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BUSINESS SEGMENTS | 9 Months Ended
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Jun. 30, 2024
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 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 |  |

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