Business Segment Information

9 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

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

	Three Months Ended June 30, 2026
	Intelligent Devices		Software & Control		Lifecycle Services		Total
Sales	$	1,080	$	751	$	482	$	2,313
Less:
Segment cost of sales	(590)		(230)		(317)
Segment selling, general and administrative expenses	(206)		(163)		(81)
Segment engineering and development expenses	(69)		(97)		(7)
Other segment items (1)	1		—		(4)
Segment operating earnings	$	216	$	261	$	73	$	550
Amortization of acquisition-related intangible assets (2)							(30)
Corporate and other							(34)
Non-operating pension and postretirement benefit credit							4
Net legacy asbestos and environmental charges							(1)
Change in fair value of investments							(7)
Gain on dissolution of Sensia, net of transaction costs							18
Interest expense, net							(30)
Income before income taxes							$	470

(1) Other segment items are primarily comprised of foreign currency adjustments for each segment.

(2) Amortization of acquisition-related intangibles excludes amortization of internally developed and capitalized intangible assets.

	Three Months Ended June 30, 2025
	Intelligent Devices		Software & Control		Lifecycle Services		Total
Sales	$	968	$	629	$	547	$	2,144
Less:
Segment cost of sales	(518)		(183)		(362)
Segment selling, general and administrative expenses	(200)		(158)		(95)
Segment engineering and development expenses	(67)		(90)		(13)
Other segment items (1)	(1)		1		(4)
Segment operating earnings	$	182	$	199	$	73	454
Amortization of acquisition-related intangible assets (2)							(35)
Corporate and other							(36)
Non-operating pension and postretirement benefit credit							—
Net legacy asbestos and environmental charges (3)							(4)
Change in fair value of investments							—
Gain on dissolution of Sensia, net of transaction costs							—
Interest expense, net							(37)
Income before income taxes							$	342

(1) Other segment items are primarily comprised of foreign currency adjustments for each segment.

(2) Amortization of acquisition-related intangibles excludes amortization of internally developed and capitalized intangible assets.

(3) Legacy asbestos and environmental charges were previously included in Corporate and other. Three months ended June 30, 2025 has been recast to conform with current year presentation.

	Nine Months Ended June 30, 2026
	Intelligent Devices		Software & Control		Lifecycle Services		Total
Sales	$	3,041	$	2,064	$	1,552	$	6,657
Less:
Segment cost of sales	(1,655)		(613)		(1,022)
Segment selling, general and administrative expenses	(596)		(469)		(263)
Segment engineering and development expenses	(198)		(290)		(37)
Other segment items (1)	—		4		(3)
Segment operating earnings	$	592	$	696	$	227	1,515
Amortization of acquisition-related intangible assets (2)							(91)
Corporate and other							(90)
Non-operating pension and postretirement benefit credit							10
Net legacy asbestos and environmental charges							(3)
Change in fair value of investments							(7)
Gain on dissolution of Sensia, net of transaction costs							10
Interest expense, net							(92)
Income before income taxes							$	1,252

(1) Other segment items are primarily comprised of foreign currency adjustments for each segment.

(2) Amortization of acquisition-related intangibles excludes amortization of internally developed and capitalized intangible assets.

	Nine Months Ended June 30, 2025
	Intelligent Devices		Software & Control		Lifecycle Services		Total
Sales	$	2,670	$	1,726	$	1,630	$	6,026
Less:
Segment cost of sales	(1,439)		(503)		(1,082)
Segment selling, general and administrative expenses	(571)		(456)		(290)
Segment engineering and development expenses	(193)		(261)		(36)
Other segment items (1)	(6)		(3)		(3)
Segment operating earnings	$	461	$	503	$	219	1,183
Amortization of acquisition-related intangible assets (2)							(106)
Corporate and other							(98)
Non-operating pension and postretirement benefit credit							—
Net legacy asbestos and environmental charges (3)							(13)
Change in fair value of investments							(3)
Gain on dissolution of Sensia, net of transaction costs							—
Interest expense, net							(109)
Income before income taxes							$	854

(1) Other segment items are primarily comprised of foreign currency adjustments for each segment.

(2) Amortization of acquisition-related intangibles excludes amortization of internally developed and capitalized intangible assets.

(3) Legacy asbestos and environmental charges were previously included in Corporate and other. Nine months ended June 30, 2025 has been recast to conform with current year presentation.

Among other considerations, we evaluate segment performance and allocate resources based upon segment operating earnings before amortization of acquisition-related intangible assets, corporate and other, non-operating pension and postretirement benefit credit, net legacy asbestos and environmental charges, gain on dissolution of Sensia, net of transaction costs, change in fair value of investments, restructuring charges aligned with enterprise-wide strategic initiatives, and interest expense, net. Our chief operating decision maker (CODM), our Chief Executive Officer, uses segment operating earnings as the key performance metric to regularly monitor performance compared to prior periods, annual operating plan, and forecasts and to make decisions. The Company does not report total assets or capital expenditures by segment for internal reporting purposes as our CODM does not assess performance, make strategic decisions, or allocate resources based on assets.

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. Segment selling, general and administrative expenses represent costs directly managed by the segments and allocated to the segments. We allocate costs related to shared segment operating activities to the segments consistent with the methodology used by management to assess segment performance.

We conduct a significant portion of our business activities outside the United States. We attribute sales to the geographic regions based on the country of destination. Sales in North America include $1,377 million and $3,918 million related to the U.S. for the three and nine months ended June 30, 2026, respectively, and $1,190 million and $2,242 million for the three and nine months ended June 30, 2025, respectively. Refer to Note 2 for disaggregation of revenue by segment and region.

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. Sales to our two largest distributors, which are attributable to all three segments, were approximately 20 percent of our total sales for the three and nine months ended June 30, 2026 and 2025.

The following table summarizes the provision for depreciation and amortization for each of the reportable segments and Corporate (in millions):

	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Depreciation and amortization
Intelligent Devices	$	21	$	14	$	58	$	46
Software & Control	17		19		56		52
Lifecycle Services	9		11		28		32
Corporate	2		2		4		4
Total	49		46		146		134
Amortization of acquisition-related intangible assets (1)	30		35		91		106
Total	$	79	$	81	$	237	$	240

(1) Amortization of acquisition-related intangibles excludes amortization of internally developed and capitalized intangible assets.

Depreciation expense has been allocated to segment operating earnings based on the expected benefit to be realized by each segment.