Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 June 30, 2024

☐ 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		43-0259330
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

8000 W. Florissant Ave.
P.O. Box 4100
St. Louis,	Missouri	63136
(Address of principal executive offices)		(Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock of $0.50 par value per share	EMR	New York Stock Exchange
		NYSE Chicago

1.250% Notes due 2025	EMR 25A	New York Stock Exchange
2.000% Notes due 2029	EMR 29	New 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 filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller 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 June 30, 2024: 572.7 million shares.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Statements of Earnings

EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and nine months ended June 30, 2023 and 2024

(Dollars in millions, except per share amounts; unaudited)


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Net sales	$	3,946	4,380	11,075	12,873

Cost of sales	1,952		2,066	5,660	6,359
Selling, general and administrative expenses	1,042		1,254	3,072	3,827
Gain on subordinated interest	—		—	—	(79)
Loss on Copeland note receivable	—		279	—	279
Other deductions, net	130		294	359	1,075
Interest expense (net of interest income of $58, $32, $96 and $105, respectively)	10		56	111	157
Interest income from related party	(10)		(24)	(10)	(86)

Earnings from continuing operations before income taxes	822		455	1,883	1,341

Income taxes	168		88	400	266

Earnings from continuing operations	654		367	1,483	1,075

Discontinued operations, net of tax of $2,004, $5, $3,009 and $27, respectively	8,712		(15)	10,979	(88)

Net earnings	9,366		352	12,462	987

Less: Noncontrolling interests in subsidiaries	14		23	(13)	15

Net earnings common stockholders	$	9,352	329	12,475	972

Earnings common stockholders:
Earnings from continuing operations	643		344	1,502	1,060
Discontinued operations	8,709		(15)	10,973	(88)
Net earnings common stockholders	$	9,352	329	12,475	972

Basic earnings per share common stockholders:
Earnings from continuing operations	$	1.12	0.60	2.61	1.85
Discontinued operations	15.24		(0.02)	19.06	(0.15)
Basic earnings per common share	$	16.36	0.58	21.67	1.70

Diluted earnings per share common stockholders:
Earnings from continuing operations	$	1.12	0.60	2.60	1.84
Discontinued operations	15.16		(0.03)	18.96	(0.15)
Diluted earnings per common share	$	16.28	0.57	21.56	1.69

Weighted average outstanding shares:
Basic	570.9		571.9	575.1	571.4
Diluted	574.0		574.8	578.1	574.1

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of Comprehensive Income

EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and nine months ended June 30, 2023 and 2024

(Dollars in millions; unaudited)


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Net earnings	$	9,366	352	12,462	987

Other comprehensive income (loss), net of tax:
Foreign currency translation	86		(124)	437	56
Pension and postretirement	10		(12)	(23)	(36)
Cash flow hedges	(19)		(6)	4	(4)
Total other comprehensive income (loss)	77		(142)	418	16

Comprehensive income	9,443		210	12,880	1,003

Less: Noncontrolling interests in subsidiaries	15		21	(8)	15
Comprehensive income common stockholders	$	9,428	189	12,888	988

See accompanying Notes to Consolidated Financial Statements.

Consolidated Balance Sheets

EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts; unaudited)


	Sept 30, 2023		June 30, 2024
ASSETS
Current assets
Cash and equivalents	$	8,051	2,298
Receivables, less allowances of $100 and $115, respectively	2,518		2,761
Inventories	2,006		2,303
Other current assets	1,244		1,458
Total current assets	13,819		8,820

Property, plant and equipment, net	2,363		2,688
Other assets
Goodwill	14,480		17,936
Other intangible assets	6,263		10,627
Copeland note receivable and equity investment held-for-sale	3,255		2,908
Other	2,566		2,606
Total other assets	26,564		34,077
Total assets	$	42,746	45,585

LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current maturities of long-term debt	$	547	2,991
Accounts payable	1,275		1,251
Accrued expenses	3,210		3,350
Total current liabilities	5,032		7,592

Long-term debt	7,610		7,111

Other liabilities	3,506		4,194

Equity
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 572.0 shares and 572.7 shares, respectively	477		477
Additional paid-in-capital	62		140
Retained earnings	40,070		40,135
Accumulated other comprehensive income (loss)	(1,253)		(1,237)
Cost of common stock in treasury, 381.4 shares and 380.7 shares, respectively	(18,667)		(18,716)
Common stockholders’ equity	20,689		20,799
Noncontrolling interests in subsidiaries	5,909		5,889
Total equity	26,598		26,688
Total liabilities and equity	$	42,746	45,585

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of Equity

EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and nine months ended June 30, 2023 and 2024

(Dollars in millions; unaudited)


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024

Common stock	$	477	477	477	477

Additional paid-in-capital
Beginning balance	138		158	57	62
Stock plans	30		16	111	186
AspenTech purchases of common stock	(56)		(34)	(56)	(108)
Ending balance	112		140	112	140

Retained earnings
Beginning balance	30,571		40,108	28,053	40,070
Net earnings common stockholders	9,352		329	12,475	972
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively)	(299)		(302)	(904)	(907)
Ending balance	39,624		40,135	39,624	40,135

Accumulated other comprehensive income (loss)
Beginning balance	(1,148)		(1,097)	(1,485)	(1,253)
Foreign currency translation	85		(122)	432	56
Pension and postretirement	10		(12)	(23)	(36)
Cash flow hedges	(19)		(6)	4	(4)
Ending balance	(1,072)		(1,237)	(1,072)	(1,237)

Treasury stock
Beginning balance	(18,678)		(18,746)	(16,738)	(18,667)
Purchases	—		—	(2,000)	(175)
Issued under stock plans	1		30	61	126
Ending balance	(18,677)		(18,716)	(18,677)	(18,716)

Common stockholders' equity	20,464		20,799	20,464	20,799

Noncontrolling interests in subsidiaries
Beginning balance	5,987		5,881	5,952	5,909
Net earnings (loss)	14		23	(13)	15
Stock plans	21		15	79	48
AspenTech purchases of common stock	(44)		(25)	(44)	(80)
Dividends paid	(1)		(3)	(1)	(3)
Climate Technologies divestiture	(29)		—	(29)	—
Other comprehensive income	1		(2)	5	—
Ending balance	5,949		5,889	5,949	5,889

Total equity	$	26,413	26,688	26,413	26,688

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of Cash Flows

EMERSON ELECTRIC CO. & SUBSIDIARIES

Nine Months Ended June 30, 2023 and 2024

(Dollars in millions; unaudited)


	Nine Months Ended
	June 30,
	2023		2024
Operating activities
Net earnings	$	12,462	987
Earnings from discontinued operations, net of tax	(10,979)		88
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	780		1,263
Stock compensation	198		203
Amortization of acquisition-related inventory step-up	—		231
Gain on subordinated interest	—		(79)
Changes in operating working capital	(359)		(176)
Loss on Copeland note receivable	—		279
Other, net	(383)		(552)
Cash from continuing operations	1,719		2,244
Cash from discontinued operations	(439)		4
Cash provided by operating activities	1,280		2,248

Investing activities
Capital expenditures	(194)		(251)
Purchases of businesses, net of cash and equivalents acquired	—		(8,342)
Proceeds from subordinated interest	15		79
Proceeds from related party note receivable	918		—
Other, net	(124)		(86)
Cash from continuing operations	615		(8,600)
Cash from discontinued operations	12,485		36
Cash provided by (used in) investing activities	13,100		(8,564)

Financing activities
Net increase (decrease) in short-term borrowings	(1,476)		2,229
Proceeds from short-term borrowings greater than three months	395		322
Payments of short-term borrowings greater than three months	(400)		(100)
Payments of long-term debt	(744)		(547)
Dividends paid	(900)		(901)
Purchases of common stock	(2,000)		(175)
AspenTech purchases of common stock	(100)		(188)
Payment of related party note payable	(918)		—
Other, net	(159)		(57)
Cash provided by (used in) financing activities	(6,302)		583

Effect of exchange rate changes on cash and equivalents	75		(20)
Increase (decrease) in cash and equivalents	8,153		(5,753)
Beginning cash and equivalents	1,804		8,051
Ending cash and equivalents	$	9,957	2,298

Changes in operating working capital
Receivables	$	(114)	44
Inventories	(259)		(34)
Other current assets	27		(130)
Accounts payable	(71)		(61)
Accrued expenses	58		5
Total changes in operating working capital	$	(359)	(176)

See accompanying Notes to Consolidated Financial Statements.

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.

Certain prior year amounts have been reclassified to conform to the current year presentation. On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and its note receivable to Copeland for $1.9 billion. As a result of the definitive agreements, the equity interest and note receivable are reported as held-for-sale, and the equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented (see Notes 5 and 10).

(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, 2023			June 30, 2024
Unbilled receivables (contract assets)		$	1,453		1,541
Customer advances (contract liabilities)		(897)			(1,158)
Net contract assets (liabilities)		$	556		383

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 $160, while customer billings slightly exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and nine months ended June 30, 2024 included $83 and $605, 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 nine months ended June 30, 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 June 30, 2024, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $8.7 billion (of which approximately $1.3 billion was attributable to AspenTech and approximately $450 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.

(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 June 30,		Nine Months Ended June 30,
	2023	2024	2023	2024

Basic shares outstanding	570.9	571.9	575.1	571.4
Dilutive shares	3.1	2.9	3.0	2.7
Diluted shares outstanding	574.0	574.8	578.1	574.1

(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 closing	634
Total consideration paid in cash at closing	8,467
Fair value of NI shares already owned by Emerson prior to acquisition	137
Value of stock-based compensation awards attributable to pre-combination service	49
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
Receivables	310
Inventory	496
Other current assets	140
Property, plant and equipment	329
Goodwill ($121 expected to be tax-deductible)	3,434
Other intangible assets	5,275
Other assets	113
Total assets	10,232

Accounts payable	52
Accrued expenses	328
Deferred taxes and other liabilities	1,199
Total purchase consideration	$	8,653

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


	Amount		Estimated Weighted Average Life (Years)
Developed technology	$	1,570	9
Customer relationships	3,360		15
Trade names	210		9
Backlog	135		1
Total	$	5,275

Results of operations for the three and nine months ended June 30, 2024 attributable to the NI acquisition include sales of $355 and $1,104, respectively, and a net loss of $86 and $492, 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 June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Net Sales	$	4,363	4,380	12,377	12,892
Net earnings from continuing operations common stockholders	$	581	374	887	1,396
Diluted earnings per share from continuing operations	$	1.00	0.65	1.53	2.43

Pro forma Net sales for the three and nine months ended June 30, 2023 include $417 and $1,302, respectively, attributable to NI.

The pro forma results for the three months ended June 30, 2023 include ongoing intangibles amortization of $105 and backlog amortization of $34, and exclude the mark-to-market gain of $12 recognized in the prior year on the Company's equity investment in National Instruments Corporation (see Note 7).

The pro forma results for the nine months ended June 30, 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 nine months ended June 30, 2023 also include $317 of ongoing intangibles amortization, backlog amortization of $102, inventory step-up amortization of $213, and retention bonuses of $51, and exclude the mark-to-market gain of $47 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 $424 (none of which is expected to be tax deductible) and other 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, pretax 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.

On June 6, 2024, the Company entered into a definitive agreement to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion, and the transaction is expected to close by the end of August 2024. The equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented and are included within Climate Technologies in Other deductions, net in the tables below. 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.

For the three and nine months ended June 30, 2024, the results of discontinued operations primarily reflect the Company's equity method losses on its non-controlling common equity interest in Copeland, which were $16 ($9 after-tax) and $111 ($82 after-tax), respectively. For the three and nine months ended June 30, 2023, the financial results of Climate Technologies (including equity method losses on the equity interest in Copeland) and InSinkErator ("ISE") are reported as discontinued operations and were as follows:


	Three Months Ended June 30, 2023
	Climate Technologies		ISE	Total
Net sales	$	847	—	847
Cost of sales	516		—	516
SG&A	122		—	122
Gain on sale of business	(10,576)		—	(10,576)
Other deductions, net	69		—	69
Earnings before income taxes	10,716		—	10,716
Income taxes	2,004		—	2,004
Earnings, net of tax	$	8,712	—	8,712

	Nine Months Ended June 30, 2023
	Climate Technologies		ISE	Total
Net sales	$	3,156	49	3,205
Cost of sales	2,000		29	2,029
SG&A	391		8	399
Gain on sale of business	(10,576)		(2,783)	(13,359)
Other deductions, net	136		12	148
Earnings before income taxes	11,205		2,783	13,988
Income taxes	2,356		653	3,009
Earnings, net of tax	$	8,849	2,130	10,979

Climate Technologies' results for the three and nine months ended June 30, 2023 included lower expense of $26 and $96, respectively, due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $57 of transaction-related costs for the nine months ended June 30, 2023. For the three and nine months ended June 30, 2023, the Company recorded a loss of $61 in Other deductions, net to reflect equity method losses on its non-controlling common equity interest in Copeland. Income taxes for the three and nine months ended June 30, 2023 included a tax benefit of $10 related to Copeland's U.S. business, which is taxed as a partnership. Income taxes for the nine months ended June 30, 2023 included approximately $2.2 billion for the gain on the 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 nine months ended June 30, 2024 and 2023 were as follows:


	Climate Technologies				ISE and TOD				Total
	Nine Months Ended June 30,				Nine Months Ended June 30,			Nine Months Ended June 30,
		2023		2024		2023	2024		2023	2024
Cash from operating activities		$	156	4		(595)	—		(439)	4
Cash from investing activities		$	9,430	36		3,055	—		12,485	36

Cash from operating activities for the nine months ended June 30, 2023 reflects approximately $750 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 nine months ended June 30, 2023 reflects the proceeds of approximately $9.7 billion related to the Copeland transaction and approximately $3.0 billion related to the InSinkErator divestiture.

(6) PENSION & POSTRETIREMENT PLANS

Total periodic pension and postretirement (income) expense is summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Service cost		$	12	9		36	27
Interest cost		54		55		162	165
Expected return on plan assets		(71)		(74)		(213)	(222)
Net amortization		(18)		(14)		(58)	(42)
Total		$	(23)	(24)		(73)	(72)

(7) OTHER DEDUCTIONS, NET

Other deductions, net are summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2023			2024		2023	2024

Amortization of intangibles (intellectual property and customer relationships)		$	120	264		357	811
Restructuring costs		12		57		41	170
Acquisition/divestiture costs		38		7		48	92
Foreign currency transaction (gains) losses		22		9		41	60
Investment-related gains & gains from sales of capital assets		(26)		—		(63)	—
Loss on divestiture of business		—		—		—	39
Russia business exit		—		—		47	—
Other		(36)		(43)		(112)	(97)
Total		$	130	294		359	1,075

Intangibles amortization for the three and nine months ended June 30, 2024 included $139 and $419, respectively, related to the NI acquisition. Foreign currency transaction losses for the three and nine months ended June 30, 2023 included a mark-to-market gain of $3 and $24, respectively, related to foreign currency forward contracts that were terminated in June 2023. The Company recognized a mark-to-market gain of $12 and $47 for the three and nine months ended June 30, 2023, respectively, 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.

(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 $250, including costs to complete actions initiated in the first nine months of the year.

Restructuring expense by business segment follows:


	Three Months Ended June 30,					Nine Months Ended June 30,
	2023			2024		2023		2024

Final Control		$	(2)		5		(1)		1
Measurement & Analytical		1			3		2		7
Discrete Automation		12			16		20		33
Safety & Productivity		(1)			1		1		2
Intelligent Devices		10			25		22		43

Control Systems & Software		1			3		7		7
Test & Measurement		—			24		—		78
AspenTech		—			—		—		—
Software and Control		1			27		7		85

Corporate		1			5		12		42

Total		$	12		57		41		170

Corporate restructuring of $5 and $42 for the three and nine months ended June 30, 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 nine months ended June 30, 2024 follow:


	Sept 30, 2023			Expense		Utilized/Paid		June 30, 2024

Severance and benefits		$	85		142		129		98




Other		2			28		24		6
Total		$	87		170		153		104

The tables above do not include $1 and $3 of costs related to restructuring actions incurred for the three months ended June 30, 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 $13 and $10, respectively.

(9) TAXES

Income taxes were $88 in the third quarter of fiscal 2024 and $168 in 2023, resulting in effective tax rates of 19 percent and 21 percent, respectively. The current year rate reflected a 3 percentage point benefit related to the filing of the prior year U.S. tax return, partially offset by other items.

Income taxes were $266 in the first nine of months of fiscal 2024 and $400 in 2023, resulting in effective tax rates of 20 percent and 21 percent, respectively. The current year rate included a $57 ($0.10 per share) benefit related to discrete tax items and the benefit discussed above related to the prior year U.S. tax return, partially offset by unfavorable impacts from inventory step-up amortization and the loss on divestiture (see Note 4), which was nondeductible for tax purposes. In total, the net impact of these items benefited the rate by approximately 2 percentage points, which was partially offset by other items.

(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, pretax 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.

On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and the note receivable to Copeland for $1.9 billion. The equity interest and note receivable, as well as $33 of future indemnity obligations included in Other liabilities (net of tax), are reported as held-for-sale as of June 30, 2024. Subsequent to the end of the quarter, the Company completed the sale of the note receivable on August 2, 2024 and received $1.9 billion of pretax cash proceeds. The sale of the equity interest is expected to close by the end of August 2024.

The Company recognized non-cash interest income on the note receivable (through the date of the agreement) of $24 and $86 for the three and nine months ended June 30, 2024, respectively, which is reported in Interest income from related party within continuing operations and capitalized to the carrying value of the note. Upon entering into the note agreement, the Company recorded a pretax loss of $279 ($217 after-tax, $0.38 per share) to adjust the carrying value of the note to $1.9 billion to reflect the transaction price.

The Company's share of Copeland's income or loss, which will continue to be recorded using the equity method of accounting until the transaction is completed, is now reported in discontinued operations for all periods presented (see Note 5). As of June 30, 2024, the carrying value of the retained equity investment was $1,008. Summarized financial information for Copeland for the three and nine months ended June 30, 2024 is as follows.


	Three Months Ended June 30,		Nine Months Ended June 30,
	2024		2024
Net sales	$	1,259	$	3,458
Gross profit	$	441	$	1,198
Income (loss) from continuing operations	$	(40)	$	(280)
Net income (loss)	$	(40)	$	(280)
Net income (loss) attributable to shareholders	$	(40)	$	(278)

(11) OTHER FINANCIAL INFORMATION


	Sept 30, 2023			June 30, 2024
Inventories
Finished products		$	446		551
Raw materials and work in process		1,560			1,752
Total		$	2,006		2,303




Property, plant and equipment, net
Property, plant and equipment, at cost	$	5,524	5,994
Less: Accumulated depreciation	3,161		3,306
Total	$	2,363	2,688



	Sept 30, 2023		June 30, 2024
Goodwill by business segment
Final Control	$	2,660	2,668
Measurement & Analytical	1,545		1,548
Discrete Automation	892		899
Safety & Productivity	388		391
Intelligent Devices	5,485		5,506


Control Systems & Software	668		670
Test & Measurement	—		3,433
AspenTech	8,327		8,327
Software and Control	8,995		12,430

Total	$	14,480	17,936



Other intangible assets
Gross carrying amount	$	10,111	15,443
Less: Accumulated amortization	3,848		4,816
Net carrying amount	$	6,263	10,627

Other intangible assets include customer relationships, net, of $3,353 and $6,325 and intellectual property, net, of $2,707 and $4,067 as of September 30, 2023 and June 30, 2024, respectively.

The increase in goodwill and intangibles was primarily due to the NI acquisition. See Note 4.


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Depreciation and amortization expense include the following:
Depreciation expense	$	67	80	213	238
Amortization of intangibles (includes $49, $49, $147 and $147 reported in Cost of Sales, respectively)	169		313	504	958
Amortization of capitalized software	21		24	63	67
Total	$	257	417	780	1,263

Amortization of intangibles included $139 and $419 related to the NI acquisition for the three and nine months ended June 30, 2024.


	Sept 30, 2023			June 30, 2024
Other assets include the following:
Pension assets		$	995		1,070
Operating lease right-of-use assets		550			685
Unbilled receivables (contract assets)		559			515
Deferred income taxes		100			59
Asbestos-related insurance receivables		53			38


	Sept 30, 2023			June 30, 2024
Accrued expenses include the following:
Customer advances (contract liabilities)		$	861		1,088
Employee compensation		618			630
Income taxes		207			231
Operating lease liabilities (current)		144			153
Product warranty		84			74



Other liabilities include the following:
Deferred income taxes	$	1,959	2,507
Operating lease liabilities (noncurrent)	404		511
Pension and postretirement liabilities	435		443
Asbestos litigation	173		161

The increase in deferred income tax liabilities reflects the impact of the NI acquisition. See Note 4.

(12) FINANCIAL INSTRUMENTS

Hedging Activities – As of June 30, 2024, the notional amount of foreign currency hedge positions was approximately $3.1 billion. All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of June 30, 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, of which €500 was repaid in the third quarter of fiscal 2024. 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 nine months ended June 30, 2023 and 2024:


		Into Earnings					Into OCI
		3rd Quarter			Nine Months		3rd Quarter		Nine Months
Gains (Losses)	Location	2023		2024	2023	2024	2023	2024	2023	2024
Commodity	Cost of sales	$	(9)	—	(19)	—	(13)	—	6	—
Foreign currency	Sales	—		—	(2)	—	(2)	5	1	7
Foreign currency	Cost of sales	42		3	60	9	24	(10)	38	(3)
Foreign currency	Other deductions, net	(91)		(12)	(108)	(23)

Net Investment Hedges
Euro denominated debt		$	16	—	16	—	(46)	25	(183)	(27)
Total		$	(42)	(9)	(53)	(14)	(37)	20	(138)	(23)

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 and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. As of June 30, 2024, the fair value of long-term debt was approximately $6.6 billion, which was lower than the carrying value by $1,012. 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 June 30, 2024.

(13) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


Activity in Accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2023 and 2024 is shown below, net of income taxes:
	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Foreign currency translation
Beginning balance		$	(918)	(834)		(1,265)	(1,012)
Other comprehensive income (loss), net of tax of $3, $(6), $35 and $6, respectively		(10)		(122)		337	33
Reclassification to loss on divestiture of business		95		—		95	23
Ending balance		(833)		(956)		(833)	(956)

Pension and postretirement
Beginning balance		(255)		(271)		(222)	(247)
Amortization of deferred actuarial losses into earnings, net of tax of $6, $2, $13 and $6, respectively		(12)		(12)		(45)	(36)
Reclassified to gain on sale of business		22		—		22	—
Ending balance		(245)		(283)		(245)	(283)

Cash flow hedges
Beginning balance		25		8		2	6
Gains deferred during the period, net of taxes of $(2), $1, $(11) and $(1), respectively		7		(4)		34	3
Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $1, $1, $3 and $2, respectively		(7)		(2)		(11)	(7)
Reclassified to gain on sale of business		(19)		—		(19)	—

Ending balance		6		2		6	2

Accumulated other comprehensive income (loss)		$	(1,072)	(1,237)		(1,072)	(1,237)

(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 June 30,					Nine Months Ended June 30,
	Sales			Earnings (Loss)		Sales		Earnings (Loss)
	2023		2024	2023	2024	2023	2024	2023	2024

Final Control	$	1,035	1,046	245	253	2,889	3,037	618	706
Measurement & Analytical	913		982	257	252	2,550	2,942	661	761
Discrete Automation	668		618	124	109	1,969	1,863	378	322
Safety & Productivity	363		351	82	79	1,034	1,038	228	230
Intelligent Devices	2,979		2,997	708	693	8,442	8,880	1,885	2,019

Control Systems & Software	663		700	144	168	1,892	2,062	378	468
Test & Measurement	—		355	—	(88)	—	1,104	—	(245)
AspenTech	320		343	27	49	793	878	(60)	6
Software and Control	983		1,398	171	129	2,685	4,044	318	229

Stock compensation				(56)	(56)			(198)	(203)
Unallocated pension and postretirement costs				42	38			133	107
Corporate and other				(43)	(38)			(154)	(540)
Loss on Copeland note receivable				—	(279)			—	(279)
Gain on subordinated interest				—	—			—	79
Eliminations/Interest	(16)		(15)	(10)	(56)	(52)	(51)	(111)	(157)
Interest income from related party				10	24			10	86
Total	$	3,946	4,380	822	455	11,075	12,873	1,883	1,341

Stock compensation for the three months and nine months ended June 30, 2024 included $9 and $53 of integration-related stock compensation expense attributable to NI (of which $5 and $41, respectively, was reported as restructuring costs). Corporate and other for the three and nine months ended June 30, 2024 included acquisition/divestiture fees and related costs of $13 and $159, respectively, while year-to-date also includes acquisition-related inventory step-up amortization of $231 and a divestiture loss of $39. Corporate and other for the three and nine months ended June 30, 2023 included acquisition/divestiture costs of $38 and $48, respectively, and a mark-to-market gain of $12 and $47, respectively, related to its equity investment in National Instruments Corporation, while year-to-date also included a loss of $47 related to the Company's exit of business operations in Russia.

Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Final Control		$	39	41		129	120
Measurement & Analytical		26		32		84	105
Discrete Automation		20		22		63	65
Safety & Productivity		15		14		44	43
Intelligent Devices		100		109		320	333

Control Systems & Software		22		26		67	75
Test & Measurement		—		150		—	454
AspenTech		123		122		369	369
Software and Control		145		298		436	898

Corporate and other		12		10		24	32
Total		$	257	417		780	1,263

Test & Measurement depreciation and amortization for the three and nine months ended June 30, 2024 included intangibles amortization of $139 and $419 due to the acquisition.

Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below:


	Three Months Ended June 30,						Three Months Ended June 30,
	2023						2024
		Americas		AMEA	Europe	Total	Americas	AMEA	Europe	Total
Final Control		$	498	399	138	1,035	509	398	139	1,046
Measurement & Analytical		482		303	128	913	488	345	149	982
Discrete Automation		312		180	176	668	294	154	170	618
Safety & Productivity		269		18	76	363	262	18	71	351
Intelligent Devices		1,561		900	518	2,979	1,553	915	529	2,997

Control Systems & Software		322		207	134	663	326	224	150	700
Test & Measurement		—		—	—	—	160	98	97	355
AspenTech		111		104	105	320	167	75	101	343
Software and Control		433		311	239	983	653	397	348	1,398


Total		$	1,994	1,211	757	3,962	2,206	1,312	877	4,395

	Nine Months Ended June 30,						Nine Months Ended June 30,
	2023						2024
		Americas		AMEA	Europe	Total	Americas	AMEA	Europe	Total
Final Control		$	1,438	1,069	382	2,889	1,476	1,172	389	3,037
Measurement & Analytical		1,333		853	364	2,550	1,475	1,004	463	2,942
Discrete Automation		914		539	516	1,969	874	477	512	1,863
Safety & Productivity		777		51	206	1,034	774	53	211	1,038
Intelligent Devices		4,462		2,512	1,468	8,442	4,599	2,706	1,575	8,880

Control Systems & Software		930		578	384	1,892	972	650	440	2,062
Test & Measurement		—		—	—	—	486	295	323	1,104
AspenTech		337		228	228	793	428	208	242	878
Software and Control		1,267		806	612	2,685	1,886	1,153	1,005	4,044


Total		$	5,729	3,318	2,080	11,127	6,485	3,859	2,580	12,924

Items 2 and 3.

Management's Discussion and Analysis of Financial Condition and Results of Operations

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

OVERVIEW

On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (“NI”), which is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group. NI provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, and had revenues of approximately $1.7 billion for the 12 months ended September 30, 2023. See Note 4.

On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and its note receivable to Copeland for $1.9 billion. Upon entering into the note agreement, the Company recorded a pretax loss of $279 ($217 after-tax, $0.38 per share) to adjust the carrying value of the note to $1.9 billion to reflect the transaction price. The equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented. See Notes 5 and 10 for further detail.

For the third quarter of fiscal 2024, net sales were $4.4 billion, up 11 percent compared with the prior year. Underlying sales, which exclude foreign currency translation, acquisitions and divestitures, were up 3 percent. Foreign currency translation had a 1 percent unfavorable impact and the Test & Measurement acquisition added 9 percent.

Earnings from continuing operations attributable to common stockholders were $344, down 46 percent, and diluted earnings per share from continuing operations were $0.60, down 46 percent compared with $1.12 in the prior year. The decrease was largely due to the Company's definitive agreement to sell its Copeland note receivable for $1.9 billion, which resulted in a pretax loss of $279 ($217 after-tax, $0.38 per share) to adjust the carrying value of the note to reflect the transaction price (see Note 10 and further discussion below). Adjusted diluted earnings per share from continuing operations were $1.43, up 11 percent compared with $1.29 in the prior year, reflecting sales growth and strong operating performance, as well as a $0.09 contribution from Test & Measurement.

The table below presents the Company's diluted earnings per share from continuing operations on an adjusted basis to facilitate period-to-period comparisons and provide additional insight into the underlying, ongoing operating performance of the Company. Adjusted diluted earnings per share from continuing operations excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, and certain gains, losses or impairments.


Three Months Ended June 30,	2023		2024

Diluted earnings from continuing operations per share	$	1.12	0.60

Amortization of intangibles	0.15		0.35
Restructuring and related costs	0.02		0.08
Acquisition/divestiture fees and related costs	0.07		0.02



National Instruments investment gain	(0.02)		—
Interest income on undeployed proceeds from Copeland transaction	(0.05)		—

Loss on Copeland note receivable	—		0.38



Adjusted diluted earnings from continuing operations per share	$	1.29	1.43

The table below summarizes the changes in adjusted diluted earnings per share from continuing operations. The items identified below are discussed throughout MD&A, see further discussion above and in the Business Segments and Financial Position sections below.


	Three Months Ended
Adjusted diluted earnings from continuing operations per share - June 30, 2023	$	1.29

Operations	0.16
Foreign currency	0.01
Effective tax rate and other	(0.03)


Adjusted diluted earnings from continuing operations per share - June 30, 2024	$	1.43

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30

Following is an analysis of the Company’s operating results for the third quarter ended June 30, 2023, compared with the third quarter ended June 30, 2024.


	2023			2024		Change
(dollars in millions, except per share amounts)

Net sales	$	3,946		4,380		11	%
Gross profit	$	1,994		2,314		16	%
Percent of sales	50.5		%	52.8	%	2.3 pts

SG&A	$	1,042		1,254		20	%
Percent of sales	26.4		%	28.6	%	2.2 pts




Loss on Copeland note receivable	$	—		279

Other deductions, net	$	130		294
Amortization of intangibles	$	120		264
Restructuring costs	$	12		57

Interest expense, net	$	10		56
Interest income from related party	$	(10)		(24)

Earnings from continuing operations before income taxes	$	822		455		(45)	%
Percent of sales	20.8		%	10.4	%	(10.4) pts
Earnings from continuing operations common stockholders	$	643		344		(46)	%
Percent of sales	16.3		%	7.9	%	(8.4) pts
Net earnings common stockholders	$	9,352		329		(96)	%


Diluted EPS - Earnings from continuing operations	$	1.12		0.60		(46)	%
Diluted EPS - Net earnings	$	16.28		0.57		(96)	%

Adjusted Diluted EPS - Earnings from continuing operations	$	1.29		1.43		11	%

Net sales for the third quarter of fiscal 2024 were $4.4 billion, up 11 percent compared with 2023. Intelligent Devices sales were up 1 percent, while Software and Control sales were up 42 percent, which included the impact of the Test & Measurement acquisition. Underlying sales were up 3 percent on 1 percent higher volume and 2 percent higher price. Foreign currency translation had a 1 percent unfavorable impact and the Test & Measurement acquisition added 9 percent. Underlying sales were down 2 percent in the U.S. and up 7 percent internationally. The Americas was up 3 percent, Europe was up 4 percent, and Asia, Middle East & Africa was up 2 percent (China down 11 percent).

Cost of sales for the third quarter of fiscal 2024 were $2,066, an increase of $114 compared with 2023, reflecting the impact of higher volume and the Test & Measurement acquisition. Gross margin of 52.8 percent increased 2.3 percentage points, reflecting the Test & Measurement acquisition and higher price, partially offset by unfavorable geographic mix in Intelligent Devices.

Selling, general and administrative (SG&A) expenses of $1,254 increased $212 and SG&A as a percent of sales increased 2.2 percentage points to 28.6 percent compared with the prior year, reflecting the impact of the Test & Measurement acquisition.

As discussed above, upon entering into the agreement to sell the Copeland note receivable, the Company recorded a pretax loss of $279 ($217 after-tax, $0.38 per share) to adjust the carrying value of the note to $1.9 billion to reflect the transaction price.

Other deductions, net were $294 for the third quarter of fiscal 2024, an increase of $164 compared with the prior year. The current year included intangibles amortization related to the Test & Measurement acquisition of $139 and restructuring costs of $57. The prior year included acquisition/divestiture costs of $38, a mark-to-market gain of $12 related to the Company's equity investment in National Instruments Corporation and a mark-to-market gain of $3 related to foreign currency forward contracts that were terminated in June 2023. See Note 7 and Note 10.

Pretax earnings from continuing operations of $455 decreased $367, down 45 percent compared with the prior year. Earnings decreased $15 in Intelligent Devices and decreased $42 in Software and Control. See the Business Segments discussion that follows and Note 14.

Earnings from continuing operations attributable to common stockholders were $344, down 46 percent, and diluted earnings per share from continuing operations were $0.60, down 46 percent compared with $1.12 in the prior year. Adjusted diluted earnings per share from continuing operations were $1.43 compared with $1.29 in the prior year, up 11 percent, reflecting strong operating results. See the analysis above of adjusted earnings per share for further details.

Earnings (Loss) from discontinued operations were ($15) ($(0.03) per share) for the third quarter of fiscal 2024 and $8,709 ($15.16 per share) in the prior year. See Note 5.

Net earnings common stockholders in the third quarter of fiscal 2024 were $329 compared with $9,352 in the prior year, and earnings per share were $0.57 compared with $16.28 in the prior year.

The table below, which shows results from continuing operations on an adjusted EBITA basis, is intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings from continuing operations excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, and certain gains, losses or impairments. Adjusted EBITA and adjusted EBITA margin are measures used by management and may be useful for investors to evaluate the Company's operational performance.


Three Months Ended June 30,	2023			2024		Change

Earnings from continuing operations before income taxes	$	822		455		(45)	%
Percent of sales	20.8		%	10.4	%	(10.4) pts
Interest expense, net	10			56
Interest income from related party	(10)			(24)
Amortization of intangibles	169			313
Restructuring and related costs	13			60
Acquisition/divestiture fees and related costs	38			17


National Instruments investment gain	(12)			—
AspenTech Micromine purchase price hedge	(3)			—

Loss on Copeland note receivable	—			279


Adjusted EBITA from continuing operations	$	1,027		1,156		13	%
Percent of sales	26.0		%	26.4	%	0.4 pts

Business Segments

Following is an analysis of operating results for the Company’s business segments for the third quarter ended June 30, 2023, compared with the third quarter ended June 30, 2024. The Company defines segment earnings as earnings before interest and taxes. See Note 14 for a discussion of the Company's business segments.

INTELLIGENT DEVICES


	2023			2024		Change		FX		Acq/Div		U/L


Sales:
Final Control	$	1,035		1,046		1	%	1	%	—	%	2	%
Measurement & Analytical	913			982		8	%	1	%	—	%	9	%
Discrete Automation	668			618		(8)	%	2	%	—	%	(6)	%
Safety & Productivity	363			351		(3)	%	—	%	—	%	(3)	%
Total	$	2,979		2,997		1	%	1	%	—	%	2	%

Earnings:
Final Control	$	245		253		3	%
Measurement & Analytical	257			252		(2)	%
Discrete Automation	124			109		(12)	%
Safety & Productivity	82			79		(4)	%
Total	$	708		693		(2)	%
Margin	23.7		%	23.1	%	(0.6) pts

Amortization of intangibles:
Final Control	$	22		21
Measurement & Analytical	5			11
Discrete Automation	8			9
Safety & Productivity	7			6
Total	$	42		47

Restructuring and related costs:
Final Control	$	(1)		5
Measurement & Analytical	1			3
Discrete Automation	12			16
Safety & Productivity	(1)			1
Total	$	11		25

Adjusted EBITA	$	761		765		1	%
Adjusted EBITA Margin	25.5		%	25.5	%	- pts

Intelligent Devices sales were $3.0 billion in the third quarter of 2024, an increase of $18, or 1 percent. Underlying sales increased 2 percent on higher price. Underlying sales were flat in the Americas, Europe increased 3 percent and Asia, Middle East & Africa was up 4 percent (China down 9 percent). Final Control sales increased $11, or 1 percent, reflecting strength in energy and power end markets, particularly in Latin America and Middle East & Africa, largely offset by declines in the U.S. and China. Sales for Measurement & Analytical increased $69, or 8 percent, reflecting strong growth in nearly all geographies and strong backlog conversion. Discrete Automation sales decreased $50, or 8 percent, reflecting weakness across most geographies driven in part by lower factory automation demand. Safety & Productivity sales decreased $12, or 3 percent, due to softness across all geographies. Earnings for Intelligent Devices were $693, a decrease of $15, or 2 percent, and margin decreased 0.6 percentage points to 23.1 percent, reflecting higher restructuring costs. Adjusted EBITA margin was 25.5 percent, flat compared with the prior year, reflecting favorable price less net material inflation, partially offset by unfavorable geographic mix, softer MRO and increases in other costs.

SOFTWARE AND CONTROL


	2023			2024		Change		FX		Acq/Div		U/L


Sales:
Control Systems & Software	$	663		700		6	%	1	%	—	%	7	%
Test & Measurement	—			355		—	%
AspenTech	320			343		7	%	—	%	—	%	7	%
Total	$	983		1,398		42	%	1	%	(36)	%	7	%

Earnings:
Control Systems & Software	$	144		168		16	%
Test & Measurement	—			(88)		—	%
AspenTech	27			49		90	%
Total	$	171		129		(24)	%
Margin	17.4		%	9.2	%	(8.2) pts

Amortization of intangibles:
Control Systems & Software	$	6		6
Test & Measurement	—			139
AspenTech	121			121
Total	$	127		266

Restructuring and related costs:
Control Systems & Software	$	1		4
Test & Measurement	—			25
AspenTech	—			—
Total	$	1		29

Adjusted EBITA	$	299		424		42	%
Adjusted EBITA Margin	30.4		%	30.3	%	(0.1) pts

Software and Control sales were $1.4 billion in the third quarter of 2024, an increase of $415, or 42 percent compared to the prior year, reflecting the impact of the Test & Measurement acquisition and strong growth in Control Systems & Software and AspenTech. Underlying sales were up 7 percent on 5 percent higher volume and 2 percent higher price. Underlying sales increased 15 percent in the Americas and 6 percent in Europe, while Asia, Middle East & Africa decreased 3 percent (China down 20 percent). Control Systems & Software sales increased $37, or 6 percent, reflecting strong international demand in process and hybrid end markets and strong demand in power end markets in the Americas. Test & Measurement sales were $355 for the third quarter. AspenTech sales increased $23, or 7 percent, reflecting higher license, maintenance and services revenue. Earnings for Software and Control decreased $42, down 24 percent, and margin decreased 8.2 percentage points due to the Test & Measurement loss which reflected significant intangibles amortization and restructuring. Adjusted EBITA margin decreased 0.1 percentage points, reflecting the impact of the Test & Measurement acquisition, largely offset by leverage on higher sales and higher price.

RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED JUNE 30

Following is an analysis of the Company’s operating results for the nine months ended June 30, 2023, compared with the nine months ended June 30, 2024.


	2023			2024		Change
(dollars in millions, except per share amounts)

Net sales	$	11,075		12,873		16	%
Gross profit	$	5,415		6,514		20	%
Percent of sales	48.9		%	50.6	%	1.7 pts

SG&A	$	3,072		3,827		25	%
Percent of sales	27.7		%	29.7	%	2.0 pts

Loss on Copeland note receivable	$	—		279
Gain on subordinated interest	$	—		(79)
Other deductions, net	$	359		1,075
Amortization of intangibles	$	357		811
Restructuring costs	$	41		170

Interest expense, net	$	111		157
Interest income from related party	$	(10)		(86)

Earnings from continuing operations before income taxes	$	1,883		1,341		(29)	%
Percent of sales	17.0		%	10.4	%	(6.6) pts
Earnings from continuing operations common stockholders	$	1,502		1,060		(30)	%
Percent of sales	13.6		%	8.2	%	(5.4) pts
Net earnings common stockholders	$	12,475		972		(92)	%

Diluted EPS - Earnings from continuing operations	$	2.60		1.84		(29)	%
Diluted EPS - Net earnings	$	21.56		1.69		(92)	%

Adjusted Diluted EPS - Earnings from continuing operations	$	3.15		4.01		27	%

Net sales for the first nine months of 2024 were $12.9 billion, up 16 percent compared with 2023. Intelligent Devices sales were up 5 percent, while Software and Control sales were up 51 percent, which included the impact of the Test & Measurement acquisition. Underlying sales were up 7 percent on 5 percent higher volume and 2 percent higher price. Foreign currency translation had a 0.5 percent unfavorable impact, the Test & Measurement acquisition added 10 percent and the divestiture of Metran deducted 0.5 percent. Underlying sales increased 3 percent in the U.S. and increased 10 percent internationally. The Americas was up 5 percent, Europe was up 9 percent and Asia, Middle East & Africa was up 9 percent (China was down 2 percent).

Cost of sales for 2024 were $6,359, an increase of $699 versus $5,660 in 2023, reflecting the impact of higher volume and the Test & Measurement acquisition. Gross margin of 50.6 percent increased 1.7 percentage points, reflecting the Test & Measurement acquisition, higher price and leverage on higher sales, partially offset by the impact from acquisition-related inventory step-up amortization of $231, which negatively impacted margins by approximately 1.8 percentage points.

SG&A expenses of $3,827 increased $755 and SG&A as a percent of sales increased 2.0 percentage points to 29.7 percent, reflecting the impact of the Test & Measurement acquisition, partially offset by strong operating leverage on higher sales and mix.

On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and its note receivable to Copeland for $1.9 billion. Upon entering into the note agreement, the Company recorded a pretax loss of $279 ($217 after-tax, $0.38 per share) to adjust the carrying value of the note to $1.9 billion to reflect the transaction price. The equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented. See Notes 5 and 10 for further detail.

In the second quarter of fiscal 2024, the Company received its final distribution of $79 related to its subordinated interest in Vertiv.

Other deductions, net were $1,075 in 2024, an increase of $716 compared with the prior year. The current year included intangibles amortization related to the Test & Measurement acquisition of $419, restructuring costs of $170, acquisition/divestiture costs of $92, and a divestiture loss of $39. The prior year included a charge of $47 related to the Company exiting its business in Russia, acquisition/divestiture costs of $48, a mark-to-market gain of $47 related to the Company's equity investment in National Instruments Corporation and a mark-to-market gain of $24 related to foreign currency forward contracts that were terminated in June 2023. See Note 7 and Note 10.

Pretax earnings from continuing operations of $1,341 decreased $542 compared with prior year. Earnings increased $134 in Intelligent Devices and decreased $89 in Software and Control. See the Business Segments discussion that follows and Note 14.

Income taxes were $266 in the first nine of months of fiscal 2024 and $400 in 2023, resulting in effective tax rates of 20 percent and 21 percent, respectively. The current year rate included a $57 ($0.10 per share) benefit related to discrete tax items and a benefit related to the filing of the prior year U.S. tax return, partially offset by unfavorable impacts from inventory step-up amortization and the loss on divestiture (see Note 4), which was nondeductible for tax purposes. In total, the net impact of these items benefited the rate by approximately 2 percentage points, which was partially offset by other items.

Earnings from continuing operations attributable to common stockholders were $1,060, down 30 percent compared with the prior year, and diluted earnings per share from continuing operations were $1.84, down 29 percent compared with $2.60 in 2023. Adjusted diluted earnings per share from continuing operations were $4.01 compared with $3.15 in the prior year, up 27 percent. See the analysis below of adjusted earnings per share for further details.

Earnings (Loss) from discontinued operations were $(88) ($(0.15) per share), compared with $10,973 ($19.06 per share) in the prior year, reflecting the $8.4 billion after-tax gain on the Copeland transaction and the $2.1 billion after-tax gain on the InSinkErator divestiture. See Note 5.

Net earnings common stockholders were $972 ($1.69 per share) compared with $12,475 ($21.56 per share) in the prior year.

The table below presents the Company's diluted earnings per share on an adjusted basis to facilitate period-to-period comparisons and provide additional insight into the underlying, ongoing operating performance of the Company.


Nine Months Ended June 30,	2023		2024

Diluted earnings from continuing operations per share	$	2.60	1.84

Amortization of intangibles	0.46		1.07
Restructuring and related costs	0.07		0.25
Discrete taxes	—		(0.10)
Amortization of acquisition-related inventory step-up	—		0.38
Acquisition/divestiture fees and related costs	0.07		0.22
Loss on divestiture of business	—		0.07
Gain on subordinated interest	—		(0.10)
National Instruments investment gain	(0.06)		—
AspenTech Micromine purchase price hedge	(0.02)		—
Interest income on undeployed proceeds from Copeland transaction	(0.05)		—
Loss on Copeland note receivable	—		0.38
Russia business exit charge	0.08		—

Adjusted diluted earnings from continuing operations per share	$	3.15	4.01

The table below summarizes the changes in adjusted diluted earnings per share. The items identified below are discussed throughout MD&A, see further discussion above and in the Business Segments and Financial Position sections below.


	Nine Months Ended
Adjusted diluted earnings from continuing operations per share - June 30, 2023	$	3.15

Operations	0.79

Stock compensation	0.05
Foreign currency	(0.01)
Pensions	(0.02)
Effective tax rate	(0.04)
Interest income from related party	0.08
Share count	0.01


Adjusted diluted earnings from continuing operations per share - June 30, 2024	$	4.01

The table below, which shows results on an adjusted EBITA basis, is intended to supplement the Company's discussion of its results of operations herein.


Nine Months Ended June 30,	2023			2024		Change

Earnings from continuing operations before income taxes	$	1,883		1,341		(29)	%
Percent of sales	17.0		%	10.4	%	(6.6) pts
Interest expense, net	111			157
Interest income from related party	(10)			(86)
Amortization of intangibles	504			958
Restructuring and related costs	54			180
Acquisition/divestiture fees and related costs	48			171
Loss on divestiture of business	—			39
Amortization of acquisition-related inventory step-up	—			231
Gain on subordinated interest	—			(79)
National Instruments investment gain	(47)			—
AspenTech Micromine purchase price hedge	(24)			—
Loss on Copeland note receivable	—			279
Russia business exit charge	47			—
Adjusted EBITA from continuing operations	$	2,566		3,191		24	%
Percent of sales	23.2		%	24.8	%	1.6 pts

Business Segments

Following is an analysis of operating results for the Company’s business segments for the nine months ended June 30, 2023, compared with the nine months ended June 30, 2024. The Company defines segment earnings as earnings before interest and taxes. As a result of the Company's portfolio transformation, the Company has realigned its business segments and now reports six segments and two business groups. See Note 14.

INTELLIGENT DEVICES


	2023			2024		Change		FX		Acq/Div		U/L


Sales:
Final Control	$	2,889		3,037		5	%	1	%	—	%	6	%
Measurement & Analytical	2,550			2,942		15	%	1	%	1	%	17	%
Discrete Automation	1,969			1,863		(5)	%	—	%	—	%	(5)	%
Safety & Productivity	1,034			1,038		—	%	—	%	—	%	—	%
Total	$	8,442		8,880		5	%	1	%	—	%	6	%

Earnings:
Final Control	$	618		706		14	%
Measurement & Analytical	661			761		15	%
Discrete Automation	378			322		(15)	%
Safety & Productivity	228			230		1	%
Total	$	1,885		2,019		7	%
Margin	22.3		%	22.7	%	0.4 pts

Amortization of intangibles:
Final Control	$	66		65
Measurement & Analytical	15			43
Discrete Automation	22			26
Safety & Productivity	20			19
Total	$	123		153

Restructuring and related costs:
Final Control	$	12		5
Measurement & Analytical	2			7
Discrete Automation	20			33
Safety & Productivity	1			2
Total	$	35		47


Adjusted EBITA	$	2,043		2,219		9	%
Adjusted EBITA Margin	24.2		%	25.0	%	0.8 pts

Intelligent Devices sales were $8.9 billion in the first nine months of 2024, an increase of $438, or 5 percent. Underlying sales increased 6 percent on 4 percent higher volume and 2 percent higher price. Underlying sales increased 3 percent in the Americas, Europe increased 8 percent, and Asia, Middle East & Africa was up 10 percent (China down 2 percent). Final Control sales increased $148, or 5 percent, reflecting strength in energy and power end markets. Sales for Measurement & Analytical increased $392, or 15 percent, reflecting robust growth in all geographies and strong backlog conversion. Discrete Automation sales decreased $106, or 5 percent, reflecting softness in all geographies. Safety & Productivity sales increased $4, essentially flat, reflecting moderate results across all geographies. Earnings for Intelligent Devices were $2,019, an increase of $134, or 7 percent, and margin increased 0.4 percentage points to 22.7 percent. Adjusted EBITA margin was 25.0 percent, an increase of 0.8 percentage points, reflecting leverage on higher sales and favorable price less net material inflation, partially offset by increases in other costs.

SOFTWARE AND CONTROL


	2023			2024		Change		FX		Acq/Div		U/L


Sales:
Control Systems & Software	$	1,892		2,062		9	%	—	%	1	%	10	%
Test & Measurement	—			1,104		—	%
AspenTech	793			878		11	%	—	%	—	%	11	%
Total	$	2,685		4,044		51	%	—	%	(41)	%	10	%

Earnings:
Control Systems & Software	$	378		468		24	%
Test & Measurement	—			(245)		—	%
AspenTech	(60)			6		110	%
Total	$	318		229		(28)	%
Margin	11.8		%	5.7	%	(6.1) pts

Amortization of intangibles:
Control Systems & Software	$	17		22
Test & Measurement	—			419
AspenTech	364			364
Total	$	381		805

Restructuring and related costs:
Control Systems & Software	$	7		8
Test & Measurement	—			81
AspenTech	—			—
Total	$	7		89

Adjusted EBITA	$	706		1,123		59	%
Adjusted EBITA Margin	26.3		%	27.8	%	1.5 pts

Software and Control sales were $4,044 in the first nine months of 2024,an increase of $1,359, or 51 percent compared to the prior year, reflecting the impact of the Test & Measurement acquisition. Underlying sales were up 10 percent on 8 percent higher volume and 2 percent higher price. Underlying sales increased 11 percent in the Americas, 12 percent in Europe and 8 percent in Asia, Middle East & Africa (China down 3 percent). Control Systems & Software sales increased $170, or 9 percent, reflecting strong international demand in process and hybrid end markets while power end markets were strong globally. Test & Measurement sales were $1,104 in the first nine months of 2024. AspenTech sales increased $85, or 11 percent, reflecting higher license, maintenance and services revenue. Earnings for Software and Control decreased $89, down 28 percent, and margin decreased 6.1 percentage points, reflecting the impact from $419 of incremental intangibles amortization related to the Test & Measurement acquisition. Adjusted EBITA margin increased 1.5 percentage points, reflecting leverage on higher sales and higher price, partially offset by the impact of the Test & Measurement acquisition.

FINANCIAL CONDITION

Key elements of the Company's financial condition as of and for the nine months ended June 30, 2024 as compared to the year ended September 30, 2023 and the nine months ended June 30, 2023 follow.


	June 30, 2023			Sept 30, 2023			June 30, 2024
Operating working capital	$	(144)		$	1,283		$	1,921
Current ratio	2.4			2.7			1.2
Total debt-to-total capital	28.9		%	28.3		%	32.7		%
Net debt-to-net capital	(8.8)		%	0.5		%	27.3		%
Interest coverage ratio	10.1		X	12.1		X	6.1		X

Operating working capital increased due to the acquisition of NI. As of June 30, 2024, Emerson's cash and equivalents totaled $2,298, which included approximately $240 attributable to AspenTech. The cash held by AspenTech is intended to be used for its own purposes and is not available to return to Emerson shareholders.

The current ratio decreased compared to September 30, 2023, reflecting the decrease in cash and increase in short-term borrowings used to support the NI acquisition. The interest coverage ratio (earnings before income taxes plus interest expense, divided by interest expense) of 6.1X for the first nine months of fiscal 2024 compares to 10.1X for the nine months ended June 30, 2023, reflecting lower GAAP pretax earnings largely due to the NI acquisition. Excluding the impact from acquisition-related inventory step-up amortization of $231, higher intangibles amortization of $454, acquisition/divestiture fees and related costs of $171, higher restructuring and related costs of $127, the loss of $279 on the Copeland note receivable and the gain on subordinated interest of $79, the interest coverage ratio was 10.7X.

Operating cash flow from continuing operations for the first nine months of fiscal 2024 was $2,244, an increase of $525 compared with $1,719 in the prior year, reflecting higher earnings (excluding the impact of items related to the NI acquisition and the loss on the Copeland note receivable) and favorable changes in working capital. Acquisition-related costs and integration activities negatively impacted operating cash flow in the current year by approximately $210. AspenTech generated operating cash flow of approximately $320 compared to approximately $295 in the prior year. Free cash flow from continuing operations of $1,993 in the first nine months of fiscal 2024 (operating cash flow of $2,244 less capital expenditures of $251) increased $468 compared to free cash flow of $1,525 in 2023 (operating cash flow of $1,719 less capital expenditures of $194), reflecting the increase in operating cash flow, partially offset by higher capital expenditures. Cash used in investing activities from continuing operations was $8,600, reflecting the acquisition of NI. Cash provided by financing activities from continuing operations was $583, reflecting an increase in short-term borrowings of $2,229, partially offset by the repayment of €500 of euro-denominated debt that was due in May 2024, share repurchases and dividends.

Total cash provided by operating activities was $2,248 including the impact of discontinued operations, and increased $968 compared with $1,280 in the prior year.

Subsequent to the end of the quarter, the Company completed the sale of its note receivable to Copeland on August 2, 2024 and received $1.9 billion of pretax cash proceeds. The Company expects the sale of its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion to close by the end of August 2024. The Company intends to use the approximately $2.9 billion of after-tax cash proceeds from both transactions to pay down its existing debt obligations.

Emerson maintains a conservative financial structure to provide the strength and flexibility necessary to achieve our strategic objectives and has been successful in efficiently deploying cash where needed worldwide to fund operations, complete acquisitions and sustain long-term growth. Emerson is in a strong financial position, with total assets of $46 billion and common stockholders' equity of $21 billion, and has the resources available for reinvestment in existing businesses, strategic acquisitions and managing its capital structure on a short- and long-term basis.

FISCAL 2024 OUTLOOK

For the full year, consolidated net sales from continuing operations are expected to be up approximately 15 percent, with underlying sales up approximately 6 percent excluding an approximate 9.5 percent impact from the NI acquisition and a 0.5 percent unfavorable impact from foreign currency. Earnings per share from continuing operations are expected to be $2.82 to $2.87, while adjusted earnings per share from continuing operations are expected to be $5.45 to $5.50 (see the following reconciliation).


Outlook for Fiscal 2024 Earnings Per Share						2024

Diluted earnings from continuing operations per share						$2.82 - $2.87

Amortization of intangibles						~ 1.42
Restructuring and related costs						~ 0.34
Loss on Copeland note receivable						0.38
Amortization of acquisition-related inventory step-up						0.38
Acquisition/divestiture fees and related costs						~ 0.24
Divestiture loss / (gain), net						(0.03)
Discrete tax benefits						(0.10)

Adjusted diluted earnings from continuing operations per share						$5.45- $5.50

Operating cash flow from continuing operations is expected to be approximately $3.2 billion and free cash flow from continuing operations, which excludes projected capital spending of approximately $0.4 billion, is expected to be approximately $2.8 billion. The fiscal 2024 outlook assumes approximately $300 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments.

Statements in this report that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, and inflation, among others, which are set forth in the “Risk Factors” of Part I, Item 1A, and the "Safe Harbor Statement" of Part II, Item 7, to the Company's Annual Report on Form 10-K for the year ended September 30, 2023 and in subsequent reports filed with the SEC, which are hereby incorporated by reference.

Item 4. Controls and Procedures

The Company maintains a system of disclosure controls and procedures designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported in a timely manner. This system also is designed to ensure information is accumulated and communicated to management, including the Company's certifying officers, to allow timely decisions regarding required disclosure. Based on an evaluation performed, the certifying officers have concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.

Notwithstanding the foregoing, there can be no assurance that the Company's disclosure controls and procedures will detect or uncover all failures of persons within the Company and its consolidated subsidiaries to report material information otherwise required to be set forth in the Company's reports.

There was no change in the Company's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Neither the Company nor any “affiliated purchaser” repurchased any shares of Company common stock during the three-month period ended June 30, 2024. In March 2020, the Board of Directors authorized the purchase of 60 million shares and a total of approximately 31.4 shares remain available for purchase under the authorization.

Item 5. Other Information

During the three-month period ended June 30, 2024, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

Item 6. Exhibits

(a) Exhibits (Listed by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K).





















2.1*			Note Purchase Agreement, dated as of June 6, 2024, among Emerson Electric Co., EMR Holdings, Inc., Emerald JV Holdings L.P., and EMRLD Seller Notes Issuer LP, incorporated by reference to the Company’s Form 8-K filed on June 6, 2024, File No. 1-278, Exhibit 2.1.

2.2*			Unit Purchase Agreement, dated as of June 6, 2024, among Emersub 21 LLC, Emersub 22 LLC, Humboldt Hermetic Motor Corp., Emersub XLVI, Inc., BCP Emerald Aggregator L.P., Emerald JV Holdings L.P., and Emerald JV Holdings G.P. LLC, incorporated by reference to the Company’s Form 8-K filed on June 6, 2024, File No. 1-278, Exhibit 2.2.

31			Certifications pursuant to Exchange Act Rule 13a-14(a).

32			Certifications pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350.

101			Attached as Exhibit 101 to this report are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the three and nine months ended June 30, 2024 and 2023, (ii) Consolidated Statements of Comprehensive Income for the three and nine months ended June 30, 2024 and 2023, (iii) Consolidated Balance Sheets as of September 30, 2023 and June 30, 2024, (iv) Consolidated Statements of Equity for the three and nine months ended June 30, 2024 and 2023, (v) Consolidated Statements of Cash Flows for the nine months ended June 30, 2024 and 2023, and (vi) Notes to Consolidated Financial Statements for the three and nine months ended June 30, 2024 and 2023.

104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

			* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Emerson agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EMERSON ELECTRIC CO.

/s/ M. J. Baughman

M. J. Baughman

Executive Vice President, Chief Financial Officer

and Chief Accounting Officer

(on behalf of the registrant and as Chief Financial Officer)

August 7, 2024

Exhibit 31

Certification

I, S. L. Karsanbhai, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Emerson Electric Co.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


			/s/ S. L. Karsanbhai
			S. L. Karsanbhai
			President and
			Chief Executive Officer
			Emerson Electric Co.
			August 7, 2024

Certification

I, M. J. Baughman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Emerson Electric Co.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


			/s/ M. J. Baughman
			M. J. Baughman
			Executive Vice President,
			Chief Financial Officer and
			Chief Accounting Officer
			Emerson Electric Co.
			August 7, 2024

Exhibit 32

CERTIFICATION PURSUANT TO

EXCHANGE ACT RULE 13a-14(b) AND

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Emerson Electric Co. (the "Company") on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, S. L. Karsanbhai, certify, to the best of my knowledge, pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, that:


(1)			The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)			The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


			/s/ S. L. Karsanbhai
			S. L. Karsanbhai
			President and
			Chief Executive Officer
			Emerson Electric Co.
			August 7, 2024

CERTIFICATION PURSUANT TO

EXCHANGE ACT RULE 13a-14(b) AND

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Emerson Electric Co. (the "Company") on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, M.J. Baughman, certify, to the best of my knowledge, pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, that:


(1)			The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)			The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


			/s/ M. J. Baughman
			M. J. Baughman
			Executive Vice President,
			Chief Financial Officer and
			Chief Accounting Officer
			Emerson Electric Co.
			August 7, 2024

Cover shares in Millions	9 Months Ended
Cover shares in Millions	Jun. 30, 2024 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-278
Entity Registrant Name	EMERSON ELECTRIC CO.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-0259330
Entity Address, Address Line One	8000 W. Florissant Ave.
Entity Address, Address Line Two	P.O. Box 4100
Entity Address, City or Town	St. Louis,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63136
City Area Code	314
Local Phone Number	553-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	572.7
Entity Central Index Key	0000032604
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
New York Stock Exchange \| Common Stock of $0.50 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock of $0.50 par value per share
Trading Symbol	EMR
Security Exchange Name	NYSE
New York Stock Exchange \| 1.250% Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2025
Trading Symbol	EMR 25A
Security Exchange Name	NYSE
New York Stock Exchange \| 2.000% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	2.000% Notes due 2029
Trading Symbol	EMR 29
Security Exchange Name	NYSE
NYSE Chicago \| Common Stock of $0.50 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock of $0.50 par value per share
Trading Symbol	EMR
Security Exchange Name	CHX

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales	$ 4,380	$ 3,946	$ 12,873	$ 11,075
Cost of sales	2,066	1,952	6,359	5,660
Selling, general and administrative expenses	1,254	1,042	3,827	3,072
Gain on subordinated interest	0	0	(79)	0
Loss on Copeland note receivable	279	0	279	0
Other deductions, net	294	130	1,075	359
Interest expense (net of interest income of $58, $32, $96 and $105, respectively)	56	10	157	111
Earnings from continuing operations before income taxes	455	822	1,341	1,883
Income taxes	88	168	266	400
Earnings from continuing operations	367	654	1,075	1,483
Discontinued operations, net of tax of $2,004, $5, $3,009 and $27, respectively	(15)	8,712	(88)	10,979
Net earnings	352	9,366	987	12,462
Less: Noncontrolling interests in subsidiaries	23	14	15	(13)
Net earnings common stockholders	329	9,352	972	12,475
Earnings common stockholders:
Earnings from continuing operations	344	643	1,060	1,502
Discontinued operations	$ (15)	$ 8,709	$ (88)	$ 10,973
Basic earnings per share common stockholders:
Earnings from continuing operations (in dollars per share)	$ 0.60	$ 1.12	$ 1.85	$ 2.61
Discontinued operations (in dollars per share)	(0.02)	15.24	(0.15)	19.06
Basic earnings per common share (in dollars per share)	0.58	16.36	1.70	21.67
Diluted earnings per share common stockholders:
Earnings from continuing operations (in dollars per share)	0.60	1.12	1.84	2.60
Discontinued operations (in dollars per share)	(0.03)	15.16	(0.15)	18.96
Diluted earnings per common share (in dollars per share)	$ 0.57	$ 16.28	$ 1.69	$ 21.56
Weighted average outstanding shares:
Basic (in shares)	571.9	570.9	571.4	575.1
Diluted (in shares)	574.8	574.0	574.1	578.1
Related Party
Interest income from related party	$ (24)	$ (10)	$ (86)	$ (10)

Consolidated Statements Of Earnings (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Interest income	$ 32	$ 58	$ 105	$ 96
Discontinued operation taxes	$ 5	$ 2,004	$ 27	$ 3,009

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 352	$ 9,366	$ 987	$ 12,462
Other comprehensive income (loss), net of tax:
Foreign currency translation	(124)	86	56	437
Pension and postretirement	(12)	10	(36)	(23)
Cash flow hedges	(6)	(19)	(4)	4
Total other comprehensive income (loss)	(142)	77	16	418
Comprehensive income	210	9,443	1,003	12,880
Less: Noncontrolling interests in subsidiaries	21	15	15	(8)
Comprehensive income common stockholders	$ 189	$ 9,428	$ 988	$ 12,888

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Current assets
Cash and equivalents	$ 2,298	$ 8,051
Receivables, less allowances of $100 and $115, respectively	2,761	2,518
Inventories	2,303	2,006
Other current assets	1,458	1,244
Total current assets	8,820	13,819
Property, plant and equipment, net	2,688	2,363
Other assets
Goodwill	17,936	14,480
Other intangible assets	10,627	6,263
Copeland note receivable and equity investment held-for-sale	2,908	3,255
Other	2,606	2,566
Total other assets	34,077	26,564
Total assets	45,585	42,746
Current liabilities
Short-term borrowings and current maturities of long-term debt	2,991	547
Accounts payable	1,251	1,275
Accrued expenses	3,350	3,210
Total current liabilities	7,592	5,032
Long-term debt	7,111	7,610
Other liabilities	4,194	3,506
Equity
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 572.0 shares and 572.7 shares, respectively	477	477
Additional paid-in-capital	140	62
Retained earnings	40,135	40,070
Accumulated other comprehensive income (loss)	(1,237)	(1,253)
Cost of common stock in treasury, 381.4 shares and 380.7 shares, respectively	(18,716)	(18,667)
Common stockholders’ equity	20,799	20,689
Noncontrolling interests in subsidiaries	5,889	5,909
Total equity	26,688	26,598
Total liabilities and equity	$ 45,585	$ 42,746

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 115	$ 100
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	1,200.0	1,200.0
Common stock, shares issued (in shares)	953.4	953.4
Common stock, shares outstanding (in shares)	572.7	572.0
Treasury stock, shares (in shares)	380.7	381.4

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common stockholders' equity	Common stock	Additional paid-in-capital	Additional paid-in-capital AspenTech	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests in subsidiaries	Noncontrolling interests in subsidiaries AspenTech
Stockholders' equity, beginning balance at Sep. 30, 2022			$ 477	$ 57		$ 28,053	$ (1,485)	$ (16,738)	$ 5,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plans				111
AspenTech purchases of common stock					$ (56)
Purchases								(2,000)		$ (44)
Net earnings common stockholders	$ 12,475					12,475
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively)						(904)			(1)
Foreign currency translation	437						432
Pension and postretirement	(23)						(23)
Cash flow hedges	4						4
Issued under stock plans								61
Net earnings (loss)									(13)
Stock plans									79
Climate Technologies divestiture									(29)
Other comprehensive income	418								5
Stockholders' equity, ending balance at Jun. 30, 2023	26,413	$ 20,464	477	112		39,624	(1,072)	(18,677)	5,949
Stockholders' equity, beginning balance at Mar. 31, 2023			477	138		30,571	(1,148)	(18,678)	5,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plans				30
AspenTech purchases of common stock					(56)
Purchases								0		(44)
Net earnings common stockholders	9,352					9,352
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively)						(299)			(1)
Foreign currency translation	86						85
Pension and postretirement	10						10
Cash flow hedges	(19)						(19)
Issued under stock plans								1
Net earnings (loss)									14
Stock plans									21
Climate Technologies divestiture									(29)
Other comprehensive income	77								1
Stockholders' equity, ending balance at Jun. 30, 2023	26,413	20,464	477	112		39,624	(1,072)	(18,677)	5,949
Stockholders' equity, beginning balance at Sep. 30, 2023	26,598		477	62		40,070	(1,253)	(18,667)	5,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plans				186
AspenTech purchases of common stock					(108)
Purchases								(175)		(80)
Net earnings common stockholders	972					972
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively)						(907)			(3)
Foreign currency translation	56						56
Pension and postretirement	(36)						(36)
Cash flow hedges	(4)						(4)
Issued under stock plans								126
Net earnings (loss)									15
Stock plans									48
Climate Technologies divestiture									0
Other comprehensive income	16								0
Stockholders' equity, ending balance at Jun. 30, 2024	26,688	20,799	477	140		40,135	(1,237)	(18,716)	5,889
Stockholders' equity, beginning balance at Mar. 31, 2024			477	158		40,108	(1,097)	(18,746)	5,881
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plans				16
AspenTech purchases of common stock					$ (34)
Purchases								0		$ (25)
Net earnings common stockholders	329					329
Dividends paid (per share: $0.52, $0.525, $1.56 and $1.575, respectively)						(302)			(3)
Foreign currency translation	(124)						(122)
Pension and postretirement	(12)						(12)
Cash flow hedges	(6)						(6)
Issued under stock plans								30
Net earnings (loss)									23
Stock plans									15
Climate Technologies divestiture									0
Other comprehensive income	(142)								(2)
Stockholders' equity, ending balance at Jun. 30, 2024	$ 26,688	$ 20,799	$ 477	$ 140		$ 40,135	$ (1,237)	$ (18,716)	$ 5,889

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.525	$ 0.52	$ 1.56	$ 1.575

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net earnings	$ 987	$ 12,462
Earnings from discontinued operations, net of tax	88	(10,979)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,263	780
Stock compensation	203	198
Amortization of acquisition-related inventory step-up	231	0
Gain on subordinated interest	(79)	0
Changes in operating working capital	(176)	(359)
Loss on Copeland note receivable	279	0
Other, net	(552)	(383)
Cash from continuing operations	2,244	1,719
Cash from discontinued operations	4	(439)
Cash provided by operating activities	2,248	1,280
Investing activities
Capital expenditures	(251)	(194)
Purchases of businesses, net of cash and equivalents acquired	(8,342)	0
Proceeds from subordinated interest	79	15
Proceeds from related party note receivable	0	918
Other, net	(86)	(124)
Cash from continuing operations	(8,600)	615
Cash from discontinued operations	36	12,485
Cash provided by (used in) investing activities	(8,564)	13,100
Financing activities
Net increase (decrease) in short-term borrowings	2,229	(1,476)
Proceeds from short-term borrowings greater than three months	322	395
Payments of short-term borrowings greater than three months	(100)	(400)
Payments of long-term debt	(547)	(744)
Dividends paid	(901)	(900)
Purchases of common stock	(175)	(2,000)
AspenTech purchases of common stock	(188)	(100)
Payment of related party note payable	0	(918)
Other, net	(57)	(159)
Cash provided by (used in) financing activities	583	(6,302)
Effect of exchange rate changes on cash and equivalents	(20)	75
Increase (decrease) in cash and equivalents	(5,753)	8,153
Beginning cash and equivalents	8,051	1,804
Ending cash and equivalents	2,298	9,957
Changes in operating working capital
Receivables	44	(114)
Inventories	(34)	(259)
Other current assets	(130)	27
Accounts payable	(61)	(71)
Accrued expenses	5	58
Changes in operating working capital	$ (176)	$ (359)

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	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. Certain prior year amounts have been reclassified to conform to the current year presentation. On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and its note receivable to Copeland for $1.9 billion. As a result of the definitive agreements, the equity interest and note receivable are reported as held-for-sale, and the equity method losses related to the Company's non-controlling common equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented (see Notes 5 and 10).

REVENUE RECOGNITION

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION


	Sept 30, 2023			June 30, 2024
Unbilled receivables (contract assets)		$	1,453		1,541
Customer advances (contract liabilities)		(897)			(1,158)
Net contract assets (liabilities)		$	556		383

COMMON SHARES

9 Months Ended

Jun. 30, 2024

Weighted Average Number of Shares Outstanding Reconciliation [Abstract]

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 June 30,		Nine Months Ended June 30,
	2023	2024	2023	2024

Basic shares outstanding	570.9	571.9	575.1	571.4
Dilutive shares	3.1	2.9	3.0	2.7
Diluted shares outstanding	574.0	574.8	578.1	574.1

ACQUISITIONS AND DIVESTITURES

9 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS AND DIVESTITURES

National Instruments

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 closing	634
Total consideration paid in cash at closing	8,467
Fair value of NI shares already owned by Emerson prior to acquisition	137
Value of stock-based compensation awards attributable to pre-combination service	49
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
Receivables	310
Inventory	496
Other current assets	140
Property, plant and equipment	329
Goodwill ($121 expected to be tax-deductible)	3,434
Other intangible assets	5,275
Other assets	113
Total assets	10,232

Accounts payable	52
Accrued expenses	328
Deferred taxes and other liabilities	1,199
Total purchase consideration	$	8,653

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


	Amount		Estimated Weighted Average Life (Years)
Developed technology	$	1,570	9
Customer relationships	3,360		15
Trade names	210		9
Backlog	135		1
Total	$	5,275

Pro Forma Financial Information


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Net Sales	$	4,363	4,380	12,377	12,892
Net earnings from continuing operations common stockholders	$	581	374	887	1,396
Diluted earnings per share from continuing operations	$	1.00	0.65	1.53	2.43

Pro forma Net sales for the three and nine months ended June 30, 2023 include $417 and $1,302, respectively, attributable to NI.

Other Transactions

DISCONTINUED OPERATIONS

9 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS


	Three Months Ended June 30, 2023
	Climate Technologies		ISE	Total
Net sales	$	847	—	847
Cost of sales	516		—	516
SG&A	122		—	122
Gain on sale of business	(10,576)		—	(10,576)
Other deductions, net	69		—	69
Earnings before income taxes	10,716		—	10,716
Income taxes	2,004		—	2,004
Earnings, net of tax	$	8,712	—	8,712

	Nine Months Ended June 30, 2023
	Climate Technologies		ISE	Total
Net sales	$	3,156	49	3,205
Cost of sales	2,000		29	2,029
SG&A	391		8	399
Gain on sale of business	(10,576)		(2,783)	(13,359)
Other deductions, net	136		12	148
Earnings before income taxes	11,205		2,783	13,988
Income taxes	2,356		653	3,009
Earnings, net of tax	$	8,849	2,130	10,979

Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the nine months ended June 30, 2024 and 2023 were as follows:


	Climate Technologies				ISE and TOD				Total
	Nine Months Ended June 30,				Nine Months Ended June 30,			Nine Months Ended June 30,
		2023		2024		2023	2024		2023	2024
Cash from operating activities		$	156	4		(595)	—		(439)	4
Cash from investing activities		$	9,430	36		3,055	—		12,485	36

PENSION & POSTRETIREMENT PLANS

9 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

PENSION & POSTRETIREMENT PLANS

Total periodic pension and postretirement (income) expense is summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Service cost		$	12	9		36	27
Interest cost		54		55		162	165
Expected return on plan assets		(71)		(74)		(213)	(222)
Net amortization		(18)		(14)		(58)	(42)
Total		$	(23)	(24)		(73)	(72)

OTHER DEDUCTIONS, NET

9 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

OTHER DEDUCTIONS, NET

Other deductions, net are summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2023			2024		2023	2024

Amortization of intangibles (intellectual property and customer relationships)		$	120	264		357	811
Restructuring costs		12		57		41	170
Acquisition/divestiture costs		38		7		48	92
Foreign currency transaction (gains) losses		22		9		41	60
Investment-related gains & gains from sales of capital assets		(26)		—		(63)	—
Loss on divestiture of business		—		—		—	39
Russia business exit		—		—		47	—
Other		(36)		(43)		(112)	(97)
Total		$	130	294		359	1,075

RESTRUCTURING COSTS

9 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING COSTS

Restructuring expense by business segment follows:


	Three Months Ended June 30,					Nine Months Ended June 30,
	2023			2024		2023		2024

Final Control		$	(2)		5		(1)		1
Measurement & Analytical		1			3		2		7
Discrete Automation		12			16		20		33
Safety & Productivity		(1)			1		1		2
Intelligent Devices		10			25		22		43

Control Systems & Software		1			3		7		7
Test & Measurement		—			24		—		78
AspenTech		—			—		—		—
Software and Control		1			27		7		85

Corporate		1			5		12		42

Total		$	12		57		41		170

Details of the change in the liability for restructuring costs during the nine months ended June 30, 2024 follow:


	Sept 30, 2023			Expense		Utilized/Paid		June 30, 2024

Severance and benefits		$	85		142		129		98




Other		2			28		24		6
Total		$	87		170		153		104

TAXES	9 Months Ended
TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
TAXES	TAXES Income taxes were $88 in the third quarter of fiscal 2024 and $168 in 2023, resulting in effective tax rates of 19 percent and 21 percent, respectively. The current year rate reflected a 3 percentage point benefit related to the filing of the prior year U.S. tax return, partially offset by other items. Income taxes were $266 in the first nine of months of fiscal 2024 and $400 in 2023, resulting in effective tax rates of 20 percent and 21 percent, respectively. The current year rate included a $57 ($0.10 per share) benefit related to discrete tax items and the benefit discussed above related to the prior year U.S. tax return, partially offset by unfavorable impacts from inventory step-up amortization and the loss on divestiture (see Note 4), which was nondeductible for tax purposes. In total, the net impact of these items benefited the rate by approximately 2 percentage points, which was partially offset by other items.

EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE

9 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE


	Three Months Ended June 30,		Nine Months Ended June 30,
	2024		2024
Net sales	$	1,259	$	3,458
Gross profit	$	441	$	1,198
Income (loss) from continuing operations	$	(40)	$	(280)
Net income (loss)	$	(40)	$	(280)
Net income (loss) attributable to shareholders	$	(40)	$	(278)

OTHER FINANCIAL INFORMATION

9 Months Ended

Jun. 30, 2024

Other Financial Information [Abstract]

OTHER FINANCIAL INFORMATION


	Sept 30, 2023			June 30, 2024
Inventories
Finished products		$	446		551
Raw materials and work in process		1,560			1,752
Total		$	2,006		2,303




Property, plant and equipment, net
Property, plant and equipment, at cost	$	5,524	5,994
Less: Accumulated depreciation	3,161		3,306
Total	$	2,363	2,688



	Sept 30, 2023		June 30, 2024
Goodwill by business segment
Final Control	$	2,660	2,668
Measurement & Analytical	1,545		1,548
Discrete Automation	892		899
Safety & Productivity	388		391
Intelligent Devices	5,485		5,506


Control Systems & Software	668		670
Test & Measurement	—		3,433
AspenTech	8,327		8,327
Software and Control	8,995		12,430

Total	$	14,480	17,936



Other intangible assets
Gross carrying amount	$	10,111	15,443
Less: Accumulated amortization	3,848		4,816
Net carrying amount	$	6,263	10,627

Other intangible assets include customer relationships, net, of $3,353 and $6,325 and intellectual property, net, of $2,707 and $4,067 as of September 30, 2023 and June 30, 2024, respectively.

The increase in goodwill and intangibles was primarily due to the NI acquisition. See Note 4.


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Depreciation and amortization expense include the following:
Depreciation expense	$	67	80	213	238
Amortization of intangibles (includes $49, $49, $147 and $147 reported in Cost of Sales, respectively)	169		313	504	958
Amortization of capitalized software	21		24	63	67
Total	$	257	417	780	1,263

Amortization of intangibles included $139 and $419 related to the NI acquisition for the three and nine months ended June 30, 2024.


	Sept 30, 2023			June 30, 2024
Other assets include the following:
Pension assets		$	995		1,070
Operating lease right-of-use assets		550			685
Unbilled receivables (contract assets)		559			515
Deferred income taxes		100			59
Asbestos-related insurance receivables		53			38


	Sept 30, 2023			June 30, 2024
Accrued expenses include the following:
Customer advances (contract liabilities)		$	861		1,088
Employee compensation		618			630
Income taxes		207			231
Operating lease liabilities (current)		144			153
Product warranty		84			74



Other liabilities include the following:
Deferred income taxes	$	1,959	2,507
Operating lease liabilities (noncurrent)	404		511
Pension and postretirement liabilities	435		443
Asbestos litigation	173		161

The increase in deferred income tax liabilities reflects the impact of the NI acquisition. See Note 4.

FINANCIAL INSTRUMENTS

9 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and nine months ended June 30, 2023 and 2024:


		Into Earnings					Into OCI
		3rd Quarter			Nine Months		3rd Quarter		Nine Months
Gains (Losses)	Location	2023		2024	2023	2024	2023	2024	2023	2024
Commodity	Cost of sales	$	(9)	—	(19)	—	(13)	—	6	—
Foreign currency	Sales	—		—	(2)	—	(2)	5	1	7
Foreign currency	Cost of sales	42		3	60	9	24	(10)	38	(3)
Foreign currency	Other deductions, net	(91)		(12)	(108)	(23)

Net Investment Hedges
Euro denominated debt		$	16	—	16	—	(46)	25	(183)	(27)
Total		$	(42)	(9)	(53)	(14)	(37)	20	(138)	(23)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Jun. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


Activity in Accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2023 and 2024 is shown below, net of income taxes:
	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Foreign currency translation
Beginning balance		$	(918)	(834)		(1,265)	(1,012)
Other comprehensive income (loss), net of tax of $3, $(6), $35 and $6, respectively		(10)		(122)		337	33
Reclassification to loss on divestiture of business		95		—		95	23
Ending balance		(833)		(956)		(833)	(956)

Pension and postretirement
Beginning balance		(255)		(271)		(222)	(247)
Amortization of deferred actuarial losses into earnings, net of tax of $6, $2, $13 and $6, respectively		(12)		(12)		(45)	(36)
Reclassified to gain on sale of business		22		—		22	—
Ending balance		(245)		(283)		(245)	(283)

Cash flow hedges
Beginning balance		25		8		2	6
Gains deferred during the period, net of taxes of $(2), $1, $(11) and $(1), respectively		7		(4)		34	3
Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $1, $1, $3 and $2, respectively		(7)		(2)		(11)	(7)
Reclassified to gain on sale of business		(19)		—		(19)	—

Ending balance		6		2		6	2

Accumulated other comprehensive income (loss)		$	(1,072)	(1,237)		(1,072)	(1,237)

BUSINESS SEGMENTS

9 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENTS

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


	Three Months Ended June 30,					Nine Months Ended June 30,
	Sales			Earnings (Loss)		Sales		Earnings (Loss)
	2023		2024	2023	2024	2023	2024	2023	2024

Final Control	$	1,035	1,046	245	253	2,889	3,037	618	706
Measurement & Analytical	913		982	257	252	2,550	2,942	661	761
Discrete Automation	668		618	124	109	1,969	1,863	378	322
Safety & Productivity	363		351	82	79	1,034	1,038	228	230
Intelligent Devices	2,979		2,997	708	693	8,442	8,880	1,885	2,019

Control Systems & Software	663		700	144	168	1,892	2,062	378	468
Test & Measurement	—		355	—	(88)	—	1,104	—	(245)
AspenTech	320		343	27	49	793	878	(60)	6
Software and Control	983		1,398	171	129	2,685	4,044	318	229

Stock compensation				(56)	(56)			(198)	(203)
Unallocated pension and postretirement costs				42	38			133	107
Corporate and other				(43)	(38)			(154)	(540)
Loss on Copeland note receivable				—	(279)			—	(279)
Gain on subordinated interest				—	—			—	79
Eliminations/Interest	(16)		(15)	(10)	(56)	(52)	(51)	(111)	(157)
Interest income from related party				10	24			10	86
Total	$	3,946	4,380	822	455	11,075	12,873	1,883	1,341

Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Final Control		$	39	41		129	120
Measurement & Analytical		26		32		84	105
Discrete Automation		20		22		63	65
Safety & Productivity		15		14		44	43
Intelligent Devices		100		109		320	333

Control Systems & Software		22		26		67	75
Test & Measurement		—		150		—	454
AspenTech		123		122		369	369
Software and Control		145		298		436	898

Corporate and other		12		10		24	32
Total		$	257	417		780	1,263

Test & Measurement depreciation and amortization for the three and nine months ended June 30, 2024 included intangibles amortization of $139 and $419 due to the acquisition.

Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below:


	Three Months Ended June 30,						Three Months Ended June 30,
	2023						2024
		Americas		AMEA	Europe	Total	Americas	AMEA	Europe	Total
Final Control		$	498	399	138	1,035	509	398	139	1,046
Measurement & Analytical		482		303	128	913	488	345	149	982
Discrete Automation		312		180	176	668	294	154	170	618
Safety & Productivity		269		18	76	363	262	18	71	351
Intelligent Devices		1,561		900	518	2,979	1,553	915	529	2,997

Control Systems & Software		322		207	134	663	326	224	150	700
Test & Measurement		—		—	—	—	160	98	97	355
AspenTech		111		104	105	320	167	75	101	343
Software and Control		433		311	239	983	653	397	348	1,398


Total		$	1,994	1,211	757	3,962	2,206	1,312	877	4,395

	Nine Months Ended June 30,						Nine Months Ended June 30,
	2023						2024
		Americas		AMEA	Europe	Total	Americas	AMEA	Europe	Total
Final Control		$	1,438	1,069	382	2,889	1,476	1,172	389	3,037
Measurement & Analytical		1,333		853	364	2,550	1,475	1,004	463	2,942
Discrete Automation		914		539	516	1,969	874	477	512	1,863
Safety & Productivity		777		51	206	1,034	774	53	211	1,038
Intelligent Devices		4,462		2,512	1,468	8,442	4,599	2,706	1,575	8,880

Control Systems & Software		930		578	384	1,892	972	650	440	2,062
Test & Measurement		—		—	—	—	486	295	323	1,104
AspenTech		337		228	228	793	428	208	242	878
Software and Control		1,267		806	612	2,685	1,886	1,153	1,005	4,044


Total		$	5,729	3,318	2,080	11,127	6,485	3,859	2,580	12,924

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings common stockholders	$ 329	$ 9,352	$ 972	$ 12,475

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

REVENUE RECOGNITION (Tables)

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities


	Sept 30, 2023			June 30, 2024
Unbilled receivables (contract assets)		$	1,453		1,541
Customer advances (contract liabilities)		(897)			(1,158)
Net contract assets (liabilities)		$	556		383

COMMON SHARES (Tables)

9 Months Ended

Jun. 30, 2024

Weighted Average Number of Shares Outstanding Reconciliation [Abstract]

Schedule of Basic and Diluted Earnings Per Share Reconciliation

Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential.


	Three Months Ended June 30,		Nine Months Ended June 30,
	2023	2024	2023	2024

Basic shares outstanding	570.9	571.9	575.1	571.4
Dilutive shares	3.1	2.9	3.0	2.7
Diluted shares outstanding	574.0	574.8	578.1	574.1

ACQUISITIONS AND DIVESTITURES (Tables)

9 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Consideration

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 closing	634
Total consideration paid in cash at closing	8,467
Fair value of NI shares already owned by Emerson prior to acquisition	137
Value of stock-based compensation awards attributable to pre-combination service	49
Total purchase consideration	$	8,653

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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
Receivables	310
Inventory	496
Other current assets	140
Property, plant and equipment	329
Goodwill ($121 expected to be tax-deductible)	3,434
Other intangible assets	5,275
Other assets	113
Total assets	10,232

Accounts payable	52
Accrued expenses	328
Deferred taxes and other liabilities	1,199
Total purchase consideration	$	8,653

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

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


	Amount		Estimated Weighted Average Life (Years)
Developed technology	$	1,570	9
Customer relationships	3,360		15
Trade names	210		9
Backlog	135		1
Total	$	5,275

Schedule of Business Acquisition Pro Forma Information


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Net Sales	$	4,363	4,380	12,377	12,892
Net earnings from continuing operations common stockholders	$	581	374	887	1,396
Diluted earnings per share from continuing operations	$	1.00	0.65	1.53	2.43

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

For the three and nine months ended June 30, 2023, the financial results of Climate Technologies (including equity method losses on the equity interest in Copeland) and InSinkErator ("ISE") are reported as discontinued operations and were as follows:


	Three Months Ended June 30, 2023
	Climate Technologies		ISE	Total
Net sales	$	847	—	847
Cost of sales	516		—	516
SG&A	122		—	122
Gain on sale of business	(10,576)		—	(10,576)
Other deductions, net	69		—	69
Earnings before income taxes	10,716		—	10,716
Income taxes	2,004		—	2,004
Earnings, net of tax	$	8,712	—	8,712

	Nine Months Ended June 30, 2023
	Climate Technologies		ISE	Total
Net sales	$	3,156	49	3,205
Cost of sales	2,000		29	2,029
SG&A	391		8	399
Gain on sale of business	(10,576)		(2,783)	(13,359)
Other deductions, net	136		12	148
Earnings before income taxes	11,205		2,783	13,988
Income taxes	2,356		653	3,009
Earnings, net of tax	$	8,849	2,130	10,979

Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the nine months ended June 30, 2024 and 2023 were as follows:


	Climate Technologies				ISE and TOD				Total
	Nine Months Ended June 30,				Nine Months Ended June 30,			Nine Months Ended June 30,
		2023		2024		2023	2024		2023	2024
Cash from operating activities		$	156	4		(595)	—		(439)	4
Cash from investing activities		$	9,430	36		3,055	—		12,485	36

PENSION & POSTRETIREMENT PLANS (Tables)

9 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Pension and Postretirement Plan Expenses

Total periodic pension and postretirement (income) expense is summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Service cost		$	12	9		36	27
Interest cost		54		55		162	165
Expected return on plan assets		(71)		(74)		(213)	(222)
Net amortization		(18)		(14)		(58)	(42)
Total		$	(23)	(24)		(73)	(72)

OTHER DEDUCTIONS, NET (Tables)

9 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Deductions, Net

Other deductions, net are summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2023			2024		2023	2024

Amortization of intangibles (intellectual property and customer relationships)		$	120	264		357	811
Restructuring costs		12		57		41	170
Acquisition/divestiture costs		38		7		48	92
Foreign currency transaction (gains) losses		22		9		41	60
Investment-related gains & gains from sales of capital assets		(26)		—		(63)	—
Loss on divestiture of business		—		—		—	39
Russia business exit		—		—		47	—
Other		(36)		(43)		(112)	(97)
Total		$	130	294		359	1,075

RESTRUCTURING COSTS (Tables)

9 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Expense by Segment

Restructuring expense by business segment follows:


	Three Months Ended June 30,					Nine Months Ended June 30,
	2023			2024		2023		2024

Final Control		$	(2)		5		(1)		1
Measurement & Analytical		1			3		2		7
Discrete Automation		12			16		20		33
Safety & Productivity		(1)			1		1		2
Intelligent Devices		10			25		22		43

Control Systems & Software		1			3		7		7
Test & Measurement		—			24		—		78
AspenTech		—			—		—		—
Software and Control		1			27		7		85

Corporate		1			5		12		42

Total		$	12		57		41		170

Schedule of Change in Restructuring Reserve by Type of Cost

Details of the change in the liability for restructuring costs during the nine months ended June 30, 2024 follow:


	Sept 30, 2023			Expense		Utilized/Paid		June 30, 2024

Severance and benefits		$	85		142		129		98




Other		2			28		24		6
Total		$	87		170		153		104

EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE (Tables)

9 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Financial Information

Summarized financial information for Copeland for the three and nine months ended June 30, 2024 is as follows.


	Three Months Ended June 30,		Nine Months Ended June 30,
	2024		2024
Net sales	$	1,259	$	3,458
Gross profit	$	441	$	1,198
Income (loss) from continuing operations	$	(40)	$	(280)
Net income (loss)	$	(40)	$	(280)
Net income (loss) attributable to shareholders	$	(40)	$	(278)

OTHER FINANCIAL INFORMATION (Tables)

9 Months Ended

Jun. 30, 2024

Other Financial Information [Abstract]

Schedule of Inventories


	Sept 30, 2023			June 30, 2024
Inventories
Finished products		$	446		551
Raw materials and work in process		1,560			1,752
Total		$	2,006		2,303

Schedule of Property, Plant and Equipment, net




Property, plant and equipment, net
Property, plant and equipment, at cost	$	5,524	5,994
Less: Accumulated depreciation	3,161		3,306
Total	$	2,363	2,688

Schedule of Goodwill by Business Segment



	Sept 30, 2023		June 30, 2024
Goodwill by business segment
Final Control	$	2,660	2,668
Measurement & Analytical	1,545		1,548
Discrete Automation	892		899
Safety & Productivity	388		391
Intelligent Devices	5,485		5,506


Control Systems & Software	668		670
Test & Measurement	—		3,433
AspenTech	8,327		8,327
Software and Control	8,995		12,430

Total	$	14,480	17,936

Schedule of Other Intangible Assets



Other intangible assets
Gross carrying amount	$	10,111	15,443
Less: Accumulated amortization	3,848		4,816
Net carrying amount	$	6,263	10,627

Schedule of Depreciation and Amortization Components


	Three Months Ended June 30,			Nine Months Ended June 30,
	2023		2024	2023	2024
Depreciation and amortization expense include the following:
Depreciation expense	$	67	80	213	238
Amortization of intangibles (includes $49, $49, $147 and $147 reported in Cost of Sales, respectively)	169		313	504	958
Amortization of capitalized software	21		24	63	67
Total	$	257	417	780	1,263

Schedule of Other Assets


	Sept 30, 2023			June 30, 2024
Other assets include the following:
Pension assets		$	995		1,070
Operating lease right-of-use assets		550			685
Unbilled receivables (contract assets)		559			515
Deferred income taxes		100			59
Asbestos-related insurance receivables		53			38

Schedule of Accrued Expenses


	Sept 30, 2023			June 30, 2024
Accrued expenses include the following:
Customer advances (contract liabilities)		$	861		1,088
Employee compensation		618			630
Income taxes		207			231
Operating lease liabilities (current)		144			153
Product warranty		84			74

Schedule of Other Liabilities



Other liabilities include the following:
Deferred income taxes	$	1,959	2,507
Operating lease liabilities (noncurrent)	404		511
Pension and postretirement liabilities	435		443
Asbestos litigation	173		161

FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Derivative Instruments

The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and nine months ended June 30, 2023 and 2024:


		Into Earnings					Into OCI
		3rd Quarter			Nine Months		3rd Quarter		Nine Months
Gains (Losses)	Location	2023		2024	2023	2024	2023	2024	2023	2024
Commodity	Cost of sales	$	(9)	—	(19)	—	(13)	—	6	—
Foreign currency	Sales	—		—	(2)	—	(2)	5	1	7
Foreign currency	Cost of sales	42		3	60	9	24	(10)	38	(3)
Foreign currency	Other deductions, net	(91)		(12)	(108)	(23)

Net Investment Hedges
Euro denominated debt		$	16	—	16	—	(46)	25	(183)	(27)
Total		$	(42)	(9)	(53)	(14)	(37)	20	(138)	(23)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Jun. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


Activity in Accumulated other comprehensive income (loss) for the three and nine months ended June 30, 2023 and 2024 is shown below, net of income taxes:
	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Foreign currency translation
Beginning balance		$	(918)	(834)		(1,265)	(1,012)
Other comprehensive income (loss), net of tax of $3, $(6), $35 and $6, respectively		(10)		(122)		337	33
Reclassification to loss on divestiture of business		95		—		95	23
Ending balance		(833)		(956)		(833)	(956)

Pension and postretirement
Beginning balance		(255)		(271)		(222)	(247)
Amortization of deferred actuarial losses into earnings, net of tax of $6, $2, $13 and $6, respectively		(12)		(12)		(45)	(36)
Reclassified to gain on sale of business		22		—		22	—
Ending balance		(245)		(283)		(245)	(283)

Cash flow hedges
Beginning balance		25		8		2	6
Gains deferred during the period, net of taxes of $(2), $1, $(11) and $(1), respectively		7		(4)		34	3
Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $1, $1, $3 and $2, respectively		(7)		(2)		(11)	(7)
Reclassified to gain on sale of business		(19)		—		(19)	—

Ending balance		6		2		6	2

Accumulated other comprehensive income (loss)		$	(1,072)	(1,237)		(1,072)	(1,237)

BUSINESS SEGMENTS (Tables)

9 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended June 30,					Nine Months Ended June 30,
	Sales			Earnings (Loss)		Sales		Earnings (Loss)
	2023		2024	2023	2024	2023	2024	2023	2024

Final Control	$	1,035	1,046	245	253	2,889	3,037	618	706
Measurement & Analytical	913		982	257	252	2,550	2,942	661	761
Discrete Automation	668		618	124	109	1,969	1,863	378	322
Safety & Productivity	363		351	82	79	1,034	1,038	228	230
Intelligent Devices	2,979		2,997	708	693	8,442	8,880	1,885	2,019

Control Systems & Software	663		700	144	168	1,892	2,062	378	468
Test & Measurement	—		355	—	(88)	—	1,104	—	(245)
AspenTech	320		343	27	49	793	878	(60)	6
Software and Control	983		1,398	171	129	2,685	4,044	318	229

Stock compensation				(56)	(56)			(198)	(203)
Unallocated pension and postretirement costs				42	38			133	107
Corporate and other				(43)	(38)			(154)	(540)
Loss on Copeland note receivable				—	(279)			—	(279)
Gain on subordinated interest				—	—			—	79
Eliminations/Interest	(16)		(15)	(10)	(56)	(52)	(51)	(111)	(157)
Interest income from related party				10	24			10	86
Total	$	3,946	4,380	822	455	11,075	12,873	1,883	1,341

Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:


	Three Months Ended June 30,				Nine Months Ended June 30,
		2023		2024		2023	2024
Final Control		$	39	41		129	120
Measurement & Analytical		26		32		84	105
Discrete Automation		20		22		63	65
Safety & Productivity		15		14		44	43
Intelligent Devices		100		109		320	333

Control Systems & Software		22		26		67	75
Test & Measurement		—		150		—	454
AspenTech		123		122		369	369
Software and Control		145		298		436	898

Corporate and other		12		10		24	32
Total		$	257	417		780	1,263

Schedule of Financial Information By Geographic Area

Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below:


	Three Months Ended June 30,						Three Months Ended June 30,
	2023						2024
		Americas		AMEA	Europe	Total	Americas	AMEA	Europe	Total
Final Control		$	498	399	138	1,035	509	398	139	1,046
Measurement & Analytical		482		303	128	913	488	345	149	982
Discrete Automation		312		180	176	668	294	154	170	618
Safety & Productivity		269		18	76	363	262	18	71	351
Intelligent Devices		1,561		900	518	2,979	1,553	915	529	2,997

Control Systems & Software		322		207	134	663	326	224	150	700
Test & Measurement		—		—	—	—	160	98	97	355
AspenTech		111		104	105	320	167	75	101	343
Software and Control		433		311	239	983	653	397	348	1,398


Total		$	1,994	1,211	757	3,962	2,206	1,312	877	4,395

	Nine Months Ended June 30,						Nine Months Ended June 30,
	2023						2024
		Americas		AMEA	Europe	Total	Americas	AMEA	Europe	Total
Final Control		$	1,438	1,069	382	2,889	1,476	1,172	389	3,037
Measurement & Analytical		1,333		853	364	2,550	1,475	1,004	463	2,942
Discrete Automation		914		539	516	1,969	874	477	512	1,863
Safety & Productivity		777		51	206	1,034	774	53	211	1,038
Intelligent Devices		4,462		2,512	1,468	8,442	4,599	2,706	1,575	8,880

Control Systems & Software		930		578	384	1,892	972	650	440	2,062
Test & Measurement		—		—	—	—	486	295	323	1,104
AspenTech		337		228	228	793	428	208	242	878
Software and Control		1,267		806	612	2,685	1,886	1,153	1,005	4,044


Total		$	5,729	3,318	2,080	11,127	6,485	3,859	2,580	12,924

BASIS OF PRESENTATION (Details) - USD ($) $ in Billions	1 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Billions	Aug. 31, 2024	May 31, 2023
Forecast \| Copeland
Business Acquisition [Line Items]
Proceeds from sale of equity method investments	$ 1.5
Copeland
Business Acquisition [Line Items]
Noncontrolling interest, ownership percentage by parent		40.00%

REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Unbilled receivables (contract assets)	$ 1,541	$ 1,453
Customer advances (contract liabilities)	(1,158)	(897)
Net contract assets (liabilities)	$ 383	$ 556

REVENUE RECOGNITION - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
REVENUE RECOGNITION - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Increase in contract liabilities		$ 160
Revenue recognized, included in beginning contract liability	$ 83	605
Backlog	8,700	8,700
AspenTech
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog	1,300	1,300
National Instruments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog	$ 450	$ 450
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of backlog recognized as revenue, next 12 months	75.00%	75.00%
Expected timing of satisfaction, backlog	12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, backlog	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, backlog	1 year	1 year

COMMON SHARES (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
COMMON SHARES (Details) - shares shares in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic shares outstanding (in shares)	571.9	570.9	571.4	575.1
Dilutive shares (in shares)	2.9	3.1	2.7	3.0
Diluted shares outstanding (in shares)	574.8	574.0	574.1	578.1

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended					9 Months Ended			12 Months Ended
	Oct. 11, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) business	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Earnings		$ 4,380			$ 3,946		$ 12,873		$ 11,075
Mark-to-market gain (loss)					3				24
Acquisition/divestiture costs		7			38		92		48
Gain on subordinated interest		0	$ 79		0		79		0
Loss on divestiture of business		0			0		39		0
Purchase price of businesses, net of cash acquired							8,342		0
Goodwill		17,936		$ 14,480			17,936	$ 14,480		$ 14,480
Goodwill expected tax deductible amount	$ 121
Gain (loss) on sale of business					10,576				13,359
Russia
Business Acquisition [Line Items]
Gain (loss) on sale of business						$ (47)
Loss on disposal (in dollars per share) \| $ / shares						$ 0.08
National Instruments
Business Acquisition [Line Items]
Net sales	1,700
Earnings										170
Acquisition including sales		355			417		1,104		1,302
Net loss since acquisition date		86					492
Amortization of intangible assets		139			105		419		317
Mark-to-market gain (loss)					12				47
Acquisition/divestiture costs		13					159	110	198
Net earnings from continuing operations common stockholders		$ 374			581		$ 1,396		887
Goodwill	$ 3,434
National Instruments \| National Instruments
Business Acquisition [Line Items]
Acquisition/divestiture costs								88
National Instruments \| Backlog Amortization
Business Acquisition [Line Items]
Amortization of intangible assets					$ 34				102
National Instruments \| Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Net earnings from continuing operations common stockholders									213
National Instruments \| Retention Bonus
Business Acquisition [Line Items]
Net earnings from continuing operations common stockholders									$ 51
Other Segment Transactions
Business Acquisition [Line Items]
Number of businesses acquired \| business				2
Purchase price of businesses, net of cash acquired				$ 715
Goodwill				424				424		424
Goodwill expected tax deductible amount				0				0		0
Intangible assets				$ 323				$ 323		$ 323
Weighted-average useful life				9 years

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Consideration (Details) - National Instruments $ in Millions	Oct. 11, 2023 USD ($)
Business Acquisition [Line Items]
Cash paid to acquire remaining NI shares not already owned by Emerson	$ 7,833
Payoff of NI debt at closing	634
Total consideration paid in cash at closing	8,467
Fair value of NI shares already owned by Emerson prior to acquisition	137
Value of stock-based compensation awards attributable to pre-combination service	49
Total purchase consideration	$ 8,653

ACQUISITIONS AND DIVESTITURES - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2024	Oct. 11, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Goodwill ($121 expected to be tax-deductible)	$ 17,936		$ 14,480
Goodwill expected tax deductible amount		$ 121
National Instruments
Business Acquisition [Line Items]
Cash and equivalents		135
Receivables		310
Inventory		496
Other current assets		140
Property, plant and equipment		329
Goodwill ($121 expected to be tax-deductible)		3,434
Other intangible assets		5,275
Other assets		113
Total assets		10,232
Accounts payable		52
Accrued expenses		328
Deferred taxes and other liabilities		1,199
Total purchase consideration		$ 8,653

ACQUISITIONS AND DIVESTITURES - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - National Instruments $ in Millions	Oct. 11, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 5,275
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 1,570
Estimated Weighted Average Life (Years)	9 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 3,360
Estimated Weighted Average Life (Years)	15 years
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 210
Estimated Weighted Average Life (Years)	9 years
Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Amount	$ 135
Estimated Weighted Average Life (Years)	1 year

ACQUISITIONS AND DIVESTITURES - Schedule of Business Acquisition Pro Forma Information (Details) - National Instruments - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Net Sales	$ 4,380	$ 4,363	$ 12,892	$ 12,377
Net earnings from continuing operations common stockholders	$ 374	$ 581	$ 1,396	$ 887
Diluted earnings per share from continuing operations (in dollars per share)	$ 0.65	$ 1.00	$ 2.43	$ 1.53

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	May 31, 2023	Oct. 31, 2022	Aug. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales					$ 847.0			$ 3,205.0
Income tax benefit				$ (88.0)	(168.0)		$ (266.0)	(400.0)
Copeland U.S
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax benefit					10.0			10.0
Copeland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Copeland note receivable					61.0			61.0
Copeland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, ownership percentage by parent	40.00%
Climate Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price	$ 14,000.0
Proceeds from divestiture	9,700.0							9,700.0
Proceeds from notes receivable	$ 2,250.0
Interest accrual percentage on note payable	5.00%
Net sales					847.0			3,156.0	$ 5,000.0
Disposal group, pre-tax earnings									1,000.0
Gain (loss) on disposal					10,600.0
Gain on sale of business, net of tax									8,400.0
Ceased depreciation					$ 26.0			96.0
Discontinued operations costs								57.0
Tax effect of discontinued operation								2,200.0
InSinkErator
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price		$ 3,000.0						750.0
Net sales									630.0
Disposal group, pre-tax earnings									$ 152.0
Gain (loss) on disposal						$ 2,800.0
Gain on sale of business, net of tax						$ 2,100.0
Tax effect of discontinued operation								$ 660.0
Copeland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture	$ 9,700.0
Gain (loss) on disposal				(16.0)			(111.0)
Loss on disposal group, after tax				$ 9.0			$ 82.0
Copeland \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of equity method investments			$ 1,500.0

DISCONTINUED OPERATIONS - Financial Results (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		$ 847		$ 3,205
Cost of sales		516		2,029
SG&A		122		399
Gain on sale of business		(10,576)		(13,359)
Other deductions, net		69		148
Earnings before income taxes		10,716		13,988
Income taxes	$ 5	2,004	$ 27	3,009
Earnings, net of tax	$ (15)	8,712	$ (88)	10,979
Climate Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		847		3,156	$ 5,000
Cost of sales		516		2,000
SG&A		122		391
Gain on sale of business		(10,576)		(10,576)
Other deductions, net		69		136
Earnings before income taxes		10,716		11,205
Income taxes		2,004		2,356
Earnings, net of tax		8,712		8,849
ISE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		0		49
Cost of sales		0		29
SG&A		0		8
Gain on sale of business		0		(2,783)
Other deductions, net		0		12
Earnings before income taxes		0		2,783
Income taxes		0		653
Earnings, net of tax		$ 0		$ 2,130

DISCONTINUED OPERATIONS - Net Cash from Operating and Investing Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash from operating activities	$ 4	$ (439)
Cash from investing activities	36	12,485
Climate Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash from operating activities	4	156
Cash from investing activities	36	9,430
ISE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash from operating activities	0	(595)
Cash from investing activities	$ 0	$ 3,055

PENSION & POSTRETIREMENT PLANS - Schedule of Pension and Postretirement Plan Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 9	$ 12	$ 27	$ 36
Interest cost	55	54	165	162
Expected return on plan assets	(74)	(71)	(222)	(213)
Net amortization	(14)	(18)	(42)	(58)
Total	$ (24)	$ (23)	$ (72)	$ (73)

OTHER DEDUCTIONS, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
OTHER DEDUCTIONS, NET (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles (intellectual property and customer relationships)	$ 264	$ 120	$ 811		$ 357
Restructuring costs	57	12	170		41
Acquisition/divestiture costs	7	38	92		48
Foreign currency transaction (gains) losses	9	22	60		41
Investment-related gains & gains from sales of capital assets	0	(26)	0		(63)
Loss on divestiture of business	0	0	39		0
Russia business exit	0	0	0		47
Other	(43)	(36)	(97)		(112)
Total	294	130	1,075		359
Mark-to-market gain		3			24
National Instruments
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles (intellectual property and customer relationships)	139		419
Restructuring costs	5		41
Acquisition/divestiture costs	$ 13		$ 159	$ 110	198
Mark-to-market gain		$ 12			$ 47

RESTRUCTURING COSTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024
Restructuring [Line Items]
Expense	$ 57	$ 12	$ 170	$ 41
Restructuring costs included in cost of sales and selling and general and administrative expenses	3	1	10	13
Corporate and other
Restructuring [Line Items]
Expense	$ 5	$ 1	$ 42	$ 12
Forecast
Restructuring [Line Items]
Expected fiscal year restructuring expense					$ 250

RESTRUCTURING COSTS - Schedule Of Restructuring Expense by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring [Line Items]
Expense	$ 57	$ 12	$ 170	$ 41
Corporate and other
Restructuring [Line Items]
Expense	5	1	42	12
Intelligent Devices \| Operating Segments
Restructuring [Line Items]
Expense	25	10	43	22
Software and Control
Restructuring [Line Items]
Expense	27	1	85	7
Final Control \| Intelligent Devices \| Operating Segments
Restructuring [Line Items]
Expense	5	(2)	1	(1)
Measurement & Analytical \| Intelligent Devices \| Operating Segments
Restructuring [Line Items]
Expense	3	1	7	2
Discrete Automation \| Intelligent Devices \| Operating Segments
Restructuring [Line Items]
Expense	16	12	33	20
Safety & Productivity \| Intelligent Devices \| Operating Segments
Restructuring [Line Items]
Expense	1	(1)	2	1
Control Systems & Software \| Software and Control \| Operating Segments
Restructuring [Line Items]
Expense	3	1	7	7
Test & Measurement \| Software and Control \| Operating Segments
Restructuring [Line Items]
Expense	24	0	78	0
AspenTech \| Software and Control \| Operating Segments
Restructuring [Line Items]
Expense	$ 0	$ 0	$ 0	$ 0

RESTRUCTURING COSTS - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 87
Expense	$ 57	$ 12	170	$ 41
Utilized/Paid			153
Restructuring reserve, ending balance	104		104
Severance and benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			85
Expense			142
Utilized/Paid			129
Restructuring reserve, ending balance	98		98
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			2
Expense			28
Utilized/Paid			24
Restructuring reserve, ending balance	$ 6		$ 6

TAXES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	$ 88	$ 168	$ 266	$ 400
Effective income tax rate	19.00%	21.00%	20.00%	21.00%
Income tax (expense) benefit related to discrete tax items, as a percent	3.00%		2.00%
Income tax benefit related to discrete tax items			$ 57
Income taxes benefit related to discrete tax items (in dollars per share)			$ 0.10

EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 02, 2024	May 31, 2023	Aug. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Interest income				$ 32	$ 58	$ 105	$ 96
Loss on Copeland note receivable				279	$ 0	279	$ 0
Loss on Copeland note receivable, net of tax						$ 217
Loss from equity method investment (in dollars per share)						$ 0.38
Copeland
Schedule of Equity Method Investments [Line Items]
Equity method investment				1,008		$ 1,008
Copeland \| Related Party
Schedule of Equity Method Investments [Line Items]
Interest income				$ 24		86
Copeland
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by parent		40.00%
Copeland
Schedule of Equity Method Investments [Line Items]
Proceeds from divestiture		$ 9,700
Notes receivable, consideration		$ 2,250				$ 1,900
Copeland \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of notes receivable	$ 1,900
Copeland \| Forecast
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments			$ 1,500
Future indemnity obligations			$ 33

EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Income (loss) from continuing operations	$ 367	$ 654	$ 1,075	$ 1,483
Net income (loss)	352	9,366	987	12,462
Net income (loss) attributable to shareholders	329	$ 9,352	972	$ 12,475
Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Copeland
Schedule of Equity Method Investments [Line Items]
Net sales	1,259		3,458
Gross profit	441		1,198
Income (loss) from continuing operations	(40)		(280)
Net income (loss)	(40)		(280)
Net income (loss) attributable to shareholders	$ (40)		$ (278)

OTHER FINANCIAL INFORMATION - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Other Financial Information [Abstract]
Finished products	$ 551	$ 446
Raw materials and work in process	1,752	1,560
Total	$ 2,303	$ 2,006

OTHER FINANCIAL INFORMATION - Schedule of Property, Plant and Equipment, net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Other Financial Information [Abstract]
Property, plant and equipment, at cost	$ 5,994	$ 5,524
Less: Accumulated depreciation	3,306	3,161
Total	$ 2,688	$ 2,363

OTHER FINANCIAL INFORMATION - Schedule of Goodwill by Business Segment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Goodwill	$ 17,936	$ 14,480
Intelligent Devices
Goodwill [Line Items]
Goodwill	5,506	5,485
Software and Control
Goodwill [Line Items]
Goodwill	12,430	8,995
Final Control \| Intelligent Devices
Goodwill [Line Items]
Goodwill	2,668	2,660
Measurement & Analytical \| Intelligent Devices
Goodwill [Line Items]
Goodwill	1,548	1,545
Discrete Automation \| Intelligent Devices
Goodwill [Line Items]
Goodwill	899	892
Safety & Productivity \| Intelligent Devices
Goodwill [Line Items]
Goodwill	391	388
Control Systems & Software \| Software and Control
Goodwill [Line Items]
Goodwill	670	668
Test & Measurement \| Software and Control
Goodwill [Line Items]
Goodwill	3,433	0
AspenTech \| Software and Control
Goodwill [Line Items]
Goodwill	$ 8,327	$ 8,327

OTHER FINANCIAL INFORMATION - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 15,443	$ 10,111
Less: Accumulated amortization	4,816	3,848
Net carrying amount	10,627	6,263
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	6,325	3,353
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	$ 4,067	$ 2,707

OTHER FINANCIAL INFORMATION - Schedule of Depreciation and Amortization components (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Depreciation expense	$ 80	$ 67	$ 238	$ 213
Amortization of intangibles (includes $49, $49, $147 and $147 reported in Cost of Sales, respectively)	313	169	958	504
Amortization of capitalized software	24	21	67	63
Total	417	257	1,263	780
Amortization of intangibles in cost of sales	49	49	147	147
National Instruments
Business Acquisition [Line Items]
Amortization of intangible assets	$ 139	$ 105	$ 419	$ 317

OTHER FINANCIAL INFORMATION - Schedule of Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Other Financial Information [Abstract]
Pension assets	$ 1,070	$ 995
Operating lease right-of-use assets	685	550
Unbilled receivables (contract assets)	515	559
Deferred income taxes	59	100
Asbestos-related insurance receivables	$ 38	$ 53

OTHER FINANCIAL INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Other Financial Information [Abstract]
Customer advances (contract liabilities)	$ 1,088	$ 861
Employee compensation	630	618
Income taxes	231	207
Operating lease liabilities (current)	153	144
Product warranty	$ 74	$ 84
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses

OTHER FINANCIAL INFORMATION - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Other Financial Information [Abstract]
Deferred income taxes	$ 2,507	$ 1,959
Operating lease liabilities (noncurrent)	511	404
Pension and postretirement liabilities	443	435
Asbestos litigation	$ 161	$ 173

FINANCIAL INSTRUMENTS - Schedule Of Derivative Instruments (Details) € in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2019 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Into Earnings	$ (9)		$ (42)	$ (14)	$ (53)
Into OCI	20		(37)	(23)	(138)
Fair value of long-term debt compared with carrying value	1,012			1,012
Collateral already posted, aggregate fair value	0			0
Collateral held from counterparties	0			0
Level 2
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of long-term debt	6,600			6,600
Senior Notes
Derivative Instruments, Gain (Loss) [Line Items]
Debt, face amount \| €						€ 1,500
Repayments of debt \| €		€ 500
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency hedge positions	3,100			3,100
Foreign Exchange Contract \| Cash Flow Hedging \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Into Earnings	3		42	9	60
Foreign Exchange Contract \| Cash Flow Hedging \| Cost of sales \| Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Into OCI	(10)		24	(3)	38
Foreign Exchange Contract \| Cash Flow Hedging \| Sales
Derivative Instruments, Gain (Loss) [Line Items]
Into Earnings	0		0	0	(2)
Foreign Exchange Contract \| Cash Flow Hedging \| Sales \| Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Into OCI	5		(2)	7	1
Foreign Exchange Contract \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Into Earnings	0		16	0	16
Foreign Exchange Contract \| Net Investment Hedging \| Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Into OCI	25		(46)	(27)	(183)
Commodity Contract \| Cash Flow Hedging \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Into Earnings	0		(9)	0	(19)
Commodity Contract \| Cash Flow Hedging \| Cost of sales \| Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Into OCI	0		(13)	0	6
Commodity Contract \| Cash Flow Hedging \| Other deductions, net
Derivative Instruments, Gain (Loss) [Line Items]
Into Earnings	$ (12)		$ (91)	$ (23)	$ (108)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated other comprehensive income [Roll Forward]
Stockholders' equity, beginning balance			$ 26,598
Other comprehensive income (loss), net of tax	$ (142)	$ 77	16	$ 418
Stockholders' equity, ending balance	26,688	26,413	26,688	26,413
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income [Roll Forward]
Stockholders' equity, beginning balance	(1,097)	(1,148)	(1,253)	(1,485)
Stockholders' equity, ending balance	(1,237)	(1,072)	(1,237)	(1,072)
Foreign currency translation
Accumulated other comprehensive income [Roll Forward]
Stockholders' equity, beginning balance	(834)	(918)	(1,012)	(1,265)
Other comprehensive income (loss), net of tax	(122)	(10)	33	337
Reclassification of (gain) loss on sale of business	0	95	23	95
Stockholders' equity, ending balance	(956)	(833)	(956)	(833)
Other comprehensive income (loss), tax	(6)	3	6	35
Pension and postretirement
Accumulated other comprehensive income [Roll Forward]
Stockholders' equity, beginning balance	(271)	(255)	(247)	(222)
Other comprehensive income (loss), net of tax	(12)	(12)	(36)	(45)
Reclassification of (gain) loss on sale of business	0	22	0	22
Stockholders' equity, ending balance	(283)	(245)	(283)	(245)
Other comprehensive income (loss), tax	2	6	6	13
Cash flow hedges
Accumulated other comprehensive income [Roll Forward]
Stockholders' equity, beginning balance	8	25	6	2
Other comprehensive income (loss), net of tax	(4)	7	3	34
Reclassification of (gain) loss on sale of business	0	(19)	0	(19)
Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $1, $1, $3 and $2, respectively	(2)	(7)	(7)	(11)
Stockholders' equity, ending balance	2	6	2	6
Other comprehensive income (loss), tax	1	(2)	(1)	(11)
Reclassification of (gains) losses to sales and cost of sales, tax	$ 1	$ 1	$ 2	$ 3

BUSINESS SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended			12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 4,380	$ 3,946		$ 12,873		$ 11,075
Earnings (Loss)	455	822		1,341		1,883
Gain on subordinated interest				79		0
Interest expenses	(56)	(10)		(157)		(111)
Expense	57	12		170		41
Acquisition/divestiture costs	7	38		92		48
Amortization of acquisition-related inventory step-up				231		0
Loss on divestiture of business	0	0		39		0
Unrealized gain (loss) on derivatives		12				47
Gain (loss) on sale of business		10,576				13,359
National Instruments
Segment Reporting Information [Line Items]
Net sales							$ 170
Expense	5			41
Acquisition/divestiture costs	13			159	$ 110	198
Restructuring Charges \| National Instruments
Segment Reporting Information [Line Items]
Stock compensation	9			53
Software and Control
Segment Reporting Information [Line Items]
Expense	27	1		85		7
Russia
Segment Reporting Information [Line Items]
Gain (loss) on sale of business			$ (47)
Operating Segments \| Intelligent Devices
Segment Reporting Information [Line Items]
Net sales	2,997	2,979		8,880		8,442
Earnings (Loss)	693	708		2,019		1,885
Expense	25	10		43		22
Operating Segments \| Software and Control
Segment Reporting Information [Line Items]
Net sales	1,398	983
Earnings (Loss)	129	171
Operating Segments \| Final Control \| Intelligent Devices
Segment Reporting Information [Line Items]
Net sales	1,046	1,035		3,037		2,889
Earnings (Loss)	253	245		706		618
Expense	5	(2)		1		(1)
Operating Segments \| Measurement & Analytical \| Intelligent Devices
Segment Reporting Information [Line Items]
Net sales	982	913		2,942		2,550
Earnings (Loss)	252	257		761		661
Expense	3	1		7		2
Operating Segments \| Discrete Automation \| Intelligent Devices
Segment Reporting Information [Line Items]
Net sales	618	668		1,863		1,969
Earnings (Loss)	109	124		322		378
Expense	16	12		33		20
Operating Segments \| Safety & Productivity \| Intelligent Devices
Segment Reporting Information [Line Items]
Net sales	351	363		1,038		1,034
Earnings (Loss)	79	82		230		228
Expense	1	(1)		2		1
Operating Segments \| Control Systems & Software \| Software and Control
Segment Reporting Information [Line Items]
Net sales	700	663		2,062		1,892
Earnings (Loss)	168	144		468		378
Expense	3	1		7		7
Operating Segments \| Test & Measurement \| Software and Control
Segment Reporting Information [Line Items]
Net sales	355	0		1,104		0
Earnings (Loss)	(88)	0		(245)		0
Expense	24	0		78		0
Operating Segments \| AspenTech \| Software and Control
Segment Reporting Information [Line Items]
Net sales	343	320		878		793
Earnings (Loss)	49	27		6		(60)
Expense	0	0		0		0
Operating Segments \| Software and Control \| Software and Control
Segment Reporting Information [Line Items]
Net sales				4,044		2,685
Earnings (Loss)				229		318
Segment Reconciling
Segment Reporting Information [Line Items]
Stock compensation	(56)	(56)		(203)		(198)
Unallocated pension and postretirement costs	38	42		107		133
Loss on Copeland note receivable	(279)	0		(279)		0
Gain on subordinated interest	0	0		79		0
Segment Reconciling \| Related Party
Segment Reporting Information [Line Items]
Interest income from related party	24	10		86		10
Corporate and other
Segment Reporting Information [Line Items]
Earnings (Loss)	(38)	(43)		(540)		(154)
Expense	5	1		42		12
Eliminations/Interest
Segment Reporting Information [Line Items]
Net sales	(15)	(16)		(51)		(52)
Interest expenses	$ (56)	$ (10)		$ (157)		$ (111)

BUSINESS SEGMENTS - Depreciation & Amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 417	$ 257	$ 1,263	$ 780
National Instruments
Segment Reporting Information [Line Items]
Amortization of intangible assets	139	105	419	317
Operating Segments \| Intelligent Devices
Segment Reporting Information [Line Items]
Depreciation and amortization	109	100	333	320
Operating Segments \| Software and Control
Segment Reporting Information [Line Items]
Depreciation and amortization	298	145	898	436
Operating Segments \| Final Control \| Intelligent Devices
Segment Reporting Information [Line Items]
Depreciation and amortization	41	39	120	129
Operating Segments \| Measurement & Analytical \| Intelligent Devices
Segment Reporting Information [Line Items]
Depreciation and amortization	32	26	105	84
Operating Segments \| Discrete Automation \| Intelligent Devices
Segment Reporting Information [Line Items]
Depreciation and amortization	22	20	65	63
Operating Segments \| Safety & Productivity \| Intelligent Devices
Segment Reporting Information [Line Items]
Depreciation and amortization	14	15	43	44
Operating Segments \| Control Systems & Software \| Software and Control
Segment Reporting Information [Line Items]
Depreciation and amortization	26	22	75	67
Operating Segments \| Test & Measurement \| Software and Control
Segment Reporting Information [Line Items]
Depreciation and amortization	150	0	454	0
Operating Segments \| AspenTech \| Software and Control
Segment Reporting Information [Line Items]
Depreciation and amortization	122	123	369	369
Corporate and other
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 10	$ 12	$ 32	$ 24

BUSINESS SEGMENTS - Schedule of Financial Information By Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	$ 4,395	$ 3,962	$ 12,924	$ 11,127
Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	2,206	1,994	6,485	5,729
AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	1,312	1,211	3,859	3,318
Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	877	757	2,580	2,080
Intelligent Devices
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	2,997	2,979	8,880	8,442
Intelligent Devices \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	1,553	1,561	4,599	4,462
Intelligent Devices \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	915	900	2,706	2,512
Intelligent Devices \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	529	518	1,575	1,468
Intelligent Devices \| Operating Segments \| Final Control
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	1,046	1,035	3,037	2,889
Intelligent Devices \| Operating Segments \| Final Control \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	509	498	1,476	1,438
Intelligent Devices \| Operating Segments \| Final Control \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	398	399	1,172	1,069
Intelligent Devices \| Operating Segments \| Final Control \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	139	138	389	382
Intelligent Devices \| Operating Segments \| Measurement & Analytical
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	982	913	2,942	2,550
Intelligent Devices \| Operating Segments \| Measurement & Analytical \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	488	482	1,475	1,333
Intelligent Devices \| Operating Segments \| Measurement & Analytical \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	345	303	1,004	853
Intelligent Devices \| Operating Segments \| Measurement & Analytical \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	149	128	463	364
Intelligent Devices \| Operating Segments \| Discrete Automation
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	618	668	1,863	1,969
Intelligent Devices \| Operating Segments \| Discrete Automation \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	294	312	874	914
Intelligent Devices \| Operating Segments \| Discrete Automation \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	154	180	477	539
Intelligent Devices \| Operating Segments \| Discrete Automation \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	170	176	512	516
Intelligent Devices \| Operating Segments \| Safety & Productivity
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	351	363	1,038	1,034
Intelligent Devices \| Operating Segments \| Safety & Productivity \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	262	269	774	777
Intelligent Devices \| Operating Segments \| Safety & Productivity \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	18	18	53	51
Intelligent Devices \| Operating Segments \| Safety & Productivity \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	71	76	211	206
Software and Control
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	1,398	983	4,044	2,685
Software and Control \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	653	433	1,886	1,267
Software and Control \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	397	311	1,153	806
Software and Control \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	348	239	1,005	612
Software and Control \| Operating Segments \| Control Systems & Software
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	700	663	2,062	1,892
Software and Control \| Operating Segments \| Control Systems & Software \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	326	322	972	930
Software and Control \| Operating Segments \| Control Systems & Software \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	224	207	650	578
Software and Control \| Operating Segments \| Control Systems & Software \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	150	134	440	384
Software and Control \| Operating Segments \| Test & Measurement
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	355	0	1,104	0
Software and Control \| Operating Segments \| Test & Measurement \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	160	0	486	0
Software and Control \| Operating Segments \| Test & Measurement \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	98	0	295	0
Software and Control \| Operating Segments \| Test & Measurement \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	97	0	323	0
Software and Control \| Operating Segments \| AspenTech
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	343	320	878	793
Software and Control \| Operating Segments \| AspenTech \| Americas
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	167	111	428	337
Software and Control \| Operating Segments \| AspenTech \| AMEA
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	75	104	208	228
Software and Control \| Operating Segments \| AspenTech \| Europe
Disaggregation of Revenue [Line Items]
Sales, excluding intersegment eliminations	$ 101	$ 105	$ 242	$ 228

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