Missouri (State or other jurisdiction of incorporation or organization) | 43-0259330 (I.R.S. Employer Identification No.) | |
8000 W. Florissant Ave. P.O. Box 4100 St. Louis, Missouri (Address of principal executive offices) | 63136 (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock of $0.50 par value per share | New York Stock Exchange Chicago Stock Exchange |
1. | Portions of Emerson Electric Co. 2012 Annual Report to Stockholders for the year ended September 30, 2012 incorporated by reference into Parts I and II hereof. |
2. | Portions of Emerson Electric Co. Notice of 2013 Annual Meeting of Stockholders and Proxy Statement incorporated by reference into Part III hereof. |
• | Process Management - providing measurement, control and diagnostic capabilities for automated industrial processes producing items such as fuels, chemicals, foods, medicines and power. |
• | Industrial Automation - bringing integrated manufacturing solutions to diverse industries worldwide. |
• | Network Power - providing power conditioning and reliability, and environmental control to help keep telecommunication systems, data networks and other critical business applications continuously operating. |
• | Climate Technologies - enhancing household and commercial comfort as well as food safety and energy efficiency through air conditioning and refrigeration technology. |
• | Commercial & Residential Solutions - providing tools for professionals and homeowners, home and commercial storage systems, and appliance solutions. |
2011 | 2012 | |||||
Process Management | $ | 3,313 | 3,716 | |||
Industrial Automation | 629 | 536 | ||||
Network Power | 1,650 | 1,596 | ||||
Climate Technologies | 343 | 317 | ||||
Commercial & Residential Solutions | 95 | 89 | ||||
Total Backlog | $ | 6,030 | 6,254 |
Name | Position | Age | Fiscal Year |
D. N. Farr | Chairman of the Board and Chief Executive Officer* | 57 | 1985 |
C. W. Ashmore | Executive Vice President - Planning and Development | 50 | 2001 |
F. J. Dellaquila | Executive Vice President and Chief Financial Officer | 55 | 1991 |
W. J. Galvin | Vice Chairman | 66 | 1984 |
E. L. Monser | President and Chief Operating Officer | 62 | 2002 |
C. A. Peters | Senior Executive Vice President | 57 | 1990 |
R. J. Schlueter | Vice President, Controller and Chief Accounting Officer | 58 | 1992 |
F. L. Steeves | Executive Vice President, Secretary and General Counsel | 58 | 2007 |
Period | Total Number of Shares Purchased (000s) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (000s) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (000s) | ||||
July 2012 | 2,070 | $45.72 | 2,070 | 17,725 | ||||
August 2012 | 1,815 | $50.70 | 1,815 | 15,910 | ||||
September 2012 | 1,665 | $49.59 | 1,665 | 14,245 | ||||
Total | 5,550 | $48.51 | 5,550 | 14,245 |
2008 | 2009 | 2010 | 2011 | 2012 (a) | |||||||||||
Net sales | $ | 23,751 | 20,102 | 21,039 | 24,222 | 24,412 | |||||||||
Earnings from continuing operations – common stockholders | $ | 2,446 | 1,715 | 1,978 | 2,454 | 1,968 | |||||||||
Basic earnings per common share from continuing operations | $ | 3.13 | 2.27 | 2.62 | 3.26 | 2.68 | |||||||||
Diluted earnings per common share from continuing operations | $ | 3.10 | 2.26 | 2.60 | 3.24 | 2.67 | |||||||||
Cash dividends per common share | $ | 1.20 | 1.32 | 1.34 | 1.38 | 1.60 | |||||||||
Long-term debt | $ | 3,297 | 3,998 | 4,586 | 4,324 | 3,787 | |||||||||
Total assets | $ | 21,040 | 19,763 | 22,843 | 23,861 | 23,818 |
Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | |||
Plan Category | (a) | (b) | (c) | ||
Equity compensation plans approved by security holders (1) | 19,902,387 | $44.75 | 29,891,250 | ||
Equity compensation plans not approved by security holders | — | — | — | ||
Total | 19,902,387 | $44.75 | 29,891,250 |
(1) | Includes the Stock Option and Incentive Shares Plans previously approved by the Company's security holders. Included in column (a) are 5,273,566 shares reserved for performance share awards (awarded primarily in 2010), which will be distributed primarily in shares of common stock and partially in cash contingent upon the Company achieving the financial performance objective through 2013 and continued service by the employee. Also included in column (a) are 12,119 shares which have been earned under prior performance share programs but for which participants elected to defer payment. As provided by the Company’s Incentive Shares Plans, performance share awards represent a commitment to issue such shares without cash payment by the employee, contingent upon achievement of the objective and continued service by the employee. The price in column (b) represents the weighted-average exercise price for outstanding options. Included in column (c) are 9,861,080 shares remaining available for award under the previously approved 2006 Incentive Shares Plan and 290,813 shares remaining available under the previously approved Restricted Stock Plan for Non-Management Directors. |
1. | The consolidated financial statements and notes of the Company and its subsidiaries and the report thereon of KPMG LLP in the 2012 Annual Report. |
2. | Financial Statement Schedules — All schedules are omitted because they are not required, not applicable or the required information is provided in the financial statements or notes thereto contained in the 2012 Annual Report. |
3. | Exhibits (Listed by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K). |
3(a) | Restated Articles of Incorporation of Emerson Electric Co., incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2001, File No. 1-278, Exhibit 3(a); Termination of Designated Shares of Stock and Certificate of Designation, Preferences and Rights of Series B Junior Participating Preferred Stock, incorporated by reference to Emerson Electric Co. 1998 Form 10-K, File No. 1-278, Exhibit 3(a). |
3(b) | Bylaws of Emerson Electric Co., as amended through November 6, 2012, incorporated by reference to Emerson Electric Co. Form 8-K filed November 9, 2012, Exhibit 3.1. |
4(a) | Indenture dated as of April 17, 1991, between Emerson Electric Co. and The Boatmen's National Bank of St. Louis, Trustee, incorporated by reference to Emerson Electric Co. Registration Statement on Form S-3, File No. 33-62545, Exhibit 4.1. |
4(b) | Indenture dated as of December 10, 1998, between Emerson Electric Co. and The Bank of New York, Trustee, incorporated by reference to Emerson Electric Co. 1998 Form 10-K, File No. 1-278, Exhibit 4(b). |
10(a)* | Third Amendment to the Emerson Electric Co. 1993 Incentive Shares Plan, as restated, incorporated by reference to Emerson Electric Co. 1996 Form 10-K, File No. 1-278, Exhibit 10(g), and Fourth Amendment thereto, incorporated by reference to Emerson Electric Co. 2001 Form 10-K, File No. 1-278, Exhibit 10(d). |
10(b)* | Amended and Restated Emerson Electric Co. Continuing Compensation Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(c). |
10(c)* | Amended and Restated Deferred Compensation Plan for Non-Employee Directors and Forms of Payment Election Form, Initial Notice of Election and Notice of Election Change, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(d). |
10(d)* | First Amendment to the Emerson Electric Co. Supplemental Executive Retirement Plan, incorporated by reference to Emerson Electric Co. 1999 Form 10-K, File No. 1-278, Exhibit 10(h), and Form of Change of Control Election, incorporated by reference to Emerson Electric Co. Form 8-K dated October 1, 2004, Exhibit 10.9 (applicable only with respect to benefits vested as of December 31, 2004). |
10(e)* | Amended and Restated Emerson Electric Co. Pension Restoration Plan and Forms of Participation Award Letter, Acceptance of Award and Benefit Election Forms (applicable only with respect to benefits after January 1, 2005), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(f). |
10(f)* | Fifth Amendment to the Supplemental Executive Savings Investment Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 1999, File No. 1-278, Exhibit 10(j), and Form of Participation Agreement and Form of Annual Election, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.8 (applicable only with respect to benefits vested as of December 31, 2004). |
10(g)* | Amended and Restated Emerson Electric Co. Savings Investment Restoration Plan and Forms of Participation Agreement, Annual Election Form and Payment Election Form (applicable only with respect to benefits after January 1, 2005), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(h), and First Amendment to Emerson Electric Co. Savings Investment Restoration Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2008, File No. 1-278, Exhibit 10.1. |
10(h)* | Amended and Restated Emerson Electric Co. Annual Incentive Plan and Form of Acceptance of Award, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(i). |
10(i)* | 1997 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. 1997 Proxy Statement dated December 6, 1996, File No. 1-278, Exhibit A, and First Amendment thereto, incorporated by reference to Emerson Electric Co. 2001 Form 10-K, File No. 1-278, Exhibit 10(j), Amendment for 409A Compliance, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(j), Form of Performance Share Award Certificate, Forms of Acceptance of Award and Change of Control Election, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.5, and Form of Restricted Shares Award Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.6. |
10(j)* | 1998 Stock Option Plan, incorporated by reference to Emerson Electric Co. 1998 Proxy Statement dated December 12, 1997, File No. 1-278, Appendix A, and Amendment No. 1 thereto, incorporated by reference to Emerson Electric Co. 2000 Form 10-K, File No. 1-278, Exhibit 10(l), Form of Notice of Grant of Stock Options and Option Agreement and Form of Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.1, and Form of Notice of Grant of Stock Options and Option Agreement and Form of Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.2. |
10(k)* | 2001 Stock Option Plan, incorporated by reference to Emerson Electric Co. 2002 Proxy Statement dated December 12, 2001, File No. 1-278, Appendix A, Form of Notice of Grant of Stock Options and Option Agreement and Form of Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.3 (used on or prior to September 30, 2011), Forms of Notice of Grant of Stock Options, Option Agreement and Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.1 (used after September 30, 2011), Form of Notice of Grant of Stock Options and Option Agreement and Form of Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.4 (used on or prior to September 30, 2011), Forms of Notice of Grant of Stock Options, Option Agreement and Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.2 (used after September 30, 2011). |
10(l)* | Emerson Electric Co. Description of Split Dollar Life Insurance Program Transition, incorporated by reference to Emerson Electric Co. Form 8-K filed September 2, 2005, Exhibit 10.1. |
10(m)* | Amended and Restated Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009, File No. 1-278, Exhibit 10.1, Form of Restricted Stock Award Letter under the Emerson Electric Co. Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 8-K filed February 1, 2005, Exhibit 10.2, and Form of Restricted Stock Unit Award Letter under the Emerson Electric Co. Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009, File No. 1-278, Exhibit 10.1. |
10(n)* | Description of Non-Management Director Compensation. |
10(o)* | Description of Named Executive Officer Compensation, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2004, Exhibit 10.1. |
10(p)* | Emerson Electric Co. 2006 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. 2006 Proxy Statement dated December 16, 2005, Appendix C, Amendment for 409A Compliance, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(q), Forms of Performance Share Award Certificate and Acceptance of Award (used on or prior to September 30, 2009) and Restricted Share Award Agreement (used on or prior to September 30, 2011), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(q), Amendment to Emerson Electric Co. 2006 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended June 30, 2008, File No. 1-278, Exhibit 10.1, Forms of Performance Share Award Certificate, Acceptance of Award and 2010 Performance Shares Program Award Summary, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009 (used after September 30, 2009 and on or prior to September 30, 2011), File No. 1-278, Exhibit 10.2, Forms of Performance Share Award Certificate and Acceptance of Award, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.3 (used after September 30, 2011), and Form of Restricted Share Award Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.4 (used after September 30, 2011). |
10(q) | Long-Term Credit Agreement dated as of December 16, 2010, incorporated by reference to Emerson Electric Co. Form 8-K filed December 17, 2010, Exhibit 10.1. |
10(r)* | 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. 2011 Proxy Statement dated December 10, 2010, File No. 1-278, Appendix B, 2011 Stock Option Plan as Amended and Restated Effective October 1, 2012, Forms of Notice of Grant of Stock Options, Option Agreement and Incentive Stock Option Agreement under the 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2012, File No. 1-278, Exhibit 10.1 and Forms of Notice of Grant of Stock Options, Option Agreement and Nonqualified Stock Option Agreement under the 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2012, File No. 1-278, Exhibit 10.2. |
12 | Ratio of Earnings to Fixed Charges. |
13 | Portions of Emerson Electric Co. Annual Report to Stockholders for the year ended September 30, 2012, incorporated by reference herein. |
21 | Subsidiaries of Emerson Electric Co. |
23 | Consent of Independent Registered Public Accounting Firm. |
24 | Power of Attorney. |
31 | Certifications pursuant to Exchange Act Rule 13a-14(a). |
32 | Certifications pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350. |
101 | Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the years ended September 30, 2010, 2011 and 2012, (ii) Consolidated Balance Sheets at September 30, 2011 and 2012, (iii) Consolidated Statements of Equity for the years ended September 30, 2010, 2011 and 2012, (iv) Consolidated Statements of Cash Flows for the years ended September 30, 2010, 2011 and 2012, and (v) Notes to Consolidated Financial Statements for the year ended September 30, 2012. |
EMERSON ELECTRIC CO. | |||
By | /s/ F. J. Dellaquila | ||
F. J. Dellaquila | |||
Executive Vice President and | |||
Chief Financial Officer | |||
November 19, 2012 |
Signature | Title | |
/s/ D. N. Farr | Chairman of the Board and Chief Executive Officer | |
D. N. Farr | ||
/s/ W. J. Galvin | Vice Chairman and Director | |
W. J. Galvin | ||
/s/ F. J. Dellaquila | Executive Vice President and Chief Financial Officer | |
F. J. Dellaquila | ||
/s/ R. J. Schlueter | Vice President, Controller and Chief Accounting Officer | |
R. J. Schlueter | ||
* | Director | |
C. A. H. Boersig | ||
* | Director | |
J. B. Bolten | ||
* | Director | |
A. A. Busch III | ||
* | Director | |
C. Fernandez G. | ||
* | Director | |
A. F. Golden | ||
* | Director | |
H. Green | ||
* | Director | |
W. R. Johnson | ||
* | Director | |
M. S. Levatich | ||
* | Director | |
C. A. Peters | ||
* | Director | |
J. W. Prueher | ||
* | Director | |
R. L. Ridgway | ||
* | Director | |
R. L. Stephenson | ||
* By | /s/ | F. J. Dellaquila | |
F. J. Dellaquila | |||
Attorney-in-Fact |
Exhibit No. | Exhibit | ||
10(n) | Description of Non-Management Director Compensation | ||
10(r) | 2011 Stock Option Plan as Amended and Restated, Effective October 1, 2012 | ||
12 | Ratio of Earnings to Fixed Charges | ||
13 | Portions of Emerson Electric Co. Annual Report to Stockholders for the year ended September 30, 2012, incorporated by reference herein | ||
21 | Subsidiaries of Emerson Electric Co. | ||
23 | Consent of Independent Registered Public Accounting Firm | ||
24 | Power of Attorney | ||
31 | Certifications pursuant to Exchange Act Rule 13a – 14(a) | ||
32 | Certifications pursuant to Exchange Act Rule 13a – 14(b) and 18 U.S.C. Section 1350 | ||
101 | Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the years ended September 30, 2010, 2011 and 2012, (ii) Consolidated Balance Sheets at September 30, 2011 and 2012, (iii) Consolidated Statements of Equity for the years ended September 30, 2010, 2011 and 2012, (iv) Consolidated Statements of Cash Flows for the years ended September 30, 2010, 2011 and 2012, and (v) Notes to Consolidated Financial Statements for the year ended September 30, 2012. |
Year Ended September 30, | |||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||
Earnings: | |||||||||||||||
Earnings from continuing operations before income taxes | $ | 3,645 | 2,450 | 2,879 | 3,631 | 3,115 | |||||||||
Fixed charges | 351 | 362 | 398 | 370 | 373 | ||||||||||
Earnings, as defined | $ | 3,996 | 2,812 | 3,277 | 4,001 | 3,488 | |||||||||
Fixed Charges: | |||||||||||||||
Interest Expense | $ | 244 | 244 | 280 | 246 | 241 | |||||||||
One-third of all rents | 107 | 118 | 118 | 124 | 132 | ||||||||||
Total fixed charges | $ | 351 | 362 | 398 | 370 | 373 | |||||||||
Ratio of Earnings to Fixed Charges | 11.4X | 7.8X | 8.2X | 10.8X | 9.4X |
2010 | 2011 | 2012 | Change '10 - '11 | Change '11 - '12 | |||||||||||
Net sales | $ | 21,039 | 24,222 | 24,412 | 15 | % | 1 | % | |||||||
Gross profit | $ | 8,326 | 9,557 | 9,768 | 15 | % | 2 | % | |||||||
Percent of sales | 39.6 | % | 39.5 | % | 40.0 | % | |||||||||
SG&A | $ | 4,817 | 5,328 | 5,436 | |||||||||||
Percent of sales | 22.9 | % | 22.0 | % | 22.3 | % | |||||||||
Goodwill impairment | $ | — | 19 | 592 | |||||||||||
Other deductions, net | $ | 369 | 356 | 401 | |||||||||||
Interest expense, net | $ | 261 | 223 | 224 | |||||||||||
Earnings from continuing operations before income taxes | $ | 2,879 | 3,631 | 3,115 | 26 | % | (14 | )% | |||||||
Percent of sales | 13.7 | % | 15.0 | % | 12.8 | % | |||||||||
Earnings from continuing operations common stockholders | $ | 1,978 | 2,454 | 1,968 | 24 | % | (20 | )% | |||||||
Net earnings common stockholders | $ | 2,164 | 2,480 | 1,968 | 15 | % | (21 | )% | |||||||
Percent of sales | 10.3 | % | 10.2 | % | 8.1 | % | |||||||||
Diluted EPS – Earnings from continuing operations | $ | 2.60 | 3.24 | 2.67 | 25 | % | (18 | )% | |||||||
Diluted EPS – Net earnings | $ | 2.84 | 3.27 | 2.67 | 15 | % | (18 | )% | |||||||
Return on common stockholders' equity | 23.6 | % | 24.6 | % | 19.0 | % | |||||||||
Return on total capital | 18.9 | % | 19.6 | % | 15.8 | % |
Process Management | |||||||||||||||
(dollars in millions) | 2010 | 2011 | 2012 | Change '10 - '11 | Change '11 - '12 | ||||||||||
Sales | $ | 6,022 | 7,000 | 7,899 | 16 | % | 13 | % | |||||||
Earnings | $ | 1,093 | 1,402 | 1,599 | 28 | % | 14 | % | |||||||
Margin | 18.1 | % | 20.0 | % | 20.2 | % |
Industrial Automation | |||||||||||||||
(dollars in millions) | 2010 | 2011 | 2012 | Change '10 - '11 | Change '11 - '12 | ||||||||||
Sales | $ | 4,289 | 5,294 | 5,188 | 23 | % | (2 | )% | |||||||
Earnings | $ | 591 | 830 | 871 | 40 | % | 5 | % | |||||||
Margin | 13.8 | % | 15.7 | % | 16.8 | % |
Network Power | |||||||||||||||
(dollars in millions) | 2010 | 2011 | 2012 | Change '10 - '11 | Change '11 - '12 | ||||||||||
Sales | $ | 5,828 | 6,811 | 6,399 | 17 | % | (6 | )% | |||||||
Earnings | $ | 800 | 756 | 624 | (6 | )% | (17 | )% | |||||||
Margin | 13.7 | % | 11.1 | % | 9.7 | % |
Climate Technologies | |||||||||||||||
(dollars in millions) | 2010 | 2011 | 2012 | Change '10 - '11 | Change '11 - '12 | ||||||||||
Sales | $ | 3,801 | 3,995 | 3,766 | 5 | % | (6 | )% | |||||||
Earnings | $ | 691 | 709 | 668 | 3 | % | (6 | )% | |||||||
Margin | 18.2 | % | 17.8 | % | 17.7 | % |
Commercial & Residential Solutions | |||||||||||||||
(dollars in millions) | 2010 | 2011 | 2012 | Change '10 - '11 | Change '11 - '12 | ||||||||||
Sales | $ | 1,755 | 1,837 | 1,877 | 5 | % | 2 | % | |||||||
Earnings | $ | 357 | 375 | 396 | 5 | % | 6 | % | |||||||
Margin | 20.3 | % | 20.4 | % | 21.1 | % |
Cash Flow | |||||||||
(dollars in millions) | 2010 | 2011 | 2012 | ||||||
Operating Cash Flow | $ | 3,292 | 3,233 | 3,053 | |||||
Percent of sales | 15.6 | % | 13.3 | % | 12.5 | % | |||
Capital Expenditures | $ | 524 | 647 | 665 | |||||
Percent of sales | 2.5 | % | 2.7 | % | 2.7 | % | |||
Free Cash Flow (Operating Cash Flow less Capital Expenditures) | $ | 2,768 | 2,586 | 2,388 | |||||
Percent of sales | 13.1 | % | 10.6 | % | 9.8 | % | |||
Operating Working Capital | $ | 1,402 | 1,705 | 2,132 | |||||
Percent of sales | 6.7 | % | 7.0 | % | 8.7 | % |
Leverage/Capitalization | |||||||||
(dollars in millions) | 2010 | 2011 | 2012 | ||||||
Total Assets | $ | 22,843 | 23,861 | 23,818 | |||||
Long-term Debt | $ | 4,586 | 4,324 | 3,787 | |||||
Common Stockholders' Equity | $ | 9,792 | 10,399 | 10,295 | |||||
Total Debt-to-Total Capital Ratio | 34.1 | % | 33.3 | % | 34.0 | % | |||
Net Debt-to-Net Capital Ratio | 26.2 | % | 23.2 | % | 22.1 | % | |||
Operating Cash Flow-to-Debt Ratio | 65.0 | % | 62.2 | % | 57.7 | % | |||
Interest Coverage Ratio | 11.3X | 15.8X | 13.9X |
Amounts Due By Period | |||||||||||||||
(dollars in millions) | Total | Less Than 1 Year | 1 -3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||
Long-term Debt (including interest) | $ | 6,245 | 759 | 1,146 | 787 | 3,553 | |||||||||
Operating Leases | 923 | 271 | 332 | 146 | 174 | ||||||||||
Purchase Obligations | 1,220 | 1,057 | 128 | 35 | — | ||||||||||
Total | $ | 8,388 | 2,087 | 1,606 | 968 | 3,727 |
2010 | 2011 | 2012 | |||||||
Net sales | $ | 21,039 | 24,222 | 24,412 | |||||
Costs and expenses: | |||||||||
Cost of sales | 12,713 | 14,665 | 14,644 | ||||||
Selling, general and administrative expenses | 4,817 | 5,328 | 5,436 | ||||||
Goodwill impairment | — | 19 | 592 | ||||||
Other deductions, net | 369 | 356 | 401 | ||||||
Interest expense, net of interest income: 2010, $19; 2011, $23; 2012, $17 | 261 | 223 | 224 | ||||||
Earnings from continuing operations before income taxes | 2,879 | 3,631 | 3,115 | ||||||
Income taxes | 848 | 1,127 | 1,091 | ||||||
Earnings from continuing operations | 2,031 | 2,504 | 2,024 | ||||||
Discontinued operations, net of tax: 2010, $153; 2011, $30 | 186 | 26 | — | ||||||
Net earnings | 2,217 | 2,530 | 2,024 | ||||||
Less: Noncontrolling interests in earnings of subsidiaries | 53 | 50 | 56 | ||||||
Net earnings common stockholders | $ | 2,164 | 2,480 | 1,968 | |||||
Earnings common stockholders: | |||||||||
Earnings from continuing operations | $ | 1,978 | 2,454 | 1,968 | |||||
Discontinued operations, net of tax | 186 | 26 | — | ||||||
Net earnings common stockholders | $ | 2,164 | 2,480 | 1,968 | |||||
Basic earnings per share common stockholders: | |||||||||
Earnings from continuing operations | $ | 2.62 | 3.26 | 2.68 | |||||
Discontinued operations | 0.25 | 0.03 | — | ||||||
Basic earnings per common share | $ | 2.87 | 3.29 | 2.68 | |||||
Diluted earnings per share common stockholders: | |||||||||
Earnings from continuing operations | $ | 2.60 | 3.24 | 2.67 | |||||
Discontinued operations | 0.24 | 0.03 | — | ||||||
Diluted earnings per common share | $ | 2.84 | 3.27 | 2.67 |
2011 | 2012 | |||||
ASSETS | ||||||
Current assets | ||||||
Cash and equivalents | $ | 2,052 | 2,367 | |||
Receivables, less allowances of $104 in 2011 and $109 in 2012 | 4,502 | 4,983 | ||||
Inventories: | ||||||
Finished products | 742 | 747 | ||||
Raw materials and work in process | 1,358 | 1,378 | ||||
Total inventories | 2,100 | 2,125 | ||||
Other current assets | 691 | 651 | ||||
Total current assets | 9,345 | 10,126 | ||||
Property, plant and equipment | ||||||
Land | 266 | 268 | ||||
Buildings | 2,010 | 2,103 | ||||
Machinery and equipment | 6,115 | 6,193 | ||||
Construction in progress | 340 | 370 | ||||
8,731 | 8,934 | |||||
Less: Accumulated depreciation | 5,294 | 5,425 | ||||
Property, plant and equipment, net | 3,437 | 3,509 | ||||
Other assets | ||||||
Goodwill | 8,771 | 8,026 | ||||
Other intangible assets | 1,969 | 1,838 | ||||
Other | 339 | 319 | ||||
Total other assets | 11,079 | 10,183 | ||||
Total assets | $ | 23,861 | 23,818 | |||
See accompanying Notes to Consolidated Financial Statements. |
2011 | 2012 | |||||
LIABILITIES AND EQUITY | ||||||
Current liabilities | ||||||
Short-term borrowings and current maturities of long-term debt | $ | 877 | 1,506 | |||
Accounts payable | 2,677 | 2,767 | ||||
Accrued expenses | 2,772 | 2,732 | ||||
Income taxes | 139 | 128 | ||||
Total current liabilities | 6,465 | 7,133 | ||||
Long-term debt | 4,324 | 3,787 | ||||
Other liabilities | 2,521 | 2,456 | ||||
Equity | ||||||
Preferred stock, $2.50 par value per share; Authorized, 5,400,000 shares; issued, none | — | — | ||||
Common stock, $0.50 par value per share; Authorized, 1,200,000,000 shares; issued, 953,354,012 shares; outstanding, 738,877,768 shares in 2011 and 724,113,291 shares in 2012 | 477 | 477 | ||||
Additional paid-in capital | 317 | 324 | ||||
Retained earnings | 17,310 | 18,107 | ||||
Accumulated other comprehensive income | (562 | ) | (731 | ) | ||
17,542 | 18,177 | |||||
Less: Cost of common stock in treasury, 214,476,244 shares in 2011 and 229,240,721 shares in 2012 | 7,143 | 7,882 | ||||
Common stockholders’ equity | 10,399 | 10,295 | ||||
Noncontrolling interests in subsidiaries | 152 | 147 | ||||
Total equity | 10,551 | 10,442 | ||||
Total liabilities and equity | $ | 23,861 | 23,818 |
2010 | 2011 | 2012 | |||||||
Common stock | $ | 477 | 477 | 477 | |||||
Additional paid-in capital | |||||||||
Beginning balance | 157 | 192 | 317 | ||||||
Stock plans and other | 35 | 125 | 7 | ||||||
Ending balance | 192 | 317 | 324 | ||||||
Retained earnings | |||||||||
Beginning balance | 14,714 | 15,869 | 17,310 | ||||||
Net earnings common stockholders | 2,164 | 2,480 | 1,968 | ||||||
Cash dividends (per share: 2010, $1.34; 2011, $1.38; 2012, $1.60) | (1,009 | ) | (1,039 | ) | (1,171 | ) | |||
Ending balance | 15,869 | 17,310 | 18,107 | ||||||
Accumulated other comprehensive income | |||||||||
Beginning balance | (496 | ) | (426 | ) | (562 | ) | |||
Foreign currency translation | 55 | 22 | (205 | ) | |||||
Pension and postretirement, net of tax: 2010, $(6); 2011, $47; 2012, $19 | (12 | ) | (56 | ) | (49 | ) | |||
Cash flow hedges and other, net of tax: 2010, $(16); 2011, $60; 2012, $(50) | 27 | (102 | ) | 85 | |||||
Ending balance | (426 | ) | (562 | ) | (731 | ) | |||
Treasury stock | |||||||||
Beginning balance | (6,297 | ) | (6,320 | ) | (7,143 | ) | |||
Purchases | (100 | ) | (958 | ) | (787 | ) | |||
Issued under stock plans and other | 77 | 135 | 48 | ||||||
Ending balance | (6,320 | ) | (7,143 | ) | (7,882 | ) | |||
Common stockholders' equity | 9,792 | 10,399 | 10,295 | ||||||
Noncontrolling interests in subsidiaries | |||||||||
Beginning balance | 151 | 160 | 152 | ||||||
Net earnings | 53 | 50 | 56 | ||||||
Other comprehensive income | — | 4 | (1 | ) | |||||
Cash dividends | (57 | ) | (61 | ) | (56 | ) | |||
Other | 13 | (1 | ) | (4 | ) | ||||
Ending balance | 160 | 152 | 147 | ||||||
Total equity | $ | 9,952 | 10,551 | 10,442 | |||||
Comprehensive income | |||||||||
Net earnings | $ | 2,217 | 2,530 | 2,024 | |||||
Foreign currency translation | 55 | 26 | (206 | ) | |||||
Pension and postretirement | (12 | ) | (56 | ) | (49 | ) | |||
Cash flow hedges and other | 27 | (102 | ) | 85 | |||||
Total comprehensive income | 2,287 | 2,398 | 1,854 | ||||||
Less: Noncontrolling interests in subsidiaries | 53 | 54 | 55 | ||||||
Comprehensive income common stockholders | $ | 2,234 | 2,344 | 1,799 |
2010 | 2011 | 2012 | |||||||
Operating activities | |||||||||
Net earnings | $ | 2,217 | 2,530 | 2,024 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 816 | 867 | 823 | ||||||
Changes in operating working capital | 309 | (301 | ) | (340 | ) | ||||
Pension funding | (247 | ) | (142 | ) | (163 | ) | |||
Goodwill impairment, net of tax | — | 19 | 528 | ||||||
Other | 197 | 260 | 181 | ||||||
Net cash provided by operating activities | 3,292 | 3,233 | 3,053 | ||||||
Investing activities | |||||||||
Capital expenditures | (524 | ) | (647 | ) | (665 | ) | |||
Purchases of businesses, net of cash and equivalents acquired | (2,843 | ) | (232 | ) | (187 | ) | |||
Divestitures of businesses | 846 | 103 | 125 | ||||||
Other | 4 | (72 | ) | (79 | ) | ||||
Net cash used in investing activities | (2,517 | ) | (848 | ) | (806 | ) | |||
Financing activities | |||||||||
Net increase in short-term borrowings | 398 | 185 | 348 | ||||||
Proceeds from long-term debt | 598 | 1 | 4 | ||||||
Principal payments on long-term debt | (680 | ) | (57 | ) | (262 | ) | |||
Dividends paid | (1,009 | ) | (1,039 | ) | (1,171 | ) | |||
Purchases of treasury stock | (100 | ) | (935 | ) | (797 | ) | |||
Other | 67 | (42 | ) | (21 | ) | ||||
Net cash used in financing activities | (726 | ) | (1,887 | ) | (1,899 | ) | |||
Effect of exchange rate changes on cash and equivalents | (17 | ) | (38 | ) | (33 | ) | |||
Increase in cash and equivalents | 32 | 460 | 315 | ||||||
Beginning cash and equivalents | 1,560 | 1,592 | 2,052 | ||||||
Ending cash and equivalents | $ | 1,592 | 2,052 | 2,367 | |||||
Changes in operating working capital | |||||||||
Receivables | $ | (341 | ) | (475 | ) | (536 | ) | ||
Inventories | (160 | ) | 12 | (49 | ) | ||||
Other current assets | (69 | ) | 41 | 19 | |||||
Accounts payable | 498 | 194 | 143 | ||||||
Accrued expenses | 298 | (54 | ) | 91 | |||||
Income taxes | 83 | (19 | ) | (8 | ) | ||||
Total changes in operating working capital | $ | 309 | (301 | ) | (340 | ) |
(shares in millions) | 2010 | 2011 | 2012 | |||||
Basic shares outstanding | 750.7 | 748.5 | 730.6 | |||||
Dilutive shares | 6.3 | 5.0 | 4.0 | |||||
Diluted shares outstanding | 757.0 | 753.5 | 734.6 |
2010 | |||
Accounts receivable | $ | 197 | |
Inventory | 155 | ||
Property, plant & equipment and other assets | 148 | ||
Intangibles | 1,071 | ||
Goodwill | 1,509 | ||
Assets held for sale, including deferred taxes | 278 | ||
Total assets | 3,358 | ||
Accounts payable and accrued expenses | 183 | ||
Debt assumed | 165 | ||
Deferred taxes and other liabilities | 395 | ||
Cash paid, net of cash acquired | $ | 2,615 |
Other deductions, net are summarized as follows: | |||||||||
2010 | 2011 | 2012 | |||||||
Amortization of intangibles (intellectual property and customer relationships) | $ | 176 | 261 | 241 | |||||
Rationalization of operations | 126 | 81 | 119 | ||||||
Other | 71 | 38 | 91 | ||||||
Gains, net | (4 | ) | (24 | ) | (50 | ) | |||
Total | $ | 369 | 356 | 401 |
2011 | Expense | Paid/Utilized | 2012 | |||||||||
Severance and benefits | $ | 24 | 58 | 59 | 23 | |||||||
Lease and other contract terminations | 3 | 10 | 8 | 5 | ||||||||
Fixed asset write-downs | — | 9 | 9 | — | ||||||||
Vacant facility and other shutdown costs | 2 | 12 | 11 | 3 | ||||||||
Start-up and moving costs | 1 | 30 | 30 | 1 | ||||||||
Total | $ | 30 | 119 | 117 | 32 |
2010 | Expense | Paid/Utilized | 2011 | |||||||||
Severance and benefits | $ | 57 | 17 | 50 | 24 | |||||||
Lease and other contract terminations | 8 | 3 | 8 | 3 | ||||||||
Fixed asset write-downs | — | 12 | 12 | — | ||||||||
Vacant facility and other shutdown costs | 4 | 11 | 13 | 2 | ||||||||
Start-up and moving costs | — | 38 | 37 | 1 | ||||||||
Total | $ | 69 | 81 | 120 | 30 |
2010 | 2011 | 2012 | |||||||
Process Management | $ | 35 | 11 | 19 | |||||
Industrial Automation | 48 | 32 | 27 | ||||||
Network Power | 25 | 20 | 53 | ||||||
Climate Technologies | 13 | 11 | 11 | ||||||
Commercial & Residential Solutions | 5 | 7 | 9 | ||||||
Total | $ | 126 | 81 | 119 |
Process Management | Industrial Automation | Network Power | Climate Technologies | Commercial & Residential Solutions | ||||||||||||||
Total | ||||||||||||||||||
Balance, Sept 30, 2010 | $ | 2,274 | 1,379 | 3,997 | 464 | 542 | 8,656 | |||||||||||
Acquisitions | 110 | 15 | 125 | |||||||||||||||
Divestitures | (1 | ) | (8 | ) | (6 | ) | (15 | ) | ||||||||||
Impairment | (19 | ) | (19 | ) | ||||||||||||||
Foreign currency translation and other | (16 | ) | 34 | 1 | 4 | 1 | 24 | |||||||||||
Balance, Sept 30, 2011 | $ | 2,368 | 1,393 | 3,990 | 483 | 537 | 8,771 | |||||||||||
Acquisitions | 5 | 62 | 27 | 94 | ||||||||||||||
Divestitures | (102 | ) | (102 | ) | ||||||||||||||
Impairment | (592 | ) | (592 | ) | ||||||||||||||
Foreign currency translation and other | 6 | (55 | ) | (93 | ) | (9 | ) | 6 | (145 | ) | ||||||||
Balance, Sept 30, 2012 | $ | 2,379 | 1,338 | 3,367 | 501 | 441 | 8,026 |
Customer Relationships | Intellectual Property | Capitalized Software | Total | |||||||||||||||||||||
2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | |||||||||||||||||
Gross carrying amount | $ | 1,499 | 1,537 | 1,110 | 1,125 | 971 | 1,046 | 3,580 | 3,708 | |||||||||||||||
Less: Accumulated amortization | 330 | 459 | 518 | 606 | 763 | 805 | 1,611 | 1,870 | ||||||||||||||||
Net carrying amount | $ | 1,169 | 1,078 | 592 | 519 | 208 | 241 | 1,969 | 1,838 |
Gain (Loss) to Earnings | Gain (Loss) to OCI | |||||||||||||||||||
2010 | 2011 | 2012 | 2010 | 2011 | 2012 | |||||||||||||||
Location | ||||||||||||||||||||
Foreign currency | Sales | $ | (5 | ) | 11 | 3 | 11 | 2 | 16 | |||||||||||
Foreign currency | Cost of sales | 6 | 22 | 5 | 30 | (16 | ) | 42 | ||||||||||||
Commodity | Cost of sales | 42 | 52 | (42 | ) | 44 | (58 | ) | 43 | |||||||||||
Foreign currency | Other deductions, net | 117 | 9 | 45 | ||||||||||||||||
Total | $ | 160 | 94 | 11 | 85 | (72 | ) | 101 |
2011 | 2012 | ||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||
Foreign Currency | $ | 17 | 48 | 31 | 8 | ||||||||
Commodity | $ | — | 83 | 9 | 7 |
2011 | 2012 | ||||||
Current maturities of long-term debt | $ | 279 | 560 | ||||
Commercial paper | 588 | 936 | |||||
Payable to banks | 10 | 10 | |||||
Total | $ | 877 | 1,506 | ||||
Weighted-average short-term borrowing interest rate at year end | 0.1 | % | 0.2 | % |
2011 | 2012 | |||||
5.75% notes due November 2011 | $ | 250 | — | |||
4.625% notes due October 2012 | 250 | 250 | ||||
4.5% notes due May 2013 | 250 | 250 | ||||
5.625% notes due November 2013 | 250 | 250 | ||||
5.0% notes due December 2014 | 250 | 250 | ||||
4.125% notes due April 2015 | 250 | 250 | ||||
4.75% notes due October 2015 | 250 | 250 | ||||
5.125% notes due December 2016 | 250 | 250 | ||||
5.375% notes due October 2017 | 250 | 250 | ||||
5.25% notes due October 2018 | 400 | 400 | ||||
5.0% notes due April 2019 | 250 | 250 | ||||
4.875% notes due October 2019 | 500 | 500 | ||||
4.25% notes due November 2020 | 300 | 300 | ||||
6.0% notes due August 2032 | 250 | 250 | ||||
6.125% notes due April 2039 | 250 | 250 | ||||
5.25% notes due November 2039 | 300 | 300 | ||||
Other | 103 | 97 | ||||
Long-term debt | 4,603 | 4,347 | ||||
Less: current maturities | 279 | 560 | ||||
Total, net | $ | 4,324 | 3,787 |
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2010 | 2011 | 2012 | 2010 | 2011 | 2012 | |||||||||||||
Defined benefit plans: | ||||||||||||||||||
Service cost (benefits earned | ||||||||||||||||||
during the period) | $ | 51 | 52 | 55 | 24 | 30 | 27 | |||||||||||
Interest cost | 175 | 172 | 172 | 45 | 50 | 50 | ||||||||||||
Expected return on plan assets | (263 | ) | (279 | ) | (275 | ) | (42 | ) | (49 | ) | (43 | ) | ||||||
Net amortization and other | 122 | 147 | 168 | 20 | 22 | 19 | ||||||||||||
Net periodic pension expense | 85 | 92 | 120 | 47 | 53 | 53 | ||||||||||||
Defined contribution plans | 81 | 98 | 103 | 36 | 50 | 59 | ||||||||||||
Total retirement plans expense | $ | 166 | 190 | 223 | 83 | 103 | 112 |
U.S. Plans | Non-U.S. Plans | |||||||||||
2011 | 2012 | 2011 | 2012 | |||||||||
Projected benefit obligation, beginning | $ | 3,466 | 3,644 | 1,061 | 960 | |||||||
Service cost | 52 | 55 | 30 | 27 | ||||||||
Interest cost | 172 | 172 | 50 | 50 | ||||||||
Actuarial (gain) loss | 114 | 502 | (125 | ) | 137 | |||||||
Benefits paid | (167 | ) | (173 | ) | (53 | ) | (41 | ) | ||||
Foreign currency translation and other | 7 | 3 | (3 | ) | 10 | |||||||
Projected benefit obligation, ending | $ | 3,644 | 4,203 | 960 | 1,143 | |||||||
Fair value of plan assets, beginning | $ | 3,206 | 3,182 | 714 | 690 | |||||||
Actual return on plan assets | 29 | 595 | — | 100 | ||||||||
Employer contributions | 112 | 113 | 30 | 50 | ||||||||
Benefits paid | (167 | ) | (173 | ) | (53 | ) | (41 | ) | ||||
Foreign currency translation and other | 2 | 2 | (1 | ) | 10 | |||||||
Fair value of plan assets, ending | $ | 3,182 | 3,719 | 690 | 809 | |||||||
Net amount recognized in the balance sheet | $ | (462 | ) | (484 | ) | (270 | ) | (334 | ) | |||
Amounts recognized in the balance sheet: | ||||||||||||
Noncurrent liability | $ | (462 | ) | (484 | ) | (270 | ) | (334 | ) | |||
Accumulated other comprehensive pretax loss | $ | (1,659 | ) | (1,674 | ) | (240 | ) | (308 | ) |
U.S. Plans | Non-U.S. Plans | ||||||||||||||||
2010 | 2011 | 2012 | 2010 | 2011 | 2012 | ||||||||||||
Net pension expense: | |||||||||||||||||
Discount rate | 5.50 | % | 5.00 | % | 4.75 | % | 5.3 | % | 4.6 | % | 5.2 | % | |||||
Expected return on plan assets | 8.00 | % | 8.00 | % | 7.75 | % | 5.9 | % | 5.9 | % | 5.9 | % | |||||
Rate of compensation increase | 3.00 | % | 3.00 | % | 3.00 | % | 3.9 | % | 3.5 | % | 3.5 | % | |||||
Benefit obligations: | |||||||||||||||||
Discount rate | 5.00 | % | 4.75 | % | 4.00 | % | 4.6 | % | 5.2 | % | 4.1 | % | |||||
Rate of compensation increase | 3.00 | % | 3.00 | % | 3.25 | % | 3.5 | % | 3.5 | % | 3.4 | % |
U.S. Plans | Non-U.S. Plans | ||||||||||||||||
2011 | 2012 | Target | 2011 | 2012 | Target | ||||||||||||
Equity securities | 62 | % | 64 | % | 60-70% | 50 | % | 55 | % | 50-60% | |||||||
Debt securities | 30 | % | 27 | % | 25-35% | 32 | % | 30 | % | 25-35% | |||||||
Other | 8 | % | 9 | % | 3-10% | 18 | % | 15 | % | 10-20% | |||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Level 1 | Level 2 | Level 3 | Total | % | |||||||||||
2012 | |||||||||||||||
U.S. equities | $ | 926 | 559 | 129 | 1,614 | 35 | % | ||||||||
International equities | 442 | 495 | — | 937 | 21 | % | |||||||||
Emerging market equities | 68 | 197 | — | 265 | 6 | % | |||||||||
Corporate bonds | 0 | 528 | — | 528 | 12 | % | |||||||||
Government bonds | 0 | 551 | — | 551 | 12 | % | |||||||||
High yield bonds | 0 | 148 | — | 148 | 3 | % | |||||||||
Other | 183 | 181 | 121 | 485 | 11 | % | |||||||||
Total | $ | 1,619 | 2,659 | 250 | 4,528 | 100 | % | ||||||||
2011 | |||||||||||||||
U.S. equities | $ | 766 | 443 | 145 | 1,354 | 35 | % | ||||||||
International equities | 476 | 291 | — | 767 | 20 | % | |||||||||
Emerging market equities | 59 | 128 | — | 187 | 5 | % | |||||||||
Corporate bonds | — | 522 | — | 522 | 14 | % | |||||||||
Government bonds | — | 509 | — | 509 | 13 | % | |||||||||
High yield bonds | — | 130 | — | 130 | 3 | % | |||||||||
Other | 120 | 161 | 122 | 403 | 10 | % | |||||||||
Total | $ | 1,421 | 2,184 | 267 | 3,872 | 100 | % |
2011 | 2012 | |||||
Beginning balance, October 1 | $ | 249 | 267 | |||
Gains (Losses) on assets held | 34 | 9 | ||||
Gains (Losses) on assets sold | (9 | ) | (16 | ) | ||
Purchases, sales and settlements, net | (7 | ) | (10 | ) | ||
Ending balance, September 30 | $ | 267 | 250 |
2010 | 2011 | 2012 | |||||||
Service cost | $ | 5 | 3 | 2 | |||||
Interest cost | 24 | 17 | 16 | ||||||
Net amortization | 1 | (7 | ) | (11 | ) | ||||
Net postretirement expense | $ | 30 | 13 | 7 |
2011 | 2012 | |||||
Benefit obligation, beginning | $ | 417 | 392 | |||
Service cost | 3 | 2 | ||||
Interest cost | 17 | 16 | ||||
Actuarial (gain) loss | (25 | ) | (10 | ) | ||
Benefits paid | (20 | ) | (17 | ) | ||
Plan amendments | — | (16 | ) | |||
Benefit obligation, ending (recognized in balance sheet) | $ | 392 | 367 |
2010 | 2011 | 2012 | |||||||
United States | $ | 1,303 | 1,891 | 1,742 | |||||
Non-U.S. | 1,576 | 1,740 | 1,373 | ||||||
Total pretax earnings from continuing operations | $ | 2,879 | 3,631 | 3,115 |
2010 | 2011 | 2012 | |||||||
Current: | |||||||||
Federal | $ | 496 | 503 | 750 | |||||
State and local | 33 | 37 | 61 | ||||||
Non-U.S. | 413 | 477 | 466 | ||||||
Deferred: | |||||||||
Federal | (55 | ) | 149 | (129 | ) | ||||
State and local | (1 | ) | 3 | (4 | ) | ||||
Non-U.S. | (38 | ) | (42 | ) | (53 | ) | |||
Income tax expense | $ | 848 | 1,127 | 1,091 |
2010 | 2011 | 2012 | ||||||
Federal rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State and local taxes, net of federal tax benefit | 0.7 | 0.7 | 1.3 | |||||
Non-U.S. rate differential | (4.5 | ) | (3.5 | ) | (4.0 | ) | ||
Non-U.S. tax holidays | (2.2 | ) | (1.0 | ) | (1.7 | ) | ||
U.S. manufacturing deduction | (0.6 | ) | (1.1 | ) | (1.4 | ) | ||
Goodwill impairment | — | 0.2 | 4.6 | |||||
Other | 1.0 | 0.7 | 1.2 | |||||
Effective income tax rate | 29.4 | % | 31.0 | % | 35.0 | % |
2011 | 2012 | |||||
Beginning balance, at October 1 | $ | 170 | 162 | |||
Additions for current year tax positions | 13 | 11 | ||||
Additions for prior year tax positions | 27 | 21 | ||||
Reduction for prior year tax positions | (22 | ) | (14 | ) | ||
Reduction for settlements with tax authorities | (7 | ) | (5 | ) | ||
Reduction for expirations of statute of limitations | (19 | ) | (18 | ) | ||
Ending balance, at September 30 | $ | 162 | 157 |
2011 | 2012 | |||||
Deferred tax assets: | ||||||
Net operating losses and tax credits | $ | 242 | 237 | |||
Accrued liabilities | 219 | 247 | ||||
Postretirement and postemployment benefits | 137 | 135 | ||||
Employee compensation and benefits | 176 | 194 | ||||
Pensions | 196 | 224 | ||||
Other | 176 | 138 | ||||
Total | 1,146 | 1,175 | ||||
Valuation allowances | (107 | ) | (113 | ) | ||
Deferred tax liabilities: | ||||||
Intangibles | (890 | ) | (780 | ) | ||
Property, plant and equipment | (284 | ) | (282 | ) | ||
Other | (133 | ) | (110 | ) | ||
Total | (1,307 | ) | (1,172 | ) | ||
Net deferred income tax liability | $ | (268 | ) | (110 | ) |
(shares in thousands) | Average Exercise Price Per Share | Shares | Total Intrinsic Value of Awards | Average Remaining Life (Years) | ||||||||
Beginning of year | $ | 43.16 | 15,952 | |||||||||
Options granted | $ | 44.03 | 945 | |||||||||
Options exercised | $ | 29.62 | (1,844 | ) | ||||||||
Options canceled | $ | 49.08 | (450 | ) | ||||||||
End of year | $ | 44.75 | 14,603 | $ | 93 | 6.0 | ||||||
Exercisable at year end | $ | 42.34 | 10,540 | $ | 87 | 5.1 |
(shares in thousands) | Shares | Average Grant Date Fair Value Per Share | ||||
Beginning of year | 7,101 | $ | 39.38 | |||
Granted | 340 | $ | 42.41 | |||
Earned/vested | (346 | ) | $ | 38.68 | ||
Canceled | (296 | ) | $ | 39.71 | ||
End of year | 6,799 | $ | 39.55 |
Sales | Earnings | Total Assets | |||||||||||||||||||||||||
2010 | 2011 | 2012 | 2010 | 2011 | 2012 | 2010 | 2011 | 2012 | |||||||||||||||||||
Process Management | $ | 6,022 | 7,000 | 7,899 | 1,093 | 1,402 | 1,599 | 5,406 | 5,915 | 6,607 | |||||||||||||||||
Industrial Automation | 4,289 | 5,294 | 5,188 | 591 | 830 | 871 | 3,688 | 3,818 | 3,619 | ||||||||||||||||||
Network Power | 5,828 | 6,811 | 6,399 | 800 | 756 | 624 | 8,072 | 7,945 | 7,212 | ||||||||||||||||||
Climate Technologies | 3,801 | 3,995 | 3,766 | 691 | 709 | 668 | 2,172 | 2,229 | 2,260 | ||||||||||||||||||
Commercial & | |||||||||||||||||||||||||||
Residential Solutions | 1,755 | 1,837 | 1,877 | 357 | 375 | 396 | 1,314 | 1,271 | 1,155 | ||||||||||||||||||
21,695 | 24,937 | 25,129 | 3,532 | 4,072 | 4,158 | 20,652 | 21,178 | 20,853 | |||||||||||||||||||
Differences in | |||||||||||||||||||||||||||
accounting methods | 195 | 231 | 226 | ||||||||||||||||||||||||
Corporate and other (a)(b) | (587 | ) | (449 | ) | (1,045 | ) | 2,191 | 2,683 | 2,965 | ||||||||||||||||||
Sales eliminations/Interest | (656 | ) | (715 | ) | (717 | ) | (261 | ) | (223 | ) | (224 | ) | |||||||||||||||
Total | $ | 21,039 | 24,222 | 24,412 | 2,879 | 3,631 | 3,115 | 22,843 | 23,861 | 23,818 |
Intersegment Sales | Depreciation and Amortization Expense | Capital Expenditures | |||||||||||||||||||||||||
2010 | 2011 | 2012 | 2010 | 2011 | 2012 | 2010 | 2011 | 2012 | |||||||||||||||||||
Process Management | $ | 3 | 7 | 13 | 183 | 198 | 198 | 105 | 194 | 228 | |||||||||||||||||
Industrial Automation | 570 | 640 | 619 | 150 | 148 | 138 | 114 | 138 | 134 | ||||||||||||||||||
Network Power | 31 | 24 | 38 | 205 | 286 | 256 | 103 | 99 | 101 | ||||||||||||||||||
Climate Technologies | 46 | 42 | 45 | 148 | 138 | 133 | 104 | 120 | 106 | ||||||||||||||||||
Commercial & | |||||||||||||||||||||||||||
Residential Solutions | 6 | 2 | 2 | 95 | 57 | 53 | 57 | 35 | 46 | ||||||||||||||||||
Corporate and other | 35 | 40 | 45 | 41 | 61 | 50 | |||||||||||||||||||||
Total | $ | 656 | 715 | 717 | 816 | 867 | 823 | 524 | 647 | 665 |
Sales by Destination | Property, Plant and Equipment | |||||||||||||||||
2010 | 2011 | 2012 | 2010 | 2011 | 2012 | |||||||||||||
United States and Canada | $ | 9,823 | 10,773 | 10,980 | 1,858 | 1,869 | 1,918 | |||||||||||
Asia | 4,858 | 5,636 | 5,790 | 505 | 583 | 592 | ||||||||||||
Europe | 4,309 | 5,271 | 4,946 | 683 | 714 | 689 | ||||||||||||
Latin America | 1,065 | 1,319 | 1,430 | 229 | 262 | 293 | ||||||||||||
Middle East/Africa | 984 | 1,223 | 1,266 | 12 | 9 | 17 | ||||||||||||
Total | $ | 21,039 | 24,222 | 24,412 | 3,287 | 3,437 | 3,509 |
2010 | 2011 | 2012 | |||||||
Research and development expense | $ | 473 | 555 | 547 | |||||
Depreciation expense | $ | 562 | 522 | 505 | |||||
Rent expense | $ | 353 | 372 | 395 |
2011 | 2012 | |||||
Employee compensation | $ | 640 | 642 | |||
Customer advanced payments | $ | 385 | 380 | |||
Product warranty | $ | 211 | 187 |
2011 | 2012 | |||||
Pension plans | $ | 732 | 818 | |||
Deferred income taxes | 764 | 592 | ||||
Postretirement plans, excluding current portion | 361 | 337 | ||||
Other | 664 | 709 | ||||
Total | $ | 2,521 | 2,456 |
2010 | 2011 | 2012 | |||||||
Pension expense | $ | 132 | 145 | 173 | |||||
Stock compensation expense | 217 | 121 | 100 | ||||||
(Gain) Loss on sale of businesses, net of tax | (167 | ) | (25 | ) | 5 | ||||
Deferred income taxes and other | 15 | 19 | (97 | ) | |||||
Total | $ | 197 | 260 | 181 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||
2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | ||||||||||||||||
Net sales | $ | 5,535 | 5,309 | 5,854 | 5,919 | 6,288 | 6,484 | 6,545 | 6,700 | 24,222 | 24,412 | ||||||||||||||
Gross profit | $ | 2,163 | 2,055 | 2,306 | 2,336 | 2,498 | 2,628 | 2,590 | 2,749 | 9,557 | 9,768 | ||||||||||||||
Earnings from continuing | |||||||||||||||||||||||||
operations common stockholders | $ | 480 | 371 | 556 | 545 | 683 | 770 | 735 | 282 | 2,454 | 1,968 | ||||||||||||||
Net earnings common stockholders | $ | 480 | 371 | 556 | 545 | 683 | 770 | 761 | 282 | 2,480 | 1,968 | ||||||||||||||
Earnings per common share | |||||||||||||||||||||||||
from continuing operations: | |||||||||||||||||||||||||
Basic | $ | 0.63 | 0.50 | 0.74 | 0.74 | 0.91 | 1.05 | 0.98 | 0.39 | 3.26 | 2.68 | ||||||||||||||
Diluted | $ | 0.63 | 0.50 | 0.73 | 0.74 | 0.90 | 1.04 | 0.98 | 0.39 | 3.24 | 2.67 | ||||||||||||||
Net earnings per common share: | |||||||||||||||||||||||||
Basic | $ | 0.63 | 0.50 | 0.74 | 0.74 | 0.91 | 1.05 | 1.02 | 0.39 | 3.29 | 2.68 | ||||||||||||||
Diluted | $ | 0.63 | 0.50 | 0.73 | 0.74 | 0.90 | 1.04 | 1.01 | 0.39 | 3.27 | 2.67 | ||||||||||||||
Dividends per common share | $ | 0.345 | 0.40 | 0.345 | 0.40 | 0.345 | 0.40 | 0.345 | 0.40 | 1.38 | 1.60 | ||||||||||||||
Common stock prices: | |||||||||||||||||||||||||
High | $ | 58.74 | 52.64 | 62.24 | 53.78 | 61.29 | 53.01 | 58.47 | 52.98 | 62.24 | 53.78 | ||||||||||||||
Low | $ | 52.12 | 39.50 | 55.86 | 47.00 | 50.84 | 43.75 | 41.31 | 43.59 | 41.31 | 39.50 |
LEGAL NAME | JURISDICTION OF INCORPORATION | ||||||||
Alco Controls, S.A. de C.V. | Mexico | ||||||||
Applied Concepts, Inc. | Pennsylvania | ||||||||
Artesyn Technologies, Inc. | Florida | ||||||||
Artesyn North America, Inc. | Delaware | ||||||||
AIH, Inc. | Delaware | ||||||||
AIHL, LLC | Delaware | ||||||||
Astec America Inc. | Delaware | ||||||||
Astec Electronics (Malaysia) Sdn Bhd | Malaysia | ||||||||
Astec International Holdings Limited | Delaware | ||||||||
Emerson Network Power - Embedded Computing and Power (Hong Kong) Limited | Hong Kong | ||||||||
Astec International Limited | Hong Kong | ||||||||
Astec Advanced Power Systems (Malaysia) Sdn Bhd | Malaysia | ||||||||
Astec Advanced Power Systems (Penang) Sdn Bhd | Malaysia | ||||||||
Astec Agencies Limited | Hong Kong | ||||||||
Astec Custom Power (Hong Kong) Limited | Hong Kong | ||||||||
Astec Custom Power (Philippines) Inc. | Philippines | ||||||||
Astec Custom Power (Singapore) Pte. Ltd. | Singapore | ||||||||
Astec Electronics Company Limited | China | ||||||||
Astec Electronics (Luoding) Company Ltd. | China | ||||||||
Astec Nanjing Design Engineering Company Limited | China | ||||||||
Astec Power Supply (Shenzhen) Company Limited | China | ||||||||
Astec Power Inc. | BVI | ||||||||
Astec Power Philippines, Inc. | Philippines | ||||||||
Emerson Network Power - Embedded Power (Vietnam) Co., Ltd. | Vietnam | ||||||||
Artesyn Cayman Ltd. | Cayman Islands | ||||||||
Artesyn Cayman LP | Cayman Islands | ||||||||
Artesyn International Ltd. | Cayman Islands | ||||||||
Artesyn Ireland Ltd. | Cayman Islands | ||||||||
Artesyn Technologies Asia-Pacific Ltd. | Hong Kong | ||||||||
Artesyn Netherlands B.V. | Netherlands | ||||||||
Artesyn Holding GmbH | Austria | ||||||||
Artesyn Austria GmbH | Austria | ||||||||
Artesyn Austria GmbH & Co. KG | Austria | ||||||||
Artesyn do Brasil Comercio de Produtos de Conversao de Energia Ltda | Brazil | ||||||||
Artesyn Hungary Elektronikai Kft. | Hungary |
Artesyn Germany GmbH | Germany | ||||||||
Artesyn Elektronische Gerate Beteiligungs-und Verwaltungs-GmbH | Germany | ||||||||
Artesyn GmbH & Co. KG | Germany | ||||||||
Emerson Network Power - Embedded Computing & Power Sarl | France | ||||||||
Emerson Network Power - Embedded Computing GmbH | Germany | ||||||||
Stourbridge Holdings (U.K.) Limited | United Kingdom | ||||||||
Mirroware Manufacturing Limited | United Kingdom | ||||||||
Astec Europe Limited | United Kingdom | ||||||||
Emerson Network Power - Embedded Computing UK Ltd. | United Kingdom | ||||||||
Emerson Network Power - Embedded Computing, Inc. | Wisconsin | ||||||||
Artesyn Communication Products UK Ltd. | Scotland | ||||||||
Avocent Corporation | Delaware | ||||||||
Avocent Huntsville Corp. | Alabama | ||||||||
Aperture International Limited | United Kingdom | ||||||||
Avocent do Brasil Informatica Ltda | Brazil | ||||||||
Avocent Fremont Corp. | California | ||||||||
Avocent China Technology Limited | China | ||||||||
Avocent International Holdings Limited | Ireland | ||||||||
Avocent Belgium Limited BVBA/SPRL | Belgium | ||||||||
Avocent Asia Pacific Pte. Ltd. | Singapore | ||||||||
Avocent Australia Pty. Ltd. | Australia | ||||||||
Avocent (China) Limited | Hong Kong | ||||||||
Avocent Taiwan Co., Ltd. | Taiwan | ||||||||
Avocent International Limited | Ireland | ||||||||
Avocent Deutschland GmbH | Germany | ||||||||
Avocent Italia Srl | Italy | ||||||||
Avocent Japan KK | Japan | ||||||||
Avocent Netherlands B.V. | Netherlands | ||||||||
Avocent Spain S.L. | Spain | ||||||||
Avocent Sweden AB | Sweden | ||||||||
Avocent Redmond Corp. | Washington | ||||||||
Avocent Texas Corp. | Texas | ||||||||
Avtron LoadBank, Inc. | Delaware | ||||||||
Avtron LoadBank Worldwide Co., Ltd. | United Kingdom | ||||||||
N.J. Froment & Co. Limited | United Kingdom | ||||||||
Branson Ultrasonic S.A. | Switzerland | ||||||||
Bristol, Inc. | Delaware | ||||||||
California Emerson LLC | Delaware | ||||||||
CHC Holding Corporation | Delaware | ||||||||
Chloride Power Electronics Incorporated | Delaware | ||||||||
U P Systems, Incorporated | Delaware | ||||||||
Oneac F.S.C., Inc. | Virgin Islands | ||||||||
ClosetMaid Corporation | Florida |
Clairson, Inc. | Delaware | ||||||||
ClosetMaid de Mexico, S.A. de C.V. | Mexico | ||||||||
ClosetMaid North America, Inc. | Delaware | ||||||||
Computational Systems, Incorporated | Tennessee | ||||||||
CSI Technology, Inc. | Delaware | ||||||||
Control Products, Inc. | Minnesota | ||||||||
Control Techniques Iberia S.A. | Spain | ||||||||
Daniel Industries, Inc. | Delaware | ||||||||
Emerson Process Management Valve Automation, Inc. | Delaware | ||||||||
Bettis Canada Ltd. | Canada | ||||||||
Bettis France Sarl | France | ||||||||
Bettis Holdings Limited | United Kingdom | ||||||||
Bettis UK Limited | United Kingdom | ||||||||
Prime Actuator Control Systems Limited | United Kingdom | ||||||||
Prime Actuator Control Systems UK Limited | United Kingdom | ||||||||
Emerson Process Management Valve Actuation LLC | Delaware | ||||||||
Hytork Controls, Inc. | Delaware | ||||||||
Daniel Automation Company | Delaware | ||||||||
Daniel Industrial, Inc. | Delaware | ||||||||
Daniel En-Fab Systems, Inc. | Delaware | ||||||||
Daniel International Limited | United Kingdom | ||||||||
Daniel Europe Limited | United Kingdom | ||||||||
Daniel Industries Limited | United Kingdom | ||||||||
Spectra-Tek Holdings Limited | United Kingdom | ||||||||
Spectra-Tek UK Limited | United Kingdom | ||||||||
Daniel Measurement Solutions Pvt. Ltd. | India | ||||||||
Spectra-Tek International Limited | United Kingdom | ||||||||
Greenfield (UK) Limited | United Kingdom | ||||||||
Daniel Measurement and Control, Inc. | Delaware | ||||||||
Daniel Industries Canada Inc. | Canada | ||||||||
Daniel Measurement Services, Inc. | Delaware | ||||||||
METCO Services Limited | United Kingdom | ||||||||
Metco Services Venezuela, C.A. | Venezuela | ||||||||
Danmasa S.A. de C.V. | Mexico | ||||||||
Hytork International Ltd. | United Kingdom | ||||||||
Hytork Controls, Inc. | Florida | ||||||||
Hytork Controls Limited | United Kingdom | ||||||||
Hytork LLC | Delaware | ||||||||
Hytork Services Limited | United Kingdom | ||||||||
EDAS (I) U.K. Limited | United Kingdom | ||||||||
EDAS (II) U.K. Limited | United Kingdom | ||||||||
EECO, Inc. | Delaware | ||||||||
Apple JV Holding Corp. | Delaware |
EGS Electrical Group LLC | Delaware | ||||||||
Appleton Electric LLC | Delaware | ||||||||
Appleton Electric, S.A. de C.V. | Mexico | ||||||||
Appleton Holding Corp. | Delaware | ||||||||
EGS Electrical Group Canada Ltd. | Canada | ||||||||
Easy Heat Ltd. | Canada | ||||||||
EGS Participacoes Ltda | Brazil | ||||||||
Nutsteel Indústria Metalúrgica Ltda | Brazil | ||||||||
Easy Heat, Inc. | Delaware | ||||||||
Easy Heat Holding B.V. | Netherlands | ||||||||
Easy Heat Europe B.V. | Netherlands | ||||||||
EGS Comercializadora Mexico, S. de R.L. de C.V. | Mexico | ||||||||
EGS Electrical Group Romania Srl | Romania | ||||||||
EGS Holding Sarl | France | ||||||||
ATX S.A. | France | ||||||||
Easy Heat Europe SAS | France | ||||||||
EGS Mexico S. de R.L. de C.V. | Mexico | ||||||||
EGS Private Ltd. | Singapore | ||||||||
GSEG LLC | Delaware | ||||||||
O-Z Gedney Company LLC | Delaware | ||||||||
Electrical Reliability Services, Inc. | California | ||||||||
Emerson Climate Technologies, Inc. | Delaware | ||||||||
Emerson Climate Technologies Retail Solutions, Inc. | Delaware | ||||||||
Clive Samuels and Associates, Inc. | New Jersey | ||||||||
Emerson Climate Services, LLC | Delaware | ||||||||
Copeland Access +, Inc. | Delaware | ||||||||
Copeland Corporation LLC | Delaware | ||||||||
Copeland de Mexico, S.A. de C.V. | Mexico | ||||||||
Emerson Climate Technologies (India) Limited | India | ||||||||
Copeland Redevelopment Corporation | Missouri | ||||||||
CR Compressors LLC | Delaware | ||||||||
Scroll Compressors LLC | Delaware | ||||||||
Scroll Mexico LLC | Delaware | ||||||||
Emerson Electric (U.S.) Holding Corporation | Delaware | ||||||||
Automatic Switch Company | Delaware | ||||||||
ASC Investments, Inc. | Delaware | ||||||||
Asco Controls AG | Switzerland | ||||||||
Asco Controls B.V. | Netherlands | ||||||||
Asco Mideast B.V. | Netherlands | ||||||||
Asco Magnesszelep Kft. | Hungary | ||||||||
Asco/Joucomatic s.r.o. | Czech Republic | ||||||||
Asco Joucomatic ZA B.V. | Netherlands | ||||||||
Asco Numatics Sp. z.o.o. | Poland |
ASCO/NUMATICS GmbH | Switzerland | ||||||||
Ascomation Pty. Ltd. | Australia | ||||||||
Asco Joucomatic Pty. Ltd. | Australia | ||||||||
Asco Numatics Pty. Ltd. | Australia | ||||||||
Asco Valve Pty. Ltd. | Australia | ||||||||
Ascomation (NZ) Ltd. | New Zealand | ||||||||
Asco Numatics (NZ) Limited | New Zealand | ||||||||
Numatics Pty. Ltd. | Australia | ||||||||
Sirai Pty. Ltd. | Australia | ||||||||
Asco AB | Sweden | ||||||||
ASCO Japan Co., Ltd. | Japan | ||||||||
Ascomatica S.A. de C.V. | Mexico | ||||||||
Asco Services, Inc. | New Jersey | ||||||||
ASCO Switch Enterprises LLC | Delaware | ||||||||
ASCO Numatics (India) Private Limited | India | ||||||||
ASCO Power Technologies, L.P. | Delaware | ||||||||
ASCO Valve Enterprises LLC | Delaware | ||||||||
ASCO Valve, Inc. | Delaware | ||||||||
ASCO Controls, L.P. | Delaware | ||||||||
ASCO Valve Manufacturing, LLC | Delaware | ||||||||
Ascotech, S.A. de C.V. | Mexico | ||||||||
Ascoval Industria e Commercio Ltda | Brazil | ||||||||
Branson Ultrasonics Corporation | Delaware | ||||||||
Branson Korea Co., Ltd. | Korea | ||||||||
Branson Ultrasonidos S.A.E. | Spain | ||||||||
Branson Ultrasons SAS | France | ||||||||
El-O-Matic GmbH | Germany | ||||||||
Emerson Climate Technologies GmbH | Germany | ||||||||
Emerson Climate Technologies Limited | United Kingdom | ||||||||
Emerson Climate Technologies Refrigeration S.A. | Belgium | ||||||||
Emerson Climate Technologies S.A. | Spain | ||||||||
Emerson Climate Technologies Sarl | France | ||||||||
Emerson Climate Technologies Srl | Italy | ||||||||
Emerson Deutschland Holding GmbH | Germany | ||||||||
Emerson Dietzenbach GmbH | Germany | ||||||||
Emerson Electric Overseas Finance Corp. | Delaware | ||||||||
Emerson Process Management GmbH | Germany | ||||||||
Emerson Process Management GmbH & Co. OHG | Germany | ||||||||
epro GmbH | Germany | ||||||||
Emerson Process Management Ltda | Brazil | ||||||||
Emerson Retail Services Europe GmbH | Germany | ||||||||
Emerson Technologies Verwaltungs GmbH | Germany | ||||||||
Emerson Technologies GmbH & Co. OHG | Germany |
Emersub LXXXIV, Inc. | Delaware | ||||||||
Emersub LXXXVI, Inc. | Delaware | ||||||||
EMR Holdings (France) SAS | France | ||||||||
Asco Joucomatic S.A. | France | ||||||||
Asco Numatics GmbH | Germany | ||||||||
Fluidocontrol S.A. | Spain | ||||||||
Joucomatic S.A. | Belgium | ||||||||
Avocent France SAS | France | ||||||||
Company Financiere de Chaussey, S.A. | France | ||||||||
Emerson Network Power Energy Systems, SA | France | ||||||||
Francel SAS | France | ||||||||
Leroy-Somer S.A. | France | ||||||||
Bertrand Polico SAS | France | ||||||||
Constructions Electriques de Beaucourt SAS | France | ||||||||
ESO SAS | France | ||||||||
ESO CENTRE EST Sarl | France | ||||||||
ESO CENTRE OUEST Sarl | France | ||||||||
ESO Ile de France Sarl | France | ||||||||
ESO OUEST Sarl | France | ||||||||
ESO NORD EST Sarl | France | ||||||||
ESO NORMANDIE Sarl | France | ||||||||
ESO SUD EST Sarl | France | ||||||||
ESO SUD OUEST Sarl | France | ||||||||
Etablissements Trepeau SAS | France | ||||||||
Girard Transmissions SAS | France | ||||||||
IMI Elektromos Gepeket Gyarto Kft | Hungary | ||||||||
La Francaise de Manutention SAS | France | ||||||||
Leroy-Somer Denmark A/S | Denmark | ||||||||
Leroy Somer Elektomekanik Sistemler Ticaret Ltd. STI | Turkey | ||||||||
Leroy-Somer Iberica S.A. | Spain | ||||||||
Teilsa Servicios, S.L. | Spain | ||||||||
Leroy-Somer Ltd. | Greece | ||||||||
Leroy-Somer Limited | United Kingdom | ||||||||
Leroy Somer Marbaise GmbH | Germany | ||||||||
Leroy-Somer B.V. | Netherlands | ||||||||
Leroy-Somer Norden AB | Sweden | ||||||||
Leroy-Somer NV | Belgium | ||||||||
ESO Belgium S.A. | Belgium | ||||||||
Leroy Somer (Pty) Ltd. (South Africa) | South Africa | ||||||||
Leroy-Somer (Pty) Ltd. | Australia | ||||||||
Leroy-Somer S. E. A. Pte. Ltd. | Singapore | ||||||||
Leroy-Somer SA | Switzerland | ||||||||
Leroy-Somer SpA | Italy |
E.M.S. Elettro Multi Service Srl | Italy | ||||||||
M.L.S. Holice, spol s.r.o. | Czech Republic | ||||||||
MLS Industries Inc. | Delaware | ||||||||
Yorba Linda International, Inc. | Delaware | ||||||||
Moteurs Leroy-Somer | France | ||||||||
Societe Anonyme de Mecanique et D’outillage du Vivarais SA | France | ||||||||
Ridgid France SAS | France | ||||||||
Marbaise Hanlo LS GmbH | Germany | ||||||||
Ridge Tool GmbH | Germany | ||||||||
Ridge Tool GmbH & Co. OHG | Germany | ||||||||
Rosemount Inc. | Minnesota | ||||||||
Control Techniques - Americas, Inc. | Delaware | ||||||||
Control Techniques - Americas LLC | Delaware | ||||||||
Fincor Holding, LLC | Delaware | ||||||||
Dieterich Standard, Inc. | Delaware | ||||||||
Emerson Process Management AB | Sweden | ||||||||
Emerson Process Management A/S (Denmark) | Denmark | ||||||||
Emerson Process Management AS | Norway | ||||||||
Emerson Process Management Holding AG | Switzerland | ||||||||
Emerson Process Management AG | Switzerland | ||||||||
Emerson EAD | Bulgaria | ||||||||
Emerson LLC | Azerbaijan | ||||||||
Emerson LLP | Kazakhstan | ||||||||
Emerson Process Management Kft. | Hungary | ||||||||
Emerson Process Management Romania Srl | Romania | ||||||||
Emerson Process Management sp. z.o.o. | Poland | ||||||||
Emerson Process Management Ticaret Limited Sirketi | Turkey | ||||||||
Emerson Process Management s.r.o. | Czech Republic | ||||||||
Emerson Process Management s.r.o. | Slovakia | ||||||||
Emerson TOV | Ukraine | ||||||||
Emerson Process Management Power and Water Solutions Sp. z.o.o. | Poland | ||||||||
Emerson Process Management Asia Pacific Pte. Ltd. | Singapore | ||||||||
Emerson Process Management Manufacturing (M) Sdn Bhd | Malaysia | ||||||||
Emerson Process Management Valve Automation (M) Sdn Bhd | Malaysia | ||||||||
Emerson Process Management (India) Pvt. Ltd. | India | ||||||||
Emerson Process Management Korea Ltd. | Korea | ||||||||
Emerson Process Management Oy | Finland | ||||||||
Emerson Process Management, S.A. de C.V. | Mexico | ||||||||
Emerson Process Management, S.L. | Spain | ||||||||
P I Components Corp. | Texas | ||||||||
Rosemount Analytical Inc. | Delaware | ||||||||
Rosemount China Inc. | Minnesota | ||||||||
Rosemount Nuclear Instruments, Inc. | Delaware |
Xomox Uruguaya S.A. | Uruguay | ||||||||
Emerson Power Transmission Corporation | Delaware | ||||||||
Emerson Chain, Inc. | Delaware | ||||||||
McGill Manufacturing Company, Inc. | Indiana | ||||||||
Rollway Bearing N.V. | Belgium | ||||||||
Liebert Corporation | Ohio | ||||||||
Alber Corp. | Florida | ||||||||
Atlas Asia Limited | Hong Kong | ||||||||
Emerson Network Power Software (Shenzhen) Co., Ltd. | China | ||||||||
Emerson Network Power Australia Pty. Ltd. | Australia | ||||||||
Atlas Air Australia Pty. Ltd. | Australia | ||||||||
Emerson Network Power DHC B.V. | Netherlands | ||||||||
Emerson Network Power do Brasil Ltda | Brazil | ||||||||
Knürr Ltda | Brazil | ||||||||
Emerson Network Power (Hong Kong) Limited | Hong Kong | ||||||||
Wuhan Liebert Computer Power Support System Ltd. | China | ||||||||
Emerson Network Power (India) Private Limited | India | ||||||||
Emerson Process Management Chennai Limited | India | ||||||||
Leroy Somer India Private Limited | India | ||||||||
Emerson Network Power, Liebert Services, Inc. | Delaware | ||||||||
Emerson Network Power (Singapore) Pte. Ltd. | Singapore | ||||||||
Emerson Network Power (Malaysia) Sdn Bhd | Malaysia | ||||||||
Knürr Pte. Ltd. | Singapore | ||||||||
Spectra Systems Sdn Bhd | Malaysia | ||||||||
Emerson Network Power Surge Protection, Inc. | New York | ||||||||
Emerson Network Power (Taiwan) Co., Ltd. | Taiwan | ||||||||
Emerson Network Power (Thailand) Co. Ltd. | Thailand | ||||||||
Liebert Field Services, Inc. | Delaware | ||||||||
Liebert North America, Inc. | Delaware | ||||||||
Liebert Property Holdings, L.L.C. | Delaware | ||||||||
Micro Motion, Inc. | Colorado | ||||||||
Ridge Tool Company | Ohio | ||||||||
Ridge Tool (Australia) Pty. Ltd. | Australia | ||||||||
Ridge Tool Manufacturing Company | Delaware | ||||||||
Ridge Tool Pattern Company | Delaware | ||||||||
RIDGID, Inc. | Delaware | ||||||||
Ridgid Italia Srl | Italy | ||||||||
Ridgid Online, Inc. | Ohio | ||||||||
Ridgid Werkzeuge AG | Switzerland | ||||||||
Therm-O-Disc, Incorporated | Ohio | ||||||||
Componentes Avanzados de Mexico S.A. de C.V. | Mexico | ||||||||
Controles de Temperatura S.A. de C.V. | Mexico | ||||||||
E.G.P. Corporation | Delaware |
Emermex S.A. de C.V. | Mexico | ||||||||
Emerson Arabia, Inc. | Delaware | ||||||||
Emerson Process Management Arabia Limited | Saudi Arabia | ||||||||
Emersub 4 LLC | Delaware | ||||||||
Emerson Climate Technologies Mexico S.A. de C.V. | Mexico | ||||||||
Emerson Electric (Asia) Limited | Hong Kong | ||||||||
Branson Ultrasonics (Asia Pacific) Co. Ltd. | Hong Kong | ||||||||
Emerson Electric (South Asia) Pte. Ltd. | Singapore | ||||||||
Emerson (Philippines) Corporation | Philippines | ||||||||
Emerson Technology Service (Shenzhen) Co., Ltd. | China | ||||||||
Emerson Electric II, C.A. | Venezuela | ||||||||
Emerson Electric de Colombia Ltda | Colombia | ||||||||
Emerson Electric International, Inc. | Delaware | ||||||||
Emerson Electric Ireland Limited | Bermuda | ||||||||
Emersub Treasury Ireland | Ireland | ||||||||
Emerson Electric (Mauritius) Ltd. | Mauritius | ||||||||
Emerson Electric Co. (India) Private Ltd. | India | ||||||||
Westinghouse Electric Pvt. Limited | Mauritius | ||||||||
Emerson Process Management Power & Water Solutions India Private Limited | India | ||||||||
Emerson Electric Nederland B.V. | Netherlands | ||||||||
Aegir Norge Holding AS | Norway | ||||||||
Roxar AS | Norway | ||||||||
CorrOcean Mareco AS | Norway | ||||||||
PolyOil Ltd. | United Kingdom | ||||||||
RFM Holding AS | Norway | ||||||||
Roxar do Brasil Ltda | Brazil | ||||||||
Roxar Flow Measurement AS | Norway | ||||||||
Roxar Flow Measurement Ltd. | United Kingdom | ||||||||
Roxar Flow Measurement Sdn Bhd | Malaysia | ||||||||
Roxar International AS | Norway | ||||||||
Emerson Process Management Nigeria Limited | Nigeria | ||||||||
Roxar Pty. Ltd. | Australia | ||||||||
Roxar Saudi Company | Saudi Arabia | ||||||||
Roxar Holding AS | Norway | ||||||||
Energy Scitech Ltd. | United Kingdom | ||||||||
Roxar Xworks AS | Norway | ||||||||
RSS Software Holding AS | Norway | ||||||||
Roxar de Mexico S.A. de C.V. | Mexico | ||||||||
Roxar de Venezuela C.A. | Venezuela | ||||||||
Roxar Ltd. | United Kingdom | ||||||||
Roxar Maximum Reservoir Performance WLL | Bahrain | ||||||||
Roxar Services AS | Norway | ||||||||
Roxar Services OOO | Russia |
Roxar Technologies AS | Norway | ||||||||
Roxar Software Solutions AS | Norway | ||||||||
Roxar Strategic Staffing S.A. de C.V. | Mexico | ||||||||
Roxar Vietnam Company Ltd. | Vietnam | ||||||||
ALCO CONTROLS, spol s.r.o. | Czech Republic | ||||||||
Branson Ultrasonics B.V. | Netherlands | ||||||||
Beckman Industrial B.V. | Netherlands | ||||||||
Damcos Holding A/S | Denmark | ||||||||
Damcos A/S | Denmark | ||||||||
Emerson Process Management Marine Solutions Korea Co., Ltd. | Korea | ||||||||
Emerson Process Management Marine Systems (Shanghai) Co., Ltd. | China | ||||||||
El-O-Matic B.V. | Netherlands | ||||||||
El-O-Matic Valve Actuators (F.E.) Pte. Ltd. | Singapore | ||||||||
Emerson Process Management (South Africa) (Proprietary) Ltd. | South Africa | ||||||||
Electrische Apparatenfabriek Capax B.V. | Netherlands | ||||||||
EMERSON A.S. | Slovakia | ||||||||
Emerson LLC | Russia | ||||||||
Emerson Srl | Romania | ||||||||
EMERSON CLIMATE TECHNOLOGIES, s.r.o. | Czech Republic | ||||||||
Emerson Electric spol s.r.o. | Czech Republic | ||||||||
Emerson Network Power Pakistan (Private) Limited | Pakistan | ||||||||
Emerson Network Power (Vietnam) Co., Ltd. | Vietnam | ||||||||
Emerson Process Management B.V. | Netherlands | ||||||||
Emerson Process Management (Vietnam) Co., Ltd. | Vietnam | ||||||||
EMRSN HLDG B.V. | Netherlands | ||||||||
Emerson Network Power B.V. | Netherlands | ||||||||
Emerson Process Management Flow B.V. | Netherlands | ||||||||
Fisher-Rosemount Temperature B.V. | Netherlands | ||||||||
Fusite, B.V. | Netherlands | ||||||||
ORTRUD Verwaltungsgesellschaft mbH | Germany | ||||||||
Knürr-Holding GmbH | Germany | ||||||||
Knürr GmbH | Germany | ||||||||
Knürr AG | Switzerland | ||||||||
Knürr Electronics GmbH | Germany | ||||||||
Knürr Electronics GmbH & Co. Grundbesitz OHG | Germany | ||||||||
Knürr-Ercotec GmbH & Grundstücksverwaltung KG | Germany | ||||||||
Knürr Electronics (Shanghai) Co. Ltd. | China | ||||||||
Knürr GmbH & Co. Grundbesitz OHG | Germany | ||||||||
Knürr Holdings Ltda | Brazil | ||||||||
Knürr Innovation GmbH | Germany | ||||||||
Knürr Ltd. | United Kingdom | ||||||||
Knürr Lommatec Mechanik für die Elektronik Beteiligungs und Verwaltungs GmbH | Germany | ||||||||
Knürr s.r.o. | Czech Republic | ||||||||
Knürr Technical Furniture GmbH | Germany | ||||||||
Knürr-Ercotec GmbH | Germany | ||||||||
Knürr International GmbH | Germany |
Therm-O-Disc Europe B.V. | Netherlands | ||||||||
Therm-O-Disc (Vietnam) Co., Ltd. | Vietnam | ||||||||
Emerson Electric Puerto Rico, Inc. | Delaware | ||||||||
Emerson Puerto Rico, Inc. | Delaware | ||||||||
Emerson Electric (Taiwan) Company Limited | Taiwan | ||||||||
Emerson Finance LLC | Delaware | ||||||||
Emerson Middle East, Inc. | Delaware | ||||||||
Emerson Network Power, Energy Systems, North America, Inc. | Delaware | ||||||||
Emerson Network Power Exportel, S.A. de C.V. | Mexico | ||||||||
Emerson Network Power, Inc. | Texas | ||||||||
Emerson Sice Srl | Italy | ||||||||
Asco Numatics Sirai Srl | Italy | ||||||||
Branson Ultrasuoni Srl | Italy | ||||||||
CDZ.T Srl | Italy | ||||||||
Dixell Srl | Italy | ||||||||
Emerson Network Power Holding Srl | Italy | ||||||||
Emerson Network Power Srl | Italy | ||||||||
Emerson Network Power Enterprise Srl | Italy | ||||||||
Emerson Network Power Sp. z.o.o. | Poland | ||||||||
Liebert Hiross Holding GmbH | Germany | ||||||||
Emerson Network Power GmbH | Germany | ||||||||
Emerson Network Power Kft. | Hungary | ||||||||
Emerson Process Management Srl | Italy | ||||||||
CorrOcean Srl | Italy | ||||||||
System Plast Srl | Italy | ||||||||
System Plast GmbH | Germany | ||||||||
System Plast International B.V. | Netherlands | ||||||||
System Plast Ltd. | United Kingdom | ||||||||
System Plast Ltda | Brazil | ||||||||
System Plast SAS | France | ||||||||
Emerson Telecommunication Products, LLC | Delaware | ||||||||
JTP Industries, Inc. | Delaware | ||||||||
Emerson Network Power Connectivity Solutions, Inc. | Delaware | ||||||||
Emerson Mexico Corporate Services S de R.L. de C.V. | Mexico | ||||||||
Stratos International, Inc. | Delaware | ||||||||
Advanced Interconnection Technology LLC | Delaware | ||||||||
Paracer, Inc. | Delaware | ||||||||
Rapidwerks LLC | Delaware | ||||||||
Sterling Holding Company | Delaware | ||||||||
Quality Components, Inc. | Delaware | ||||||||
Semflex, Inc. | Delaware | ||||||||
Swiss Precision Products, Inc. | Delaware | ||||||||
TQ Management Corporation | Delaware | ||||||||
Trompeter Electronics, Inc. | Delaware | ||||||||
STRATOS Lightwave LLC | Delaware | ||||||||
Stratos Lightwave-Florida Incorporated | Delaware |
Tsunami Optics, Inc. | California | ||||||||
Northern Technologies, Inc. | Idaho | ||||||||
Emerson Venezuela C.A. | Venezuela | ||||||||
Emerson Ventures Inc. | Delaware | ||||||||
Emersub 3 LLC | Delaware | ||||||||
Emersub 14 LLC | Delaware | ||||||||
Vilter Manufacturing LLC | Wisconsin | ||||||||
Emersub CII, Inc. | Delaware | ||||||||
Emersub XLVI, Inc. | Nevada | ||||||||
Copesub, Inc. | Delaware | ||||||||
Alliance Compressors LLC | Delaware | ||||||||
Emersub LII, Inc. | Delaware | ||||||||
Emersub XCI, Inc. | Delaware | ||||||||
Emersub Italia Srl | Italy | ||||||||
International Gas Distribution SA | Luxembourg | ||||||||
O.M.T. OFFICINA MECCANICA TARTARINI Srl | Italy | ||||||||
EMR Foundation, Inc. | Missouri | ||||||||
EMR Holdings, Inc. | Delaware | ||||||||
Branson de Mexico, S.A. de C.V. | Mexico | ||||||||
Copeland Compresores Hermeticos, S.A. de C.V. | Mexico | ||||||||
Copeland Korea Inc. | Korea | ||||||||
Dar Al-Ibtikar for General Services and General Trade LLC | Iraq | ||||||||
Emerson Argentina S.A. | Argentina | ||||||||
Emerson Climate Technologies Australia Pty. Ltd. | Australia | ||||||||
Emerson del Peru S.A.C. | Peru | ||||||||
Emerson Dominicana, S.A. | Dominican Republic | ||||||||
Emerson d.o.o. | Croatia | ||||||||
Emerson Electric (U.S.) Holding Corporation (Chile) Limitada | Chile | ||||||||
Inversiones Emerson Chile Limitada | Chile | ||||||||
Elevair S.A. | Chile | ||||||||
Instalaciones y Servicios Elevair Service S.A. | Chile | ||||||||
Emerson Electric C.R. Srl | Costa Rica | ||||||||
Emerson Electric de Mexico S.A. de C.V. | Mexico | ||||||||
Emerson Electric do Brasil Ltda | Brazil | ||||||||
Emerson Comercio em Tecnologia de Climatizacao Ltda | Brazil | ||||||||
Emerson Electric Holdings (Switzerland) GmbH | Switzerland | ||||||||
Emerson Process Management Co., Ltd. | China | ||||||||
EMR Emerson Holdings (Switzerland) GmbH | Switzerland | ||||||||
EMR (Asia) Limited | Hong Kong | ||||||||
Emerson Electric (China) Holdings Co., Ltd. | China | ||||||||
ASCO Valve (Shanghai) Co., Ltd. | China | ||||||||
Beijing Rosemount Far East Instrument Co., Ltd. | China | ||||||||
Branson Ultrasonics (Shanghai) Co., Ltd. | China |
ClosetMaid (Jiangmen) Storage Limited | China | ||||||||
Emerson Beijing Instrument Co. Ltd. | China | ||||||||
Emerson Climate Technologies (Shanghai) Co., Ltd. | China | ||||||||
Emerson Climate Technologies (Shenyang) Refrigeration Co., Ltd. | China | ||||||||
Emerson Climate Technologies - Solutions (Suzhou) Co., Ltd. | China | ||||||||
Emerson Climate Technologies (Suzhou) Co., Ltd. | China | ||||||||
Emerson Climate Technologies (Suzhou) Trading Co., Ltd. | China | ||||||||
Emerson Electric (Shenzhen) Co. Ltd. | China | ||||||||
Emerson eResource (Xi'an) Co., Ltd. | China | ||||||||
Emerson Fusite Electric (Shenzhen) Co. Ltd. | China | ||||||||
Emerson InSinkErator Appliance (Nanjing) Co., Ltd. | China | ||||||||
Emerson Junkang Enterprise (Shanghai) Co., Ltd. | China | ||||||||
Emerson Machinery Equipment (Shenzhen) Co., Ltd. | China | ||||||||
Emerson Network Power (Mianyang) Co., Ltd. | China | ||||||||
Emerson Network Power (Xi'an) Co., Ltd. | China | ||||||||
Emerson Network Power Connectivity Solutions (Shanghai) Co., Ltd. | China | ||||||||
Emerson Network Power Co., Ltd. | China | ||||||||
Emerson Power Transmission (Zhangzhou) Co., Ltd. | China | ||||||||
Emerson Process Management Flow Technologies Co., Ltd. | China | ||||||||
Emerson Process Management Power & Water Solutions (Shanghai) Co., Ltd. | China | ||||||||
Emerson Process Management (Tianjin) Valves Co., Ltd. | China | ||||||||
Emerson Process Management Valve Automation (Tianjin) Co., Ltd. | China | ||||||||
Emerson Professional Tools (Shanghai) Co., Ltd. | China | ||||||||
Emerson Trading (Shanghai) Co., Ltd. | China | ||||||||
Fisher Jeon Gas Equipment (Chengdu) Co., Ltd. | China | ||||||||
Fisher Regulators (Shanghai) Co., Ltd. | China | ||||||||
Leroy Somer Electro-Technique (Fuzhou) Co., Ltd. | China | ||||||||
Emerson Network Power (Jiangmen) Co., Ltd. | China | ||||||||
Emerson Electric Korea Ltd. | Korea | ||||||||
Emerson Electric (M) Sdn Bhd | Malaysia | ||||||||
Emerson Electric Poland Sp. z.o.o. | Poland | ||||||||
FZN Marbaise LS Sp. z.o.o. | Poland | ||||||||
Emerson Energy Systems Sdn Bhd | Malaysia | ||||||||
Emerson Network Power Limited | Nigeria | ||||||||
Emerson Network Power (Philippines), Inc. | Philippines | ||||||||
Emerson Network Power (South Africa) (Pty) Ltd | South Africa | ||||||||
Emerson Network Power, S.A. | Spain | ||||||||
Jaure, S.A. | Spain | ||||||||
Emerson Panama S. de R.L. | Panama | ||||||||
Emerson Process Management Europe GmbH | Switzerland | ||||||||
Emerson Process Management Magyarorszag Kft. | Hungary | ||||||||
Emerson Process Management NV | Belgium | ||||||||
Emerson Puerto Rico, Inc. | Puerto Rico |
Emerson (Thailand) Limited | Thailand | ||||||||
Emersub 5 LLC | Delaware | ||||||||
Emersub Mexico, Inc. | Nevada | ||||||||
ClosetMaid Reynosa S. de R.L. de C.V. | Mexico | ||||||||
Copeland Scroll Compresores de Mexico S.A. de C.V. | Mexico | ||||||||
Daniel Measurement and Control, S. de R.L. de C.V. | Mexico | ||||||||
Emerpowsys, S. de R.L. de C.V. | Mexico | ||||||||
Emerson Electronic Connector and Components, S.A. de C.V. | Mexico | ||||||||
Emerson Network Power Embedded Computing, S. de R.L. de C.V. | Mexico | ||||||||
Emerson Tool and Appliance Company, S. de R.L. de C.V. | Mexico | ||||||||
Emerson Tool Company de Mexico, S. de R.L. de C.V. | Mexico | ||||||||
Emersub 1 LLC | Delaware | ||||||||
Intermetro de Acuna S. de R.L. de C.V. | Mexico | ||||||||
InterMetro de Mexico, S. de R.L. de C.V. | Mexico | ||||||||
Emersub XXXVI, Inc. | Delaware | ||||||||
Digital Appliance Controls (UK) Limited | United Kingdom | ||||||||
Control Techniques Limited | United Kingdom | ||||||||
Control Techniques GmbH | Germany | ||||||||
Reta Anlagenbau GmbH | Germany | ||||||||
SSB Group GmbH | Germany | ||||||||
SSB Management GmbH | Germany | ||||||||
SSB Wind Systems GmbH & Co. KG | Germany | ||||||||
SSB Wind Energy Technology (Qingdao) Co., Ltd. | China | ||||||||
SSB-Antriebstechnik-Verwaltungs-und Beteiligungsgesellschaft mbH | Germany | ||||||||
Control Techniques Asia-Pacific Pte. Ltd. | Singapore | ||||||||
Control Techniques Drives (Malaysia) Sdn Bhd | Malaysia | ||||||||
Control Techniques Singapore Pte Limited | Singapore | ||||||||
Control Techniques Australia Pty. Ltd. | Australia | ||||||||
Control Techniques Bermuda Limited | Bermuda | ||||||||
Control Techniques Drives Limited | United Kingdom | ||||||||
Control Techniques Dynamics Limited | United Kingdom | ||||||||
Evershed Powerotor Limited | United Kingdom | ||||||||
Moore Reed & Company Limited | United Kingdom | ||||||||
Control Techniques Southern Africa (Pty) Ltd. | South Africa | ||||||||
Control Techniques SpA | Italy | ||||||||
Control Techniques Worldwide BV | Netherlands | ||||||||
Control Techniques AG | Switzerland | ||||||||
Control Techniques BV | Netherlands | ||||||||
Control Techniques Brno s.r.o. | Czech Republic | ||||||||
Control Techniques China Pte. Ltd. | Hong Kong | ||||||||
Control Techniques Endustriyel Kontrol Sistemerli Sanayi ve Ticaret AS | Turkey | ||||||||
Control Techniques India Private Limited | India | ||||||||
Control Techniques Elpro Automation Limited | India |
DrivesShop Limited | United Kingdom | ||||||||
Foray 600 Limited | United Kingdom | ||||||||
Foray 606 Limited | United Kingdom | ||||||||
Emerson Holding Company Limited | United Kingdom | ||||||||
Asco Joucomatic Ltd. | United Kingdom | ||||||||
Asco Power Technologies Limited | United Kingdom | ||||||||
Bristol Babcock Limited | United Kingdom | ||||||||
Computational Systems Limited | United Kingdom | ||||||||
Copeland Limited | United Kingdom | ||||||||
CSA Consulting Engineers Ltd. | United Kingdom | ||||||||
El-O-Matic Limited | United Kingdom | ||||||||
Emerson Electric U.K. Limited | United Kingdom | ||||||||
Bray Lectroheat Limited | United Kingdom | ||||||||
Buehler Europe Limited | United Kingdom | ||||||||
Bannerscientific Limited | United Kingdom | ||||||||
Buehler UK Limited | United Kingdom | ||||||||
Metaserv Limited | United Kingdom | ||||||||
Metallurgical Services Laboratories Limited | United Kingdom | ||||||||
Emerson FZE | UAE | ||||||||
Emerson Climate Technologies FZE | UAE | ||||||||
Emerson Process Management Morocco Sarl | Morocco | ||||||||
Emerson Network Power Limited | United Kingdom | ||||||||
Liebert Swindon Limited | United Kingdom | ||||||||
Emerson Energy Systems (UK) Limited | United Kingdom | ||||||||
Emerson Network Power Connectivity Solutions Limited | United Kingdom | ||||||||
Midwest Microwave Limited | United Kingdom | ||||||||
Emerson Process Management Limited | United Kingdom | ||||||||
Emerson Process Management Distribution Limited | United Kingdom | ||||||||
Fisher-Rosemount Properties Limited | United Kingdom | ||||||||
Emerson Process Management Shared Services Limited | United Kingdom | ||||||||
F-R Properties (UK) Limited | United Kingdom | ||||||||
EMR Barnstaple Limited | United Kingdom | ||||||||
TopWorx UK Limited | United Kingdom | ||||||||
Emerson Process Management Services Limited | United Kingdom | ||||||||
Emerson UK Trustees Limited | United Kingdom | ||||||||
Fisher Controls Limited | United Kingdom | ||||||||
Farris Engineering Limited | United Kingdom | ||||||||
Fisher Governor Company Limited | United Kingdom | ||||||||
MDC Technology Limited | United Kingdom | ||||||||
MDC Technology Trustees Limited | United Kingdom | ||||||||
Mobrey Group Limited | United Kingdom | ||||||||
Mobrey Overseas Sales Limited | United Kingdom | ||||||||
Mobrey Limited | United Kingdom |
Oaksmere Refrigeration Design & Consultancy Limited | United Kingdom | ||||||||
Pactrol Controls Limited | United Kingdom | ||||||||
EMR Worldwide B.V. | Netherlands | ||||||||
Emerson Climate Technologies - Transportation Solutions ApS | Denmark | ||||||||
EMERSON DHC B.V. | Netherlands | ||||||||
Emerson Electric (Thailand) Limited | Thailand | ||||||||
Emersub 7 LLC | Delaware | ||||||||
Emersub 8 LLC | Delaware | ||||||||
Emersub 9 LLC | Delaware | ||||||||
Emersub 10 LLC | Delaware | ||||||||
Emersub 11 LLC | Delaware | ||||||||
Emersub 12 LLC | Delaware | ||||||||
EMR (Mauritius) Ltd. | Mauritius | ||||||||
Trident Powercraft Private Limited | India | ||||||||
Emerson Electric Canada Limited | Canada | ||||||||
Roxar Canada ULC | Canada | ||||||||
Emerson Holding Sweden AB | Sweden | ||||||||
Emerson Sweden AB | Sweden | ||||||||
Emerson Network Power AB | Sweden | ||||||||
Rosemount Tank Radar AB | Sweden | ||||||||
Emerson Process Management Marine Solutions Singapore Pte. Ltd. | Singapore | ||||||||
Rosemount Tank Gauging India Pvt. Ltd. | India | ||||||||
Rosemount Tank Gauging Middle East SPC | Bahrain | ||||||||
Emerson USD Finance Company Limited | United Kingdom | ||||||||
Net Safety Monitoring Inc. | Canada | ||||||||
Net Safety Monitoring Singapore Pte. Ltd. | Singapore | ||||||||
Net Safety Monitoring USA Inc. | Nevada | ||||||||
Rutherfurd Acquisitions Limited | United Kingdom | ||||||||
Chloride Group Limited | United Kingdom | ||||||||
Advanced Design Electronics Limited | United Kingdom | ||||||||
Chloride Batteries Limited | United Kingdom | ||||||||
Chloride Electronics Limited | United Kingdom | ||||||||
Emergency Power Systems Limited | United Kingdom | ||||||||
Oneac Limited | United Kingdom | ||||||||
Chloride Holdings UK Limited | United Kingdom | ||||||||
Chloride Limited | United Kingdom | ||||||||
Fleetness 174 Limited | United Kingdom | ||||||||
Exide Electronics Limited | United Kingdom | ||||||||
Chloride Nominees Limited | United Kingdom | ||||||||
Chloride Pension Trust Limited | United Kingdom | ||||||||
Chloride Power Protection Limited | Thailand | ||||||||
Chloride Power Protection Pty. Ltd. | Australia | ||||||||
Chloride Supplies Limited | United Kingdom |
CHLD Singapore Pte. Ltd. | Singapore | ||||||||
Chloride do Brasil Limitada | Brazil | ||||||||
Chloride Holdings Limited | United Kingdom | ||||||||
Chloride Srl | Italy | ||||||||
Chloride Koexa S.A. | Argentina | ||||||||
Chloride Power Protection China Ltd. | China | ||||||||
Chloride Power Protection Polska Sp. z.o.o. | Poland | ||||||||
Chloride Secure Power Protection Philippines Inc. | Philippines | ||||||||
CPE Chloride Power Electronics S.A. | Spain | ||||||||
Emerson Network Power, Limitada | Portugal | ||||||||
Chloride UPS Svenska AB | Sweden | ||||||||
Emerson Network Power Guc Sistemleri Limited Sirketi | Turkey | ||||||||
Emerson Network Power Limited | Ireland | ||||||||
Emerson Network Power (Pune) Private Limited | India | ||||||||
Masterguard do Brasil Limitada | Brazil | ||||||||
Chloride U.K. Limited | United Kingdom | ||||||||
Continuous Power International Limited | United Kingdom | ||||||||
Continuous Power Limited | United Kingdom | ||||||||
Emerson Network Power Industrial Systems SAS | France | ||||||||
AST Electronique Services S.A.S. | France | ||||||||
Emerson Network Power SAS | France | ||||||||
France Onduleurs Ondyne Sarl | France | ||||||||
Exide Limited | United Kingdom | ||||||||
Fleetness 173 Limited | United Kingdom | ||||||||
Masterpower Electronics Limited | Scotland | ||||||||
Ondyne (UK) Limited | United Kingdom | ||||||||
Stocksave Limited | United Kingdom | ||||||||
Vertu Security Limited | United Kingdom | ||||||||
Viper Security Limited | United Kingdom | ||||||||
Bardic Emergency Systems Limited | United Kingdom | ||||||||
Chloride Investments Limited | Guernsey | ||||||||
Chloride Financing Limited | United Kingdom | ||||||||
Chloride Financing UK Limited | United Kingdom | ||||||||
Fisher-Rosemount Peru S.A.C. | Peru | ||||||||
F-R Tecnologias de Flujo, S.A. de C.V. | Mexico | ||||||||
Motoreductores U.S., S.A. de C.V. | Mexico | ||||||||
NetworkPower Ecuador S.A. | Ecuador | ||||||||
PT. Emerson Indonesia | Indonesia | ||||||||
RAC Technologies (Israel) Ltd. | Israel | ||||||||
Rey-Lam, S. de R.L. de C.V. | Mexico | ||||||||
Termotec de Chihuahua, S.A. de C.V. | Mexico | ||||||||
Tranmet Holdings Limited | United Kingdom | ||||||||
Tranmet Holdings B.V. | Netherlands |
Industrial Group Metran CJSC | Russia | ||||||||
Metran-Export CJSC | Russia | ||||||||
Firm Metran LLC | Russia | ||||||||
EPMCO Holdings, Inc. | Delaware | ||||||||
Emerson Process Management Regulator Technologies, Inc. | Delaware | ||||||||
Fromex, S.A. de C.V. | Mexico | ||||||||
Fisher Controls International LLC | Delaware | ||||||||
Emerson Process Management Australia Pty Limited | Australia | ||||||||
Emerson Electric Australia Co. Pty. Ltd. | Australia | ||||||||
Emerson Process Management New Zealand Limited | New Zealand | ||||||||
Emerson Process Management China Ltd. | Hong Kong | ||||||||
Fisher Controles de Mexico, S.A. de C.V. | Mexico | ||||||||
Instrument & Valve Services Company | Delaware | ||||||||
Nippon Fisher Co., Ltd. | Japan | ||||||||
Fisher-Rosemount Systems, Inc. | Delaware | ||||||||
Emerson Process Management LLLP | Delaware | ||||||||
Emerson Process Management Power & Water Solutions, Inc. | Delaware | ||||||||
Turbine Control Service Associates, Inc. | Pennsylvania | ||||||||
Emerson Process Management SAS | France | ||||||||
Emerson Process Management, Lda | Portugal | ||||||||
Fiberconn Assemblies Morocco Sarl | Morocco | ||||||||
Fusite Corporation | Ohio | ||||||||
Emerson Japan Ltd. | Japan | ||||||||
Fusite Land Company | Delaware | ||||||||
General Equipment and Manufacturing Company, Inc. | Kentucky | ||||||||
TopWorx RSA (Proprietary) Limited | South Africa | ||||||||
High Voltage Maintenance Corporation | Ohio | ||||||||
Hiross India Private Limited | India | ||||||||
Humboldt Hermetic Motor Corp. | Delaware | ||||||||
Woodstock Land Company LLC | Missouri | ||||||||
Innovative Control Systems, Inc. | New York | ||||||||
Intrinsic Safety Equipment of Texas, Inc. | Texas | ||||||||
Kato Engineering Inc. | Delaware | ||||||||
Kop-Flex, Inc. | Delaware | ||||||||
Kop-Flex Canada Limited | Canada | ||||||||
Metaloy, Inc. | Massachusetts | ||||||||
Metropolitan International, Inc. | Nevada | ||||||||
InterMetro Industries Corporation | Nevada | ||||||||
InterMetro Industries Corporation | Delaware | ||||||||
InterMetro Industries B.V. | Netherlands | ||||||||
Metro Industries, Inc. | Nevada | ||||||||
Metropolitan Wire (Canada) Ltd. | Canada | ||||||||
Metropolitan Wire Corporation | Pennsylvania |
Motores Hermeticos del Sur, S.A. de C.V. | Mexico | ||||||||
Numatics, Incorporated | Michigan | ||||||||
Asco Numatics (Taiwan) Co., Ltd. | Taiwan | ||||||||
Numatics de Mexico, S.A. de C.V. | Mexico | ||||||||
Numatics GmbH | Germany | ||||||||
ProTeam, Inc. | Idaho | ||||||||
ProTeam (China) Limited | Hong Kong | ||||||||
Ridge Tool Europe NV | Belgium | ||||||||
Ridgid Scandinavia A/S | Denmark | ||||||||
Von Arx AG | Switzerland | ||||||||
Von Arx GmbH | Germany | ||||||||
Rosemount Tank Gauging North America Inc. | Texas | ||||||||
Roxar, Inc. | Delaware | ||||||||
System Plast, LLC | North Carolina | ||||||||
SPPA LLC | Pennsylvania | ||||||||
Solus Industrial Innovations, LLC | Delaware | ||||||||
System Plast USA de Mexico, S. de R.L. de C.V. | Mexico | ||||||||
Termocontroles de Juarez, S.A. de C.V. | Mexico | ||||||||
Tescom Corporation | Minnesota | ||||||||
Tescom Europe Management GmbH | Germany | ||||||||
Tescom Europe GmbH & Co. KG | Germany | ||||||||
Thunderline Z, Inc. | Delaware | ||||||||
Transmisiones de Potencia Emerson, S.A. de C.V. | Mexico |
Signature | Title | ||
/s/ | D. N. Farr | Chairman of the Board and Chief Executive Officer | |
D. N. Farr | |||
/s/ | W. J. Galvin | Vice Chairman and Director | |
W. J. Galvin | |||
/s/ | R. J. Schlueter | Vice President, Controller and Chief Accounting Officer | |
R. J. Schlueter | |||
/s/ | C. A. H. Boersig | Director | |
C. A. H. Boersig | |||
/s/ | J. B. Bolten | Director | |
J. B. Bolten | |||
/s/ | A. A. Busch III | Director | |
A. A. Busch III | |||
/s/ | C. Fernandez G. | Director | |
C. Fernandez G. | |||
/s/ | A. F. Golden | Director | |
A. F. Golden | |||
/s/ | H. Green | Director | |
H. Green | |||
/s/ | W. R. Johnson | Director | |
W. R. Johnson | |||
/s/ | M. S. Levatich | Director | |
M. S. Levatich | |||
/s/ | C. A. Peters | Director | |
C. A. Peters | |||
/s/ | J. W. Prueher | Director | |
J. W. Prueher | |||
/s/ | R. L. Ridgway | Director | |
R. L. Ridgway | |||
/s/ | R. L. Stephenson | Director | |
R. L. Stephenson | |||
Date: | November 19, 2012 | /s/ D. N. Farr |
D. N. Farr | ||
Chairman of the Board and | ||
Chief Executive Officer | ||
Emerson Electric Co. |
Date: | November 19, 2012 | /s/ F. J. Dellaquila |
F. J. Dellaquila | ||
Executive Vice President and | ||
Chief Financial Officer | ||
Emerson Electric Co. |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) 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. |
/s/ | D. N. Farr | |
D. N. Farr | ||
Chairman of the Board and | ||
Chief Executive Officer | ||
Emerson Electric Co. | ||
November 19, 2012 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) 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. |
/s/ | F. J. Dellaquila | |
F. J. Dellaquila | ||
Executive Vice President and | ||
Chief Financial Officer | ||
Emerson Electric Co. | ||
November 19, 2012 |
Stock-Based Compensation (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Shares Subject To Option |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Incentive Awards Outstanding |
|
Income Taxes (Schedule Of Deferred Income Tax Assets And Liabilities) (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Sep. 30, 2011
|
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net operating losses and tax credits | $ 237 | $ 242 |
Accrued liabilities | 247 | 219 |
Postretirement and postemployment benefits | 135 | 137 |
Employee compensation and benefits | 194 | 176 |
Pensions | 224 | 196 |
Other | 138 | 176 |
Total deferred tax assets | 1,175 | 1,146 |
Valuation allowances | (113) | (107) |
Intangibles | (780) | (890) |
Property, plant and equipment | (282) | (284) |
Other | (110) | (133) |
Total deferred tax liabilities | 1,172 | 1,307 |
Net deferred income tax liability | $ (110) | $ (268) |
Acquisitions And Divestitures (Schedule Of Purchase Price Of Avocent And Chloride Allocated To Assets And Liabilities) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Business Acquisition [Line Items] | |||
Intangibles | $ 82 | $ 75 | $ 1,166 |
Goodwill | 94 | 125 | 1,633 |
Debt assumed | 169 | ||
Purchases of businesses, net of cash and equivalents acquired | 187 | 232 | 2,843 |
Avocent And Chloride Member
|
|||
Business Acquisition [Line Items] | |||
Accounts receivable | 197 | ||
Inventory | 155 | ||
Property, plant & equipment and other assets | 148 | ||
Intangibles | 1,071 | ||
Goodwill | 1,509 | ||
Assets held for sale, including deferred taxes | 278 | ||
Total assets | 3,358 | ||
Accounts payable and accrued expenses | 183 | ||
Debt assumed | 165 | ||
Deferred taxes and other liabilities | 395 | ||
Purchases of businesses, net of cash and equivalents acquired | $ 2,615 |
Financial Instruments (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Amounts Included In Earnings And Other Comprehensive Income |
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Schedule Of Fair Values Of Derivative Contracts Outstanding |
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Other Financial Data (Other Items Reported In Earnings) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Other Financial Data [Abstract] | |||
Research and development expense | $ 547 | $ 555 | $ 473 |
Depreciation expense | 505 | 522 | 562 |
Rent expense | $ 395 | $ 372 | $ 353 |
Stock-Based Compensation (Schedule Of Changes In Incentive Awards Outstanding) (Details) (Incentive Shares Member, USD $)
|
12 Months Ended |
---|---|
Sep. 30, 2012
|
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Incentive Shares Member
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Beginning of year | 7,101,000 |
Shares, Granted | 340,000 |
Shares, Earned/vested | (346,000) |
Shares, Canceled | (296,000) |
Shares, End of year | 6,799,000 |
Average Grant Date Fair Value Per Share, Beginning of year | $ 39.38 |
Average Grant Date Fair Value Per Share, Granted | $ 42.41 |
Average Grant Date Fair Value Per Share, Earned/vested | $ 38.68 |
Average exercise price per share, Options canceled | $ 39.71 |
Average Grant Date Fair Value Per Share, End of year | $ 39.55 |
Other Financial Data (Other Liabilities) (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Sep. 30, 2011
|
---|---|---|
Other Financial Data [Abstract] | ||
Pension plans | $ 818 | $ 732 |
Deferred income taxes | 592 | 764 |
Postretirement plans, excluding current portion | 337 | 361 |
Other | 709 | 664 |
Total | $ 2,456 | $ 2,521 |
Other Financial Data
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Other Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Data | (17) OTHER FINANCIAL DATA Items reported in earnings during the years ended September 30 include the following:
The Company leases certain facilities, transportation and office equipment, and various other items under operating lease agreements. Minimum annual rentals under noncancellable long-term leases, exclusive of maintenance, taxes, insurance and other operating costs, will approximate $271 in 2013, $195 in 2014, $137 in 2015, $91 in 2016 and $55 in 2017. Items reported in accrued expenses include the following:
Other liabilities are summarized as follows:
Other operating cash flow is comprised of the following:
|
Goodwill And Other Intangibles (Schedule Of Gross Carrying Amount And Accumulated Amortization Of Identifiable Intangible Assets By Major Class) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Intangibles Other Than Goodwill [Line Items] | |||||||||||
Gross carrying amount | $ 3,708 | $ 3,580 | $ 3,708 | $ 3,580 | |||||||
Less: Accumulated amortization | 1,870 | 1,611 | 1,870 | 1,611 | |||||||
Net carrying amount | 1,838 | 1,969 | 1,838 | 1,969 | |||||||
Amortization of intangible assets | 318 | 345 | 254 | ||||||||
Future amortization expense, 2013 | 308 | 308 | |||||||||
Future amortization expense, 2014 | 274 | 274 | |||||||||
Future amortization expense, 2015 | 244 | 244 | |||||||||
Future amortization expense, 2016 | 197 | 197 | |||||||||
Future amortization expense, 2017 | 175 | 175 | |||||||||
Goodwill impairment, net of tax | 528 | 19 | 0 | ||||||||
After-tax goodwill impairment loss per share | $ 0.72 | $ 0.03 | |||||||||
Net Sales | 6,700 | 6,484 | 5,919 | 5,309 | 6,545 | 6,288 | 5,854 | 5,535 | 24,412 | 24,222 | 21,039 |
Embedded Computing & Power [Member]
|
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Intangibles Other Than Goodwill [Line Items] | |||||||||||
Net Sales | 1,400 | ||||||||||
Customer Relationships [Member]
|
|||||||||||
Intangibles Other Than Goodwill [Line Items] | |||||||||||
Gross carrying amount | 1,537 | 1,499 | 1,537 | 1,499 | |||||||
Less: Accumulated amortization | 459 | 330 | 459 | 330 | |||||||
Net carrying amount | 1,078 | 1,169 | 1,078 | 1,169 | |||||||
Intellectual Property [Member]
|
|||||||||||
Intangibles Other Than Goodwill [Line Items] | |||||||||||
Gross carrying amount | 1,125 | 1,110 | 1,125 | 1,110 | |||||||
Less: Accumulated amortization | 606 | 518 | 606 | 518 | |||||||
Net carrying amount | 519 | 592 | 519 | 592 | |||||||
Capitalized Software [Member]
|
|||||||||||
Intangibles Other Than Goodwill [Line Items] | |||||||||||
Gross carrying amount | 1,046 | 971 | 1,046 | 971 | |||||||
Less: Accumulated amortization | 805 | 763 | 805 | 763 | |||||||
Net carrying amount | $ 241 | $ 208 | $ 241 | $ 208 |
Quarterly Financial Information (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Information |
|
Business Segments Information (Results Of Operations By Business Segments ) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Segment Reporting Information [Line Items] | |||||||||||
Segment Sales | $ 25,129 | $ 24,937 | $ 21,695 | ||||||||
Net Sales | 6,700 | 6,484 | 5,919 | 5,309 | 6,545 | 6,288 | 5,854 | 5,535 | 24,412 | 24,222 | 21,039 |
Segment Earnings | 3,115 | 3,631 | 2,879 | ||||||||
Interest expense, net | (224) | (223) | (261) | ||||||||
Assets, Total | 23,818 | 23,861 | 23,818 | 23,861 | 22,843 | ||||||
Increase (decrease) in incentive stock compensation expense | (96) | ||||||||||
Goodwill impairment, net of tax | 528 | 19 | 0 | ||||||||
After-tax goodwill impairment loss per share | $ 0.72 | $ 0.03 | |||||||||
Goodwill impairment | 592 | 19 | 0 | ||||||||
Process Management [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Sales | 7,899 | 7,000 | 6,022 | ||||||||
Segment Earnings | 1,599 | 1,402 | 1,093 | ||||||||
Assets, Total | 6,607 | 5,915 | 6,607 | 5,915 | 5,406 | ||||||
Goodwill impairment | |||||||||||
Industrial Automation [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Sales | 5,188 | 5,294 | 4,289 | ||||||||
Segment Earnings | 871 | 830 | 591 | ||||||||
Assets, Total | 3,619 | 3,818 | 3,619 | 3,818 | 3,688 | ||||||
Goodwill impairment | 19 | ||||||||||
Network Power [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Sales | 6,399 | 6,811 | 5,828 | ||||||||
Segment Earnings | 624 | 756 | 800 | ||||||||
Assets, Total | 7,212 | 7,945 | 7,212 | 7,945 | 8,072 | ||||||
Goodwill impairment | 592 | ||||||||||
Climate Technologies [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Sales | 3,766 | 3,995 | 3,801 | ||||||||
Segment Earnings | 668 | 709 | 691 | ||||||||
Assets, Total | 2,260 | 2,229 | 2,260 | 2,229 | 2,172 | ||||||
Goodwill impairment | |||||||||||
Commercial & Residential Solutions [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Sales | 1,877 | 1,837 | 1,755 | ||||||||
Segment Earnings | 396 | 375 | 357 | ||||||||
Assets, Total | 1,155 | 1,271 | 1,155 | 1,271 | 1,314 | ||||||
Goodwill impairment | |||||||||||
Differences In Accounting Methods [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Differences in accounting methods, Earnings | 226 | 231 | 195 | ||||||||
Corporate And Other [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Earnings | (1,045) | (449) | (587) | ||||||||
Assets, Total | 2,965 | 2,683 | 2,965 | 2,683 | 2,191 | ||||||
Sales Eliminations [Member]
|
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Segment Reporting Information [Line Items] | |||||||||||
Segment Sales | (717) | (715) | (656) | ||||||||
Segments total [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Earnings | 4,158 | 4,072 | 3,532 | ||||||||
Assets, Total | $ 20,853 | $ 21,178 | $ 20,853 | $ 21,178 | $ 20,652 |
Postretirement Plans (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
|
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Postretirement Benefits Expense |
|
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Reconciliations Of Actuarial Present Value Of Accumulated Postretirement Benefit Obligations |
|
Financial Instruments (Schedule Of Fair Values Of Derivative Contracts Outstanding) (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Sep. 30, 2011
|
---|---|---|
Financial Instruments [Line Items] | ||
Collateral balance posted | $ 0 | |
Collateral held from counterparties | 0 | |
Collateral balance could have been required to post | 2 | |
Fair value of long-term debt | 5,088 | 5,276 |
Fair value of long-term debt compared with carrying value | 741 | 673 |
Foreign Currency Derivatives [Member]
|
||
Financial Instruments [Line Items] | ||
Fair value of derivative assets | 31 | 17 |
Fair value of derivative liabilities | 8 | 48 |
Commodity Derivatives [Member]
|
||
Financial Instruments [Line Items] | ||
Fair value of derivative assets | 9 | 0 |
Fair value of derivative liabilities | $ 7 | $ 83 |
Income Taxes (Schedule Of Principal Components Of Income Tax Expense) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Income Tax Disclosure [Abstract] | |||
Current: Federal | $ 750 | $ 503 | $ 496 |
Current: State and local | 61 | 37 | 33 |
Current: Non-U.S. | 466 | 477 | 413 |
Deferred: Federal | (129) | 149 | (55) |
Deferred: State and local | (4) | 3 | (1) |
Deferred: Non-U.S. | (53) | (42) | (38) |
Income tax expense | $ 1,091 | $ 1,127 | $ 848 |
Retirement Plans (Reconciliation Of Change In Value For Level 3 Assets) (Details) (Fair Value, Level 3 [Member], USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Fair Value, Level 3 [Member]
|
||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance, October 1 | $ 267 | $ 249 |
Gains (Losses) on assets held | 9 | 34 |
Gains (Losses) on assets sold | (16) | (9) |
Purchases, sales and settlements, net | (10) | (7) |
Ending balance, September 30 | $ 250 | $ 267 |
Other Deductions, Net (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Other Deductions, Net [Abstract] | |||
Dumping duties received | $ 43 | ||
Joint Venture Ownership Acquisition Gain | 15 | ||
Amortization of intangibles (intellectual property and customer relationships) | 241 | 261 | 176 |
Rationalization of operations | 119 | 81 | 126 |
Other | 91 | 38 | 71 |
Gains, net | (50) | (24) | (4) |
Total | $ (401) | $ (356) | $ (369) |
Summary Of Significant Accounting Policies
|
12 Months Ended |
---|---|
Sep. 30, 2012
|
|
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICES Financial Statement Presentation The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from these estimates. Certain operating results have been classified as discontinued operations. See Note 3. In the fourth quarter of 2012, the Company adopted updates to ASC 715, Compensation - Retirement Benefits, which require certain disclosures for entities participating in multiemployer benefit plans. The updates did not change current measurement and recognition guidance for multiemployer plan expense, and adoption had no impact on the Company's results of operations. See Note 10. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its controlled affiliates. Intercompany transactions, profits and balances are eliminated in consolidation. Investments of 20 percent to 50 percent of the voting shares of other entities are accounted for by the equity method. Investments in publicly-traded companies of less than 20 percent are carried at fair value, with changes in fair value reflected in accumulated other comprehensive income. Investments in nonpublicly traded companies of less than 20 percent are carried at cost. Foreign Currency Translation The functional currency for most of the Company's non-U.S. subsidiaries is the local currency. Adjustments resulting from translating local currency financial statements into U.S. dollars are reflected in accumulated other comprehensive income. Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or market. The majority of inventory is valued based on standard costs that approximate average costs, while the remainder is principally valued on a first-in, first-out basis. Cost standards are revised at the beginning of each fiscal year. The annual effect of resetting standards plus any operating variances incurred during each period are allocated between inventories and cost of sales. Fair Value Measurements ASC 820, Fair Value Measurement, established a formal hierarchy and framework for measuring certain financial statement items at fair value, and expanded disclosures about fair value measurements and the reliability of valuation inputs. Under ASC 820, measurement assumes the transaction to sell an asset or transfer a liability occurs in the principal or at least the most advantageous market for that asset or liability. Within the hierarchy, Level 1 instruments use observable market prices for the identical item in active markets and have the most reliable valuations. Level 2 instruments are valued through broker/dealer quotation or through market-observable inputs for similar items in active markets, including forward and spot prices, interest rates and volatilities. Level 3 instruments are valued using inputs not observable in an active market, such as company-developed future cash flow estimates, and are considered the least reliable. Valuations for all of Emerson's financial instruments fall within Level 2. The Company's long-term debt is Level 2, with the fair value estimated using current interest rates and pricing from financial institutions and other market sources for debt with similar maturities and characteristics. In the second quarter of 2012, Emerson adopted updates to ASC 820 which established common fair value measurement and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. Adoption had an inconsequential impact on the Company's financial statements. Property, Plant and Equipment The Company records investments in land, buildings, and machinery and equipment at cost. Depreciation is computed principally using the straight-line method over estimated service lives, which for principal assets are 30 to 40 years for buildings and 8 to 12 years for machinery and equipment. Long-lived tangible assets are reviewed for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. Impairment losses are recognized based on estimated fair values if the sum of expected future undiscounted cash flows of the related assets is less than their carrying values. Goodwill and Other Intangible Assets Assets and liabilities acquired in business combinations are accounted for using the acquisition method and recorded at their respective fair values. Substantially all goodwill is assigned to the reporting unit that acquires a business. A reporting unit is an operating segment as defined in ASC 280, Segment Reporting, or a business one level below an operating segment if discrete financial information for that business unit is prepared and regularly reviewed by the segment manager. The Company conducts impairment tests of goodwill on an annual basis in the fourth quarter and between annual tests if events or circumstances indicate the fair value of a reporting unit may be less than its carrying value. If a reporting unit's carrying amount exceeds its estimated fair value, goodwill impairment is recognized to the extent that recorded goodwill exceeds the implied fair value of that goodwill. Estimated fair values of reporting units are Level 3 measures and are developed primarily under an income approach that discounts estimated future cash flows using risk-adjusted interest rates. In 2012, the Company adopted updates to ASC 350, Intangibles - Goodwill and Other, that allow in certain cases for an initial qualitative assessment of whether fair value exceeds carrying value for goodwill impairment testing. All of the Company's identifiable intangible assets are subject to amortization. Identifiable intangibles consist of intellectual property such as patents and trademarks, customer relationships and capitalized software, and are amortized on a straight-line basis over their estimated useful lives. These intangibles are also subject to evaluation for potential impairment if events or circumstances indicate the carrying amount may not be recoverable. See Note 6. Product Warranty Warranties vary by product line and are competitive for the markets in which the Company operates. Warranties generally extend for a period of one to two years from the date of sale or installation. Provisions for warranty are determined primarily based on historical warranty cost as a percentage of sales or a fixed amount per unit sold based on failure rates, adjusted for specific problems that may arise. Product warranty expense is less than one percent of sales. Revenue Recognition The Company recognizes nearly all of its revenues through the sale of manufactured products and records the sale when products are shipped or delivered, and title passes to the customer with collection reasonably assured. In certain limited circumstances, revenue is recognized using the percentage-of-completion method as performance occurs, or in accordance with ASC 985-605 related to software. Management believes that all relevant criteria and conditions are considered when recognizing revenue. Sales arrangements sometimes involve delivering multiple elements, including services such as installation. In these instances, the revenue assigned to each element is based on vendor-specific objective evidence, third-party evidence or a management estimate of the relative selling price. Revenue is recognized individually for delivered elements only if they have value to the customer on a stand-alone basis and the performance of the undelivered items is probable and substantially in the Company's control, or the undelivered elements are inconsequential or perfunctory and there are no unsatisfied contingencies related to payment. Approximately ten percent of the Company's revenues arise from qualifying sales arrangements that include the delivery of multiple elements, principally in the Network Power and Process Management segments. The vast majority of these deliverables are tangible products, with a small portion attributable to installation, service and maintenance. Selling prices are primarily determined using vendor-specific objective evidence. Generally, contract duration is short-term and cancellation, termination or refund provisions apply only in the event of contract breach and have historically not been invoked. The use of management estimated selling prices to allocate consideration in multiple deliverables arrangements became effective for the Company October 1, 2010. The impact of this change was inconsequential. Derivatives and Hedging In the normal course of business, the Company is exposed to changes in interest rates, foreign currency exchange rates and commodity prices due to its worldwide presence and diverse business profile. Emerson's foreign currency exposures primarily relate to transactions denominated in euros, Mexican pesos, Canadian dollars and Chinese renminbi. Primary commodity exposures are price fluctuations on forecasted purchases of copper and aluminum and related products. As part of the Company's risk management strategy, derivative instruments are selectively used in an effort to minimize the impact of these exposures. Foreign exchange forwards and options are utilized to hedge foreign currency exposures impacting sales or cost of sales transactions, firm commitments and the fair value of assets and liabilities, while swap and option contracts are used to minimize the effect of commodity price fluctuations on the cost of sales. All derivatives are associated with specific underlying exposures and the Company does not hold derivatives for trading or speculative purposes. The duration of hedge positions is generally two years or less and amounts currently hedged beyond 18 months are not significant. All derivatives are accounted for under ASC 815, Derivatives and Hedging, and recognized at fair value. For derivatives hedging variability in future cash flows, the effective portion of any gain or loss is deferred in stockholders' equity and recognized in earnings when the underlying hedged transaction impacts earnings. The majority of the Company's derivatives that are designated as hedges and qualify for deferral accounting are cash flow hedges. For derivatives hedging the fair value of existing assets or liabilities, both the gain or loss on the derivative and the offsetting loss or gain on the hedged item are recognized in earnings each period. Currency fluctuations on non-U.S. dollar obligations that have been designated as hedges of non-U.S. dollar net asset exposures are reported in equity. To the extent that any hedge is not fully effective at offsetting cash flow or fair value changes in the underlying hedged item, there could be a net earnings impact. The Company also uses derivatives to hedge economic exposures that do not receive deferral accounting under ASC 815. The underlying exposures for these hedges relate primarily to purchases of commodity-based components used in the Company's manufacturing processes, and the revaluation of certain foreign-currency-denominated assets and liabilities. Gains or losses from the ineffective portion of any hedge, as well as any gains or losses on derivative instruments not designated as hedges, are recognized in the income statement immediately. The Company has bilateral collateral arrangements with derivatives counterparties for which credit rating-based posting thresholds vary depending on the arrangement. If credit ratings on the Company's debt fall below preestablished levels, counterparties can require immediate full collateralization on all instruments in net liability positions. Similarly, Emerson can demand full collateralization should any of the Company's counterparties' credit ratings fall below certain thresholds. Counterparties to derivative arrangements are companies with high credit ratings. Risk from credit loss when derivatives are in asset positions is considered immaterial. The Company has master netting arrangements in place with its counterparties that allow the offsetting of certain derivative-related amounts receivable and payable when settlement occurs in the same period. Accordingly, counterparty balances are netted in the consolidated balance sheet. Net values of contracts are reported in other current assets or accrued expenses as appropriate depending on positions with counterparties as of the balance sheet date. See Note 7. Income Taxes The provision for income taxes is based on pretax income reported in the consolidated statements of earnings and tax rates currently enacted in each jurisdiction. Certain income and expense items are recognized in different time periods for financial reporting and income tax filing purposes, and deferred income taxes are provided for the effect of temporary differences. The Company also provides for U.S. federal income taxes, net of available foreign tax credits, on earnings intended to be repatriated from non-U.S. locations. No provision has been made for U.S. income taxes on approximately $6.3 billion of undistributed earnings of non-U.S. subsidiaries as of September 30, 2012, as these earnings are considered permanently invested or otherwise indefinitely retained for continuing international operations. Recognition of U.S. taxes on undistributed non-U.S. earnings would be triggered by a management decision to repatriate those earnings, although there is no current intention to do so. Determination of the amount of taxes that might be paid on these undistributed earnings if eventually remitted is not practicable. See Note 13. Comprehensive Income Comprehensive income is primarily composed of net earnings plus changes in foreign currency translation, pension and postretirement adjustments, and the effective portion of changes in the fair value of cash flow hedges. Accumulated other comprehensive income, net of tax (a component of equity), consists of foreign currency translation credits of $466 and $671, deferred pension and postretirement charges of $1,213 and $1,164 and cash flow hedges and other credits of $16 and charges of $69, respectively, at September 30, 2012 and 2011. Accumulated other comprehensive income attributable to noncontrolling interests in subsidiaries consists primarily of earnings, plus foreign currency translation. |