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Business Segments | 3 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments | 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 December 31, |  |
| Sales |  | Earnings (Loss) |  |  |  |
| 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  |  |  |  |  |  |  |
Final Control | $ | 862 |  |  | 940 |  |  | 158 |  |  | 194 |  |  |  |  |  |  |  |  |
Measurement & Analytical | 749 |  |  | 947 |  |  | 175 |  |  | 235 |  |  |  |  |  |  |  |  |
Discrete Automation | 618 |  |  | 613 |  |  | 121 |  |  | 97 |  |  |  |  |  |  |  |  |
Safety & Productivity | 310 |  |  | 322 |  |  | 63 |  |  | 68 |  |  |  |  |  |  |  |  |
Intelligent Devices | 2,539 |  |  | 2,822 |  |  | 517 |  |  | 594 |  |  |  |  |  |  |  |  |
Control Systems & Software | 606 |  |  | 675 |  |  | 107 |  |  | 149 |  |  |  |  |  |  |  |  |
Test & Measurement | — |  |  | 382 |  |  | — |  |  | (78) |  |  |  |  |  |  |  |  |
AspenTech | 243 |  |  | 257 |  |  | (33) |  |  | (35) |  |  |  |  |  |  |  |  |
Software and Control | 849 |  |  | 1,314 |  |  | 74 |  |  | 36 |  |  |  |  |  |  |  |  |
Stock compensation |  |  |  |  | (102) |  |  | (74) |  |  |  |  |  |  |  |  |
Unallocated pension and postretirement costs |  |  |  |  | 45 |  |  | 31 |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  | (64) |  |  | (399) |  |  |  |  |  |  |  |  |
Loss on Copeland equity method investment |  |  |  |  | — |  |  | (36) |  |  |  |  |  |  |  |  |
Eliminations/Interest | (15) |  |  | (19) |  |  | (48) |  |  | (44) |  |  |  |  |  |  |  |  |
Interest income from related party |  |  |  |  | — |  |  | 31 |  |  |  |  |  |  |  |  |
Total | $ | 3,373 |  |  | 4,117 |  |  | 422 |  |  | 139 |  |  |  |  |  |  |  |  |
Stock compensation for the three months ended December 31, 2023 included $30 of integration-related stock compensation expense attributable to NI ($26 of which was reported as restructuring costs). Corporate and other for the three months ended December 31, 2023 included acquisition-related inventory step-up amortization of $231 and acquisition/divestiture fees and related costs of $130, while 2022 included a loss of $47 related to the Company's exit of business operations in Russia and a mark-to-market gain of $35 related to foreign currency forward contracts that were terminated in June 2023. Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:
| Three Months Ended December 31, |  |
|  | 2022 |  |  | 2023 |  |  |  |  |  |
Final Control |  | $ | 45 |  |  | 40 |  |  |  |  |  |
Measurement & Analytical |  | 30 |  |  | 40 |  |  |  |  |  |
Discrete Automation |  | 21 |  |  | 22 |  |  |  |  |  |
Safety & Productivity |  | 14 |  |  | 14 |  |  |  |  |  |
Intelligent Devices |  | 110 |  |  | 116 |  |  |  |  |  |
Control Systems & Software |  | 21 |  |  | 21 |  |  |  |  |  |
Test & Measurement |  | — |  |  | 151 |  |  |  |  |  |
AspenTech |  | 123 |  |  | 123 |  |  |  |  |  |
Software and Control |  | 144 |  |  | 295 |  |  |  |  |  |
Corporate and other |  | 6 |  |  | 11 |  |  |  |  |  |
Total |  | $ | 260 |  |  | 422 |  |  |  |  |  |
Test & Measurement depreciation and amortization for the three months ended December 31, 2023 included intangibles amortization of $139 due to the acquisition. Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below:
| Three Months Ended December 31, |  | Three Months Ended December 31,
| 2022 |  | 2023
|  | Americas |  | AMEA |  | Europe |  | Total |  | Americas |  | AMEA |  | Europe |  | Total
Final Control |  | $ | 446 |  |  | 308 |  |  | 108 |  |  | 862 |  |  | 454 |  |  | 370 |  |  | 116 |  |  | 940 |
Measurement & Analytical |  | 396 |  |  | 246 |  |  | 107 |  |  | 749 |  |  | 475 |  |  | 325 |  |  | 147 |  |  | 947 |
Discrete Automation |  | 291 |  |  | 175 |  |  | 152 |  |  | 618 |  |  | 286 |  |  | 162 |  |  | 165 |  |  | 613 |
Safety & Productivity |  | 236 |  |  | 17 |  |  | 57 |  |  | 310 |  |  | 243 |  |  | 16 |  |  | 63 |  |  | 322 |
Intelligent Devices |  | 1,369 |  |  | 746 |  |  | 424 |  |  | 2,539 |  |  | 1,458 |  |  | 873 |  |  | 491 |  |  | 2,822 |
Control Systems & Software |  | 294 |  |  | 185 |  |  | 127 |  |  | 606 |  |  | 325 |  |  | 209 |  |  | 141 |  |  | 675 |
Test & Measurement |  | — |  |  | — |  |  | — |  |  | — |  |  | 164 |  |  | 99 |  |  | 119 |  |  | 382 |
AspenTech |  | 112 |  |  | 63 |  |  | 68 |  |  | 243 |  |  | 140 |  |  | 60 |  |  | 57 |  |  | 257 |
Software and Control |  | 406 |  |  | 248 |  |  | 195 |  |  | 849 |  |  | 629 |  |  | 368 |  |  | 317 |  |  | 1,314 |
Total |  | $ | 1,775 |  |  | 994 |  |  | 619 |  |  | 3,388 |  |  | 2,087 |  |  | 1,241 |  |  | 808 |  |  | 4,136 |

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