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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_________________________________________
FORM 10-Q 
_________________________________________
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ to _______
Commission file number 1-12383
_________________________________________
Rockwell Automation, Inc.
(Exact name of registrant as specified in its charter)
_________________________________________
Delaware25-1797617
(State or other jurisdiction
of incorporation or organization)		(I.R.S. Employer
Identification No.)
1201 South Second Street


Milwaukee,
Wisconsin
53204
(Address of principal executive offices)(Zip Code)
+1 (414) 382-2000
(Registrant’s telephone number, including area code) 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock ($1.00 par value)ROKNew 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, a 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  ☑
114,875,325 shares of registrant’s Common Stock were outstanding on March 31, 2023.

Table of Contents
INDEX
 
 Page No.


3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ROCKWELL AUTOMATION, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in millions, except per share amounts)
March 31,
2023		September 30,
2022
ASSETS
Current assets
Cash and cash equivalents$456.0 $490.7 
Receivables2,045.6 1,736.7 
Inventories1,328.5 1,054.2 
Other current assets270.9 329.1 
Total current assets4,101.0 3,610.7 
Property, net of accumulated depreciation of $1,777.4 and $1,702.3, respectively
637.6 586.5 
Operating lease right-of-use assets308.4 321.0 
Goodwill3,685.2 3,524.0 
Other intangible assets, net910.0 902.0 
Deferred income taxes362.7 384.3 
Long-term investments1,053.3 1,056.0 
Other assets410.9 374.2 
Total$11,469.1 $10,758.7 
LIABILITIES AND SHAREOWNERS’ EQUITY
Current liabilities
Short-term debt$513.8 $359.3 
Current portion of long-term debt608.8 609.1 
Accounts payable992.4 1,028.0 
Compensation and benefits321.1 292.7 
Contract liabilities580.5 507.0 
Customer returns, rebates and incentives371.1 373.1 
Other current liabilities406.5 403.0 
Total current liabilities3,794.2 3,572.2 
Long-term debt2,868.1 2,867.8 
Retirement benefits564.0 471.2 
Operating lease liabilities254.5 263.5 
Other liabilities552.8 567.3 
Commitments and contingent liabilities (Note 13)
Shareowners’ equity
Common stock ($1.00 par value, shares issued: 181.4)
181.4 181.4 
Additional paid-in capital2,049.0 2,007.1 
Retained earnings8,824.2 8,411.8 
Accumulated other comprehensive loss(796.1)(917.5)
Common stock in treasury, at cost (shares held: 66.5 and 66.2, respectively)
(7,103.0)(6,957.2)
Shareowners’ equity attributable to Rockwell Automation, Inc.3,155.5 2,725.6 
Noncontrolling interests280.0 291.1 
Total shareowners’ equity3,435.5 3,016.7 
Total$11,469.1 $10,758.7 
See Notes to Consolidated Financial Statements.
4
Table of Contents
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(in millions, except per share amounts)
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2023202220232022
Sales
Products and solutions$2,069.9 $1,621.9 $3,859.6 $3,295.2 
Services205.5 186.2 396.8 370.2 
2,275.4 1,808.1 4,256.4 3,665.4 
Cost of sales
Products and solutions(1,206.3)(1,028.8)(2,251.0)(2,019.1)
Services(136.6)(115.2)(259.3)(233.1)
(1,342.9)(1,144.0)(2,510.3)(2,252.2)
Gross profit932.5 664.1 1,746.1 1,413.2 
Selling, general and administrative expenses(501.2)(428.5)(970.7)(876.0)
Change in fair value of investments63.0 (140.7)203.6 (133.1)
Other expense (Note 11)(107.1)(23.7)(89.8)(20.8)
Interest expense(35.8)(30.1)(69.9)(59.7)
Income before income taxes351.4 41.1 819.3 323.6 
Income tax (provision) benefit (Note 14)(56.5)8.3 (145.7)(35.3)
Net income294.9 49.4 673.6 288.3 
Net loss attributable to noncontrolling interests(5.4)(4.5)(10.7)(7.1)
Net income attributable to Rockwell Automation, Inc.$300.3 $53.9 $684.3 $295.4 
Earnings per share:
Basic$2.60 $0.46 $5.94 $2.54 
Diluted$2.59 $0.46 $5.90 $2.51 
Weighted average outstanding shares:
Basic114.8 116.2 114.8 116.1 
Diluted115.6 117.1 115.6 117.2 
See Notes to Consolidated Financial Statements.
5
Table of Contents
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
(in millions)
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2023202220232022
Net income$294.9 $49.4 $673.6 $288.3 
Other comprehensive income (loss)
Pension and other postretirement benefit plan adjustments (net of tax expense of $(10.2), $(66.5), $(9.8), and $(71.9))
31.1 187.4 30.7 204.3 
Currency translation adjustments25.3 (9.8)111.1 (29.3)
Net change in cash flow hedges (net of tax (expense) benefit of $(0.4), $(0.6), $8.5, and $(3.2))
0.3 1.8 (20.8)9.3 
Other comprehensive income56.7 179.4 121.0 184.3 
Comprehensive income351.6 228.8 794.6 472.6 
Comprehensive loss attributable to noncontrolling interests(5.8)(4.2)(11.1)(6.8)
Comprehensive income attributable to Rockwell Automation, Inc.$357.4 $233.0 $805.7 $479.4 
See Notes to Consolidated Financial Statements.
6
Table of Contents
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in millions)
 Six Months Ended
March 31,
 20232022
Operating activities:
Net income$673.6 $288.3 
Adjustments to arrive at cash provided by operating activities
Depreciation61.9 64.9 
Amortization of intangible assets58.0 56.5 
Change in fair value of investments(203.6)133.1 
Share-based compensation expense41.6 31.2 
Retirement benefit expense114.4 58.0 
Net loss on disposition of property0.7 0.3 
Pension contributions(13.4)(15.8)
Changes in assets and liabilities, excluding effects of acquisitions and foreign
currency adjustments
Receivables(211.1)(160.3)
Inventories(220.6)(136.4)
Accounts payable(75.5)70.2 
Contract liabilities85.1 79.4 
Compensation and benefits14.1 (145.0)
Income taxes(30.8)(229.7)
Other assets and liabilities(41.0)(15.9)
Cash provided by operating activities253.4 78.8 
Investing activities:
Capital expenditures(55.7)(82.0)
Acquisition of businesses, net of cash acquired(168.0)(16.4)
Purchases of investments(5.2)(47.6)
Proceeds from sale of investments205.2 1.3 
Other investing activities4.2 — 
Cash used for investing activities(19.5)(144.7)
Financing activities:
Net issuance of short-term debt162.2 341.3 
Repayment of short-term debt(18.8)(210.0)
Cash dividends(271.4)(260.2)
Purchases of treasury stock(195.2)(51.2)
Proceeds from the exercise of stock options48.7 42.0 
Other financing activities(22.0)(4.4)
Cash used for financing activities(296.5)(142.5)
Effect of exchange rate changes on cash19.3 (10.8)
Decrease in cash, cash equivalents, and restricted cash(43.3)(219.2)
Cash, cash equivalents, and restricted cash at beginning of period507.9 679.4 
Cash, cash equivalents, and restricted cash at end of period$464.6 $460.2 
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents$456.0 $443.0 
Restricted cash, current (Other current assets)8.6 8.6 
Restricted cash, noncurrent (Other assets)— 8.6 
Total cash, cash equivalents, and restricted cash$464.6 $460.2 
See Notes to Consolidated Financial Statements.
7
Table of Contents
CONSOLIDATED STATEMENT OF SHAREOWNERS’ EQUITY
(Unaudited)
(in millions, except per share amounts)
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossCommon stock in treasury, at costTotal attributable to Rockwell Automation, Inc.Noncontrolling interestsTotal shareowners' equity
Balance at December 31, 2022$181.4 $2,015.7 $8,659.9 $(853.2)$(7,089.0)$2,914.8 $285.8 $3,200.6 
Net income (loss)— — 300.3 — — 300.3 (5.4)294.9 
Other comprehensive income (loss)— — — 57.1 — 57.1 (0.4)56.7 
Common stock issued (including share-based compensation impact)— 33.3 — — 24.5 57.8 — 57.8 
Share repurchases— — — — (38.5)(38.5)— (38.5)
Cash dividends declared (1)
— — (136.0)— — (136.0)— (136.0)
Balance at March 31, 2023$181.4 $2,049.0 $8,824.2 $(796.1)$(7,103.0)$3,155.5 $280.0 $3,435.5 
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossCommon stock in treasury, at costTotal attributable to Rockwell Automation, Inc.Noncontrolling interestsTotal shareowners' equity
Balance at December 31, 2021$181.4 $1,953.0 $8,111.7 $(1,012.2)$(6,729.0)$2,504.9 $301.9 $2,806.8 
Net income (loss)— — 53.9 — — 53.9 (4.5)49.4 
Other comprehensive income— — — 179.1 — 179.1 0.3 179.4 
Common stock issued (including share-based compensation impact)— 14.3 — — 10.5 24.8 — 24.8 
Share repurchases— — — — — — — — 
Cash dividends declared (1)
— — (130.5)— — (130.5)— (130.5)
Balance at March 31, 2022$181.4 $1,967.3 $8,035.1 $(833.1)$(6,718.5)$2,632.2 $297.7 $2,929.9 
(1) Cash dividends were $1.18 per share and $1.12 per share in the three months ended March 31, 2023 and 2022, respectively.
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Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossCommon stock in treasury, at costTotal attributable to Rockwell Automation, Inc.Noncontrolling interestsTotal shareowners' equity
Balance at September 30, 2022$181.4 $2,007.1 $8,411.8 $(917.5)$(6,957.2)$2,725.6 $291.1 $3,016.7 
Net income (loss)— — 684.3 — — 684.3 (10.7)673.6 
Other comprehensive income (loss)— — — 121.4 — 121.4 (0.4)121.0 
Common stock issued (including share-based compensation impact)— 41.9 — — 48.7 90.6 — 90.6 
Share repurchases— — — — (194.5)(194.5)— (194.5)
Cash dividends declared (1)
— — (271.9)— (271.9)— (271.9)
Balance at March 31, 2023$181.4 $2,049.0 $8,824.2 $(796.1)$(7,103.0)$3,155.5 $280.0 $3,435.5 
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossCommon stock in treasury, at costTotal attributable to Rockwell Automation, Inc.Noncontrolling interestsTotal shareowners' equity
Balance at September 30, 2021$181.4 $1,933.6 $8,000.4 $(1,017.1)$(6,708.7)$2,389.6 $304.5 $2,694.1 
Net income (loss)— — 295.4 — — 295.4 (7.1)288.3 
Other comprehensive income— — — 184.0 — 184.0 0.3 184.3 
Common stock issued (including share-based compensation impact)— 33.7 — — 39.6 73.3 — 73.3 
Share repurchases— — — — (49.4)(49.4)— (49.4)
Cash dividends declared (1)
— — (260.7)— — (260.7)— (260.7)
Balance at March 31, 2022$181.4 $1,967.3 $8,035.1 $(833.1)$(6,718.5)$2,632.2 $297.7 $2,929.9 
(1) Cash dividends were $2.36 per share and $2.24 per share in the six months ended March 31, 2023 and 2022, respectively.
See Notes to Consolidated Financial Statements.
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ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


1. Basis of Presentation and Accounting Policies
In the opinion of management of Rockwell Automation, Inc. ("Rockwell Automation" or "the Company"), the unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position, results of operations, and cash flows for the periods presented and, except as otherwise indicated, such adjustments consist only of those of a normal, recurring nature. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended September 30, 2022. The results of operations for the three and six months ended March 31, 2023, are not necessarily indicative of the results for the full year. All date references to years and quarters herein refer to our fiscal year and fiscal quarter, unless otherwise stated.
Receivables
We record an allowance for doubtful accounts based on customer-specific analysis and general matters such as current assessments of past due balances and economic conditions. Receivables are recorded net of an allowance for doubtful accounts of $16.2 million at March 31, 2023, and $13.1 million at September 30, 2022. In addition, receivables are recorded net of an allowance for certain customer returns, rebates, and incentives of $28.2 million at March 31, 2023, and $13.9 million at September 30, 2022. The changes to our allowance for doubtful accounts during the three and six months ended March 31, 2023 and 2022, were not material and primarily consisted of current-period provisions, write-offs charged against the allowance, recoveries collected, and foreign currency translation.
Earnings Per Share
The following table reconciles basic and diluted earnings per share (EPS) amounts (in millions, except per share amounts):
Three Months Ended
March 31,		Six Months Ended
March 31,
 2023202220232022
Net income attributable to Rockwell Automation, Inc.$300.3 $53.9 $684.3 $295.4 
Less: Allocation to participating securities(1.3)(0.1)(2.8)(0.8)
Net income available to common shareowners$299.0 $53.8 $681.5 $294.6 
Basic weighted average outstanding shares114.8 116.2 114.8 116.1 
Effect of dilutive securities
Stock options0.7 0.9 0.7 1.0 
Performance shares0.1 — 0.1 0.1 
Diluted weighted average outstanding shares115.6 117.1 115.6 117.2 
Earnings per share:
Basic$2.60 $0.46 $5.94 $2.54 
Diluted$2.59 $0.46 $5.90 $2.51 
For the three and six months ended March 31, 2023, there were 0.4 million and 0.5 million shares, respectively, related to share-based compensation awards that were excluded from the diluted EPS calculation because they were antidilutive. For each of the three and six months ended March 31, 2022, there were 0.3 million shares related to share-based compensation awards that were excluded from the diluted EPS calculation because they were antidilutive.
Non-Cash Investing and Financing Activities
Capital expenditures of $34.0 million and $8.1 million were accrued within Accounts payable and Other current liabilities at March 31, 2023 and 2022, respectively. At March 31, 2023, there were $0.8 million of outstanding common stock share repurchases recorded in Accounts payable that did not settle until the next quarter. At March 31, 2022, there were no outstanding common stock share repurchases recorded in Accounts payable. These non-cash investing and financing activities have been excluded from cash used for capital expenditures and treasury stock purchases in the Consolidated Statement of Cash Flows.
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ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


Recently Adopted Accounting Pronouncements
In October 2021, the Financial Accounting Standards Board (FASB) issued a new standard that requires companies to apply Accounting Standards Codification (ASC) 606 to recognize and measure contract assets and contract liabilities in a business combination. We retroactively adopted the new standard as of October 1, 2021. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.
Recently Issued Accounting Pronouncements
In September 2022, the FASB issued a new standard, which requires the buyer in a supplier finance program to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. We are currently assessing the impact of this standard on our financial statement disclosures.
We do not expect any other recently issued accounting pronouncements to have a material impact on our Consolidated Financial Statements and related disclosures.
2. Revenue Recognition
Nature of Products and Services
Substantially all of our revenue is from contracts with customers. We recognize revenue as promised products are transferred to, or services are performed for, customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those products and services. Our offerings consist of industrial automation and information products, solutions, and services.
Our products include hardware, software, and configured-to-order products. Our solutions include custom-engineered systems and software. Our services include customer technical support and repair, asset management and optimization consulting, and training. Also included in our services is a portion of revenue related to spare parts that are managed within our services offering.
Our operations are comprised of the Intelligent Devices segment, the Software & Control segment, and the Lifecycle Services segment. Revenue from the Intelligent Devices and Software & Control segments is predominantly comprised of product sales, which are recognized at a point in time. The Software & Control segment also contains revenue from software products, which may be recognized over time if certain criteria are met. Revenue from the Lifecycle Services segment is predominantly comprised of solutions and services, which are primarily recognized over time. See Note 15 for more information.
Unfulfilled Performance Obligations
As of March 31, 2023, we expect to recognize approximately $1,175 million of revenue in future periods from unfulfilled performance obligations from existing contracts with customers. We expect to recognize revenue of approximately $692 million from our remaining performance obligations over the next 12 months with the remaining balance recognized thereafter.
We have applied the practical expedient to exclude the value of remaining performance obligations for (i) contracts with an original term of one year or less and (ii) contracts for which we recognize revenue in proportion to the amount we have the right to invoice for services performed. The amounts above also do not include the impact of contract renewal options that are unexercised as of March 31, 2023.
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ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)

Disaggregation of Revenue
The following tables present our revenue disaggregation by geographic region for our three operating segments (in millions). We attribute sales to the geographic regions based on the country of destination.
 Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Intelligent DevicesSoftware & ControlLifecycle ServicesTotalIntelligent DevicesSoftware & ControlLifecycle ServicesTotal
North America$598.7 $452.0 $259.9 $1,310.6 $495.9 $343.0 $232.7 $1,071.6 
Europe, Middle East and Africa216.6 148.6 121.3 486.5 147.4 85.4 116.1 348.9 
Asia Pacific136.7 99.6 97.9 334.2 104.6 78.1 83.5 266.2 
Latin America71.2 40.9 32.0 144.1 60.7 28.4 32.3 121.4 
Total Company Sales$1,023.2 $741.1 $511.1 $2,275.4 $808.6 $534.9 $464.6 $1,808.1 
 
Six Months Ended March 31, 2023
Six Months Ended March 31, 2022
Intelligent DevicesSoftware & ControlLifecycle ServicesTotalIntelligent DevicesSoftware & ControlLifecycle ServicesTotal
North America$1,166.1 $836.1 $487.3 $2,489.5 $1,054.8 $667.1 $450.4 $2,172.3 
Europe, Middle East and Africa387.8 234.4 237.1 859.3 305.2 173.8 224.6 703.6 
Asia Pacific268.0 168.0 194.7 630.7 227.9 151.8 165.4 545.1 
Latin America137.5 75.9 63.5 276.9 121.0 56.1 67.3 244.4 
Total Company Sales$1,959.4 $1,314.4 $982.6 $4,256.4 $1,708.9 $1,048.8 $907.7 $3,665.4 
Contract Liabilities
Contract liabilities primarily relate to consideration received in advance of performance under the contract.
Below is a summary of our Contract liabilities balance, the portion not expected to be recognized within twelve months is included within Other liabilities in the Consolidated Balance Sheet (in millions):
March 31, 2023March 31, 2022
Balance as of beginning of year$541.3 $462.5 
Balance as of end of period636.9 541.0 
The most significant changes in our Contract liabilities balance during both the six months ended March 31, 2023 and 2022, were due to amounts billed during the period, partially offset by revenue recognized that was included in the Contract liabilities balance at the beginning of the period and revenue recognized on amounts billed during the period.
In the six months ended March 31, 2023, we recognized revenue of approximately $312.1 million that was included in the Contract liabilities balance at September 30, 2022. In the six months ended March 31, 2022, we recognized revenue of approximately $260.8 million that was included in the Contract liabilities balance at September 30, 2021. We did not have a material amount of revenue recognized in the six months ended March 31, 2023 and 2022, from performance obligations satisfied or partially satisfied in previous periods.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
3. Share-Based Compensation
We recognized $23.2 million and $41.6 million of pre-tax share-based compensation expense during the three and six months ended March 31, 2023, respectively. We recognized $15.7 million and $31.2 million of pre-tax share-based compensation expense during the three and six months ended March 31, 2022, respectively. Our annual grant of share-based compensation takes place during first quarter of each year. The number of shares granted to employees and non-employee directors and the weighted average fair value per share during the periods presented were (in thousands, except per share amounts):
 Six Months Ended March 31,
 20232022
GrantsWtd. Avg.
Share
Fair Value		GrantsWtd. Avg.
Share
Fair Value
Stock options233 $77.62 164 $87.68 
Performance shares66 340.77 37 481.28 
Restricted stock and restricted stock units228 261.59 149 343.56 
Unrestricted stock7 261.72 3 345.00 
4. Inventories
Inventories consist of (in millions):
March 31, 2023September 30, 2022
Finished goods$427.4 $325.0 
Work in process360.0 317.3 
Raw materials541.1 411.9 
Inventories$1,328.5 $1,054.2 
5. Acquisitions
2023 Acquisitions
In October 2022, we acquired CUBIC, a company that specializes in modular systems for the construction of electrical panels, headquartered in Bronderslev, Denmark. We recorded assets acquired and liabilities assumed in connection with this acquisition based on their estimated fair values as of the acquisition date of October 31, 2022. The preliminary aggregate purchase price allocation is as follows (in millions):
Purchase Price Allocation
Receivables$20.2 
Inventories17.7 
Property27.5 
Goodwill66.3 
Other intangible assets36.4 
All other assets0.9 
Total assets acquired169.0 
Less: Total liabilities assumed(35.2)
Net assets acquired, excluding cash$133.8 
Purchase Consideration
Total purchase consideration, net of cash acquired$133.8 
We assigned the full amount of goodwill and all other net assets acquired related to this acquisition to our Intelligent Devices segment. The goodwill recorded represents intangible assets that do not qualify for separate recognition. We do not expect the goodwill to be deductible for tax purposes.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
In February 2023, we acquired Knowledge Lens, a services and solutions provider headquartered in Bengaluru, India. We recorded assets acquired and liabilities assumed in connection with this acquisition based on their estimated fair values as of the acquisition date of February 28, 2023. The preliminary aggregate purchase price allocation is as follows (in millions):
Purchase Price Allocation
Receivables$3.6 
Goodwill35.7 
Other intangible assets17.7 
All other assets1.8 
Total assets acquired58.8 
Less: Total liabilities assumed(6.8)
Net assets acquired, excluding cash$52.0 
Purchase Consideration
Total purchase consideration, net of cash acquired$52.0 
We assigned the full amount of goodwill and all other net assets acquired related to this acquisition to our Lifecycle Services segment. The goodwill recorded represents intangible assets that do not qualify for separate recognition. We do not expect the goodwill to be deductible for tax purposes.
The allocation of the purchase price to identifiable assets above is based on the preliminary valuations performed to determine the fair value of the net assets as of the acquisition date. The measurement period for the valuation of net assets acquired ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, but not to exceed 12 months following the acquisition date. Adjustments in purchase price allocations may require a change in the amounts allocated to net assets acquired during the periods in which the adjustments are determined.
2022 Acquisitions
In November 2021, we acquired AVATA, a services provider for supply chain management, enterprise resource planning, and enterprise performance management solutions. We assigned the full amount of goodwill related to this acquisition to our Lifecycle Services segment.
In March 2022, we, through our Sensia affiliate, acquired Swinton Technology, a provider of metering supervisory systems and measurement expertise in the Oil & Gas industry. We assigned the full amount of goodwill related to this acquisition to our Lifecycle Services segment.
Pro forma consolidated sales for the three and six months ended March 31, 2023, were $2.3 billion and $4.3 billion, respectively, and the impact on earnings was not material. Pro forma consolidated sales for the three and six months ended March 31, 2022, were $1.8 billion and $3.7 billion, respectively, and the impact on earnings was not material. The preceding pro forma consolidated financial results of operations are as if the preceding 2023 and 2022 acquisitions occurred on October 1, 2021. 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 transaction occurred as of that time.
Total sales and acquisition-related costs from all of the above 2023 and 2022 acquisitions in the three and six months ended March 31, 2023 and 2022, were not material.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
6. Goodwill and Other Intangible Assets
Changes in the carrying amount of Goodwill for the six months ended March 31, 2023, were (in millions):
Intelligent DevicesSoftware & ControlLifecycle ServicesTotal
Balance as of September 30, 2022$503.0 $2,398.7 $622.3 $3,524.0 
Acquisition of businesses66.3 — 35.7 102.0 
Translation and other21.1 24.7 13.4 59.2 
Balance as of March 31, 2023$590.4 $2,423.4 $671.4 $