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BUSINESS SEGMENTS INFORMATION | 12 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
BUSINESS SEGMENTS INFORMATION | BUSINESS SEGMENTS INFORMATION As a result of the Company's acquisition of NI, which is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group (see Note 4), the Company now reports seven segments and two business groups, which are highlighted in the table below.
| INTELLIGENT DEVICES |  | SOFTWARE AND CONTROL |
| •Final Control |  | •Control Systems & Software |
| •Measurement & Analytical |  | •Test & Measurement |
| •Discrete Automation |  | •AspenTech |
| •Safety & Productivity |  |  |
The Final Control segment is a leading global provider of control valves, isolation valves, shutoff valves, pressure relief valves, pressure safety valves, actuators, and regulators for process and hybrid industries. These solutions respond to commands from a control system to continuously and precisely control and regulate the flow of liquids or gases to achieve safe operation along with reliability, sustainability and optimized performance. The Measurement & Analytical segment is a leading supplier of intelligent instrumentation measuring the physical properties of liquids or gases, such as pressure, temperature, level, flow, acoustics, corrosion, pH, conductivity, water quality, toxic gases, and flame. These devices transfer data and asset management information to control systems and automation software, allowing process and hybrid industry operators to make educated decisions regarding production, reliability, sustainability and safety. The Discrete Automation segment includes solenoid valves, pneumatic valves, valve position indicators, pneumatic cylinders and actuators, air preparation equipment, pressure and temperature switches, electric linear motion solutions, programmable automation control systems and software, electrical distribution equipment, and materials joining solutions used primarily in discrete industries. The Safety & Productivity segment delivers tools for professionals and homeowners that support infrastructure, promote safety and enhance productivity. Pipe-working tools include pipe wrenches and cutters, pipe threading and roll grooving equipment, battery hydraulic tools for press connections, drain cleaners and diagnostic systems, including sewer inspection cameras and locating equipment. Electrical tools include conduit benders and cable pulling equipment, battery hydraulic tools for cutting and crimping electrical cable, and hole-making equipment. Other professional tools include water jetters, wet-dry vacuums, commercial vacuums and hand tools. The Control Systems & Software segment provides control systems and software that control plant processes by collecting and analyzing information from measurement devices in the plant. These technologies determine optimal settings with software based on a customer's specific algorithms and use that information to adjust valves, pumps, motors, drives and other control hardware for maximum product quality, process efficiency, sustainability and safety. These solutions include distributed control systems, safety instrumented systems, SCADA systems, application software, digital twins, asset performance management and cybersecurity. Control Systems & Software solutions are predominantly used by process and hybrid manufacturers. The Test & Measurement segment provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost. The Test & Measurement business spans the full range of customer needs including modular instrumentation, data acquisition and control solutions, and general-purpose development software. AspenTech is a global leader in asset optimization software that enables industrial manufacturers to design, operate and maintain their operations for maximum performance. AspenTech combines decades of modeling, simulation and optimization capabilities with industrial operations expertise and applies advanced analytics to improve the profitability and sustainability of production assets. The purpose-built software drives value for customers by improving operational efficiency and maximizing productivity, reducing unplanned downtime and safety risks, and minimizing energy consumption and emissions. The principal distribution method for each segment is direct sales forces, although the Company also uses independent sales representatives and distributors. Due to its global presence, certain of the Company's international operations are subject to risks including the stability of governments and business conditions in foreign countries which could result in adverse changes in exchange rates, changes in regulations or disruption of operations. The primary income measure used for assessing segment performance and making operating decisions is earnings before interest and income taxes. Certain expenses are reported at Corporate, including stock compensation expense and a portion of pension and postretirement benefit costs. Corporate and other includes unallocated corporate expenses, acquisition/divestiture costs, first year acquisition accounting charges (which include fair value adjustments related to inventory, backlog and deferred revenue) and other items. Corporate assets are primarily comprised of cash and cash equivalents, investments, certain fixed assets and assets held-for-sale. Summarized below is information about the Company's operations by business segment and by geography. Business Segments
| Sales |  | Earnings (Loss) |  | Total Assets
| 2022 |  |  | 2023 |  |  | 2024 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2022 |  |  | 2023 |  |  | 2024 |
Final Control | $ | 3,607 |  |  | 3,970 |  |  | 4,204 |  |  | $ | 592 |  |  | 865 |  |  | 977 |  |  | $ | 4,805 |  |  | 5,614 |  |  | 5,706 |
Measurement & Analytical | 3,215 |  |  | 3,595 |  |  | 4,061 |  |  | 785 |  |  | 936 |  |  | 1,056 |  |  | 4,395 |  |  | 3,976 |  |  | 4,122 |
Discrete Automation | 2,612 |  |  | 2,635 |  |  | 2,506 |  |  | 542 |  |  | 509 |  |  | 466 |  |  | 2,284 |  |  | 2,493 |  |  | 2,470 |
Safety & Productivity | 1,402 |  |  | 1,388 |  |  | 1,390 |  |  | 250 |  |  | 306 |  |  | 308 |  |  | 1,125 |  |  | 1,238 |  |  | 1,228 |
Intelligent Devices | 10,836 |  |  | 11,588 |  |  | 12,161 |  |  | 2,169 |  |  | 2,616 |  |  | 2,807 |  |  | 12,609 |  |  | 13,321 |  |  | 13,526 |
Control Systems & Software | 2,398 |  |  | 2,606 |  |  | 2,842 |  |  | 437 |  |  | 529 |  |  | 645 |  |  | 1,700 |  |  | 2,151 |  |  | 2,262 |
Test & Measurement | — |  |  | — |  |  | 1,464 |  |  | — |  |  | — |  |  | (290) |  |  | — |  |  | — |  |  | 9,210 |
AspenTech | 656 |  |  | 1,042 |  |  | 1,093 |  |  | 12 |  |  | (107) |  |  | (73) |  |  | 14,484 |  |  | 14,048 |  |  | 13,641 |
Software and Control | 3,054 |  |  | 3,648 |  |  | 5,399 |  |  | 449 |  |  | 422 |  |  | 282 |  |  | 16,184 |  |  | 16,199 |  |  | 25,113 |
Corporate items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock compensation |  |  |  |  |  |  | (125) |  |  | (250) |  |  | (260) |  |  |  |  |  |  |
Unallocated pension and postretirement costs |  |  |  |  |  |  | 99 |  |  | 171 |  |  | 144 |  |  |  |  |  |  |
Corporate and other (includes assets held-for-sale) |  |  |  |  |  |  | (419) |  |  | (224) |  |  | (664) |  |  | 6,879 |  |  | 13,226 |  |  | 5,607 |
Loss on Copeland note receivable |  |  |  |  |  |  | — |  |  | — |  |  | (279) |  |  |  |  |  |  |
Gain on subordinated interest |  |  |  |  |  |  | 453 |  |  | 161 |  |  | 79 |  |  |  |  |  |  |
Eliminations/Interest | (86) |  |  | (71) |  |  | (68) |  |  | (194) |  |  | (34) |  |  | (175) |  |  |  |  |  |  |
Interest income from related party |  |  |  |  |  |  | — |  |  | 41 |  |  | 86 |  |  |  |  |  |  |
Total | $ | 13,804 |  |  | 15,165 |  |  | 17,492 |  |  | $ | 2,432 |  |  | 2,903 |  |  | 2,020 |  |  | $ | 35,672 |  |  | 42,746 |  |  | 44,246 |
In 2024, stock compensation included $58 of integration-related stock compensation expense attributable to NI (of which $43 was reported as restructuring costs). Corporate and other includes acquisition/divestiture fees and related costs of $205 ($109 of which is reported in operating profit), $84 ($15 of which is reported in operating profit) and $91 for 2024, 2023 and 2022, respectively. Additionally, in 2024, Corporate and other includes acquisition-related inventory step-up amortization of $231 and divestiture losses totaling $48, while 2023 includes a loss of $47 r elated to the Company's exit of business operations in Russia compared to a loss of $181 in 2022. Corporate and other in 2023 also included a mark-to-market gain of $24 related to foreign currency forward contracts entered into by AspenTech and a mark-to-market gain of $56 related to the Company's equity investment in National Instruments Corporation (see Note 6).
| Depreciation and Amortization |  | Capital Expenditures
| 2022 |  |  | 2023 |  |  | 2024 |  |  | 2022 |  |  | 2023 |  |  | 2024 |
Final Control | $ | 212 |  |  | 170 |  |  | 159 |  |  | $ | 62 |  |  | 93 |  |  | 93 |
Measurement & Analytical | 117 |  |  | 121 |  |  | 138 |  |  | 90 |  |  | 93 |  |  | 84 |
Discrete Automation | 88 |  |  | 84 |  |  | 87 |  |  | 68 |  |  | 56 |  |  | 61 |
Safety & Productivity | 57 |  |  | 57 |  |  | 58 |  |  | 27 |  |  | 35 |  |  | 46 |
Intelligent Devices | 474 |  |  | 432 |  |  | 442 |  |  | 247 |  |  | 277 |  |  | 284 |
Control Systems & Software | 93 |  |  | 90 |  |  | 101 |  |  | 27 |  |  | 33 |  |  | 39 |
Test & Measurement | — |  |  | — |  |  | 607 |  |  | — |  |  | — |  |  | 27 |
AspenTech | 242 |  |  | 492 |  |  | 493 |  |  | 4 |  |  | 6 |  |  | 7 |
Software and Control | 335 |  |  | 582 |  |  | 1,201 |  |  | 31 |  |  | 39 |  |  | 73 |
Corporate and other | 33 |  |  | 37 |  |  | 46 |  |  | 21 |  |  | 47 |  |  | 62 |
Total | $ | 842 |  |  | 1,051 |  |  | 1,689 |  |  | $ | 299 |  |  | 363 |  |  | 419 |
Depreciation and amortization includes intellectual property, customer relationships and capitalized software. Geographic Information Sales by major geographic destination are summarized below:
|  | 2022 |  | 2023
|  | Americas |  | AMEA |  | Europe |  | Total |  | Americas |  | AMEA |  | Europe |  | Total
Final Control |  | $ | 1,706 |  |  | 1,373 |  |  | 528 |  |  | 3,607 |  |  | $ | 1,949 |  |  | 1,481 |  |  | 540 |  |  | 3,970 |
Measurement & Analytical |  | 1,529 |  |  | 1,199 |  |  | 487 |  |  | 3,215 |  |  | 1,847 |  |  | 1,222 |  |  | 526 |  |  | 3,595 |
Discrete Automation |  | 1,217 |  |  | 732 |  |  | 663 |  |  | 2,612 |  |  | 1,234 |  |  | 720 |  |  | 681 |  |  | 2,635 |
Safety & Productivity |  | 1,057 |  |  | 71 |  |  | 274 |  |  | 1,402 |  |  | 1,049 |  |  | 70 |  |  | 269 |  |  | 1,388 |
Intelligent Devices |  | 5,509 |  |  | 3,375 |  |  | 1,952 |  |  | 10,836 |  |  | 6,079 |  |  | 3,493 |  |  | 2,016 |  |  | 11,588 |
Control Systems & Software |  | 1,170 |  |  | 745 |  |  | 483 |  |  | 2,398 |  |  | 1,259 |  |  | 818 |  |  | 529 |  |  | 2,606 |
Test & Measurement |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
AspenTech |  | 362 |  |  | 140 |  |  | 154 |  |  | 656 |  |  | 470 |  |  | 286 |  |  | 286 |  |  | 1,042 |
Software and Control |  | 1,532 |  |  | 885 |  |  | 637 |  |  | 3,054 |  |  | 1,729 |  |  | 1,104 |  |  | 815 |  |  | 3,648 |
Total |  | $ | 7,041 |  |  | 4,260 |  |  | 2,589 |  |  | 13,890 |  |  | $ | 7,808 |  |  | 4,597 |  |  | 2,831 |  |  | 15,236 |
|  | 2024 |
|  | Americas |  | AMEA |  | Europe |  | Total |
Final Control |  | $ | 2,010 |  |  | 1,647 |  |  | 547 |  |  | 4,204 |  |
Measurement & Analytical |  | 2,046 |  |  | 1,382 |  |  | 633 |  |  | 4,061 |  |
Discrete Automation |  | 1,178 |  |  | 646 |  |  | 682 |  |  | 2,506 |  |
Safety & Productivity |  | 1,048 |  |  | 73 |  |  | 269 |  |  | 1,390 |  |
Intelligent Devices |  | 6,282 |  |  | 3,748 |  |  | 2,131 |  |  | 12,161 |  |
Control Systems & Software |  | 1,322 |  |  | 920 |  |  | 600 |  |  | 2,842 |  |
Test & Measurement |  | 654 |  |  | 389 |  |  | 421 |  |  | 1,464 |  |
AspenTech |  | 540 |  |  | 261 |  |  | 292 |  |  | 1,093 |  |
Software and Control |  | 2,516 |  |  | 1,570 |  |  | 1,313 |  |  | 5,399 |  |
Total |  | $ | 8,798 |  |  | 5,318 |  |  | 3,444 |  |  | 17,560 |  |
Sales in the U.S. were $7,091, $6,327 and $5,671 for 2024, 2023 and 2022, respectively, while Asia, Middle East & Africa includes sales in China of $1,901, $1,804 and $1,824 in those years.
|  | Property, Plant and Equipment
|  | 2022 |  |  | 2023 |  |  | 2024 |
Americas |  | $ | 1,373 |  |  | 1,442 |  |  | 1,672 |
Asia, Middle East & Africa |  | 398 |  |  | 428 |  |  | 542 |
Europe |  | 468 |  |  | 493 |  |  | 593 |
Total |  | $ | 2,239 |  |  | 2,363 |  |  | 2,807 |
Property, plant and equipment located in the U.S. w as $1,474 in 2024, $1,261 in 2023 and $1,219 in 2022.

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