10-Q

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 December 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)

_________________________________________

Delaware		25-1797617
(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 class	Trading Symbol	Name of each exchange on which registered
Common Stock ($1.00 par value)	ROK	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, 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  ☑

114,592,022 shares of registrant’s Common Stock were outstanding on December 31, 2023.

INDEX

	Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet	4
Consolidated Statement of Operations	5
Consolidated Statement of Comprehensive Income	6
Consolidated Statement of Cash Flows	7
Consolidated Statement of Shareowners' Equity	8
Notes to Consolidated Financial Statements	9
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)	24
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3. Quantitative and Qualitative Disclosures About Market Risk	38
Item 4. Controls and Procedures	38
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	39
Item 1A. Risk Factors	39
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 5. Other Information	40
Item 6. Exhibits	42
Signatures	43

3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ROCKWELL AUTOMATION, INC.

CONSOLIDATED BALANCE SHEET

(Unaudited)

(in millions, except per share amounts)

	December 31, 2023		September 30, 2023
ASSETS
Current assets
Cash and cash equivalents	$	439.5	$	1,071.8
Receivables	1,934.9		2,167.4
Inventories	1,474.0		1,404.9
Other current assets	287.5		266.7
Total current assets	4,135.9		4,910.8
Property, net of accumulated depreciation of $1,866.3 and $1,828.3, respectively	705.0		684.2
Operating lease right-of-use assets	350.1		349.4
Goodwill	3,966.7		3,529.2
Other intangible assets, net	1,190.4		852.4
Deferred income taxes	461.8		459.3
Long-term investments	161.9		157.1
Other assets	361.5		361.6
Total	$	11,333.3	$	11,304.0
LIABILITIES AND SHAREOWNERS’ EQUITY
Current liabilities
Short-term debt	$	501.4	$	94.7
Current portion of long-term debt	9.9		8.6
Accounts payable	935.0		1,150.2
Compensation and benefits	269.9		499.9
Contract liabilities	595.3		592.5
Customer returns, rebates and incentives	390.8		452.0
Other current liabilities	608.6		567.4
Total current liabilities	3,310.9		3,365.3
Long-term debt	2,863.0		2,862.9
Retirement benefits	513.4		503.6
Operating lease liabilities	277.9		285.3
Other liabilities	581.0		543.5
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 capital	2,111.3		2,102.5
Retained earnings	9,326.5		9,255.2
Accumulated other comprehensive loss	(729.8)		(790.1)
Common stock in treasury, at cost (shares held: 66.8 and 66.6, respectively)	(7,281.7)		(7,187.4)
Shareowners’ equity attributable to Rockwell Automation, Inc.	3,607.7		3,561.6
Noncontrolling interests	179.4		181.8
Total shareowners’ equity	3,787.1		3,743.4
Total	$	11,333.3	$	11,304.0

See Notes to Consolidated Financial Statements.

4

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

(in millions, except per share amounts)

	Three Months Ended December 31,
	2023		2022
Sales
Products and solutions	$	1,833.2	$	1,789.7
Services	218.9		191.3
	2,052.1		1,981.0
Cost of sales
Products and solutions	(1,130.1)		(1,044.7)
Services	(127.4)		(122.7)
	(1,257.5)		(1,167.4)
Gross profit	794.6		813.6
Selling, general and administrative expenses	(513.7)		(469.5)
Change in fair value of investments	3.1		140.6
Other income (Note 11)	8.9		17.3
Interest expense	(33.3)		(34.1)
Income before income taxes	259.6		467.9
Income tax provision (Note 14)	(46.9)		(89.2)
Net income	212.7		378.7
Net loss attributable to noncontrolling interests	(2.5)		(5.3)
Net income attributable to Rockwell Automation, Inc.	$	215.2	$	384.0
Earnings per share:
Basic	$	1.87	$	3.33
Diluted	$	1.86	$	3.31
Weighted average outstanding shares:
Basic	114.6		114.8
Diluted	115.2		115.5

See Notes to Consolidated Financial Statements.

5

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

(in millions)

	Three Months Ended December 31,
	2023		2022
Net income	$	212.7	$	378.7
Other comprehensive income (loss)
Pension and other postretirement benefit plan adjustments (net of tax benefit of $0.0 and $0.4)	0.1		(0.4)
Currency translation adjustments	84.2		85.8
Net change in cash flow hedges (net of tax benefit of $9.0 and $8.9)	(23.9)		(21.1)
Other comprehensive income	60.4		64.3
Comprehensive income	273.1		443.0
Comprehensive loss attributable to noncontrolling interests	(2.4)		(5.3)
Comprehensive income attributable to Rockwell Automation, Inc.	$	275.5	$	448.3

See Notes to Consolidated Financial Statements.

6

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

(in millions)

	Three Months Ended December 31,
	2023		2022
Operating activities:
Net income	$	212.7	$	378.7
Adjustments to arrive at cash provided by operating activities
Depreciation	38.8		29.0
Amortization of intangible assets	38.1		28.8
Change in fair value of investments	(3.1)		(140.6)
Share-based compensation expense	24.2		18.4
Retirement benefit expense (income)	4.5		(1.7)
Net loss on disposition of property	0.2		0.9
Pension contributions	(5.9)		(7.0)
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments
Receivables	280.4		(32.6)
Inventories	(27.7)		(175.3)
Accounts payable	(200.3)		(29.8)
Contract liabilities	13.8		52.7
Compensation and benefits	(243.4)		(40.2)
Income taxes	1.6		73.1
Other assets and liabilities	(101.3)		(88.1)
Cash provided by operating activities	32.6		66.3
Investing activities:
Capital expenditures	(67.9)		(24.2)
Acquisition of businesses, net of cash acquired	(748.7)		(133.8)
Proceeds from sale of investments	—		144.8
Other investing activities	(0.8)		(5.1)
Cash used for investing activities	(817.4)		(18.3)
Financing activities:
Net issuance of short-term debt	409.0		206.9
Repayment of short-term debt	—		(18.8)
Cash dividends	(144.0)		(135.9)
Purchases of treasury stock	(120.3)		(156.8)
Proceeds from the exercise of stock options	11.6		13.4
Other financing activities	(22.1)		(14.1)
Cash provided by (used for) financing activities	134.2		(105.3)
Effect of exchange rate changes on cash	9.7		18.0
Decrease in cash, cash equivalents, and restricted cash	(640.9)		(39.3)
Cash, cash equivalents, and restricted cash at beginning of period	1,080.4		507.9
Cash, cash equivalents, and restricted cash at end of period	$	439.5	$	468.6
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	439.5	$	460.0
Restricted cash, current (Other current assets)	—		8.6
Total cash, cash equivalents, and restricted cash	$	439.5	$	468.6

See Notes to Consolidated Financial Statements.

7

CONSOLIDATED STATEMENT OF SHAREOWNERS’ EQUITY

(Unaudited)

(in millions, except per share amounts)

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Common stock in treasury, at cost		Total attributable to Rockwell Automation, Inc.		Noncontrolling interests		Total shareowners' equity
Balance at September 30, 2023	$	181.4	$	2,102.5	$	9,255.2	$	(790.1)	$	(7,187.4)	$	3,561.6	$	181.8	$	3,743.4
Net income (loss)	—		—		215.2		—		—		215.2		(2.5)		212.7
Other comprehensive income	—		—		—		60.3		—		60.3		0.1		60.4
Common stock issued (including share-based compensation impact)	—		8.8		—		—		26.9		35.7		—		35.7
Share repurchases	—		—		—		—		(121.2)		(121.2)		—		(121.2)
Cash dividends declared (1)	—		—		(143.9)		—		—		(143.9)		—		(143.9)
Balance at December 31, 2023	$	181.4	$	2,111.3	$	9,326.5	$	(729.8)	$	(7,281.7)	$	3,607.7	$	179.4	$	3,787.1

	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Common stock in treasury, at cost		Total attributable to Rockwell Automation, Inc.		Noncontrolling interests		Total 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)	—		—		384.0		—		—		384.0		(5.3)		378.7
Other comprehensive income	—		—		—		64.3		—		64.3		—		64.3
Common stock issued (including share-based compensation impact)	—		8.6		—		—		24.2		32.8		—		32.8
Share repurchases	—		—		—		—		(156.0)		(156.0)		—		(156.0)
Cash dividends declared (1)	—		—		(135.9)		—		—		(135.9)		—		(135.9)
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

(1) Cash dividends were $1.25 per share and $1.18 per share in the three months ended December 31, 2023 and 2022, respectively.

8

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, 2023. The results of operations for the three months ended December 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 $19.3 million at December 31, 2023, and $16.8 million at September 30, 2023. The changes to our allowance for doubtful accounts during the three months ended December 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 December 31,
	2023		2022
Net income attributable to Rockwell Automation, Inc.	$	215.2	$	384.0
Less: Allocation to participating securities	(1.0)		(1.5)
Net income available to common shareowners	$	214.2	$	382.5
Basic weighted average outstanding shares	114.6		114.8
Effect of dilutive securities
Stock options	0.6		0.6
Performance shares	—		0.1
Diluted weighted average outstanding shares	115.2		115.5
Earnings per share:
Basic	$	1.87	$	3.33
Diluted	$	1.86	$	3.31

For the three months ended December 31, 2023 and 2022, there were 0.5 million and 0.6 million shares, respectively, 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 $20.5 million and $32.9 million were accrued within Accounts payable and Other current liabilities at December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, respectively, there were $1.1 million and $0.8 million of outstanding common stock share repurchases recorded in Accounts payable that did not settle until the next quarter. 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.

9

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Supplier Financing Arrangements

The Company maintains agreements with third-party financial institutions that offer voluntary supply chain financing (SCF) programs to suppliers. The SCF programs enable suppliers, at their sole discretion, to sell their receivables to third-party financial institutions in order to receive payment on receivables earlier than the negotiated commercial terms between suppliers and the Company. Supplier sale of receivables to third-party financial institutions is on terms negotiated between the supplier and the respective third-party financial institution. The Company agrees on commercial terms for the goods and services procured from suppliers, including prices, quantities, and payment terms, regardless of whether the supplier elects to participate in the SCF programs. A supplier’s voluntary participation in the SCF programs has no bearing on the Company's payment terms and the Company has no economic interest in a supplier’s decision to participate in the SCF programs. The Company agrees to pay participating third-party financial institutions the stated amount of confirmed invoices from suppliers on the original maturity dates of the invoices. Amounts outstanding related to SCF programs are included in Accounts payable in the Consolidated Balance Sheet and in changes in Accounts payable on the Consolidated Statement of Cash Flows. Accounts payable included approximately $117.5 million and $126.7 million related to these agreements as of December 31, 2023, and September 30, 2023, respectively. The impact of these programs is not material to the Company's overall liquidity.

Recently Adopted Accounting Pronouncements

In September 2022, the Financial Accounting Standards Board (FASB) issued a new standard that requires companies to apply Accounting Standards Codification (ASC) 405-50 to disclose supplier finance program obligations. We adopted the new standard as of October 1, 2023. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-08, which requires expanded interim and annual disclosures of segment information regularly provided to the chief operating decision maker (CODM), the title and position of the CODM, an explanation of how the CODM uses the information in assessing segment performance and deciding how to allocate resources, and an amount for other segment items by reportable segment and a description of its composition. We will expand our disclosures in our fiscal 2025 Annual Report on Form 10-K when the standard becomes effective for us.

In December 2023, the FASB issued ASU 2023-09, which requires expanded annual disclosures to the income tax rate reconciliation and the amount of income taxes paid. We will expand our disclosures in our fiscal 2026 Annual Report on Form 10-K when the standard becomes effective for us.

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

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.

In most countries, we sell primarily through independent distributors in conjunction with our direct sales force. We sell large systems and service offerings principally through our direct sales force, though opportunities are sometimes identified through distributors.

10

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Unfulfilled Performance Obligations

As of December 31, 2023, we expect to recognize approximately $1,121 million of revenue in future periods from unfulfilled performance obligations from existing contracts with customers. We expect to recognize revenue of approximately $716 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 December 31, 2023.

Disaggregation of Revenue

The following table presents 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 December 31, 2023								Three Months Ended December 31, 2022
	Intelligent Devices		Software & Control		Lifecycle Services		Total		Intelligent Devices		Software & Control		Lifecycle Services		Total
North America	$	604.3	$	386.6	$	256.2	$	1,247.1	$	567.4	$	384.1	$	227.4	$	1,178.9
Europe, Middle East, and Africa	166.6		99.8		121.9		388.3		171.2		85.8		115.8		372.8
Asia Pacific	97.9		79.0		98.7		275.6		131.3		68.4		96.8		296.5
Latin America	58.5		38.2		44.4		141.1		66.3		35.0		31.5		132.8
Total Company Sales	$	927.3	$	603.6	$	521.2	$	2,052.1	$	936.2	$	573.3	$	471.5	$	1,981.0

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):

	December 31, 2023		December 31, 2022
Balance as of beginning of year	$	653.6	$	541.3
Balance as of end of period	673.9		602.4

The most significant changes in our Contract liabilities balance during both the three months ended December 31, 2023 and 2022, were due to amounts billed, 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 three months ended December 31, 2023, we recognized revenue of approximately $237.8 million that was included in the Contract liabilities balance at September 30, 2023. In the three months ended December 31, 2022, we recognized revenue of approximately $200.9 million that was included in the Contract liabilities balance at September 30, 2022. We did not have a material amount of revenue recognized in the three months ended December 31, 2023 and 2022, from performance obligations satisfied or partially satisfied in previous periods.

11

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

3. Share-Based Compensation

We recognized $24.2 million and $18.4 million of pre-tax share-based compensation expense during the three months ended December 31, 2023 and 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):

	Three Months Ended December 31,
	2023			2022
	Grants	Wtd. Avg. Share Fair Value		Grants	Wtd. Avg. Share Fair Value
Stock options	217	$	85.91	233	$	77.62
Performance shares	79	295.06		66	340.77
Restricted stock units	235	276.46		211	259.67
Unrestricted stock	5	279.50		6	259.81

4. Inventories

Inventories consist of (in millions):

	December 31, 2023		September 30, 2023
Finished goods	$	569.9	$	545.9
Work in process	367.5		395.7
Raw materials	536.6		463.3
Inventories	$	1,474.0	$	1,404.9

5. Acquisitions

2024 Acquisitions

In October 2023, we acquired Clearpath Robotics, Inc. (Clearpath), a company that specializes in autonomous robotics for industrial applications, headquartered in Ontario, Canada. 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 2, 2023. The preliminary aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	8.2
Inventory	22.1
Goodwill	267.0
Intangible assets	313.1
All other assets	10.8
Total assets acquired	621.2
Less: Liabilities assumed	(12.7)
Net assets acquired	$	608.5
	Purchase Consideration
Cash consideration, net of cash acquired	$	565.5
Contingent consideration	43.0
Total purchase consideration, net of cash acquired	$	608.5

12

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Intangible assets identified include $269.6 million of technology, $41.6 million of trademarks, and $1.9 million of customer relationships. We assigned the full amount of goodwill and all other assets acquired to our Intelligent Devices segment. The goodwill recorded represents intangible assets that do not qualify for separate recognition. This goodwill arises because the purchase price for Clearpath reflects a number of factors including the future earnings and cash flow potential for the business and resulting synergies from the business portfolio and industry expertise. We do not expect the goodwill to be deductible for tax purposes. The intangible assets were valued using an income approach, specifically the relief from royalty method and multi-period excess earnings method. The relief from royalty method calculates value based on hypothetical payments that would be saved by owning an asset rather than licensing it. The multi-period excess earnings method is the isolation of cash flows from a single intangible asset and measures fair value by discounting them to present value. These values are considered level 3 measurements under the U.S. GAAP fair value hierarchy. The key assumption requiring the use of judgement in the valuation of the technology asset was the obsolescence factor, where we estimated a phase out over 12 years; other assumptions included forecasted revenue growth rates and margin and the discount rate. The key assumption requiring the use of judgement in the valuation of the trademarks asset was the weighted average royalty rate of 2.05 percent; other assumptions included forecasted revenue growth rates and the discount rate.

The purchase price includes up to $50 million in contingent consideration dependent on future Clearpath revenue performance. We developed various risk-based scenarios and a probability outcome model to measure the fair value of the contingent consideration, which is considered a level 3 measurement under the U.S. GAAP fair value hierarchy. At the acquisition date and December 31, 2023, we determined the fair value of the contingent consideration to be $43.0 million, of which $17.5 million is recorded in Other current liabilities and $25.5 million in Other liabilities on the Consolidated Balance Sheet.

In November 2023, we acquired Verve Industrial Protection (Verve), a cybersecurity software and services company that focuses specifically on industrial environments. We recorded assets acquired and liabilities assumed in connection with this acquisition based on their estimated fair values as of the acquisition date of November 1, 2023. The preliminary aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	8.0
Goodwill	133.0
Intangible assets	47.0
All other assets	1.4
Total assets acquired	189.4
Less: Liabilities assumed	(6.2)
Net assets acquired	$	183.2
	Purchase Consideration
Total purchase consideration, net of cash acquired	$	183.2

We assigned the full amount of goodwill to our Lifecycle Services segment. We expect the goodwill to be deductible for tax purposes. The goodwill recorded represents intangible assets that do not qualify for separate recognition.

The allocations of the purchase prices 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.

Pro forma consolidated sales for the three months ended December 31, 2023 and 2022, were $2.1 billion and $2.0 billion, respectively, and the impact on earnings was not material. The preceding pro forma consolidated financial results of operations are as if the preceding 2024 acquisitions 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 transaction occurred as of that time.

13

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Total sales from all of the above 2024 acquisitions in the three months ended December 31, 2023 were $17.2 million. Total acquisition-related costs from all of the above 2024 acquisitions in the three months ended December 31, 2023, were not material.

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 assigned the full amount of goodwill related to this acquisition to our Intelligent Devices segment.

In February 2023, we acquired Knowledge Lens, a services and solutions provider headquartered in Bengaluru, India. We assigned the full amount of goodwill related to this acquisition to our Lifecycle Services segment.

We recorded assets acquired and liabilities assumed in connection with these acquisitions based on their estimated fair values as of the acquisition dates of October 31, 2022, and February 28, 2023, respectively. The aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	23.8
Inventories	17.7
Property	27.5
Goodwill	111.3
Other intangible assets	54.1
All other assets	21.0
Total assets acquired	255.4
Less: Liabilities assumed	(12.6)
Less: Deferred income taxes	(56.6)
Net assets acquired, excluding cash	$	186.2
	Purchase Consideration
Total purchase consideration, net of cash acquired	$	186.2

Pro forma consolidated sales for the three months ended December 31, 2022, were $2.0 billion, and the impact on earnings was not material. The preceding pro forma consolidated financial results of operations are as if the preceding 2023 acquisitions 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 transaction occurred as of that time.

Total sales from all of the above 2023 acquisitions in the three months ended December 31, 2023 and 2022, were $26.8 million and $13.7 million, respectively. Total acquisition-related costs from all of the above 2023 acquisitions in the three months ended December 31, 2022, were not material.

14

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

6. Goodwill and Other Intangible Assets

Changes in the carrying amount of Goodwill for the three months ended December 31, 2023, were (in millions):

	Intelligent Devices		Software & Control		Lifecycle Services		Total
Balance as of September 30, 2023	$	595.8	$	2,420.1	$	513.3	$	3,529.2
Acquisition of businesses	267.0		—		133.0		400.0
Translation	16.9		13.5		7.1		37.5
Balance as of December 31, 2023	$	879.7	$	2,433.6	$	653.4	$	3,966.7
Gross carrying value of goodwill	879.7		2,433.6		810.9		4,124.2
Accumulated impairment losses	—		—		(157.5)		(157.5)
Goodwill	$	879.7	$	2,433.6	$	653.4	$	3,966.7

We perform our annual evaluation of goodwill and indefinite life intangible assets for impairment during the second quarter of each year, or more frequently, if events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We assessed the changes in events and circumstances during the first quarter of 2024 and concluded that no triggering events, which would require interim quantitative testing, occurred.

Other intangible assets consist of (in millions):

	December 31, 2023
	Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Software products	$	105.1	$	67.8	$	37.3
Customer relationships	618.4		152.2		466.2
Technology	737.6		194.8		542.8
Trademarks	133.0		33.1		99.9
Other	5.7		5.2		0.5
Total amortized intangible assets	1,599.8		453.1		1,146.7
Allen-Bradley® trademark not subject to amortization	43.7		—		43.7
Other intangible assets	$	1,643.5	$	453.1	$	1,190.4

	September 30, 2023
	Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Software products	$	100.4	$	65.1	$	35.3
Customer relationships	606.1		141.3		464.8
Technology	424.1		173.1		251.0
Trademarks	86.3		29.3		57.0
Other	6.0		5.4		0.6
Total amortized intangible assets	1,222.9		414.2		808.7
Allen-Bradley® trademark not subject to amortization	43.7		—		43.7
Other intangible assets	$	1,266.6	$	414.2	$	852.4

Estimated total amortization expense for all amortized intangible assets is $153.5 million in 2024, $150.0 million in 2025, $148.7 million in 2026, $140.6 million in 2027, and $127.8 million in 2028.

15

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

7. Short-Term and Long-Term Debt

Our Short-term debt as of December 31, 2023, includes commercial paper borrowings of $407.0 million, with a weighted average interest rate of 5.41 percent, and a weighted average maturity period of 13 days. We had no commercial paper borrowings as of September 30, 2023. In December 2022, Sensia entered into an unsecured $75.0 million line of credit. As of December 31, 2023, and September 30, 2023, included in Short-term debt was $70.0 million borrowed against the line of credit with an interest rate of 6.25 percent and 6.29 percent, respectively. Also included in Short-term debt as of December 31, 2023, and September 30, 2023, is $23.5 million of interest-bearing loans from Schlumberger (SLB) to Sensia due December 31, 2024.

The following table presents the carrying amounts and estimated fair values of Long-term debt in the Consolidated Balance Sheet (in millions):

	December 31, 2023				September 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	9.9	$	9.9	$	8.6	$	8.6
Long-term debt	2,863.0		2,623.1		2,862.9		2,442.6

We base the fair value of Long-term debt upon quoted market prices for the same or similar issues and therefore consider this a level 2 fair value measurement. The fair value of Long-term debt considers the terms of the debt excluding the impact of derivative and hedging activity. Refer to Note 9 for further information regarding levels in the fair value hierarchy. The carrying value of our Short-term debt approximates fair value.

8. Other Current Liabilities

Other current liabilities consist of (in millions):

	December 31, 2023		September 30, 2023
Unrealized losses on foreign exchange contracts	$	26.5	$	10.8
Product warranty obligations	19.0		18.3
Taxes other than income taxes	48.8		56.9
Accrued interest	38.1		18.6
Income taxes payable	262.1		248.6
Operating lease liabilities	91.3		83.4
Other	122.8		130.8
Other current liabilities	$	608.6	$	567.4

9. Investments

Our investments consist of (in millions):

	December 31, 2023		September 30, 2023
Fixed income securities	$	0.6	$	0.6
Equity securities (other)	98.5		96.0
Other	63.4		61.1
Total investments	162.5		157.7
Less: Short-term investments (1)	(0.6)		(0.6)
Long-term investments	$	161.9	$	157.1

(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet.

16

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

Equity Securities

Equity securities (other) consist of various securities that do not have a readily determinable fair value, which we account for using the measurement alternative under U.S. GAAP. These securities are recorded at the investment cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer in the Consolidated Balance Sheet. Observable price changes are classified as level 2 in the fair value hierarchy, as described below. The carrying values at December 31, 2023, and September 30, 2023, include cumulative upward adjustments from observed price changes of $20.0 million and $17.5 million, respectively.

We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):

	Three Months Ended December 31,
	2023		2022
Net gain on equity securities (level 1)	$	—	$	141.0
Net gain on equity securities (other)	2.5		—
Equity method gain (loss) on Other investments	0.6		(0.4)
Change in fair value of investments	3.1		140.6
Total net realized gain on equity securities	—		33.9
Total net unrealized gain on equity securities	$	2.5	$	107.1

Net gain on equity securities (level 1) in the prior year consisted of the change in fair value and gain on sale of shares of PTC Inc. (PTC) common stock (PTC Shares). As of September 30, 2023, all PTC Shares have been sold.

U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3: Unobservable inputs for the asset or liability.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. We did not have any transfers between levels of fair value measurements during the period presented.

17

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

10. Retirement Benefits

The components of net periodic pension and postretirement benefit cost (credit) were (in millions):

	Pension Benefits
	Three Months Ended December 31,
	2023		2022
Service cost	$	9.3	$	10.6
Interest cost	36.6		39.2
Expected return on plan assets	(42.2)		(51.3)
Amortization of net actuarial gain	(0.3)		(1.0)
Net periodic pension benefit cost (credit)	$	3.4	$	(2.5)

	Other Postretirement Benefits
	Three Months Ended December 31,
	2023		2022
Service cost	$	0.1	$	0.1
Interest cost	0.6		0.6
Amortization of net actuarial loss	0.4		0.1
Net periodic postretirement benefit cost	$	1.1	$	0.8

The service cost component is included in Cost of sales and Selling, general and administrative expenses in the Consolidated Statement of Operations. All other components are included in Other income in the Consolidated Statement of Operations.

11. Other Income

The components of Other income were (in millions):

	Three Months Ended December 31,
	2023		2022
Interest income	$	5.0	$	1.3
Royalty income	2.8		2.5
Legacy product liability and environmental charges	(5.0)		(2.8)
Non-operating pension and postretirement benefit credit	4.9		12.4
Other	1.2		3.9
Other income	$	8.9	$	17.3

18

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

12. Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss attributable to Rockwell Automation by component for the following periods were (in millions):

Three Months Ended December 31, 2023	Pension and other postretirement benefit plan adjustments, net of tax		Accumulated currency translation adjustments, net of tax		Net unrealized losses on cash flow hedges, net of tax		Total accumulated other comprehensive loss, net of tax
Balance as of September 30, 2023	$	(407.1)	$	(364.9)	$	(18.1)	$	(790.1)
Other comprehensive income (loss) before reclassifications	—		84.1		(17.7)		66.4
Amounts reclassified from accumulated other comprehensive loss	0.1		—		(6.2)		(6.1)
Other comprehensive income (loss)	0.1		84.1		(23.9)		60.3
Balance as of December 31, 2023	$	(407.0)	$	(280.8)	$	(42.0)	$	(729.8)

Three Months Ended December 31, 2022	Pension and other postretirement benefit plan adjustments, net of tax		Accumulated currency translation adjustments, net of tax		Net unrealized losses on cash flow hedges, net of tax		Total accumulated other comprehensive loss, net of tax
Balance as of September 30, 2022	$	(447.8)	$	(465.0)	$	(4.7)	$	(917.5)
Other comprehensive income (loss) before reclassifications	—		85.9		(12.0)		73.9
Amounts reclassified from accumulated other comprehensive loss	(0.5)		—		(9.1)		(9.6)
Other comprehensive (loss) income	(0.5)		85.9		(21.1)		64.3
Balance as of December 31, 2022	$	(448.3)	$	(379.1)	$	(25.8)	$	(853.2)

19

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

The reclassifications out of Accumulated other comprehensive loss in the Consolidated Statement of Operations were (in millions):

	Three Months Ended December 31,				Affected Line in the Consolidated Statement of Operations
	2023		2022
Pension and other postretirement benefit plan adjustments (1)
Amortization of net actuarial loss (gain)	$	0.1	$	(0.9)	Other income
	0.1		(0.9)		Income before income taxes
	—		0.4		Income tax provision
	$	0.1	$	(0.5)	Net income attributable to Rockwell Automation, Inc.
Net unrealized (gains) losses on cash flow hedges
Forward exchange contracts	$	(1.3)	$	(1.0)	Sales
Forward exchange contracts	(8.1)		(12.9)		Cost of sales
Forward exchange contracts	—		0.3		Selling, general and administrative expenses
Treasury locks related to 2019 and 2021 debt issuances	0.9		0.9		Interest expense
	(8.5)		(12.7)		Income before income taxes
	2.3		3.6		Income tax provision
	$	(6.2)	$	(9.1)	Net income attributable to Rockwell Automation, Inc.
Total reclassifications	$	(6.1)	$	(9.6)	Net income attributable to Rockwell Automation, Inc.

(1) These components are included in the computation of net periodic benefit cost. See Note 10 for further information.

20

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

13. Commitments and Contingent Liabilities

Various lawsuits, claims, and proceedings have been or may be instituted or asserted against us relating to the conduct of our business, including those pertaining to product liability, environmental, safety and health, intellectual property, employment, and contract matters. Although the outcome of litigation cannot be predicted with certainty and some lawsuits, claims, or proceedings may be disposed of unfavorably to us, we believe the disposition of matters that are pending or have been asserted will not have a material effect on our business, financial condition, or results of operations. The following outlines additional background for obligations associated with asbestos, divested businesses, and intellectual property.

We (including our subsidiaries) have been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos that was used in certain components of our products many years ago, including products from divested businesses for which we have agreed to defend and indemnify claims. Currently there are lawsuits that name us as defendants, together with hundreds of other companies. But in all cases, for those claimants who do show that they worked with our products or products of divested businesses for which we are responsible, we nevertheless believe we have meritorious defenses, in substantial part due to the integrity of the products, the encapsulated nature of any asbestos-containing components, and the lack of any impairing medical condition caused by our products. We defend those cases vigorously. Historically, we have been dismissed from the vast majority of these claims with no payment to claimants.

Additionally, we have maintained insurance coverage that includes indemnity and defense costs, over and above self-insured retentions, for many of these claims. We believe these arrangements will provide substantial coverage for future defense and indemnity costs for these asbestos claims for many years into the future. The uncertainties of asbestos claim litigation make it difficult to predict accurately the ultimate outcome of asbestos claims. That uncertainty is increased by the possibility of adverse rulings or new legislation affecting asbestos claim litigation or the settlement process. Subject to these uncertainties and based on our experience defending asbestos claims, we do not believe these lawsuits will have a material effect on our business, financial condition, or results of operations.

We have, from time to time, divested certain of our businesses. In connection with these divestitures, certain lawsuits, claims, and proceedings may be instituted or asserted against us related to the period that we owned the businesses, either because we agreed to retain certain liabilities related to these periods or because such liabilities fall upon us by operation of law. In some instances, the divested business has assumed the liabilities; however, it is possible that we might be responsible to satisfy those liabilities if the divested business is unable to do so. We do not believe these liabilities will have a material effect on our business, financial condition, or results of operations.

In many countries we provide a limited intellectual property indemnity as part of our terms and conditions of sale and at times in other contracts with third parties. As of December 31, 2023, we were not aware of any material indemnification claims that were probable or reasonably possible of an unfavorable outcome. Historically, claims that have been made under the indemnification agreements have not had a material impact on our business, financial condition, or results of operations; however, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our business, financial condition, or results of operations in a particular period.

21

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

14. Income Taxes

At the end of each interim period, we estimate a base effective tax rate that we expect for the full year based on our most recent forecast of pre-tax income, permanent book and tax differences, and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual items and items that are reported net of their related tax effects in the period in which they occur.

The effective tax rate was 18.1 percent for the three months ended December 31, 2023, compared to 19.1 percent for the three months ended December 31, 2022. The effective tax rate was lower than the U.S. statutory rate of 21 percent for the three months ended December 31, 2023, and December 31, 2022, primarily due to the geographical mix of pre-tax income.

An income tax liability of $175.3 million related to the U.S. transition tax under the Tax Cuts and Jobs Act of 2017 (the "Tax Act") that is payable greater than 12 months after December 31, 2023, and September 30, 2023, is recorded in Other liabilities in the Consolidated Balance Sheet.

Unrecognized Tax Benefits

The amount of gross unrecognized tax benefits was $10.8 million at December 31, 2023, and $9.8 million at September 30, 2023, of which the entire amount would reduce our effective tax rate if recognized.

Accrued interest and penalties related to unrecognized tax benefits were $1.0 million at December 31, 2023, and $0.9 million at September 30, 2023. We recognize interest and penalties related to unrecognized tax benefits in the income tax provision.

We believe it is reasonably possible that the amount of gross unrecognized tax benefits could be reduced by up to $2.3 million in the next 12 months as a result of the resolution of tax matters in various global jurisdictions and the lapses of statutes of limitations. If all of the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, could be up to $3.1 million.

We conduct business globally and are routinely audited by the various tax jurisdictions in which we operate. We are no longer subject to U.S. federal income tax examinations for years before 2018, state and local income tax examinations for years before 2014, and foreign income tax examinations for years before 2008.

22

ROCKWELL AUTOMATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(Unaudited)

15. Business Segment Information

Sales and operating results of our reportable segments were (in millions):

	Three Months Ended December 31,
	2023		2022
Sales
Intelligent Devices	$	927.3	$	936.2
Software & Control	603.6		573.3
Lifecycle Services	521.2		471.5
Total	$	2,052.1	$	1,981.0
Segment operating earnings
Intelligent Devices	$	150.2	$	209.4
Software & Control	151.0		167.3
Lifecycle Services	54.3		24.3
Total	355.5		401.0
Purchase accounting depreciation and amortization	(35.6)		(26.0)
Corporate and other	(40.0)		(27.3)
Non-operating pension and postretirement benefit credit	4.9		12.4
Change in fair value of investments	3.1		140.6
Interest expense, net	(28.3)		(32.8)
Income before income taxes	$	259.6	$	467.9

Among other considerations, we evaluate performance and allocate resources based upon segment operating earnings before purchase accounting depreciation and amortization, corporate and other, non-operating pension and postretirement benefit credit, change in fair value of investments, interest expense, net, and income tax provision. Depending on the product, intersegment sales within a single legal entity are either at cost or cost plus a mark-up, which does not necessarily represent a market price. Sales between legal entities are at an appropriate transfer price. We allocate costs related to shared segment operating activities to the segments consistent with the methodology used by management to assess segment performance.

23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareowners of

Rockwell Automation, Inc.

Milwaukee, Wisconsin

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Rockwell Automation, Inc. and subsidiaries (the "Company") as of December 31, 2023, the related consolidated statements of operations, comprehensive income, cash flows and shareowners’ equity for the three-month periods ended December 31, 2023, and 2022, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of September 30, 2023, and the related consolidated statements of operations, comprehensive income, cash flows and shareowners’ equity for the year then ended (not presented herein); and in our report dated November 8, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of September 30, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

Milwaukee, Wisconsin

January 31, 2024

24

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains statements (including certain projections and business trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Words such as “believe”, “estimate”, “project”, “plan”, “expect”, “anticipate”, “will”, “intend”, and other similar expressions may identify forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, many of which are beyond our control, including but not limited to:

•macroeconomic factors, including inflation, global and regional business conditions (including adverse impacts in certain markets, such as Oil & Gas), commodity prices, currency exchange rates, the cyclical nature of our customers’ capital spending, and sovereign debt concerns;

•the availability and price of components and materials;

•the severity and duration of disruptions to our business due to pandemics, natural disasters (including those as a result of climate change), acts of war, strikes, terrorism, social unrest or other causes, liquidity and financial markets, demand for our hardware and software products, solutions, and services, our supply chain, our work force, our liquidity and the value of the assets we own;

•the availability, effectiveness, and security of our information technology systems;

•our ability to attract, develop, and retain qualified employees;

•our ability to manage and mitigate the risk related to security vulnerabilities and breaches of our hardware and software products, solutions, and services;

•the successful integration and management of strategic transactions and achievement of the expected benefits of these transactions;

•laws, regulations, and governmental policies affecting our activities in the countries where we do business, including those related to tariffs, taxation, trade controls (including sanctions placed on Russia), cybersecurity, and climate change;

•the successful development of advanced technologies and demand for and market acceptance of new and existing hardware and software products;

•our ability to manage and mitigate the risks associated with our solutions and services businesses;

•the successful execution of our cost productivity initiatives;

•competitive hardware and software products, solutions, and services, pricing pressures, and our ability to provide high quality products, solutions, and services;

•the availability and cost of capital;

•disruptions to our distribution channels or the failure of distributors to develop and maintain capabilities to sell our products;

•intellectual property infringement claims by others and the ability to protect our intellectual property;

•the uncertainty of claims by taxing authorities in the various jurisdictions where we do business;

•the uncertainties of litigation, including liabilities related to the safety and security of the hardware and software products, solutions, and services we sell;

•our ability to manage costs related to employee retirement and health care benefits; and

•other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings.

These forward-looking statements reflect our beliefs as of the date of filing this report. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. See Item 1A. Risk Factors, of our Annual Report on Form 10-K for the year ended September 30, 2023, for more information.

25

Non-GAAP Measures

The following discussion includes organic sales, total segment operating earnings and margin, adjusted income, adjusted EPS, adjusted effective tax rate, and free cash flow, which are non-GAAP measures. See Supplemental Sales Information for a reconciliation of reported sales to organic sales and a discussion of why we believe this non-GAAP measure is useful to investors. See Summary of Results of Operations for a reconciliation of Income before income taxes to total segment operating earnings and margin and a discussion of why we believe these non-GAAP measures are useful to investors. See Adjusted Income, Adjusted EPS, and Adjusted Effective Tax Rate Reconciliation for a reconciliation of Net income attributable to Rockwell Automation, diluted EPS, and effective tax rate to adjusted income, adjusted EPS, and adjusted effective tax rate, respectively, and a discussion of why we believe these non-GAAP measures are useful to investors. See Financial Condition for a reconciliation of Cash provided by operating activities to free cash flow and a discussion of why we believe this non-GAAP measure is useful to investors.

Overview

Rockwell Automation, Inc. is the world’s largest company dedicated to industrial automation and digital transformation. Overall demand for our hardware and software products, solutions, and services is driven by: 

•investments in manufacturing, including new facilities or production lines, upgrades, modifications and expansions of existing facilities or production lines;

•investments in basic materials production capacity, which may be related to commodity pricing levels;

•our customers’ needs for faster time to market, agility to address evolving consumer preferences, operational productivity, asset management and reliability, and business resilience, including security and enterprise risk management;

•our customers’ needs to continuously improve quality, safety, and sustainability;

•industry factors that include our customers’ new product introductions, demand for our customers’ products or services, and the regulatory and competitive environments in which our customers operate;

•levels of global industrial production and capacity utilization;

•regional factors that include local political, social, regulatory, and economic circumstances; and

•the spending patterns of our customers due to their annual budgeting processes and their working schedules.

Long-term Strategy

Our strategy is to expand human possibility. Our vision is to create the future of industrial operations. As the world’s largest company dedicated to industrial automation and digital transformation, our strategy is to bring the Connected Enterprise® to life. We understand and simplify our customers’ complex production challenges and deliver the most valued solutions that combine technology and industry expertise. As a result, we make our customers more resilient, agile, and sustainable, creating more ways to win. We deliver value by helping our customers optimize production, build resilience, empower people, become more sustainable, and accelerate transformation.

Rockwell Automation stands at the intersection of the technological and societal trends that are shaping the future of industrial operations. We see converging megatrends including digitization and artificial intelligence, energy transition and sustainability, shifting demographics, and an increased need for resiliency.

Our long-term profitable growth framework outlines how we will deliver accelerated growth while we continue to transform our company to meet stakeholder expectations over the longer term:

•achieve faster secular growth in traditional markets due to customer needs for resiliency (including cybersecurity), agility, sustainability, and mitigating impacts of labor shortages;

•grow share and create new ways to win through technology differentiation, industry focus, go to market acceleration, expanded offerings and new markets;

•accelerate growth in annual recurring revenue;

•add 1% growth from acquisitions annually; and

•deliver profitable growth within a disciplined financial framework.

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U.S. Economic Trends

In the first quarter of 2024, sales in the U.S. accounted for over half of our total sales. The various indicators we use to gauge the direction and momentum of our served U.S. markets include:

•The Industrial Production (IP) Index, published by the Federal Reserve, which measures the real output of manufacturing, mining, and electric and gas utilities. The IP Index is expressed as a percentage of real output in a base year, currently 2017.

•The Manufacturing Purchasing Managers’ Index (PMI), published by the Institute for Supply Management (ISM), which indicates the current and near-term state of manufacturing activity in the U.S. According to the ISM, a PMI measure above 50 indicates that the U.S. manufacturing economy is generally expanding while a measure below 50 indicates that it is generally contracting.

The table below depicts trends in these indicators since the quarter ended September 2022. These figures are as of January 31, 2024, and are subject to revision by the issuing organizations. The IP index declined in the first quarter of fiscal 2024 versus the fourth quarter of fiscal 2023. Manufacturing PMI results remained soft in the first quarter of 2024.

	IP Index	PMI
Fiscal 2024 quarter ended:
December 2023	99.0	47.4
Fiscal 2023 quarter ended:
September 2023	99.6	49.0
June 2023	99.9	46.0
March 2023	99.5	46.3
December 2022	99.6	48.4
Fiscal 2022 quarter ended:
September 2022	100.4	50.9

Inflation in the U.S. has also had an impact on our input costs and pricing. We used the Producer Price Index (PPI), published by the Bureau of Labor Statistics, which measures the average change over time in the selling prices received by domestic producers for their output. PPI growth has remained in the low single digits during the first quarter, consistent with most of 2023. Producer prices remain elevated, however, year over year increases continued to decelerate following last years' surge in prices.

Non-U.S. Economic Trends

In the first quarter of 2024, sales to customers outside the U.S. accounted for less than half of our total sales. These customers include both indigenous companies and multinational companies with a global presence. In addition to the global factors previously mentioned in the Overview section, international demand, particularly in emerging markets, has historically been driven by the strength of the industrial economy in each region, investments in infrastructure, and expanding consumer markets. We use changes in key countries' gross domestic product (GDP), IP, and PMI as indicators of the growth opportunities in each region where we do business. Industrial output was mostly higher outside the U.S. in the first quarter of fiscal 2024 versus the fourth quarter of 2023. Manufacturing PMI readings were mostly lower and many countries continue to report readings below 50.

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Supply Chain

We have a global supply chain, including a network of suppliers and distribution and manufacturing facilities, that play a critical role in serving our channel partners and customers. Recent supply chain challenges have resulted in and could continue to result in:

•difficulty in procuring or inability to procure components and materials necessary for our products, solutions, and services;

•increased costs for commodities and components; and

•delays in delivering, or an inability to deliver, our products, solutions, and services.

We are continuing to see improvement in our supply chain environment and are closely managing our end-to-end supply chain, from sourcing to production to customer delivery, with a particular focus on all critical and at-risk suppliers and supplier locations globally. Actions we have taken include:

•extending order visibility to our supply base to ensure we are appropriately planning for extended component lead times;

•securing longer-term supply agreements with critical partners;

•re-engineering of existing products to increase component supply resiliency;

•investing in capacity, including redundant manufacturing lines and additional electronic assembly equipment;

•qualification of additional suppliers to diversify our supplier base; and

•adapting logistics to secure additional capacity.

We believe these actions are enabling us to normalize our product lead times and better serve our customers.

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Summary of Results of Operations

The following table reflects our sales and operating results (in millions, except per share amounts and percentages):

	Three Months Ended December 31,
	2023			2022
Sales
Intelligent Devices (a)	$	927.3		$	936.2
Software & Control (b)	603.6			573.3
Lifecycle Services (c)	521.2			471.5
Total sales (d)	$	2,052.1		$	1,981.0
Segment operating earnings (1)
Intelligent Devices (e)	$	150.2		$	209.4
Software & Control (f)	151.0			167.3
Lifecycle Services (g)	54.3			24.3
Total segment operating earnings (2) (h)	355.5			401.0
Purchase accounting depreciation and amortization	(35.6)			(26.0)
Corporate and other	(40.0)			(27.3)
Non-operating pension and postretirement benefit credit	4.9			12.4
Change in fair value of investments	3.1			140.6
Interest expense, net	(28.3)			(32.8)
Income before income taxes (i)	259.6			467.9
Income tax provision	(46.9)			(89.2)
Net income	212.7			378.7
Net loss attributable to noncontrolling interests	(2.5)			(5.3)
Net income attributable to Rockwell Automation	$	215.2		$	384.0
Diluted EPS	$	1.86		$	3.31
Adjusted EPS (3)	$	2.04		$	2.46
Diluted weighted average outstanding shares	115.2			115.5
Pre-tax margin (i/d)	12.7		%	23.6		%
Intelligent Devices segment operating margin (e/a)	16.2		%	22.4		%
Software & Control segment operating margin (f/b)	25.0		%	29.2		%
Lifecycle Services segment operating margin (g/c)	10.4		%	5.2		%
Total segment operating margin (2) (h/d)	17.3		%	20.2		%

(1) See Note 15 in the Consolidated Financial Statements for the definition of segment operating earnings.

(2) Total segment operating earnings and total segment operating margin are non-GAAP financial measures. We exclude purchase accounting depreciation and amortization, corporate and other, non-operating pension and postretirement benefit credit, change in fair value of investments, interest expense, net, and income tax provision because we do not consider these items to be directly related to the operating performance of our segments. We believe total segment operating earnings and total segment operating margin are useful to investors as measures of operating performance. We use these measures to monitor and evaluate the profitability of our operating segments. Our measures of total segment operating earnings and total segment operating margin may be different from measures used by other companies.

(3) Adjusted EPS is a non-GAAP earnings measure. See Adjusted Income, Adjusted EPS, and Adjusted Effective Tax Rate Reconciliation for more information on this non-GAAP measure.

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Three Months Ended December 31, 2023, Compared to Three Months Ended December 31, 2022

Sales

Sales increased 3.6 percent year over year in the three months ended December 31, 2023. Organic sales increased 1.0 percent, currency translation increased sales by 1.2 percentage points, and acquisitions increased sales by 1.4 percentage points year over year in the three months ended December 31, 2023. Pricing increased total company sales by approximately 3 percentage points, realized in the Intelligent Devices and Software & Control segments. Volume decreased total company sales by approximately 2 percentage points.

The table below presents our sales, attributed to the geographic regions based upon country of destination, and the percentage change from the same period a year ago (in millions, except percentages). Asia Pacific was negatively impacted by the results of China, which experienced a high teens decrease in reported and organic sales.

			Change vs.		Change in Organic Sales (1) vs.
	Three Months Ended December 31, 2023		Three Months Ended December 31, 2022		Three Months Ended December 31, 2022
North America	$	1,247.1	5.8	%	4.2	%
Europe, Middle East, and Africa	388.3		4.2	%	(2.2)	%
Asia Pacific	275.6		(7.0)	%	(7.4)	%
Latin America	141.1		6.2	%	(0.5)	%
Total Company Sales	$	2,052.1	3.6	%	1.0	%

(1) Organic sales and organic sales growth exclude the effect of acquisitions, changes in currency exchange rates, and divestitures. See Supplemental Sales Information for information on these non-GAAP measures.

Corporate and Other

Corporate and other expenses were $40.0 million in the three months ended December 31, 2023, compared to $27.3 million in the three months ended December 31, 2022. The increase includes the year over year impact of costs associated with the acquisition of Clearpath and mark-to-market adjustments related to our deferred and non-qualified compensation plans.

Income before Income Taxes

Income before income taxes was $259.6 million in the three months ended December 31, 2023, compared to $467.9 million in the three months ended December 31, 2022. The decrease was primarily due to the mark-to-market gains recognized in the first quarter of the prior year related to our previous investment in PTC and lower segment operating earnings.

Total segment operating earnings decreased 11.3 percent in the three months ended December 31, 2023, primarily due to higher investment spend and lower supply chain utilization.

Income Taxes

The effective tax rate for the three months ended December 31, 2023, was 18.1 percent compared to 19.1 percent for the three months ended December 31, 2022. The decrease in the effective tax rate was primarily due to tax effects in the prior year related to our previous investment in PTC. Our adjusted effective tax rate for the three months ended December 31, 2023, was 17.9 percent compared to 17.1 percent for the three months ended December 31, 2022. The increase in the adjusted effective tax rate was primarily due to the geographical mix of pre-tax income.

Diluted EPS and Adjusted EPS

2024 first quarter Net income attributable to Rockwell Automation was $215.2 million or $1.86 per share, compared to $384.0 million or $3.31 per share in the first quarter of 2023. The decreases in Net income attributable to Rockwell Automation and diluted EPS were primarily due to lower pre-tax margin. Pre-tax margin was 12.7 percent in the first quarter of 2024 compared to 23.6 percent in the same period last year. The decrease in pre-tax margin was primarily due to mark-to market gains recognized in the first quarter of the prior year related to our previous investment in PTC and lower segment operating earnings. 2024 first quarter adjusted EPS was $2.04, down 17.1 percent compared to $2.46 in the first quarter of 2023, primarily due to lower segment operating margin. Total segment operating margin in the first quarter of 2024 was 17.3 percent compared to 20.2 percent a year ago, primarily due to higher investment spend and lower supply chain utilization.

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Intelligent Devices

Sales

Intelligent Devices sales decreased 1.0 percent year over year in the three months ended December 31, 2023. Organic sales decreased 4.5 percent year over year, the effects of currency translation increased sales by 1.2 percentage points year over year, and acquisitions increased sales by 2.3 percentage points year over year in the three months ended December 31, 2023. For the three months ended December 31, 2023, reported and organic sales decreased in all regions, except for North America.

Segment Operating Margin

Intelligent Devices segment operating earnings decreased 28.3 percent year over year in the three months ended December 31, 2023. Segment operating margin decreased to 16.2 percent in the three months ended December 31, 2023, from 22.4 percent in the same period a year ago, primarily due to lower sales volume, timing of prior-year investment spend, and the impact of acquisitions, partially offset by positive impact of price realization exceeding input costs.

Software & Control

Sales

Software & Control sales increased 5.3 percent year over year in the three months ended December 31, 2023. Organic sales increased 4.0 percent year over year and the effects of currency translation increased sales by 1.3 percentage points year over year in the three months ended December 31, 2023. For the three months ended December 31, 2023, all regions experienced reported and organic sales growth.

Segment Operating Margin

Software & Control segment operating earnings decreased 9.7 percent year over year in the three months ended December 31, 2023. Segment operating margin decreased to 25.0 percent in the three months ended December 31, 2023, from 29.2 percent in the same period a year ago, primarily due to timing of prior-year investment spend and lower supply chain utilization, partially offset by positive impact of price realization exceeding input costs.

Lifecycle Services

Sales

Lifecycle Services sales increased 10.5 percent year over year in the three months ended December 31, 2023. Organic sales increased 8.1 percent year over year, the effects of currency translation increased sales by 1.0 percentage point year over year, and acquisitions increased sales by 1.4 percentage points year over year in the three months ended December 31, 2023. For the three months ended December 31, 2023, all regions experienced reported sales growth. Organic sales increased in North America and Latin America, but decreased in Europe, Middle East, and Africa and Asia Pacific in the three months ended December 31, 2023.

Segment Operating Margin

Lifecycle Services segment operating earnings increased 123.5 percent year over year in the three months ended December 31, 2023. Segment operating margin increased to 10.4 percent in the three months ended December 31, 2023, from 5.2 percent in the same period a year ago, primarily due to higher sales volume, lower incentive compensation, and higher margins in Sensia.

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Supplemental Segment Information

Purchase accounting depreciation and amortization and non-operating pension and postretirement benefit cost are not allocated to our operating segments because these costs are excluded from our measurement of each segment's operating performance for internal purposes. If we were to allocate these costs, we would attribute them to each of our segments as follows (in millions):

	Three Months Ended December 31,
	2023		2022
Purchase accounting depreciation and amortization
Intelligent Devices	$	9.3	$	1.0
Software & Control	17.0		16.9
Lifecycle Services	9.1		7.8
Non-operating pension and postretirement benefit credit
Intelligent Devices	$	(1.8)	$	(3.9)
Software & Control	(1.8)		(3.9)
Lifecycle Services	(2.4)		(5.3)

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Adjusted Income, Adjusted EPS, and Adjusted Effective Tax Rate Reconciliation

Adjusted income, adjusted EPS, and adjusted effective tax rate are non-GAAP earnings measures that exclude non-operating pension and postretirement benefit credit, purchase accounting depreciation and amortization attributable to Rockwell Automation, change in fair value of investments, and Net loss attributable to noncontrolling interests, including their respective tax effects. Non-operating pension and postretirement benefit credit is defined as all components of our net periodic pension and postretirement benefit cost (credit) except for service cost. See Note 10 in the Consolidated Financial Statements for more information on our net periodic pension and postretirement benefit cost.

We believe that adjusted income, adjusted EPS, and adjusted effective tax rate provide useful information to our investors about our operating performance and allow management and investors to compare our operating performance period over period. Adjusted EPS is also used as a financial measure of performance for our annual incentive compensation. Our measures of adjusted income, adjusted EPS, and adjusted effective tax rate may be different from measures used by other companies. These non-GAAP measures should not be considered a substitute for Net income attributable to Rockwell Automation, diluted EPS, and effective tax rate.

The following are reconciliations of Net income attributable to Rockwell Automation, diluted EPS, and effective tax rate to adjusted income, adjusted EPS, and adjusted effective tax rate, respectively (in millions, except per share amounts and percentages):

	Three Months Ended December 31,
	2023			2022
Net income attributable to Rockwell Automation	$	215.2		$	384.0
Non-operating pension and postretirement benefit credit	(4.9)			(12.4)
Tax effect of non-operating pension and postretirement benefit credit	1.0			2.8
Purchase accounting depreciation and amortization attributable to Rockwell Automation	32.7			23.0
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation	(5.5)			(5.6)
Change in fair value of investments (1)	(3.1)			(140.6)
Tax effect of change in fair value of investments (1)	0.6			34.1
Adjusted income	$	236.0		$	285.3
Diluted EPS	$	1.86		$	3.31
Non-operating pension and postretirement benefit credit	(0.04)			(0.10)
Tax effect of non-operating pension and postretirement benefit credit	0.01			0.02
Purchase accounting depreciation and amortization attributable to Rockwell Automation	0.28			0.20
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation	(0.05)			(0.05)
Change in fair value of investments (1)	(0.03)			(1.22)
Tax effect of change in fair value of investments (1)	0.01			0.30
Adjusted EPS	$	2.04		$	2.46
Effective tax rate	18.1		%	19.1		%
Tax effect of non-operating pension and postretirement benefit credit	(0.1)		%	(0.1)		%
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation	(0.1)		%	0.5		%
Tax effect of change in fair value of investments (1)	—		%	(2.4)		%
Adjusted effective tax rate	17.9		%	17.1		%

(1) Amount in the three months ended December 31, 2022 primarily relates to the change in fair value of previous investment in PTC.

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Financial Condition

The following is a summary of our cash flows from operating, investing, and financing activities, as reflected in the Consolidated Statement of Cash Flows (in millions):

	Three Months Ended December 31,
	2023		2022
Cash provided by (used for)
Operating activities	$	32.6	$	66.3
Investing activities	(817.4)		(18.3)
Financing activities	134.2		(105.3)
Effect of exchange rate changes on cash	9.7		18.0
Decrease in cash, cash equivalents, and restricted cash	$	(640.9)	$	(39.3)

The following table summarizes free cash flow, which is a non-GAAP financial measure (in millions):

	Three Months Ended December 31,
	2023		2022
Cash provided by operating activities	$	32.6	$	66.3
Capital expenditures	(67.9)		(24.2)
Free cash flow	$	(35.3)	$	42.1

Our definition of free cash flow takes into consideration capital investments required to maintain the operations of our businesses and execute our strategy. Cash provided by operating activities adds back non-cash depreciation expense to earnings but does not reflect a charge for necessary capital expenditures. Our definition of free cash flow excludes the operating cash flows and capital expenditures related to our discontinued operations, if any. Operating, investing, and financing cash flows of our discontinued operations, if any, are presented separately in our Consolidated Statement of Cash Flows. In our opinion, free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends, and share repurchases. We use free cash flow, as defined, as one measure to monitor and evaluate our performance, including as a financial measure for our annual incentive compensation. Our definition of free cash flow may be different from definitions used by other companies.

Cash provided by operating activities was $32.6 million for the three months ended December 31, 2023, compared to $66.3 million for the three months ended December 31, 2022. Free cash flow was a net outflow of $35.3 million for the three months ended December 31, 2023, compared to a net inflow of $42.1 million for the three months ended December 31, 2022. The year over year decreases in cash provided by operating activities and free cash flow were primarily due to higher incentive compensation payments related to fiscal 2023 performance, lower pre-tax income, and higher tax payments in the first three months of 2023 compared to the first three months of 2022, partially offset by decreases in working capital.

Our Short-term debt as of December 31, 2023, includes commercial paper borrowings of $407.0 million with a weighted average interest rate of 5.41 percent, and a weighted average maturity period of 13 days. We had no commercial paper borrowings as of September 30, 2023. In December 2022, Sensia entered into an unsecured $75.0 million line of credit. As of December 31, 2023, and September 30, 2023, included in Short-term debt was $70.0 million borrowed against the line of credit with an interest rate of 6.25 percent and 6.29 percent, respectively. Also included in Short-term debt as of December 31, 2023, and September 30, 2023, is $23.5 million of interest-bearing loans from SLB to Sensia, due December 31, 2024.

We repurchased approximately 0.4 million shares of our common stock under our share repurchase program in the first three months of 2024. The total cost of these shares was $120.3 million, of which $1.1 million was recorded in Accounts payable at December 31, 2023, related to shares that did not settle until January 2024. At September 30, 2023, there were $1.1 million of outstanding common stock share repurchases recorded in Accounts payable. We repurchased approximately 0.6 million shares of our common stock under our share repurchase program in the first three months of 2023. The total cost of these shares was $156.0 million, of which $0.8 million was recorded in Accounts payable at December 31, 2022, related to shares that did not settle until January 2023. Our decision to repurchase shares in the remainder of 2024 will depend on business conditions, free cash flow generation, other cash requirements, and stock price. On May 2, 2022, the Board of Directors authorized us to expend an additional $1.0 billion to repurchase shares of our common stock. At December 31, 2023, we had approximately $820.0 million remaining for share repurchases under our existing board authorization. See Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds, for additional information regarding share repurchases.

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We expect future uses of cash to include working capital requirements, capital expenditures, dividends to shareowners, repurchases of common stock, additional contributions to our retirement plans, repayments of debt, and acquisitions of businesses and other inorganic investments. We expect to fund future uses of cash with a combination of existing cash balances, cash generated by operating activities, commercial paper borrowings, or new issuances of debt or other securities. In addition, we have access to unsecured credit facilities with various banks.

At December 31, 2023, the majority of our Cash and cash equivalents were held by non-U.S. subsidiaries. As a result of the broad changes to the U.S. international tax system under the Tax Act, the Company accounts for taxes on earnings of substantially all of its non-U.S. subsidiaries including both non-U.S. and U.S. taxes. The Company has concluded that earnings of a limited number of its non-U.S. subsidiaries are indefinitely reinvested.

In June 2022, we replaced our former $1.25 billion unsecured revolving credit facility with a new five-year $1.5 billion unsecured revolving credit facility, expiring in June 2027. This credit facility uses the secured overnight funding rate (SOFR) as the primary basis for determining interest payments. We can increase the aggregate amount of this credit facility by up to $750.0 million, subject to the consent of the banks in the credit facility. We did not borrow against this credit facility during the periods ended December 31, 2023, or September 30, 2023. Borrowings under this credit facility bear interest based on short-term money market rates in effect during the period the borrowings are outstanding. The terms of this credit facility contain covenants under which we agree to maintain an EBITDA-to-interest ratio of at least 3.0 to 1.0. The EBITDA-to-interest ratio is defined in the credit facility as the ratio of consolidated EBITDA (as defined in the facility) for the preceding four quarters to consolidated interest expense for the same period.

Among other uses, we can draw on our credit facility as a standby liquidity facility to repay our outstanding commercial paper as it matures. This access to funds to repay maturing commercial paper is an important factor in maintaining the short-term credit ratings set forth in the table below. Under our current policy with respect to these ratings, we expect to limit our other borrowings under our credit facility, if any, to amounts that would leave enough credit available under the facility so that we could borrow, if needed, to repay all of our then outstanding commercial paper as it matures.

Separate short-term unsecured credit facilities of approximately $227.6 million at December 31, 2023, were available to non-U.S. subsidiaries, of which, approximately $33.2 million was committed under letters of credit. Borrowings under our non-U.S. credit facilities at December 31, 2023, and September 30, 2023, were not significant. We were in compliance with all covenants under our credit facilities at December 31, 2023, and September 30, 2023. There are no significant commitment fees or compensating balance requirements under our credit facilities.

The following is a summary of our credit ratings as of December 31, 2023:

Credit Rating Agency	Short-Term Rating	Long-Term Rating	Outlook
Standard & Poor’s	A-1	A	Negative
Moody’s	P-2	A3	Stable
Fitch Ratings	F1	A	Stable

Our ability to access the commercial paper market, and the related costs of these borrowings, is affected by the strength of our credit ratings and market conditions. We have not experienced any difficulty in accessing the commercial paper market. If our access to the commercial paper market is adversely affected due to a change in market conditions or otherwise, we would expect to rely on a combination of available cash and our unsecured committed credit facility to provide short-term funding. In such event, the cost of borrowings under our unsecured committed credit facility could be higher than the cost of commercial paper borrowings.

We regularly monitor the third-party depository institutions that hold our cash and cash equivalents and short-term investments. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one of these entities.

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We use foreign currency forward exchange contracts to manage certain foreign currency risks. We enter into these contracts to hedge our exposure to foreign currency exchange rate variability in the expected future cash flows associated with certain third-party and intercompany transactions denominated in foreign currencies forecasted to occur within the next two years. We also may use these contracts to hedge portions of our net investments in certain non-U.S. subsidiaries against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. There were no open net investment hedges for the three months ended December 31, 2023, or September 30, 2023. In addition, we use foreign currency forward exchange contracts that are not designated as hedges to offset transaction gains or losses associated with some of our assets and liabilities resulting from intercompany loans or other transactions with third parties that are denominated in currencies other than our entities' functional currencies. Our foreign currency forward exchange contracts are usually denominated in currencies of major industrial countries. We diversify our foreign currency forward exchange contracts among counterparties to minimize exposure to any one of these entities.

Net gains and losses related to derivative forward exchange contracts designated as cash flow hedges offset the related gains and losses on the hedged items during the periods in which the hedged items are recognized in earnings. During the three months ended December 31, 2023, we reclassified $8.5 million in pre-tax net gains related to cash flow hedges from Accumulated other comprehensive loss into the Consolidated Statement of Operations. During the three months ended December 31, 2022, we reclassified $12.7 million in pre-tax net gains related to cash flow hedges from Accumulated other comprehensive loss into the Consolidated Statement of Operations. As of December 31, 2023, we expect that approximately $11.1 million of pre-tax net unrealized losses on cash flow hedges will be reclassified into earnings during the next 12 months.

Information with respect to our contractual cash obligations is contained in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended September 30, 2023. We believe that at December 31, 2023, there has been no material change to this information.

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Supplemental Sales Information

We translate sales of subsidiaries operating outside of the United States using exchange rates effective during the respective period. Therefore, changes in currency exchange rates affect our reported sales. Sales by acquired businesses also affect our reported sales. We believe that organic sales, defined as sales excluding the effects of acquisitions and changes in currency exchange rates, which is a non-GAAP financial measure, provides useful information to investors because it reflects regional and operating segment performance from the activities of our businesses without the effect of acquisitions and changes in currency exchange rates. We use organic sales as one measure to monitor and evaluate our regional and operating segment performance. When we acquire businesses, we exclude sales in the current period for which there are no comparable sales in the prior period. We determine the effect of changes in currency exchange rates by translating the respective period’s sales using the same currency exchange rates that were in effect during the prior year. When we divest a business, we exclude sales in the prior period for which there are no comparable sales in the current period. Organic sales growth is calculated by comparing organic sales to reported sales in the prior year, excluding divestitures. We attribute sales to the geographic regions based on the country of destination.

The following is a reconciliation of reported sales to organic sales by geographic region (in millions):

	Three Months Ended December 31, 2023								Three Months Ended December 31, 2022
	Reported Sales		Less: Effect of Acquisitions		Effect of Changes in Currency		Organic Sales		Reported Sales
North America	$	1,247.1	$	18.8	$	(0.2)	$	1,228.5	$	1,178.9
Europe, Middle East, and Africa	388.3		6.3		17.4		364.6		372.8
Asia Pacific	275.6		2.7		(1.7)		274.6		296.5
Latin America	141.1		—		8.9		132.2		132.8
Total Company Sales	$	2,052.1	$	27.8	$	24.4	$	1,999.9	$	1,981.0

The following is a reconciliation of reported sales to organic sales by operating segment (in millions):

	Three Months Ended December 31, 2023								Three Months Ended December 31, 2022
	Reported Sales		Less: Effect of Acquisitions		Effect of Changes in Currency		Organic Sales		Reported Sales
Intelligent Devices	$	927.3	$	21.1	$	11.9	$	894.3	$	936.2
Software & Control	603.6		—		7.5		596.1		573.3
Lifecycle Services	521.2		6.7		5.0		509.5		471.5
Total Company Sales	$	2,052.1	$	27.8	$	24.4	$	1,999.9	$	1,981.0

37

Critical Accounting Estimates

We have prepared the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and revenues and expenses during the periods reported. These estimates are based on our best judgment about current and future conditions, but actual results could differ from those estimates. Information with respect to accounting estimates that are the most critical to the understanding of our financial statements as they could have the most significant effect on our reported results and require subjective or complex judgments by management is contained in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended September 30, 2023. We believe that at December 31, 2023, there has been no material change to this information, except as noted below.

Acquisitions - Clearpath Intangible Assets Valuation

We account for business acquisitions by allocating the purchase price to tangible and intangible assets acquired and liabilities assumed at their fair values; the excess of the purchase price over the allocated amount is recorded as goodwill. We engaged an independent third-party valuation specialist to assist with the fair value allocation of the intangible assets assumed through the acquisition of Clearpath. The intangible assets were valued using income approaches, specifically the relief from royalty method and multi-period excess earnings method. This required the use of several assumptions and estimates including forecasted revenue growth rates, margin, and cash flows attributable to existing customers, obsolescence factor, royalty rate, contributory asset charges, customer attrition rate, and discount rates. Although we believe the assumptions and estimates made were reasonable and appropriate, these estimates require judgment and are based in part on historical experience and information obtained from Clearpath management.

The key assumption requiring the use of judgement in the valuation of the $269.6 million technology asset was the obsolescence factor. The obsolescence factor of twelve years was calculated based on the depletion of existing technology using a variety of factors including research and development spend toward new product development and scheduled patent expiration. A two-year change in this assumption would result in a change of approximately $82 million in intangible assets. The key assumption requiring the use of judgement in the valuation of the $41.6 million trademark intangible asset was the weighted average royalty rate of 2.05 percent. This rate was based on royalty market data. A 100 basis point change in the royalty rate would result in a change of $20 million in intangible assets.

More information regarding these business acquisitions is contained in Note 5 in the Consolidated Financial Statements.

Environmental Matters

Information with respect to the effect of compliance with environmental protection requirements and resolution of environmental claims on us and our manufacturing operations is contained in Note 17 in the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data, of our Annual Report on Form 10-K for the year ended September 30, 2023. We believe that at December 31, 2023, there has been no material change to this information.

Recent Accounting Pronouncements

See Note 1 in the Consolidated Financial Statements regarding recent accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information with respect to our exposure to foreign currency risk and interest rate risk is contained in Item 7A. Quantitative and Qualitative Disclosures About Market Risk, of our Annual Report on Form 10-K for the year ended September 30, 2023. We believe that at December 31, 2023, there has been no material change to this information.

Item 4. Controls and Procedures

Disclosure Controls and Procedures: We, with the participation of our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)) as of the end of the quarter covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the quarter covered by this report, our disclosure controls and procedures were effective.

Internal Control Over Financial Reporting: There has not been any change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) during the quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

38

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Information with respect to our legal proceedings is contained in Item 3. Legal Proceedings, of our Annual Report on Form 10-K for the year ended September 30, 2023. We believe that at December 31, 2023, there has been no material change to this information.

Item 1A. Risk Factors

Information about our most significant risk factors is contained in Item 1A. Risk Factors, of our Annual Report on Form 10-K for the year ended September 30, 2023. We believe that at December 31, 2023, there has been no material change to this information.

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

Share Repurchases

The table below sets forth information with respect to purchases made by or on behalf of us of shares of our common stock during the three months ended December 31, 2023:

Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Approx. Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)
October 1-31, 2023	118,222	$	279.11	118,222	$	907,312,780
November 1-30, 2023	284,983	268.07		284,983	830,917,548
December 1-31, 2023	37,137	294.78		37,137	819,970,467
Total	440,342	$	273.28	440,342

(1) All of the shares purchased during the quarter ended December 31, 2023, were acquired pursuant to the repurchase program described in (3) below.

(2) Average price paid per share includes brokerage commissions.

(3) On May 2, 2022, the Board of Directors authorized us to expend an additional $1.0 billion to repurchase shares of our common stock. Our repurchase program allows us to repurchase shares at management’s discretion or at our broker’s discretion pursuant to a share repurchase plan subject to price and volume parameters.

39

Item 5. Other Information

During the quarter ended December 31, 2023, the following officers of the Company adopted Rule 10b5-1 trading arrangements that are each intended to satisfy the affirmative defense of Rule 10b5-1(c) promulgated under the Exchange Act, with such details of the arrangements as further follows:

•Robert L. Buttermore, Senior Vice President and Chief Supply Chain Officer, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of February 28, 2025, or the execution of all trades in the trading arrangement. Mr. Buttermore’s trading arrangement covers the sale of (i) 1,664 long shares of the Company's common stock and (ii) the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.

•Matthew Fordenwalt, Senior Vice President Lifecycle Services, adopted a Rule 10b5-1 trading arrangement on November 29, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Fordenwalt’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.

•Scott A. Genereux, Senior Vice President and Chief Revenue Officer, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Genereux’s trading arrangement covers the sale of (i) 2,000 long shares of the Company's common stock and (ii) the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.

•Rebecca W. House, Senior Vice President, Chief People and Legal Officer and Secretary, adopted a Rule 10b5-1 trading arrangement on November 29, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Ms. House’s trading arrangement covers the (i) exercise of 13,900 stock options and the sale of the underlying shares of the Company's common stock and (i) the sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit vests.

•Frank C. Kulaszewicz, Senior Vice President, adopted a Rule 10b5-1 trading arrangement on November 28, 2023, that will terminate on the earlier of May 31, 2024, or the execution of all trades in the trading arrangement. Mr. Kulaszewicz’s trading arrangement covers the (i) sale of 466 long shares of the Company's common stock and (ii) exercise of 6,000 stock options and the sale of the underlying shares of the Company's common stock.

•John M. Miller, Vice President and Chief Intellectual Property Counsel, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Miller’s trading arrangement covers the (i) exercise of 934 stock options and the sale of the underlying shares of the Company's common stock and (ii) sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.

•Tessa M. Myers, Senior Vice President, Intelligent Devices, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of June 10, 2024, or the execution of all trades in the trading arrangement. Ms. Myers’ trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover taxes on an upcoming restricted stock unit vest.

•Christopher Nardecchia, Senior Vice President and Chief Information Officer, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Nardecchia’s trading arrangement covers the (i) exercise of 7,000 stock options and the sale of the underlying shares of the Company's common stock and (ii) sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.

•Terry L. Riesterer, Vice President and Controller, adopted a Rule 10b5-1 trading arrangement on November 27, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Riesterer’s trading arrangement covers the (i) exercise of 2,100 stock options and the sale of the underlying shares of the Company's common stock and (ii) sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.

40

•Isaac R. Woods, Vice President and Treasurer, adopted a Rule 10b5-1 trading arrangement on November 29, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Woods’ trading arrangement covers the sale of (i) 300 long shares of the Company's common stock and (ii) the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.

For the arrangements above referencing transactions to sell shares to cover taxes on vests, the aggregate number of shares to be sold pursuant to each trading arrangement described above is dependent on the taxes on the applicable restricted stock unit and performance share vests, and, therefore, is indeterminable at this time.

During the quarter ended December 31, 2023, no director or officer of the Company adopted or terminated a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, no director of the Company adopted or terminated a Rule 10b5-1 trading arrangement, and no officer of the Company terminated a Rule 10b5-1 trading arrangement.

41

Item 6. Exhibits

(a) Exhibits: 

Exhibit 15	—	Letter of Deloitte & Touche LLP regarding Unaudited Financial Information.
Exhibit 31.1	—	Certification of Periodic Report by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
Exhibit 31.2	—	Certification of Periodic Report by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
Exhibit 32.1	—	Certification of Periodic Report by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.2	—	Certification of Periodic Report by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101	—	Interactive Data Files.
Exhibit 104	—	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

42

SIGNATURES

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.

		ROCKWELL AUTOMATION, INC. (Registrant)
Date:	January 31, 2024	By	/s/ NICHOLAS C. GANGESTAD
			Nicholas C. Gangestad Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Date:	January 31, 2024	By	/s/ TERRY L. RIESTERER
			Terry L. Riesterer Vice President and Controller (Principal Accounting Officer)

43

EX-15

Exhibit 15

January 31, 2024

The Board of Directors and Shareowners of

Rockwell Automation, Inc.

1201 South Second Street

Milwaukee, Wisconsin 53204

We are aware that our report dated January 31, 2024, on our review of the interim financial information of Rockwell Automation, Inc appearing in this Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, is incorporated by reference in Registration Statement Nos. 333-101780, 333-149581, 333-150019, 333-157203, 333-165727, 333-180557, 333-184400, 333-205022, 333-209706, 333-234642, and 333-236277 on Form S-8.

/s/ DELOITTE & TOUCHE LLP

Milwaukee, Wisconsin

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Blake D. Moret, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rockwell Automation, Inc.;

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 (or persons performing the equivalent functions):

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.

Date: January 31, 2024

/s/ BLAKE D. MORET

Blake D. Moret
President and
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Nicholas C. Gangestad, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rockwell Automation, Inc.;

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 (or persons performing the equivalent functions):

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.

Date: January 31, 2024

/s/ NICHOLAS C. GANGESTAD

Nicholas C. Gangestad
Senior Vice President and
Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PERIODIC REPORT

I, Blake D. Moret, President and Chief Executive Officer of Rockwell Automation, Inc. (the “Company”), certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)    the Quarterly Report on Form 10-Q of the Company for the quarter ended December 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) 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.

Date: January 31, 2024

/s/ BLAKE D. MORET

Blake D. Moret
President and
Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION OF PERIODIC REPORT

I, Nicholas C. Gangestad, Senior Vice President and Chief Financial Officer of Rockwell Automation, Inc. (the “Company”), certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)     the Quarterly Report on Form 10-Q of the Company for the quarter ended December 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) 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.

Date: January 31, 2024

/s/ NICHOLAS C. GANGESTAD

Nicholas C. Gangestad
Senior Vice President and
Chief Financial Officer

XML

Cover Page	3 Months Ended
	Dec. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-12383
Entity Registrant Name	Rockwell Automation, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1797617
Entity Address, Address Line One	1201 South Second Street
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53204
Country Region	1
City Area Code	414
Local Phone Number	382-2000
Title of 12(b) Security	Common Stock ($1.00 par value)
Trading Symbol	ROK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	114,592,022
Entity Central Index Key	0001024478
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Current assets
Cash and cash equivalents	$ 439.5	$ 1,071.8
Receivables	1,934.9	2,167.4
Inventories	1,474.0	1,404.9
Other current assets	287.5	266.7
Total current assets	4,135.9	4,910.8
Property, net of accumulated depreciation of $1,866.3 and $1,828.3, respectively	705.0	684.2
Operating lease right-of-use assets	350.1	349.4
Goodwill	3,966.7	3,529.2
Other intangible assets, net	1,190.4	852.4
Deferred income taxes	461.8	459.3
Long-term investments	161.9	157.1
Other assets	361.5	361.6
Total	11,333.3	11,304.0
Current liabilities
Short-term debt	501.4	94.7
Current portion of long-term debt	9.9	8.6
Accounts payable	935.0	1,150.2
Compensation and benefits	269.9	499.9
Contract liabilities	595.3	592.5
Customer returns, rebates and incentives	390.8	452.0
Other current liabilities	608.6	567.4
Total current liabilities	3,310.9	3,365.3
Long-term debt	2,863.0	2,862.9
Retirement benefits	513.4	503.6
Operating lease liabilities	277.9	285.3
Other liabilities	581.0	543.5
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 capital	2,111.3	2,102.5
Retained earnings	9,326.5	9,255.2
Accumulated other comprehensive loss	(729.8)	(790.1)
Common stock in treasury, at cost (shares held: 66.8 and 66.6, respectively)	(7,281.7)	(7,187.4)
Shareowners’ equity attributable to Rockwell Automation, Inc.	3,607.7	3,561.6
Noncontrolling interests	179.4	181.8
Total shareowners’ equity	3,787.1	3,743.4
Total	$ 11,333.3	$ 11,304.0

XML

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,866.3	$ 1,828.3
Common stock, par value per share (in usd per share)	$ 1.00	$ 1.00
Common stock, shares, issued (in shares)	181.4	181.4
Treasury stock, shares (in shares)	66.8	66.6

XML

Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sales
Sales	$ 2,052.1	$ 1,981.0
Cost of sales
Cost of sales	(1,257.5)	(1,167.4)
Gross profit	794.6	813.6
Selling, general and administrative expenses	(513.7)	(469.5)
Change in fair value of investments	3.1	140.6
Other income (Note 11)	8.9	17.3
Interest expense	(33.3)	(34.1)
Income before income taxes	259.6	467.9
Income tax provision (Note 14)	(46.9)	(89.2)
Net income (loss)	212.7	378.7
Net loss attributable to noncontrolling interests	(2.5)	(5.3)
Net income attributable to Rockwell Automation, Inc.	$ 215.2	$ 384.0
Earnings per share:
Basic (in usd per share)	$ 1.87	$ 3.33
Diluted (in usd per share)	$ 1.86	$ 3.31
Weighted average outstanding shares:
Basic (in shares)	114.6	114.8
Diluted (in shares)	115.2	115.5
Products and solutions
Sales
Sales	$ 1,833.2	$ 1,789.7
Cost of sales
Cost of sales	(1,130.1)	(1,044.7)
Services
Sales
Sales	218.9	191.3
Cost of sales
Cost of sales	$ (127.4)	$ (122.7)

XML

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 212.7	$ 378.7
Other comprehensive income (loss)
Pension and other postretirement benefit plan adjustments (net of tax benefit of $0.0 and $0.4)	0.1	(0.4)
Currency translation adjustments	84.2	85.8
Net change in cash flow hedges (net of tax benefit of $9.0 and $8.9)	(23.9)	(21.1)
Other comprehensive income (loss)	60.4	64.3
Comprehensive income	273.1	443.0
Comprehensive loss attributable to noncontrolling interests	(2.4)	(5.3)
Comprehensive income attributable to Rockwell Automation, Inc.	$ 275.5	$ 448.3

XML

Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Pension and other postretirement benefit plan adjustments tax (expense) benefit	$ 0.0	$ 0.4
Net change in unrealized gains and losses on cash flow hedges tax (expense) benefit	$ 9.0	$ 8.9

XML

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income	$ 212.7	$ 378.7
Adjustments to arrive at cash provided by operating activities
Depreciation	38.8	29.0
Amortization of intangible assets	38.1	28.8
Change in fair value of investments	(3.1)	(140.6)
Share-based compensation expense	24.2	18.4
Retirement benefit expense (income)	4.5	(1.7)
Net loss on disposition of property	0.2	0.9
Pension contributions	(5.9)	(7.0)
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments
Receivables	280.4	(32.6)
Inventories	(27.7)	(175.3)
Accounts payable	(200.3)	(29.8)
Contract liabilities	13.8	52.7
Compensation and benefits	(243.4)	(40.2)
Income taxes	1.6	73.1
Other assets and liabilities	(101.3)	(88.1)
Cash provided by operating activities	32.6	66.3
Investing activities:
Capital expenditures	(67.9)	(24.2)
Acquisition of businesses, net of cash acquired	(748.7)	(133.8)
Proceeds from sale of investments	0.0	144.8
Other investing activities	(0.8)	(5.1)
Cash used for investing activities	(817.4)	(18.3)
Financing activities:
Net issuance of short-term debt	409.0	206.9
Repayment of short-term debt	0.0	(18.8)
Cash dividends	(144.0)	(135.9)
Purchases of treasury stock	(120.3)	(156.8)
Proceeds from the exercise of stock options	11.6	13.4
Other financing activities	(22.1)	(14.1)
Cash provided by (used for) financing activities	134.2	(105.3)
Effect of exchange rate changes on cash	9.7	18.0
Decrease in cash, cash equivalents, and restricted cash	(640.9)	(39.3)
Cash, cash equivalents, and restricted cash at beginning of period	1,080.4	507.9
Cash, cash equivalents, and restricted cash at end of period	439.5	468.6
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	439.5	460.0
Restricted cash, current (Other current assets)	0.0	8.6
Total cash, cash equivalents, and restricted cash	$ 439.5	$ 468.6

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Consolidated Statement of Shareowners' Equity - USD ($) $ in Millions		Total	Total attributable to Rockwell Automation, Inc.	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Common stock in treasury, at cost	Noncontrolling interests
Balance at beginning of period at Sep. 30, 2022		$ 3,016.7	$ 2,725.6	$ 181.4	$ 2,007.1	$ 8,411.8	$ (917.5)	$ (6,957.2)	$ 291.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		378.7	384.0			384.0			(5.3)
Other comprehensive income		64.3	64.3				64.3		0.0
Common stock issued (including share-based compensation impact)		32.8	32.8		8.6			24.2
Share repurchases		(156.0)	(156.0)					(156.0)
Cash dividends declared	[1]	(135.9)	(135.9)			(135.9)
Balance at end of period at Dec. 31, 2022		3,200.6	2,914.8	181.4	2,015.7	8,659.9	(853.2)	(7,089.0)	285.8
Balance at beginning of period at Sep. 30, 2023		3,743.4	3,561.6	181.4	2,102.5	9,255.2	(790.1)	(7,187.4)	181.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		212.7	215.2			215.2
Other comprehensive income		60.4	60.3				60.3		0.1
Common stock issued (including share-based compensation impact)		35.7	35.7		8.8			26.9
Share repurchases		(121.2)	(121.2)					(121.2)
Cash dividends declared	[1]	(143.9)	(143.9)			(143.9)
Balance at end of period at Dec. 31, 2023		$ 3,787.1	$ 3,607.7	$ 181.4	$ 2,111.3	$ 9,326.5	$ (729.8)	$ (7,281.7)	$ 179.4

[1] (1) Cash dividends were $1.25 per share and $1.18 per share in the three months ended December 31, 2023 and 2022, respectively.

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Consolidated Statement of Shareowners' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in usd per share)	$ 1.25	$ 1.18

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Basis of Presentation and Accounting Policies

3 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Accounting Policies

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, 2023. The results of operations for the three months ended December 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 $19.3 million at December 31, 2023, and $16.8 million at September 30, 2023. The changes to our allowance for doubtful accounts during the three months ended December 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 December 31,
	2023		2022
Net income attributable to Rockwell Automation, Inc.	$	215.2	$	384.0
Less: Allocation to participating securities	(1.0)		(1.5)
Net income available to common shareowners	$	214.2	$	382.5
Basic weighted average outstanding shares	114.6		114.8
Effect of dilutive securities
Stock options	0.6		0.6
Performance shares	—		0.1
Diluted weighted average outstanding shares	115.2		115.5
Earnings per share:
Basic	$	1.87	$	3.33
Diluted	$	1.86	$	3.31

For the three months ended December 31, 2023 and 2022, there were 0.5 million and 0.6 million shares, respectively, 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 $20.5 million and $32.9 million were accrued within Accounts payable and Other current liabilities at December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, respectively, there were $1.1 million and $0.8 million of outstanding common stock share repurchases recorded in Accounts payable that did not settle until the next quarter. 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.

Supplier Financing Arrangements

The Company maintains agreements with third-party financial institutions that offer voluntary supply chain financing (SCF) programs to suppliers. The SCF programs enable suppliers, at their sole discretion, to sell their receivables to third-party financial institutions in order to receive payment on receivables earlier than the negotiated commercial terms between suppliers and the Company. Supplier sale of receivables to third-party financial institutions is on terms negotiated between the supplier and the respective third-party financial institution. The Company agrees on commercial terms for the goods and services procured from suppliers, including prices, quantities, and payment terms, regardless of whether the supplier elects to participate in the SCF programs. A supplier’s voluntary participation in the SCF programs has no bearing on the Company's payment terms and the Company has no economic interest in a supplier’s decision to participate in the SCF programs. The Company agrees to pay participating third-party financial institutions the stated amount of confirmed invoices from suppliers on the original maturity dates of the invoices. Amounts outstanding related to SCF programs are included in Accounts payable in the Consolidated Balance Sheet and in changes in Accounts payable on the Consolidated Statement of Cash Flows. Accounts payable included approximately $117.5 million and $126.7 million related to these agreements as of December 31, 2023, and September 30, 2023, respectively. The impact of these programs is not material to the Company's overall liquidity.

Recently Adopted Accounting Pronouncements

In September 2022, the Financial Accounting Standards Board (FASB) issued a new standard that requires companies to apply Accounting Standards Codification (ASC) 405-50 to disclose supplier finance program obligations. We adopted the new standard as of October 1, 2023. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-08, which requires expanded interim and annual disclosures of segment information regularly provided to the chief operating decision maker (CODM), the title and position of the CODM, an explanation of how the CODM uses the information in assessing segment performance and deciding how to allocate resources, and an amount for other segment items by reportable segment and a description of its composition. We will expand our disclosures in our fiscal 2025 Annual Report on Form 10-K when the standard becomes effective for us.

In December 2023, the FASB issued ASU 2023-09, which requires expanded annual disclosures to the income tax rate reconciliation and the amount of income taxes paid. We will expand our disclosures in our fiscal 2026 Annual Report on Form 10-K when the standard becomes effective for us.

We do not expect any other recently issued accounting pronouncements to have a material impact on our Consolidated Financial Statements and related disclosures.

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Revenue Recognition

3 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

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.

In most countries, we sell primarily through independent distributors in conjunction with our direct sales force. We sell large systems and service offerings principally through our direct sales force, though opportunities are sometimes identified through distributors.

Unfulfilled Performance Obligations

As of December 31, 2023, we expect to recognize approximately $1,121 million of revenue in future periods from unfulfilled performance obligations from existing contracts with customers. We expect to recognize revenue of approximately $716 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 December 31, 2023.

Disaggregation of Revenue

The following table presents 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 December 31, 2023								Three Months Ended December 31, 2022
	Intelligent Devices		Software & Control		Lifecycle Services		Total		Intelligent Devices		Software & Control		Lifecycle Services		Total
North America	$	604.3	$	386.6	$	256.2	$	1,247.1	$	567.4	$	384.1	$	227.4	$	1,178.9
Europe, Middle East, and Africa	166.6		99.8		121.9		388.3		171.2		85.8		115.8		372.8
Asia Pacific	97.9		79.0		98.7		275.6		131.3		68.4		96.8		296.5
Latin America	58.5		38.2		44.4		141.1		66.3		35.0		31.5		132.8
Total Company Sales	$	927.3	$	603.6	$	521.2	$	2,052.1	$	936.2	$	573.3	$	471.5	$	1,981.0

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):

	December 31, 2023		December 31, 2022
Balance as of beginning of year	$	653.6	$	541.3
Balance as of end of period	673.9		602.4

The most significant changes in our Contract liabilities balance during both the three months ended December 31, 2023 and 2022, were due to amounts billed, 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 three months ended December 31, 2023, we recognized revenue of approximately $237.8 million that was included in the Contract liabilities balance at September 30, 2023. In the three months ended December 31, 2022, we recognized revenue of approximately $200.9 million that was included in the Contract liabilities balance at September 30, 2022. We did not have a material amount of revenue recognized in the three months ended December 31, 2023 and 2022, from performance obligations satisfied or partially satisfied in previous periods.

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Share-Based Compensation

3 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

We recognized $24.2 million and $18.4 million of pre-tax share-based compensation expense during the three months ended December 31, 2023 and 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):

	Three Months Ended December 31,
	2023			2022
	Grants	Wtd. Avg. Share Fair Value		Grants	Wtd. Avg. Share Fair Value
Stock options	217	$	85.91	233	$	77.62
Performance shares	79	295.06		66	340.77
Restricted stock units	235	276.46		211	259.67
Unrestricted stock	5	279.50		6	259.81

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Inventories

3 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of (in millions):

	December 31, 2023		September 30, 2023
Finished goods	$	569.9	$	545.9
Work in process	367.5		395.7
Raw materials	536.6		463.3
Inventories	$	1,474.0	$	1,404.9

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Acquisitions

3 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

2024 Acquisitions

In October 2023, we acquired Clearpath Robotics, Inc. (Clearpath), a company that specializes in autonomous robotics for industrial applications, headquartered in Ontario, Canada. 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 2, 2023. The preliminary aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	8.2
Inventory	22.1
Goodwill	267.0
Intangible assets	313.1
All other assets	10.8
Total assets acquired	621.2
Less: Liabilities assumed	(12.7)
Net assets acquired	$	608.5
	Purchase Consideration
Cash consideration, net of cash acquired	$	565.5
Contingent consideration	43.0
Total purchase consideration, net of cash acquired	$	608.5

Intangible assets identified include $269.6 million of technology, $41.6 million of trademarks, and $1.9 million of customer relationships. We assigned the full amount of goodwill and all other assets acquired to our Intelligent Devices segment. The goodwill recorded represents intangible assets that do not qualify for separate recognition. This goodwill arises because the purchase price for Clearpath reflects a number of factors including the future earnings and cash flow potential for the business and resulting synergies from the business portfolio and industry expertise. We do not expect the goodwill to be deductible for tax purposes. The intangible assets were valued using an income approach, specifically the relief from royalty method and multi-period excess earnings method. The relief from royalty method calculates value based on hypothetical payments that would be saved by owning an asset rather than licensing it. The multi-period excess earnings method is the isolation of cash flows from a single intangible asset and measures fair value by discounting them to present value. These values are considered level 3 measurements under the U.S. GAAP fair value hierarchy. The key assumption requiring the use of judgement in the valuation of the technology asset was the obsolescence factor, where we estimated a phase out over 12 years; other assumptions included forecasted revenue growth rates and margin and the discount rate. The key assumption requiring the use of judgement in the valuation of the trademarks asset was the weighted average royalty rate of 2.05 percent; other assumptions included forecasted revenue growth rates and the discount rate.

The purchase price includes up to $50 million in contingent consideration dependent on future Clearpath revenue performance. We developed various risk-based scenarios and a probability outcome model to measure the fair value of the contingent consideration, which is considered a level 3 measurement under the U.S. GAAP fair value hierarchy. At the acquisition date and December 31, 2023, we determined the fair value of the contingent consideration to be $43.0 million, of which $17.5 million is recorded in Other current liabilities and $25.5 million in Other liabilities on the Consolidated Balance Sheet.

In November 2023, we acquired Verve Industrial Protection (Verve), a cybersecurity software and services company that focuses specifically on industrial environments. We recorded assets acquired and liabilities assumed in connection with this acquisition based on their estimated fair values as of the acquisition date of November 1, 2023. The preliminary aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	8.0
Goodwill	133.0
Intangible assets	47.0
All other assets	1.4
Total assets acquired	189.4
Less: Liabilities assumed	(6.2)
Net assets acquired	$	183.2
	Purchase Consideration
Total purchase consideration, net of cash acquired	$	183.2

We assigned the full amount of goodwill to our Lifecycle Services segment. We expect the goodwill to be deductible for tax purposes. The goodwill recorded represents intangible assets that do not qualify for separate recognition.

The allocations of the purchase prices 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.

Pro forma consolidated sales for the three months ended December 31, 2023 and 2022, were $2.1 billion and $2.0 billion, respectively, and the impact on earnings was not material. The preceding pro forma consolidated financial results of operations are as if the preceding 2024 acquisitions 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 transaction occurred as of that time.

Total sales from all of the above 2024 acquisitions in the three months ended December 31, 2023 were $17.2 million. Total acquisition-related costs from all of the above 2024 acquisitions in the three months ended December 31, 2023, were not material.

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 assigned the full amount of goodwill related to this acquisition to our Intelligent Devices segment.

In February 2023, we acquired Knowledge Lens, a services and solutions provider headquartered in Bengaluru, India. We assigned the full amount of goodwill related to this acquisition to our Lifecycle Services segment.

We recorded assets acquired and liabilities assumed in connection with these acquisitions based on their estimated fair values as of the acquisition dates of October 31, 2022, and February 28, 2023, respectively. The aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	23.8
Inventories	17.7
Property	27.5
Goodwill	111.3
Other intangible assets	54.1
All other assets	21.0
Total assets acquired	255.4
Less: Liabilities assumed	(12.6)
Less: Deferred income taxes	(56.6)
Net assets acquired, excluding cash	$	186.2
	Purchase Consideration
Total purchase consideration, net of cash acquired	$	186.2

Pro forma consolidated sales for the three months ended December 31, 2022, were $2.0 billion, and the impact on earnings was not material. The preceding pro forma consolidated financial results of operations are as if the preceding 2023 acquisitions 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 transaction occurred as of that time.

Total sales from all of the above 2023 acquisitions in the three months ended December 31, 2023 and 2022, were $26.8 million and $13.7 million, respectively. Total acquisition-related costs from all of the above 2023 acquisitions in the three months ended December 31, 2022, were not material.

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Goodwill and Other Intangible Assets

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Changes in the carrying amount of Goodwill for the three months ended December 31, 2023, were (in millions):

	Intelligent Devices		Software & Control		Lifecycle Services		Total
Balance as of September 30, 2023	$	595.8	$	2,420.1	$	513.3	$	3,529.2
Acquisition of businesses	267.0		—		133.0		400.0
Translation	16.9		13.5		7.1		37.5
Balance as of December 31, 2023	$	879.7	$	2,433.6	$	653.4	$	3,966.7
Gross carrying value of goodwill	879.7		2,433.6		810.9		4,124.2
Accumulated impairment losses	—		—		(157.5)		(157.5)
Goodwill	$	879.7	$	2,433.6	$	653.4	$	3,966.7

We perform our annual evaluation of goodwill and indefinite life intangible assets for impairment during the second quarter of each year, or more frequently, if events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We assessed the changes in events and circumstances during the first quarter of 2024 and concluded that no triggering events, which would require interim quantitative testing, occurred.

Other intangible assets consist of (in millions):

	December 31, 2023
	Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Software products	$	105.1	$	67.8	$	37.3
Customer relationships	618.4		152.2		466.2
Technology	737.6		194.8		542.8
Trademarks	133.0		33.1		99.9
Other	5.7		5.2		0.5
Total amortized intangible assets	1,599.8		453.1		1,146.7
Allen-Bradley® trademark not subject to amortization	43.7		—		43.7
Other intangible assets	$	1,643.5	$	453.1	$	1,190.4

	September 30, 2023
	Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Software products	$	100.4	$	65.1	$	35.3
Customer relationships	606.1		141.3		464.8
Technology	424.1		173.1		251.0
Trademarks	86.3		29.3		57.0
Other	6.0		5.4		0.6
Total amortized intangible assets	1,222.9		414.2		808.7
Allen-Bradley® trademark not subject to amortization	43.7		—		43.7
Other intangible assets	$	1,266.6	$	414.2	$	852.4

Estimated total amortization expense for all amortized intangible assets is $153.5 million in 2024, $150.0 million in 2025, $148.7 million in 2026, $140.6 million in 2027, and $127.8 million in 2028.

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Short-Term and Long-Term Debt

3 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

Our Short-term debt as of December 31, 2023, includes commercial paper borrowings of $407.0 million, with a weighted average interest rate of 5.41 percent, and a weighted average maturity period of 13 days. We had no commercial paper borrowings as of September 30, 2023. In December 2022, Sensia entered into an unsecured $75.0 million line of credit. As of December 31, 2023, and September 30, 2023, included in Short-term debt was $70.0 million borrowed against the line of credit with an interest rate of 6.25 percent and 6.29 percent, respectively. Also included in Short-term debt as of December 31, 2023, and September 30, 2023, is $23.5 million of interest-bearing loans from Schlumberger (SLB) to Sensia due December 31, 2024.

The following table presents the carrying amounts and estimated fair values of Long-term debt in the Consolidated Balance Sheet (in millions):

	December 31, 2023				September 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	9.9	$	9.9	$	8.6	$	8.6
Long-term debt	2,863.0		2,623.1		2,862.9		2,442.6

We base the fair value of Long-term debt upon quoted market prices for the same or similar issues and therefore consider this a level 2 fair value measurement. The fair value of Long-term debt considers the terms of the debt excluding the impact of derivative and hedging activity. Refer to Note 9 for further information regarding levels in the fair value hierarchy. The carrying value of our Short-term debt approximates fair value.

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Other Current Liabilities

3 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current Liabilities

Other current liabilities consist of (in millions):

	December 31, 2023		September 30, 2023
Unrealized losses on foreign exchange contracts	$	26.5	$	10.8
Product warranty obligations	19.0		18.3
Taxes other than income taxes	48.8		56.9
Accrued interest	38.1		18.6
Income taxes payable	262.1		248.6
Operating lease liabilities	91.3		83.4
Other	122.8		130.8
Other current liabilities	$	608.6	$	567.4

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Investments

3 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Our investments consist of (in millions):

	December 31, 2023		September 30, 2023
Fixed income securities	$	0.6	$	0.6
Equity securities (other)	98.5		96.0
Other	63.4		61.1
Total investments	162.5		157.7
Less: Short-term investments (1)	(0.6)		(0.6)
Long-term investments	$	161.9	$	157.1

(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet.

Equity Securities

Equity securities (other) consist of various securities that do not have a readily determinable fair value, which we account for using the measurement alternative under U.S. GAAP. These securities are recorded at the investment cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer in the Consolidated Balance Sheet. Observable price changes are classified as level 2 in the fair value hierarchy, as described below. The carrying values at December 31, 2023, and September 30, 2023, include cumulative upward adjustments from observed price changes of $20.0 million and $17.5 million, respectively.

We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):

	Three Months Ended December 31,
	2023		2022
Net gain on equity securities (level 1)	$	—	$	141.0
Net gain on equity securities (other)	2.5		—
Equity method gain (loss) on Other investments	0.6		(0.4)
Change in fair value of investments	3.1		140.6
Total net realized gain on equity securities	—		33.9
Total net unrealized gain on equity securities	$	2.5	$	107.1

Net gain on equity securities (level 1) in the prior year consisted of the change in fair value and gain on sale of shares of PTC Inc. (PTC) common stock (PTC Shares). As of September 30, 2023, all PTC Shares have been sold.

U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3: Unobservable inputs for the asset or liability.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. We did not have any transfers between levels of fair value measurements during the period presented.

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Retirement Benefits

3 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

The components of net periodic pension and postretirement benefit cost (credit) were (in millions):

	Pension Benefits
	Three Months Ended December 31,
	2023		2022
Service cost	$	9.3	$	10.6
Interest cost	36.6		39.2
Expected return on plan assets	(42.2)		(51.3)
Amortization of net actuarial gain	(0.3)		(1.0)
Net periodic pension benefit cost (credit)	$	3.4	$	(2.5)

	Other Postretirement Benefits
	Three Months Ended December 31,
	2023		2022
Service cost	$	0.1	$	0.1
Interest cost	0.6		0.6
Amortization of net actuarial loss	0.4		0.1
Net periodic postretirement benefit cost	$	1.1	$	0.8

The service cost component is included in Cost of sales and Selling, general and administrative expenses in the Consolidated Statement of Operations. All other components are included in Other income in the Consolidated Statement of Operations.

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Other Income

3 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Income

Other Income

The components of Other income were (in millions):

	Three Months Ended December 31,
	2023		2022
Interest income	$	5.0	$	1.3
Royalty income	2.8		2.5
Legacy product liability and environmental charges	(5.0)		(2.8)
Non-operating pension and postretirement benefit credit	4.9		12.4
Other	1.2		3.9
Other income	$	8.9	$	17.3

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Accumulated Other Comprehensive Loss

3 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss attributable to Rockwell Automation by component for the following periods were (in millions):

Three Months Ended December 31, 2023	Pension and other postretirement benefit plan adjustments, net of tax		Accumulated currency translation adjustments, net of tax		Net unrealized losses on cash flow hedges, net of tax		Total accumulated other comprehensive loss, net of tax
Balance as of September 30, 2023	$	(407.1)	$	(364.9)	$	(18.1)	$	(790.1)
Other comprehensive income (loss) before reclassifications	—		84.1		(17.7)		66.4
Amounts reclassified from accumulated other comprehensive loss	0.1		—		(6.2)		(6.1)
Other comprehensive income (loss)	0.1		84.1		(23.9)		60.3
Balance as of December 31, 2023	$	(407.0)	$	(280.8)	$	(42.0)	$	(729.8)

Three Months Ended December 31, 2022	Pension and other postretirement benefit plan adjustments, net of tax		Accumulated currency translation adjustments, net of tax		Net unrealized losses on cash flow hedges, net of tax		Total accumulated other comprehensive loss, net of tax
Balance as of September 30, 2022	$	(447.8)	$	(465.0)	$	(4.7)	$	(917.5)
Other comprehensive income (loss) before reclassifications	—		85.9		(12.0)		73.9
Amounts reclassified from accumulated other comprehensive loss	(0.5)		—		(9.1)		(9.6)
Other comprehensive (loss) income	(0.5)		85.9		(21.1)		64.3
Balance as of December 31, 2022	$	(448.3)	$	(379.1)	$	(25.8)	$	(853.2)

The reclassifications out of Accumulated other comprehensive loss in the Consolidated Statement of Operations were (in millions):

	Three Months Ended December 31,				Affected Line in the Consolidated Statement of Operations
	2023		2022
Pension and other postretirement benefit plan adjustments (1)
Amortization of net actuarial loss (gain)	$	0.1	$	(0.9)	Other income
	0.1		(0.9)		Income before income taxes
	—		0.4		Income tax provision
	$	0.1	$	(0.5)	Net income attributable to Rockwell Automation, Inc.
Net unrealized (gains) losses on cash flow hedges
Forward exchange contracts	$	(1.3)	$	(1.0)	Sales
Forward exchange contracts	(8.1)		(12.9)		Cost of sales
Forward exchange contracts	—		0.3		Selling, general and administrative expenses
Treasury locks related to 2019 and 2021 debt issuances	0.9		0.9		Interest expense
	(8.5)		(12.7)		Income before income taxes
	2.3		3.6		Income tax provision
	$	(6.2)	$	(9.1)	Net income attributable to Rockwell Automation, Inc.
Total reclassifications	$	(6.1)	$	(9.6)	Net income attributable to Rockwell Automation, Inc.

(1) These components are included in the computation of net periodic benefit cost. See Note 10 for further information.

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Commitments and Contingent Liabilities

3 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

Various lawsuits, claims, and proceedings have been or may be instituted or asserted against us relating to the conduct of our business, including those pertaining to product liability, environmental, safety and health, intellectual property, employment, and contract matters. Although the outcome of litigation cannot be predicted with certainty and some lawsuits, claims, or proceedings may be disposed of unfavorably to us, we believe the disposition of matters that are pending or have been asserted will not have a material effect on our business, financial condition, or results of operations. The following outlines additional background for obligations associated with asbestos, divested businesses, and intellectual property.

We (including our subsidiaries) have been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos that was used in certain components of our products many years ago, including products from divested businesses for which we have agreed to defend and indemnify claims. Currently there are lawsuits that name us as defendants, together with hundreds of other companies. But in all cases, for those claimants who do show that they worked with our products or products of divested businesses for which we are responsible, we nevertheless believe we have meritorious defenses, in substantial part due to the integrity of the products, the encapsulated nature of any asbestos-containing components, and the lack of any impairing medical condition caused by our products. We defend those cases vigorously. Historically, we have been dismissed from the vast majority of these claims with no payment to claimants.

Additionally, we have maintained insurance coverage that includes indemnity and defense costs, over and above self-insured retentions, for many of these claims. We believe these arrangements will provide substantial coverage for future defense and indemnity costs for these asbestos claims for many years into the future. The uncertainties of asbestos claim litigation make it difficult to predict accurately the ultimate outcome of asbestos claims. That uncertainty is increased by the possibility of adverse rulings or new legislation affecting asbestos claim litigation or the settlement process. Subject to these uncertainties and based on our experience defending asbestos claims, we do not believe these lawsuits will have a material effect on our business, financial condition, or results of operations.

We have, from time to time, divested certain of our businesses. In connection with these divestitures, certain lawsuits, claims, and proceedings may be instituted or asserted against us related to the period that we owned the businesses, either because we agreed to retain certain liabilities related to these periods or because such liabilities fall upon us by operation of law. In some instances, the divested business has assumed the liabilities; however, it is possible that we might be responsible to satisfy those liabilities if the divested business is unable to do so. We do not believe these liabilities will have a material effect on our business, financial condition, or results of operations.

In many countries we provide a limited intellectual property indemnity as part of our terms and conditions of sale and at times in other contracts with third parties. As of December 31, 2023, we were not aware of any material indemnification claims that were probable or reasonably possible of an unfavorable outcome. Historically, claims that have been made under the indemnification agreements have not had a material impact on our business, financial condition, or results of operations; however, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our business, financial condition, or results of operations in a particular period.

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Income Taxes

3 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

At the end of each interim period, we estimate a base effective tax rate that we expect for the full year based on our most recent forecast of pre-tax income, permanent book and tax differences, and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual items and items that are reported net of their related tax effects in the period in which they occur.

The effective tax rate was 18.1 percent for the three months ended December 31, 2023, compared to 19.1 percent for the three months ended December 31, 2022. The effective tax rate was lower than the U.S. statutory rate of 21 percent for the three months ended December 31, 2023, and December 31, 2022, primarily due to the geographical mix of pre-tax income.

An income tax liability of $175.3 million related to the U.S. transition tax under the Tax Cuts and Jobs Act of 2017 (the "Tax Act") that is payable greater than 12 months after December 31, 2023, and September 30, 2023, is recorded in Other liabilities in the Consolidated Balance Sheet.

Unrecognized Tax Benefits

The amount of gross unrecognized tax benefits was $10.8 million at December 31, 2023, and $9.8 million at September 30, 2023, of which the entire amount would reduce our effective tax rate if recognized.

Accrued interest and penalties related to unrecognized tax benefits were $1.0 million at December 31, 2023, and $0.9 million at September 30, 2023. We recognize interest and penalties related to unrecognized tax benefits in the income tax provision.

We believe it is reasonably possible that the amount of gross unrecognized tax benefits could be reduced by up to $2.3 million in the next 12 months as a result of the resolution of tax matters in various global jurisdictions and the lapses of statutes of limitations. If all of the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, could be up to $3.1 million.

We conduct business globally and are routinely audited by the various tax jurisdictions in which we operate. We are no longer subject to U.S. federal income tax examinations for years before 2018, state and local income tax examinations for years before 2014, and foreign income tax examinations for years before 2008.

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Business Segment Information

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

Sales and operating results of our reportable segments were (in millions):

	Three Months Ended December 31,
	2023		2022
Sales
Intelligent Devices	$	927.3	$	936.2
Software & Control	603.6		573.3
Lifecycle Services	521.2		471.5
Total	$	2,052.1	$	1,981.0
Segment operating earnings
Intelligent Devices	$	150.2	$	209.4
Software & Control	151.0		167.3
Lifecycle Services	54.3		24.3
Total	355.5		401.0
Purchase accounting depreciation and amortization	(35.6)		(26.0)
Corporate and other	(40.0)		(27.3)
Non-operating pension and postretirement benefit credit	4.9		12.4
Change in fair value of investments	3.1		140.6
Interest expense, net	(28.3)		(32.8)
Income before income taxes	$	259.6	$	467.9

Among other considerations, we evaluate performance and allocate resources based upon segment operating earnings before purchase accounting depreciation and amortization, corporate and other, non-operating pension and postretirement benefit credit, change in fair value of investments, interest expense, net, and income tax provision. Depending on the product, intersegment sales within a single legal entity are either at cost or cost plus a mark-up, which does not necessarily represent a market price. Sales between legal entities are at an appropriate transfer price. We allocate costs related to shared segment operating activities to the segments consistent with the methodology used by management to assess segment performance.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 215.2	$ 384.0

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Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	November 28, 2023
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Robert L. Buttermore [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Robert L. Buttermore, Senior Vice President and Chief Supply Chain Officer, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of February 28, 2025, or the execution of all trades in the trading arrangement. Mr. Buttermore’s trading arrangement covers the sale of (i) 1,664 long shares of the Company's common stock and (ii) the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.
Name	Robert L. Buttermore
Title	Senior Vice President and Chief Supply Chain Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 30, 2023
Arrangement Duration	456 days
Matthew Fordenwalt [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Matthew Fordenwalt, Senior Vice President Lifecycle Services, adopted a Rule 10b5-1 trading arrangement on November 29, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Fordenwalt’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.
Name	Matthew Fordenwalt
Title	Senior Vice President Lifecycle Services
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 29, 2023
Arrangement Duration	398 days
Scott A. Genereux [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Scott A. Genereux, Senior Vice President and Chief Revenue Officer, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Genereux’s trading arrangement covers the sale of (i) 2,000 long shares of the Company's common stock and (ii) the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.
Name	Scott A. Genereux
Title	Senior Vice President and Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 30, 2023
Arrangement Duration	397 days
Rebecca W. House [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rebecca W. House, Senior Vice President, Chief People and Legal Officer and Secretary, adopted a Rule 10b5-1 trading arrangement on November 29, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Ms. House’s trading arrangement covers the (i) exercise of 13,900 stock options and the sale of the underlying shares of the Company's common stock and (i) the sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit vests.
Name	Rebecca W. House
Title	Senior Vice President, Chief People and Legal Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 29, 2023
Arrangement Duration	398 days
Aggregate Available	13,900
Frank C. Kulaszewicz [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Frank C. Kulaszewicz, Senior Vice President, adopted a Rule 10b5-1 trading arrangement on November 28, 2023, that will terminate on the earlier of May 31, 2024, or the execution of all trades in the trading arrangement. Mr. Kulaszewicz’s trading arrangement covers the (i) sale of 466 long shares of the Company's common stock and (ii) exercise of 6,000 stock options and the sale of the underlying shares of the Company's common stock.
Name	Frank C. Kulaszewicz
Title	Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	185 days
John M. Miller [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	John M. Miller, Vice President and Chief Intellectual Property Counsel, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Miller’s trading arrangement covers the (i) exercise of 934 stock options and the sale of the underlying shares of the Company's common stock and (ii) sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.
Name	John M. Miller
Title	Vice President and Chief Intellectual Property Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 30, 2023
Arrangement Duration	397 days
Tessa M. Meyers [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Tessa M. Myers, Senior Vice President, Intelligent Devices, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of June 10, 2024, or the execution of all trades in the trading arrangement. Ms. Myers’ trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover taxes on an upcoming restricted stock unit vest.
Name	Tessa M. Myers
Title	Senior Vice President, Intelligent Devices
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 30, 2023
Arrangement Duration	193 days
Christopher Nardecchia [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Christopher Nardecchia, Senior Vice President and Chief Information Officer, adopted a Rule 10b5-1 trading arrangement on November 30, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Nardecchia’s trading arrangement covers the (i) exercise of 7,000 stock options and the sale of the underlying shares of the Company's common stock and (ii) sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.
Name	Christopher Nardecchia
Title	Senior Vice President and Chief Information Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 30, 2023
Arrangement Duration	397 days
Terry L. Riesterer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Terry L. Riesterer, Vice President and Controller, adopted a Rule 10b5-1 trading arrangement on November 27, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Riesterer’s trading arrangement covers the (i) exercise of 2,100 stock options and the sale of the underlying shares of the Company's common stock and (ii) sale of the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.
Name	Terry L. Riesterer
Title	Vice President and Controller
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 27, 2023
Arrangement Duration	400 days
Isaac R. Woods [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Isaac R. Woods, Vice President and Treasurer, adopted a Rule 10b5-1 trading arrangement on November 29, 2023, that will terminate on the earlier of December 31, 2024, or the execution of all trades in the trading arrangement. Mr. Woods’ trading arrangement covers the sale of (i) 300 long shares of the Company's common stock and (ii) the number of shares of the Company’s common stock required to be sold to cover taxes on upcoming restricted stock unit and performance share vests.
Name	Isaac R. Woods
Title	Vice President and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 29, 2023
Arrangement Duration	398 days
Long Shares [Member] | Robert L. Buttermore [Member]
Trading Arrangements, by Individual
Aggregate Available	1,664
Long Shares [Member] | Scott A. Genereux [Member]
Trading Arrangements, by Individual
Aggregate Available	2,000
Long Shares [Member] | Frank C. Kulaszewicz [Member]
Trading Arrangements, by Individual
Aggregate Available	466
Long Shares [Member] | Isaac R. Woods [Member]
Trading Arrangements, by Individual
Aggregate Available	300
Employee Stock Option [Member] | Frank C. Kulaszewicz [Member]
Trading Arrangements, by Individual
Aggregate Available	6,000
Employee Stock Option [Member] | John M. Miller [Member]
Trading Arrangements, by Individual
Aggregate Available	934
Employee Stock Option [Member] | Christopher Nardecchia [Member]
Trading Arrangements, by Individual
Aggregate Available	7,000
Employee Stock Option [Member] | Terry L. Riesterer [Member]
Trading Arrangements, by Individual
Aggregate Available	2,100

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Basis of Presentation and Accounting Policies (Policies)

3 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Receivables

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

Supplier Financing Arrangements

Supplier Financing Arrangements

The Company maintains agreements with third-party financial institutions that offer voluntary supply chain financing (SCF) programs to suppliers. The SCF programs enable suppliers, at their sole discretion, to sell their receivables to third-party financial institutions in order to receive payment on receivables earlier than the negotiated commercial terms between suppliers and the Company. Supplier sale of receivables to third-party financial institutions is on terms negotiated between the supplier and the respective third-party financial institution. The Company agrees on commercial terms for the goods and services procured from suppliers, including prices, quantities, and payment terms, regardless of whether the supplier elects to participate in the SCF programs. A supplier’s voluntary participation in the SCF programs has no bearing on the Company's payment terms and the Company has no economic interest in a supplier’s decision to participate in the SCF programs. The Company agrees to pay participating third-party financial institutions the stated amount of confirmed invoices from suppliers on the original maturity dates of the invoices. Amounts outstanding related to SCF programs are included in Accounts payable in the Consolidated Balance Sheet and in changes in Accounts payable on the Consolidated Statement of Cash Flows.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In September 2022, the Financial Accounting Standards Board (FASB) issued a new standard that requires companies to apply Accounting Standards Codification (ASC) 405-50 to disclose supplier finance program obligations. We adopted the new standard as of October 1, 2023. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-08, which requires expanded interim and annual disclosures of segment information regularly provided to the chief operating decision maker (CODM), the title and position of the CODM, an explanation of how the CODM uses the information in assessing segment performance and deciding how to allocate resources, and an amount for other segment items by reportable segment and a description of its composition. We will expand our disclosures in our fiscal 2025 Annual Report on Form 10-K when the standard becomes effective for us.

In December 2023, the FASB issued ASU 2023-09, which requires expanded annual disclosures to the income tax rate reconciliation and the amount of income taxes paid. We will expand our disclosures in our fiscal 2026 Annual Report on Form 10-K when the standard becomes effective for us.

We do not expect any other recently issued accounting pronouncements to have a material impact on our Consolidated Financial Statements and related disclosures.

Income Taxes

Income Taxes

At the end of each interim period, we estimate a base effective tax rate that we expect for the full year based on our most recent forecast of pre-tax income, permanent book and tax differences, and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual items and items that are reported net of their related tax effects in the period in which they occur.

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Basis of Presentation and Accounting Policies (Tables)

3 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles basic and diluted earnings per share (EPS) amounts (in millions, except per share amounts):

	Three Months Ended December 31,
	2023		2022
Net income attributable to Rockwell Automation, Inc.	$	215.2	$	384.0
Less: Allocation to participating securities	(1.0)		(1.5)
Net income available to common shareowners	$	214.2	$	382.5
Basic weighted average outstanding shares	114.6		114.8
Effect of dilutive securities
Stock options	0.6		0.6
Performance shares	—		0.1
Diluted weighted average outstanding shares	115.2		115.5
Earnings per share:
Basic	$	1.87	$	3.33
Diluted	$	1.86	$	3.31

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Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents 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 December 31, 2023								Three Months Ended December 31, 2022
	Intelligent Devices		Software & Control		Lifecycle Services		Total		Intelligent Devices		Software & Control		Lifecycle Services		Total
North America	$	604.3	$	386.6	$	256.2	$	1,247.1	$	567.4	$	384.1	$	227.4	$	1,178.9
Europe, Middle East, and Africa	166.6		99.8		121.9		388.3		171.2		85.8		115.8		372.8
Asia Pacific	97.9		79.0		98.7		275.6		131.3		68.4		96.8		296.5
Latin America	58.5		38.2		44.4		141.1		66.3		35.0		31.5		132.8
Total Company Sales	$	927.3	$	603.6	$	521.2	$	2,052.1	$	936.2	$	573.3	$	471.5	$	1,981.0

Contract Balances

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):

	December 31, 2023		December 31, 2022
Balance as of beginning of year	$	653.6	$	541.3
Balance as of end of period	673.9		602.4

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Share-Based Compensation (Tables)

3 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Activity

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):

	Three Months Ended December 31,
	2023			2022
	Grants	Wtd. Avg. Share Fair Value		Grants	Wtd. Avg. Share Fair Value
Stock options	217	$	85.91	233	$	77.62
Performance shares	79	295.06		66	340.77
Restricted stock units	235	276.46		211	259.67
Unrestricted stock	5	279.50		6	259.81

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Inventories (Tables)

3 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories consist of (in millions):

	December 31, 2023		September 30, 2023
Finished goods	$	569.9	$	545.9
Work in process	367.5		395.7
Raw materials	536.6		463.3
Inventories	$	1,474.0	$	1,404.9

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Acquisitions (Tables)

3 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	8.2
Inventory	22.1
Goodwill	267.0
Intangible assets	313.1
All other assets	10.8
Total assets acquired	621.2
Less: Liabilities assumed	(12.7)
Net assets acquired	$	608.5
	Purchase Consideration
Cash consideration, net of cash acquired	$	565.5
Contingent consideration	43.0
Total purchase consideration, net of cash acquired	$	608.5

The preliminary aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	8.0
Goodwill	133.0
Intangible assets	47.0
All other assets	1.4
Total assets acquired	189.4
Less: Liabilities assumed	(6.2)
Net assets acquired	$	183.2
	Purchase Consideration
Total purchase consideration, net of cash acquired	$	183.2

The aggregate purchase price allocation is as follows (in millions):

	Purchase Price Allocation
Receivables	$	23.8
Inventories	17.7
Property	27.5
Goodwill	111.3
Other intangible assets	54.1
All other assets	21.0
Total assets acquired	255.4
Less: Liabilities assumed	(12.6)
Less: Deferred income taxes	(56.6)
Net assets acquired, excluding cash	$	186.2
	Purchase Consideration
Total purchase consideration, net of cash acquired	$	186.2

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of Goodwill for the three months ended December 31, 2023, were (in millions):

	Intelligent Devices		Software & Control		Lifecycle Services		Total
Balance as of September 30, 2023	$	595.8	$	2,420.1	$	513.3	$	3,529.2
Acquisition of businesses	267.0		—		133.0		400.0
Translation	16.9		13.5		7.1		37.5
Balance as of December 31, 2023	$	879.7	$	2,433.6	$	653.4	$	3,966.7
Gross carrying value of goodwill	879.7		2,433.6		810.9		4,124.2
Accumulated impairment losses	—		—		(157.5)		(157.5)
Goodwill	$	879.7	$	2,433.6	$	653.4	$	3,966.7

Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class

Other intangible assets consist of (in millions):

	December 31, 2023
	Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Software products	$	105.1	$	67.8	$	37.3
Customer relationships	618.4		152.2		466.2
Technology	737.6		194.8		542.8
Trademarks	133.0		33.1		99.9
Other	5.7		5.2		0.5
Total amortized intangible assets	1,599.8		453.1		1,146.7
Allen-Bradley® trademark not subject to amortization	43.7		—		43.7
Other intangible assets	$	1,643.5	$	453.1	$	1,190.4

	September 30, 2023
	Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Software products	$	100.4	$	65.1	$	35.3
Customer relationships	606.1		141.3		464.8
Technology	424.1		173.1		251.0
Trademarks	86.3		29.3		57.0
Other	6.0		5.4		0.6
Total amortized intangible assets	1,222.9		414.2		808.7
Allen-Bradley® trademark not subject to amortization	43.7		—		43.7
Other intangible assets	$	1,266.6	$	414.2	$	852.4

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Short-Term and Long-Term Debt (Tables)

3 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying amounts and estimated fair values of Long-term debt in the Consolidated Balance Sheet (in millions):

	December 31, 2023				September 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	9.9	$	9.9	$	8.6	$	8.6
Long-term debt	2,863.0		2,623.1		2,862.9		2,442.6

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Other Current Liabilities (Tables)

3 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other current liabilities consist of (in millions):

	December 31, 2023		September 30, 2023
Unrealized losses on foreign exchange contracts	$	26.5	$	10.8
Product warranty obligations	19.0		18.3
Taxes other than income taxes	48.8		56.9
Accrued interest	38.1		18.6
Income taxes payable	262.1		248.6
Operating lease liabilities	91.3		83.4
Other	122.8		130.8
Other current liabilities	$	608.6	$	567.4

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Investments (Tables)

3 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Our investments consist of (in millions):

	December 31, 2023		September 30, 2023
Fixed income securities	$	0.6	$	0.6
Equity securities (other)	98.5		96.0
Other	63.4		61.1
Total investments	162.5		157.7
Less: Short-term investments (1)	(0.6)		(0.6)
Long-term investments	$	161.9	$	157.1

(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet.

Gain (Loss) on Securities

We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):

	Three Months Ended December 31,
	2023		2022
Net gain on equity securities (level 1)	$	—	$	141.0
Net gain on equity securities (other)	2.5		—
Equity method gain (loss) on Other investments	0.6		(0.4)
Change in fair value of investments	3.1		140.6
Total net realized gain on equity securities	—		33.9
Total net unrealized gain on equity securities	$	2.5	$	107.1

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Retirement Benefits (Tables)

3 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net periodic pension and postretirement benefit cost (credit) were (in millions):

	Pension Benefits
	Three Months Ended December 31,
	2023		2022
Service cost	$	9.3	$	10.6
Interest cost	36.6		39.2
Expected return on plan assets	(42.2)		(51.3)
Amortization of net actuarial gain	(0.3)		(1.0)
Net periodic pension benefit cost (credit)	$	3.4	$	(2.5)

	Other Postretirement Benefits
	Three Months Ended December 31,
	2023		2022
Service cost	$	0.1	$	0.1
Interest cost	0.6		0.6
Amortization of net actuarial loss	0.4		0.1
Net periodic postretirement benefit cost	$	1.1	$	0.8

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Other Income (Tables)

3 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Components of Other Income Expense

The components of Other income were (in millions):

	Three Months Ended December 31,
	2023		2022
Interest income	$	5.0	$	1.3
Royalty income	2.8		2.5
Legacy product liability and environmental charges	(5.0)		(2.8)
Non-operating pension and postretirement benefit credit	4.9		12.4
Other	1.2		3.9
Other income	$	8.9	$	17.3

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated other comprehensive loss attributable to Rockwell Automation by component for the following periods were (in millions):

Three Months Ended December 31, 2023	Pension and other postretirement benefit plan adjustments, net of tax		Accumulated currency translation adjustments, net of tax		Net unrealized losses on cash flow hedges, net of tax		Total accumulated other comprehensive loss, net of tax
Balance as of September 30, 2023	$	(407.1)	$	(364.9)	$	(18.1)	$	(790.1)
Other comprehensive income (loss) before reclassifications	—		84.1		(17.7)		66.4
Amounts reclassified from accumulated other comprehensive loss	0.1		—		(6.2)		(6.1)
Other comprehensive income (loss)	0.1		84.1		(23.9)		60.3
Balance as of December 31, 2023	$	(407.0)	$	(280.8)	$	(42.0)	$	(729.8)

Three Months Ended December 31, 2022	Pension and other postretirement benefit plan adjustments, net of tax		Accumulated currency translation adjustments, net of tax		Net unrealized losses on cash flow hedges, net of tax		Total accumulated other comprehensive loss, net of tax
Balance as of September 30, 2022	$	(447.8)	$	(465.0)	$	(4.7)	$	(917.5)
Other comprehensive income (loss) before reclassifications	—		85.9		(12.0)		73.9
Amounts reclassified from accumulated other comprehensive loss	(0.5)		—		(9.1)		(9.6)
Other comprehensive (loss) income	(0.5)		85.9		(21.1)		64.3
Balance as of December 31, 2022	$	(448.3)	$	(379.1)	$	(25.8)	$	(853.2)

Reclassification out of Accumulated Other Comprehensive Income

The reclassifications out of Accumulated other comprehensive loss in the Consolidated Statement of Operations were (in millions):

	Three Months Ended December 31,				Affected Line in the Consolidated Statement of Operations
	2023		2022
Pension and other postretirement benefit plan adjustments (1)
Amortization of net actuarial loss (gain)	$	0.1	$	(0.9)	Other income
	0.1		(0.9)		Income before income taxes
	—		0.4		Income tax provision
	$	0.1	$	(0.5)	Net income attributable to Rockwell Automation, Inc.
Net unrealized (gains) losses on cash flow hedges
Forward exchange contracts	$	(1.3)	$	(1.0)	Sales
Forward exchange contracts	(8.1)		(12.9)		Cost of sales
Forward exchange contracts	—		0.3		Selling, general and administrative expenses
Treasury locks related to 2019 and 2021 debt issuances	0.9		0.9		Interest expense
	(8.5)		(12.7)		Income before income taxes
	2.3		3.6		Income tax provision
	$	(6.2)	$	(9.1)	Net income attributable to Rockwell Automation, Inc.
Total reclassifications	$	(6.1)	$	(9.6)	Net income attributable to Rockwell Automation, Inc.

(1) These components are included in the computation of net periodic benefit cost. See Note 10 for further information.

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Business Segment Information (Tables)

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Sales and operating results of our reportable segments were (in millions):

	Three Months Ended December 31,
	2023		2022
Sales
Intelligent Devices	$	927.3	$	936.2
Software & Control	603.6		573.3
Lifecycle Services	521.2		471.5
Total	$	2,052.1	$	1,981.0
Segment operating earnings
Intelligent Devices	$	150.2	$	209.4
Software & Control	151.0		167.3
Lifecycle Services	54.3		24.3
Total	355.5		401.0
Purchase accounting depreciation and amortization	(35.6)		(26.0)
Corporate and other	(40.0)		(27.3)
Non-operating pension and postretirement benefit credit	4.9		12.4
Change in fair value of investments	3.1		140.6
Interest expense, net	(28.3)		(32.8)
Income before income taxes	$	259.6	$	467.9

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Basis of Presentation and Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 19.3		$ 16.8
Antidilutive share-based compensation awards (in shares)	0.5	0.6
Capital expenditures in accounts payable or other current liabilities at period end	$ 20.5	$ 32.9
Outstanding purchase of common stock recorded in accounts payable	1.1	$ 0.8
Supplier finance program, obligation	$ 117.5		$ 126.7

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Basis of Presentation and Accounting Policies - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciled Basic and Diluted EPS
Net income attributable to Rockwell Automation, Inc.	$ 215.2	$ 384.0
Less: Allocation to participating securities	(1.0)	(1.5)
Net income available to common shareowners	$ 214.2	$ 382.5
Basic weighted average outstanding shares (in shares)	114.6	114.8
Effect of dilutive securities
Stock options (in shares)	0.6	0.6
Performance shares (in shares)	0.0	0.1
Diluted weighted average outstanding shares (in shares)	115.2	115.5
Earnings per share:
Basic (in usd per share)	$ 1.87	$ 3.33
Diluted (in usd per share)	$ 1.86	$ 3.31

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Revenue Recognition - Performance Obligation (Details) $ in Millions	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue to be recognized in future periods	$ 1,121
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue to be recognized in future periods	$ 716
Revenue to be recognized in future periods, expected timing of satisfaction, period	12 months

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Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of operating segments | segment	3
Contract with customer, liability, revenue recognized	$ 237.8	$ 200.9
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 0.0	$ 0.0

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Revenue Recognition - Disaggregation of Revenue by Operating Segment and by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 2,052.1	$ 1,981.0
North America
Disaggregation of Revenue [Line Items]
Sales	1,247.1	1,178.9
Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Sales	388.3	372.8
Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	275.6	296.5
Latin America
Disaggregation of Revenue [Line Items]
Sales	141.1	132.8
Intelligent Devices
Disaggregation of Revenue [Line Items]
Sales	927.3	936.2
Intelligent Devices | North America
Disaggregation of Revenue [Line Items]
Sales	604.3	567.4
Intelligent Devices | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Sales	166.6	171.2
Intelligent Devices | Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	97.9	131.3
Intelligent Devices | Latin America
Disaggregation of Revenue [Line Items]
Sales	58.5	66.3
Software & Control
Disaggregation of Revenue [Line Items]
Sales	603.6	573.3
Software & Control | North America
Disaggregation of Revenue [Line Items]
Sales	386.6	384.1
Software & Control | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Sales	99.8	85.8
Software & Control | Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	79.0	68.4
Software & Control | Latin America
Disaggregation of Revenue [Line Items]
Sales	38.2	35.0
Lifecycle Services
Disaggregation of Revenue [Line Items]
Sales	521.2	471.5
Lifecycle Services | North America
Disaggregation of Revenue [Line Items]
Sales	256.2	227.4
Lifecycle Services | Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Sales	121.9	115.8
Lifecycle Services | Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	98.7	96.8
Lifecycle Services | Latin America
Disaggregation of Revenue [Line Items]
Sales	$ 44.4	$ 31.5

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Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Contract With Customer, Liability [Roll Forward]
Balance as of beginning of year	$ 653.6	$ 602.4	$ 541.3
Balance as of end of period	$ 673.9	$ 653.6	$ 602.4

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Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation (Textual) [Abstract]
Pre-tax share-based compensation expense	$ 24.2	$ 18.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)	217	233
Weighted average share fair value (usd per share)	$ 85.91	$ 77.62
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)	79	66
Weighted average share fair value (usd per share)	$ 295.06	$ 340.77
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)	235	211
Weighted average share fair value (usd per share)	$ 276.46	$ 259.67
Unrestricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)	5	6
Weighted average share fair value (usd per share)	$ 279.50	$ 259.81

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Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Inventories
Finished goods	$ 569.9	$ 545.9
Work in process	367.5	395.7
Raw materials	536.6	463.3
Inventories	$ 1,474.0	$ 1,404.9

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Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions				3 Months Ended
	Nov. 01, 2023	Oct. 02, 2023	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill				$ 3,966.7		$ 3,529.2
Payments to Acquire Businesses, Net of Cash Acquired				$ 748.7	$ 133.8
Clearpath Robotics
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables		$ 8.2
Inventories		22.1
Goodwill		267.0
Other intangible assets		313.1
All other assets		10.8
Total assets acquired		621.2
Less: Liabilities assumed		(12.7)
Net assets acquired		608.5
Payments to Acquire Businesses, Net of Cash Acquired		565.5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total purchase consideration, net of cash acquired		608.5
Contingent consideration		43.0
Total purchase consideration, net of cash acquired		608.5
Clearpath Robotics | Patented Technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets		269.6
Clearpath Robotics | Trademarks
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets		41.6
Clearpath Robotics | Customer Relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets		$ 1.9
Verve Industrial Protection
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables	$ 8.0
Goodwill	133.0
Other intangible assets	47.0
All other assets	1.4
Total assets acquired	189.4
Less: Liabilities assumed	(6.2)
Net assets acquired	183.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total purchase consideration, net of cash acquired	183.2
Total purchase consideration, net of cash acquired	$ 183.2
CUBIC
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables			$ 23.8
Inventories			17.7
Property			27.5
Goodwill			111.3
Other intangible assets			54.1
All other assets			21.0
Total assets acquired			255.4
Less: Liabilities assumed			(12.6)
Less: Deferred income taxes			(56.6)
Net assets acquired			186.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total purchase consideration, net of cash acquired			186.2
Total purchase consideration, net of cash acquired			$ 186.2

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Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 02, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 01, 2023
Fiscal 2024 Acquisitions
Business Acquisition [Line Items]
Pro forma revenue		$ 2,100.0	$ 2,000.0
Pro forma earnings		0.0	0.0
Sales		17.2
Acquisition related costs		0.0
Clearpath Robotics
Business Acquisition [Line Items]
Intangible assets	$ 313.1
Obsolescence factor phase out period	12 years
Weighted average royalty rate	2.05%
Contingent consideration range of outcomes, value, high				$ 50.0
Contingent consideration		43.0		43.0
Clearpath Robotics | Other Current Liabilities
Business Acquisition [Line Items]
Contingent consideration				17.5
Clearpath Robotics | Other Liabilities
Business Acquisition [Line Items]
Contingent consideration				$ 25.5
Fiscal 2023 Acquisitions
Business Acquisition [Line Items]
Sales		26.8	$ 13.7
Acquisition related costs		0.0
Fiscal Year 2022 Acquisitions
Business Acquisition [Line Items]
Acquisition related costs		$ 0.0
Customer Relationships | Clearpath Robotics
Business Acquisition [Line Items]
Intangible assets	$ 1.9
Patented Technology | Clearpath Robotics
Business Acquisition [Line Items]
Intangible assets	269.6
Trademarks | Clearpath Robotics
Business Acquisition [Line Items]
Intangible assets	$ 41.6

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Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill
Balance at beginning of period	$ 3,529.2
Acquisition of businesses	400.0
Translation	37.5
Balance at end of period	3,966.7
Gross carrying value of goodwill	4,124.2
Accumulated impairment losses	(157.5)
Intelligent Devices
Goodwill
Balance at beginning of period	595.8
Acquisition of businesses	267.0
Translation	16.9
Balance at end of period	879.7
Gross carrying value of goodwill	879.7
Accumulated impairment losses	0.0
Software & Control
Goodwill
Balance at beginning of period	2,420.1
Acquisition of businesses	0.0
Translation	13.5
Balance at end of period	2,433.6
Gross carrying value of goodwill	2,433.6
Accumulated impairment losses	0.0
Lifecycle Services
Goodwill
Balance at beginning of period	513.3
Acquisition of businesses	133.0
Translation	7.1
Balance at end of period	653.4
Gross carrying value of goodwill	810.9
Accumulated impairment losses	$ (157.5)

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Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Other intangible assets
Amortized intangible assets, carrying amount	$ 1,599.8	$ 1,222.9
Amortized intangible assets, accumulated amortization	453.1	414.2
Amortized intangible assets, net	1,146.7	808.7
Total, carrying amount	1,643.5	1,266.6
Total, net	1,190.4	852.4
Goodwill and Other Intangible Assets (Textual) [Abstract]
Estimated amortization expense in 2023	153.5
Estimated amortization expense in 2024	150.0
Estimated amortization expense in 2025	148.7
Estimated amortization expense in 2026	140.6
Estimated amortization expense in 2027	127.8
Trademarks
Other intangible assets
Allen-Bradley trademark not subject to amortization	43.7	43.7
Software products
Other intangible assets
Amortized intangible assets, carrying amount	105.1	100.4
Amortized intangible assets, accumulated amortization	67.8	65.1
Amortized intangible assets, net	37.3	35.3
Customer relationships
Other intangible assets
Amortized intangible assets, carrying amount	618.4	606.1
Amortized intangible assets, accumulated amortization	152.2	141.3
Amortized intangible assets, net	466.2	464.8
Technology
Other intangible assets
Amortized intangible assets, carrying amount	737.6	424.1
Amortized intangible assets, accumulated amortization	194.8	173.1
Amortized intangible assets, net	542.8	251.0
Trademarks
Other intangible assets
Amortized intangible assets, carrying amount	133.0	86.3
Amortized intangible assets, accumulated amortization	33.1	29.3
Amortized intangible assets, net	99.9	57.0
Other
Other intangible assets
Amortized intangible assets, carrying amount	5.7	6.0
Amortized intangible assets, accumulated amortization	5.2	5.4
Amortized intangible assets, net	$ 0.5	$ 0.6

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Short-Term and Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Short-term debt	$ 501.4	$ 94.7
Commercial Paper
Debt Instrument [Line Items]
Short-term debt	$ 407.0
Debt, weighted average interest rate	5.41%
Debt instrument, term	13 days
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 75.0
Unsecured line of credit, amount borrowed	$ 70.0
Stated interest rate	6.25%	6.29%
Interest Bearing Loan
Debt Instrument [Line Items]
Short-term debt	$ 23.5	$ 23.5

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Short-Term and Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Current portion of long-term debt	$ 9.9	$ 8.6
Reported Value Measurement
Debt Instrument [Line Items]
Current portion of long-term debt	9.9	8.6
Long-term debt	2,863.0	2,862.9
Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Current portion of long-term debt	9.9	8.6
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt	$ 2,623.1	$ 2,442.6

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Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Other current liabilities
Unrealized losses on foreign exchange contracts	$ 26.5	$ 10.8
Product warranty obligations	19.0	18.3
Taxes other than income taxes	48.8	56.9
Accrued interest	38.1	18.6
Income taxes payable	262.1	248.6
Operating lease liabilities	91.3	83.4
Other	122.8	130.8
Other current liabilities	$ 608.6	$ 567.4

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Investments - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed income securities	$ 0.6	$ 0.6
Equity securities (other)	98.5	96.0
Other	63.4	61.1
Total investments	162.5	157.7
Less: Short-term Investments	(0.6)	(0.6)
Long-term investments	$ 161.9	$ 157.1

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Investments - Gains and Losses on Investments within Change in Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net gain on equity securities (level 1)	$ 0.0	$ 141.0
Net gain on equity securities (other)	2.5	0.0
Equity method gain (loss) on Other investments	0.6	(0.4)
Change in fair value of investments	3.1	140.6
Total net realized gain on equity securities	2.5	33.9
Total net unrealized gain on equity securities	$ 0.0	$ 107.1

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Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount	$ 20.0	$ 17.5

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Retirement Benefits - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Components of net periodic benefit cost (income)
Service cost	$ 9.3	$ 10.6
Interest cost	36.6	39.2
Expected return on plan assets	(42.2)	(51.3)
Amortization [Abstract]
Amortization of net actuarial gain	(0.3)	(1.0)
Net periodic postretirement benefit cost	3.4	(2.5)
Other Postretirement Benefits
Components of net periodic benefit cost (income)
Service cost	0.1	0.1
Interest cost	0.6	0.6
Amortization [Abstract]
Amortization of net actuarial gain	0.4	0.1
Net periodic postretirement benefit cost	$ 1.1	$ 0.8

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Other Income (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Interest income	$ 5.0	$ 1.3
Royalty income	2.8	2.5
Legacy product liability and environmental charges	(5.0)	(2.8)
Non-operating pension and postretirement benefit credit	4.9	12.4
Other	$ 1.2	$ 3.9

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Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 3,743.4	$ 3,016.7
Other comprehensive income (loss)	60.4	64.3
Balance at end of period	3,787.1	3,200.6
Total accumulated other comprehensive loss, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(790.1)	(917.5)
Other comprehensive income (loss) before reclassifications	66.4	73.9
Amounts reclassified from accumulated other comprehensive loss	(6.1)	(9.6)
Other comprehensive income (loss)	60.3	64.3
Balance at end of period	(729.8)	(853.2)
Pension and other postretirement benefit plan adjustments, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(407.1)	(447.8)
Other comprehensive income (loss) before reclassifications	0.0	0.0
Amounts reclassified from accumulated other comprehensive loss	0.1	(0.5)
Other comprehensive income (loss)	0.1	(0.5)
Balance at end of period	(407.0)	(448.3)
Accumulated currency translation adjustments, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(364.9)	(465.0)
Other comprehensive income (loss) before reclassifications	84.1	85.9
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Other comprehensive income (loss)	84.1	85.9
Balance at end of period	(280.8)	(379.1)
Net unrealized losses on cash flow hedges, net of tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(18.1)	(4.7)
Other comprehensive income (loss) before reclassifications	(17.7)	(12.0)
Amounts reclassified from accumulated other comprehensive loss	(6.2)	(9.1)
Other comprehensive income (loss)	(23.9)	(21.1)
Balance at end of period	$ (42.0)	$ (25.8)

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Accumulated Other Comprehensive Loss - Reclassifications out of Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income	$ 8.9	$ 17.3
Sales	2,052.1	1,981.0
Cost of sales	(1,257.5)	(1,167.4)
Selling, general and administrative expenses	(513.7)	(469.5)
Interest expense	(33.3)	(34.1)
Income before income taxes	259.6	467.9
Income tax provision (Note 14)	(46.9)	(89.2)
Net income attributable to Rockwell Automation, Inc.	215.2	384.0
Reclassification out of accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income attributable to Rockwell Automation, Inc.	(6.1)	(9.6)
Pension and other postretirement benefit plan adjustments | Reclassification out of accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	0.1	(0.9)
Income tax provision (Note 14)	0.0	0.4
Net income attributable to Rockwell Automation, Inc.	0.1	(0.5)
Amortization of net actuarial loss (gain) | Reclassification out of accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (Note 11)	0.1	(0.9)
Net unrealized losses on cash flow hedges, net of tax | Reclassification out of accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(8.5)	(12.7)
Income tax provision (Note 14)	2.3	3.6
Net income attributable to Rockwell Automation, Inc.	(6.2)	(9.1)
Net unrealized losses on cash flow hedges, net of tax | Forward exchange contracts | Reclassification out of accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	(1.3)	(1.0)
Cost of sales	(8.1)	(12.9)
Selling, general and administrative expenses	0.0	0.3
Net unrealized losses on cash flow hedges, net of tax | Treasury locks related to 2019 and 2021 debt issuances | Reclassification out of accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 0.9	$ 0.9

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	18.10%	19.10%
Income tax liabilities			$ 175.3
Gross unrecognized tax benefits	$ 10.8		9.8
Accrued interest and penalties related to unrecognized tax benefits	1.0		$ 0.9
Reasonably possible amount of reduction in gross unrecognized tax benefits for the next twelve months	2.3
Reasonably possible amount of net reduction to income tax provision if unrecognized tax benefits were recognized	$ 3.1

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Business Segment Information - Sales and Operating Results (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sales and operating results of reportable segments
Sales	$ 2,052.1	$ 1,981.0
Purchase accounting depreciation and amortization	(35.6)	(26.0)
Corporate and other	(40.0)	(27.3)
Non-operating pension and postretirement benefit credit	4.9	12.4
Change in fair value of investments	3.1	140.6
Interest expense, net	(28.3)	(32.8)
Income before income taxes	259.6	467.9
Operating Segments
Sales and operating results of reportable segments
Segment operating earnings	355.5	401.0
Intelligent Devices
Sales and operating results of reportable segments
Sales	927.3	936.2
Intelligent Devices | Operating Segments
Sales and operating results of reportable segments
Segment operating earnings	150.2	209.4
Software & Control
Sales and operating results of reportable segments
Sales	603.6	573.3
Software & Control | Operating Segments
Sales and operating results of reportable segments
Segment operating earnings	151.0	167.3
Lifecycle Services
Sales and operating results of reportable segments
Sales	521.2	471.5
Lifecycle Services | Operating Segments
Sales and operating results of reportable segments
Segment operating earnings	$ 54.3	$ 24.3