Company Quick10K Filing
Emerson Electric
Price64.19 EPS4
Shares621 P/E17
MCap39,836 P/FCF13
Net Debt3,298 EBIT2,852
TEV43,134 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-24
10-Q 2019-12-31 Filed 2020-02-05
10-K 2019-09-30 Filed 2019-11-18
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-06
10-K 2018-09-30 Filed 2018-11-19
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-31 Filed 2018-02-07
10-K 2017-09-30 Filed 2017-11-20
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-Q 2016-12-31 Filed 2017-02-08
10-K 2016-09-30 Filed 2016-11-16
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-05
10-Q 2015-12-31 Filed 2016-02-03
10-K 2015-09-30 Filed 2015-11-18
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-Q 2014-12-31 Filed 2015-02-04
10-K 2014-09-30 Filed 2014-11-19
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-Q 2013-12-31 Filed 2014-02-05
10-K 2013-09-30 Filed 2013-11-19
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-31 Filed 2013-02-06
10-K 2012-09-30 Filed 2012-11-20
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-02
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-11-22
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-04
10-Q 2010-12-31 Filed 2011-02-02
10-K 2010-09-30 Filed 2010-11-23
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-05
10-Q 2009-12-31 Filed 2010-02-03
8-K 2020-06-17
8-K 2020-05-13
8-K 2020-04-27
8-K 2020-04-21
8-K 2020-03-17
8-K 2020-02-28
8-K 2020-02-04
8-K 2020-02-04
8-K 2020-01-27
8-K 2019-12-12
8-K 2019-11-05
8-K 2019-11-05
8-K 2019-10-28
8-K 2019-10-01
8-K 2019-09-11
8-K 2019-08-06
8-K 2019-07-29
8-K 2019-06-17
8-K 2019-06-04
8-K 2019-05-22
8-K 2019-05-15
8-K 2019-05-07
8-K 2019-04-29
8-K 2019-02-05
8-K 2019-02-05
8-K 2019-01-30
8-K 2019-01-15
8-K 2019-01-08
8-K 2018-12-17
8-K 2018-11-06
8-K 2018-10-02
8-K 2018-10-02
8-K 2018-09-18
8-K 2018-08-15
8-K 2018-08-13
8-K 2018-08-07
8-K 2018-06-21
8-K 2018-06-05
8-K 2018-05-23
8-K 2018-05-23
8-K 2018-05-01
8-K 2018-04-03
8-K 2018-03-15
8-K 2018-02-06
8-K 2018-02-06
8-K 2018-01-10

EMR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 q2fy20exhibit101.htm
EX-10.2 q2fy20exhibit102.htm
EX-31 q2fy20exhibit31.htm
EX-32 q2fy20exhibit32.htm

Emerson Electric Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
10.08.06.04.02.00.02012201420172020
Rev, G Profit, Net Income
3.82.41.0-0.3-1.7-3.12012201420172020
Ops, Inv, Fin

emr-20200331
000003260409/302020Q2FALSECommon Stock of $0.50 par value per shareEMR0.501,200.0953.4500P1YP1Y900000326042019-10-012020-03-310000032604exch:XNYSemr:CommonStockof0.50parvaluepershareMember2019-10-012020-03-310000032604exch:XCHIemr:CommonStockof0.50parvaluepershareMember2019-10-012020-03-310000032604emr:A0.375Notesdue2024Memberexch:XNYS2019-10-012020-03-310000032604emr:A1.250Notesdue2025Memberexch:XNYS2019-10-012020-03-310000032604emr:A2.000Notesdue2029Memberexch:XNYS2019-10-012020-03-31xbrli:shares00000326042020-03-31iso4217:USD00000326042019-01-012019-03-3100000326042020-01-012020-03-3100000326042018-10-012019-03-31iso4217:USDxbrli:shares00000326042019-09-300000032604us-gaap:CommonStockMember2019-03-310000032604us-gaap:CommonStockMember2020-03-310000032604us-gaap:AdditionalPaidInCapitalMember2018-12-310000032604us-gaap:AdditionalPaidInCapitalMember2019-12-310000032604us-gaap:AdditionalPaidInCapitalMember2018-09-300000032604us-gaap:AdditionalPaidInCapitalMember2019-09-300000032604us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310000032604us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000032604us-gaap:AdditionalPaidInCapitalMember2018-10-012019-03-310000032604us-gaap:AdditionalPaidInCapitalMember2019-10-012020-03-310000032604us-gaap:AdditionalPaidInCapitalMember2019-03-310000032604us-gaap:AdditionalPaidInCapitalMember2020-03-310000032604us-gaap:RetainedEarningsMember2018-12-310000032604us-gaap:RetainedEarningsMember2019-12-310000032604us-gaap:RetainedEarningsMember2018-09-300000032604us-gaap:RetainedEarningsMember2019-09-300000032604us-gaap:RetainedEarningsMember2019-01-012019-03-310000032604us-gaap:RetainedEarningsMember2020-01-012020-03-310000032604us-gaap:RetainedEarningsMember2018-10-012019-03-310000032604us-gaap:RetainedEarningsMember2019-10-012020-03-310000032604us-gaap:RetainedEarningsMember2019-01-010000032604us-gaap:RetainedEarningsMember2020-01-010000032604us-gaap:RetainedEarningsMember2018-10-010000032604us-gaap:RetainedEarningsMember2019-10-010000032604us-gaap:RetainedEarningsMember2019-03-310000032604us-gaap:RetainedEarningsMember2020-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-09-300000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-10-012019-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-012020-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000032604us-gaap:TreasuryStockMember2018-12-310000032604us-gaap:TreasuryStockMember2019-12-310000032604us-gaap:TreasuryStockMember2018-09-300000032604us-gaap:TreasuryStockMember2019-09-300000032604us-gaap:TreasuryStockMember2019-01-012019-03-310000032604us-gaap:TreasuryStockMember2020-01-012020-03-310000032604us-gaap:TreasuryStockMember2018-10-012019-03-310000032604us-gaap:TreasuryStockMember2019-10-012020-03-310000032604us-gaap:TreasuryStockMember2019-03-310000032604us-gaap:TreasuryStockMember2020-03-3100000326042019-03-310000032604us-gaap:NoncontrollingInterestMember2018-12-310000032604us-gaap:NoncontrollingInterestMember2019-12-310000032604us-gaap:NoncontrollingInterestMember2018-09-300000032604us-gaap:NoncontrollingInterestMember2019-09-300000032604us-gaap:NoncontrollingInterestMember2019-01-012019-03-310000032604us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000032604us-gaap:NoncontrollingInterestMember2018-10-012019-03-310000032604us-gaap:NoncontrollingInterestMember2019-10-012020-03-310000032604us-gaap:NoncontrollingInterestMember2019-03-310000032604us-gaap:NoncontrollingInterestMember2020-03-3100000326042018-09-300000032604us-gaap:AccountingStandardsUpdate201602Member2019-10-01xbrli:pure00000326042020-04-012020-03-310000032604us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberemr:ClimateTechnologiesMember2019-10-012020-03-31emr:pure0000032604emr:AutomationSolutionsMemberus-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2018-10-012019-09-3000000326042018-10-012019-09-300000032604emr:AutomationSolutionsMemberus-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2019-09-300000032604us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember2019-01-012019-03-310000032604us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember2020-01-012020-03-310000032604us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember2018-10-012019-03-310000032604us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMember2019-10-012020-03-310000032604srt:ScenarioForecastMember2020-09-300000032604emr:AutomationSolutionsMember2019-01-012019-03-310000032604emr:AutomationSolutionsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMember2018-10-012019-03-310000032604emr:AutomationSolutionsMember2019-10-012020-03-310000032604emr:ClimateTechnologiesMember2019-01-012019-03-310000032604emr:ClimateTechnologiesMember2020-01-012020-03-310000032604emr:ClimateTechnologiesMember2018-10-012019-03-310000032604emr:ClimateTechnologiesMember2019-10-012020-03-310000032604emr:ToolsHomeProductsMember2019-01-012019-03-310000032604emr:ToolsHomeProductsMember2020-01-012020-03-310000032604emr:ToolsHomeProductsMember2018-10-012019-03-310000032604emr:ToolsHomeProductsMember2019-10-012020-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-01-012019-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2018-10-012019-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604us-gaap:CorporateMember2019-01-012019-03-310000032604us-gaap:CorporateMember2020-01-012020-03-310000032604us-gaap:CorporateMember2018-10-012019-03-310000032604us-gaap:CorporateMember2019-10-012020-03-310000032604us-gaap:EmployeeSeveranceMember2019-09-300000032604us-gaap:EmployeeSeveranceMember2019-10-012020-03-310000032604us-gaap:EmployeeSeveranceMember2020-03-310000032604us-gaap:OtherRestructuringMember2019-09-300000032604us-gaap:OtherRestructuringMember2019-10-012020-03-310000032604us-gaap:OtherRestructuringMember2020-03-310000032604us-gaap:CostOfSalesMember2020-01-012020-03-310000032604emr:AutomationSolutionsMember2019-09-300000032604emr:AutomationSolutionsMember2020-03-310000032604emr:ClimateTechnologiesMember2019-09-300000032604emr:ClimateTechnologiesMember2020-03-310000032604emr:ToolsHomeProductsMember2019-09-300000032604emr:ToolsHomeProductsMember2020-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-09-300000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-03-310000032604us-gaap:CustomerRelationshipsMember2020-03-310000032604us-gaap:CustomerRelationshipsMember2019-09-300000032604us-gaap:ForeignExchangeContractMember2020-03-310000032604emr:AllCommodityHedgesMemberMember2020-03-31utr:lb0000032604emr:CopperAndAluminumMember2020-03-31iso4217:EUR0000032604us-gaap:SeniorNotesMember2019-09-300000032604us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000032604us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000032604us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2018-10-012019-03-310000032604us-gaap:CommodityContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2019-10-012020-03-310000032604us-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000032604us-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000032604us-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2018-10-012019-03-310000032604us-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2019-10-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2018-10-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2019-10-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2018-10-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2019-10-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2018-10-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2019-10-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2018-10-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2019-10-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2019-01-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2020-01-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2018-10-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2019-10-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMember2019-01-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMember2020-01-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMember2018-10-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMember2019-10-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2019-01-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2020-01-012020-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2018-10-012019-03-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2019-10-012020-03-310000032604us-gaap:FairValueInputsLevel2Member2020-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2018-09-300000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-09-300000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2018-10-012019-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-10-012020-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-09-300000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-300000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-10-012019-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-10-012020-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-12-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-09-300000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-09-300000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-01-012019-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-10-012019-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-10-012020-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-03-310000032604emr:AutomationSolutionsMemberus-gaap:OperatingSegmentsMember2019-01-012019-03-310000032604emr:AutomationSolutionsMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMemberus-gaap:OperatingSegmentsMember2018-10-012019-03-310000032604emr:AutomationSolutionsMemberus-gaap:OperatingSegmentsMember2019-10-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2019-01-012019-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2020-01-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2018-10-012019-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2019-10-012020-03-310000032604emr:ToolsHomeProductsMemberus-gaap:OperatingSegmentsMember2019-01-012019-03-310000032604emr:ToolsHomeProductsMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000032604emr:ToolsHomeProductsMemberus-gaap:OperatingSegmentsMember2018-10-012019-03-310000032604emr:ToolsHomeProductsMemberus-gaap:OperatingSegmentsMember2019-10-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-01-012019-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2018-10-012019-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604us-gaap:MaterialReconcilingItemsMember2019-01-012019-03-310000032604us-gaap:MaterialReconcilingItemsMember2020-01-012020-03-310000032604us-gaap:MaterialReconcilingItemsMember2018-10-012019-03-310000032604us-gaap:MaterialReconcilingItemsMember2019-10-012020-03-310000032604us-gaap:CorporateNonSegmentMember2019-01-012019-03-310000032604us-gaap:CorporateNonSegmentMember2020-01-012020-03-310000032604us-gaap:CorporateNonSegmentMember2018-10-012019-03-310000032604us-gaap:CorporateNonSegmentMember2019-10-012020-03-310000032604us-gaap:IntersegmentEliminationMember2019-01-012019-03-310000032604us-gaap:IntersegmentEliminationMember2020-01-012020-03-310000032604us-gaap:IntersegmentEliminationMember2018-10-012019-03-310000032604us-gaap:IntersegmentEliminationMember2019-10-012020-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2019-01-012019-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2018-10-012019-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2019-01-012019-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2018-10-012019-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604emr:IndustrialSolutionsMemberemr:AutomationSolutionsMember2019-01-012019-03-310000032604emr:IndustrialSolutionsMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604emr:IndustrialSolutionsMemberemr:AutomationSolutionsMember2018-10-012019-03-310000032604emr:IndustrialSolutionsMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604emr:AutomationSolutionsMemberemr:ProcessControlSystemsSolutionsMember2019-01-012019-03-310000032604emr:AutomationSolutionsMemberemr:ProcessControlSystemsSolutionsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMemberemr:ProcessControlSystemsSolutionsMember2018-10-012019-03-310000032604emr:AutomationSolutionsMemberemr:ProcessControlSystemsSolutionsMember2019-10-012020-03-310000032604emr:CommercialResidentialSolutionsMemberus-gaap:OperatingSegmentsMember2019-01-012019-03-310000032604emr:CommercialResidentialSolutionsMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000032604emr:CommercialResidentialSolutionsMemberus-gaap:OperatingSegmentsMember2018-10-012019-03-310000032604emr:CommercialResidentialSolutionsMemberus-gaap:OperatingSegmentsMember2019-10-012020-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2019-01-012019-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2020-01-012020-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2018-10-012019-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMembersrt:AmericasMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMembersrt:AmericasMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:AutomationSolutionsMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMember2020-01-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2019-01-012019-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-01-012019-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2019-01-012019-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMember2019-01-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMembersrt:AmericasMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMembersrt:AmericasMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMembersrt:AmericasMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:AutomationSolutionsMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AsiaMiddleEastAfricaMember2019-10-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2018-10-012019-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2018-10-012019-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2018-10-012019-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMember2018-10-012019-03-310000032604srt:ReportableGeographicalComponentsMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMember2019-10-012020-03-3100000326042021-04-012020-03-3100000326042022-04-012020-03-310000032604us-gaap:CostOfSalesMember2019-10-012020-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 10-Q


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ____________________ to __________________

Commission file number 1-278

EMERSON ELECTRIC CO.
(Exact name of registrant as specified in its charter)
Missouri
emr-20200331_g1.jpg
43-0259330
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
8000 W. Florissant Ave. 
 
P.O. Box 4100
St. Louis,Missouri63136
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (314) 553-2000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Common Stock of $0.50 par value per shareEMRNew York Stock Exchange
Chicago Stock Exchange
0.375% Notes due 2024EMR 24New York Stock Exchange
1.250% Notes due 2025EMR 25ANew York Stock Exchange
2.000% Notes due 2029EMR 29New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No








Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock of $0.50 par value per share outstanding at March 31, 2020: 597,475,300 shares.







PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

Consolidated Statements of Earnings
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and six months ended March 31, 2019 and 2020
(Dollars in millions, except per share amounts; unaudited)
 
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2019  2020  2019  2020  
Net sales$4,570  4,162  8,717  8,313  
Costs and expenses:
Cost of sales2,645  2,412  5,031  4,804  
Selling, general and administrative expenses1,145  983  2,222  2,106  
Other deductions, net57  42  107  220  
Interest expense (net of interest income of $7, $6, $12 and $12, respectively)
48  36  91  71  
Earnings before income taxes675  689  1,266  1,112  
Income taxes150  165  274  259  
Net earnings525  524  992  853  
Less: Noncontrolling interests in earnings of subsidiaries5  7  7  10  
Net earnings common stockholders$520  517  985  843  
Basic earnings per share common stockholders$0.85  0.85  1.59  1.38  
Diluted earnings per share common stockholders$0.84  0.84  1.58  1.37  
Cash dividends per common share$0.49  0.50  0.98  1.00  

 


















See accompanying Notes to Consolidated Financial Statements.
1




Consolidated Statements of Comprehensive Income
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and six months ended March 31, 2019 and 2020
(Dollars in millions; unaudited)

 Three Months Ended March 31,Six Months Ended March 31,
 2019  2020  2019  2020  
Net earnings  $525  524  992  853  
Other comprehensive income (loss), net of tax:
Foreign currency translation  88  (281) 53  (182) 
Pension and postretirement12  30  25  58  
Cash flow hedges  25  (75) 10  (56) 
        Total other comprehensive income (loss) 125  (326) 88  (180) 
Comprehensive income  650  198  1,080  673  
Less: Noncontrolling interests in comprehensive income of subsidiaries  6  8  8  11  
Comprehensive income common stockholders  644  190  1,072  662  


































See accompanying Notes to Consolidated Financial Statements.
2




Consolidated Balance Sheets
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts; unaudited)
 Sept 30, 2019Mar 31, 2020
ASSETS  
Current assets  
Cash and equivalents$1,494  2,583  
Receivables, less allowances of $112 and $112, respectively
2,985  2,641  
Inventories1,880  2,058  
Other current assets780  750  
Total current assets7,139  8,032  
Property, plant and equipment, net3,642  3,553  
Other assets 
Goodwill6,536  6,520  
Other intangible assets2,615  2,498  
Other565  1,108  
Total other assets9,716  10,126  
Total assets$20,497  21,711  
LIABILITIES AND EQUITY  
Current liabilities  
Short-term borrowings and current maturities of long-term debt$1,444  3,741  
Accounts payable1,874  1,521  
Accrued expenses2,658  2,678  
Total current liabilities5,976  7,940  
Long-term debt4,277  3,960  
Other liabilities1,971  2,248  
Equity  
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 611.0 shares and 597.5 shares, respectively
477  477  
Additional paid-in-capital393  453  
Retained earnings24,199  24,431  
Accumulated other comprehensive income (loss)(1,722) (1,903) 
Cost of common stock in treasury, 342.4 shares and 355.9 shares, respectively
(15,114) (15,941) 
Common stockholders’ equity8,233  7,517  
Noncontrolling interests in subsidiaries40  46  
Total equity8,273  7,563  
Total liabilities and equity$20,497  21,711  






See accompanying Notes to Consolidated Financial Statements.
3




Consolidated Statements of Equity
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and six months ended March 31, 2019 and 2020
(Dollars in millions; unaudited)

Three Months Ended March 31,Six Months Ended March 31,
2019  2020  2019  2020  
Common stock$477  477  477  477  
Additional paid-in-capital
     Beginning balance375  447  348  393  
     Stock plans5  6  32  60  
        Ending balance380  453  380  453  
Retained earnings
     Beginning balance23,252  24,220  23,072  24,199  
     Net earnings common stockholders520  517  985  843  
     Dividends paid(302) (306) (607) (611) 
     Adoption of accounting standard updates5    25    
        Ending balance23,475  24,431  23,475  24,431  
Accumulated other comprehensive income (loss)
     Beginning balance(1,052) (1,576) (1,015) (1,722) 
     Foreign currency translation87  (282) 52  (183) 
     Pension and postretirement12  30  25  58  
     Cash flow hedges25  (75) 10  (56) 
        Ending balance(928) (1,903) (928) (1,903) 
Treasury stock
     Beginning balance(14,816) (15,147) (13,935) (15,114) 
     Purchases(75) (813) (1,000) (942) 
     Issued under stock plans13  19  57  115  
        Ending balance(14,878) (15,941) (14,878) (15,941) 
Common stockholders' equity8,526  7,517  8,526  7,517  
Noncontrolling interests in subsidiaries
     Beginning balance40  38  43  40  
     Net earnings5  7  7  10  
     Other comprehensive income1  1  1  1  
     Dividends paid    (5) (5) 
        Ending balance46  46  46  46  
Total equity$8,572  7,563  8,572  7,563  







See accompanying Notes to Consolidated Financial Statements.
4




Consolidated Statements of Cash Flows
EMERSON ELECTRIC CO. & SUBSIDIARIES

Six Months Ended March 31, 2019 and 2020
(Dollars in millions; unaudited)

Six Months Ended
March 31,
 2019  2020  
Operating activities  
Net earnings$992  853  
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization406  422  
        Stock compensation52  18  
        Pension expense  34  
        Changes in operating working capital(530) (260) 
        Other, net(64) (55) 
            Cash provided by operating activities856  1,012  
Investing activities
Capital expenditures(274) (225) 
Purchases of businesses, net of cash and equivalents acquired(243) (96) 
Divestitures of businesses5    
Other, net(65) (42) 
    Cash used in investing activities(577) (363) 
Financing activities
Net increase in short-term borrowings851  2,076  
Proceeds from short-term borrowings greater than three months  433  
Proceeds from long-term debt1,135    
Payments of long-term debt(406) (502) 
Dividends paid(607) (611) 
Purchases of common stock(1,000) (942) 
Other, net29  39  
    Cash provided by financing activities2  493  
Effect of exchange rate changes on cash and equivalents10  (53) 
Increase in cash and equivalents291  1,089  
Beginning cash and equivalents1,093  1,494  
Ending cash and equivalents$1,384  2,583  
Changes in operating working capital
Receivables$175  283  
Inventories(205) (216) 
Other current assets(82) 32  
Accounts payable(211) (290) 
Accrued expenses(207) (69) 
Total changes in operating working capital$(530) (260) 






See accompanying Notes to Consolidated Financial Statements.
5




Notes to Consolidated Financial Statements
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts or where noted)

(1) BASIS OF PRESENTATION

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles (GAAP). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2019. Certain prior year amounts have been reclassified to conform to current year presentation.

On October 1, 2019, the Company adopted ASC 842, Leases, which requires rights and obligations related to lease arrangements to be recognized on the balance sheet, using the optional transition method under which prior periods were not adjusted. The Company elected the package of practical expedients for leases that commenced prior to the adoption date, which included carrying forward the historical lease classification as operating or finance. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets and related lease liabilities of approximately $500 as of October 1, 2019, but did not materially impact the Company's earnings or cash flows for the three and six months ended March 31, 2020.

On October 1, 2019, the Company adopted updates to ASC 815, Derivatives and Hedging, which permit hedging certain contractually specified risk components. Additionally, the updates eliminate the requirement to separately measure and report hedge ineffectiveness and simplify hedge documentation and effectiveness assessment requirements. These updates were adopted using a modified retrospective approach and were immaterial to the Company's financial statements for the three and six months ended March 31, 2020.

(2) REVENUE RECOGNITION

Emerson is a global manufacturer that combines technology and engineering to provide innovative solutions to its customers, largely in the form of tangible products. The vast majority of the Company's revenues relate to a broad offering of manufactured products which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 13 for additional information about the Company's revenues.

The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other current assets, and its customer advances (contract liabilities), which are reported in Accrued expenses.  
Sept 30, 2019Mar 31, 2020
Unbilled receivables (contract assets)$456  397  
Customer advances (contract liabilities)(519) (587) 
      Net contract liabilities$(63) (190) 
        
The majority of the Company's contract balances relate to arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule. The increase in net contract liabilities was due to customer billings which exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and six months ended March 31, 2020 included approximately $56 and $326, respectively, that was included in the beginning contract liability balance. Other factors that impacted the change in net contract liabilities were immaterial. Revenue recognized for the six months ended March 31, 2020 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was not material.

6




As of March 31, 2020, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $5.7 billion. The Company expects to recognize approximately 85 percent of its remaining performance obligations as revenue over the next 12 months, with the remainder substantially over the subsequent two years thereafter.  

(3) WEIGHTED-AVERAGE COMMON SHARES

Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential.
Three Months Ended
March 31,
Six Months Ended
March 31,
 2019  2020  2019  2020  
Basic shares outstanding614.0  607.4  619.0  608.7  
Dilutive shares4.1  3.6  3.9  3.9  
Diluted shares outstanding618.1  611.0  622.9  612.6  
 
(4) ACQUISITIONS AND DIVESTITURES

During the first six months of 2020, the Company's acquisition spending totaled $96, net of cash acquired.

The Company acquired eight businesses in 2019, all in the Automation Solutions segment, for $469, net of cash acquired. These eight businesses had combined annual sales of approximately $300. The Company recognized goodwill of $213 ($158 of which is expected to be tax deductible) and other identifiable intangible assets of $155, primarily customer relationships and intellectual property with a weighted-average life of approximately nine years.

Valuations of certain acquired assets and liabilities are in-process and subject to refinement for transactions completed after March 31, 2019.

(5) PENSION & POSTRETIREMENT PLANS

Total periodic pension and postretirement (income) expense is summarized below:
 Three Months Ended March 31,Six Months Ended March 31,
 2019  2020  2019  2020  
Service cost$18  22  $36  44  
Interest cost50  40  100  80  
Expected return on plan assets
(88) (84) (176) (168) 
Net amortization16  38  33  75  
Total$(4) 16  $(7) 31  

7




(6) OTHER DEDUCTIONS, NET

Other deductions, net are summarized below:
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2019  2020  2019  2020  
Amortization of intangibles (intellectual property and customer
relationships)
$60  59  $117  118  
Restructuring costs10  31  20  128  
Special advisory fees      13  
Other(13) (48) (30) (39) 
Total$57  42  $107  220  

In the second quarter of fiscal 2020, the change in Other included favorable impacts from foreign currency transactions of $36 and supplemental retirement plans of $16, partially offset by an unfavorable impact from pensions of $16. On a year-to-date basis, the change in Other reflects a favorable impact from foreign currency transactions of $22 and lower litigation costs, partially offset by an unfavorable impact from pensions of $30.

(7) RESTRUCTURING COSTS

Restructuring expense reflects costs associated with the Company’s ongoing efforts to improve operational efficiency and deploy assets globally in order to remain competitive on a worldwide basis. The costs incurred in the first half of fiscal 2020 largely relate to the Company's initiatives to improve operating margins that began in the third quarter of fiscal 2019 and include workforce reductions of approximately 1,800 employees. The Company expects fiscal 2020 restructuring expense and related costs to be approximately $280, an increase of $65 compared to its previous estimate, including costs to complete actions initiated in the first half of the year.

Restructuring expense by business segment follows:
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2019  2020  2019  2020  
Automation Solutions$6