☒
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QUARTERLY 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 incorporation or organization)
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(I.R.S. Employer
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 ($1.00 par value)
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ROK
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New York Stock Exchange
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Large Accelerated Filer
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☑
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Accelerated Filer
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☐
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Non-accelerated Filer
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☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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Page No.
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December 31,
2019 |
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September 30,
2019 |
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ASSETS
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|||||||
Current assets:
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Cash and cash equivalents
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$
|
926.2
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$
|
1,018.4
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Receivables
|
1,298.1
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1,178.7
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Inventories
|
625.3
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|
575.7
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Other current assets
|
157.9
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|
212.9
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Total current assets
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3,007.5
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2,985.7
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Property, net of accumulated depreciation of $1,609.4 and $1,566.0, respectively
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574.0
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571.9
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Operating lease right-of-use assets
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331.1
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—
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|
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Goodwill
|
1,395.8
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|
1,071.1
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Other intangible assets, net
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441.8
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|
194.1
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Deferred income taxes
|
368.5
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|
364.1
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Long-term investments
|
860.7
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793.9
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Other assets
|
128.5
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132.2
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Total
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$
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7,107.9
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$
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6,113.0
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LIABILITIES AND SHAREOWNERS’ EQUITY
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|||||||
Current liabilities:
|
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||||
Short-term debt
|
$
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23.5
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$
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—
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Current portion of long-term debt
|
301.0
|
|
|
300.5
|
|
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Accounts payable
|
708.3
|
|
|
694.6
|
|
||
Compensation and benefits
|
201.9
|
|
|
239.0
|
|
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Contract liabilities
|
319.2
|
|
|
275.6
|
|
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Customer returns, rebates and incentives
|
195.3
|
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|
199.2
|
|
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Other current liabilities
|
318.3
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|
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227.9
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Total current liabilities
|
2,067.5
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1,936.8
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Long-term debt
|
1,953.0
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1,956.4
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Retirement benefits
|
1,227.9
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1,231.9
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Operating lease liabilities
|
257.8
|
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—
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Other liabilities
|
565.2
|
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|
583.7
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Commitments and contingent liabilities (Note 12)
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Shareowners’ equity:
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Common stock ($1.00 par value, shares issued: 181.4)
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181.4
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181.4
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Additional paid-in capital
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1,775.5
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1,709.1
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Retained earnings
|
6,782.0
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6,440.2
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Accumulated other comprehensive loss
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(1,584.3
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)
|
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(1,488.0
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)
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Common stock in treasury, at cost (shares held: 65.2 and 65.7, respectively)
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(6,437.6
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)
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(6,438.5
|
)
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Shareowners’ equity attributable to Rockwell Automation, Inc.
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717.0
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404.2
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Noncontrolling interests
|
319.5
|
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—
|
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Total shareowners’ equity
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1,036.5
|
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|
404.2
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Total
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$
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7,107.9
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$
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6,113.0
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Three Months Ended
December 31, |
||||||
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2019
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2018
|
||||
Sales
|
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Products and solutions
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$
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1,508.9
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$
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1,457.6
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Services
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175.6
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184.7
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1,684.5
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1,642.3
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Cost of sales
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Products and solutions
|
(866.0
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)
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(782.4
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)
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Services
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(115.6
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)
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(121.2
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)
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(981.6
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)
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(903.6
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)
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Gross profit
|
702.9
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738.7
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Selling, general and administrative expenses
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(403.2
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)
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(386.7
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)
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Change in fair value of investments
|
71.0
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(212.7
|
)
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Other income (expense)
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(9.7
|
)
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2.2
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Interest expense
|
(26.4
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)
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(20.7
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)
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Income before income taxes
|
334.6
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|
120.8
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|
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Income tax provision (Note 14)
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(19.2
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)
|
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(40.5
|
)
|
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Net income
|
315.4
|
|
|
80.3
|
|
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Net income attributable to noncontrolling interests
|
4.7
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—
|
|
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Net income attributable to Rockwell Automation, Inc.
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$
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310.7
|
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$
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80.3
|
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Earnings per share:
|
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Basic
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$
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2.68
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$
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0.67
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Diluted
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$
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2.66
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$
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0.66
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Weighted average outstanding shares:
|
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|
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Basic
|
115.7
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120.3
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Diluted
|
116.6
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121.5
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Three Months Ended
December 31, |
||||||
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2019
|
|
2018
|
||||
Net income
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$
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315.4
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$
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80.3
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Other comprehensive income (loss), net of tax:
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||||
Pension and other postretirement benefit plan adjustments (net of tax (expense) of ($7.9) and ($4.3))
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27.4
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13.8
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Currency translation adjustments
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22.1
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(28.5
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)
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Net change in unrealized gains and losses on cash flow hedges (net of tax benefit of $1.1 and $6.5)
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(2.5
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)
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(20.8
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)
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Net change in unrealized gains and losses on available-for-sale investments (net of tax (expense) of ($0.0) and ($0.1))
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—
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0.5
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Other comprehensive income (loss)
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47.0
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(35.0
|
)
|
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Comprehensive income
|
362.4
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|
45.3
|
|
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Comprehensive income attributable to noncontrolling interests
|
5.0
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—
|
|
||
Comprehensive income attributable to Rockwell Automation, Inc.
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$
|
357.4
|
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$
|
45.3
|
|
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Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
315.4
|
|
|
$
|
80.3
|
|
Adjustments to arrive at cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
30.2
|
|
|
29.3
|
|
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Amortization of intangible assets
|
11.7
|
|
|
6.6
|
|
||
Change in fair value of investments
|
(71.0
|
)
|
|
212.7
|
|
||
Share-based compensation expense
|
11.5
|
|
|
11.0
|
|
||
Retirement benefit expense
|
31.8
|
|
|
17.2
|
|
||
Pension contributions
|
(7.1
|
)
|
|
(6.1
|
)
|
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Net loss on disposition of property
|
—
|
|
|
1.3
|
|
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Changes in assets and liabilities, excluding effects of acquisitions and foreign
currency adjustments:
|
|
|
|
||||
Receivables
|
(85.0
|
)
|
|
(6.1
|
)
|
||
Inventories
|
1.7
|
|
|
(52.4
|
)
|
||
Accounts payable
|
(0.4
|
)
|
|
(31.2
|
)
|
||
Contract liabilities
|
37.3
|
|
|
26.9
|
|
||
Compensation and benefits
|
(38.6
|
)
|
|
(85.4
|
)
|
||
Income taxes
|
(17.3
|
)
|
|
12.2
|
|
||
Other assets and liabilities
|
10.9
|
|
|
(4.3
|
)
|
||
Cash provided by operating activities
|
231.1
|
|
|
212.0
|
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures
|
(37.0
|
)
|
|
(42.0
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(238.5
|
)
|
|
—
|
|
||
Purchases of investments
|
(1.0
|
)
|
|
(2.8
|
)
|
||
Proceeds from maturities of investments
|
5.4
|
|
|
185.6
|
|
||
Proceeds from sale of investments
|
37.9
|
|
|
—
|
|
||
Proceeds from sale of property
|
0.2
|
|
|
0.1
|
|
||
Cash (used for) provided by investing activities
|
(233.0
|
)
|
|
140.9
|
|
||
Financing activities:
|
|
|
|
||||
Net issuance of short-term debt
|
23.5
|
|
|
80.3
|
|
||
Cash dividends
|
(117.9
|
)
|
|
(116.9
|
)
|
||
Purchases of treasury stock
|
(106.0
|
)
|
|
(295.1
|
)
|
||
Proceeds from the exercise of stock options
|
104.8
|
|
|
4.0
|
|
||
Cash used for financing activities
|
(95.6
|
)
|
|
(327.7
|
)
|
||
Effect of exchange rate changes on cash
|
5.3
|
|
|
(11.7
|
)
|
||
(Decrease) increase in cash and cash equivalents
|
(92.2
|
)
|
|
13.5
|
|
||
Cash and cash equivalents at beginning of period
|
1,018.4
|
|
|
618.8
|
|
||
Cash and cash equivalents at end of period
|
$
|
926.2
|
|
|
$
|
632.3
|
|
|
|
Common stock
|
|
Additional paid-in capital
|
|
Retained earnings
|
|
Accumulated other comprehensive loss
|
|
Common stock in treasury, at cost
|
|
Total attributable to Rockwell Automation, Inc.
|
|
Noncontrolling interests
|
|
Total shareowners' equity
|
||||||||||||||||
Balance at September 30, 2019
|
|
$
|
181.4
|
|
|
$
|
1,709.1
|
|
|
$
|
6,440.2
|
|
|
$
|
(1,488.0
|
)
|
|
$
|
(6,438.5
|
)
|
|
$
|
404.2
|
|
|
$
|
—
|
|
|
$
|
404.2
|
|
Net income
|
|
—
|
|
|
—
|
|
|
310.7
|
|
|
—
|
|
|
—
|
|
|
310.7
|
|
|
4.7
|
|
|
315.4
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46.7
|
|
|
—
|
|
|
46.7
|
|
|
0.3
|
|
|
47.0
|
|
||||||||
Common stock issued (including share-based compensation impact)
|
|
—
|
|
|
16.3
|
|
|
—
|
|
|
—
|
|
|
101.1
|
|
|
117.4
|
|
|
—
|
|
|
117.4
|
|
||||||||
Share repurchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100.2
|
)
|
|
(100.2
|
)
|
|
—
|
|
|
(100.2
|
)
|
||||||||
Cash dividends declared (1)
|
|
—
|
|
|
—
|
|
|
(117.9
|
)
|
|
—
|
|
|
—
|
|
|
(117.9
|
)
|
|
—
|
|
|
(117.9
|
)
|
||||||||
Adoption of accounting standards
|
|
—
|
|
|
—
|
|
|
149.0
|
|
|
(146.8
|
)
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
2.2
|
|
||||||||
Change in noncontrolling interest
|
|
—
|
|
|
50.1
|
|
|
—
|
|
|
3.8
|
|
|
—
|
|
|
53.9
|
|
|
314.5
|
|
|
368.4
|
|
||||||||
Balance at December 31, 2019
|
|
$
|
181.4
|
|
|
$
|
1,775.5
|
|
|
$
|
6,782.0
|
|
|
$
|
(1,584.3
|
)
|
|
$
|
(6,437.6
|
)
|
|
$
|
717.0
|
|
|
$
|
319.5
|
|
|
$
|
1,036.5
|
|
|
|
Common stock
|
|
Additional paid-in capital
|
|
Retained earnings
|
|
Accumulated other comprehensive loss
|
|
Common stock in treasury, at cost
|
|
Total attributable to Rockwell Automation, Inc.
|
|
Noncontrolling interests
|
|
Total shareowners' equity
|
||||||||||||||||
Balance at September 30, 2018
|
|
$
|
181.4
|
|
|
$
|
1,681.4
|
|
|
$
|
6,198.1
|
|
|
$
|
(941.9
|
)
|
|
$
|
(5,501.5
|
)
|
|
$
|
1,617.5
|
|
|
$
|
—
|
|
|
$
|
1,617.5
|
|
Net income
|
|
—
|
|
|
—
|
|
|
80.3
|
|
|
—
|
|
|
—
|
|
|
80.3
|
|
|
—
|
|
|
80.3
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35.0
|
)
|
|
—
|
|
|
(35.0
|
)
|
|
—
|
|
|
(35.0
|
)
|
||||||||
Common stock issued (including share-based compensation impact)
|
|
—
|
|
|
(7.0
|
)
|
|
—
|
|
|
—
|
|
|
22.1
|
|
|
15.1
|
|
|
—
|
|
|
15.1
|
|
||||||||
Share repurchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(292.8
|
)
|
|
(292.8
|
)
|
|
—
|
|
|
(292.8
|
)
|
||||||||
Cash dividends declared (1)
|
|
—
|
|
|
—
|
|
|
(116.9
|
)
|
|
—
|
|
|
—
|
|
|
(116.9
|
)
|
|
—
|
|
|
(116.9
|
)
|
||||||||
Adoption of accounting standard
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
6.1
|
|
||||||||
Balance at December 31, 2018
|
|
$
|
181.4
|
|
|
$
|
1,674.4
|
|
|
$
|
6,167.6
|
|
|
$
|
(976.9
|
)
|
|
$
|
(5,772.2
|
)
|
|
$
|
1,274.3
|
|
|
$
|
—
|
|
|
$
|
1,274.3
|
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Net income attributable to Rockwell Automation, Inc.
|
$
|
310.7
|
|
|
$
|
80.3
|
|
Less: Allocation to participating securities
|
(0.3
|
)
|
|
(0.1
|
)
|
||
Net income available to common shareowners
|
$
|
310.4
|
|
|
$
|
80.2
|
|
Basic weighted average outstanding shares
|
115.7
|
|
|
120.3
|
|
||
Effect of dilutive securities
|
|
|
|
||||
Stock options
|
0.9
|
|
|
1.0
|
|
||
Performance shares
|
—
|
|
|
0.2
|
|
||
Diluted weighted average outstanding shares
|
116.6
|
|
|
121.5
|
|
||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
2.68
|
|
|
$
|
0.67
|
|
Diluted
|
$
|
2.66
|
|
|
$
|
0.66
|
|
|
Three Months Ended December 31, 2019
|
||||||||||
|
Architecture & Software
|
|
Control Products & Solutions
|
|
Total
|
||||||
North America
|
$
|
440.2
|
|
|
$
|
566.7
|
|
|
$
|
1,006.9
|
|
Europe, Middle East and Africa (EMEA)
|
148.1
|
|
|
162.0
|
|
|
310.1
|
|
|||
Asia Pacific
|
112.2
|
|
|
117.4
|
|
|
229.6
|
|
|||
Latin America
|
51.1
|
|
|
86.8
|
|
|
137.9
|
|
|||
Total Company Sales
|
$
|
751.6
|
|
|
$
|
932.9
|
|
|
$
|
1,684.5
|
|
|
Three Months Ended December 31, 2018
|
||||||||||
|
Architecture & Software
|
|
Control Products & Solutions
|
|
Total
|
||||||
North America
|
$
|
442.8
|
|
|
$
|
556.0
|
|
|
$
|
998.8
|
|
Europe, Middle East and Africa (EMEA)
|
155.5
|
|
|
138.9
|
|
|
294.4
|
|
|||
Asia Pacific
|
101.3
|
|
|
113.1
|
|
|
214.4
|
|
|||
Latin America
|
53.5
|
|
|
81.2
|
|
|
134.7
|
|
|||
Total Company Sales
|
$
|
753.1
|
|
|
$
|
889.2
|
|
|
$
|
1,642.3
|
|
|
Three Months Ended December 31, 2019
|
||||||||||
|
Architecture & Software
|
|
Control Products & Solutions
|
|
Total
|
||||||
Products
|
$
|
751.6
|
|
|
$
|
388.6
|
|
|
$
|
1,140.2
|
|
Solutions & Services
|
—
|
|
|
544.3
|
|
|
544.3
|
|
|||
Total Company Sales
|
$
|
751.6
|
|
|
$
|
932.9
|
|
|
$
|
1,684.5
|
|
|
Three Months Ended December 31, 2018
|
||||||||||
|
Architecture & Software
|
|
Control Products & Solutions
|
|
Total
|
||||||
Products
|
$
|
753.1
|
|
|
$
|
372.9
|
|
|
$
|
1,126.0
|
|
Solutions & Services
|
—
|
|
|
516.3
|
|
|
516.3
|
|
|||
Total Company Sales
|
$
|
753.1
|
|
|
$
|
889.2
|
|
|
$
|
1,642.3
|
|
|
December 31, 2019
|
|
December 31,
2018 |
||||
Balance as of beginning of fiscal year
|
$
|
275.6
|
|
|
$
|
268.6
|
|
Balance as of end of period
|
319.2
|
|
|
293.0
|
|
|
Three Months Ended December 31,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Grants
|
|
Wtd. Avg.
Share
Fair Value
|
|
Grants
|
|
Wtd. Avg.
Share
Fair Value
|
||||||
Stock options
|
953
|
|
|
$
|
35.86
|
|
|
919
|
|
|
$
|
32.51
|
|
Performance shares
|
37
|
|
|
265.04
|
|
|
57
|
|
|
155.04
|
|
||
Restricted stock and restricted stock units
|
45
|
|
|
193.70
|
|
|
39
|
|
|
172.14
|
|
||
Unrestricted stock
|
5
|
|
|
162.29
|
|
|
4
|
|
|
188.01
|
|
|
December 31,
2019 |
|
September 30,
2019 |
||||
Finished goods
|
$
|
272.8
|
|
|
$
|
223.7
|
|
Work in process
|
179.0
|
|
|
178.4
|
|
||
Raw materials
|
173.5
|
|
|
173.6
|
|
||
Inventories
|
$
|
625.3
|
|
|
$
|
575.7
|
|
|
|
Purchase Price Allocation
|
||
Cash
|
|
$
|
16.2
|
|
Accounts receivable
|
|
22.6
|
|
|
Inventory
|
|
46.9
|
|
|
Other current assets
|
|
1.2
|
|
|
Property, plant and equipment
|
|
9.3
|
|
|
Other assets
|
|
6.2
|
|
|
Goodwill
|
|
314.1
|
|
|
Intangible assets
|
|
254.1
|
|
|
Total assets acquired
|
|
670.6
|
|
|
Less: Liabilities assumed
|
|
(37.1
|
)
|
|
Less: Deferred income taxes
|
|
(8.0
|
)
|
|
Less: Noncontrolling interest portion
|
|
(293.8
|
)
|
|
Net assets acquired
|
|
$
|
331.7
|
|
|
|
|
||
|
|
Purchase consideration
|
||
Cash
|
|
$
|
250.0
|
|
Noncontrolling interest portion of Rockwell Automation's contributed business
|
|
21.1
|
|
|
Additional paid in capital adjustment
|
|
53.6
|
|
|
Other
|
|
7.0
|
|
|
Net purchase consideration
|
|
$
|
331.7
|
|
|
Architecture &
Software
|
|
Control Products
& Solutions
|
|
Total
|
||||||
Balance as of September 30, 2019
|
$
|
432.3
|
|
|
$
|
638.8
|
|
|
$
|
1,071.1
|
|
Acquisition of businesses
|
—
|
|
|
316.3
|
|
|
316.3
|
|
|||
Translation
|
3.0
|
|
|
5.4
|
|
|
8.4
|
|
|||
Balance as of December 31, 2019
|
$
|
435.3
|
|
|
$
|
960.5
|
|
|
$
|
1,395.8
|
|
|
December 31, 2019
|
||||||||||
|
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Amortized intangible assets:
|
|
|
|
|
|
||||||
Computer software products
|
$
|
190.6
|
|
|
$
|
130.9
|
|
|
$
|
59.7
|
|
Customer relationships
|
305.2
|
|
|
75.6
|
|
|
229.6
|
|
|||
Technology
|
154.2
|
|
|
73.3
|
|
|
80.9
|
|
|||
Trademarks
|
55.3
|
|
|
28.3
|
|
|
27.0
|
|
|||
Other
|
10.8
|
|
|
9.9
|
|
|
0.9
|
|
|||
Total amortized intangible assets
|
716.1
|
|
|
318.0
|
|
|
398.1
|
|
|||
Allen-Bradley® trademark not subject to amortization
|
43.7
|
|
|
—
|
|
|
43.7
|
|
|||
Total
|
$
|
759.8
|
|
|
$
|
318.0
|
|
|
$
|
441.8
|
|
|
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
|
|
|
December 31,
2019 |
|
September 30,
2019 |
||||
Unrealized losses on foreign exchange contracts
|
$
|
7.7
|
|
|
$
|
5.4
|
|
Product warranty obligations
|
24.2
|
|
|
25.2
|
|
||
Taxes other than income taxes
|
50.4
|
|
|
43.8
|
|
||
Accrued interest
|
28.2
|
|
|
15.5
|
|
||
Income taxes payable
|
61.3
|
|
|
62.9
|
|
||
Operating lease liabilities
|
86.8
|
|
|
—
|
|
||
Other
|
59.7
|
|
|
75.1
|
|
||
Other current liabilities
|
$
|
318.3
|
|
|
$
|
227.9
|
|
|
|
December 31,
2019 |
|
September 30,
2019 |
||||
Fixed income securities
|
|
$
|
0.6
|
|
|
$
|
43.9
|
|
Equity securities
|
|
792.5
|
|
|
721.5
|
|
||
Other
|
|
68.2
|
|
|
68.1
|
|
||
Total investments
|
|
861.3
|
|
|
833.5
|
|
||
Less: Short-term investments(1)
|
|
(0.6
|
)
|
|
(39.6
|
)
|
||
Long-term investments
|
|
$
|
860.7
|
|
|
$
|
793.9
|
|
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.
|
|
Pension Benefits
|
||||||
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Service cost
|
$
|
22.8
|
|
|
$
|
19.6
|
|
Interest cost
|
34.2
|
|
|
39.6
|
|
||
Expected return on plan assets
|
(61.2
|
)
|
|
(61.2
|
)
|
||
Amortization:
|
|
|
|
||||
Prior service cost
|
0.2
|
|
|
0.3
|
|
||
Net actuarial loss
|
36.8
|
|
|
19.5
|
|
||
Settlements
|
(0.7
|
)
|
|
(0.2
|
)
|
||
Net periodic benefit cost
|
$
|
32.1
|
|
|
$
|
17.6
|
|
|
Other Postretirement Benefits
|
||||||
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Service cost
|
$
|
0.3
|
|
|
$
|
0.2
|
|
Interest cost
|
0.4
|
|
|
0.6
|
|
||
Amortization:
|
|
|
|
||||
Prior service credit
|
(1.4
|
)
|
|
(1.4
|
)
|
||
Net actuarial loss
|
0.4
|
|
|
0.2
|
|
||
Net periodic benefit credit
|
$
|
(0.3
|
)
|
|
$
|
(0.4
|
)
|
Three Months Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|||||||||||
|
Pension and other postretirement benefit plan adjustments, net of tax
|
|
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, 2019
|
$
|
(1,133.7
|
)
|
|
$
|
(341.3
|
)
|
|
$
|
(13.0
|
)
|
|
$
|
—
|
|
|
$
|
(1,488.0
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
21.8
|
|
|
0.9
|
|
|
—
|
|
|
22.7
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
27.4
|
|
|
—
|
|
|
(3.4
|
)
|
|
—
|
|
|
24.0
|
|
|||||
Other comprehensive income (loss)
|
27.4
|
|
|
21.8
|
|
|
(2.5
|
)
|
|
—
|
|
|
46.7
|
|
|||||
Adoption of accounting standard/other
|
(146.8
|
)
|
|
3.8
|
|
|
—
|
|
|
—
|
|
|
(143.0
|
)
|
|||||
Balance as of December 31, 2019
|
$
|
(1,253.1
|
)
|
|
$
|
(315.7
|
)
|
|
$
|
(15.5
|
)
|
|
$
|
—
|
|
|
$
|
(1,584.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2019
|
||
Operating lease expense(1)
|
|
$
|
25.3
|
|
Variable lease expense(2)
|
|
3.9
|
|
|
Total lease expense
|
|
$
|
29.2
|
|
|
|
December 31, 2019
|
|
Weighted average remaining lease term
|
|
6.1 years
|
|
Weighted average discount rate
|
|
2.04
|
%
|
2020 (excluding the three months ended December 31, 2019)
|
|
$
|
71.6
|
|
2021
|
|
79.6
|
|
|
2022
|
|
60.1
|
|
|
2023
|
|
44.7
|
|
|
2024
|
|
32.5
|
|
|
2025
|
|
20.5
|
|
|
Thereafter
|
|
58.9
|
|
|
Total undiscounted lease payments
|
|
$
|
367.9
|
|
Less imputed interest
|
|
(23.3
|
)
|
|
Total operating lease liabilities
|
|
$
|
344.6
|
|
2020
|
|
$
|
90.6
|
|
2021
|
|
72.6
|
|
|
2022
|
|
51.8
|
|
|
2023
|
|
36.7
|
|
|
2024
|
|
26.4
|
|
|
Thereafter
|
|
63.8
|
|
|
Total minimum lease payments
|
|
$
|
341.9
|
|
|
|
Three Months Ended December 31, 2019
|
||
Cash paid for amounts included in the measurement of operating lease liabilities
|
|
$
|
25.3
|
|
Operating right-of-use assets obtained in exchange for lease obligations
|
|
37.2
|
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Sales
|
|
|
|
||||
Architecture & Software
|
$
|
751.6
|
|
|
$
|
753.1
|
|
Control Products & Solutions
|
932.9
|
|
|
889.2
|
|
||
Total
|
$
|
1,684.5
|
|
|
$
|
1,642.3
|
|
Segment operating earnings
|
|
|
|
||||
Architecture & Software
|
$
|
223.7
|
|
|
$
|
237.0
|
|
Control Products & Solutions
|
115.4
|
|
|
137.9
|
|
||
Total
|
339.1
|
|
|
374.9
|
|
||
Purchase accounting depreciation and amortization
|
(10.0
|
)
|
|
(4.1
|
)
|
||
General corporate – net
|
(32.8
|
)
|
|
(21.9
|
)
|
||
Non-operating pension and postretirement benefit (cost) credit
|
(8.7
|
)
|
|
2.6
|
|
||
Gain (loss) on investments
|
71.0
|
|
|
(246.4
|
)
|
||
Valuation adjustments related to the registration of PTC Shares
|
—
|
|
|
33.7
|
|
||
Interest (expense) income - net
|
(24.0
|
)
|
|
(18.0
|
)
|
||
Income before income taxes
|
$
|
334.6
|
|
|
$
|
120.8
|
|
•
|
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;
|
•
|
laws, regulations and governmental policies affecting our activities in the countries where we do business, including those related to tariffs, taxation, and trade controls;
|
•
|
the availability and price of components and materials;
|
•
|
the successful execution of our cost productivity initiatives;
|
•
|
the availability, effectiveness and security of our information technology systems;
|
•
|
our ability to manage and mitigate the risk related to security vulnerabilities and breaches of our products, solutions and services;
|
•
|
the successful development of advanced technologies and demand for and market acceptance of new and existing hardware and software products;
|
•
|
our ability to manage and mitigate the risks associated with our solutions and services businesses;
|
•
|
competitive hardware and software products, solutions and services and pricing pressures, and our ability to provide high quality products, solutions and services;
|
•
|
disruptions to our distribution channels or the failure of distributors to develop and maintain capabilities to sell our products;
|
•
|
the successful integration and management of strategic transactions and achievement of the expected benefits of these transactions;
|
•
|
a disruption of our business due to natural disasters, pandemics, acts of war, strikes, terrorism, social unrest or other causes;
|
•
|
intellectual property infringement claims by others and the ability to protect our intellectual property;
|
•
|
the uncertainty of claims by taxing authorities in the various jurisdictions where we do business;
|
•
|
our ability to attract, develop, and retain qualified personnel;
|
•
|
the uncertainties of litigation, including liabilities related to the safety and security of the hardware and software products, solutions and services we sell;
|
•
|
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;
|
•
|
our ability to manage costs related to employee retirement and health care benefits; and
|
•
|
other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings.
|
•
|
investments in manufacturing, including upgrades, modifications and expansions of existing facilities or production lines and new facilities or production lines;
|
•
|
investments in basic materials production capacity, which may be related to commodity pricing levels;
|
•
|
our customers’ needs for faster time to market, operational productivity, asset management and reliability, and enterprise risk management;
|
•
|
our customers’ needs to continuously improve quality, safety and sustainability;
|
•
|
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;
|
•
|
levels of global industrial production and capacity utilization;
|
•
|
regional factors that include local political, social, regulatory and economic circumstances; and
|
•
|
the spending patterns of our customers due to their annual budgeting processes and their working schedules.
|
•
|
achieve organic sales growth in excess of the automation market by expanding our served market and strengthening our competitive differentiation;
|
•
|
grow market share of our core platforms;
|
•
|
drive double digit growth in information solutions and connected services;
|
•
|
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;
|
•
|
enhance our market access by building our channel capability and partner network;
|
•
|
deploy human and financial resources to strengthen our technology leadership and our intellectual capital business model;
|
•
|
continuously improve quality and customer experience; and
|
•
|
drive annual cost productivity.
|
•
|
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.
|
|
IP Index
|
|
PMI
|
Fiscal 2020 quarter ended:
|
|
|
|
December 2019
|
109.3
|
|
47.2
|
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
|
•
|
Logix sales decreased 3 percent year over year in the first quarter of fiscal 2020. Logix organic sales decreased 2 percent year over year, and currency translation decreased sales by 1 percentage points.
|
•
|
Reported sales in emerging countries increased 8.8 percent year over year in the first quarter of fiscal 2020. Organic sales in emerging countries increased 2.9 percent year over year. Currency translation decreased sales in emerging countries by 1.6 percentage points, and acquisitions increased sales by 7.5 percentage points.
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Sales
|
|
|
|
||||
Architecture & Software (a)
|
$
|
751.6
|
|
|
$
|
753.1
|
|
Control Products & Solutions (b)
|
932.9
|
|
|
889.2
|
|
||
Total sales (c)
|
$
|
1,684.5
|
|
|
$
|
1,642.3
|
|
Segment operating earnings(1)
|
|
|
|
||||
Architecture & Software (d)
|
$
|
223.7
|
|
|
$
|
237.0
|
|
Control Products & Solutions (e)
|
115.4
|
|
|
137.9
|
|
||
Total segment operating earnings(2) (f)
|
339.1
|
|
|
374.9
|
|
||
Purchase accounting depreciation and amortization
|
(10.0
|
)
|
|
(4.1
|
)
|
||
General corporate — net
|
(32.8
|
)
|
|
(21.9
|
)
|
||
Non-operating pension and postretirement benefit (cost) credit
|
(8.7
|
)
|
|
2.6
|
|
||
Loss on investments
|
71.0
|
|
|
(246.4
|
)
|
||
Valuation adjustments related to the registration of PTC Shares
|
—
|
|
|
33.7
|
|
||
Interest (expense) income, net
|
(24.0
|
)
|
|
(18.0
|
)
|
||
Income before income taxes (g)
|
334.6
|
|
|
120.8
|
|
||
Income tax provision
|
(19.2
|
)
|
|
(40.5
|
)
|
||
Net income
|
315.4
|
|
|
80.3
|
|
||
Net income attributable to noncontrolling interests
|
4.7
|
|
|
—
|
|
||
Net income attributable to Rockwell Automation
|
$
|
310.7
|
|
|
$
|
80.3
|
|
|
|
|
|
||||
Diluted EPS
|
$
|
2.66
|
|
|
$
|
0.66
|
|
|
|
|
|
||||
Adjusted EPS(3)
|
$
|
2.11
|
|
|
$
|
2.21
|
|
|
|
|
|
||||
Diluted weighted average outstanding shares
|
116.6
|
|
|
121.5
|
|
||
|
|
|
|
||||
Total segment operating margin(2) (f/c)
|
20.1
|
%
|
|
22.8
|
%
|
||
|
|
|
|
||||
Pre-tax margin (g/c)
|
19.9
|
%
|
|
7.4
|
%
|
||
|
|
|
|
||||
Architecture & Software segment operating margin (d/a)
|
29.8
|
%
|
|
31.5
|
%
|
||
|
|
|
|
||||
Control Product & Solutions segment operating margin (e/b)
|
12.4
|
%
|
|
15.5
|
%
|
(1)
|
See Note 15 in the Consolidated Financial Statements for the definition of segment operating earnings.
|
(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 (cost) credit, gains and losses on investments, valuation adjustments related to the registration of PTC Shares, 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 total segment operating earnings and total segment operating margin 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)
|
Adjusted EPS is a non-GAAP earnings measure that excludes non-operating pension and postretirement benefit (cost) credit, net income (loss) attributable to noncontrolling interests, gains and losses on investments, and valuation adjustments related to the registration of PTC Shares, including their respective tax effects. See Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate Reconciliation for more information on this non-GAAP measure.
|
|
|
|
Change vs.
|
|
Change in Organic
Sales(1) vs.
|
||||
|
Three Months Ended December 31, 2019
|
|
Three Months Ended December 31, 2018
|
|
Three Months Ended December 31, 2018
|
||||
North America
|
$
|
1,006.9
|
|
|
0.8
|
%
|
|
(3.3
|
)%
|
EMEA
|
310.1
|
|
|
5.3
|
%
|
|
1.6
|
%
|
|
Asia Pacific
|
229.6
|
|
|
7.1
|
%
|
|
5.9
|
%
|
|
Latin America
|
137.9
|
|
|
2.4
|
%
|
|
(0.7
|
)%
|
|
Total Sales
|
$
|
1,684.5
|
|
|
2.6
|
%
|
|
(1.0
|
)%
|
•
|
North America sales increased in the three months ended December 31, 2019, primarily due to acquisitions. Organic sales decreased, driven by process industries, partially offset by growth in Automotive and Semiconductor.
|
•
|
EMEA sales increased year over year in the three months ended December 31, 2019, led by Oil & Gas, Life Sciences, and Tire.
|
•
|
Sales in Asia Pacific increased in the three months ended December 31, 2019, led by Oil & Gas, Life Sciences, and Automotive, with solid growth in China.
|
•
|
Latin America sales increased in the three months ended December 31, 2019, primarily due to acquisitions. Organic sales decreased, due to weak performance in Automotive and Mining.
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Purchase accounting depreciation and amortization
|
|
|
|
||||
Architecture & Software
|
$
|
1.7
|
|
|
$
|
1.4
|
|
Control Products & Solutions
|
8.0
|
|
|
2.5
|
|
||
Non-operating pension and postretirement benefit (credit) cost
|
|
|
|
||||
Architecture & Software
|
2.1
|
|
|
1.5
|
|
||
Control Products & Solutions
|
3.4
|
|
|
2.4
|
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Service cost
|
$
|
23.1
|
|
|
$
|
19.8
|
|
Operating pension and postretirement benefit cost
|
23.1
|
|
|
19.8
|
|
||
|
|
|
|
||||
Interest cost
|
34.6
|
|
|
40.2
|
|
||
Expected return on plan assets
|
(61.2
|
)
|
|
(61.2
|
)
|
||
Amortization of prior service credit
|
(1.2
|
)
|
|
(1.1
|
)
|
||
Amortization of net actuarial loss
|
37.2
|
|
|
19.7
|
|
||
Settlements
|
(0.7
|
)
|
|
(0.2
|
)
|
||
Non-operating pension and postretirement benefit cost (credit)
|
8.7
|
|
|
(2.6
|
)
|
||
|
|
|
|
||||
Net periodic pension and postretirement benefit cost
|
$
|
31.8
|
|
|
$
|
17.2
|
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Net income attributable to Rockwell Automation
|
$
|
310.7
|
|
|
$
|
80.3
|
|
Non-operating pension and postretirement benefit cost (credit)
|
8.7
|
|
|
(2.6
|
)
|
||
Tax effect of non-operating pension and postretirement benefit cost (credit)
|
(2.4
|
)
|
|
0.3
|
|
||
Change in fair value of investments1
|
(71.0
|
)
|
|
212.7
|
|
||
Tax effect of the change in fair value of investments1
|
—
|
|
|
(21.7
|
)
|
||
Adjusted Income
|
$
|
246.0
|
|
|
$
|
269.0
|
|
|
|
|
|
||||
Diluted EPS
|
$
|
2.66
|
|
|
$
|
0.66
|
|
Non-operating pension and postretirement benefit cost (credit)
|
0.08
|
|
|
(0.02
|
)
|
||
Tax effect of non-operating pension and postretirement benefit cost (credit)
|
(0.02
|
)
|
|
—
|
|
||
Change in fair value of investments1
|
(0.61
|
)
|
|
1.75
|
|
||
Tax effect of the change in fair value of investments1
|
—
|
|
|
(0.18
|
)
|
||
Adjusted EPS
|
$
|
2.11
|
|
|
$
|
2.21
|
|
|
|
|
|
||||
Effective tax rate
|
5.7
|
%
|
|
33.5
|
%
|
||
Tax effect of non-operating pension and postretirement benefit cost (credit)
|
0.6
|
%
|
|
—
|
%
|
||
Tax effect of the change in fair value of investments1
|
1.6
|
%
|
|
(14.8
|
)%
|
||
Adjusted Effective Tax Rate
|
7.9
|
%
|
|
18.7
|
%
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Cash provided by (used for):
|
|
|
|
||||
Operating activities
|
$
|
231.1
|
|
|
$
|
212.0
|
|
Investing activities
|
(233.0
|
)
|
|
140.9
|
|
||
Financing activities
|
(95.6
|
)
|
|
(327.7
|
)
|
||
Effect of exchange rate changes on cash
|
5.3
|
|
|
(11.7
|
)
|
||
(Decrease) increase in cash and cash equivalents
|
$
|
(92.2
|
)
|
|
$
|
13.5
|
|
|
Three Months Ended
December 31, |
||||||
|
2019
|
|
2018
|
||||
Cash provided by operating activities
|
$
|
231.1
|
|
|
$
|
212.0
|
|
Capital expenditures
|
(37.0
|
)
|
|
(42.0
|
)
|
||
Free cash flow
|
$
|
194.1
|
|
|
$
|
170.0
|
|
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
|
|
Three Months Ended December 31, 2019
|
|
Three Months Ended December 31, 2018
|
||||||||||||||||||||
|
Sales
|
|
Effect of
Changes in
Currency
|
|
Sales
Excluding
Effect of
Changes in
Currency
|
|
Effect of
Acquisitions(1)
|
|
Organic Sales
|
|
Sales
|
||||||||||||
North America
|
$
|
1,006.9
|
|
|
$
|
—
|
|
|
$
|
1,006.9
|
|
|
$
|
(40.8
|
)
|
|
$
|
966.1
|
|
|
$
|
998.8
|
|
EMEA
|
310.1
|
|
|
9.2
|
|
|
319.3
|
|
|
(20.3
|
)
|
|
299.0
|
|
|
294.4
|
|
||||||
Asia Pacific
|
229.6
|
|
|
3.1
|
|
|
232.7
|
|
|
(5.7
|
)
|
|
227.0
|
|
|
214.4
|
|
||||||
Latin America
|
137.9
|
|
|
2.4
|
|
|
140.3
|
|
|
(6.6
|
)
|
|
133.7
|
|
|
134.7
|
|
||||||
Total Company Sales
|
$
|
1,684.5
|
|
|
$
|
14.7
|
|
|
$
|
1,699.2
|
|
|
$
|
(73.4
|
)
|
|
$
|
1,625.8
|
|
|
$
|
1,642.3
|
|
|
Three Months Ended December 31, 2019
|
|
Three Months Ended December 31, 2018
|
||||||||||||||||||||
|
Sales
|
|
Effect of
Changes in
Currency
|
|
Sales
Excluding
Effect of
Changes in
Currency
|
|
Effect of
Acquisitions |
|
Organic Sales
|
|
Sales
|
||||||||||||
Architecture & Software
|
$
|
751.6
|
|
|
$
|
7.7
|
|
|
$
|
759.3
|
|
|
$
|
(0.7
|
)
|
|
$
|
758.6
|
|
|
$
|
753.1
|
|
Control Products & Solutions
|
932.9
|
|
|
7.0
|
|
|
939.9
|
|
|
(72.7
|
)
|
(1)
|
867.2
|
|
|
889.2
|
|
||||||
Total Company Sales
|
$
|
1,684.5
|
|
|
$
|
14.7
|
|
|
$
|
1,699.2
|
|
|
$
|
(73.4
|
)
|
|
$
|
1,625.8
|
|
|
$
|
1,642.3
|
|
Period
|
|
Total Number of Shares Purchased(1)
|
|
Average Price Paid Per Share(2)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Approx. Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(3)
|
||||||
October 1 - 31, 2019
|
|
192,325
|
|
|
$
|
165.50
|
|
|
192,325
|
|
|
$
|
1,076,576,028
|
|
November 1 - 30, 2019
|
|
151,412
|
|
|
188.41
|
|
|
148,812
|
|
|
1,048,241,570
|
|
||
December 1 - 31, 2019
|
|
198,223
|
|
|
200.97
|
|
|
198,223
|
|
|
1,008,403,976
|
|
||
Total
|
|
541,960
|
|
|
184.87
|
|
|
539,360
|
|
|
|
(1)
|
All of the shares purchased during the quarter ended December 31, 2019, were acquired pursuant to the repurchase programs described in (3) below, except for 2,600 shares that were acquired in November 2019 in connection with stock swap exercises of employee stock options.
|
(2)
|
Average price paid per share includes brokerage commissions.
|
(3)
|
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.
|
|
—
|
|
||
|
—
|
|
||
|
—
|
|
||
|
—
|
|
||
|
—
|
|
||
Exhibit 101
|
|
—
|
|
Interactive Data Files.
|
|
|
|
|
|
|
|
|
ROCKWELL AUTOMATION, INC.
(Registrant)
|
||
|
|
|
|
||
Date:
|
January 29, 2020
|
|
By
|
|
/s/ PATRICK P. GORIS
|
|
|
|
|
|
Patrick P. Goris
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)
|
Date:
|
January 29, 2020
|
|
By
|
|
/s/ TERRY L. RIESTERER
|
|
|
|
|
|
Terry L. Riesterer
Vice President and Controller
(Principal Accounting Officer)
|
/s/ BLAKE D. MORET
|
Blake D. Moret
President and
Chief Executive Officer
|
/S/ PATRICK P. GORIS
|
Patrick P. Goris
Senior Vice President and Chief Financial Officer |
/s/ BLAKE D. MORET
|
Blake D. Moret
President and Chief Executive Officer |
/S/ PATRICK P. GORIS
|
Patrick P. Goris
Senior Vice President and
Chief Financial Officer
|