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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, 2024

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
logo_emersona12.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
NYSE Chicago
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, 2024: 572.1 million shares.








PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

Consolidated Statements of Earnings
EMERSON ELECTRIC CO. & SUBSIDIARIES
Three and six months ended March 31, 2023 and 2024
(Dollars in millions, except per share amounts; unaudited)
 
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2023 2024 2023 2024 
Net sales$3,756 4,376 $7,129 8,493 
Cost of sales1,955 2,092 3,708 4,293 
Selling, general and administrative expenses1,000 1,296 2,030 2,573 
Gain on subordinated interest (79) (79)
Other deductions, net109 389 229 876 
Interest expense (net of interest income of $18, $33, $38 and $73, respectively)
53 57 101 101 
Interest income from related party (31) (62)
Earnings from continuing operations before income taxes639 652 1,061 791 
Income taxes134 149 232 156 
Earnings from continuing operations505 503 829 635 
Discontinued operations, net of tax of $39, $, $1,005 and $, respectively
265  2,267  
Net earnings770 503 3,096 635 
Less: Noncontrolling interests in subsidiaries(22)2 (27)(8)
Net earnings common stockholders$792 501 $3,123 643 
Earnings common stockholders:
Earnings from continuing operations530 501 $859 643 
Discontinued operations262  2,264  
Net earnings common stockholders$792 501 $3,123 643 
Basic earnings per share common stockholders:
     Earnings from continuing operations$0.93 0.87 $1.49 1.12 
     Discontinued operations0.46  3.92  
Basic earnings per common share$1.39 0.87 $5.41 1.12 
Diluted earnings per share common stockholders:
Earnings from continuing operations$0.92 0.87 $1.48 1.12 
Discontinued operations0.46  3.90  
Diluted earnings per common share$1.38 0.87 $5.38 1.12 
Weighted average outstanding shares:
Basic570.9 571.4 577.2 571.1 
Diluted573.6 574.1 580.1 573.7 
 See accompanying Notes to Consolidated Financial Statements.





1




Consolidated Statements of Comprehensive Income
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and six months ended March 31, 2023 and 2024
(Dollars in millions; unaudited)
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Net earnings$770 503 $3,096 635 
Other comprehensive income (loss), net of tax:
Foreign currency translation110 6 351 180 
Pension and postretirement(17)(12)(33)(24)
Cash flow hedges13 (1)23 2 
        Total other comprehensive income (loss)106 (7)341 158 
Comprehensive income876 496 3,437 793 
Less: Noncontrolling interests in subsidiaries(23)2 (23)(6)
Comprehensive income common stockholders$899 494 $3,460 799 


































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, 2023Mar 31, 2024
ASSETS  
Current assets  
Cash and equivalents$8,051 2,318 
Receivables, less allowances of $100 and $117, respectively
2,518 2,877 
Inventories2,006 2,357 
Other current assets1,244 1,457 
Total current assets13,819 9,009 
Property, plant and equipment, net2,363 2,689 
Other assets 
Goodwill14,480 17,964 
Other intangible assets6,263 10,976 
Copeland note receivable and equity investment3,255 3,191 
Other2,566 2,611 
Total other assets26,564 34,742 
Total assets$42,746 46,440 
LIABILITIES AND EQUITY  
Current liabilities  
Short-term borrowings and current maturities of long-term debt$547 3,155 
Accounts payable1,275 1,271 
Accrued expenses3,210 3,238 
Total current liabilities5,032 7,664 
Long-term debt7,610 7,614 
Other liabilities3,506 4,381 
Equity  
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 572.0 shares and 572.1 shares, respectively
477 477 
Additional paid-in-capital62 158 
Retained earnings40,070 40,108 
Accumulated other comprehensive income (loss)(1,253)(1,097)
Cost of common stock in treasury, 381.4 shares and 381.3 shares, respectively
(18,667)(18,746)
Common stockholders’ equity20,689 20,900 
Noncontrolling interests in subsidiaries5,909 5,881 
Total equity26,598 26,781 
Total liabilities and equity$42,746 46,440 
See accompanying Notes to Consolidated Financial Statements.





3




Consolidated Statements of Equity
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and six months ended March 31, 2023 and 2024
(Dollars in millions; unaudited)
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Common stock$477 477 477 477 
Additional paid-in-capital
     Beginning balance112 140 57 62 
     Stock plans26 51 81 170 
     AspenTech purchases of common stock (33) (74)
        Ending balance138 158 138 158 
Retained earnings
     Beginning balance30,076 39,910 28,053 40,070 
     Net earnings common stockholders792 501 3,123 643 
Dividends paid (per share: $0.520, $0.525, $1.040 and $1.050, respectively)
(297)(303)(605)(605)
        Ending balance30,571 40,108 30,571 40,108 
Accumulated other comprehensive income (loss)
     Beginning balance(1,255)(1,090)(1,485)(1,253)
     Foreign currency translation111 6 347 178 
     Pension and postretirement(17)(12)(33)(24)
     Cash flow hedges13 (1)23 2 
        Ending balance(1,148)(1,097)(1,148)(1,097)
Treasury stock
     Beginning balance(18,683)(18,763)(16,738)(18,667)
     Purchases  (2,000)(175)
     Issued under stock plans5 17 60 96 
        Ending balance(18,678)(18,746)(18,678)(18,746)
Common stockholders' equity11,360 20,900 11,360 20,900 
Noncontrolling interests in subsidiaries
     Beginning balance5,987 5,881 5,952 5,909 
     Net earnings (loss)(22)2 (27)(8)
     Stock plans23 22 58 33 
     AspenTech purchases of common stock (24) (55)
     Other comprehensive income(1) 4 2 
        Ending balance5,987 5,881 5,987 5,881 
Total equity$17,347 26,781 17,347 26,781 

See accompanying Notes to Consolidated Financial Statements.





4




Consolidated Statements of Cash Flows
EMERSON ELECTRIC CO. & SUBSIDIARIES
Six Months Ended March 31, 2023 and 2024
(Dollars in millions; unaudited)
Six Months Ended
March 31,
 2023 2024 
Operating activities  
Net earnings$3,096 635 
Earnings from discontinued operations, net of tax(2,267) 
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization523 846 
        Stock compensation142 147 
        Amortization of acquisition-related inventory step-up 231 
        Gain on subordinated interest (79)
        Changes in operating working capital(390)(373)
        Other, net(227)(206)
            Cash from continuing operations877 1,201 
            Cash from discontinued operations(391)(43)
            Cash provided by operating activities486 1,158 
Investing activities
Capital expenditures(121)(159)
Purchases of businesses, net of cash and equivalents acquired (8,342)
Proceeds from subordinated interest15 79 
Other, net(76)(68)
    Cash from continuing operations(182)(8,490)
    Cash from discontinued operations2,916 1 
    Cash provided by (used in) investing activities2,734 (8,489)
Financing activities
Net increase (decrease) in short-term borrowings(31)2,464 
Proceeds from short-term borrowings greater than three months395 99 
Payments of long-term debt(742)(1)
Dividends paid(603)(600)
Purchases of common stock(2,000)(175)
AspenTech purchases of common stock (129)
Other, net(55)(45)
    Cash provided by (used in) financing activities(3,036)1,613 
Effect of exchange rate changes on cash and equivalents58 (15)
Increase (decrease) in cash and equivalents242 (5,733)
Beginning cash and equivalents1,804 8,051 
Ending cash and equivalents$2,046 2,318 
Changes in operating working capital
Receivables$(63)(35)
Inventories(219)(46)
Other current assets22 (69)
Accounts payable(98)(46)
Accrued expenses(32)(177)
Total changes in operating working capital$(390)(373)
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, 2023.

(2) REVENUE RECOGNITION

Emerson is a global manufacturer that designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions for its customers. The majority of the Company's revenues relate to a broad offering of manufactured products and software which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues.

The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities.     
Sept 30, 2023Mar 31, 2024
Unbilled receivables (contract assets)$1,453 1,480 
Customer advances (contract liabilities)(897)(1,187)
      Net contract assets (liabilities)$556 293 
    
The majority of the Company's contract balances relate to (1) arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule, and (2) revenue from term software license arrangements where the license revenue is recognized upfront upon delivery. The decrease in net contract assets was primarily due to the acquisition of National Instruments, which increased contract liabilities by approximately $190, while customer billings slightly exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and six months ended March 31, 2024 included $154 and $522, respectively, that was included in the beginning contract liability balance. Other factors that impacted the change in net contract assets were immaterial. Revenue recognized for the three and six months ended March 31, 2024 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was immaterial.

As of March 31, 2024, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $8.8 billion (of which approximately $1.25 billion was attributable to AspenTech and approximately $500 was attributable to National Instruments). The Company expects to recognize approximately 75 percent of its remaining performance obligations as revenue over the next 12 months, with the remainder substantially over the following two years.     






6




(3) 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,
 2023 2024 2023 2024 
Basic shares outstanding570.9 571.4 577.2 571.1 
Dilutive shares2.7 2.7 2.9 2.6 
Diluted shares outstanding573.6 574.1 580.1 573.7 
 
(4) ACQUISITIONS AND DIVESTITURES

National Instruments

On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (“NI”). NI, which provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, had revenues of approximately $1.7 billion and pretax earnings of approximately $170 for the 12 months ended September 30, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group, see Note 14.

The following table summarizes the components of the purchase consideration reflected in the acquisition accounting for NI.
Cash paid to acquire remaining NI shares not already owned by Emerson$7,833 
Payoff of NI debt at closing634 
Total consideration paid in cash at closing8,467 
Fair value of NI shares already owned by Emerson prior to acquisition137 
Value of stock-based compensation awards attributable to pre-combination service49 
Total purchase consideration$8,653 

The total purchase consideration for NI was allocated to assets and liabilities as follows. Valuations of acquired assets and liabilities are in-process and subject to refinement.

Cash and equivalents$135 
Receivables310 
Inventory514 
Other current assets139 
Property, plant and equipment328 
Goodwill ($130 expected to be tax-deductible)
3,407 
Other intangible assets5,275 
Other assets120 
Total assets10,228 
Accounts payable52 
Accrued expenses326 
Deferred taxes and other liabilities1,197 
Total purchase consideration$8,653 









7




The estimated intangible assets attributable to the transaction are comprised of the following (in millions):

AmountEstimated Weighted Average Life (Years)
Developed technology $1,570 9
Customer relationships 3,360 15
Trade names210 9
Backlog135 1
Total $5,275 

Results of operations for the three and six months ended March 31, 2024 attributable to the NI acquisition include sales of $367 and $749, respectively, and a net loss of $80 and $406, respectively. The net loss included the impact of inventory step-up amortization recorded in the first quarter, intangibles amortization, retention bonuses, stock compensation expense and restructuring.

Pro Forma Financial Information

The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of NI occurred on October 1, 2022. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts).
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Net Sales$4,193 4,376 $8,014 8,512 
Net earnings from continuing operations common stockholders$447 530 $306 950 
Diluted earnings per share from continuing operations$0.77 0.92 $0.53 1.65 

Pro forma Net sales for the three and six months ended March 31, 2023 include $437 and $885, respectively, attributable to NI.

The pro forma results for the three months ended March 31, 2023 include ongoing intangibles amortization of $107 and backlog amortization of $34, and exclude the mark-to-market gain of $35 recognized in the prior year on the Company's equity investment in National Instruments Corporation (see Note 7).

The pro forma results for the six months ended March 31, 2023 include transaction costs of $198 which were assumed to be incurred in the first quarter of fiscal 2023. These transaction costs include $88 incurred by NI prior to the completion of the transaction and $110 incurred by Emerson in periods subsequent to the first quarter of fiscal 2023. The pro forma results for the six months ended March 31, 2023 also include $212 of ongoing intangibles amortization, backlog amortization of $68, inventory step-up amortization of $213, and retention bonuses of $47, and exclude the mark-to-market gain of $35 recognized in the prior year on the equity investment in National Instruments Corporation.

Other Transactions

In the second quarter of fiscal 2024, the Company received its final distribution of $79 related to its subordinated interest in Vertiv. In addition, the Company divested a small business in the Final Control segment and recognized a non-cash loss of $39.

In the fourth quarter of fiscal 2023, the Company acquired two businesses, Flexim, which is reported in the Measurement & Analytical segment, and Afag, which is reported in the Discrete Automation segment, for $715, net of cash acquired. The Company recognized goodwill of $423 (none of which is expected to be tax deductible) and other





8




identifiable intangible assets of $323, primarily customer relationships and intellectual property with a weighted-average useful life of approximately 9 years.

On March 31, 2023, Emerson completed the divestiture of Metran, its Russia-based manufacturing subsidiary. In the first quarter of fiscal 2023, the Company recognized a pretax loss of $47 in Other deductions ($47 after-tax, in total $0.08 per share) related to its exit of business operations in Russia.

(5) DISCONTINUED OPERATIONS

On May 31, 2023, the Company completed the sale of a majority stake in its Climate Technologies business (which constitutes the former Climate Technologies segment, excluding Therm-O-Disc which was divested earlier in fiscal 2022) to private equity funds managed by Blackstone in a $14.0 billion transaction. Emerson received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion (which accrues 5 percent interest payable in kind by capitalizing interest), while retaining a 40 percent non-controlling common equity interest in a new standalone joint venture between Emerson and Blackstone. The Climate Technologies business, which includes the Copeland compressor business and the entire portfolio of products and services across all residential and commercial HVAC and refrigeration end-markets, had fiscal 2022 net sales of approximately $5.0 billion and pretax earnings of $1.0 billion. The Company recognized a pretax gain of approximately $10.6 billion in the third quarter of fiscal 2023 (approximately $8.4 billion after-tax including tax expense recognized prior to the completion of the transaction related to subsidiary restructurings). The new standalone business is named Copeland. See Note 10 for further details.

On October 31, 2022, the Company completed the divestiture of its InSinkErator business, which manufactures food waste disposers, to Whirlpool Corporation for $3.0 billion. This business had net sales of $630 and pretax earnings of $152 in fiscal 2022. The Company recognized a pretax gain of approximately $2.8 billion (approximately $2.1 billion after-tax) in the first quarter of fiscal 2023.

The financial results of Climate Technologies and InSinkErator ("ISE") are reported as discontinued operations for the three and six months ended March 31, 2023 and were as follows:






9




Three Months Ended March 31, 2023
 Climate TechnologiesISETotal
Net sales $1,245  1,245 
Cost of sales 782  782 
SG&A127  127 
Gain on sale of business  (3)(3)
Other deductions, net 35  35 
Earnings before income taxes 301 3 304 
Income taxes 39  39 
Earnings, net of tax $262 3 265 
Six Months Ended March 31, 2023
Climate TechnologiesISETotal
Net sales$2,309 49 2,358 
Cost of sales1,484 29 1,513 
SG&A269 8 277 
Gain on sale of business (2,783)(2,783)
Other deductions, net67 12 79 
Earnings before income taxes489 2,783 3,272 
Income taxes352 653 1,005 
Earnings, net of tax$137 2,130 2,267 

Climate Technologies' results for the three and six months ended March 31, 2023 included lower expense of $43 and $70, respectively, due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $28 and $55 of transaction-related costs for the three and six months ended March 31, 2023, respectively. Income taxes for the six months ended March 31, 2023 included approximately $245 for Climate Technologies subsidiary restructurings and approximately $660 related to the gain on the InSinkErator divestiture.

Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the six months ended March 31, 2024 and 2023 were as follows:

Climate TechnologiesISE and TODTotal
 Six Months Ended March 31,Six Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 2023 2024 
Cash from operating activities$44 (43)(435) (391)(43)
Cash from investing activities$(139)1 3,055  2,916 1 

Cash from operating activities for the six months ended March 31, 2023 reflects approximately $575 of income taxes paid related to the gain on the InSinkErator divestiture and the Climate Technologies subsidiary restructurings, transaction fees and unfavorable working capital. Cash from investing activities for the six months ended March 31, 2023 reflects the proceeds of $3.0 billion related to the InSinkErator divestiture.






10




(6) PENSION & POSTRETIREMENT PLANS

Total periodic pension and postretirement (income) expense is summarized below:
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Service cost$12 9 $24 18 
Interest cost54 55 108 110 
Expected return on plan assets
(71)(74)(142)(148)
Net amortization(20)(14)(40)(28)
Total$(25)(24)$(50)(48)

(7) OTHER DEDUCTIONS, NET

Other deductions, net are summarized below:
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2023 2024 2023 2024 
Amortization of intangibles (intellectual property and customer relationships)$119 273 237 547 
Restructuring costs19 30 29 113 
Acquisition/divestiture costs10 5 10 85 
Foreign currency transaction (gains) losses26 17 19 51 
Investment-related gains & gains from sales of capital assets
(35) (39) 
Loss on Copeland equity method investment 59  95 
Loss on divestiture of business 39  39 
Russia business exit  47  
Other(30)(34)(74)(54)
Total$109 389 229 876 

Intangibles amortization for the three and six months ended March 31, 2024 included $141 and $280, respectively, related to the NI acquisition. Foreign currency transaction losses for the three and six months ended March 31, 2023 included a mark-to-market loss of $14 and a gain of $21, respectively, related to foreign currency forward contracts that were terminated in June 2023. The Company recognized a mark-to-market gain of $35 for the three months ended March 31, 2023 related to its equity investment in National Instruments Corporation. Other is composed of several items, including a portion of pension expense, litigation costs, provision for bad debt and other items, none of which is individually significant.







11




(8) RESTRUCTURING COSTS

Restructuring expense reflects costs associated with the Company’s ongoing efforts to improve operational efficiency and deploy assets globally in order to remain competitive on a worldwide basis. The Company expects fiscal 2024 restructuring expense and related costs to be approximately $230, including costs to complete actions initiated in the first six months of the year.

Restructuring expense by business segment follows:

 Three Months Ended March 31,Six Months Ended
March 31,
 2023 2024 2023 2024 
Final Control$2 (7)1 (4)
Measurement & Analytical 1 1 4 
Discrete Automation7 7 8 17 
Safety & Productivity2 1 2 1 
Intelligent Devices11 2 12 18 
Control Systems & Software5 3 6 4 
Test & Measurement 14  54 
AspenTech    
Software and Control 5 17 6 58 
Corporate3 11 11 37 
Total$19 30 29 113 
Corporate restructuring of $11 and $37 for the three and six months ended March 31, 2024, respectively, is comprised almost entirely of integration-related stock compensation expense attributable to NI.
Details of the change in the liability for restructuring costs during the six months ended March 31, 2024 follow:
 Sept 30, 2023ExpenseUtilized/PaidMar 31, 2024
Severance and benefits$85 95 100 80 
Other2 18 15 5 
Total$87 113 115 85 
The tables above do not include $7 and $3 of costs related to restructuring actions incurred for the three months ended March 31, 2023 and 2024, respectively, that are required to be reported in cost of sales and selling, general and administrative expenses; year-to-date amounts are $12 and $7, respectively.
 
(9) TAXES

Income taxes were $149 in the second quarter of fiscal 2024 and $134 in 2023, resulting in effective tax rates of 23 percent and 21 percent, respectively. The current year rate was negatively impacted by approximately 2 percentage points due to the loss on divestiture (see Note 4), which was nondeductible for tax purposes.

Income taxes were $156 in the first six of months of fiscal 2024 and $232 in 2023, resulting in effective tax rates of 20 percent and 22 percent, respectively. The current year rate included a $57 ($0.10 per share) benefit related to discrete tax items, partially offset by unfavorable impacts from inventory step-up amortization and the loss on divestiture noted above. In total, the net impact of these items benefited the rate by approximately 1 percentage point.







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(10) EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE

As discussed in Note 5, the Company completed the divestiture of a majority stake in Copeland on May 31, 2023, and received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion, while retaining a 40 percent non-controlling common equity interest in Copeland.
The Company records its share of Copeland's income or loss using the equity method of accounting. For the three and six months ended March 31, 2024 the Company recorded a loss of $59 and $95, respectively, in Other deductions to reflect its share of Copeland's losses and a tax benefit of $13 and $22, respectively, in Income taxes related to Copeland's U.S. business, which is taxed as a partnership (in total, a loss of $0.08 and $0.12 per share, respectively). The Company recognized non-cash interest income on the note receivable of $31 and $62 for the three and six months ended March 31, 2024, respectively, which is reported in Interest income from related party and capitalized to the carrying value of the note.
As of March 31, 2024, the carrying values of the retained equity investment and note receivable were $1,036 and $2,155, respectively.
Summarized financial information for Copeland for the three and six months ended March 31, 2024 is as follows.
 Three Months Ended March 31,Six Months Ended March 31,
 2024 2024 
Net sales $1,175 $2,199 
Gross profit$412 $757 
Income (loss) from continuing operations$(147)$(240)
Net income (loss)$(147)$(240)
Net income (loss) attributable to shareholders$(148)$(238)
(11) OTHER FINANCIAL INFORMATION

Sept 30, 2023Mar 31, 2024
Inventories
Finished products$446 593 
Raw materials and work in process1,560 1,764 
Total$2,006 2,357 
Property, plant and equipment, net  
Property, plant and equipment, at cost$5,524 5,976 
Less: Accumulated depreciation3,161 3,287 
     Total$2,363 2,689 
Goodwill by business segment
Final Control$2,660 2,682 
Measurement & Analytical1,545 1,560 
Discrete Automation892 908 
Safety & Productivity388 399 
Intelligent Devices5,485 5,549 
Control Systems & Software668 671 
Test & Measurement 3,415 
AspenTech8,327 8,329 
Software and Control 8,995 12,415 
     Total$14,480 17,964 





13




Sept 30, 2023Mar 31, 2024
Other intangible assets  
Gross carrying amount$10,111 15,484 
Less: Accumulated amortization3,848 4,508 
     Net carrying amount$6,263 10,976 
Other intangible assets include customer relationships, net, of $3,353 and $6,501 and intellectual property, net, of $2,707 and $4,247 as of September 30, 2023 and March 31, 2024, respectively.
The increase in goodwill and intangibles was primarily due to the NI acquisition. See Note 4.
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Depreciation and amortization expense include the following:
Depreciation expense$72 79 146 158 
Amortization of intangibles (includes $49, $49, $98 and $98 reported in Cost of Sales, respectively)
168 322 335 645 
Amortization of capitalized software23 23 42 43 
Total $263 424 523 846 
Amortization of intangibles included $141 and $280 related to the NI acquisition for the three and six months ended March 31, 2024.
Sept 30, 2023Mar 31, 2024
Other assets include the following:
Pension assets$995 1,053 
Operating lease right-of-use assets550 686 
Unbilled receivables (contract assets)559 528 
Deferred income taxes100 63 
Asbestos-related insurance receivables53 48 
Accrued expenses include the following:
Customer advances (contract liabilities)$861 1,100 
Employee compensation618 531 
Income taxes207 220 
Operating lease liabilities (current)144 155 
Product warranty84 74 
Other liabilities include the following:  
Deferred income taxes$1,959 2,654 
Operating lease liabilities (noncurrent)404 511 
Pension and postretirement liabilities435 447 
Asbestos litigation173 164 
The increase in deferred income tax liabilities reflects the impact of the NI acquisition. See Note 4.






14




(12) FINANCIAL INSTRUMENTS
Hedging Activities – As of March 31, 2024, the notional amount of foreign currency hedge positions was approximately $3.2 billion. All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of March 31, 2024 are expected to be recognized over the next 12 months as the underlying forecasted transactions occur. Gains and losses on foreign currency derivatives reported in Other deductions, net reflect hedges of balance sheet exposures that do not receive hedge accounting.
Net Investment Hedge – In fiscal 2019, the Company issued euro-denominated debt of €1.5 billion. The euro notes reduce foreign currency risk associated with the Company's international subsidiaries that use the euro as their functional currency and have been designated as a hedge of a portion of the investment in these operations. Foreign currency gains or losses associated with the euro-denominated debt are deferred in accumulated other comprehensive income (loss) and will remain until the hedged investment is sold or substantially liquidated.
The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and six months ended March 31, 2023 and 2024:
Into EarningsInto OCI
2nd QuarterSix Months2nd QuarterSix Months
Gains (Losses)Location2023 2024 2023 2024 2023 2024 2023 2024 
CommodityCost of sales$(2) (10) 8  19  
Foreign currency
Sales
(1) (2) (1)(5)3 2 
Foreign currency
Cost of sales
10 3 18 6 17 6 14 7 
Foreign currency
Other deductions, net
(22)(26)(17)(11)
Net Investment Hedges
Euro denominated debt  (14)3 (137)(52)
     Total $(15)(23)(11)(5)10 4 (101)(43)

Regardless of whether derivatives and non-derivative financial instruments receive hedge accounting, the Company expects hedging gains or losses to be offset by losses or gains on the related underlying exposures. The amounts ultimately recognized will differ from those presented above for open positions, which remain subject to ongoing market price fluctuations until settlement. Derivatives receiving hedge accounting are highly effective and no amounts were excluded from the assessment of hedge effectiveness.
Fair Value Measurement – Valuations for all derivatives, the Company's note receivable from Copeland, and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. The fair value of the note receivable as of March 31, 2024 was approximately $2.0 billion, which was lower than the carrying value by approximately $100. See Note 10 for further details. As of March 31, 2024, the fair value of long-term debt was approximately $7.2 billion, which was lower than the carrying value by $963. The fair value of foreign currency contracts, which are reported in Other current assets and Accrued expenses, did not materially change since September 30, 2023. Commodity contracts related to discontinued operations and were novated to Copeland upon the completion of the transaction.
Counterparties to derivatives arrangements are companies with investment-grade credit ratings. The Company has bilateral collateral arrangements with counterparties with credit rating-based posting thresholds that vary depending on the arrangement. If credit ratings on the Company's debt fall below pre-established levels, counterparties can require immediate full collateralization of all derivatives in net liability positions. The maximum amount that could potentially have been required was immaterial. The Company also can demand full collateralization of derivatives in net asset positions should any counterparty credit ratings fall below certain thresholds. No collateral was posted with counterparties and none was held by the Company as of March 31, 2024.






15




(13) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Activity in Accumulated other comprehensive income (loss) for the three and six months ended March 31, 2023 and 2024 is shown below, net of income taxes: 
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Foreign currency translation
   Beginning balance$(1,029)(840)(1,265)(1,012)
   Other comprehensive income (loss), net of tax of $4, $(1), $32 and $12, respectively
111 (17)347 155 
   Reclassification to loss on divestiture of business 23  23 
   Ending balance(918)(834)(918)(834)
Pension and postretirement
   Beginning balance(238)(259)(222)(247)
Amortization of deferred actuarial losses into earnings, net of tax of $3, $2, $7 and $4, respectively
(17)(12)(33)(24)
   Ending balance(255)(271)(255)(271)
Cash flow hedges
   Beginning balance12 9 2 6 
Gains deferred during the period, net of taxes of $(6), $0, $(9) and $(2), respectively
18 1 27 7 
   Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $2, $1, $2 and $1, respectively
(5)(2)(4)(5)
   Ending balance25 8 25 8 
Accumulated other comprehensive income (loss)$(1,148)(1,097)(1,148)(1,097)






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(14) BUSINESS SEGMENTS

As disclosed in Note 4, the Company completed the acquisition of NI on October 11, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group.

Summarized information about the Company's results of operations by business segment follows:

 Three Months Ended March 31,Six Months Ended March 31,
 SalesEarnings (Loss)SalesEarnings (Loss)
 2023 2024 2023 2024 2023 2024 2023