Undistributed non-U.S. earnings
|
(52
|
)
|
|
(49
|
)
|
|
Other
|
(35
|
)
|
|
(39
|
)
|
|
Total
|
$
|
(1,010
|
)
|
|
(920
|
)
|
|
|
|
|
|||
Net deferred income tax liability
|
$
|
(410
|
)
|
|
(230
|
)
|
|
Weighted- Average Exercise Price Per Share
|
|
Shares
|
|
Total
Intrinsic Value of Shares |
|
Average Remaining Life (Years)
|
|||||||||||
Beginning of year
|
|
$
|
56.37
|
|
|
|
7,801
|
|
|
|
|
|
|
|
|
|
||
Options granted
|
|
$
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
||
Options exercised
|
|
$
|
49.35
|
|
|
|
(854
|
)
|
|
|
|
|
|
|
|
|
||
Options canceled
|
|
$
|
57.85
|
|
|
|
(32
|
)
|
|
|
|
|
|
|
|
|
||
End of year
|
|
$
|
57.23
|
|
|
|
6,915
|
|
|
|
$
|
67
|
|
|
|
|
4.2
|
|
Exercisable at end of year
|
|
$
|
57.27
|
|
|
|
6,795
|
|
|
|
$
|
66
|
|
|
|
|
4.2
|
|
|
Shares
|
|
Average Grant Date
Fair Value Per Share |
|||||
Beginning of year
|
6,898
|
|
|
|
$
|
54.69
|
|
|
Granted
|
1,740
|
|
|
|
$
|
68.99
|
|
|
Earned/vested
|
(2,068
|
)
|
|
|
$
|
47.93
|
|
|
Canceled
|
(245
|
)
|
|
|
$
|
59.85
|
|
|
End of year
|
6,325
|
|
|
|
$
|
60.63
|
|
|
•
|
Measurement & Analytical Instrumentation products measure the physical properties of liquids or gases in a process stream and communicate this information to a process control system or other software applications, and analyze the chemical composition of process fluids and emissions to enhance quality and efficiency, as well as environmental compliance.
|
•
|
Valves, Actuators & Regulators consists of control, isolation and pressure relief valves which respond to commands from a control system to continuously and precisely modulate the flow of process fluids, smart actuation and control technologies, pressure management products, and industrial and residential regulators that reduce the pressure of fluids moving from high-pressure supply lines into lower pressure systems.
|
•
|
Industrial Solutions provides fluid control and pneumatic mechanisms, electrical distribution equipment, and materials joining and precision cleaning products which are used in a variety of manufacturing operations to provide integrated solutions to customers.
|
•
|
Process Control Systems & Solutions provides a digital ecosystem that controls plant processes by communicating with and adjusting the "intelligent" plant devices described above to provide precision measurement, control, monitoring, asset optimization, and plant safety and reliability for plants that produce power, or process fluids or other items.
|
|
Sales
|
|
Earnings
|
|
Total Assets
|
||||||||||||||||||||||||
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|||
Automation Solutions
|
$
|
9,418
|
|
|
11,441
|
|
|
12,202
|
|
|
$
|
1,522
|
|
|
1,886
|
|
|
1,947
|
|
|
$
|
12,581
|
|
|
13,720
|
|
|
13,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Climate Technologies
|
4,212
|
|
|
4,454
|
|
|
4,313
|
|
|
975
|
|
|
972
|
|
|
883
|
|
|
2,547
|
|
|
2,936
|
|
|
2,885
|
|
|||
Tools & Home Products
|
1,645
|
|
|
1,528
|
|
|
1,856
|
|
|
383
|
|
|
380
|
|
|
388
|
|
|
830
|
|
|
1,560
|
|
|
1,462
|
|
|||
Commercial & Residential Solutions
|
5,857
|
|
|
5,982
|
|
|
6,169
|
|
|
1,358
|
|
|
1,352
|
|
|
1,271
|
|
|
3,377
|
|
|
4,496
|
|
|
4,347
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
|
|
—
|
|
|
|
|
(110
|
)
|
|
(216
|
)
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
|
|
||||||
Pension and postretirement costs
|
|
|
|
|
|
|
27
|
|
|
79
|
|
|
108
|
|
|
|
|
|
|
|
|||||||||
Corporate and other
|
|
|
|
|
|
|
(297
|
)
|
|
(275
|
)
|
|
(173
|
)
|
|
3,631
|
|
|
2,174
|
|
|
2,154
|
|
||||||
Eliminations/Interest
|
(11
|
)
|
|
(15
|
)
|
|
1
|
|
|
(165
|
)
|
|
(159
|
)
|
|
(174
|
)
|
|
|
|
|
|
|
||||||
Total
|
$
|
15,264
|
|
|
17,408
|
|
|
18,372
|
|
|
$
|
2,335
|
|
|
2,667
|
|
|
2,859
|
|
|
$
|
19,589
|
|
|
20,390
|
|
|
20,497
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
||||
Measurement & Analytical Instrumentation
|
|
$
|
3,070
|
|
|
3,604
|
|
|
3,807
|
|
Valves, Actuators & Regulators
|
|
2,659
|
|
|
3,749
|
|
|
3,794
|
|
|
Industrial Solutions
|
|
1,689
|
|
|
1,967
|
|
|
2,232
|
|
|
Process Control Systems & Solutions
|
|
2,000
|
|
|
2,121
|
|
|
2,369
|
|
|
Total
|
|
$
|
9,418
|
|
|
11,441
|
|
|
12,202
|
|
|
Depreciation
and Amortization
|
|
Capital
Expenditures |
||||||||||||||||
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
||
Automation Solutions
|
$
|
381
|
|
|
488
|
|
|
535
|
|
|
$
|
234
|
|
|
295
|
|
|
297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Climate Technologies
|
156
|
|
|
171
|
|
|
176
|
|
|
182
|
|
|
209
|
|
|
222
|
|
||
Tools & Home Products
|
45
|
|
|
44
|
|
|
71
|
|
|
45
|
|
|
64
|
|
|
59
|
|
||
Commercial & Residential Solutions
|
201
|
|
|
215
|
|
|
247
|
|
|
227
|
|
|
273
|
|
|
281
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate and other
|
54
|
|
|
55
|
|
|
40
|
|
|
15
|
|
|
49
|
|
|
16
|
|
||
Total
|
$
|
636
|
|
|
758
|
|
|
822
|
|
|
$
|
476
|
|
|
617
|
|
|
594
|
|
|
Automation Solutions
|
|
Commercial & Residential Solutions
|
|
Total
|
||||||||||||||||||||||||
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|||
Americas
|
$
|
4,581
|
|
|
5,517
|
|
|
5,850
|
|
|
$
|
4,051
|
|
|
3,967
|
|
|
4,253
|
|
|
$
|
8,632
|
|
|
9,484
|
|
|
10,103
|
|
Asia, Middle East & Africa
|
2,936
|
|
|
3,657
|
|
|
3,891
|
|
|
1,273
|
|
|
1,384
|
|
|
1,192
|
|
|
4,209
|
|
|
5,041
|
|
|
5,083
|
|
|||
Europe
|
1,901
|
|
|
2,267
|
|
|
2,461
|
|
|
533
|
|
|
631
|
|
|
724
|
|
|
2,434
|
|
|
2,898
|
|
|
3,185
|
|
|||
Total
|
$
|
9,418
|
|
|
11,441
|
|
|
12,202
|
|
|
$
|
5,857
|
|
|
5,982
|
|
|
6,169
|
|
|
$
|
15,275
|
|
|
17,423
|
|
|
18,371
|
|
|
|
Property, Plant and Equipment
|
||||||||
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Americas
|
|
$
|
2,055
|
|
|
2,234
|
|
|
2,339
|
|
Asia, Middle East & Africa
|
|
640
|
|
|
652
|
|
|
671
|
|
|
Europe
|
|
626
|
|
|
676
|
|
|
632
|
|
|
Total
|
|
$
|
3,321
|
|
|
3,562
|
|
|
3,642
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
Research and development expense
|
$
|
340
|
|
|
436
|
|
|
454
|
|
Depreciation expense
|
$
|
414
|
|
|
444
|
|
|
463
|
|
Rent expense
|
$
|
289
|
|
|
279
|
|
|
285
|
|
|
2018
|
|
|
2019
|
|
|
Pension assets
|
$
|
591
|
|
|
164
|
|
Asbestos-related insurance receivables
|
$
|
124
|
|
|
115
|
|
Deferred income taxes
|
$
|
74
|
|
|
97
|
|
|
2018
|
|
|
2019
|
|
|
Employee compensation
|
$
|
629
|
|
|
606
|
|
Customer advances (contract liabilities)
|
$
|
510
|
|
|
519
|
|
Product warranty
|
$
|
124
|
|
|
140
|
|
|
2018
|
|
|
2019
|
|
|
Pension and postretirement liabilities
|
$
|
625
|
|
|
775
|
|
Deferred income taxes
|
484
|
|
|
327
|
|
|
Asbestos litigation
|
334
|
|
|
313
|
|
|
Other
|
656
|
|
|
556
|
|
|
Total
|
$
|
2,099
|
|
|
1,971
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Full Year
|
|||||||||||||||||||||
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
Net sales
|
$
|
3,816
|
|
|
4,147
|
|
|
4,248
|
|
|
4,570
|
|
|
4,456
|
|
|
4,684
|
|
|
4,888
|
|
|
4,971
|
|
|
17,408
|
|
|
18,372
|
|
Gross profit
|
$
|
1,614
|
|
|
1,761
|
|
|
1,817
|
|
|
1,925
|
|
|
1,942
|
|
|
2,001
|
|
|
2,059
|
|
|
2,128
|
|
|
7,432
|
|
|
7,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings common stockholders
|
$
|
392
|
|
|
465
|
|
|
482
|
|
|
520
|
|
|
712
|
|
|
604
|
|
|
617
|
|
|
717
|
|
|
2,203
|
|
|
2,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Basic
|
$
|
0.61
|
|
|
0.74
|
|
|
0.76
|
|
|
0.85
|
|
|
1.13
|
|
|
0.98
|
|
|
0.98
|
|
|
1.17
|
|
|
3.48
|
|
|
3.74
|
|
Diluted
|
$
|
0.61
|
|
|
0.74
|
|
|
0.76
|
|
|
0.84
|
|
|
1.12
|
|
|
0.97
|
|
|
0.97
|
|
|
1.16
|
|
|
3.46
|
|
|
3.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Dividends per common share
|
$
|
0.485
|
|
|
0.49
|
|
|
0.485
|
|
|
0.49
|
|
|
0.485
|
|
|
0.49
|
|
|
0.485
|
|
|
0.49
|
|
|
1.94
|
|
|
1.96
|
|
•
|
Tested certain internal controls over the Company’s net sales processes, including the Company’s controls over the accurate recording of amounts.
|
•
|
Assessed the recorded net sales by selecting a sample of transactions and compared the amounts recognized for consistency with underlying documentation, including contracts with customers and shipping documentation.
|
/s/ KPMG LLP
|
|
Number of Securities
to be Issued upon
Exercise of
Outstanding Options, Warrants and Rights
|
|
Weighted-Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
|
|
Number of Securities
Remaining Available for
Future Issuance under
Equity Compensation
Plans (Excluding
Securities Reflected in Column (a))
|
||||||
Plan Category
|
|
(a)
|
|
|
|
(b)
|
|
|
|
(c)
|
|
Equity compensation plans
approved by security holders (1)
|
|
13,782,133
|
|
|
|
$57.23
|
|
|
|
20,483,695
|
|
Equity compensation plans not
approved by security holders
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
|
13,782,133
|
|
|
|
$57.23
|
|
|
|
20,483,695
|
|
(1)
|
Includes the Stock Option and Incentive Shares Plans previously approved by the Company's security holders. Shares included in column (a) assume the maximum payouts, where applicable, and are as follows: (i) 6,915,248 shares reserved for outstanding stock option awards, (ii) 1,811,605 shares reserved for performance share awards granted in 2019, (iii) 2,125,954 shares reserved for performance share awards granted in 2018, (iv) 2,347,063 shares reserved for performance share awards granted in 2017 and (v) 582,263 shares reserved for outstanding restricted stock unit awards. As provided by the Company’s Incentive Shares Plans, performance shares awards represent a commitment to issue such shares without cash payment by the employee, contingent upon achievement of the performance objectives and continued service by the employee.
|
1.
|
The consolidated financial statements and accompanying notes of the Company and subsidiaries and the report thereon of KPMG LLP set forth in Item 8 of this Annual Report on Form 10-K.
|
2.
|
Financial Statement Schedules - All schedules are omitted because they are not required, not applicable or the required information is provided in the financial statements or notes thereto contained in this Annual Report on Form 10-K.
|
3.
|
Exhibits (Listed by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K).
|
3(a)
|
Restated Articles of Incorporation of Emerson Electric Co., incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2001, File No. 1-278, Exhibit 3(a); Termination of Designated Shares of Stock and Certificate of Designation, Preferences and Rights of Series B Junior Participating Preferred Stock, incorporated by reference to Emerson Electric Co. 1998 Form 10-K, File No. 1-278, Exhibit 3(a).
|
3(b)
|
Bylaws of Emerson Electric Co., as amended through June 5, 2018, incorporated by reference to the Company's Form 8-K dated June 5, 2018, filed on June 11, 2018, File No. 1-278, Exhibit 3.1.
|
4(a)
|
Indenture dated as of December 10, 1998, between Emerson Electric Co. and Wells Fargo Bank, National Association, as successor trustee to The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York Mellon (formerly known as the Bank of New York)), as trustee, incorporated by reference to Emerson Electric Co. 1998 Form 10-K, File No. 1-278, Exhibit 4(b).
|
4(b)
|
Agreement of Resignation, Appointment and Acceptance dated as of April 26, 2019 by and among Emerson Electric Co., Wells Fargo Bank, National Association, as successor trustee, and The Bank of New York Mellon Trust Company, N.A., as resigning trustee, incorporated by reference to the Company's Form 8-K dated May 15, 2019, filed on May 17, 2019, File No. 1-278, Exhibit 4.4.
|
4(c)
|
Description of Capital Stock incorporated by reference to Emerson Electric Co. 2017 Form 10-K, File No. 1-278, Exhibit 99.1.
|
4(d)
|
10(a)*
|
Third Amendment to the Emerson Electric Co. 1993 Incentive Shares Plan, as restated, incorporated by reference to Emerson Electric Co. 1996 Form 10-K, File No. 1-278, Exhibit 10(g), and Fourth Amendment thereto, incorporated by reference to Emerson Electric Co. 2001 Form
|
10(b)*
|
Amended and Restated Emerson Electric Co. Continuing Compensation Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(c).
|
10(c)*
|
Amended and Restated Deferred Compensation Plan for Non-Employee Directors and Forms of Payment Election Form, Initial Notice of Election and Notice of Election Change, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(d).
|
10(d)*
|
First Amendment to the Emerson Electric Co. Supplemental Executive Retirement Plan, incorporated by reference to Emerson Electric Co. 1999 Form 10-K, File No. 1-278, Exhibit 10(h),
|
10(e)*
|
Amended and Restated Emerson Electric Co. Pension Restoration Plan dated October 6, 2015, incorporated by reference to Emerson Electric Co. 2015 Form 10-K, File No. 1-278, Exhibit 10(e); Forms of Participation Award Letter, Acceptance of Award and Benefit Election Forms (applicable only with respect to benefits after January 1, 2005), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(f); and Lump Sum Distribution Election Forms.
|
10(f)*
|
Fifth Amendment to the Supplemental Executive Savings Investment Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 1999, File No. 1-278, Exhibit 10(j), and Form of Participation Agreement and Form of Annual Election, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.8 (applicable only with respect to benefits vested as of December 31, 2004).
|
10(g)*
|
Amended and Restated Emerson Electric Co. Savings Investment Restoration Plan and Forms of Participation Agreement, Annual Election Form and Payment Election Form (applicable only with respect to benefits after January 1, 2005), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(h), and First Amendment to Emerson Electric Co. Savings Investment Restoration Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2008, File No. 1-278, Exhibit 10.1.
|
10(h)*
|
Amended and Restated Emerson Electric Co. Annual Incentive Plan and Form of Acceptance of Award, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(i).
|
10(i)*
|
1997 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. 1997 Proxy Statement dated December 6, 1996, File No. 1-278, Exhibit A, and First Amendment thereto, incorporated by reference to Emerson Electric Co. 2001 Form 10-K, File No. 1-278, Exhibit 10(j), Amendment for 409A Compliance, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(j), Form of Performance Share Award Certificate, Forms of Acceptance of Award and Change of Control Election, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.5, and Form of Restricted Shares Award Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.6.
|
10(j)*
|
1998 Stock Option Plan, incorporated by reference to Emerson Electric Co. 1998 Proxy Statement dated December 12, 1997, File No. 1-278, Appendix A, and Amendment No. 1 thereto, incorporated by reference to Emerson Electric Co. 2000 Form 10-K, File No. 1-278, Exhibit 10(l), Form of Notice of Grant of Stock Options and Option Agreement and Form of Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.1, and Form of Notice of Grant of Stock Options and Option Agreement and Form of Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.2.
|
10(k)*
|
2001 Stock Option Plan, incorporated by reference to Emerson Electric Co. 2002 Proxy Statement dated December 12, 2001, File No. 1-278, Appendix A, Form of Notice of Grant of Stock Options and Option Agreement and Form of Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.3 (used on or prior to September 30, 2011), Forms of Notice of Grant of Stock Options, Option Agreement and Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.1 (used after September 30, 2011), Form of Notice of Grant of Stock Options and Option Agreement and Form of Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.4 (used on or prior to September 30, 2011), Forms of Notice of Grant of Stock Options, Option Agreement and Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.2 (used after September 30, 2011).
|
10(l)*
|
Emerson Electric Co. Description of Split Dollar Life Insurance Program Transition, incorporated by reference to Emerson Electric Co. Form 8-K filed September 2, 2005, Exhibit 10.1.
|
10(m)*
|
Amended and Restated Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009, File No. 1-278, Exhibit 10.1, Form of Restricted Stock Award Letter under the Emerson Electric Co. Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 8-K filed February 1, 2005, Exhibit 10.2, and Form of Restricted Stock Unit Award Letter under the Emerson Electric Co. Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009, File No. 1-278, Exhibit 10.1.
|
10(n)*
|
Description of Non-Management Director Compensation, incorporated by reference to Emerson Electric Co. Form 10-K filed November 20, 2017, Exhibit 10(n).
|
10(o)*
|
Description of Named Executive Officer Compensation, incorporated by reference to Emerson Electric Co. Form 10-K filed November 20, 2017, Exhibit 10(o).
|
10(p)*
|
Emerson Electric Co. 2006 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. 2006 Proxy Statement dated December 16, 2005, Appendix C, Amendment for 409A Compliance, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(q), Forms of Performance Shares Award Certificate and Acceptance of Award (used on or prior to September 30, 2009) and Restricted Shares Award Agreement (used on or prior to September 30, 2011), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(q), Amendment to Emerson Electric Co. 2006 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended June 30, 2008, File No. 1-278, Exhibit 10.1, Forms of Performance Shares Award Certificate, Acceptance of Award and 2010 Performance Shares Program Award Summary, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009 (used after September 30, 2009 and on or prior to September 30, 2011), File No. 1-278, Exhibit 10.2, Forms of Performance Shares Award Certificate and Acceptance of Award, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.3 (used after September 30, 2011), and Form of Restricted Shares Award Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.4 (used after September 30, 2011).
|
10(q)
|
Credit Agreement dated as of May 23, 2018, incorporated by reference to Emerson Electric Co. Form 8-K dated May 23, 2018 and filed May 29, 2018, File No. 1-278, Exhibit 10.1.
|
10(r)*
|
2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. 2011 Proxy Statement dated December 10, 2010, File No. 1-278, Appendix B, 2011 Stock Option Plan as Amended and Restated effective October 1, 2012, incorporated by reference to Emerson Electric Co. 2012 Form 10-K, File No. 1-278, Exhibit 10(r), Forms of Notice of Grant of Stock Options, Option Agreement and Incentive Stock Option Agreement under the 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2012, File No. 1-278, Exhibit 10.1 and Forms of Notice of Grant of Stock Options, Option Agreement and Nonqualified Stock Option Agreement under the 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2012, File No. 1-278, Exhibit 10.2.
|
10(s)*
|
Emerson Electric Co. 2015 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. 2015 Proxy Statement dated December 12, 2014, Appendix B, Forms of Performance Shares Award Certificate and Acceptance of Award (used on or prior to November 5, 2018), Performance Shares Program Award Summary (used on or prior to November 5, 2018) and Form of Restricted Shares Award Agreement (used on or prior to November 5, 2018), incorporated by reference to Emerson Electric Co. 2015 Form 10-K, File No. 1-278, Exhibit 10(u), Form of Restricted Shares Award Agreement (used after November 5, 2018), incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2018, Exhibit 10.1, Form of Restricted Stock
|
10(t)
|
Transaction Agreement dated as of July 29, 2016 among Emerson Electric Co., Cortes NP Holdings, LLC, Cortes NP Acquisition Corporation, ASCO Power Grp, LLC and Cortes NP JV Holdings, LLC, incorporated by reference to Emerson Electric Co. 2016 Form 10-K, File No. 1-278, Exhibit 10(w).
|
10(u)*
|
Emerson Electric Co. Savings Investment Restoration Plan II, incorporated by reference to the Emerson Electric Co. Form 10-Q for the quarter ended June 30, 2018, File No. 1-278, Exhibit filed 10.1.
|
10(v)*
|
Letter Agreement effective as of October 2, 2018, by and between Emerson Electric Co. and Edward L. Monser, incorporated by reference to the Emerson Electric Co. Form 8-K filed October 5, 2018, File No. 1-278, Exhibit filed 10.1.
|
21
|
23
|
24
|
31
|
32
|
101
|
Attached as Exhibit 101 to this report are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the years ended September 30, 2017, 2018 and 2019, (ii) Consolidated Statements of Comprehensive Income for the years ended September 30, 2017, 2018, and 2019 (iii) Consolidated Balance Sheets at September 30, 2018 and 2019, (iv) Consolidated Statements of Equity for the years ended September 30, 2017, 2018 and 2019, (v) Consolidated Statements of Cash Flows for the years ended September 30, 2017, 2018 and 2019, and (vi) Notes to Consolidated Financial Statements for the year ended September 30, 2019.
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
|
|
EMERSON ELECTRIC CO.
|
|
|
|
|
|
|
By
|
/s/ F. J. Dellaquila
|
|
|
|
|
|
|
|
F. J. Dellaquila
|
|
|
|
Senior Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
November 18, 2019
|
|
Signature
|
|
Title
|
|
|
|
/s/ D. N. Farr
|
|
Chairman of the Board and Chief Executive Officer
|
D. N. Farr
|
|
|
|
|
|
/s/ F. J. Dellaquila
|
|
Senior Executive Vice President and Chief Financial Officer
|
F. J. Dellaquila
|
|
|
|
|
|
/s/ M. J. Baughman
|
|
Vice President, Controller and Chief Accounting Officer
|
M. J. Baughman
|
|
|
|
|
|
*
|
|
Director
|
M. A. Blinn
|
|
|
|
|
|
*
|
|
Director
|
C. A. H. Boersig
|
|
|
|
|
|
*
|
|
Director
|
J. B. Bolten
|
|
|
|
|
|
*
|
|
Director
|
M. S. Craighead
|
|
|
|
|
|
*
|
|
Director
|
G. A. Flach
|
|
|
|
|
|
*
|
|
Director
|
A. F. Golden
|
|
|
|
|
|
*
|
|
Director
|
C. Kendle
|
|
|
|
|
|
*
|
|
Director
|
L. Lee
|
|
|
|
|
|
*
|
|
Director
|
M. S. Levatich
|
|
|
|
|
|
*
|
|
Director
|
J. S. Turley
|
|
|
* By
|
/s/
|
F. J. Dellaquila
|
|
|
|
F. J. Dellaquila
|
|
|
|
Attorney-in-Fact
|
|
(1)
|
to any tax, assessment or other governmental charge that is imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds such note), or a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or possessor of a power over, the holder or beneficial owner if the holder or beneficial owner is an estate, trust, partnership, corporation or other entity, being considered as:
|
(a)
|
being or having been engaged in a trade or business in the United States or having been present in the United States or having had a permanent establishment in the United States;
|
(b)
|
having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment thereon or the enforcement of any rights thereunder), including being or having been a citizen or resident of the United States;
|
(c)
|
being or having been a personal holding company, a passive foreign investment company, a controlled foreign corporation or a foreign tax exempt organization for United States federal income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax;
|
(d)
|
being or having been a “10-percent shareholder” of the Company as defined in Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision; or
|
(e)
|
being or having been a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;
|
(2)
|
to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of such additional amounts had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;
|
(3)
|
to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of such holder or other person, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from, or reduction in, such tax, assessment or other governmental charge;
|
(4)
|
to any tax, assessment or other governmental charge that is imposed otherwise than by withholding or deducting from payments on the Notes;
|
(5)
|
to any tax, assessment or other governmental charge that would not have been imposed but for a change in law, treaty, regulation or administrative or judicial interpretation that becomes effective more than 15
|
(6)
|
to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge;
|
(7)
|
to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or premium, if any, or interest on any note, if such payment can be made without such withholding by at least one other paying agent;
|
(8)
|
to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the holder of any note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;
|
(9)
|
to any tax, assessment or other governmental charge imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreement or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; or
|
(10)
|
in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8) and (9).
|
•
|
mortgages on property, shares of stock or indebtedness of any corporation that exists when it becomes a Restricted Subsidiary;
|
•
|
mortgages on property that exist when we acquire the property and mortgages that secure payment of the purchase price of and improvements to the mortgaged property;
|
•
|
mortgages that secure debt which a Restricted Subsidiary owes to us or to another Restricted Subsidiary;
|
•
|
mortgages that existed at the date of the Indenture;
|
•
|
mortgages on property of a company that exist when we acquire the company;
|
•
|
mortgages in favor of a government to secure debt that we incur to finance the purchase price or cost of
|
•
|
extensions, renewals or replacement of any of the mortgages described above.
|
•
|
we could issue debt secured by the property involved (under the limitations on liens described above) in an amount equal to the Attributable Debt which would be calculated under the Indenture based on the rental payments to be received, or
|
•
|
we pay other debt within 90 days in an amount not less than such Attributable Debt amount. (Section 3.7)
|
•
|
to be discharged from all our obligations on your debt securities, except for our obligations to register transfers and exchanges, to replace temporary or mutilated, destroyed, lost or stolen debt securities, to maintain an office or agency in respect of the debt securities and to hold moneys for payment in trust; or
|
•
|
to be released from our restrictions described above relating to liens and sale/leaseback transactions.
|
•
|
default for 30 days in payment of any interest installment;
|
•
|
default in payment of principal, premium, sinking fund installment or analogous obligation when due;
|
•
|
unless stayed by litigation, default in performance of any other covenant in the Indenture governing such series, for 90 days after notice to us by the Trustee or by the Holders of 25% in principal amount of the outstanding debt securities of such series;
|
•
|
certain events of our bankruptcy, insolvency and reorganization; and
|
•
|
any additional events of default described in the prospectus supplement. (Section 5.1)
|
•
|
First, to the Trustee and its agents and attorneys an amount sufficient to cover their reasonable compensation, costs, expenses, liabilities and advances made.
|
•
|
Second, in the case the principal of the defaulted series is not yet due and payable, ratably to the persons entitled to payment of interest on the defaulted series in order of the maturity of the installments of such interest, with interest on the overdue installments of interest, or, in the case the principal of the defaulted series is due and payable, ratably, based on the aggregate of principal and accrued and unpaid interest, to persons entitled to payment of principal and interest on the defaulted series, with interest on the overdue principal and overdue installments of interest.
|
•
|
Third, the remainder to us or any other person entitled to it. (Section 5.3)
|
•
|
add, change or eliminate provisions in the Indenture; or
|
•
|
change the rights of the Holders of debt securities.
|
•
|
change the maturity;
|
•
|
reduce the principal amount or any premium;
|
•
|
reduce the interest rate or extend the time of payment of interest;
|
•
|
reduce any amount payable on redemption or reduce the amount of the principal of an Original Issue Discount Security that would be payable on acceleration;
|
•
|
impair or affect the right of any Holder to institute suit for payment;
|
•
|
change any right of the Holder to require repayment; or
|
•
|
reduce the requirement for approval of supplemental indentures. (Section 8.2)
|
•
|
convey property to the Trustee as security for the debt securities;
|
•
|
evidence the succession of another corporation and provide for assumption of rights and obligation under the Indenture;
|
•
|
add covenants, restrictions and conditions as we and the Trustee shall consider to be for the protection of the Holders of the outstanding debt securities;
|
•
|
add covenants, restrictions and conditions as described under “General” above;
|
•
|
cure any ambiguity or correct or supplement any provision of the Indenture which may be defective or inconsistent with any other provision contained in the Indenture;
|
•
|
make such other provisions as we may deem necessary or desirable so long as the interests of the Holders are not adversely affected thereby; or
|
•
|
make such other changes to the terms of the debt securities as left to our discretion by the terms of the Indenture. (Section 8.1)
|
LEGAL NAME
|
|
JURISDICTION
OF
INCORPORATION
|
|||||||
Appleton Holding Corp.
|
Delaware
|
||||||||
|
Appleton Group Canada, Ltd.
|
Ontario
|
|||||||
ASCO Numatics Holding, Inc.
|
Delaware
|
||||||||
Aventics Corporation
|
Delaware
|
||||||||
Branson Ultrasonic S.A.
|
Switzerland
|
||||||||
Bristol, Inc.
|
Delaware
|
||||||||
|
Energy Solutions International SAS
|
Colombia
|
|||||||
|
Energy Solutions International Sub, LLC
|
Delaware
|
|||||||
|
|
Energy Solutions International GP, LLC
|
Pennsylvania
|
||||||
|
|
Energy Solutions International Ltd.
|
New Brunswick
|
||||||
|
|
Energy Solutions International Ltd.
|
United Kingdom
|
||||||
|
|
Energy Solutions International (India) Private Limited
|
India
|
||||||
California Emerson LLC
|
Delaware
|
||||||||
Computational Systems, Incorporated
|
Tennessee
|
||||||||
Cooper-Atkins Corporation
|
Connecticut
|
||||||||
|
Cooper-Atkins Pte. Ltd.
|
Singapore
|
|||||||
Control Products, Inc.
|
Minnesota
|
||||||||
Daniel Industries, Inc.
|
Delaware
|
||||||||
|
Daniel Automation Company
|
Delaware
|
|||||||
|
Daniel Industrial, Inc.
|
Delaware
|
|||||||
|
Daniel International Limited
|
United Kingdom
|
|||||||
|
|
Daniel Europe Limited
|
United Kingdom
|
||||||
|
|
|
Daniel Industries Limited
|
United Kingdom
|
|||||
|
|
|
Spectra-Tek Holdings Limited
|
United Kingdom
|
|||||
|
|
|
Spectra-Tek UK Limited
|
United Kingdom
|
|||||
|
|
|
|
Daniel Measurement Solutions Private Limited
|
India
|
||||
|
|
Spectra-Tek International Limited
|
United Kingdom
|
||||||
|
|
|
Greenfield (UK) Limited
|
United Kingdom
|
|||||
|
Daniel Measurement and Control, Inc.
|
Delaware
|
|||||||
|
|
Daniel Industries Canada Inc.
|
Canada
|
||||||
|
|
Metco Services Venezuela, C.A.
|
Venezuela
|
||||||
|
Danmasa S.A. de C.V.
|
Mexico
|
|||||||
|
Emerson Automation Solutions Actuation Technologies Holdings, Inc.
|
Delaware
|
|||||||
|
|
Emerson Process Management Valve Automation, Inc.
|
Delaware
|
||||||
|
|
|
Bettis Canada Ltd.
|
Canada
|
|||||
|
|
|
Bettis Holdings Limited
|
United Kingdom
|
|||||
|
|
|
|
Bettis UK Limited
|
United Kingdom
|
||||
|
|
|
RPP, LLC
|
Massachusetts
|
|||||
|
|
Hytork International Ltd.
|
United Kingdom
|
||||||
EECO, Inc.
|
Delaware
|
||||||||
|
Apple JV Holding Corp.
|
Delaware
|
|||||||
|
|
Appleton Grp LLC
|
Delaware
|
||||||
|
|
|
Appleton Electric LLC
|
Delaware
|
|||||
|
|
|
|
Appleton Electric, S.A. de C.V.
|
Mexico
|
||||
|
|
|
|
EGS Comercializadora Mexico, S. de R.L. de C.V.
|
Mexico
|
||||
|
|
|
|
Nutsteel DHC B.V.
|
Netherlands
|
||||
|
|
|
|
Nutsteel Indústria Metalúrgica Ltda
|
Brazil
|
||||
|
|
|
Appleton Holding Sarl
|
France
|
|||||
|
|
|
|
ATX SAS
|
France
|
||||
|
|
|
|
Easy Heat Europe SAS
|
France
|
|
|
|
EGS Mexico S. de R.L. de C.V.
|
Mexico
|
|||||
|
|
|
EGS Private Ltd.
|
Singapore
|
|||||
|
|
|
|
Emerson Hazardous Electrical Equipment (Shanghai) Co., Ltd.
|
China
|
||||
|
|
|
GSEG LLC
|
Delaware
|
|||||
|
|
Easy Heat, Inc.
|
Delaware
|
||||||
|
|
Emersub CV, Inc.
|
Delaware
|
||||||
|
|
|
Flow Control US Holding Corporation
|
Delaware
|
|||||
|
|
|
|
Emerson Automation Solutions Final Control France SARL
|
France
|
||||
|
|
|
|
Emerson Final Control US Holding LLC
|
Texas
|
||||
|
|
|
|
|
Emerson Automation Solutions Final Control Sales Holding, LLC
|
Delaware
|
|||
|
|
|
|
|
|
Emerson Automation Solutions Final Control, LLC
|
Delaware
|
||
|
|
|
|
|
FC QSF, LLC
|
Delaware
|
|||
|
|
|
|
|
The J.R. Clarkson Company LLC
|
Nevada
|
|||
|
|
|
|
|
|
Crosby Valve, LLC
|
Nevada
|
||
|
|
|
|
|
|
Emerson Automation Solutions Final Control US LP
|
Delaware
|
||
|
|
|
|
|
|
|
Emerson Vulcan Holding LLC
|
Delaware
|
|
|
|
|
|
|
|
TV&C GP Holding, LLC
|
Nevada
|
||
|
|
|
|
|
Vulsub Holdings A, LLC
|
Delaware
|
|||
|
|
|
|
|
|
Emerson Automation Solutions Final Control (Taiwan) Ltd.
|
Taiwan
|
||
|
|
|
|
|
|
Emerson Automation Solutions Final Control (Thailand) Ltd.
|
Thailand
|
||
|
|
|
|
|
|
Vulsub VZ, C.A.
|
Venezuela
|
||
|
|
|
|
|
Vulsub Holdings B, LLC
|
Delaware
|
|||
|
|
|
|
|
|
Emerson Automation Solutions Final Control Hong Kong Limited
|
Hong Kong
|
||
|
|
|
|
|
|
Emerson Automation Solutions Final Control (Beijing) Co., Ltd.
|
China
|
||
|
|
|
|
|
|
Keystone Valve (Korea) LLC
|
Korea
|
||
|
|
|
|
|
Vulsub Holdings D, LLC
|
Delaware
|
|||
|
|
|
|
|
Vulsub Property Holding, LLC
|
Delaware
|
|||
|
Emerson Climate Technologies, Inc.
|
Delaware
|
|||||||
|
|
Copeland Access +, Inc.
|
Delaware
|
||||||
|
|
Copeland Corporation LLC
|
Delaware
|
||||||
|
|
|
Copeland de Mexico, S.A. de C.V.
|
Mexico
|
|||||
|
|
|
Emerson Climate Technologies (India) Private Limited
|
India
|
|||||
|
|
Copeland Redevelopment Corporation
|
Missouri
|
||||||
|
|
CR Compressors LLC
|
Delaware
|
||||||
|
|
Dixell North America, Inc.
|
Delaware
|
||||||
|
|
Emerson Climate Technologies Retail Solutions, Inc.
|
Delaware
|
||||||
|
|
|
Emerson Climate Services, LLC
|
Delaware
|
|||||
|
|
Scroll Compressors LLC
|
Delaware
|
||||||
|
|
Scroll Mexico LLC
|
Delaware
|
||||||
|
Emerson Electric (U.S.) Holding Corporation
|
Delaware
|
|||||||
|
|
Automatic Switch Company
|
Delaware
|
||||||
|
|
|
ASC Investments, Inc.
|
Delaware
|
|||||
|
|
|
Asco AB
|
Sweden
|
|||||
|
|
|
Asco Controls AG
|
Switzerland
|
|||||
|
|
|
|
Asco Controls B.V.
|
Netherlands
|
||||
|
|
|
|
|
ASCO/JOUCOMATIC s.r.o.
|
Czech Republic
|
|||
|
|
|
|
|
Asco Joucomatic ZA B.V.
|
Netherlands
|
|||
|
|
|
|
|
Asco Magnesszelep Kft.
|
Hungary
|
|||
|
|
|
|
|
Asco Numatics Sp. z o.o.
|
Poland
|
|||
|
|
|
|
|
Aventics B.V.
|
Netherlands
|
|||
|
|
|
|
|
Aventics Hungary Kft
|
Hungary
|
|||
|
|
|
|
|
Aventics Sp. z.o.o.
|
Poland
|
|||
|
|
|
|
|
Aventics, spol. s.r.o.
|
Czech Republic
|
|||
|
|
|
ASCO (Japan) Company Limited
|
Japan
|
|||||
|
|
|
ASCO, L.P.
|
Delaware
|
|||||
|
|
|
|
Emerson (Taiwan) Limited
|
Taiwan
|
||||
|
|
|
Ascomatica S.A. de C.V.
|
Mexico
|
|||||
|
|
|
Ascomation Pty. Ltd.
|
Australia
|
|
|
|
|
Ascomation (NZ) Ltd.
|
New Zealand
|
||||
|
|
|
ASCO Numatics (India) Private Limited
|
India
|
|||||
|
|
|
Ascotech, S.A. de C.V.
|
Mexico
|
|||||
|
|
|
Ascoval Industria e Commercio Ltda
|
Brazil
|
|||||
|
|
|
Aventics AB
|
Sweden
|
|||||
|
|
|
|
Aventics ApS
|
Denmark
|
||||
|
|
|
|
Aventics AS
|
Norway
|
||||
|
|
|
|
Aventics Oy
|
Finland
|
||||
|
|
Branson Ultrasonics Corporation
|
Delaware
|
||||||
|
|
|
Branson Korea Co., Ltd.
|
Korea
|
|||||
|
|
|
Branson Ultrasonidos S.A.E.
|
Spain
|
|||||
|
|
|
Branson Ultrasons SAS
|
France
|
|||||
|
|
Emerson Climate Technologies GmbH
|
Germany
|
||||||
|
|
|
Emerson Climate Technologies Limited
|
United Kingdom
|
|||||
|
|
|
Emerson Climate Technologies Refrigeration S.A.
|
Belgium
|
|||||
|
|
|
Emerson Climate Technologies S.A.
|
Spain
|
|||||
|
|
|
Emerson Climate Technologies Sarl
|
France
|
|||||
|
|
|
Emerson Climate Technologies S.R.L.
|
Italy
|
|||||
|
|
|
Gustav Klauke GmbH
|
Germany
|
|||||
|
|
|
|
Klauke Iberia, S.L.
|
Spain
|
||||
|
|
Emerson Dietzenbach GmbH
|
Germany
|
||||||
|
|
Emerson Electric Overseas Finance Corp.
|
Delaware
|
||||||
|
|
Emerson Process Management Verwaltung GmbH
|
Germany
|
||||||
|
|
|
Emerson Process Management GmbH & Co. OHG
|
Germany
|
|||||
|
|
|
|
Aventics Services Germany GmbH
|
Germany
|
||||
|
|
|
|
|
Aventics GmbH
|
Germany
|
|||
|
|
|
|
|
|
Aventics AG
|
Switzerland
|
||
|
|
|
|
|
|
Aventics GmbH
|
Austria
|
||
|
|
|
|
epro GmbH
|
Germany
|
||||
|
|
|
|
Flow Control Holding GmbH & Co. KG
|
Germany
|
||||
|
|
|
|
Flow Control Holding Verwaltungs GmbH
|
Germany
|
||||
|
|
|
|
RPP Europe GmbH
|
Germany
|
||||
|
|
|
|
Sempell GmbH
|
Germany
|
||||
|
|
|
|
|
Emerson Automation Solutions Final Control Germany GmbH
|
Germany
|
|||
|
|
|
|
|
Mecafrance (Deutschland) GmbH
|
Germany
|
|||
|
|
|
|
|
SABO-Armaturen Service GmbH
|
Germany
|
|||
|
|
Emerson Retail Services Europe GmbH
|
Germany
|
||||||
|
|
Emerson Technologies Verwaltungs GmbH
|
Germany
|
||||||
|
|
|
Emerson Technologies GmbH & Co. OHG
|
Germany
|
|||||
|
|
Emersub LXXXVI, Inc.
|
Delaware
|
||||||
|
|
EMR Europe Holdings Inc.
|
Delaware
|
||||||
|
|
|
EMR Holdings (France) SAS
|
France
|
|||||
|
|
|
|
ASCO SAS
|
France
|
||||
|
|
|
|
|
Asco Numatics GmbH
|
Germany
|
|||
|
|
|
|
|
Asco Numatics, S.A.
|
Spain
|
|||
|
|
|
|
|
|
Aventics Spain, S.L.
|
Spain
|
||
|
|
|
|
|
Joucomatic S.A.
|
Belgium
|
|||
|
|
|
|
Aventics Holding S.A.S.
|
France
|
||||
|
|
|
|
|
Aventics S.A.S.
|
France
|
|||
|
|
|
|
Francel SAS
|
France
|
||||
|
|
|
|
Generale de Robinetterie Industrielle et de Sytemes de Surete
|
France
|
||||
|
|
|
|
|
Conception et Representation de Technologies de Controle C.R.T. Controle SAS
|
France
|
|||
|
|
|
|
Klauke France SARL
|
France
|
||||
|
|
|
|
Ridgid France SAS
|
France
|
||||
|
|
Ridge Tool GmbH
|
Germany
|
||||||
|
|
|
Ridge Tool GmbH & Co. OHG
|
Germany
|
|||||
|
|
Rosemount Inc.
|
Minnesota
|
||||||
|
|
|
Dieterich Standard, Inc.
|
Delaware
|
|
|
|
Emerson Asia Pacific Private Limited
|
Singapore
|
|||||
|
|
|
|
Aventics Singapore Pte. Ltd.
|
Singapore
|
||||
|
|
|
|
Emerson Automation Solutions Final Control Singapore Pte. Ltd.
|
Singapore
|
||||
|
|
|
|
|
Emerson Automation Solutions Final Control Malaysia Sdn Bhd
|
Malaysia
|
|||
|
|
|
|
|
Emerson Automation Solutions Final Control (Sichuan) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Automation Solutions Final Control (Shanghai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
PT Emerson Solutions Indonesia
|
Indonesia
|
|||
|
|
|
|
|
Safety Systems UK Pte. Ltd.
|
Singapore
|
|||
|
|
|
|
|
|
Pentair Valves and Controls India Private Limited
|
India
|
||
|
|
|
|
|
Sakhi-Raimondi Valve (India) Limited
|
India
|
|||
|
|
|
|
Emerson Process Management Chennai Private Limited
|
India
|
||||
|
|
|
|
Emerson Process Management Manufacturing (M) Sdn Bhd
|
Malaysia
|
||||
|
|
|
|
Emerson Process Management Valve Automation (M) Sdn Bhd
|
Malaysia
|
||||
|
|
|
|
Spectronix Ltd.
|
Israel
|
||||
|
|
|
|
|
E. Business Development, E.B.D.Com Ltd.
|
Israel
|
|||
|
|
|
|
|
Fire & Safety Group.Com Ltd.
|
Israel
|
|||
|
|
|
|
|
Novel Environmental Technologies Ltd.
|
Israel
|
|||
|
|
|
|
|
Novel Extinguishing Agent Technology Ltd.
|
Israel
|
|||
|
|
|
|
|
Greenex Ltd.
|
Israel
|
|||
|
|
|
|
|
S.F.T. Group Ltd.
|
Israel
|
|||
|
|
|
|
|
Spectrex, Inc.
|
Connecticut
|
|||
|
|
|
Emerson Industrial Automation USA Inc.
|
Delaware
|
|||||
|
|
|
|
Fincor Holding, LLC
|
Delaware
|
||||
|
|
|
Emerson Korea Limited
|
Korea
|
|||||
|
|
|
|
Aventics Ltd.
|
Korea
|
||||
|
|
|
Emerson Process Management AB
|
Sweden
|
|||||
|
|
|
|
Emerson Process Management A/S (Denmark)
|
Denmark
|
||||
|
|
|
Emerson Process Management AS
|
Norway
|
|||||
|
|
|
Emerson Process Management Holding AG
|
Switzerland
|
|||||
|
|
|
|
Emerson Process Management AG
|
Switzerland
|
||||
|
|
|
|
|
Emerson Automation Solutions Final Control Polska Sp. Z.o.o.
|
Poland
|
|||
|
|
|
|
|
Emerson LLC
|
Azerbaijan
|
|||
|
|
|
|
|
Emerson LLP
|
Kazakhstan
|
|||
|
|
|
|
|
Emerson Process Management del Peru, S.A.C.
|
Peru
|
|||
|
|
|
|
|
|
Vulsub Peru S.A.C.
|
Peru
|
||
|
|
|
|
|
Emerson Process Management Kft.
|
Hungary
|
|||
|
|
|
|
|
|
Emerson Automation Solutions Final Control Hungary Kft
|
Hungary
|
||
|
|
|
|
|
Emerson Process Management Romania S.R.L.
|
Romania
|
|||
|
|
|
|
|
Emerson Process Management Sp. z o.o.
|
Poland
|
|||
|
|
|
|
|
|
Emerson Process Management UAB
|
Lithuania
|
||
|
|
|
|
|
Emerson Process Management Ticaret Limited Sirket
|
Turkey
|
|||
|
|
|
|
|
Emerson Process Management, s.r.o.
|
Czech Republic
|
|||
|
|
|
|
|
|
Emerson Automation Solutions Final Control Czech Republic s.r.o.
|
Czech Republic
|
||
|
|
|
|
|
Emerson Process Management, s.r.o.
|
Slovakia
|
|||
|
|
|
|
|
Emerson TOV
|
Ukraine
|
|||
|
|
|
Emerson Process Management Oy
|
Finland
|
|||||
|
|
|
Emerson Process Management, S.L.
|
Spain
|
|||||
|
|
|
Emersub LXXXIV, Inc.
|
Delaware
|
|||||
|
|
|
|
Keystone Germany Holdings Corp.
|
Delaware
|
||||
|
|
|
|
|
Chemat GmbH Armaturen fur Industrie - und Nuklearanlage
|
Germany
|
|||
|
|
|
|
|
Emerson Automation Solutions Final Control de Mexico, S.A. de C.V.
|
Mexico
|
|||
|
|
|
|
|
Emerson Process Management, S.A. de C.V.
|
Mexico
|
|||
|
|
|
Micro Motion, Inc.
|
Colorado
|
|||||
|
|
|
P I Components Corp.
|
Texas
|
|||||
|
|
|
Rosemount China Inc.
|
Minnesota
|
|||||
|
|
|
Rosemount Nuclear Instruments, Inc.
|
Delaware
|
|||||
|
|
|
Rosemount Specialty Products LLC
|
Delaware
|
|||||
|
Emersub 15 LLC
|
Delaware
|
|
Greenlee Tools, Inc.
|
Delaware
|
|||||||
|
Ridge Tool Company
|
Ohio
|
|||||||
|
|
Emerson Commercial & Residential Tools, LLC
|
Delaware
|
||||||
|
|
HD Electric Company
|
Illinois
|
||||||
|
|
Ridge Tool (Australia) Pty. Ltd.
|
Australia
|
||||||
|
|
Ridge Tool Manufacturing Company
|
Delaware
|
||||||
|
|
Ridge Tool Pattern Company
|
Delaware
|
||||||
|
|
RIDGID, Inc.
|
Delaware
|
||||||
|
|
Ridgid Italia S.R.L.
|
Italy
|
||||||
|
|
Ridgid Online, Inc.
|
Ohio
|
||||||
|
|
Ridgid Werkzeuge AG
|
Switzerland
|
||||||
|
Therm-O-Disc, Incorporated
|
Ohio
|
|||||||
|
|
Componentes Avanzados de Mexico S.A. de C.V.
|
Mexico
|
||||||
|
|
Controles de Temperatura S.A. de C.V.
|
Mexico
|
||||||
E.G.P. Corporation
|
Delaware
|
||||||||
Emerald Advanced Technology Limited
|
United Kingdom
|
||||||||
Emerson Arabia, Inc.
|
Delaware
|
||||||||
|
Emerson Climate Technologies Arabia Limited Co.
|
Saudi Arabia
|
|||||||
|
Emerson Process Management Arabia Limited
|
Saudi Arabia
|
|||||||
|
Emersub 4 LLC
|
Delaware
|
|||||||
Emerson Climate Technologies Mexico, S.A. de C.V.
|
Mexico
|
||||||||
Emerson Electric (Asia) Limited
|
Hong Kong
|
||||||||
|
Emerson Electric (South Asia) Pte. Ltd.
|
Singapore
|
|||||||
|
Emerson (Philippines) Corporation
|
Philippines
|
|||||||
Emerson Electric II, C.A.
|
Venezuela
|
||||||||
|
Soluciones 0925, C.A.
|
Venezuela
|
|||||||
Emerson Electric International, Inc.
|
Delaware
|
||||||||
Emerson Electric Ireland Limited
|
Bermuda
|
||||||||
|
Emersub Treasury Ireland Unlimited Company
|
Ireland
|
|||||||
Emerson Electric (Mauritius) Ltd.
|
Mauritius
|
||||||||
|
Emerson Electric Company (India) Private Limited
|
India
|
|||||||
|
Westinghouse Electric Pvt. Limited
|
Mauritius
|
|||||||
|
|
Emerson Process Management Power & Water Solutions India Private Limited
|
India
|
||||||
Emerson Finance LLC
|
Delaware
|
||||||||
Emerson International Holding Company Limited
|
United Kingdom
|
||||||||
|
Aventics Holding S.a.r.l.
|
Luxembourg
|
|||||||
|
|
Aventics India Private Limited
|
India
|
||||||
|
|
Aventics Pneumatics Equipment (Changzhou) Co., Ltd.
|
China
|
||||||
|
|
Aventics Pneumatics Trading (Shanghai) Co., Ltd.
|
China
|
||||||
|
Emerson Automation Solutions UK Limited
|
United Kingdom
|
|||||||
|
Emerson Electric Nederland B.V.
|
Netherlands
|
|||||||
|
|
Aegir Norge Holding AS
|
Norway
|
||||||
|
|
|
Roxar AS
|
Norway
|
|||||
|
|
|
|
Roxar Flow Measurement AS
|
Norway
|
||||
|
|
|
|
|
Emerson Process Management Nigeria Limited
|
Nigeria
|
|||
|
|
|
|
Roxar Flow Measurement Sdn Bhd
|
Malaysia
|
||||
|
|
|
|
Roxar Maximum Reservoir Performance W.L.L.
|
Bahrain
|
||||
|
|
|
|
Roxar de Venezuela C.A.
|
Venezuela
|
||||
|
|
|
|
Roxar Saudi Co.
|
Saudi Arabia
|
||||
|
|
|
|
Roxar Services AS
|
Norway
|
||||
|
|
|
|
|
Roxar Services OOO
|
Russia
|
|||
|
|
|
|
|
Roxar Technologies AS
|
Norway
|
|||
|
|
|
|
Roxar Software Solutions AS
|
Norway
|
||||
|
|
|
|
Roxar Vietnam Company Ltd.
|
Vietnam
|
||||
|
|
A.P.M. Automation Solutions Ltd.
|
Israel
|
||||||
|
|
Damcos Holding A/S
|
Denmark
|
||||||
|
|
|
Damcos A/S
|
Denmark
|
|||||
|
|
|
|
Emerson Process Management Marine Solutions Korea Co., Ltd.
|
Korea
|
|
|
|
|
Emerson Process Management Marine Systems (Shanghai) Co., Ltd.
|
China
|
||||
|
|
Emerson Automation Solutions Final Control Netherlands B.V.
|
Netherlands
|
||||||
|
|
Emerson Electric Company Lanka (Private) Limited
|
Sri Lanka
|
||||||
|
|
Emerson LLC
|
Russia
|
||||||
|
|
Emerson Network Power DHC B.V.
|
Netherlands
|
||||||
|
|
|
Beckman Industrial B.V.
|
Netherlands
|
|||||
|
|
|
Branson Ultrasonics B.V.
|
Netherlands
|
|||||
|
|
|
Electrische Apparatenfabriek Capax B.V.
|
Netherlands
|
|||||
|
|
|
El-O-Matic B.V.
|
Netherlands
|
|||||
|
|
|
|
El-O-Matic Valve Actuators (F.E.) Pte. Ltd.
|
Singapore
|
||||
|
|
|
|
Emerson Process Management (South Africa) (Proprietary) Ltd.
|
South Africa
|
||||
|
|
|
EMRSN HLDG B.V.
|
Netherlands
|
|||||
|
|
|
|
Emerson Process Management Flow B.V.
|
Netherlands
|
||||
|
|
|
Emerson Process Management B.V.
|
Netherlands
|
|||||
|
|
|
Fusite B.V.
|
Netherlands
|
|||||
|
|
|
System Plast International B.V.
|
Netherlands
|
|||||
|
|
|
Therm-O-Disc Europe B.V.
|
Netherlands
|
|||||
|
|
Emerson S.R.L.
|
Romania
|
||||||
|
|
EMERSON CLIMATE TECHNOLOGIES, s.r.o.
|
Czech Republic
|
||||||
|
|
Emerson Process Management (Vietnam) Co., Ltd.
|
Vietnam
|
||||||
|
Emerson Sice S.R.L.
|
Italy
|
|||||||
|
|
Asco Numatics Sirai S.R.L.
|
Italy
|
||||||
|
|
|
Aventics S.R.L.
|
Italy
|
|||||
|
|
Branson Ultrasuoni S.R.L.
|
Italy
|
||||||
|
|
Dixell S.R.L.
|
Italy
|
||||||
|
|
Emerson Climate Technologies Retail Solutions Europe S.R.L.
|
Italy
|
||||||
|
|
Emerson Process Management S.R.L.
|
Italy
|
||||||
|
|
O.M.T. Officina Meccanica Tartarini S.r.l.
|
Italy
|
||||||
|
|
Vulsub Italia S.r.l.
|
Italy
|
||||||
|
|
|
Biffi Italia S.r.l.
|
Italy
|
|||||
|
|
|
Emerson Automation Solutions Final Control Italia S.r.l.
|
Italy
|
|||||
|
HTE Engineering Services Limited
|
Ireland
|
|||||||
|
Klauke Handelsgesellschaft mbH
|
Austria
|
|||||||
|
Klauke Polska Sp. z.o.o.
|
Poland
|
|||||||
|
Klauke Slovakia s.r.o.
|
Slovakia
|
|||||||
|
Klauke UK Ltd.
|
United Kingdom
|
|||||||
|
Paradigm B.V.
|
Netherlands
|
|||||||
|
|
AGI Mexicana S.A. de C.V.
|
Mexico
|
||||||
|
|
Paradigm France S.A.
|
France
|
||||||
|
|
Paradigm Geophysical B.V.
|
Netherlands
|
||||||
|
|
|
Paradigm Geophysical de Venezuela C.A.
|
Venezuela
|
|||||
|
|
|
Paradigm Geophysical do Brasil Ltda.
|
Brazil
|
|||||
|
|
|
Paradigm Geophysical Italy SRL
|
Italy
|
|||||
|
|
|
Paradigm Geophysical LLC
|
Russia
|
|||||
|
|
|
Paradigm Geophysical (Nigeria) Limited
|
Nigeria
|
|||||
|
|
|
Paradigm Geophysical S.A.
|
Argentina
|
|||||
|
|
|
Paradigm Geophysical Sdn. Bhd.
|
Malaysia
|
|||||
|
|
|
|
Paradigm Geophysical (KL) Sdn. Bhd.
|
Malaysia
|
||||
|
|
|
Paradigm Geophysical Spain S.L.
|
Spain
|
|||||
|
|
|
Paradigm Geotechnology (Egypt) S.A.E.
|
Egypt
|
|||||
|
|
|
Paradigm Kazakhstan LLP
|
Kazakhstan
|
|||||
|
|
|
Paradigm Middle East FZ-LLC
|
United Arab Emirates
|
|||||
|
|
Paradigm Geophysical (India) Private Limited
|
India
|
||||||
|
|
Paradigm Geophysical Limited
|
Israel
|
||||||
|
|
Paradigm Geoservices Canada Ltd.
|
Canada
|
||||||
|
|
Paradigm Technology (Beijing) Co., Ltd.
|
China
|
||||||
|
|
Paradigm (UK) Holding Limited
|
United Kingdom
|
||||||
|
|
|
Paradigm Geophysical Pty Ltd
|
Australia
|
|
|
|
|
PT. Paradigm Geophysical Indonesia
|
Indonesia
|
||||
|
|
|
Paradigm Geophysical (U.K.) Limited
|
United Kingdom
|
|||||
Emerson Middle East, Inc.
|
Delaware
|
||||||||
Emerson Process Management SAS
|
France
|
||||||||
|
Emerson Process Management, Lda
|
Portugal
|
|||||||
Emerson Ventures Inc.
|
Delaware
|
||||||||
Emersub 3 LLC
|
Delaware
|
||||||||
Emersub 14 LLC
|
Delaware
|
||||||||
|
Vilter Manufacturing LLC
|
Wisconsin
|
|||||||
Emersub 16 LLC
|
Delaware
|
||||||||
Emersub CII, Inc.
|
Delaware
|
||||||||
Emersub XLVI, Inc.
|
Nevada
|
||||||||
|
Copesub, Inc.
|
Delaware
|
|||||||
|
|
Alliance Compressors LLC
|
Delaware
|
||||||
Emersub Italia S.R.L.
|
Italy
|
||||||||
|
International Gas Distribution SA
|
Luxembourg
|
|||||||
EMR Foundation, Inc.
|
Missouri
|
||||||||
EMR Holdings, Inc.
|
Delaware
|
||||||||
|
Branson de Mexico, S.A. de C.V.
|
Mexico
|
|||||||
|
Chloride Koexa S.A.
|
Argentina
|
|||||||
|
Copeland Compresores Hermeticos, S.A. de C.V.
|
Mexico
|
|||||||
|
Dar Ibtikar Al Iraq for General Services and General Trade LLC
|
Iraq
|
|||||||
|
Emerson Argentina S.A.
|
Argentina
|
|||||||
|
Emerson Automation Solutions GmbH
|
Switzerland
|
|||||||
|
Emerson Automation Solutions Isolation Valves, Inc.
|
Delaware
|
|||||||
|
Emerson Climate Technologies Australia Pty. Ltd.
|
Australia
|
|||||||
|
Emerson Dominicana, Srl
|
Dominican Republic
|
|||||||
|
Emerson Electric (U.S.) Holding Corporation (Chile) Limitada
|
Chile
|
|||||||
|
Emerson Electric CR, Limitada
|
Costa Rica
|
|||||||
|
Emerson Electric de Mexico S.A. de C.V.
|
Mexico
|
|||||||
|
Emerson Electric Holdings (Switzerland) GmbH
|
Switzerland
|
|||||||
|
|
ALCO CONTROLS, spol. s.r.o.
|
Czech Republic
|
||||||
|
|
Emerson Process Management Co., Ltd.
|
China
|
||||||
|
|
EMR Emerson Holdings (Switzerland) GmbH
|
Switzerland
|
||||||
|
|
|
Emerson Climate Technologies - Transportation Solutions ApS
|
Denmark
|
|||||
|
|
|
Emerson Process Management Qatar W.L.L.
|
Qatar
|
|||||
|
|
|
EMR (Asia) Limited
|
Hong Kong
|
|||||
|
|
|
|
Emerson Electric (China) Holdings Co., Ltd.
|
China
|
||||
|
|
|
|
|
ASCO Valve (Shanghai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Beijing Rosemount Far East Instrument Co., Ltd.
|
China
|
|||
|
|
|
|
|
Branson Ultrasonics (Shanghai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Beijing Instrument Co. Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Climate Technologies (Shenyang) Refrigeration Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Climate Technologies - Solutions (Suzhou) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Climate Technologies (Suzhou) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Climate Technologies (Suzhou) Trading Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Electric (Tongling) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Electric (Zhuhai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Fusite Electric (Shenzhen) Co. Ltd.
|
China
|
|||
|
|
|
|
|
Emerson InSinkErator Appliance (Nanjing) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Junkang Enterprise (Shanghai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Machinery Equipment (Shenzhen) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Process Management Flow Technologies Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Process Management Power & Water Solutions (Shanghai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Process Management (Tianjin) Valves Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Process Management Valve Automation (Tianjin) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Professional Tools (Shanghai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Emerson Trading (Shanghai) Co., Ltd.
|
China
|
|
|
|
|
|
Emerson Xi'an Engineering Center
|
China
|
|||
|
|
|
|
|
Fisher Jeon Gas Equipment (Chengdu) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Fisher Regulators (Shanghai) Co., Ltd.
|
China
|
|||
|
|
|
|
|
Klauke (Jiangsu) Electrical Connection Technology Co, Ltd.
|
China
|
|||
|
|
|
|
Parex Industries Limited
|
New Zealand
|
||||
|
|
|
Rosemount Tank Radar AB
|
Sweden
|
|||||
|
|
|
|
|
Emerson Process Management Marine Solutions Singapore Pte. Ltd.
|
Singapore
|
|||
|
|
|
|
|
Rosemount Tank Gauging India Pvt. Ltd.
|
India
|
|||
|
|
|
|
|
Rosemount Tank Gauging Middle East SPC
|
Bahrain
|
|||
|
|
|
|
|
Rosemount Tank Radar Properties AB
|
Sweden
|
|||
|
|
Virgo Valves & Controls (ME) FZE
|
UAE
|
||||||
|
|
Virgo Valves and Controls Sdn Bhd
|
Malaysia
|
||||||
|
Emerson Electric Korea Ltd.
|
Korea
|
|||||||
|
Emerson Electric (M) Sdn Bhd
|
Malaysia
|
|||||||
|
Emerson Electric Poland Sp. z o.o.
|
Poland
|
|||||||
|
Emerson Process Management Europe GmbH
|
Switzerland
|
|||||||
|
Emerson Process Management Magyarorszag Kft.
|
Hungary
|
|||||||
|
Emerson Process Management NV
|
Belgium
|
|||||||
|
|
AE Valves
|
Belgium
|
||||||
|
Emerson Puerto Rico, Inc.
|
Puerto Rico
|
|||||||
|
Emerson (Thailand) Limited
|
Thailand
|
|||||||
|
Emersub 5 LLC
|
Delaware
|
|||||||
|
Emersub Mexico, Inc.
|
Nevada
|
|||||||
|
|
Copeland Scroll Compresores de Mexico S.A. de C.V.
|
Mexico
|
||||||
|
|
Daniel Measurement and Control, S. de R.L. de C.V.
|
Mexico
|
||||||
|
|
Emerson Tool and Appliance Company, S. de R.L. de C.V.
|
Mexico
|
||||||
|
|
Emerson Tool Company de Mexico, S. de R.L. de C.V.
|
Mexico
|
||||||
|
|
Emersub 1 LLC
|
Delaware
|
||||||
|
Emersub XXXVI, Inc.
|
Delaware
|
|||||||
|
|
Digital Appliance Controls (UK) Limited
|
United Kingdom
|
||||||
|
|
|
Emerson Holding Company Limited
|
United Kingdom
|
|||||
|
|
|
|
Asco Joucomatic Ltd.
|
United Kingdom
|
||||
|
|
|
|
|
Aventics Limited
|
United Kingdom
|
|||
|
|
|
|
Bristol Babcock Limited
|
United Kingdom
|
||||
|
|
|
|
Copeland Limited
|
United Kingdom
|
||||
|
|
|
|
CSA Consulting Engineers Ltd.
|
United Kingdom
|
||||
|
|
|
|
Emerson Climate Technologies Retail Solutions UK Limited
|
United Kingdom
|
||||
|
|
|
|
Emerson Electric U.K. Limited
|
United Kingdom
|
||||
|
|
|
|
|
Artesyn Hungary Elektronikai Kft.
|
Hungary
|
|||
|
|
|
|
|
Bray Lectroheat Limited
|
United Kingdom
|
|||
|
|
|
|
|
Buehler Europe Limited
|
United Kingdom
|
|||
|
|
|
|
|
|
Bannerscientific Limited
|
United Kingdom
|
||
|
|
|
|
|
|
Buehler UK Limited
|
United Kingdom
|
||
|
|
|
|
|
|
|
Metallurgical Services Laboratories Limited
|
United Kingdom
|
|
|
|
|
|
|
|
Metaserv Limited
|
United Kingdom
|
||
|
|
|
|
|
Emerson Egypt LLC
|
Egypt
|
|||
|
|
|
|
|
Emerson FZE
|
UAE
|
|||
|
|
|
|
|
|
Emerson Climate Technologies FZE
|
UAE
|
||
|
|
|
|
|
|
Emerson Gabon SARL
|
Gabon
|
||
|
|
|
|
|
|
Emerson Process Management Angola Lda
|
Angola
|
||
|
|
|
|
|
|
EMRSN Process Management Morocco Sarl
|
Morocco
|
||
|
|
|
|
|
Emerson Saudi Arabia LLC
|
Saudi Arabia
|
|||
|
|
|
|
|
ENPDOR2012A Limited
|
United Kingdom
|
|||
|
|
|
|
|
H.T.E. Engineering Limited
|
United Kingdom
|
|||
|
|
|
|
|
Liebert Swindon Limited
|
United Kingdom
|
|||
|
|
|
|
Emerson Energy Systems (UK) Limited
|
United Kingdom
|
||||
|
|
|
|
Emerson Process Management Limited
|
United Kingdom
|
||||
|
|
|
|
|
Emerson Automation Solutions Actuation Technologies Limited
|
United Kingdom
|
|
|
|
|
|
Emerson Automation Solutions Ireland Limited
|
Ireland
|
|||
|
|
|
|
|
Emerson Electric Ireland Limited
|
Ireland
|
|||
|
|
|
|
|
Emerson Process Management Distribution Limited
|
United Kingdom
|
|||
|
|
|
|
|
Emerson Process Management Shared Services Limited
|
United Kingdom
|
|||
|
|
|
|
|
K Controls Limited
|
United Kingdom
|
|||
|
|
|
|
|
METCO Services Limited
|
United Kingdom
|
|||
|
|
|
|
|
Permasense Limited
|
United Kingdom
|
|||
|
|
|
|
|
|
Permasense Asia Pacific Sdn Bhd
|
Malaysia
|
||
|
|
|
|
|
Roxar Limited
|
United Kingdom
|
|||
|
|
|
|
|
TopWorx UK Limited
|
United Kingdom
|
|||
|
|
|
|
Emerson UK Trustees Limited
|
United Kingdom
|
||||
|
|
|
|
MDC Technology Limited
|
United Kingdom
|
||||
|
|
|
|
|
MDC Technology Trustees Limited
|
United Kingdom
|
|||
|
|
|
|
Mobrey Group Limited
|
United Kingdom
|
||||
|
|
|
|
|
Rosemount Measurement Limited
|
United Kingdom
|
|||
|
|
|
|
|
|
Cascade Technologies Holdings Limited
|
Scotland
|
||
|
|
|
|
|
|
|
Cascade Technologies Limited
|
Scotland
|
|
|
|
|
|
Pactrol Controls Limited
|
United Kingdom
|
||||
|
EMR Worldwide Inc.
|
Delaware
|
|||||||
|
|
EMR Worldwide B.V.
|
Netherlands
|
||||||
|
|
|
Emerson DHC B.V.
|
Netherlands
|
|||||
|
|
|
|
Emerson Commerical & Residential Asia Limited
|
Hong Kong
|
||||
|
|
|
|
Emerson Electric do Brasil Ltda
|
Brazil
|
||||
|
|
|
|
|
System Plast Ltda
|
Brazil
|
|||
|
|
|
|
Emerson Electric (Thailand) Limited
|
Thailand
|
||||
|
|
|
|
Emerson Process Management Ltda
|
Brazil
|
||||
|
|
|
|
Emerson Scroll Machining (Thailand) Limited
|
Thailand
|
||||
|
|
|
|
Emersub 7 LLC
|
Delaware
|
||||
|
|
|
|
Emersub 8 LLC
|
Delaware
|
||||
|
|
|
|
Emersub 9 LLC
|
Delaware
|
||||
|
|
|
|
Emersub 10 LLC
|
Delaware
|
||||
|
|
|
|
Emersub 11 LLC
|
Delaware
|
||||
|
|
|
|
Emersub 12 LLC
|
Delaware
|
||||
|
|
|
|
EMR (Mauritius) Ltd.
|
Mauritius
|
||||
|
|
|
Emerson Electric Canada Limited
|
Canada
|
|||||
|
|
|
|
Aventics Inc.
|
Canada
|
||||
|
|
|
|
I Solutions Inc.
|
Alberta
|
||||
|
|
|
|
|
iSolera Inc.
|
Alberta
|
|||
|
|
|
|
|
iSolutions Private Limited
|
India
|
|||
|
|
|
Emerson Holding Sweden AB
|
Sweden
|
|||||
|
|
|
|
Emerson Sweden AB
|
Sweden
|
||||
|
|
|
Emerson USD Finance Company Limited
|
United Kingdom
|
|||||
|
|
|
Rutherfurd Acquisitions Limited
|
United Kingdom
|
|||||
|
|
|
|
Branson Ultrasonics a.s.
|
Slovakia
|
||||
|
|
|
|
Emerson Automation Solutions Final Control Africa (Pty) Ltd
|
South Africa
|
||||
|
|
|
|
|
Vulsub South Africa (Pty) Ltd
|
South Africa
|
|||
|
|
|
|
Emerson Automation Solutions Final Control South Africa (Pty) Ltd
|
South Africa
|
||||
|
|
|
|
Emerson Climate Technologies (South Africa) (Pty) Ltd
|
South Africa
|
||||
|
|
|
|
Emerson Comres de Mexico, S. de R.L. de C.V.
|
Mexico
|
||||
|
|
|
|
Emerson Mexico Finance, S.A. de C.V., SOFOM, ENR
|
Mexico
|
||||
|
|
|
|
Emerson Process Management de Colombia SAS
|
Colombia
|
||||
|
|
|
|
Emerson Process Management d.o.o.
|
Croatia
|
||||
|
|
|
|
Emerson Process Management (India) Private Limited
|
India
|
||||
|
|
|
|
|
Shanghai Virgo Valves Technology Consulting Co., Ltd.
|
China
|
|||
|
|
|
|
Emerson Process Management S.A.
|
Greece
|
||||
|
|
|
|
Emerson Valves & Controls Japan Co., Ltd.
|
Japan
|
||||
|
|
|
|
Taiwan Valve Co., Ltd.
|
Taiwan
|
||||
|
|
|
|
Vulsub Brasil Holding
|
Luxembourg
|
|
|
|
|
|
Vulsub Brasil Ltda.
|
Brazil
|
|||
|
|
|
|
|
Westlock Equipamentos de Controle Ltda.
|
Brazil
|
|||
|
|
|
|
|
|
Hiter Industria e Comercia de Controles Termo-Hidraulicos Ltda.
|
Brazil
|
||
|
|
|
|
Vulsub Holding III (Denmark) ApS
|
Denmark
|
||||
|
|
|
|
|
Emerson Automation Solutions Final Control Denmark A/S
|
Denmark
|
|||
|
|
|
|
Vulsub Holding Ltd
|
Isle of Man
|
||||
|
|
|
|
|
Emerson Automation Solutions SSC UK Limited
|
United Kingdom
|
|||
|
|
|
|
|
|
Emerson Automation Solutions Final Control UK II Ltd
|
United Kingdom
|
||
|
|
|
|
|
|
Emerson Automation Solutions Final Control UK Ltd
|
United Kingdom
|
||
|
|
|
|
|
|
Emerson Sales UK Limited
|
United Kingdom
|
||
|
|
|
|
|
|
Keystone Valve (U.K.) Limited
|
United Kingdom
|
||
|
|
|
|
|
|
Vulsub 1 Limited
|
United Kingdom
|
||
|
|
|
|
|
|
Vulsub Property Limited
|
United Kingdom
|
||
|
|
|
|
|
|
|
Hindle Cockburns Limited
|
United Kingdom
|
|
|
|
|
|
|
|
|
Spensall Engineering Limited
|
United Kingdom
|
|
|
|
|
|
|
|
|
Steel Support Systems Limited
|
United Kingdom
|
|
|
|
|
|
|
|
Westlock Controls Limited
|
United Kingdom
|
||
|
|
|
|
Vulsub Holdings C, LLC
|
Delaware
|
||||
|
|
|
|
Vulsub Middle East Holdings, LLC
|
Delaware
|
||||
|
|
|
|
|
Emerson Automation Solutions Final Control Middle East FZE
|
United Arab Emirates
|
|||
|
|
|
|
|
Vulsub Gulf Holding Limited
|
United Arab Emirates
|
|||
|
|
|
|
|
|
Emirates Techno Casting FZE
|
United Arab Emirates
|
||
|
|
|
|
|
|
ETC International Holdings, Ltd.
|
British Virgin Islands
|
||
|
|
|
|
|
|
|
Emirates Techno Casting Holding Limited
|
United Arab Emirates
|
|
|
|
|
|
|
|
|
|
Emirates Techno Casting LLC
|
United Arab Emirates
|
|
|
|
|
|
|
Gulf Valve FZE
|
United Arab Emirates
|
||
|
|
|
|
|
|
JCF Fluid Flow India Private Limited
|
India
|
||
|
|
|
|
Vulsub S.A.
|
Argentina
|
||||
|
F-R Tecnologias de Flujo, S.A. de C.V.
|
Mexico
|
|||||||
|
NetworkPower Ecuador S.A.
|
Ecuador
|
|||||||
|
PT. Emerson Indonesia
|
Indonesia
|
|||||||
|
RAC Technologies (Israel) Ltd.
|
Israel
|
|||||||
|
Rey-Lam, S. de R.L. de C.V.
|
Mexico
|
|||||||
|
Termotec de Chihuahua, S.A. de C.V.
|
Mexico
|
|||||||
|
Tranmet Holdings Limited
|
United Kingdom
|
|||||||
|
|
Tranmet Holdings B.V.
|
Netherlands
|
||||||
|
|
|
Industrial Group Metran JSC
|
Russia
|
|||||
|
|
|
|
JSC Metran-Export
|
Russia
|
||||
|
|
|
|
TDM-avtomatizatsiya
|
Russia
|
||||
|
Vulsub Chile SpA
|
Chile
|
|||||||
ENPESNA, Inc.
|
Delaware
|
||||||||
EPMCO Holdings, Inc.
|
Delaware
|
||||||||
|
Emerson Process Management Regulator Technologies, Inc.
|
Delaware
|
|||||||
|
|
Fromex, S.A. de C.V.
|
Mexico
|
||||||
|
Fisher Controls International LLC
|
Delaware
|
|||||||
|
|
Emerson Process Management Australia Pty Limited
|
Australia
|
||||||
|
|
|
Emerson Automation Solutions Final Control Australia Pty Limited
|
Australia
|
|||||
|
|
|
|
Emerson Automation Solutions Final Control Sales Australia Pty Limited
|
Australia
|
||||
|
|
|
Emerson Process Management New Zealand Limited
|
New Zealand
|
|||||
|
|
Fisher Controles de Mexico, S.A. de C.V.
|
Mexico
|
||||||
|
|
Instrument & Valve Services Company
|
Delaware
|
||||||
|
|
Nippon Fisher Co., Ltd.
|
Japan
|
||||||
|
Fisher-Rosemount Systems, Inc.
|
Delaware
|
|||||||
|
|
Emerson Process Management Holding LLC
|
Delaware
|
||||||
|
|
Emerson Process Management LLLP
|
Delaware
|
||||||
|
|
Emerson Process Management Power & Water Solutions, Inc.
|
Delaware
|
||||||
EPM Tulsa Holdings Corp.
|
Delaware
|
||||||||
|
Emerson Process Management Regulator Technologies Tulsa, LLC
|
Oklahoma
|
Fiberconn Assemblies Morocco Sarl
|
Morocco
|
||||||||
Fusite Corporation
|
Ohio
|
||||||||
|
Emerson Japan, Ltd.
|
Japan
|
|||||||
Fusite Land Company
|
Delaware
|
||||||||
General Equipment and Manufacturing Company, Inc.
|
Kentucky
|
||||||||
GeoFields, Inc.
|
Georgia`
|
||||||||
Hiross India Private Limited
|
India
|
||||||||
Humboldt Hermetic Motor Corp.
|
Delaware
|
||||||||
|
Woodstock Land Company LLC
|
Missouri
|
|||||||
Intelligent Platforms, LLC
|
Delaware
|
||||||||
|
Emerson Automation Solutions Intelligent Platforms Asia Pacific Pte. Ltd.
|
Singapore
|
|||||||
|
Emerson Automation Solutions Intelligent Platforms do Brasil Ltda
|
Brazil
|
|||||||
|
Emerson Automation Solutions Intelligent Platforms Private Limited
|
India
|
|||||||
|
Emerson Automation Solutions Intelligent Platforms (Shanghai) Co., Ltd.
|
China
|
|||||||
|
ICC Intelligent Platforms GmbH
|
Germany
|
|||||||
|
Industrial Controls Canada ULC
|
Nova Scotia
|
|||||||
Intrinsic Safety Equipment of Texas, Inc.
|
Texas
|
||||||||
Locus Solutions, LLC
|
Wisconsin
|
||||||||
|
Locus Traxx Worldwide Europe BVBA
|
Belgium
|
|||||||
Management Resources Group, Inc.
|
Connecticut
|
||||||||
Motores Hermeticos del Sur, S.A. de C.V.
|
Mexico
|
||||||||
PakSense, Inc.
|
Delaware
|
||||||||
Paradigm Geophysical Corp.
|
Delaware
|
||||||||
|
Emerson Paradigm Holding LLC
|
Delaware
|
|||||||
ProTeam, Inc.
|
Idaho
|
||||||||
Ridge Tool Europe NV
|
Belgium
|
||||||||
|
Ridgid Scandinavia A/S
|
Denmark
|
|||||||
|
Von Arx AG
|
Switzerland
|
|||||||
Rosemount Tank Gauging North America Inc.
|
Texas
|
||||||||
System Plast USA de Mexico, S. de R.L. de C.V.
|
Mexico
|
||||||||
Termocontroles de Juarez, S.A. de C.V.
|
Mexico
|
||||||||
Tescom Corporation
|
Minnesota
|
||||||||
|
Tescom Europe Management GmbH
|
Germany
|
|||||||
|
|
Tescom Europe GmbH & Co. KG
|
Germany
|
||||||
Thunderline Z, Inc.
|
Delaware
|
Signature
|
|
Title
|
Date
|
|
|
|
|
|
|
/s/
|
D. N. Farr
|
|
Chairman of the Board and Chief Executive
|
October 1, 2019
|
|
D. N. Farr
|
|
Officer
|
|
|
|
|
|
|
/s/
|
F. J. Dellaquila
|
|
Senior Executive Vice President and Chief
|
October 1, 2019
|
|
F. J. Dellaquila
|
|
Financial Officer
|
|
|
|
|
|
|
/s/
|
M. J. Baughman
|
|
Vice President, Controller and Chief
|
October 1, 2019
|
|
M. J. Baughman
|
|
Accounting Officer
|
|
|
|
|
|
|
/s/
|
M. A. Blinn
|
|
Director
|
November 6, 2019
|
|
M. A. Blinn
|
|
|
|
|
|
|
|
|
/s/
|
C. A. H. Boersig
|
|
Director
|
October 1, 2019
|
|
C. A. H. Boersig
|
|
|
|
|
|
|
|
|
/s/
|
J. B. Bolten
|
|
Director
|
October 1, 2019
|
|
J. B. Bolten
|
|
|
|
|
|
|
|
|
/s/
|
M. S. Craighead
|
|
Director
|
October 1, 2019
|
|
M. S. Craighead
|
|
|
|
|
|
|
|
|
/s/
|
G. A. Flach
|
|
Director
|
October 1, 2019
|
|
G. A. Flach
|
|
|
|
|
|
|
|
|
/s/
|
A. F. Golden
|
|
Director
|
October 1, 2019
|
|
A. F. Golden
|
|
|
|
|
|
|
|
|
/s/
|
C. Kendle
|
|
Director
|
October 1, 2019
|
|
C. Kendle
|
|
|
|
|
|
|
|
|
/s/
|
L. M. Lee
|
|
Director
|
October 1, 2019
|
|
L. M. Lee
|
|
|
|
|
|
|
|
|
/s/
|
M. S. Levatich
|
|
Director
|
October 1, 2019
|
|
M. S. Levatich
|
|
|
|
|
|
|
|
|
/s/
|
J. S. Turley
|
|
Director
|
October 1, 2019
|
|
J. S. Turley
|
|
|
|
Date:
|
November 18, 2019
|
/s/ D. N. Farr
|
|
|
D. N. Farr
|
|
|
Chairman of the Board and
|
|
|
Chief Executive Officer
|
|
|
Emerson Electric Co.
|
Date:
|
November 18, 2019
|
/s/ F. J. Dellaquila
|
|
|
F. J. Dellaquila
|
|
|
Senior Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
Emerson Electric Co.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/
|
D. N. Farr
|
|
|
D. N. Farr
|
|
|
Chairman of the Board and
|
|
|
Chief Executive Officer
|
|
|
Emerson Electric Co.
|
|
|
November 18, 2019
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/
|
F. J. Dellaquila
|
|
|
F. J. Dellaquila
|
|
|
Senior Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
Emerson Electric Co.
|
|
|
November 18, 2019
|