☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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25-1797617
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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1201 South Second Street
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Milwaukee
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Wisconsin
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53204
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock ($1.00 par value)
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ROK
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New York Stock Exchange
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Large Accelerated Filer
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☒
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Accelerated Filer
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☐
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Non-accelerated Filer
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☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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•
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macroeconomic factors, including global and regional business conditions, the availability and cost of capital, commodity prices, the cyclical nature of our customers’ capital spending, sovereign debt concerns and currency exchange rates;
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•
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laws, regulations and governmental policies affecting our activities in the countries where we do business, including those related to tariffs, taxation, and trade controls;
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•
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the availability and price of components and materials;
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•
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the successful execution of our cost productivity initiatives;
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•
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the availability, effectiveness and security of our information technology systems;
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•
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our ability to manage and mitigate the risk related to security vulnerabilities and breaches of our products, solutions and services;
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•
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the successful development of advanced technologies and demand for and market acceptance of new and existing hardware and software products;
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•
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our ability to manage and mitigate the risks associated with our solutions and services businesses;
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•
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competitive hardware and software products, solutions and services and pricing pressures, and our ability to provide high quality products, solutions and services;
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•
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disruptions to our distribution channels or the failure of distributors to develop and maintain capabilities to sell our products;
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•
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the successful integration and management of strategic transactions and achievement of the expected benefits of these transactions;
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•
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a disruption of our business due to natural disasters, pandemics, acts of war, strikes, terrorism, social unrest or other causes;
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•
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intellectual property infringement claims by others and the ability to protect our intellectual property;
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•
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the uncertainty of claims by taxing authorities in the various jurisdictions where we do business;
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•
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our ability to attract, develop, and retain qualified personnel;
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•
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the uncertainties of litigation, including liabilities related to the safety and security of the hardware and software products, solutions and services we sell;
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•
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risks associated with our investment in common stock of PTC Inc., including the potential for volatility in our reported quarterly earnings associated with changes in the market value of such stock;
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•
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our ability to manage costs related to employee retirement and health care benefits; and
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•
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other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings.
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September 30,
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||||||
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2019
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2018
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||||
Architecture & Software
|
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$
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174.7
|
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$
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168.5
|
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Control Products & Solutions
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1,194.7
|
|
|
1,243.5
|
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||
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$
|
1,369.4
|
|
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$
|
1,412.0
|
|
•
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poor quality or an insecure supply chain, which could adversely affect the reliability and reputation of our hardware and software products;
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•
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changes in the cost of these purchases due to inflation, exchange rate fluctuations, taxes, tariffs, commodity market volatility or other factors that affect our suppliers;
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•
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embargoes, sanctions and other trade restrictions that may affect our ability to purchase from various suppliers;
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•
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intellectual property risks such as challenges to ownership of rights or alleged infringement by suppliers; and
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•
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shortages of components, commodities or other materials, which could adversely affect our manufacturing efficiencies and ability to make timely delivery of our products, solutions and services.
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•
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difficulties in integrating the purchased or new operations, technologies, products or services, retaining customers and achieving the expected benefits of the transaction, such as sales increases, access to technologies, cost savings and increases in geographic or product presence, in the desired time frames;
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•
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loss of key employees or difficulties integrating personnel;
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•
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legal and compliance issues;
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•
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difficulties implementing and maintaining consistent standards, financial systems, internal and other controls, procedures, policies and information systems;
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•
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difficulties maintaining relationships with our joint venture and other strategic partners (including as a result of such joint venture and other strategic partners having differing business objectives) and managing disputes with such joint venture and other strategic partners that may arise in connection with our relationships with them; and
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•
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diversion of management’s attention from other business concerns.
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Name, Office and Position, and Principal Occupations and Employment
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Age
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Blake D. Moret — Chairman of the Board since January 1, 2018, and President and Chief Executive Officer since July 1, 2016; previously Senior Vice President
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56
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Sujeet Chand — Senior Vice President and Chief Technology Officer
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61
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Thomas Donato — Senior Vice President since January 1, 2019; previously President, Europe, Middle East and Africa (from 2015-2018) and Vice President, Canada
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47
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David M. Dorgan — Vice President and Controller
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55
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Steven W. Etzel — Vice President and Treasurer
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59
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Elik I. Fooks — Senior Vice President since March 16, 2017; previously Vice President and General Manager, Sensing, Safety, and Connectivity Business
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68
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John A. Genovesi — Senior Vice President since January 1, 2019; previously Vice President and General Manager, Information Software Business
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56
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Patrick P. Goris — Senior Vice President and Chief Financial Officer since February 7, 2017; previously Vice President, Finance, Architecture and Software and (from 2013-2015) Operations and Engineering Services, and (from July 2015) Vice President, Investor Relations
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48
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Rebecca W. House — Senior Vice President, General Counsel and Secretary since January 3, 2017; previously Assistant General Counsel, Operations and Compliance, and Assistant Secretary at Harley-Davidson, Inc. (motorcycle manufacturer)
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46
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Karen L. Keegans — Senior Vice President, Human Resources since January 7, 2019; previously Chief Human Resources Officer at Pentair PLC (diversified industrial manufacturer) (from 2016-2018) and Chief Human Resources Officer, Praxair, Inc. (industrial gas)
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54
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Frank C. Kulaszewicz — Senior Vice President
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55
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John M. Miller — Vice President and Chief Intellectual Property Counsel
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52
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Robert B. Murphy — Senior Vice President, Connected Enterprise Consulting since July 2, 2018; previously Senior Vice President, Operations and Engineering Services (from May 2016 - July 2018) and Vice President, Manufacturing Operations
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60
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Christopher Nardecchia — Senior Vice President and Chief Information Officer since November 1, 2017; previously Vice President and Chief Information Officer, Global Operations and Supply Chain, Amgen, Inc. (biopharmaceutical company)
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57
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Ernest Nicolas — Senior Vice President, Operations and Engineering Services since November 1, 2019; previously Vice President, Global Supply Chain (from July 2018 to November 2019), Vice President, Strategic Sourcing and Supply Management (from August 2015 to July 2018), Director, Strategic Sourcing (from February 2015 to August 2015), and Regional Director, Asia Pacific Manufacturing (January 2013 to February 2015)
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42
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Francis S. Wlodarczyk — Senior Vice President since July 2, 2018; previously Vice President, Control and Visualization Business
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54
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Period
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Total Number of Shares Purchased(1)
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Average Price Paid Per Share(2)
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Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
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Maximum Approx. Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(3)
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||||||
July 1 – 31, 2019
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527,125
|
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$
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161.25
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527,125
|
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$
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1,248,327,129
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August 1 – 31, 2019
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461,030
|
|
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150.97
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461,030
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1,178,723,296
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September 1 – 30, 2019
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434,830
|
|
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161.71
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434,830
|
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1,108,405,228
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Total
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1,422,985
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158.06
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1,422,985
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(1)
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All of the shares purchased during the quarter ended September 30, 2019 were acquired pursuant to the repurchase programs described in (3) below.
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(2)
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Average price paid per share includes brokerage commissions.
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(3)
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On both September 6, 2018 and July 24, 2019, the Board of Directors authorized us to expend $1.0 billion to repurchase shares of our common stock. Our repurchase programs allow us to repurchase shares at management’s discretion or at our broker’s discretion pursuant to a share repurchase plan subject to price and volume parameters.
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2014
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2015
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2016
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2017
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2018
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2019
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||||||||||||
Rockwell Automation*
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$
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100.00
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$
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94.51
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$
|
116.98
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|
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$
|
173.79
|
|
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$
|
186.37
|
|
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$
|
167.66
|
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S&P 500 Index
|
100.00
|
|
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99.39
|
|
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114.72
|
|
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136.07
|
|
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160.44
|
|
|
167.27
|
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||||||
S&P Electrical Components & Equipment
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100.00
|
|
|
83.01
|
|
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102.68
|
|
|
123.34
|
|
|
142.89
|
|
|
147.68
|
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Cash dividends per common share
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2.32
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|
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2.60
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|
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2.90
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|
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3.04
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|
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3.51
|
|
|
3.88
|
|
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Year Ended September 30,
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||||||||||||||||||
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2019
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2018
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2017
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2016
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2015
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||||||||||
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(in millions, except per share data)
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||||||||||||||||||
Consolidated Statement of Operations Data:
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||||||||||
Sales
|
|
$
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6,694.8
|
|
|
$
|
6,666.0
|
|
|
$
|
6,311.3
|
|
|
$
|
5,879.5
|
|
|
$
|
6,307.9
|
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Interest expense
|
|
98.2
|
|
|
73.0
|
|
|
76.2
|
|
|
71.3
|
|
|
63.7
|
|
|||||
Net income(1)
|
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695.8
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|
|
535.5
|
|
|
825.7
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|
|
729.7
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|
|
827.6
|
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Earnings per share:
|
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Basic
|
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5.88
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|
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4.27
|
|
|
6.42
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|
|
5.60
|
|
|
6.15
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Diluted
|
|
5.83
|
|
|
4.21
|
|
|
6.35
|
|
|
5.56
|
|
|
6.09
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|||||
Cash dividends per share
|
|
3.88
|
|
|
3.51
|
|
|
3.04
|
|
|
2.90
|
|
|
2.60
|
|
|||||
Consolidated Balance Sheet Data:
(at end of period)
|
|
|
|
|
|
|
|
|
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|
||||||||||
Total assets
|
|
$
|
6,113.0
|
|
|
$
|
6,262.0
|
|
|
$
|
7,161.7
|
|
|
$
|
7,101.2
|
|
|
$
|
6,404.7
|
|
Short-term debt and current portion of long-term debt
|
|
300.5
|
|
|
551.0
|
|
|
600.4
|
|
|
448.6
|
|
|
—
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Long-term debt
|
|
1,956.4
|
|
|
1,225.2
|
|
|
1,243.4
|
|
|
1,516.3
|
|
|
1,500.9
|
|
|||||
Shareowners’ equity
|
|
404.2
|
|
|
1,617.5
|
|
|
2,663.6
|
|
|
1,990.1
|
|
|
2,256.8
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
|
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Capital expenditures
|
|
$
|
132.8
|
|
|
$
|
125.5
|
|
|
$
|
141.7
|
|
|
$
|
116.9
|
|
|
$
|
122.9
|
|
Depreciation
|
|
126.2
|
|
|
136.4
|
|
|
138.7
|
|
|
143.3
|
|
|
133.1
|
|
|||||
Intangible asset amortization
|
|
26.0
|
|
|
28.2
|
|
|
30.2
|
|
|
28.9
|
|
|
29.4
|
|
(1)
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During the fourth quarter of fiscal 2017, we sold a product distribution business within our Control Products & Solutions segment. This business held no intellectual property and included products sold outside of our core channel and under different brands. We sold this business for approximately $94 million and recorded a pre-tax gain of $60.8 million, which is included within Other income (expense) in the Consolidated Statement of Operations. During fiscal 2018, we recorded a gain of $90 million due to a change in fair value of our investment in PTC, which is included within Other income (expense) in the Consolidated Statement of Operations. During fiscal 2018, we recorded charges of $538.3 million associated with the enactment of the Tax Cuts and Jobs Act of 2017. During fiscal 2019, we recorded a loss of $368.5 million due to a change in fair value of our investment in PTC, which is included within Other income (expense) in the Consolidated Statement of Operations. Refer to Note 9 in the Consolidated Financial Statements for further information regarding our investment in PTC.
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•
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investments in manufacturing, including upgrades, modifications and expansions of existing facilities or production lines and new facilities or production lines;
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•
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investments in basic materials production capacity, which may be related to commodity pricing levels;
|
•
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our customers’ needs for faster time to market, operational productivity, asset management and reliability, and enterprise risk management;
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•
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our customers’ needs to continuously improve quality, safety and sustainability;
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•
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industry factors that include our customers’ new product introductions, demand for our customers’ products or services and the regulatory and competitive environments in which our customers operate;
|
•
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levels of global industrial production and capacity utilization;
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•
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regional factors that include local political, social, regulatory and economic circumstances; and
|
•
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the spending patterns of our customers due to their annual budgeting processes and their working schedules.
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•
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achieve organic sales growth in excess of the automation market by expanding our served market and strengthening our competitive differentiation;
|
•
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grow market share of our core platforms;
|
•
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drive double digit growth in information solutions and connected services;
|
•
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acquire companies that serve as catalysts to organic growth by increasing our information solutions and high-value services offerings and capabilities, expanding our global presence, or enhancing our process expertise;
|
•
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enhance our market access by building our channel capability and partner network;
|
•
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deploy human and financial resources to strengthen our technology leadership and our intellectual capital business model;
|
•
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continuously improve quality and customer experience; and
|
•
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drive annual cost productivity.
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Discrete
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Hybrid
|
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Process
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Automotive
|
|
Food & Beverage
|
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Oil & Gas
|
Semiconductor
|
|
Life Sciences
|
|
Mining, Aggregates & Cement
|
General Industries
|
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Household & Personal Care
|
|
Metals
|
Warehousing & Logistics
|
|
Tire
|
|
Chemicals
|
Printing & Publishing
|
|
Eco Industrial
|
|
Pulp & Paper
|
Marine
|
|
Water / Wastewater
|
|
Traditional Power
|
Glass
|
|
Mass Transit
|
|
Other Process
|
Fiber/Textiles
|
|
Renewable Energy
|
|
|
Airports
|
|
|
|
|
Aerospace
|
|
|
|
|
Other Discrete
|
|
|
|
|
•
|
The Industrial Production (IP) Index, published by the Federal Reserve, which measures the real output of manufacturing, mining, and electric and gas utilities. The IP Index is expressed as a percentage of real output in a base year, currently 2012. Historically there has been a meaningful correlation between the changes in the IP Index and the level of automation investment made by our U.S. customers in their manufacturing base.
|
•
|
The Manufacturing Purchasing Managers’ Index (PMI), published by the Institute for Supply Management (ISM), which indicates the current and near-term state of manufacturing activity in the U.S. According to the ISM, a PMI measure above 50 indicates that the U.S. manufacturing economy is generally expanding while a measure below 50 indicates that it is generally contracting.
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|
|
IP Index
|
|
PMI
|
||
Fiscal 2019 quarter ended:
|
|
|
|
|
||
September 2019
|
|
109.5
|
|
|
47.8
|
|
June 2019
|
|
109.2
|
|
|
51.7
|
|
March 2019
|
|
109.8
|
|
|
55.3
|
|
December 2018
|
|
110.3
|
|
|
54.3
|
|
Fiscal 2018 quarter ended:
|
|
|
|
|
||
September 2018
|
|
109.3
|
|
|
59.5
|
|
June 2018
|
|
107.9
|
|
|
60.0
|
|
March 2018
|
|
106.7
|
|
|
59.3
|
|
December 2017
|
|
106.1
|
|
|
59.3
|
|
Fiscal 2017 quarter ended:
|
|
|
|
|
||
September 2017
|
|
104.2
|
|
|
60.2
|
|
June 2017
|
|
104.4
|
|
|
56.7
|
|
March 2017
|
|
103.0
|
|
|
56.6
|
|
December 2016
|
|
102.2
|
|
|
54.3
|
|
•
|
Logix reported sales decreased 2 percent year over year in 2019 compared to 2018. Organic sales increased 1 percent, and currency translation decreased sales by 3 percentage points.
|
•
|
Process control initiative reported sales increased 1 percent year over year in 2019 compared to 2018. Organic sales increased 4 percent, and currency translation decreased sales by 3 percentage points.
|
•
|
Sales in emerging countries increased 1 percent year over year in 2019 compared to 2018. Organic sales in emerging countries increased 6 percent, and currency translation decreased sales in emerging countries by 5 percentage points.
|
|
|
Year Ended September 30,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Sales
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
3,021.9
|
|
|
$
|
3,050.2
|
|
|
$
|
2,858.6
|
|
Control Products & Solutions
|
|
3,672.9
|
|
|
3,615.8
|
|
|
3,452.7
|
|
|||
Total sales (a)
|
|
$
|
6,694.8
|
|
|
$
|
6,666.0
|
|
|
$
|
6,311.3
|
|
Segment operating earnings1
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
874.8
|
|
|
$
|
897.9
|
|
|
$
|
780.0
|
|
Control Products & Solutions
|
|
598.8
|
|
|
543.9
|
|
|
448.1
|
|
|||
Total segment operating earnings2 (b)
|
|
1,473.6
|
|
|
1,441.8
|
|
|
1,228.1
|
|
|||
Purchase accounting depreciation and amortization
|
|
(16.6
|
)
|
|
(17.4
|
)
|
|
(21.4
|
)
|
|||
General corporate — net
|
|
(108.8
|
)
|
|
(100.0
|
)
|
|
(95.9
|
)
|
|||
Non-operating pension and postretirement benefit credit (cost)
|
|
8.4
|
|
|
(23.8
|
)
|
|
(77.6
|
)
|
|||
Costs related to unsolicited Emerson proposals
|
|
—
|
|
|
(11.2
|
)
|
|
—
|
|
|||
(Loss) gain on investments
|
|
(402.2
|
)
|
|
123.7
|
|
|
—
|
|
|||
Valuation adjustments related to the registration of PTC Shares
|
|
33.7
|
|
|
(33.7
|
)
|
|
—
|
|
|||
Gain on sale of business3
|
|
—
|
|
|
—
|
|
|
60.8
|
|
|||
Interest (expense) income, net
|
|
(87.1
|
)
|
|
(48.6
|
)
|
|
(56.6
|
)
|
|||
Income before income taxes (c)
|
|
901.0
|
|
|
1,330.8
|
|
|
1,037.4
|
|
|||
Income tax provision4
|
|
(205.2
|
)
|
|
(795.3
|
)
|
|
(211.7
|
)
|
|||
Net income
|
|
$
|
695.8
|
|
|
$
|
535.5
|
|
|
$
|
825.7
|
|
|
|
|
|
|
|
|
||||||
Diluted EPS
|
|
$
|
5.83
|
|
|
$
|
4.21
|
|
|
$
|
6.35
|
|
|
|
|
|
|
|
|
||||||
Adjusted EPS5
|
|
$
|
8.67
|
|
|
$
|
8.10
|
|
|
$
|
6.73
|
|
|
|
|
|
|
|
|
||||||
Diluted weighted average outstanding shares
|
|
119.3
|
|
|
126.9
|
|
|
129.9
|
|
|||
Total segment operating margin2 (b/a)
|
|
22.0
|
%
|
|
21.6
|
%
|
|
19.5
|
%
|
|||
Pre-tax margin (c/a)
|
|
13.5
|
%
|
|
20.0
|
%
|
|
16.4
|
%
|
(1)
|
See Note 17 in the Consolidated Financial Statements for the definition of segment operating earnings. Effective October 1, 2018, we realigned our reportable segments for a transfer of business activities between our segments. We also reclassified interest income from General corporate - net to Interest (expense) income - net. As a result, the prior period presentation of reportable segments has been restated to conform to the current segment reporting structure.
|
(2)
|
Total segment operating earnings and total segment operating margin are non-GAAP financial measures. We exclude purchase accounting depreciation and amortization, general corporate – net, non-operating pension and postretirement benefit credit (cost), costs related to the unsolicited Emerson proposals in the first quarter of fiscal 2018, gains and losses on investments, valuation adjustments related to the registration of PTC Shares, gains and losses from the disposition of businesses, interest (expense) income - net and income tax provision because we do not consider these costs to be directly related to the operating performance of our segments. We believe that these measures are useful to investors as measures of operating performance. We use these measures to monitor and evaluate the profitability of our operating segments. Our measures of total segment operating earnings and total segment operating margin may be different from measures used by other companies.
|
(3)
|
During the fourth quarter of fiscal 2017, we sold a product distribution business within our Control Products & Solutions segment. This business held no intellectual property and included products sold outside of our core channel and under different brands. We sold this business for approximately $94 million and recorded a pre-tax gain of $60.8 million, which is included within Other income (expense) in the Consolidated Statement of Operations.
|
(4)
|
During fiscal 2018, we recorded charges of $538.3 million associated with the enactment of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Refer to Note 15 in the Consolidated Financial Statements for further information.
|
(5)
|
Adjusted EPS is a non-GAAP earnings measure that excludes non-operating pension and postretirement benefit cost (credit), costs related to the unsolicited Emerson proposals in the first quarter of fiscal 2018, gains and losses on investments, and valuation adjustments related to the registration of PTC Shares, including their respective tax effects and the charges associated with the enactment of the Tax Act in fiscal 2018. See Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate Reconciliation for more information on this non-GAAP measure.
|
|
|
Year Ended September 30,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Purchase accounting depreciation and amortization
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
6.4
|
|
|
$
|
6.3
|
|
|
$
|
6.4
|
|
Control Products & Solutions
|
|
9.1
|
|
|
10.1
|
|
|
14.0
|
|
|||
Non-operating pension and postretirement benefit (credit) cost
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
(5.4
|
)
|
|
7.1
|
|
|
27.7
|
|
|||
Control Products & Solutions
|
|
(8.5
|
)
|
|
11.2
|
|
|
43.4
|
|
|
|
Year Ended September 30,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
|
$
|
79.1
|
|
|
$
|
90.2
|
|
|
$
|
98.4
|
|
Operating pension and postretirement benefit cost
|
|
79.1
|
|
|
90.2
|
|
|
98.4
|
|
|||
|
|
|
|
|
|
|
||||||
Interest cost
|
|
160.6
|
|
|
157.7
|
|
|
154.1
|
|
|||
Expected return on plan assets
|
|
(244.7
|
)
|
|
(244.8
|
)
|
|
(225.2
|
)
|
|||
Amortization of prior service credit
|
|
(4.2
|
)
|
|
(4.9
|
)
|
|
(9.8
|
)
|
|||
Amortization of net actuarial loss
|
|
78.7
|
|
|
115.1
|
|
|
155.2
|
|
|||
Settlements
|
|
1.2
|
|
|
0.7
|
|
|
3.3
|
|
|||
Non-operating pension and postretirement benefit (credit) cost
|
|
(8.4
|
)
|
|
23.8
|
|
|
77.6
|
|
|||
|
|
|
|
|
|
|
||||||
Net periodic pension and postretirement benefit cost
|
|
$
|
70.7
|
|
|
$
|
114.0
|
|
|
$
|
176.0
|
|
|
|
Year Ended September 30,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income
|
|
$
|
695.8
|
|
|
$
|
535.5
|
|
|
$
|
825.7
|
|
Non-operating pension and postretirement benefit (credit) cost
|
|
(8.4
|
)
|
|
23.8
|
|
|
77.6
|
|
|||
Tax effect of non-operating pension and postretirement benefit (credit) cost
|
|
1.0
|
|
|
(7.5
|
)
|
|
(28.0
|
)
|
|||
Costs related to unsolicited Emerson proposals
|
|
—
|
|
|
11.2
|
|
|
—
|
|
|||
Tax effect of costs related to unsolicited Emerson proposals
|
|
—
|
|
|
(3.1
|
)
|
|
—
|
|
|||
Change in fair value of investments1
|
|
368.5
|
|
|
(90.0
|
)
|
|
—
|
|
|||
Tax effect of change in fair value of investments1
|
|
(21.7
|
)
|
|
21.7
|
|
|
—
|
|
|||
Effect of deemed repatriation of foreign earnings due to the Tax Act2
|
|
—
|
|
|
395.8
|
|
|
—
|
|
|||
Effect of net deferred tax asset revaluation due to the Tax Act2
|
|
—
|
|
|
104.4
|
|
|
—
|
|
|||
Effect of withholding taxes on previously taxed foreign earnings due to the Tax Act2
|
|
—
|
|
|
38.1
|
|
|
—
|
|
|||
Adjusted Income
|
|
$
|
1,035.2
|
|
|
$
|
1,029.9
|
|
|
$
|
875.3
|
|
|
|
|
|
|
|
|
||||||
Diluted EPS from net income
|
|
$
|
5.83
|
|
|
$
|
4.21
|
|
|
$
|
6.35
|
|
Non-operating pension and postretirement benefit (credit) cost
|
|
(0.07
|
)
|
|
0.18
|
|
|
0.60
|
|
|||
Tax effect of non-operating pension and postretirement benefit (credit) cost
|
|
0.01
|
|
|
(0.06
|
)
|
|
(0.22
|
)
|
|||
Costs related to unsolicited Emerson proposals
|
|
—
|
|
|
0.09
|
|
|
—
|
|
|||
Tax effect of costs related to unsolicited Emerson proposals
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
|||
Change in fair value of investments1
|
|
3.08
|
|
|
(0.71
|
)
|
|
—
|
|
|||
Tax effect of change in fair value of investments1
|
|
(0.18
|
)
|
|
0.17
|
|
|
—
|
|
|||
Effect of deemed repatriation of foreign earnings due to the Tax Act2
|
|
—
|
|
|
3.12
|
|
|
—
|
|
|||
Effect of net deferred tax asset revaluation due to the Tax Act2
|
|
—
|
|
|
0.82
|
|
|
—
|
|
|||
Effect of withholding taxes on previously taxed foreign earnings due to the Tax Act2
|
|
—
|
|
|
0.30
|
|
|
—
|
|
|||
Adjusted EPS
|
|
$
|
8.67
|
|
|
$
|
8.10
|
|
|
$
|
6.73
|
|
|
|
|
|
|
|
|
||||||
Effective tax rate
|
|
22.8
|
%
|
|
59.8
|
%
|
|
20.4
|
%
|
|||
Tax effect of non-operating pension and postretirement benefit (credit) cost
|
|
0.1
|
%
|
|
0.3
|
%
|
|
1.1
|
%
|
|||
Tax effect of costs related to unsolicited Emerson proposals
|
|
—
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|||
Tax effect of change in fair value of investments1
|
|
(5.0
|
)%
|
|
(0.4
|
)%
|
|
—
|
%
|
|||
Effect of deemed repatriation of foreign earnings due to the Tax Act2
|
|
—
|
%
|
|
(29.8
|
)%
|
|
—
|
%
|
|||
Effect of net deferred tax asset revaluation due to the Tax Act2
|
|
—
|
%
|
|
(7.9
|
)%
|
|
—
|
%
|
|||
Effect of withholding taxes on previously taxed foreign earnings due to the Tax Act2
|
|
—
|
%
|
|
(2.8
|
)%
|
|
—
|
%
|
|||
Adjusted Effective Tax Rate
|
|
17.9
|
%
|
|
19.3
|
%
|
|
21.5
|
%
|
(in millions, except per share amounts)
|
|
2019
|
|
2018
|
|
Change
|
||||||
Sales
|
|
$
|
6,694.8
|
|
|
$
|
6,666.0
|
|
|
$
|
28.8
|
|
Income before income taxes
|
|
901.0
|
|
|
1,330.8
|
|
|
(429.8
|
)
|
|||
Diluted EPS
|
|
5.83
|
|
|
4.21
|
|
|
1.62
|
|
|||
Adjusted EPS
|
|
8.67
|
|
|
8.10
|
|
|
0.57
|
|
|
|
|
|
Change vs.
|
|
Change in Organic
Sales(1) vs.
|
||||
(in millions, except percentages)
|
|
Year Ended
September 30, 2019 |
|
Year Ended
September 30, 2018 |
|
Year Ended
September 30, 2018 |
||||
North America
|
|
$
|
4,014.3
|
|
|
1.3
|
%
|
|
1.6
|
%
|
Europe, Middle East and Africa
|
|
1,249.8
|
|
|
(2.9
|
)%
|
|
2.9
|
%
|
|
Asia Pacific
|
|
908.6
|
|
|
(2.6
|
)%
|
|
1.7
|
%
|
|
Latin America
|
|
522.1
|
|
|
8.4
|
%
|
|
14.2
|
%
|
|
Total sales
|
|
$
|
6,694.8
|
|
|
0.4
|
%
|
|
2.8
|
%
|
(1)
|
Organic sales are sales excluding the effect of changes in currency exchange rates, acquisitions and divestitures. See Supplemental Sales Information for information on this non-GAAP measure.
|
•
|
Sales in North America increased year over year, led by strength in process end markets, specifically Oil & Gas, and Pulp & Paper.
|
•
|
EMEA sales decreased year over year, primarily as a result of currency translation. Organic sales increased, led by strength in hybrid and process end markets, specifically Life Sciences and Tire.
|
•
|
Asia Pacific sales decreased year over year, primarily as a result of currency translation. Organic sales increased, led by strength in process end markets, specifically in Oil & Gas, Mass Transit, and Water / Wastewater, partially offset by weakness in Semiconductor.
|
•
|
Sales in Latin America increased year over year, led by process end markets, including Mining and Oil & Gas.
|
(in millions, except percentages)
|
|
2019
|
|
2018
|
|
Change
|
|
|
||||||
Sales
|
|
$
|
3,021.9
|
|
|
$
|
3,050.2
|
|
|
$
|
(28.3
|
)
|
|
|
Segment operating earnings
|
|
874.8
|
|
|
897.9
|
|
|
(23.1
|
)
|
|
|
|||
Segment operating margin
|
|
28.9
|
%
|
|
29.4
|
%
|
|
(0.5
|
)
|
|
pts
|
•
|
Low and medium voltage electro-mechanical and electronic motor starters and AC/DC variable frequency drives, motor control and circuit protection devices, operator devices, signaling devices, termination and protection devices, relays and timers and electrical control accessories.
|
•
|
Value-added solutions ranging from pre-configured line to load power solutions, packaged drives, motor control centers, intelligent packaged power and engineered to order automation equipment solutions.
|
•
|
Professional lifecycle services combine technology and domain expertise to help maximize customers’ automation investment and provide total lifecycle support as they design, build, sustain and optimize their automation investments. This broad portfolio includes safety, security and digital transformation consulting, global automation and information project delivery capabilities, plant network, cloud, and cybersecurity services, asset management and predictive analytics, and remote, on-site and managed support services.
|
(in millions, except percentages)
|
|
2019
|
|
2018
|
|
Change
|
|
|
||||||
Sales
|
|
$
|
3,672.9
|
|
|
$
|
3,615.8
|
|
|
$
|
57.1
|
|
|
|
Segment operating earnings
|
|
598.8
|
|
|
543.9
|
|
|
54.9
|
|
|
|
|||
Segment operating margin
|
|
16.3
|
%
|
|
15.0
|
%
|
|
1.3
|
|
|
pts
|
(in millions, except per share amounts)
|
|
2018
|
|
2017
|
|
Change
|
||||||
Sales
|
|
$
|
6,666.0
|
|
|
$
|
6,311.3
|
|
|
$
|
354.7
|
|
Income before income taxes
|
|
1,330.8
|
|
|
1,037.4
|
|
|
293.4
|
|
|||
Diluted EPS
|
|
4.21
|
|
|
6.35
|
|
|
(2.14
|
)
|
|||
Adjusted EPS
|
|
8.10
|
|
|
6.73
|
|
|
1.37
|
|
|
|
|
|
Change vs.
|
|
Change in Organic
Sales(1) vs.
|
||||
(in millions, except percentages)
|
|
Year Ended
September 30, 2018 |
|
Year Ended
September 30, 2017 |
|
Year Ended
September 30, 2017 |
||||
North America
|
|
$
|
3,964.1
|
|
|
4.3
|
%
|
|
6.0
|
%
|
Europe, Middle East and Africa
|
|
1,286.8
|
|
|
7.8
|
%
|
|
0.8
|
%
|
|
Asia Pacific
|
|
933.3
|
|
|
7.7
|
%
|
|
5.4
|
%
|
|
Latin America
|
|
481.8
|
|
|
7.2
|
%
|
|
14.3
|
%
|
|
Total sales
|
|
$
|
6,666.0
|
|
|
5.6
|
%
|
|
5.5
|
%
|
(1)
|
Organic sales are sales excluding the effect of changes in currency exchange rates, acquisitions and divestitures. See Supplemental Sales Information for information on this non-GAAP measure.
|
•
|
Sales in North America increased year over year, led by strength in heavy industries.
|
•
|
EMEA sales increased year over year, led by consumer industries.
|
•
|
Asia Pacific sales increased year over year, led by heavy industries.
|
•
|
Sales in Latin America increased year over year, led by the food and beverage and mining industries.
|
(in millions, except percentages)
|
|
2018
|
|
2017
|
|
Change
|
|
|
||||||
Sales
|
|
$
|
3,050.2
|
|
|
$
|
2,858.6
|
|
|
$
|
191.6
|
|
|
|
Segment operating earnings
|
|
897.9
|
|
|
780.0
|
|
|
117.9
|
|
|
|
|||
Segment operating margin
|
|
29.4
|
%
|
|
27.3
|
%
|
|
2.1
|
|
|
pts
|
(in millions, except percentages)
|
|
2018
|
|
2017
|
|
Change
|
|
|
||||||
Sales
|
|
$
|
3,615.8
|
|
|
$
|
3,452.7
|
|
|
$
|
163.1
|
|
|
|
Segment operating earnings
|
|
543.9
|
|
|
448.1
|
|
|
95.8
|
|
|
|
|||
Segment operating margin
|
|
15.0
|
%
|
|
13.0
|
%
|
|
2.0
|
|
|
pts
|
|
|
Year Ended September 30,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash provided by (used for):
|
|
|
|
|
|
|
||||||
Operating activities
|
|
$
|
1,182.0
|
|
|
$
|
1,300.0
|
|
|
$
|
1,034.0
|
|
Investing activities
|
|
225.0
|
|
|
(170.4
|
)
|
|
(516.7
|
)
|
|||
Financing activities
|
|
(985.9
|
)
|
|
(1,888.9
|
)
|
|
(649.6
|
)
|
|||
Effect of exchange rate changes on cash
|
|
(21.5
|
)
|
|
(32.8
|
)
|
|
16.8
|
|
|||
Cash provided by (used for) continuing operations
|
|
$
|
399.6
|
|
|
$
|
(792.1
|
)
|
|
$
|
(115.5
|
)
|
|
|
Year Ended September 30,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash provided by continuing operating activities
|
|
$
|
1,182.0
|
|
|
$
|
1,300.0
|
|
|
$
|
1,034.0
|
|
Capital expenditures
|
|
(132.8
|
)
|
|
(125.5
|
)
|
|
(141.7
|
)
|
|||
Free cash flow
|
|
$
|
1,049.2
|
|
|
$
|
1,174.5
|
|
|
$
|
892.3
|
|
|
|
|
|
|
|
|
Credit Rating Agency
|
|
Short Term Rating
|
|
Long Term Rating
|
|
Outlook
|
Standard & Poor’s
|
|
A-1
|
|
A
|
|
Stable
|
Moody’s
|
|
P-2
|
|
A3
|
|
Stable
|
Fitch Ratings
|
|
F1
|
|
A
|
|
Stable
|
|
|
Payments by Period
|
||||||||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
Long-term debt and interest (a)
|
|
$
|
4,461.3
|
|
|
$
|
394.5
|
|
|
$
|
92.0
|
|
|
$
|
92.0
|
|
|
$
|
92.0
|
|
|
$
|
92.0
|
|
|
$
|
3,698.8
|
|
Minimum operating lease payments
|
|
341.9
|
|
|
90.6
|
|
|
72.6
|
|
|
51.8
|
|
|
36.7
|
|
|
26.4
|
|
|
63.8
|
|
|||||||
Postretirement benefits (b)
|
|
60.7
|
|
|
7.4
|
|
|
6.2
|
|
|
5.9
|
|
|
5.6
|
|
|
5.3
|
|
|
30.3
|
|
|||||||
Pension funding contribution (c)
|
|
32.2
|
|
|
32.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase obligations (d)
|
|
448.1
|
|
|
361.8
|
|
|
60.0
|
|
|
13.4
|
|
|
5.6
|
|
|
5.5
|
|
|
1.8
|
|
|||||||
Other long-term liabilities (e)
|
|
98.0
|
|
|
9.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Transition tax (f)
|
|
355.9
|
|
|
28.7
|
|
|
31.2
|
|
|
31.2
|
|
|
31.1
|
|
|
58.4
|
|
|
175.3
|
|
|||||||
Unrecognized tax benefits (g)
|
|
23.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
5,821.3
|
|
|
$
|
924.8
|
|
|
$
|
262.0
|
|
|
$
|
194.3
|
|
|
$
|
171.0
|
|
|
$
|
187.6
|
|
|
$
|
3,970.0
|
|
(a)
|
The amounts for long-term debt assume that the respective debt instruments will be outstanding until their scheduled maturity dates. The amounts include interest but exclude the amounts to be paid or received under interest rate swap contracts, including the $7.0 million fair value adjustment recorded for the interest rate swap contracts at September 30, 2019 and the unamortized discount of $46.6 million at September 30, 2019. See Note 6 in the Consolidated Financial Statements for more information regarding our long-term debt.
|
(b)
|
Our postretirement benefit plans are unfunded and are subject to change. Amounts reported are estimates of future benefit payments, to the extent estimable.
|
(c)
|
Amounts reported for pension funding contributions reflect current estimates of known commitments. Contributions to our pension plans beyond 2020 will depend on future investment performance of our pension plan assets, changes in discount rate assumptions and governmental regulations in effect at the time. Amounts subsequent to 2020 are excluded from the summary above, as we are unable to make a reasonably reliable estimate of these amounts. The minimum contribution for our U.S. pension plan as required by the Employee Retirement Income Security Act (ERISA) is currently zero. We may make additional contributions to this plan at the discretion of management.
|
(d)
|
This item includes contractual commitments for capital expenditures, certain materials purchases and long-term obligations under agreements with various service providers. Included in this amount is $250 million paid to Schlumberger in connection with the formation of Sensia on October 1, 2019.
|
(e)
|
Other long-term liabilities include environmental remediation costs, conditional asset retirement obligations and indemnification liabilities. Amounts subsequent to 2020 are excluded from the summary above, as we are unable to make a reasonably reliable estimate of when the liabilities will be paid.
|
(f)
|
Under the Tax Act, the Company may elect to pay the transition tax interest-free over eight years, with 8% due in each of the first five years, 15% in year six, 20% in year seven, and 25% in year eight.
|
(g)
|
Amount for unrecognized tax benefits includes accrued interest and penalties. We are unable to make a reasonably reliable estimate of when the liabilities for unrecognized tax benefits will be settled or paid.
|
|
Year Ended September 30, 2019
|
|
Year Ended September 30, 2018
|
||||||||||||||||||||||||||||
|
Sales
|
|
Effect of
Changes in
Currency
|
|
Sales
Excluding
Changes in
Currency
|
|
Effect of
Acquisitions
|
|
Organic
Sales
|
|
Sales
|
|
Effect of Divestitures
|
|
Sales Excluding Divestitures
|
||||||||||||||||
North America
|
$
|
4,014.3
|
|
|
$
|
13.7
|
|
|
$
|
4,028.0
|
|
|
$
|
(1.5
|
)
|
|
$
|
4,026.5
|
|
|
$
|
3,964.1
|
|
|
$
|
—
|
|
|
$
|
3,964.1
|
|
Europe, Middle East and Africa
|
1,249.8
|
|
|
74.7
|
|
|
1,324.5
|
|
|
(0.4
|
)
|
|
1,324.1
|
|
|
1,286.8
|
|
|
—
|
|
|
1,286.8
|
|
||||||||
Asia Pacific
|
908.6
|
|
|
40.7
|
|
|
949.3
|
|
|
(0.3
|
)
|
|
949.0
|
|
|
933.3
|
|
|
—
|
|
|
933.3
|
|
||||||||
Latin America
|
522.1
|
|
|
28.2
|
|
|
550.3
|
|
|
—
|
|
|
550.3
|
|
|
481.8
|
|
|
—
|
|
|
481.8
|
|
||||||||
Total Company Sales
|
$
|
6,694.8
|
|
|
$
|
157.3
|
|
|
$
|
6,852.1
|
|
|
$
|
(2.2
|
)
|
|
$
|
6,849.9
|
|
|
$
|
6,666.0
|
|
|
$
|
—
|
|
|
$
|
6,666.0
|
|
|
Year Ended September 30, 2018
|
|
Year Ended September 30, 2017
|
||||||||||||||||||||||||||||
|
Sales
|
|
Effect of
Changes in
Currency
|
|
Sales
Excluding
Changes in
Currency
|
|
Effect of
Acquisitions
|
|
Organic
Sales
|
|
Sales
|
|
Effect of Divestitures
|
|
Sales Excluding Divestitures
|
||||||||||||||||
North America
|
$
|
3,964.1
|
|
|
$
|
(9.6
|
)
|
|
$
|
3,954.5
|
|
|
$
|
—
|
|
|
$
|
3,954.5
|
|
|
$
|
3,801.8
|
|
|
$
|
(69.8
|
)
|
|
$
|
3,732.0
|
|
Europe, Middle East and Africa
|
1,286.8
|
|
|
(83.7
|
)
|
|
1,203.1
|
|
|
—
|
|
|
1,203.1
|
|
|
1,193.7
|
|
|
—
|
|
|
1,193.7
|
|
||||||||
Asia Pacific
|
933.3
|
|
|
(19.8
|
)
|
|
913.5
|
|
|
—
|
|
|
913.5
|
|
|
866.4
|
|
|
—
|
|
|
866.4
|
|
||||||||
Latin America
|
481.8
|
|
|
22.9
|
|
|
504.7
|
|
|
—
|
|
|
504.7
|
|
|
449.4
|
|
|
(8.0
|
)
|
|
441.4
|
|
||||||||
Total Company Sales
|
$
|
6,666.0
|
|
|
$
|
(90.2
|
)
|
|
$
|
6,575.8
|
|
|
$
|
—
|
|
|
$
|
6,575.8
|
|
|
$
|
6,311.3
|
|
|
$
|
(77.8
|
)
|
|
$
|
6,233.5
|
|
|
Year Ended September 30, 2019
|
|
Year Ended September 30, 2018
|
||||||||||||||||||||||||||||
|
Sales
|
|
Effect of
Changes in
Currency
|
|
Sales
Excluding
Changes in
Currency
|
|
Effect of
Acquisitions
|
|
Organic
Sales
|
|
Sales
|
|
Effect of Divestitures
|
|
Sales Excluding Divestitures
|
||||||||||||||||
Architecture & Software
|
$
|
3,021.9
|
|
|
$
|
76.5
|
|
|
$
|
3,098.4
|
|
|
$
|
(2.2
|
)
|
|
$
|
3,096.2
|
|
|
$
|
3,050.2
|
|
|
$
|
—
|
|
|
$
|
3,050.2
|
|
Control Products & Solutions
|
3,672.9
|
|
|
80.8
|
|
|
3,753.7
|
|
|
—
|
|
|
3,753.7
|
|
|
3,615.8
|
|
|
—
|
|
|
3,615.8
|
|
||||||||
Total Company Sales
|
$
|
6,694.8
|
|
|
$
|
157.3
|
|
|
$
|
6,852.1
|
|
|
$
|
(2.2
|
)
|
|
$
|
6,849.9
|
|
|
$
|
6,666.0
|
|
|
$
|
—
|
|
|
$
|
6,666.0
|
|
|
Year Ended September 30, 2018
|
|
Year Ended September 30, 2017
|
||||||||||||||||||||||||||||
|
Sales
|
|
Effect of
Changes in
Currency
|
|
Sales
Excluding
Changes in
Currency
|
|
Effect of
Acquisitions
|
|
Organic
Sales
|
|
Sales
|
|
Effect of Divestitures
|
|
Sales Excluding Divestitures
|
||||||||||||||||
Architecture & Software
|
$
|
3,050.2
|
|
|
$
|
(46.1
|
)
|
|
$
|
3,004.1
|
|
|
$
|
—
|
|
|
$
|
3,004.1
|
|
|
$
|
2,858.6
|
|
|
$
|
—
|
|
|
$
|
2,858.6
|
|
Control Products & Solutions
|
3,615.8
|
|
|
(44.1
|
)
|
|
3,571.7
|
|
|
—
|
|
|
3,571.7
|
|
|
3,452.7
|
|
|
(77.8
|
)
|
|
3,374.9
|
|
||||||||
Total Company Sales
|
$
|
6,666.0
|
|
|
$
|
(90.2
|
)
|
|
$
|
6,575.8
|
|
|
$
|
—
|
|
|
$
|
6,575.8
|
|
|
$
|
6,311.3
|
|
|
$
|
(77.8
|
)
|
|
$
|
6,233.5
|
|
|
|
Pension Benefits
|
||||||
|
|
Change in
Projected Benefit
Obligation
|
|
Change in Net Periodic Benefit Cost(1)
|
||||
Discount rate
|
|
$
|
141.1
|
|
|
$
|
14.7
|
|
|
September 30,
|
||||||
|
2019
|
|
2018
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,018.4
|
|
|
$
|
618.8
|
|
Short-term investments
|
39.6
|
|
|
290.9
|
|
||
Receivables
|
1,178.7
|
|
|
1,190.1
|
|
||
Inventories
|
575.7
|
|
|
581.6
|
|
||
Other current assets
|
173.3
|
|
|
149.3
|
|
||
Total current assets
|
2,985.7
|
|
|
2,830.7
|
|
||
Property, net
|
571.9
|
|
|
576.8
|
|
||
Goodwill
|
1,071.1
|
|
|
1,075.5
|
|
||
Other intangible assets, net
|
194.1
|
|
|
215.2
|
|
||
Deferred income taxes
|
364.1
|
|
|
179.6
|
|
||
Long-term investments
|
793.9
|
|
|
1,288.0
|
|
||
Other assets
|
132.2
|
|
|
96.2
|
|
||
Total
|
$
|
6,113.0
|
|
|
$
|
6,262.0
|
|
LIABILITIES AND SHAREOWNERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Short-term debt
|
$
|
—
|
|
|
$
|
551.0
|
|
Current portion of long-term debt
|
300.5
|
|
|
—
|
|
||
Accounts payable
|
694.6
|
|
|
713.4
|
|
||
Compensation and benefits
|
239.0
|
|
|
289.4
|
|
||
Contract liabilities
|
275.6
|
|
|
249.9
|
|
||
Customer returns, rebates and incentives
|
199.2
|
|
|
206.6
|
|
||
Other current liabilities
|
227.9
|
|
|
226.6
|
|
||
Total current liabilities
|
1,936.8
|
|
|
2,236.9
|
|
||
Long-term debt
|
1,956.4
|
|
|
1,225.2
|
|
||
Retirement benefits
|
1,231.9
|
|
|
605.1
|
|
||
Other liabilities
|
583.7
|
|
|
577.3
|
|
||
Commitments and contingent liabilities (Note 16)
|
|
|
|
||||
Shareowners’ equity:
|
|
|
|
||||
Common stock ($1.00 par value, shares issued: 181.4)
|
181.4
|
|
|
181.4
|
|
||
Additional paid-in capital
|
1,709.1
|
|
|
1,681.4
|
|
||
Retained earnings
|
6,440.2
|
|
|
6,198.1
|
|
||
Accumulated other comprehensive loss
|
(1,488.0
|
)
|
|
(941.9
|
)
|
||
Common stock in treasury, at cost (shares held: 2019, 65.7; 2018, 60.3)
|
(6,438.5
|
)
|
|
(5,501.5
|
)
|
||
Total shareowners’ equity
|
404.2
|
|
|
1,617.5
|
|
||
Total
|
$
|
6,113.0
|
|
|
$
|
6,262.0
|
|
|
Year Ended September 30,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Sales
|
|
|
|
|
|
||||||
Products and solutions
|
$
|
5,938.5
|
|
|
$
|
5,930.5
|
|
|
$
|
5,628.9
|
|
Services
|
756.3
|
|
|
735.5
|
|
|
682.4
|
|
|||
|
6,694.8
|
|
|
6,666.0
|
|
|
6,311.3
|
|
|||
Cost of sales
|
|
|
|
|
|
||||||
Products and solutions
|
(3,313.6
|
)
|
|
(3,327.5
|
)
|
|
(3,216.2
|
)
|
|||
Services
|
(481.1
|
)
|
|
(453.6
|
)
|
|
(427.2
|
)
|
|||
|
(3,794.7
|
)
|
|
(3,781.1
|
)
|
|
(3,643.4
|
)
|
|||
Gross profit
|
2,900.1
|
|
|
2,884.9
|
|
|
2,667.9
|
|
|||
Selling, general and administrative expenses
|
(1,538.5
|
)
|
|
(1,587.9
|
)
|
|
(1,557.6
|
)
|
|||
Other income (expense) (Note 14)
|
(362.4
|
)
|
|
106.8
|
|
|
3.3
|
|
|||
Interest expense
|
(98.2
|
)
|
|
(73.0
|
)
|
|
(76.2
|
)
|
|||
Income before income taxes
|
901.0
|
|
|
1,330.8
|
|
|
1,037.4
|
|
|||
Income tax provision (Note 15)
|
(205.2
|
)
|
|
(795.3
|
)
|
|
(211.7
|
)
|
|||
Net income
|
$
|
695.8
|
|
|
$
|
535.5
|
|
|
$
|
825.7
|
|
Earnings per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
5.88
|
|
|
$
|
4.27
|
|
|
$
|
6.42
|
|
Diluted
|
$
|
5.83
|
|
|
$
|
4.21
|
|
|
$
|
6.35
|
|
Weighted average outstanding shares:
|
|
|
|
|
|
||||||
Basic
|
118.3
|
|
|
125.4
|
|
|
128.4
|
|
|||
Diluted
|
119.3
|
|
|
126.9
|
|
|
129.9
|
|
|
Year Ended September 30,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
695.8
|
|
|
$
|
535.5
|
|
|
$
|
825.7
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
Pension and other postretirement benefit plan adjustments (net of tax benefit (expense) of $150.0, ($87.2) and ($159.3))
|
(475.6
|
)
|
|
268.9
|
|
|
312.8
|
|
|||
Currency translation adjustments
|
(55.3
|
)
|
|
(48.3
|
)
|
|
57.2
|
|
|||
Net change in cash flow hedges (net of tax benefit (expense) of $5.5, ($6.6) and $2.8)
|
(17.4
|
)
|
|
18.8
|
|
|
(10.3
|
)
|
|||
Net change in available-for-sale investments
|
2.2
|
|
|
(2.1
|
)
|
|
(0.1
|
)
|
|||
Other comprehensive (loss) income
|
(546.1
|
)
|
|
237.3
|
|
|
359.6
|
|
|||
Comprehensive income
|
$
|
149.7
|
|
|
$
|
772.8
|
|
|
$
|
1,185.3
|
|
|
Year Ended September 30,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
695.8
|
|
|
$
|
535.5
|
|
|
$
|
825.7
|
|
Adjustments to arrive at cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
126.2
|
|
|
136.4
|
|
|
138.7
|
|
|||
Amortization of intangible assets
|
26.0
|
|
|
28.2
|
|
|
30.2
|
|
|||
Change in fair value of investments
|
368.5
|
|
|
(90.0
|
)
|
|
—
|
|
|||
Share-based compensation expense
|
43.1
|
|
|
38.5
|
|
|
38.5
|
|
|||
Retirement benefit expense
|
70.7
|
|
|
114.0
|
|
|
176.0
|
|
|||
Pension contributions
|
(30.9
|
)
|
|
(50.3
|
)
|
|
(254.9
|
)
|
|||
Deferred income taxes
|
(29.0
|
)
|
|
170.5
|
|
|
33.8
|
|
|||
Gain on sale of business
|
—
|
|
|
—
|
|
|
(60.8
|
)
|
|||
Net loss on disposition of property
|
1.8
|
|
|
2.5
|
|
|
0.1
|
|
|||
Settlement of treasury locks
|
(35.7
|
)
|
|
—
|
|
|
—
|
|
|||
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments:
|
|
|
|
|
|
||||||
Receivables
|
(10.4
|
)
|
|
(91.7
|
)
|
|
(53.0
|
)
|
|||
Inventories
|
(4.9
|
)
|
|
(37.4
|
)
|
|
(30.4
|
)
|
|||
Accounts payable
|
14.5
|
|
|
67.2
|
|
|
81.1
|
|
|||
Contract liabilities
|
12.1
|
|
|
12.9
|
|
|
21.3
|
|
|||
Compensation and benefits
|
(45.2
|
)
|
|
22.4
|
|
|
124.7
|
|
|||
Income taxes
|
(18.8
|
)
|
|
426.7
|
|
|
(22.2
|
)
|
|||
Other assets and liabilities
|
(1.8
|
)
|
|
14.6
|
|
|
(14.8
|
)
|
|||
Cash provided by operating activities
|
1,182.0
|
|
|
1,300.0
|
|
|
1,034.0
|
|
|||
Investing activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(132.8
|
)
|
|
(125.5
|
)
|
|
(141.7
|
)
|
|||
Acquisition of businesses, net of cash acquired
|
(20.7
|
)
|
|
(9.9
|
)
|
|
(1.1
|
)
|
|||
Purchases of investments
|
(5.1
|
)
|
|
(1,296.9
|
)
|
|
(1,444.2
|
)
|
|||
Proceeds from maturities of investments
|
312.8
|
|
|
1,106.1
|
|
|
912.6
|
|
|||
Proceeds from sale of investments
|
66.3
|
|
|
155.3
|
|
|
62.6
|
|
|||
Proceeds from sale of business
|
—
|
|
|
—
|
|
|
94.0
|
|
|||
Proceeds from sale of property
|
4.5
|
|
|
0.5
|
|
|
1.1
|
|
|||
Cash provided by (used for) investing activities
|
225.0
|
|
|
(170.4
|
)
|
|
(516.7
|
)
|
|||
Financing activities:
|
|
|
|
|
|
||||||
Net (repayment) issuance of short-term debt
|
(551.0
|
)
|
|
200.6
|
|
|
(98.2
|
)
|
|||
Issuance of long-term debt, net of discount and issuance costs
|
987.6
|
|
|
—
|
|
|
—
|
|
|||
Repayment of long-term debt
|
—
|
|
|
(250.0
|
)
|
|
—
|
|
|||
Cash dividends
|
(459.8
|
)
|
|
(440.8
|
)
|
|
(390.7
|
)
|
|||
Purchases of treasury stock
|
(1,009.0
|
)
|
|
(1,482.3
|
)
|
|
(342.6
|
)
|
|||
Proceeds from the exercise of stock options
|
47.4
|
|
|
81.8
|
|
|
181.9
|
|
|||
Other financing activities
|
(1.1
|
)
|
|
1.8
|
|
|
—
|
|
|||
Cash used for financing activities
|
(985.9
|
)
|
|
(1,888.9
|
)
|
|
(649.6
|
)
|
|||
Effect of exchange rate changes on cash
|
(21.5
|
)
|
|
(32.8
|
)
|
|
16.8
|
|
|||
Increase (decrease) in cash and cash equivalents
|
399.6
|
|
|
(792.1
|
)
|
|
(115.5
|
)
|
|||
Cash and cash equivalents at beginning of year
|
618.8
|
|
|
1,410.9
|
|
|
1,526.4
|
|
|||
Cash and cash equivalents at end of year
|
$
|
1,018.4
|
|
|
$
|
618.8
|
|
|
$
|
1,410.9
|
|
|
Common stock
|
|
Additional paid-in capital
|
|
Retained earnings
|
|
Accumulated other comprehensive income/(loss)
|
|
Common stock in treasury, at cost
|
|
Total shareowners’ equity
|
||||||||||||
Balance at September 30, 2016
|
$
|
181.4
|
|
|
$
|
1,588.2
|
|
|
$
|
5,668.4
|
|
|
$
|
(1,538.8
|
)
|
|
$
|
(3,909.1
|
)
|
|
$
|
1,990.1
|
|
Net income
|
—
|
|
|
—
|
|
|
825.7
|
|
|
—
|
|
|
—
|
|
|
825.7
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
359.6
|
|
|
—
|
|
|
359.6
|
|
||||||
Common stock issued (including share based compensation impact)
|
—
|
|
|
49.8
|
|
|
—
|
|
|
—
|
|
|
166.4
|
|
|
216.2
|
|
||||||
Treasury stock/other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(337.3
|
)
|
|
(337.3
|
)
|
||||||
Cash dividends declared(1)
|
—
|
|
|
—
|
|
|
(390.7
|
)
|
|
—
|
|
|
—
|
|
|
(390.7
|
)
|
||||||
Balance at September 30, 2017
|
$
|
181.4
|
|
|
$
|
1,638.0
|
|
|
$
|
6,103.4
|
|
|
$
|
(1,179.2
|
)
|
|
$
|
(4,080.0
|
)
|
|
$
|
2,663.6
|
|
Net income
|
—
|
|
|
—
|
|
|
535.5
|
|
|
—
|
|
|
—
|
|
|
535.5
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
237.3
|
|
|
—
|
|
|
237.3
|
|
||||||
Common stock issued (including share based compensation impact)
|
—
|
|
|
43.4
|
|
|
—
|
|
|
—
|
|
|
79.0
|
|
|
122.4
|
|
||||||
Treasury stock/other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,500.5
|
)
|
|
(1,500.5
|
)
|
||||||
Cash dividends declared(1)
|
—
|
|
|
—
|
|
|
(440.8
|
)
|
|
—
|
|
|
—
|
|
|
(440.8
|
)
|
||||||
Balance at September 30, 2018
|
$
|
181.4
|
|
|
$
|
1,681.4
|
|
|
$
|
6,198.1
|
|
|
$
|
(941.9
|
)
|
|
$
|
(5,501.5
|
)
|
|
$
|
1,617.5
|
|
Net income
|
—
|
|
|
—
|
|
|
695.8
|
|
|
—
|
|
|
—
|
|
|
695.8
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(546.1
|
)
|
|
—
|
|
|
(546.1
|
)
|
||||||
Common stock issued (including share based compensation impact)
|
—
|
|
|
27.7
|
|
|
—
|
|
|
—
|
|
|
63.0
|
|
|
90.7
|
|
||||||
Treasury stock/other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,000.0
|
)
|
|
(1,000.0
|
)
|
||||||
Cash dividends declared(1)
|
—
|
|
|
—
|
|
|
(459.8
|
)
|
|
—
|
|
|
—
|
|
|
(459.8
|
)
|
||||||
Adoption of accounting standard
|
—
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
6.1
|
|
||||||
Balance at September 30, 2019
|
$
|
181.4
|
|
|
$
|
1,709.1
|
|
|
$
|
6,440.2
|
|
|
$
|
(1,488.0
|
)
|
|
$
|
(6,438.5
|
)
|
|
$
|
404.2
|
|
Level 1:
|
|
Quoted prices in active markets for identical assets or liabilities.
|
|
|
|
Level 2:
|
|
Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
|
|
|
|
Level 3:
|
|
Unobservable inputs for the asset or liability.
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
|
$
|
695.8
|
|
|
$
|
535.5
|
|
|
$
|
825.7
|
|
Less: Allocation to participating securities
|
|
(0.7
|
)
|
|
(0.5
|
)
|
|
(0.9
|
)
|
|||
Net income available to common shareowners
|
|
$
|
695.1
|
|
|
$
|
535.0
|
|
|
$
|
824.8
|
|
Basic weighted average outstanding shares
|
|
118.3
|
|
|
125.4
|
|
|
128.4
|
|
|||
Effect of dilutive securities
|
|
|
|
|
|
|
||||||
Stock options
|
|
0.9
|
|
|
1.3
|
|
|
1.2
|
|
|||
Performance shares
|
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
|||
Diluted weighted average outstanding shares
|
|
119.3
|
|
|
126.9
|
|
|
129.9
|
|
|||
Earnings per share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
5.88
|
|
|
$
|
4.27
|
|
|
$
|
6.42
|
|
Diluted
|
|
$
|
5.83
|
|
|
$
|
4.21
|
|
|
$
|
6.35
|
|
|
Year Ended September 30, 2018
|
|
Year Ended September 30, 2017
|
||||||||||||||||||||
|
As Reported
|
|
Impact of adoption
|
|
As Restated
|
|
As Reported
|
|
Impact of adoption
|
|
As Restated
|
||||||||||||
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Products and solutions
|
$
|
(3,338.6
|
)
|
|
$
|
11.1
|
|
|
$
|
(3,327.5
|
)
|
|
$
|
(3,254.3
|
)
|
|
$
|
38.1
|
|
|
$
|
(3,216.2
|
)
|
Services
|
(455.2
|
)
|
|
1.6
|
|
|
(453.6
|
)
|
|
(432.8
|
)
|
|
5.6
|
|
|
(427.2
|
)
|
||||||
|
(3,793.8
|
)
|
|
12.7
|
|
|
(3,781.1
|
)
|
|
(3,687.1
|
)
|
|
43.7
|
|
|
(3,643.4
|
)
|
||||||
Gross profit
|
2,872.2
|
|
|
12.7
|
|
|
2,884.9
|
|
|
2,624.2
|
|
|
43.7
|
|
|
2,667.9
|
|
||||||
Selling, general and administrative expenses
|
(1,599.0
|
)
|
|
11.1
|
|
|
(1,587.9
|
)
|
|
(1,591.5
|
)
|
|
33.9
|
|
|
(1,557.6
|
)
|
||||||
Other income (expense)
|
130.6
|
|
|
(23.8
|
)
|
|
106.8
|
|
|
80.9
|
|
|
(77.6
|
)
|
|
3.3
|
|
|
September 30,
2018 |
|
Impact of Adoption
|
|
October 1,
2018 |
||||||
ASSETS
|
|||||||||||
Current assets:
|
|
|
|
|
|
||||||
Receivables
|
$
|
1,190.1
|
|
|
$
|
4.5
|
|
|
$
|
1,194.6
|
|
Other current assets
|
149.3
|
|
|
17.7
|
|
|
167.0
|
|
|||
Deferred income taxes
|
179.6
|
|
|
1.2
|
|
|
180.8
|
|
|||
Other assets
|
96.2
|
|
|
11.4
|
|
|
107.6
|
|
|||
LIABILITIES AND SHAREOWNERS’ EQUITY
|
|||||||||||
Current liabilities:
|
|
|
|
|
|
||||||
Contract liabilities
|
$
|
249.9
|
|
|
$
|
18.7
|
|
|
$
|
268.6
|
|
Customer returns, rebates and incentives
|
206.6
|
|
|
4.4
|
|
|
211.0
|
|
|||
Other current liabilities
|
226.6
|
|
|
5.6
|
|
|
232.2
|
|
|||
Shareowners’ equity:
|
|
|
|
|
|
||||||
Retained earnings
|
6,198.1
|
|
|
6.1
|
|
|
6,204.2
|
|
|
Year Ended September 30, 2019
|
||||||||||
|
Architecture & Software
|
|
Control Products & Solutions
|
|
Total
|
||||||
North America
|
$
|
1,752.1
|
|
|
$
|
2,262.2
|
|
|
$
|
4,014.3
|
|
Europe, Middle East and Africa (EMEA)
|
654.2
|
|
|
595.6
|
|
|
1,249.8
|
|
|||
Asia Pacific
|
426.4
|
|
|
482.2
|
|
|
908.6
|
|
|||
Latin America
|
189.2
|
|
|
332.9
|
|
|
522.1
|
|
|||
Total Company Sales
|
$
|
3,021.9
|
|
|
$
|
3,672.9
|
|
|
$
|
6,694.8
|
|
|
Year Ended September 30, 2019
|
||||||||||
|
Architecture & Software
|
|
Control Products & Solutions
|
|
Total
|
||||||
Products
|
$
|
3,021.9
|
|
|
$
|
1,469.1
|
|
|
$
|
4,491.0
|
|
Solutions & Services
|
—
|
|
|
2,203.8
|
|
|
2,203.8
|
|
|||
Total Company Sales
|
$
|
3,021.9
|
|
|
$
|
3,672.9
|
|
|
$
|
6,694.8
|
|
|
|
September 30, 2019
|
||
Balance as of beginning of fiscal year
|
|
$
|
268.6
|
|
Balance as of end of period
|
|
275.6
|
|
|
September 30, 2019
|
||||||||||
|
As reported
|
|
Impact of Adoption
|
|
Balances without adoption of ASC 606
|
||||||
ASSETS
|
|||||||||||
Current assets:
|
|
|
|
|
|
||||||
Receivables
|
$
|
1,178.7
|
|
|
$
|
(3.0
|
)
|
|
$
|
1,175.7
|
|
Other current assets
|
173.3
|
|
|
(15.9
|
)
|
|
157.4
|
|
|||
Deferred income taxes
|
364.1
|
|
|
(1.2
|
)
|
|
362.9
|
|
|||
Other assets
|
132.2
|
|
|
(10.2
|
)
|
|
122.0
|
|
|||
LIABILITIES AND SHAREOWNERS’ EQUITY
|
|||||||||||
Current liabilities:
|
|
|
|
|
|
||||||
Contract liabilities
|
$
|
275.6
|
|
|
$
|
(19.7
|
)
|
|
$
|
255.9
|
|
Customer returns, rebates and incentives
|
199.2
|
|
|
(1.7
|
)
|
|
197.5
|
|
|||
Other current liabilities
|
227.9
|
|
|
(4.0
|
)
|
|
223.9
|
|
|||
Shareowners’ equity:
|
|
|
|
|
|
||||||
Retained earnings
|
6,440.2
|
|
|
(5.3
|
)
|
|
6,434.9
|
|
|||
Accumulated other comprehensive loss
|
(1,488.0
|
)
|
|
0.4
|
|
|
(1,487.6
|
)
|
|
Year Ended September 30, 2019
|
||||||||||
|
As reported
|
|
Impact of Adoption
|
|
Balances without adoption of ASC 606
|
||||||
Sales
|
|
|
|
|
|
||||||
Products and solutions
|
$
|
5,938.5
|
|
|
$
|
7.1
|
|
|
$
|
5,945.6
|
|
Services
|
756.3
|
|
|
(16.1
|
)
|
|
740.2
|
|
|||
Cost of sales
|
|
|
|
|
|
||||||
Products and solutions
|
(3,313.6
|
)
|
|
(8.3
|
)
|
|
(3,321.9
|
)
|
|||
Services
|
(481.1
|
)
|
|
18.6
|
|
|
(462.5
|
)
|
|||
Income tax provision
|
(205.2
|
)
|
|
(0.5
|
)
|
|
(205.7
|
)
|
|
Year Ended September 30, 2019
|
||||||||||
|
As reported
|
|
Impact of Adoption
|
|
Balances without adoption of ASC 606
|
||||||
Net income
|
$
|
695.8
|
|
|
$
|
0.8
|
|
|
$
|
696.6
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Currency translation adjustments
|
(55.3
|
)
|
|
0.4
|
|
|
(54.9
|
)
|
|
Year Ended September 30, 2019
|
||||||||||
|
As reported
|
|
Impact of Adoption
|
|
Balances without adoption of ASC 606
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
695.8
|
|
|
$
|
0.8
|
|
|
$
|
696.6
|
|
Deferred income taxes
|
(29.0
|
)
|
|
0.1
|
|
|
(28.9
|
)
|
|||
Receivables
|
(10.4
|
)
|
|
(1.5
|
)
|
|
(11.9
|
)
|
|||
Contract liabilities
|
12.1
|
|
|
(2.6
|
)
|
|
9.5
|
|
|||
Income taxes
|
(18.8
|
)
|
|
(2.1
|
)
|
|
(20.9
|
)
|
|||
Other assets and liabilities
|
(1.8
|
)
|
|
5.3
|
|
|
3.5
|
|
|
Year Ended September 30, 2019
|
||||||||||
|
As reported
|
|
Impact of Adoption
|
|
Balances without adoption of ASC 606
|
||||||
Retained earnings
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
6,204.2
|
|
|
$
|
(6.1
|
)
|
|
$
|
6,198.1
|
|
Net income
|
695.8
|
|
|
0.8
|
|
|
696.6
|
|
|||
Accumulated other comprehensive loss
|
|
|
|
|
|
||||||
Other comprehensive income
|
(1,488.0
|
)
|
|
0.4
|
|
|
(1,487.6
|
)
|
|
|
Architecture &
Software
|
|
Control
Products &
Solutions
|
|
Total
|
||||||
Balance as of September 30, 2017
|
|
$
|
417.2
|
|
|
$
|
660.5
|
|
|
$
|
1,077.7
|
|
Acquisition of businesses
|
|
6.8
|
|
|
—
|
|
|
6.8
|
|
|||
Translation
|
|
(1.7
|
)
|
|
(7.3
|
)
|
|
(9.0
|
)
|
|||
Balance as of September 30, 2018
|
|
422.3
|
|
|
653.2
|
|
|
1,075.5
|
|
|||
Acquisition of business
|
|
14.6
|
|
|
—
|
|
|
14.6
|
|
|||
Translation
|
|
(4.6
|
)
|
|
(14.4
|
)
|
|
(19.0
|
)
|
|||
Balance as of September 30, 2019
|
|
$
|
432.3
|
|
|
$
|
638.8
|
|
|
$
|
1,071.1
|
|
|
|
September 30, 2019
|
||||||||||
|
|
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Amortized intangible assets:
|
|
|
|
|
|
|
||||||
Computer software products
|
|
$
|
190.6
|
|
|
$
|
128.3
|
|
|
$
|
62.3
|
|
Customer relationships
|
|
110.5
|
|
|
69.2
|
|
|
41.3
|
|
|||
Technology
|
|
110.4
|
|
|
69.5
|
|
|
40.9
|
|
|||
Trademarks
|
|
31.4
|
|
|
26.4
|
|
|
5.0
|
|
|||
Other
|
|
10.6
|
|
|
9.7
|
|
|
0.9
|
|
|||
Total amortized intangible assets
|
|
453.5
|
|
|
303.1
|
|
|
150.4
|
|
|||
Allen-Bradley® trademark not subject to amortization
|
|
43.7
|
|
|
—
|
|
|
43.7
|
|
|||
Total
|
|
$
|
497.2
|
|
|
$
|
303.1
|
|
|
$
|
194.1
|
|
|
|
September 30, 2018
|
||||||||||
|
|
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Amortized intangible assets:
|
|
|
|
|
|
|
||||||
Computer software products
|
|
$
|
190.9
|
|
|
$
|
118.1
|
|
|
$
|
72.8
|
|
Customer relationships
|
|
112.9
|
|
|
66.2
|
|
|
46.7
|
|
|||
Technology
|
|
106.8
|
|
|
64.0
|
|
|
42.8
|
|
|||
Trademarks
|
|
32.0
|
|
|
24.0
|
|
|
8.0
|
|
|||
Other
|
|
11.2
|
|
|
10.0
|
|
|
1.2
|
|
|||
Total amortized intangible assets
|
|
453.8
|
|
|
282.3
|
|
|
171.5
|
|
|||
Allen-Bradley® trademark not subject to amortization
|
|
43.7
|
|
|
—
|
|
|
43.7
|
|
|||
Total
|
|
$
|
497.5
|
|
|
$
|
282.3
|
|
|
$
|
215.2
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Finished goods
|
|
$
|
223.7
|
|
|
$
|
224.3
|
|
Work in process
|
|
178.4
|
|
|
180.0
|
|
||
Raw materials
|
|
173.6
|
|
|
177.3
|
|
||
Inventories
|
|
$
|
575.7
|
|
|
$
|
581.6
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Land
|
|
$
|
4.1
|
|
|
$
|
5.3
|
|
Buildings and improvements
|
|
373.8
|
|
|
359.6
|
|
||
Machinery and equipment
|
|
1,154.5
|
|
|
1,164.2
|
|
||
Internal-use software
|
|
489.5
|
|
|
497.8
|
|
||
Construction in progress
|
|
116.0
|
|
|
111.3
|
|
||
Total
|
|
2,137.9
|
|
|
2,138.2
|
|
||
Less accumulated depreciation
|
|
(1,566.0
|
)
|
|
(1,561.4
|
)
|
||
Property, net
|
|
$
|
571.9
|
|
|
$
|
576.8
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
2.050% notes, payable in March 2020
|
|
$
|
299.4
|
|
|
$
|
294.6
|
|
2.875% notes, payable in March 2025
|
|
307.6
|
|
|
281.4
|
|
||
6.70% debentures, payable in January 2028
|
|
250.0
|
|
|
250.0
|
|
||
3.500% notes, payable in March 2029
|
|
425.0
|
|
|
—
|
|
||
6.25% debentures, payable in December 2037
|
|
250.0
|
|
|
250.0
|
|
||
4.200% notes, payable in March 2049
|
|
575.0
|
|
|
—
|
|
||
5.20% debentures, payable in January 2098
|
|
200.0
|
|
|
200.0
|
|
||
Unamortized discount, capitalized lease obligations and other
|
|
(50.1
|
)
|
|
(50.8
|
)
|
||
Total
|
|
2,256.9
|
|
|
1,225.2
|
|
||
Less current portion
|
|
(300.5
|
)
|
|
—
|
|
||
Long-term debt
|
|
$
|
1,956.4
|
|
|
$
|
1,225.2
|
|
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Current portion of long-term debt
|
|
$
|
300.5
|
|
|
$
|
300.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
|
|
1,956.4
|
|
|
2,380.8
|
|
|
1,225.2
|
|
|
1,391.3
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Unrealized losses on foreign exchange contracts (Note 10)
|
|
$
|
5.4
|
|
|
$
|
6.2
|
|
Product warranty obligations (Note 8)
|
|
25.2
|
|
|
27.9
|
|
||
Taxes other than income taxes
|
|
43.8
|
|
|
40.9
|
|
||
Accrued interest
|
|
15.5
|
|
|
12.3
|
|
||
Income taxes payable
|
|
62.9
|
|
|
74.4
|
|
||
Other
|
|
75.1
|
|
|
64.9
|
|
||
Other current liabilities
|
|
$
|
227.9
|
|
|
$
|
226.6
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Beginning balance
|
|
$
|
27.9
|
|
|
$
|
28.5
|
|
Warranties recorded at time of sale
|
|
21.3
|
|
|
25.5
|
|
||
Adjustments to pre-existing warranties
|
|
(5.6
|
)
|
|
(2.6
|
)
|
||
Settlements of warranty claims
|
|
(18.4
|
)
|
|
(23.5
|
)
|
||
Ending balance
|
|
$
|
25.2
|
|
|
$
|
27.9
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Fixed income securities
|
|
$
|
43.9
|
|
|
$
|
419.0
|
|
Equity securities
|
|
721.5
|
|
|
1,090.0
|
|
||
Other
|
|
68.1
|
|
|
69.9
|
|
||
Total investments
|
|
833.5
|
|
|
1,578.9
|
|
||
Less short-term investments
|
|
(39.6
|
)
|
|
(290.9
|
)
|
||
Long-term investments
|
|
$
|
793.9
|
|
|
$
|
1,288.0
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Certificates of deposit and time deposits
|
|
$
|
0.6
|
|
|
$
|
169.6
|
|
Corporate debt securities
|
|
31.8
|
|
|
158.4
|
|
||
Government securities
|
|
6.3
|
|
|
65.8
|
|
||
Asset-backed securities
|
|
5.2
|
|
|
25.2
|
|
||
Total
|
|
$
|
43.9
|
|
|
$
|
419.0
|
|
|
|
Fair Value
|
||
Less than one year
|
|
$
|
39.6
|
|
Due in one to five years
|
|
4.3
|
|
|
Total
|
|
$
|
43.9
|
|
|
|
September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Short-term investments
|
|
$
|
39.6
|
|
|
$
|
290.9
|
|
Long-term investments
|
|
4.3
|
|
|
128.1
|
|
||
Total
|
|
$
|
43.9
|
|
|
$
|
419.0
|
|
|
|
September 30, 2019
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Certificates of deposit and time deposits
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
Corporate debt securities
|
|
—
|
|
|
31.8
|
|
|
—
|
|
|
31.8
|
|
||||
Government securities
|
|
6.3
|
|
|
—
|
|
|
—
|
|
|
6.3
|
|
||||
Asset-backed securities
|
|
—
|
|
|
5.2
|
|
|
—
|
|
|
5.2
|
|
||||
Equity securities
|
|
721.5
|
|
|
—
|
|
|
—
|
|
|
721.5
|
|
||||
Total
|
|
$
|
727.8
|
|
|
$
|
37.6
|
|
|
$
|
—
|
|
|
$
|
765.4
|
|
|
|
September 30, 2018
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Certificates of deposit and time deposits
|
|
$
|
—
|
|
|
$
|
169.6
|
|
|
$
|
—
|
|
|
$
|
169.6
|
|
Corporate debt securities
|
|
—
|
|
|
158.4
|
|
|
—
|
|
|
158.4
|
|
||||
Government securities
|
|
55.7
|
|
|
10.1
|
|
|
—
|
|
|
65.8
|
|
||||
Asset-backed securities
|
|
—
|
|
|
25.2
|
|
|
—
|
|
|
25.2
|
|
||||
Equity securities
|
|
—
|
|
|
—
|
|
|
1,090.0
|
|
|
1,090.0
|
|
||||
Total
|
|
$
|
55.7
|
|
|
$
|
363.3
|
|
|
$
|
1,090.0
|
|
|
$
|
1,509.0
|
|
|
|
Fair Value
|
||
Balance September 30, 2018
|
|
$
|
1,090.0
|
|
Unrealized loss
|
|
(149.0
|
)
|
|
Transfer to Level 1 upon registration of PTC Shares on November 28, 2018
|
|
(941.0
|
)
|
|
Balance September 30, 2019
|
|
$
|
—
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Forward exchange contracts
|
|
$
|
29.5
|
|
|
$
|
11.8
|
|
|
$
|
(16.1
|
)
|
Treasury locks
|
|
(35.7
|
)
|
|
—
|
|
|
—
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Sales
|
|
$
|
1.0
|
|
|
$
|
2.4
|
|
|
$
|
0.3
|
|
Cost of sales
|
|
18.2
|
|
|
(17.2
|
)
|
|
(2.8
|
)
|
|||
Selling, general and administrative expenses
|
|
(1.3
|
)
|
|
1.2
|
|
|
(0.5
|
)
|
|||
Interest expense
|
|
(1.2
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
|
$
|
16.7
|
|
|
$
|
(13.6
|
)
|
|
$
|
(3.0
|
)
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Forward exchange contracts
|
|
$
|
(4.9
|
)
|
|
$
|
1.1
|
|
|
$
|
(16.3
|
)
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest income (expense)
|
|
$
|
30.9
|
|
|
$
|
(19.3
|
)
|
|
$
|
(24.1
|
)
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cost of sales
|
|
$
|
(0.4
|
)
|
|
$
|
1.0
|
|
|
$
|
(1.8
|
)
|
Other income (expense)
|
|
1.6
|
|
|
(0.1
|
)
|
|
(8.6
|
)
|
|||
Total
|
|
$
|
1.2
|
|
|
$
|
0.9
|
|
|
$
|
(10.4
|
)
|
|
|
|
|
Fair Value (Level 2)
|
||||||
Derivatives Designated as Hedging Instruments
|
|
Balance Sheet Location
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
Forward exchange contracts
|
|
Other current assets
|
|
$
|
20.3
|
|
|
$
|
15.8
|
|
Forward exchange contracts
|
|
Other assets
|
|
3.0
|
|
|
1.9
|
|
||
Forward exchange contracts
|
|
Other current liabilities
|
|
(4.5
|
)
|
|
(5.1
|
)
|
||
Forward exchange contracts
|
|
Other liabilities
|
|
(0.4
|
)
|
|
(0.7
|
)
|
||
Interest rate swap contracts
|
|
Other assets
|
|
7.6
|
|
|
—
|
|
||
Interest rate swap contracts
|
|
Other current liabilities
|
|
(0.6
|
)
|
|
—
|
|
||
Interest rate swap contracts
|
|
Other liabilities
|
|
—
|
|
|
(24.0
|
)
|
||
Total
|
|
|
|
$
|
25.4
|
|
|
$
|
(12.1
|
)
|
|
|
|
|
Fair Value (Level 2)
|
||||||
Derivatives Not Designated as Hedging Instruments
|
|
Balance Sheet Location
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
Forward exchange contracts
|
|
Other current assets
|
|
$
|
4.8
|
|
|
$
|
3.4
|
|
Forward exchange contracts
|
|
Other assets
|
|
—
|
|
|
0.6
|
|
||
Forward exchange contracts
|
|
Other current liabilities
|
|
(0.9
|
)
|
|
(1.1
|
)
|
||
Total
|
|
|
|
$
|
3.9
|
|
|
$
|
2.9
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Beginning balance
|
|
121.0
|
|
|
128.4
|
|
|
128.5
|
|
Treasury stock purchases
|
|
(6.1
|
)
|
|
(8.3
|
)
|
|
(2.3
|
)
|
Common stock issued (including share based compensation impact)
|
|
0.8
|
|
|
0.9
|
|
|
2.2
|
|
Ending balance
|
|
115.7
|
|
|
121.0
|
|
|
128.4
|
|
|
|
Pension and other postretirement benefit plan adjustments, net of tax (Note 13)
|
|
Accumulated currency translation adjustments, net of tax
|
|
Net unrealized gains (losses) on cash flow hedges, net of tax
|
|
Net unrealized gains (losses) on available-for-sale investments, net of tax
|
|
Total accumulated other comprehensive loss, net of tax
|
||||||||||
Balance as of September 30, 2016
|
|
$
|
(1,239.8
|
)
|
|
$
|
(294.9
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
—
|
|
|
$
|
(1,538.8
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
215.2
|
|
|
57.2
|
|
|
(12.3
|
)
|
|
(0.1
|
)
|
|
260.0
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
|
97.6
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
99.6
|
|
|||||
Other comprehensive income (loss)
|
|
312.8
|
|
|
57.2
|
|
|
(10.3
|
)
|
|
(0.1
|
)
|
|
359.6
|
|
|||||
Balance as of September 30, 2017
|
|
$
|
(927.0
|
)
|
|
$
|
(237.7
|
)
|
|
$
|
(14.4
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(1,179.2
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
188.4
|
|
|
(48.3
|
)
|
|
8.7
|
|
|
(2.1
|
)
|
|
146.7
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
|
80.5
|
|
|
—
|
|
|
10.1
|
|
|
—
|
|
|
90.6
|
|
|||||
Other comprehensive income (loss)
|
|
268.9
|
|
|
(48.3
|
)
|
|
18.8
|
|
|
(2.1
|
)
|
|
237.3
|
|
|||||
Balance as of September 30, 2018
|
|
$
|
(658.1
|
)
|
|
$
|
(286.0
|
)
|
|
$
|
4.4
|
|
|
$
|
(2.2
|
)
|
|
$
|
(941.9
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(532.1
|
)
|
|
(55.3
|
)
|
|
(5.3
|
)
|
|
2.2
|
|
|
(590.5
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
|
56.5
|
|
|
—
|
|
|
(12.1
|
)
|
|
—
|
|
|
44.4
|
|
|||||
Other comprehensive income (loss)
|
|
(475.6
|
)
|
|
(55.3
|
)
|
|
(17.4
|
)
|
|
2.2
|
|
|
(546.1
|
)
|
|||||
Balance as of September 30, 2019
|
|
$
|
(1,133.7
|
)
|
|
$
|
(341.3
|
)
|
|
$
|
(13.0
|
)
|
|
$
|
—
|
|
|
$
|
(1,488.0
|
)
|
|
Year Ended September 30,
|
|
Affected Line in the Consolidated Statement of Operations
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
|
|
||||||
Pension and other postretirement benefit plan adjustments:
|
|
|
|
|
|
|
|
||||||
Amortization of prior service credit
|
$
|
(4.2
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(9.8
|
)
|
|
(a)
|
Amortization of net actuarial loss
|
78.7
|
|
|
115.1
|
|
|
155.2
|
|
|
(a)
|
|||
Settlements
|
1.2
|
|
|
0.7
|
|
|
2.8
|
|
|
(a)
|
|||
|
75.7
|
|
|
110.9
|
|
|
148.2
|
|
|
Income before income taxes
|
|||
|
(19.2
|
)
|
|
(30.4
|
)
|
|
(50.6
|
)
|
|
Income tax provision
|
|||
|
$
|
56.5
|
|
|
$
|
80.5
|
|
|
$
|
97.6
|
|
|
Net income
|
|
|
|
|
|
|
|
|
||||||
Net unrealized (gains) losses on cash flow hedges:
|
|
|
|
|
|
|
|
||||||
Forward exchange contracts
|
$
|
(1.0
|
)
|
|
$
|
(2.4
|
)
|
|
$
|
(0.3
|
)
|
|
Sales
|
Forward exchange contracts
|
(18.2
|
)
|
|
17.2
|
|
|
2.8
|
|
|
Cost of sales
|
|||
Forward exchange contracts
|
1.3
|
|
|
(1.2
|
)
|
|
0.5
|
|
|
Selling, general and administrative expenses
|
|||
Treasury locks related to 2019 debt issuance
|
1.2
|
|
|
—
|
|
|
—
|
|
|
Interest expense
|
|||
|
(16.7
|
)
|
|
13.6
|
|
|
3.0
|
|
|
Income before income taxes
|
|||
|
4.6
|
|
|
(3.5
|
)
|
|
(1.0
|
)
|
|
Income tax provision
|
|||
|
$
|
(12.1
|
)
|
|
$
|
10.1
|
|
|
$
|
2.0
|
|
|
Net income
|
|
|
|
|
|
|
|
|
||||||
Total reclassifications
|
$
|
44.4
|
|
|
$
|
90.6
|
|
|
$
|
99.6
|
|
|
Net income
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Average risk-free interest rate
|
|
2.79
|
%
|
|
2.14
|
%
|
|
1.85
|
%
|
Expected dividend yield
|
|
2.27
|
%
|
|
1.75
|
%
|
|
2.21
|
%
|
Expected volatility
|
|
23
|
%
|
|
22
|
%
|
|
24
|
%
|
Expected term (years)
|
|
5.0
|
|
|
5.0
|
|
|
5.1
|
|
|
|
Shares
(in thousands)
|
|
Wtd. Avg.
Exercise
Price
|
|
Wtd. Avg.
Remaining
Contractual
Term (years)
|
|
Aggregate
Intrinsic Value
of In-The-Money
Options
(in millions)
|
|||||
Outstanding at October 1, 2018
|
|
3,914
|
|
|
$
|
127.50
|
|
|
|
|
|
||
Granted
|
|
969
|
|
|
171.15
|
|
|
|
|
|
|||
Exercised
|
|
(481
|
)
|
|
98.43
|
|
|
|
|
|
|||
Forfeited
|
|
(91
|
)
|
|
171.53
|
|
|
|
|
|
|||
Canceled
|
|
(13
|
)
|
|
173.07
|
|
|
|
|
|
|||
Outstanding at September 30, 2019
|
|
4,298
|
|
|
139.53
|
|
|
6.7
|
|
$
|
108.6
|
|
|
Vested or expected to vest at September 30, 2019
|
|
3,129
|
|
|
115.01
|
|
|
5.4
|
|
155.8
|
|
||
Exercisable at September 30, 2019
|
|
2,520
|
|
|
116.75
|
|
|
5.5
|
|
121.1
|
|
|
|
Performance
Shares
(in thousands)
|
|
Wtd. Avg.
Grant Date
Share
Fair Value
|
|||
Outstanding at October 1, 2018
|
|
150
|
|
|
$
|
143.94
|
|
Granted(1)
|
|
57
|
|
|
155.04
|
|
|
Adjustment for performance results achieved(2)
|
|
72
|
|
|
178.06
|
|
|
Vested and issued
|
|
(145
|
)
|
|
132.85
|
|
|
Forfeited
|
|
(7
|
)
|
|
190.37
|
|
|
Outstanding at September 30, 2019
|
|
127
|
|
|
178.40
|
|
(1)
|
Performance shares granted assuming achievement of performance goals at target.
|
(2)
|
Adjustments were due to the number of shares vested under fiscal 2016 awards at the end of the three-year performance period ended September 30, 2018 being higher than the target number of shares.
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Percent payout
|
|
200
|
%
|
|
187
|
%
|
|
10
|
%
|
|||
Shares vested (in thousands)
|
|
145
|
|
|
139
|
|
|
6
|
|
|||
Total fair value of shares vested (in millions)
|
|
$
|
25.8
|
|
|
$
|
26.5
|
|
|
$
|
0.9
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Average risk-free interest rate
|
|
2.77
|
%
|
|
1.88
|
%
|
|
1.35
|
%
|
Expected dividend yield
|
|
2.24
|
%
|
|
1.72
|
%
|
|
2.20
|
%
|
Expected volatility
|
|
23
|
%
|
|
22
|
%
|
|
23
|
%
|
|
|
Restricted
Stock and
Restricted
Stock Units
(in thousands)
|
|
Wtd. Avg.
Grant Date
Share
Fair Value
|
|||
Outstanding at October 1, 2018
|
|
146
|
|
|
$
|
141.35
|
|
Granted
|
|
48
|
|
|
170.75
|
|
|
Vested
|
|
(44
|
)
|
|
108.40
|
|
|
Forfeited
|
|
(8
|
)
|
|
167.94
|
|
|
Outstanding at September 30, 2019
|
|
142
|
|
|
$
|
160.14
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Service cost
|
|
$
|
78.2
|
|
|
$
|
88.9
|
|
|
$
|
97.0
|
|
|
$
|
0.9
|
|
|
$
|
1.3
|
|
|
$
|
1.4
|
|
Interest cost
|
|
158.3
|
|
|
155.3
|
|
|
151.6
|
|
|
2.3
|
|
|
2.4
|
|
|
2.5
|
|
||||||
Expected return on plan assets
|
|
(244.7
|
)
|
|
(244.8
|
)
|
|
(225.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service cost (credit)
|
|
1.2
|
|
|
0.6
|
|
|
(3.7
|
)
|
|
(5.4
|
)
|
|
(5.5
|
)
|
|
(6.1
|
)
|
||||||
Net actuarial loss
|
|
77.8
|
|
|
113.4
|
|
|
152.9
|
|
|
0.9
|
|
|
1.7
|
|
|
2.3
|
|
||||||
Settlements
|
|
1.2
|
|
|
0.7
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost (income)
|
|
$
|
72.0
|
|
|
$
|
114.1
|
|
|
$
|
175.9
|
|
|
$
|
(1.3
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
0.1
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||
U.S. Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
|
4.35
|
%
|
|
3.90
|
%
|
|
3.75
|
%
|
|
4.15
|
%
|
|
3.40
|
%
|
|
3.10
|
%
|
Expected return on plan assets
|
|
7.50
|
%
|
|
7.50
|
%
|
|
7.50
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Compensation increase rate
|
|
3.50
|
%
|
|
3.50
|
%
|
|
3.50
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-U.S. Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
|
2.48
|
%
|
|
2.30
|
%
|
|
1.77
|
%
|
|
3.30
|
%
|
|
3.20
|
%
|
|
2.80
|
%
|
Expected return on plan assets
|
|
5.22
|
%
|
|
5.19
|
%
|
|
5.12
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Compensation increase rate
|
|
3.02
|
%
|
|
2.99
|
%
|
|
2.86
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Benefit obligation at beginning of year
|
|
$
|
4,259.5
|
|
|
$
|
4,585.0
|
|
|
$
|
62.4
|
|
|
$
|
77.8
|
|
Service cost
|
|
78.2
|
|
|
88.9
|
|
|
0.9
|
|
|
1.3
|
|
||||
Interest cost
|
|
158.3
|
|
|
155.3
|
|
|
2.3
|
|
|
2.4
|
|
||||
Actuarial losses (gains)
|
|
720.4
|
|
|
(257.1
|
)
|
|
4.7
|
|
|
(8.5
|
)
|
||||
Plan amendments
|
|
(4.9
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
||||
Plan participant contributions
|
|
3.4
|
|
|
3.7
|
|
|
3.4
|
|
|
3.4
|
|
||||
Benefits paid
|
|
(263.1
|
)
|
|
(277.7
|
)
|
|
(12.8
|
)
|
|
(13.5
|
)
|
||||
Settlements
|
|
(6.2
|
)
|
|
(10.4
|
)
|
|
—
|
|
|
—
|
|
||||
Curtailments
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|
—
|
|
||||
Currency translation and other
|
|
(38.3
|
)
|
|
(24.4
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
||||
Benefit obligation at end of year
|
|
4,907.3
|
|
|
4,259.5
|
|
|
60.7
|
|
|
62.4
|
|
||||
Plan assets at beginning of year
|
|
3,754.8
|
|
|
3,788.3
|
|
|
—
|
|
|
—
|
|
||||
Actual return on plan assets
|
|
263.6
|
|
|
220.6
|
|
|
—
|
|
|
—
|
|
||||
Company contributions
|
|
30.9
|
|
|
50.3
|
|
|
9.4
|
|
|
10.1
|
|
||||
Plan participant contributions
|
|
3.4
|
|
|
3.7
|
|
|
3.4
|
|
|
3.4
|
|
||||
Benefits paid
|
|
(263.1
|
)
|
|
(277.7
|
)
|
|
(12.8
|
)
|
|
(13.5
|
)
|
||||
Settlements
|
|
(6.2
|
)
|
|
(10.4
|
)
|
|
—
|
|
|
—
|
|
||||
Currency translation and other
|
|
(30.3
|
)
|
|
(20.0
|
)
|
|
—
|
|
|
—
|
|
||||
Plan assets at end of year
|
|
3,753.1
|
|
|
3,754.8
|
|
|
—
|
|
|
—
|
|
||||
Funded status of plans
|
|
$
|
(1,154.2
|
)
|
|
$
|
(504.7
|
)
|
|
$
|
(60.7
|
)
|
|
$
|
(62.4
|
)
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Prior service cost (credit)
|
|
$
|
2.7
|
|
|
$
|
4.3
|
|
|
$
|
(4.1
|
)
|
|
$
|
(8.2
|
)
|
Net actuarial loss
|
|
1,127.7
|
|
|
657.6
|
|
|
7.4
|
|
|
4.4
|
|
||||
Total
|
|
$
|
1,130.4
|
|
|
$
|
661.9
|
|
|
$
|
3.3
|
|
|
$
|
(3.8
|
)
|
|
|
2019
|
|
2018
|
||||
Projected benefit obligation
|
|
$
|
4,607.4
|
|
|
$
|
3,755.5
|
|
Fair value of plan assets
|
|
3,446.7
|
|
|
3,220.2
|
|
|
|
2019
|
|
2018
|
||||
Accumulated benefit obligation
|
|
$
|
4,019.7
|
|
|
$
|
679.7
|
|
Fair value of plan assets
|
|
3,205.2
|
|
|
392.9
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
U.S. Plans
|
|
|
|
|
|
|
|
|
||||
Discount rate
|
|
3.30
|
%
|
|
4.35
|
%
|
|
2.90
|
%
|
|
4.15
|
%
|
Compensation increase rate
|
|
3.40
|
%
|
|
3.50
|
%
|
|
—
|
|
|
—
|
|
Health care cost trend rate(1)
|
|
—
|
|
|
—
|
|
|
6.50
|
%
|
|
6.50
|
%
|
Non-U.S. Plans
|
|
|
|
|
|
|
|
|
||||
Discount rate
|
|
1.60
|
%
|
|
2.48
|
%
|
|
2.65
|
%
|
|
3.30
|
%
|
Compensation increase rate
|
|
3.06
|
%
|
|
3.02
|
%
|
|
—
|
|
|
—
|
|
Health care cost trend rate(1)
|
|
—
|
|
|
—
|
|
|
4.50
|
%
|
|
4.50
|
%
|
(1)
|
The health care cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross health care cost trend rate will decrease to 5.00% in 2021 for U.S. Plans and will not change in 2020 for Non-U.S. Plans.
|
|
|
Pension Benefits
|
|
Other
Postretirement Benefits
|
||||
2020
|
|
$
|
322.2
|
|
|
$
|
7.4
|
|
2021
|
|
305.6
|
|
|
6.2
|
|
||
2022
|
|
322.6
|
|
|
5.9
|
|
||
2023
|
|
298.5
|
|
|
5.6
|
|
||
2024
|
|
299.7
|
|
|
5.3
|
|
||
2025-2029
|
|
1,475.1
|
|
|
21.0
|
|
|
|
Allocation
|
|
Target
|
|
September 30,
|
||||
Asset Category
|
|
Range
|
|
Allocations
|
|
2019
|
|
2018
|
||
Equity securities
|
|
40%
|
–
|
65%
|
|
54%
|
|
49%
|
|
53%
|
Debt securities
|
|
30%
|
–
|
50%
|
|
39%
|
|
44%
|
|
39%
|
Other
|
|
0%
|
–
|
15%
|
|
7%
|
|
7%
|
|
8%
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
U.S. Plans
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
2.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.6
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Mutual funds
|
|
129.7
|
|
|
—
|
|
|
—
|
|
|
129.7
|
|
||||
Common stock
|
|
919.7
|
|
|
—
|
|
|
—
|
|
|
919.7
|
|
||||
Common collective trusts
|
|
—
|
|
|
419.0
|
|
|
—
|
|
|
419.0
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt
|
|
—
|
|
|
698.7
|
|
|
—
|
|
|
698.7
|
|
||||
Government securities
|
|
285.1
|
|
|
130.0
|
|
|
—
|
|
|
415.1
|
|
||||
Common collective trusts
|
|
—
|
|
|
138.4
|
|
|
—
|
|
|
138.4
|
|
||||
Other types of investments:
|
|
|
|
|
|
|
|
|
||||||||
Insurance contracts
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
||||
Total U.S. Plans investments in fair value hierarchy
|
|
$
|
1,337.1
|
|
|
$
|
1,386.1
|
|
|
$
|
0.9
|
|
|
2,724.1
|
|
|
U.S. Plans investments measured at NAV:
|
|
|
|
|
|
|
|
|
||||||||
Private equity
|
|
|
|
|
|
|
|
31.6
|
|
|||||||
Alternative equity
|
|
|
|
|
|
|
|
25.6
|
|
|||||||
Total U.S. Plans investments
|
|
|
|
|
|
|
|
2,781.3
|
|
|||||||
Non-U.S. Plans
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
16.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
16.6
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Common stock
|
|
63.4
|
|
|
—
|
|
|
—
|
|
|
63.4
|
|
||||
Common collective trusts
|
|
—
|
|
|
304.5
|
|
|
—
|
|
|
304.5
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt
|
|
—
|
|
|
61.2
|
|
|
—
|
|
|
61.2
|
|
||||
Government securities
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
||||
Common collective trusts
|
|
—
|
|
|
329.7
|
|
|
—
|
|
|
329.7
|
|
||||
Other types of investments:
|
|
|
|
|
|
|
|
|
||||||||
Real estate funds
|
|
—
|
|
|
85.1
|
|
|
—
|
|
|
85.1
|
|
||||
Insurance contracts
|
|
—
|
|
|
—
|
|
|
95.4
|
|
|
95.4
|
|
||||
Other
|
|
—
|
|
|
—
|
|
|
4.5
|
|
|
4.5
|
|
||||
Total Non-U.S. Plans investments in fair value hierarchy
|
|
$
|
81.3
|
|
|
$
|
780.5
|
|
|
$
|
99.9
|
|
|
961.7
|
|
|
Non-U.S. Plans investments measured at NAV:
|
|
|
|
|
|
|
|
|
||||||||
Real estate funds
|
|
|
|
|
|
|
|
10.1
|
|
|||||||
Total Non-U.S. Plans investments
|
|
|
|
|
|
|
|
971.8
|
|
|||||||
Total investments measured at fair value
|
|
|
|
|
|
|
|
$
|
3,753.1
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
U.S. Plans
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.0
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Mutual funds
|
|
222.1
|
|
|
—
|
|
|
—
|
|
|
222.1
|
|
||||
Common stock
|
|
964.7
|
|
|
—
|
|
|
—
|
|
|
964.7
|
|
||||
Common collective trusts
|
|
—
|
|
|
422.2
|
|
|
—
|
|
|
422.2
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt
|
|
—
|
|
|
627.7
|
|
|
—
|
|
|
627.7
|
|
||||
Government securities
|
|
242.9
|
|
|
105.8
|
|
|
—
|
|
|
348.7
|
|
||||
Common collective trusts
|
|
—
|
|
|
141.4
|
|
|
—
|
|
|
141.4
|
|
||||
Other types of investments:
|
|
|
|
|
|
|
|
|
||||||||
Insurance contracts
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
||||
Total U.S. Plans investments in fair value hierarchy
|
|
$
|
1,431.7
|
|
|
$
|
1,297.1
|
|
|
$
|
0.9
|
|
|
2,729.7
|
|
|
U.S. Plans investments measured at NAV:
|
|
|
|
|
|
|
|
|
||||||||
Private equity
|
|
|
|
|
|
|
|
36.5
|
|
|||||||
Alternative equity
|
|
|
|
|
|
|
|
61.1
|
|
|||||||
Total U.S. Plans investments
|
|
|
|
|
|
|
|
2,827.3
|
|
|||||||
Non-U.S. Plans
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
12.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
12.8
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Common stock
|
|
59.2
|
|
|
—
|
|
|
—
|
|
|
59.2
|
|
||||
Common collective trusts
|
|
—
|
|
|
320.7
|
|
|
—
|
|
|
320.7
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt
|
|
—
|
|
|
33.8
|
|
|
—
|
|
|
33.8
|
|
||||
Government securities
|
|
1.1
|
|
|
15.5
|
|
|
—
|
|
|
16.6
|
|
||||
Common collective trusts
|
|
—
|
|
|
310.4
|
|
|
—
|
|
|
310.4
|
|
||||
Other types of investments:
|
|
|
|
|
|
|
|
|
||||||||
Real estate funds
|
|
—
|
|
|
80.5
|
|
|
—
|
|
|
80.5
|
|
||||
Insurance contracts
|
|
—
|
|
|
—
|
|
|
79.1
|
|
|
79.1
|
|
||||
Other
|
|
—
|
|
|
—
|
|
|
4.6
|
|
|
4.6
|
|
||||
Total Non-U.S. Plans investments in fair value hierarchy
|
|
$
|
73.1
|
|
|
$
|
760.9
|
|
|
$
|
83.7
|
|
|
917.7
|
|
|
Non-U.S. Plans investments measured at NAV:
|
|
|
|
|
|
|
|
|
||||||||
Real estate funds
|
|
|
|
|
|
|
|
9.8
|
|
|||||||
Total Non-U.S. Plans investments
|
|
|
|
|
|
|
|
927.5
|
|
|||||||
Total investments measured at fair value
|
|
|
|
|
|
|
|
$
|
3,754.8
|
|
|
|
Balance
October 1, 2018 |
|
Realized Gains (Losses)
|
|
Unrealized Gains (Losses)
|
|
Purchases, Sales, Issuances, and Settlements, Net
|
|
Balance September 30, 2019
|
||||||||||
U.S. Plans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance contracts
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
Non-U.S. Plans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance contracts
|
|
79.1
|
|
|
—
|
|
|
14.3
|
|
|
2.0
|
|
|
95.4
|
|
|||||
Other
|
|
4.6
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
4.5
|
|
|||||
|
|
$
|
84.6
|
|
|
$
|
—
|
|
|
$
|
14.2
|
|
|
$
|
2.0
|
|
|
$
|
100.8
|
|
|
|
Balance
October 1, 2017 |
|
Realized Gains (Losses)
|
|
Unrealized Gains (Losses)
|
|
Purchases, Sales, Issuances, and Settlements, Net
|
|
Balance September 30, 2018
|
||||||||||
U.S. Plans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance contracts
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
Non-U.S. Plans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance contracts
|
|
71.5
|
|
|
—
|
|
|
(0.4
|
)
|
|
8.0
|
|
|
79.1
|
|
|||||
Other
|
|
4.8
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
4.6
|
|
|||||
|
|
$
|
77.2
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
8.0
|
|
|
$
|
84.6
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Gain on sale of business
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60.8
|
|
Change in fair value of investments
|
|
(368.5
|
)
|
|
90.0
|
|
|
—
|
|
|||
Interest income
|
|
11.1
|
|
|
24.4
|
|
|
19.6
|
|
|||
Royalty income
|
|
10.2
|
|
|
9.7
|
|
|
8.9
|
|
|||
Legacy product liability and environmental (charges) benefit
|
|
(22.1
|
)
|
|
2.6
|
|
|
(8.3
|
)
|
|||
Non-operating pension and postretirement benefit credit (cost)
|
|
8.4
|
|
|
(23.8
|
)
|
|
(77.6
|
)
|
|||
Other
|
|
(1.5
|
)
|
|
3.9
|
|
|
(0.1
|
)
|
|||
Other income (expense)
|
|
$
|
(362.4
|
)
|
|
$
|
106.8
|
|
|
$
|
3.3
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Components of income before income taxes:
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
280.8
|
|
|
$
|
721.6
|
|
|
$
|
547.2
|
|
Non-United States
|
|
620.2
|
|
|
609.2
|
|
|
490.2
|
|
|||
Total
|
|
$
|
901.0
|
|
|
$
|
1,330.8
|
|
|
$
|
1,037.4
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Statutory tax rate
|
|
21.0
|
%
|
|
24.5
|
%
|
|
35.0
|
%
|
State and local income taxes
|
|
0.1
|
|
|
1.0
|
|
|
0.7
|
|
Non-United States taxes
|
|
(4.8
|
)
|
|
(4.4
|
)
|
|
(9.3
|
)
|
Repatriation of foreign earnings
|
|
2.8
|
|
|
4.2
|
|
|
0.5
|
|
Foreign-derived intangible income
|
|
(1.6
|
)
|
|
—
|
|
|
—
|
|
Impact of the Tax Act
|
|
—
|
|
|
36.6
|
|
|
—
|
|
Foreign currency transaction loss
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
Change in valuation allowance(a)
|
|
7.6
|
|
|
0.7
|
|
|
0.1
|
|
Share-based compensation
|
|
(0.9
|
)
|
|
(1.3
|
)
|
|
(2.8
|
)
|
Research and development tax credit
|
|
(1.2
|
)
|
|
(1.3
|
)
|
|
(0.6
|
)
|
Other
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(1.3
|
)
|
Effective income tax rate
|
|
22.8
|
%
|
|
59.8
|
%
|
|
20.4
|
%
|
|
|
2019
|
|
2018
|
||||
Deferred income tax assets:
|
|
|
|
|
||||
Compensation and benefits
|
|
$
|
6.0
|
|
|
$
|
6.5
|
|
Inventory
|
|
11.1
|
|
|
11.5
|
|
||
Returns, rebates and incentives
|
|
29.8
|
|
|
34.0
|
|
||
Retirement benefits
|
|
298.5
|
|
|
141.5
|
|
||
Environmental remediation and other site-related costs
|
|
26.2
|
|
|
20.7
|
|
||
Share-based compensation
|
|
21.6
|
|
|
19.6
|
|
||
Other accruals and reserves
|
|
46.9
|
|
|
49.7
|
|
||
Investments
|
|
69.6
|
|
|
—
|
|
||
Net operating loss carryforwards
|
|
18.5
|
|
|
19.6
|
|
||
Tax credit carryforwards
|
|
16.5
|
|
|
17.9
|
|
||
Capital loss carryforwards
|
|
9.5
|
|
|
10.0
|
|
||
Other
|
|
10.7
|
|
|
4.6
|
|
||
Subtotal
|
|
564.9
|
|
|
335.6
|
|
||
Valuation allowance
|
|
(93.8
|
)
|
|
(27.0
|
)
|
||
Net deferred income tax assets
|
|
471.1
|
|
|
308.6
|
|
||
Deferred income tax liabilities:
|
|
|
|
|
||||
Property
|
|
(55.8
|
)
|
|
(54.7
|
)
|
||
Intangible assets
|
|
(24.4
|
)
|
|
(25.3
|
)
|
||
Investments
|
|
—
|
|
|
(21.7
|
)
|
||
Unremitted earnings of foreign subsidiaries
|
|
(25.5
|
)
|
|
(22.7
|
)
|
||
Other
|
|
(1.3
|
)
|
|
(4.6
|
)
|
||
Deferred income tax liabilities
|
|
(107.0
|
)
|
|
(129.0
|
)
|
||
Total net deferred income tax assets
|
|
$
|
364.1
|
|
|
$
|
179.6
|
|
Tax attributes and related valuation allowances
|
|
Tax Benefit Amount
|
|
Valuation Allowance
|
|
Carryforward
Period Ends |
||||||
Non-United States net operating loss carryforward
|
|
$
|
7.2
|
|
|
$
|
7.2
|
|
|
2020
|
-
|
2028
|
Non-United States net operating loss carryforward
|
|
3.3
|
|
|
3.1
|
|
|
Indefinite
|
||||
Non-United States capital loss carryforward
|
|
9.5
|
|
|
9.5
|
|
|
Indefinite
|
||||
United States net operating loss carryforward
|
|
0.4
|
|
|
—
|
|
|
2020
|
-
|
2036
|
||
State and local net operating loss carryforward
|
|
7.6
|
|
|
1.4
|
|
|
2020
|
-
|
2037
|
||
State tax credit carryforward
|
|
16.5
|
|
|
0.7
|
|
|
2020
|
-
|
2034
|
||
Subtotal
|
|
44.5
|
|
|
21.9
|
|
|
|
|
|
||
Other deferred tax assets
|
|
71.9
|
|
|
71.9
|
|
|
Indefinite
|
||||
Total
|
|
$
|
116.4
|
|
|
$
|
93.8
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Gross unrecognized tax benefits balance at beginning of year
|
|
$
|
20.1
|
|
|
$
|
31.1
|
|
|
$
|
32.4
|
|
Additions based on tax positions related to the current year
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|||
Additions based on tax positions related to prior years
|
|
—
|
|
|
3.0
|
|
|
10.8
|
|
|||
Reductions based on tax positions related to prior years
|
|
—
|
|
|
(1.1
|
)
|
|
(0.1
|
)
|
|||
Reductions related to settlements with taxing authorities
|
|
—
|
|
|
(11.3
|
)
|
|
(7.7
|
)
|
|||
Reductions related to lapses of statute of limitations
|
|
(0.2
|
)
|
|
(1.6
|
)
|
|
(6.3
|
)
|
|||
Effect of foreign currency translation
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||
Gross unrecognized tax benefits balance at end of year
|
|
$
|
19.9
|
|
|
$
|
20.1
|
|
|
$
|
31.1
|
|
2020
|
$
|
90.6
|
|
2021
|
72.6
|
|
|
2022
|
51.8
|
|
|
2023
|
36.7
|
|
|
2024
|
26.4
|
|
|
Thereafter
|
63.8
|
|
|
Total
|
$
|
341.9
|
|
•
|
Low and medium voltage electro-mechanical and electronic motor starters and AC/DC variable frequency drives, motor control and circuit protection devices, operator devices, signaling devices, termination and protection devices, relays and timers and electrical control accessories.
|
•
|
Value-added solutions ranging from pre-configured line to load power solutions, packaged drives, motor control centers, intelligent packaged power and engineered to order automation equipment solutions.
|
•
|
Professional lifecycle services combine technology and domain expertise to help maximize customers’ automation investment and provide total lifecycle support as they design, build, sustain and optimize their automation investments. This broad portfolio includes safety, security and digital transformation consulting, global automation and information project delivery capabilities, plant network, cloud, and cybersecurity services, asset management and predictive analytics, and remote, on-site and managed support services.
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Sales:
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
3,021.9
|
|
|
$
|
3,050.2
|
|
|
$
|
2,858.6
|
|
Control Products & Solutions
|
|
3,672.9
|
|
|
3,615.8
|
|
|
3,452.7
|
|
|||
Total
|
|
$
|
6,694.8
|
|
|
$
|
6,666.0
|
|
|
$
|
6,311.3
|
|
Segment operating earnings:
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
874.8
|
|
|
$
|
897.9
|
|
|
$
|
780.0
|
|
Control Products & Solutions
|
|
598.8
|
|
|
543.9
|
|
|
448.1
|
|
|||
Total
|
|
1,473.6
|
|
|
1,441.8
|
|
|
1,228.1
|
|
|||
Purchase accounting depreciation and amortization
|
|
(16.6
|
)
|
|
(17.4
|
)
|
|
(21.4
|
)
|
|||
General corporate - net
|
|
(108.8
|
)
|
|
(100.0
|
)
|
|
(95.9
|
)
|
|||
Non-operating pension and postretirement benefit credit (cost)
|
|
8.4
|
|
|
(23.8
|
)
|
|
(77.6
|
)
|
|||
Gain on sale of business
|
|
—
|
|
|
—
|
|
|
60.8
|
|
|||
Costs related to unsolicited Emerson proposals
|
|
—
|
|
|
(11.2
|
)
|
|
—
|
|
|||
(Loss) gain on investments
|
|
(402.2
|
)
|
|
123.7
|
|
|
—
|
|
|||
Valuation adjustments related to the registration of PTC Shares
|
|
33.7
|
|
|
(33.7
|
)
|
|
—
|
|
|||
Interest (expense) income - net
|
|
(87.1
|
)
|
|
(48.6
|
)
|
|
(56.6
|
)
|
|||
Income before income taxes
|
|
$
|
901.0
|
|
|
$
|
1,330.8
|
|
|
$
|
1,037.4
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Identifiable assets:
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
1,410.5
|
|
|
$
|
1,788.9
|
|
|
$
|
2,482.8
|
|
Control Products & Solutions
|
|
2,114.8
|
|
|
2,094.9
|
|
|
2,078.2
|
|
|||
Corporate
|
|
2,587.7
|
|
|
2,378.2
|
|
|
2,600.7
|
|
|||
Total
|
|
$
|
6,113.0
|
|
|
$
|
6,262.0
|
|
|
$
|
7,161.7
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
63.8
|
|
|
$
|
72.5
|
|
|
$
|
69.3
|
|
Control Products & Solutions
|
|
69.6
|
|
|
72.4
|
|
|
75.0
|
|
|||
Corporate
|
|
2.2
|
|
|
2.3
|
|
|
3.2
|
|
|||
Total
|
|
135.6
|
|
|
147.2
|
|
|
147.5
|
|
|||
Purchase accounting depreciation and amortization
|
|
16.6
|
|
|
17.4
|
|
|
21.4
|
|
|||
Total
|
|
$
|
152.2
|
|
|
$
|
164.6
|
|
|
$
|
168.9
|
|
Capital expenditures for property:
|
|
|
|
|
|
|
||||||
Architecture & Software
|
|
$
|
57.7
|
|
|
$
|
29.4
|
|
|
$
|
30.0
|
|
Control Products & Solutions
|
|
68.9
|
|
|
38.5
|
|
|
42.1
|
|
|||
Corporate
|
|
6.2
|
|
|
57.6
|
|
|
69.6
|
|
|||
Total
|
|
$
|
132.8
|
|
|
$
|
125.5
|
|
|
$
|
141.7
|
|
|
|
Sales
|
|
Property
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
North America
|
|
$
|
4,014.3
|
|
|
$
|
3,964.1
|
|
|
$
|
3,801.8
|
|
|
$
|
443.8
|
|
|
$
|
450.2
|
|
|
$
|
452.2
|
|
Europe, Middle East and Africa
|
|
1,249.8
|
|
|
1,286.8
|
|
|
1,193.7
|
|
|
60.5
|
|
|
53.3
|
|
|
52.5
|
|
||||||
Asia Pacific
|
|
908.6
|
|
|
933.3
|
|
|
866.4
|
|
|
41.9
|
|
|
42.9
|
|
|
40.0
|
|
||||||
Latin America
|
|
522.1
|
|
|
481.8
|
|
|
449.4
|
|
|
25.7
|
|
|
30.4
|
|
|
39.2
|
|
||||||
Total
|
|
$
|
6,694.8
|
|
|
$
|
6,666.0
|
|
|
$
|
6,311.3
|
|
|
$
|
571.9
|
|
|
$
|
576.8
|
|
|
$
|
583.9
|
|
|
|
2019 Quarters
|
|
|
||||||||||||||||
(in millions, except per share amounts)
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
2019
|
||||||||||
Sales
|
|
$
|
1,642.3
|
|
|
$
|
1,657.2
|
|
|
$
|
1,665.1
|
|
|
$
|
1,730.2
|
|
|
$
|
6,694.8
|
|
Gross profit
|
|
738.7
|
|
|
708.2
|
|
|
730.3
|
|
|
722.9
|
|
|
2,900.1
|
|
|||||
Income before income taxes
|
|
120.8
|
|
|
402.4
|
|
|
321.4
|
|
|
56.4
|
|
|
901.0
|
|
|||||
Net income
|
|
80.3
|
|
|
346.0
|
|
|
261.4
|
|
|
8.1
|
|
|
695.8
|
|
|||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
0.67
|
|
|
2.91
|
|
|
2.22
|
|
|
0.07
|
|
|
5.88
|
|
|||||
Diluted
|
|
0.66
|
|
|
2.88
|
|
|
2.20
|
|
|
0.07
|
|
|
5.83
|
|
|
|
2018 Quarters
|
|
|
||||||||||||||||
(in millions, except per share amounts)
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
2018
|
||||||||||
Sales
|
|
$
|
1,586.6
|
|
|
$
|
1,651.2
|
|
|
$
|
1,698.7
|
|
|
$
|
1,729.5
|
|
|
$
|
6,666.0
|
|
Gross profit
|
|
700.2
|
|
|
703.9
|
|
|
744.7
|
|
|
736.1
|
|
|
2,884.9
|
|
|||||
Income before income taxes
|
|
297.8
|
|
|
299.6
|
|
|
251.7
|
|
|
481.7
|
|
|
1,330.8
|
|
|||||
Net (loss) income
|
|
(236.4
|
)
|
|
227.4
|
|
|
198.6
|
|
|
345.9
|
|
|
535.5
|
|
|||||
(Loss) Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
(1.84
|
)
|
|
1.79
|
|
|
1.60
|
|
|
2.84
|
|
|
4.27
|
|
|||||
Diluted
|
|
(1.84
|
)
|
|
1.77
|
|
|
1.58
|
|
|
2.80
|
|
|
4.21
|
|
|
|
Purchase Price Allocation
|
||
Net current and tangible assets
|
|
$
|
86.9
|
|
Goodwill and intangible assets
|
|
563.4
|
|
|
Total assets acquired
|
|
650.3
|
|
|
Less: current liabilities assumed
|
|
(25.3
|
)
|
|
Less: noncontrolling interest portion
|
|
(294.0
|
)
|
|
Net assets acquired
|
|
$
|
331.0
|
|
|
|
|
||
|
|
Purchase consideration
|
||
Cash
|
|
$
|
250.0
|
|
Noncontrolling interest portion of Rockwell Automation’s contributed business
|
|
32.0
|
|
|
Additional paid in capital adjustment
|
|
42.0
|
|
|
Other
|
|
7.0
|
|
|
Net purchase consideration
|
|
$
|
331.0
|
|
•
|
We tested the effectiveness of controls over management’s accounting for their pension obligation, including those over the selection of the discount rate.
|
•
|
With the assistance of our actuarial specialists, we evaluated the Company’s selection of the discount rate by:
|
–
|
Assessing the appropriateness of the bonds included in the analysis used by management by evaluating the criteria used to select bonds, and by testing the characteristics and investment grade of the bonds selected.
|
–
|
Testing the mathematical accuracy of the analysis used by management through recalculation.
|
–
|
Benchmarking the analysis used by management against an independent yield curve analysis.
|
|
|
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 shareowners
|
|
4,580,630
|
|
(1)
|
$
|
139.53
|
|
(2)
|
3,588,730
|
|
(3)
|
Equity compensation plans not approved by shareowners
|
|
—
|
|
|
n/a
|
|
|
—
|
|
|
|
Total
|
|
4,580,630
|
|
|
$
|
139.53
|
|
|
3,588,730
|
|
|
(1)
|
Represents outstanding options and shares issuable in payment of outstanding performance shares (at maximum payout) and restricted stock units under our 2012 Long-Term Incentives Plan, 2008 Long-Term Incentives Plan, and 2003 Directors Stock Plan.
|
(2)
|
Represents the weighted average exercise price of outstanding options and does not take into account the performance shares and restricted stock units.
|
(3)
|
Represents 3,375,304 and 213,426 shares available for future issuance under our 2012 Long-Term Incentives Plan and our 2003 Directors Stock Plan, respectively.
|
(1)
|
Financial Statements (all financial statements listed below are those of the Company and its consolidated subsidiaries)
|
|
Page
|
Consolidated Balance Sheet, September 30, 2019 and 2018
|
|
|
|
Consolidated Statement of Operations, years ended September 30, 2019, 2018 and 2017
|
|
|
|
Consolidated Statement of Comprehensive Income, years ended September 30, 2019, 2018 and 2017
|
|
|
|
Consolidated Statement of Cash Flows, years ended September 30, 2019, 2018 and 2017
|
|
|
|
Consolidated Statement of Shareowners’ Equity, years ended September 30, 2019, 2018 and 2017
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
(2)
|
Financial Statement Schedule for the years ended September 30, 2019, 2018 and 2017
|
|
Page
|
Schedule II—Valuation and Qualifying Accounts
|
(3)
|
Exhibits
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
101
|
|
|
Interactive Data Files.
|
|
*
|
Management contract or compensatory plan or arrangement.
|
|
ROCKWELL AUTOMATION, INC.
|
|
|
|
|
|
By
|
/s/ PATRICK P. GORIS
|
|
|
Patrick P. Goris
|
|
|
Senior Vice President and
|
|
|
Chief Financial Officer
|
By
|
/s/ PATRICK P. GORIS
|
|
Patrick P. Goris
|
|
Senior Vice President and
|
|
Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
|
By
|
/s/ DAVID M. DORGAN
|
|
David M. Dorgan
|
|
Vice President and Controller
|
|
(Principal Accounting Officer)
|
|
|
|
Blake D. Moret*
|
|
Chairman of the Board, President and
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
and Director
|
|
|
|
J. Phillip Holloman*
|
|
Director
|
|
|
|
Steven R. Kalmanson*
|
|
Director
|
|
|
|
James P. Keane*
|
|
Director
|
|
|
|
Lawrence D. Kingsley*
|
|
Director
|
|
|
|
Pam Murphy*
|
|
Director
|
|
|
|
Donald R. Parfet *
|
|
Director
|
|
|
|
Lisa A. Payne*
|
|
Director
|
|
|
|
Thomas W. Rosamilia*
|
|
Director
|
|
|
|
Patricia A. Watson*
|
|
Director
|
|
|
*By
|
/s/ REBECCA W. HOUSE
|
|
Rebecca W. House, Attorney-in-fact**
|
|
|
**By
|
authority of powers of attorney filed herewith
|
|
|
|
|
Additions
|
|
|
|
|
||||||||||||
(in millions)
|
|
Balance at Beginning
of Year
|
|
Charged to
Costs and
Expenses
|
|
Charged to
Other
Accounts
|
|
Deductions(b)
|
|
Balance at
End of
Year
|
||||||||||
Description
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Year ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts(a)
|
|
$
|
17.1
|
|
|
$
|
6.1
|
|
|
$
|
—
|
|
|
$
|
5.8
|
|
|
$
|
17.4
|
|
Valuation allowance for deferred tax assets
|
|
27.0
|
|
|
69.3
|
|
|
—
|
|
|
2.5
|
|
|
93.8
|
|
|||||
Year ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts(a)
|
|
$
|
24.9
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
7.9
|
|
|
$
|
17.1
|
|
Valuation allowance for deferred tax assets
|
|
18.6
|
|
|
8.9
|
|
|
—
|
|
|
0.5
|
|
|
27.0
|
|
|||||
Year ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts(a)
|
|
$
|
24.5
|
|
|
$
|
5.0
|
|
|
$
|
—
|
|
|
$
|
4.6
|
|
|
$
|
24.9
|
|
Valuation allowance for deferred tax assets
|
|
17.3
|
|
|
1.5
|
|
|
0.4
|
|
|
0.6
|
|
|
18.6
|
|
(a)
|
Includes allowances for current and other long-term receivables.
|
|
|
(b)
|
Consists of amounts written off for the allowance for doubtful accounts and adjustments resulting from our ability to utilize foreign tax credits, capital losses, or net operating loss carryforwards for which a valuation allowance had previously been recorded.
|
|
|
|
Exhibit No.
|
Exhibit
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101
|
|
Interactive Data Files.
|
|
*
|
See Part IV, Item 15(a)(3) for exhibits incorporated by reference.
|
|
**
|
Management contract or compensatory plan or arrangement.
|
•
|
1,000,000,000 shares of common stock with a par value of $1 per share, which are of a class designated Common Stock (“Common Stock”);
|
•
|
100,000,000 shares of common stock with a par value of $1 per share, which are of a class designated Class A Common Stock (“Class A Common Stock” and, together with the Common Stock, the “Rockwell Common Stock”); and
|
•
|
25,000,000 shares of preferred stock, without par value, which are of a class designated Preferred Stock, of which 2,500,000 shares are designated as Series A Junior Participating Preferred Stock (“Series A Preferred Stock”).
|
•
|
the designation of the series;
|
•
|
the number of shares of the series, which number our board of directors may thereafter (except where otherwise provided in the applicable certificate of designation) increase or decrease (but not below the number of shares of the series then outstanding);
|
•
|
whether dividends, if any, will be cumulative or noncumulative and, in the case of shares of any series having cumulative dividend rights, the date or dates or method of determining the date or dates from which dividends on the shares of that series will be cumulative;
|
•
|
the rate of dividends (or method of determining dividends) payable to the holders of the shares of the series, any conditions upon which those dividends will be paid and the date or dates or the method for determining the date or dates upon which those dividends will be payable;
|
•
|
the redemption rights and price or prices, if any, for shares of the series;
|
•
|
the terms and amount of any sinking fund provided for the purchase or redemption of the shares of the series;
|
•
|
amounts payable on and the preferences, if any, of shares of the series in the event of any voluntary or involuntary liquidation or dissolution of Rockwell Automation or winding up of our affairs;
|
•
|
whether the shares of the series will be convertible or exchangeable into shares of any other class or series, or any other security, of Rockwell Automation or any other corporation, and, if so, the specification of that other class or series or that other security, the conversion or exchange price or prices or rate or rates, any adjustments thereof, the date or dates as of which those shares will be convertible or exchangeable and all other terms and conditions upon which that conversion or exchange may be made;
|
•
|
restrictions on the issuance of shares of the same series or of any other class or series; and
|
•
|
the voting rights, if any, of the holders of shares of the series.
|
•
|
any merger or consolidation;
|
•
|
any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one or a series of transactions) involving our assets or securities or the assets or securities of any Interested Shareowner or any Affiliate or Associate of any Interested Shareowner having an aggregate fair market value of $25,000,000 or more;
|
•
|
the adoption of any plan or proposal for the liquidation or dissolution of Rockwell Automation proposed by or on behalf of an Interested Shareowner or any Affiliate or Associate of any Interested Shareowner;
|
•
|
any reclassification of securities (including any reverse stock split), or recapitalization of Rockwell Automation, or any merger or consolidation of Rockwell Automation with any of its subsidiaries or any other transaction (whether or not with or into or otherwise involving an Interested Shareowner) that has the effect of increasing the proportionate share of any class or series of securities beneficially owned by any Interested Shareowner or any Affiliate or Associate of any Interested Shareowner; or
|
•
|
any agreement, contract, arrangement or other understanding providing for any of the foregoing actions.
|
•
|
the applicable business combination is approved by at least two-thirds of our Continuing Directors (as defined in our restated certificate of incorporation); or
|
•
|
the aggregate amount of consideration to be received per share by holders of Common Stock in the applicable business combination is at least equal to the higher of:
|
o
|
the highest per share price paid by or on behalf of the Interested Shareowner for any shares of Common Stock acquired beneficially by it within the two-year period immediately prior to the first public announcement of the proposal of the applicable business combination (the “Announcement Date”) or in the transaction in which it became an Interested Shareowner, whichever is higher, plus interest compounded annually from the date on which the Interested Shareowner became an Interested Shareowner (the “Determination Date”) through the date of the consummation of the applicable business combination (the “Consummation Date”), less the aggregate amount of any dividends paid per share of Common Stock from the Determination Date through the Consummation Date; or
|
o
|
the fair market value per share of Common Stock on the Announcement Date or on the Determination Date, whichever is higher; and
|
•
|
the aggregate amount of consideration to be received per share by holders of shares of any class or series of our capital stock, other than the Common Stock, in the applicable business combination is at least equal to the highest of:
|
o
|
the highest per share price paid by or on behalf of the Interested Shareowner for any shares of such class or series acquired beneficially by it within the two-year period immediately prior to the Announcement Date or in the transaction in which it became an Interested Shareowner, whichever is higher, plus interest compounded annually from the Determination Date through the Consummation Date, less the aggregate amount of any dividends paid per share of such class or series from the Determination Date through the Consummation Date;
|
o
|
the fair market value per share of such class or series on the Announcement Date or on the Determination Date, whichever is higher; or
|
o
|
the highest preferential amount per share to which the holders of shares of such class or series would be entitled in the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, regardless of whether the applicable business combination to be consummated constitutes such an event.
|
|
|
|
|
Percentage of Voting
Securities Owned By
|
||
Name
|
|
Jurisdiction
|
|
Registrant
|
|
Subsidiary
|
Maverick Technologies, LLC
|
|
Missouri
|
|
|
|
100%
|
Nuad Corporation
|
|
Delaware
|
|
100%
|
|
|
Rockwell Automation (China) Company Limited
|
|
China
|
|
|
|
100%
|
Rockwell Automation Switzerland G.m.b.H
|
|
Switzerland
|
|
|
|
100%
|
Rockwell Automation Asia Pacific Business Center PTE. Ltd.
|
|
Singapore
|
|
|
|
100%
|
Rockwell Automation Australia Ltd.
|
|
Australia
|
|
|
|
100%
|
Rockwell Automation B.V.
|
|
Netherlands
|
|
|
|
100%
|
Rockwell Automation Canada Holdings Inc.
|
|
Canada
|
|
|
|
100%
|
Rockwell Automation Canada Ltd.
|
|
Canada
|
|
|
|
100%
|
Rockwell Automation Control Solutions (Harbin) Co., Ltd.
|
|
China
|
|
|
|
100%
|
Rockwell Automation de Mexico S.A. de C.V.
|
|
Mexico
|
|
|
|
100%
|
Rockwell Automation do Brasil Ltda.
|
|
Brazil
|
|
100%
|
|
|
Rockwell Automation Europe B.V.
|
|
Netherlands
|
|
|
|
100%
|
Rockwell Automation G.m.b.H.
|
|
Germany
|
|
|
|
100%
|
Rockwell Automation India Private Limited
|
|
India
|
|
|
|
100%
|
Rockwell Automation International Holdings LLC
|
|
Delaware
|
|
100%
|
|
|
Rockwell Automation Korea Ltd
|
|
Korea
|
|
|
|
100%
|
Rockwell Automation Limited
|
|
United Kingdom
|
|
|
|
100%
|
Rockwell Automation L.L.C.
|
|
United Arab Emirates - Abu Dhabi
|
|
|
|
49%
|
Rockwell Automation Monterrey Manufacturing S de RL de CV
|
|
Mexico
|
|
|
|
100%
|
Rockwell Automation of Ohio, Inc.
|
|
Ohio
|
|
100%
|
|
|
Rockwell Automation Solutions G.m.b.H.
|
|
Germany
|
|
|
|
100%
|
Rockwell Automation Spolka Z Organiczona Odpowiedzialnoscia
|
|
Poland
|
|
|
|
100%
|
Rockwell Automation Technologies, Inc.
|
|
Ohio
|
|
100%
|
|
|
Rockwell European Holdings Ltd.
|
|
England
|
|
|
|
100%
|
1.
|
the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 and any amendments thereto;
|
2.
|
any and all amendments (including supplements and post-effective amendments) to
|
a)
|
the Registration Statement on Form S-8 registering securities to be sold under the Company’s 2012 Long-Term Incentives Plan (Registration Nos. 333-180557 and 333-209706);
|
b)
|
the Registration Statements on Form S-8 registering securities to be sold under the Company’s 2008 Long-Term Incentives Plan (Registration Nos. 333-150019 and 333-165727);
|
c)
|
the Registration Statement on Form S-8 registering securities to be sold under the Company’s 1165(e) Plan (Registration Nos. 333-157203 and 333-205022);
|
d)
|
the Registration Statements on Form S-8 registering securities to be sold under the Company’s Retirement Savings Plan (Registration Nos. 333-184400 and 333-149581); and
|
e)
|
the Registration Statement on Form S-8 registering securities to be sold pursuant to the Company’s 2003 Directors Stock Plan (Registration No. 333-101780); and
|
3.
|
any and all amendments (including supplements and post-effective amendments) to the Registration Statement on Form S-3 (Registration No. 333-228817) registering an indeterminate amount of debt securities of the Company in one or more series.
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Blake D. Moret
|
|
Chairman of the Board, President and Chief Executive Officer (principal executive officer)
|
|
October 30, 2019
|
Blake D. Moret
|
|
|
|
|
|
|
|
|
|
/s/ J. Phillip Holloman
|
|
Director
|
|
October 30, 2019
|
J. Phillip Holloman
|
|
|
|
|
|
|
|
|
|
/s/ Steven R. Kalmanson
|
|
Director
|
|
October 30, 2019
|
Steven R. Kalmanson
|
|
|
|
|
|
|
|
|
|
/s/ James P. Keane
|
|
Director
|
|
October 30, 2019
|
James P. Keane
|
|
|
|
|
|
|
|
|
|
/s/ Lawrence D. Kingsley
|
|
Director
|
|
October 30, 2019
|
Lawrence D. Kingsley
|
|
|
|
|
|
|
|
|
|
/s/ Pam Murphy
|
|
Director
|
|
October 30, 2019
|
Pam Murphy
|
|
|
|
|
|
|
|
|
|
/s/ Donald R. Parfet
|
|
Director
|
|
October 30, 2019
|
Donald R. Parfet
|
|
|
|
|
|
|
|
|
|
/s/ Lisa A. Payne
|
|
Director
|
|
October 30, 2019
|
Lisa A. Payne
|
|
|
|
|
|
|
|
|
|
/s/ Thomas W. Rosamilia
|
|
Director
|
|
October 30, 2019
|
Thomas W. Rosamilia
|
|
|
|
|
|
|
|
|
|
/s/ Patricia A. Watson
|
|
Director
|
|
October 30, 2019
|
Patricia A. Watson
|
|
|
|
|
|
|
|
|
|
/s/ Patrick P. Goris
|
|
Senior Vice President and Chief Financial Officer (principal financial officer)
|
|
October 30, 2019
|
Patrick P. Goris
|
|
|
|
|
|
|
|
|
|
/s/ Rebecca W. House
|
|
Senior Vice President, General Counsel and
Secretary
|
|
October 30, 2019
|
Rebecca W. House
|
|
|
|
|
|
|
|
|
|
/s/ David M. Dorgan
|
|
Vice President and Controller (principal
accounting officer)
|
|
October 30, 2019
|
David M. Dorgan
|
|
|
|
1.
|
I have reviewed this annual report on Form 10-K of Rockwell Automation, Inc.;
|
2
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
/s/ BLAKE D. MORET
|
Blake D. Moret
President and Chief
Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Rockwell Automation, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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/S/ PATRICK P. GORIS
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Patrick P. Goris
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Senior Vice President and
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Chief Financial Officer
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/s/ BLAKE D. MORET
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Blake D. Moret
President and Chief
Executive Officer
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/S/ PATRICK P. GORIS
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Patrick P. Goris
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Senior Vice President and
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Chief Financial Officer
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