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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 10-Q


☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ____________________ to __________________

Commission file number 1-278

EMERSON ELECTRIC CO.
(Exact name of registrant as specified in its charter)
Missouri
logo_emersona12.jpg
43-0259330
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
8000 W. Florissant Ave. 
 
P.O. Box 4100
St. Louis,Missouri63136
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (314) 553-2000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock of $0.50 par value per shareEMRNew York Stock Exchange
NYSE Chicago
0.375% Notes due 2024EMR 24New York Stock Exchange
1.250% Notes due 2025EMR 25ANew York Stock Exchange
2.000% Notes due 2029EMR 29New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐








Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock of $0.50 par value per share outstanding at March 31, 2024: 572.1 million shares.







PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

Consolidated Statements of Earnings
EMERSON ELECTRIC CO. & SUBSIDIARIES
Three and six months ended March 31, 2023 and 2024
(Dollars in millions, except per share amounts; unaudited)
 
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2023 2024 2023 2024 
Net sales$3,756 4,376 $7,129 8,493 
Cost of sales1,955 2,092 3,708 4,293 
Selling, general and administrative expenses1,000 1,296 2,030 2,573 
Gain on subordinated interest— (79)— (79)
Other deductions, net109 389 229 876 
Interest expense (net of interest income of $18, $33, $38 and $73, respectively)
53 57 101 101 
Interest income from related party— (31)— (62)
Earnings from continuing operations before income taxes639 652 1,061 791 
Income taxes134 149 232 156 
Earnings from continuing operations505 503 829 635 
Discontinued operations, net of tax of $39, $—, $1,005 and $—, respectively
265 — 2,267 — 
Net earnings770 503 3,096 635 
Less: Noncontrolling interests in subsidiaries(22)2 (27)(8)
Net earnings common stockholders$792 501 $3,123 643 
Earnings common stockholders:
Earnings from continuing operations530 501 $859 643 
Discontinued operations262 — 2,264 — 
Net earnings common stockholders$792 501 $3,123 643 
Basic earnings per share common stockholders:
     Earnings from continuing operations$0.93 0.87 $1.49 1.12 
     Discontinued operations0.46 — 3.92 — 
Basic earnings per common share$1.39 0.87 $5.41 1.12 
Diluted earnings per share common stockholders:
Earnings from continuing operations$0.92 0.87 $1.48 1.12 
Discontinued operations0.46 — 3.90 — 
Diluted earnings per common share$1.38 0.87 $5.38 1.12 
Weighted average outstanding shares:
Basic570.9 571.4 577.2 571.1 
Diluted573.6 574.1 580.1 573.7 
 See accompanying Notes to Consolidated Financial Statements.





1



Consolidated Statements of Comprehensive Income
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and six months ended March 31, 2023 and 2024
(Dollars in millions; unaudited)
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Net earnings$770 503 $3,096 635 
Other comprehensive income (loss), net of tax:
Foreign currency translation110 6 351 180 
Pension and postretirement(17)(12)(33)(24)
Cash flow hedges13 (1)23 2 
        Total other comprehensive income (loss)106 (7)341 158 
Comprehensive income876 496 3,437 793 
Less: Noncontrolling interests in subsidiaries(23)2 (23)(6)
Comprehensive income common stockholders$899 494 $3,460 799 


































See accompanying Notes to Consolidated Financial Statements.





2



Consolidated Balance Sheets
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts; unaudited)
 Sept 30, 2023Mar 31, 2024
ASSETS  
Current assets  
Cash and equivalents$8,051 2,318 
Receivables, less allowances of $100 and $117, respectively
2,518 2,877 
Inventories2,006 2,357 
Other current assets1,244 1,457 
Total current assets13,819 9,009 
Property, plant and equipment, net2,363 2,689 
Other assets 
Goodwill14,480 17,964 
Other intangible assets6,263 10,976 
Copeland note receivable and equity investment3,255 3,191 
Other2,566 2,611 
Total other assets26,564 34,742 
Total assets$42,746 46,440 
LIABILITIES AND EQUITY  
Current liabilities  
Short-term borrowings and current maturities of long-term debt$547 3,155 
Accounts payable1,275 1,271 
Accrued expenses3,210 3,238 
Total current liabilities5,032 7,664 
Long-term debt7,610 7,614 
Other liabilities3,506 4,381 
Equity  
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 572.0 shares and 572.1 shares, respectively
477 477 
Additional paid-in-capital62 158 
Retained earnings40,070 40,108 
Accumulated other comprehensive income (loss)(1,253)(1,097)
Cost of common stock in treasury, 381.4 shares and 381.3 shares, respectively
(18,667)(18,746)
Common stockholders’ equity20,689 20,900 
Noncontrolling interests in subsidiaries5,909 5,881 
Total equity26,598 26,781 
Total liabilities and equity$42,746 46,440 
See accompanying Notes to Consolidated Financial Statements.





3



Consolidated Statements of Equity
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three and six months ended March 31, 2023 and 2024
(Dollars in millions; unaudited)
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Common stock$477 477 477 477 
Additional paid-in-capital
     Beginning balance112 140 57 62 
     Stock plans26 51 81 170 
     AspenTech purchases of common stock— (33)— (74)
        Ending balance138 158 138 158 
Retained earnings
     Beginning balance30,076 39,910 28,053 40,070 
     Net earnings common stockholders792 501 3,123 643 
Dividends paid (per share: $0.520, $0.525, $1.040 and $1.050, respectively)
(297)(303)(605)(605)
        Ending balance30,571 40,108 30,571 40,108 
Accumulated other comprehensive income (loss)
     Beginning balance(1,255)(1,090)(1,485)(1,253)
     Foreign currency translation111 6 347 178 
     Pension and postretirement(17)(12)(33)(24)
     Cash flow hedges13 (1)23 2 
        Ending balance(1,148)(1,097)(1,148)(1,097)
Treasury stock
     Beginning balance(18,683)(18,763)(16,738)(18,667)
     Purchases— — (2,000)(175)
     Issued under stock plans5 17 60 96 
        Ending balance(18,678)(18,746)(18,678)(18,746)
Common stockholders' equity11,360 20,900 11,360 20,900 
Noncontrolling interests in subsidiaries
     Beginning balance5,987 5,881 5,952 5,909 
     Net earnings (loss)(22)2 (27)(8)
     Stock plans23 22 58 33 
     AspenTech purchases of common stock— (24)— (55)
     Other comprehensive income(1)— 4 2 
        Ending balance5,987 5,881 5,987 5,881 
Total equity$17,347 26,781 17,347 26,781 

See accompanying Notes to Consolidated Financial Statements.





4



Consolidated Statements of Cash Flows
EMERSON ELECTRIC CO. & SUBSIDIARIES
Six Months Ended March 31, 2023 and 2024
(Dollars in millions; unaudited)
Six Months Ended
March 31,
 2023 2024 
Operating activities  
Net earnings$3,096 635 
Earnings from discontinued operations, net of tax(2,267)— 
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization523 846 
        Stock compensation142 147 
        Amortization of acquisition-related inventory step-up— 231 
        Gain on subordinated interest— (79)
        Changes in operating working capital(390)(373)
        Other, net(227)(206)
            Cash from continuing operations877 1,201 
            Cash from discontinued operations(391)(43)
            Cash provided by operating activities486 1,158 
Investing activities
Capital expenditures(121)(159)
Purchases of businesses, net of cash and equivalents acquired— (8,342)
Proceeds from subordinated interest15 79 
Other, net(76)(68)
    Cash from continuing operations(182)(8,490)
    Cash from discontinued operations2,916 1 
    Cash provided by (used in) investing activities2,734 (8,489)
Financing activities
Net increase (decrease) in short-term borrowings(31)2,464 
Proceeds from short-term borrowings greater than three months395 99 
Payments of long-term debt(742)(1)
Dividends paid(603)(600)
Purchases of common stock(2,000)(175)
AspenTech purchases of common stock— (129)
Other, net(55)(45)
    Cash provided by (used in) financing activities(3,036)1,613 
Effect of exchange rate changes on cash and equivalents58 (15)
Increase (decrease) in cash and equivalents242 (5,733)
Beginning cash and equivalents1,804 8,051 
Ending cash and equivalents$2,046 2,318 
Changes in operating working capital
Receivables$(63)(35)
Inventories(219)(46)
Other current assets22 (69)
Accounts payable(98)(46)
Accrued expenses(32)(177)
Total changes in operating working capital$(390)(373)
See accompanying Notes to Consolidated Financial Statements.





5



Notes to Consolidated Financial Statements
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts or where noted)

(1) BASIS OF PRESENTATION

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles (GAAP). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023.

(2) REVENUE RECOGNITION

Emerson is a global manufacturer that designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions for its customers. The majority of the Company's revenues relate to a broad offering of manufactured products and software which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues.

The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities.     
Sept 30, 2023Mar 31, 2024
Unbilled receivables (contract assets)$1,453 1,480 
Customer advances (contract liabilities)(897)(1,187)
      Net contract assets (liabilities)$556 293 
    
The majority of the Company's contract balances relate to (1) arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule, and (2) revenue from term software license arrangements where the license revenue is recognized upfront upon delivery. The decrease in net contract assets was primarily due to the acquisition of National Instruments, which increased contract liabilities by approximately $190, while customer billings slightly exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and six months ended March 31, 2024 included $154 and $522, respectively, that was included in the beginning contract liability balance. Other factors that impacted the change in net contract assets were immaterial. Revenue recognized for the three and six months ended March 31, 2024 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was immaterial.

As of March 31, 2024, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $8.8 billion (of which approximately $1.25 billion was attributable to AspenTech and approximately $500 was attributable to National Instruments). The Company expects to recognize approximately 75 percent of its remaining performance obligations as revenue over the next 12 months, with the remainder substantially over the following two years.     






6



(3) COMMON SHARES

Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential.
Three Months Ended
March 31,		Six Months Ended
March 31,
 2023 2024 2023 2024 
Basic shares outstanding570.9 571.4 577.2 571.1 
Dilutive shares2.7 2.7 2.9 2.6 
Diluted shares outstanding573.6 574.1 580.1 573.7 
 
(4) ACQUISITIONS AND DIVESTITURES

National Instruments

On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (“NI”). NI, which provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, had revenues of approximately $1.7 billion and pretax earnings of approximately $170 for the 12 months ended September 30, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group, see Note 14.

The following table summarizes the components of the purchase consideration reflected in the acquisition accounting for NI.
Cash paid to acquire remaining NI shares not already owned by Emerson$7,833 
Payoff of NI debt at closing634 
Total consideration paid in cash at closing8,467 
Fair value of NI shares already owned by Emerson prior to acquisition137 
Value of stock-based compensation awards attributable to pre-combination service49 
Total purchase consideration$8,653 

The total purchase consideration for NI was allocated to assets and liabilities as follows. Valuations of acquired assets and liabilities are in-process and subject to refinement.

Cash and equivalents$135 
Receivables310 
Inventory514 
Other current assets139 
Property, plant and equipment328 
Goodwill ($130 expected to be tax-deductible)
3,407 
Other intangible assets5,275 
Other assets120 
Total assets10,228 
Accounts payable52 
Accrued expenses326 
Deferred taxes and other liabilities1,197 
Total purchase consideration$8,653 









7



The estimated intangible assets attributable to the transaction are comprised of the following (in millions):

AmountEstimated Weighted Average Life (Years)
Developed technology $1,570 9
Customer relationships 3,360 15
Trade names210 9
Backlog135 1
Total $5,275 

Results of operations for the three and six months ended March 31, 2024 attributable to the NI acquisition include sales of $367 and $749, respectively, and a net loss of $80 and $406, respectively. The net loss included the impact of inventory step-up amortization recorded in the first quarter, intangibles amortization, retention bonuses, stock compensation expense and restructuring.

Pro Forma Financial Information

The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of NI occurred on October 1, 2022. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts).
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Net Sales$4,193 4,376 $8,014 8,512 
Net earnings from continuing operations common stockholders$447 530 $306 950 
Diluted earnings per share from continuing operations$0.77 0.92 $0.53 1.65 

Pro forma Net sales for the three and six months ended March 31, 2023 include $437 and $885, respectively, attributable to NI.

The pro forma results for the three months ended March 31, 2023 include ongoing intangibles amortization of $107 and backlog amortization of $34, and exclude the mark-to-market gain of $35 recognized in the prior year on the Company's equity investment in National Instruments Corporation (see Note 7).

The pro forma results for the six months ended March 31, 2023 include transaction costs of $198 which were assumed to be incurred in the first quarter of fiscal 2023. These transaction costs include $88 incurred by NI prior to the completion of the transaction and $110 incurred by Emerson in periods subsequent to the first quarter of fiscal 2023. The pro forma results for the six months ended March 31, 2023 also include $212 of ongoing intangibles amortization, backlog amortization of $68, inventory step-up amortization of $213, and retention bonuses of $47, and exclude the mark-to-market gain of $35 recognized in the prior year on the equity investment in National Instruments Corporation.

Other Transactions

In the second quarter of fiscal 2024, the Company received its final distribution of $79 related to its subordinated interest in Vertiv. In addition, the Company divested a small business in the Final Control segment and recognized a non-cash loss of $39.

In the fourth quarter of fiscal 2023, the Company acquired two businesses, Flexim, which is reported in the Measurement & Analytical segment, and Afag, which is reported in the Discrete Automation segment, for $715, net of cash acquired. The Company recognized goodwill of $423 (none of which is expected to be tax deductible) and other





8



identifiable intangible assets of $323, primarily customer relationships and intellectual property with a weighted-average useful life of approximately 9 years.

On March 31, 2023, Emerson completed the divestiture of Metran, its Russia-based manufacturing subsidiary. In the first quarter of fiscal 2023, the Company recognized a pretax loss of $47 in Other deductions ($47 after-tax, in total $0.08 per share) related to its exit of business operations in Russia.

(5) DISCONTINUED OPERATIONS

On May 31, 2023, the Company completed the sale of a majority stake in its Climate Technologies business (which constitutes the former Climate Technologies segment, excluding Therm-O-Disc which was divested earlier in fiscal 2022) to private equity funds managed by Blackstone in a $14.0 billion transaction. Emerson received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion (which accrues 5 percent interest payable in kind by capitalizing interest), while retaining a 40 percent non-controlling common equity interest in a new standalone joint venture between Emerson and Blackstone. The Climate Technologies business, which includes the Copeland compressor business and the entire portfolio of products and services across all residential and commercial HVAC and refrigeration end-markets, had fiscal 2022 net sales of approximately $5.0 billion and pretax earnings of $1.0 billion. The Company recognized a pretax gain of approximately $10.6 billion in the third quarter of fiscal 2023 (approximately $8.4 billion after-tax including tax expense recognized prior to the completion of the transaction related to subsidiary restructurings). The new standalone business is named Copeland. See Note 10 for further details.

On October 31, 2022, the Company completed the divestiture of its InSinkErator business, which manufactures food waste disposers, to Whirlpool Corporation for $3.0 billion. This business had net sales of $630 and pretax earnings of $152 in fiscal 2022. The Company recognized a pretax gain of approximately $2.8 billion (approximately $2.1 billion after-tax) in the first quarter of fiscal 2023.

The financial results of Climate Technologies and InSinkErator ("ISE") are reported as discontinued operations for the three and six months ended March 31, 2023 and were as follows:






9



Three Months Ended March 31, 2023
 Climate TechnologiesISETotal
Net sales $1,245 — 1,245 
Cost of sales 782 — 782 
SG&A127 — 127 
Gain on sale of business — (3)(3)
Other deductions, net 35 — 35 
Earnings before income taxes 301 3 304 
Income taxes 39 — 39 
Earnings, net of tax $262 3 265 
Six Months Ended March 31, 2023
Climate TechnologiesISETotal
Net sales$2,309 49 2,358 
Cost of sales1,484 29 1,513 
SG&A269 8 277 
Gain on sale of business— (2,783)(2,783)
Other deductions, net67 12 79 
Earnings before income taxes489 2,783 3,272 
Income taxes352 653 1,005 
Earnings, net of tax$137 2,130 2,267 

Climate Technologies' results for the three and six months ended March 31, 2023 included lower expense of $43 and $70, respectively, due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $28 and $55 of transaction-related costs for the three and six months ended March 31, 2023, respectively. Income taxes for the six months ended March 31, 2023 included approximately $245 for Climate Technologies subsidiary restructurings and approximately $660 related to the gain on the InSinkErator divestiture.

Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the six months ended March 31, 2024 and 2023 were as follows:

Climate TechnologiesISE and TODTotal
 Six Months Ended March 31,Six Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 2023 2024 
Cash from operating activities$44 (43)(435)— (391)(43)
Cash from investing activities$(139)1 3,055 — 2,916 1 

Cash from operating activities for the six months ended March 31, 2023 reflects approximately $575 of income taxes paid related to the gain on the InSinkErator divestiture and the Climate Technologies subsidiary restructurings, transaction fees and unfavorable working capital. Cash from investing activities for the six months ended March 31, 2023 reflects the proceeds of $3.0 billion related to the InSinkErator divestiture.






10



(6) PENSION & POSTRETIREMENT PLANS

Total periodic pension and postretirement (income) expense is summarized below:
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Service cost$12 9 $24 18 
Interest cost54 55 108 110 
Expected return on plan assets
(71)(74)(142)(148)
Net amortization(20)(14)(40)(28)
Total$(25)(24)$(50)(48)

(7) OTHER DEDUCTIONS, NET

Other deductions, net are summarized below:
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2023 2024 2023 2024 
Amortization of intangibles (intellectual property and customer relationships)$119 273 237 547 
Restructuring costs19 30 29 113 
Acquisition/divestiture costs10 5 10 85 
Foreign currency transaction (gains) losses26 17 19 51 
Investment-related gains & gains from sales of capital assets
(35)— (39)— 
Loss on Copeland equity method investment— 59 — 95 
Loss on divestiture of business— 39 — 39 
Russia business exit— — 47 — 
Other(30)(34)(74)(54)
Total$109 389 229 876 

Intangibles amortization for the three and six months ended March 31, 2024 included $141 and $280, respectively, related to the NI acquisition. Foreign currency transaction losses for the three and six months ended March 31, 2023 included a mark-to-market loss of $14 and a gain of $21, respectively, related to foreign currency forward contracts that were terminated in June 2023. The Company recognized a mark-to-market gain of $35 for the three months ended March 31, 2023 related to its equity investment in National Instruments Corporation. Other is composed of several items, including a portion of pension expense, litigation costs, provision for bad debt and other items, none of which is individually significant.







11



(8) RESTRUCTURING COSTS

Restructuring expense reflects costs associated with the Company’s ongoing efforts to improve operational efficiency and deploy assets globally in order to remain competitive on a worldwide basis. The Company expects fiscal 2024 restructuring expense and related costs to be approximately $230, including costs to complete actions initiated in the first six months of the year.

Restructuring expense by business segment follows:

 Three Months Ended March 31,Six Months Ended
March 31,
 2023 2024 2023 2024 
Final Control$2 (7)1 (4)
Measurement & Analytical— 1 1 4 
Discrete Automation7 7 8 17 
Safety & Productivity2 1 2 1 
Intelligent Devices11 2 12 18 
Control Systems & Software5 3 6 4 
Test & Measurement— 14 — 54 
AspenTech— — — — 
Software and Control 5 17 6 58 
Corporate3 11 11 37 
Total$19 30 29 113 
Corporate restructuring of $11 and $37 for the three and six months ended March 31, 2024, respectively, is comprised almost entirely of integration-related stock compensation expense attributable to NI.
Details of the change in the liability for restructuring costs during the six months ended March 31, 2024 follow:
 Sept 30, 2023ExpenseUtilized/PaidMar 31, 2024
Severance and benefits$85 95 100 80 
Other2 18 15 5 
Total$87 113 115 85 
The tables above do not include $7 and $3 of costs related to restructuring actions incurred for the three months ended March 31, 2023 and 2024, respectively, that are required to be reported in cost of sales and selling, general and administrative expenses; year-to-date amounts are $12 and $7, respectively.
 
(9) TAXES

Income taxes were $149 in the second quarter of fiscal 2024 and $134 in 2023, resulting in effective tax rates of 23 percent and 21 percent, respectively. The current year rate was negatively impacted by approximately 2 percentage points due to the loss on divestiture (see Note 4), which was nondeductible for tax purposes.

Income taxes were $156 in the first six of months of fiscal 2024 and $232 in 2023, resulting in effective tax rates of 20 percent and 22 percent, respectively. The current year rate included a $57 ($0.10 per share) benefit related to discrete tax items, partially offset by unfavorable impacts from inventory step-up amortization and the loss on divestiture noted above. In total, the net impact of these items benefited the rate by approximately 1 percentage point.







12



(10) EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE

As discussed in Note 5, the Company completed the divestiture of a majority stake in Copeland on May 31, 2023, and received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion, while retaining a 40 percent non-controlling common equity interest in Copeland.
The Company records its share of Copeland's income or loss using the equity method of accounting. For the three and six months ended March 31, 2024 the Company recorded a loss of $59 and $95, respectively, in Other deductions to reflect its share of Copeland's losses and a tax benefit of $13 and $22, respectively, in Income taxes related to Copeland's U.S. business, which is taxed as a partnership (in total, a loss of $0.08 and $0.12 per share, respectively). The Company recognized non-cash interest income on the note receivable of $31 and $62 for the three and six months ended March 31, 2024, respectively, which is reported in Interest income from related party and capitalized to the carrying value of the note.
As of March 31, 2024, the carrying values of the retained equity investment and note receivable were $1,036 and $2,155, respectively.
Summarized financial information for Copeland for the three and six months ended March 31, 2024 is as follows.
 Three Months Ended March 31,Six Months Ended March 31,
 2024 2024 
Net sales $1,175 $2,199 
Gross profit$412 $757 
Income (loss) from continuing operations$(147)$(240)
Net income (loss)$(147)$(240)
Net income (loss) attributable to shareholders$(148)$(238)
(11) OTHER FINANCIAL INFORMATION

Sept 30, 2023Mar 31, 2024
Inventories
Finished products$446 593 
Raw materials and work in process1,560 1,764 
Total$2,006 2,357 
Property, plant and equipment, net  
Property, plant and equipment, at cost$5,524 5,976 
Less: Accumulated depreciation3,161 3,287 
     Total$2,363 2,689 
Goodwill by business segment
Final Control$2,660 2,682 
Measurement & Analytical1,545 1,560 
Discrete Automation892 908 
Safety & Productivity388 399 
Intelligent Devices5,485 5,549 
Control Systems & Software668 671 
Test & Measurement— 3,415 
AspenTech8,327 8,329 
Software and Control 8,995 12,415 
     Total$14,480 17,964 





13



Sept 30, 2023Mar 31, 2024
Other intangible assets  
Gross carrying amount$10,111 15,484 
Less: Accumulated amortization3,848 4,508 
     Net carrying amount$6,263 10,976 
Other intangible assets include customer relationships, net, of $3,353 and $6,501 and intellectual property, net, of $2,707 and $4,247 as of September 30, 2023 and March 31, 2024, respectively.
The increase in goodwill and intangibles was primarily due to the NI acquisition. See Note 4.
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Depreciation and amortization expense include the following:
Depreciation expense$72 79 146 158 
Amortization of intangibles (includes $49, $49, $98 and $98 reported in Cost of Sales, respectively)
168 322 335 645 
Amortization of capitalized software23 23 42 43 
Total $263 424 523 846 
Amortization of intangibles included $141 and $280 related to the NI acquisition for the three and six months ended March 31, 2024.
Sept 30, 2023Mar 31, 2024
Other assets include the following:
Pension assets$995 1,053 
Operating lease right-of-use assets550 686 
Unbilled receivables (contract assets)559 528 
Deferred income taxes100 63 
Asbestos-related insurance receivables53 48 
Accrued expenses include the following:
Customer advances (contract liabilities)$861 1,100 
Employee compensation618 531 
Income taxes207 220 
Operating lease liabilities (current)144 155 
Product warranty84 74 
Other liabilities include the following:  
Deferred income taxes$1,959 2,654 
Operating lease liabilities (noncurrent)404 511 
Pension and postretirement liabilities435 447 
Asbestos litigation173 164 
The increase in deferred income tax liabilities reflects the impact of the NI acquisition. See Note 4.






14



(12) FINANCIAL INSTRUMENTS
Hedging Activities – As of March 31, 2024, the notional amount of foreign currency hedge positions was approximately $3.2 billion. All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of March 31, 2024 are expected to be recognized over the next 12 months as the underlying forecasted transactions occur. Gains and losses on foreign currency derivatives reported in Other deductions, net reflect hedges of balance sheet exposures that do not receive hedge accounting.
Net Investment Hedge – In fiscal 2019, the Company issued euro-denominated debt of €1.5 billion. The euro notes reduce foreign currency risk associated with the Company's international subsidiaries that use the euro as their functional currency and have been designated as a hedge of a portion of the investment in these operations. Foreign currency gains or losses associated with the euro-denominated debt are deferred in accumulated other comprehensive income (loss) and will remain until the hedged investment is sold or substantially liquidated.
The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and six months ended March 31, 2023 and 2024:
Into EarningsInto OCI
2nd QuarterSix Months2nd QuarterSix Months
Gains (Losses)Location2023 2024 2023 2024 2023 2024 2023 2024 
CommodityCost of sales$(2)— (10)— 8 — 19 — 
Foreign currency
Sales
(1)— (2)— (1)(5)3 2 
Foreign currency
Cost of sales
10 3 18 6 17 6 14 7 
Foreign currency
Other deductions, net
(22)(26)(17)(11)
Net Investment Hedges
Euro denominated debt— — (14)3 (137)(52)
     Total $(15)(23)(11)(5)10 4 (101)(43)

Regardless of whether derivatives and non-derivative financial instruments receive hedge accounting, the Company expects hedging gains or losses to be offset by losses or gains on the related underlying exposures. The amounts ultimately recognized will differ from those presented above for open positions, which remain subject to ongoing market price fluctuations until settlement. Derivatives receiving hedge accounting are highly effective and no amounts were excluded from the assessment of hedge effectiveness.
Fair Value Measurement – Valuations for all derivatives, the Company's note receivable from Copeland, and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. The fair value of the note receivable as of March 31, 2024 was approximately $2.0 billion, which was lower than the carrying value by approximately $100. See Note 10 for further details. As of March 31, 2024, the fair value of long-term debt was approximately $7.2 billion, which was lower than the carrying value by $963. The fair value of foreign currency contracts, which are reported in Other current assets and Accrued expenses, did not materially change since September 30, 2023. Commodity contracts related to discontinued operations and were novated to Copeland upon the completion of the transaction.
Counterparties to derivatives arrangements are companies with investment-grade credit ratings. The Company has bilateral collateral arrangements with counterparties with credit rating-based posting thresholds that vary depending on the arrangement. If credit ratings on the Company's debt fall below pre-established levels, counterparties can require immediate full collateralization of all derivatives in net liability positions. The maximum amount that could potentially have been required was immaterial. The Company also can demand full collateralization of derivatives in net asset positions should any counterparty credit ratings fall below certain thresholds. No collateral was posted with counterparties and none was held by the Company as of March 31, 2024.






15



(13) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Activity in Accumulated other comprehensive income (loss) for the three and six months ended March 31, 2023 and 2024 is shown below, net of income taxes: 
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Foreign currency translation
   Beginning balance$(1,029)(840)(1,265)(1,012)
   Other comprehensive income (loss), net of tax of $4, $(1), $32 and $12, respectively
111 (17)347 155 
   Reclassification to loss on divestiture of business— 23 — 23 
   Ending balance(918)(834)(918)(834)
Pension and postretirement
   Beginning balance(238)(259)(222)(247)
Amortization of deferred actuarial losses into earnings, net of tax of $3, $2, $7 and $4, respectively
(17)(12)(33)(24)
   Ending balance(255)(271)(255)(271)
Cash flow hedges
   Beginning balance12 9 2 6 
Gains deferred during the period, net of taxes of $(6), $0, $(9) and $(2), respectively
18 1 27 7 
   Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $2, $1, $2 and $1, respectively
(5)(2)(4)(5)
   Ending balance25 8 25 8 
Accumulated other comprehensive income (loss)$(1,148)(1,097)(1,148)(1,097)






16



(14) BUSINESS SEGMENTS

As disclosed in Note 4, the Company completed the acquisition of NI on October 11, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group.

Summarized information about the Company's results of operations by business segment follows:

 Three Months Ended March 31,Six Months Ended March 31,
 SalesEarnings (Loss)SalesEarnings (Loss)
 2023 2024 2023 2024 2023 2024 2023 2024 
Final Control$992 1,051 215 259 1,854 1,991 373 453 
Measurement & Analytical888 1,013 229 274 1,637 1,960 404 509 
Discrete Automation683 632 133 116 1,301 1,245 254 213 
Safety & Productivity361 365 83 83 671 687 146 151 
Intelligent Devices2,924 3,061 660 732 5,463 5,883 1,177 1,326 
Control Systems & Software623 687 127 151 1,229 1,362 234 300 
Test & Measurement— 367 — (79)— 749 — (157)
AspenTech230 278 (54)(8)473 535 (87)(43)
Software and Control853 1,332 73 64 1,702 2,646 147 100 
Stock compensation
(40)(73)(142)(147)
Unallocated pension and postretirement costs46 38 91 69 
Corporate and other(47)(103)(111)(502)
Loss on Copeland equity method investment— (59)— (95)
Gain on subordinated interest— 79 — 79 
Eliminations/Interest(21)(17)(53)(57)(36)(36)(101)(101)
Interest income from related party— 31 — 62 
     Total$3,756 4,376 639 652 7,129 8,493 1,061 791 
Stock compensation for the three months and six months ended March 31, 2024 included $14 and $44 of integration-related stock compensation expense attributable to NI (of which $10 and $36, respectively, was reported as restructuring costs). Corporate and other for the three and six months ended March 31, 2024 included acquisition/divestiture fees and related costs of $16 and $146, respectively, and a divestiture loss of $39, while year-to-date also includes acquisition-related inventory step-up amortization of $231. Corporate and other for the six months ended March 31, 2023 included a loss of $47 related to the Company's exit of business operations in Russia and a mark-to-market gain of $35 related to its equity investment in National Instruments Corporation.






17



Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Final Control$45 39 90 79 
Measurement & Analytical28 33 58 73 
Discrete Automation22 21 43 43 
Safety & Productivity15 15 29 29 
Intelligent Devices110 108 220 224 
Control Systems & Software24 28 45 49 
Test & Measurement— 153 — 304 
AspenTech123 124 246 247 
Software and Control147 305 291 600 
Corporate and other6 11 12 22 
     Total$263 424 523 846 





18



Test & Measurement depreciation and amortization for the three and six months ended March 31, 2024 included intangibles amortization of $141 and $280 due to the acquisition.
Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below:
Three Months Ended March 31,Three Months Ended March 31,
20232024
AmericasAMEAEurope Total AmericasAMEAEurope Total
Final Control$494 362 136 992 513 404 134 1,051 
Measurement & Analytical455 304 129 888 512 334 167 1,013 
Discrete Automation311 184 188 683 294 161 177 632 
Safety & Productivity272 16 73 361 269 19 77 365 
Intelligent Devices1,532 866 526 2,924 1,588 918 555 3,061 
Control Systems & Software314 186 123 623 321 217 149 687 
Test & Measurement— — — — 162 98 107 367 
AspenTech114 61 55 230 121 73 84 278 
Software and Control428 247 178 853 604 388 340 1,332 
     Total$1,960 1,113 704 3,777 2,192 1,306 895 4,393 
Six Months Ended March 31,Six Months Ended March 31,
20232024
AmericasAMEAEuropeTotalAmericasAMEAEuropeTotal
Final Control$940 670 244 1,854 967 774 250 1,991 
Measurement & Analytical851 550 236 1,637 987 659 314 1,960 
Discrete Automation602 359 340 1,301 580 323 342 1,245 
Safety & Productivity508 33 130 671 512 35 140 687 
Intelligent Devices2,901 1,612 950 5,463 3,046 1,791 1,046 5,883 
Control Systems & Software608 371 250 1,229 646 426 290 1,362 
Test & Measurement— — — — 326 197 226 749 
AspenTech226 124 123 473 261 133 141 535 
Software and Control834 495 373 1,702 1,233 756 657 2,646 
Corporate and other
Total$3,735 2,107 1,323 7,165 4,279 2,547 1,703 8,529 





19



Items 2 and 3.

Management's Discussion and Analysis of Financial Condition and Results of Operations 
(Dollars are in millions, except per share amounts or where noted)

OVERVIEW

On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (“NI”), which is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group. NI provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, and had revenues of approximately $1.7 billion for the 12 months ended September 30, 2023. See Note 4.

For the second quarter of fiscal 2024, net sales were $4.4 billion, up 17 percent compared with the prior year. Underlying sales, which exclude foreign currency translation, acquisitions and divestitures, were up 8 percent. Foreign currency translation had a 1 percent unfavorable impact and the Test & Measurement acquisition added 10 percent.
Earnings from continuing operations attributable to common stockholders were $501, down 6 percent, and diluted earnings per share from continuing operations were $0.87, down 5 percent compared with $0.92 in the prior year. Adjusted diluted earnings per share from continuing operations were $1.36, up 25 percent compared with $1.09 in the prior year, reflecting the strong sales growth and operating performance, as well as an $0.11 contribution from Test & Measurement.

The table below presents the Company's diluted earnings per share from continuing operations on an adjusted basis to facilitate period-to-period comparisons and provide additional insight into the underlying, ongoing operating performance of the Company. Adjusted diluted earnings per share from continuing operations excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, and certain gains, losses or impairments.
Three Months Ended March 31,20232024
Diluted earnings from continuing operations per share $0.92 0.87 
Amortization of intangibles0.16 0.36 
Restructuring and related costs0.04 0.05 
Acquisition/divestiture fees and related costs0.01 0.03 
Loss on divestiture of business— 0.07 
Gain on subordinated interest— (0.10)
National Instruments investment gain(0.05)— 
AspenTech Micromine purchase price hedge0.01 — 
Loss on Copeland equity method investment— 0.08 
Adjusted diluted earnings from continuing operations per share$1.09 1.36 





20



The table below summarizes the changes in adjusted diluted earnings per share from continuing operations. The items identified below are discussed throughout MD&A, see further discussion above and in the Business Segments and Financial Position sections below.
Three Months Ended
Adjusted diluted earnings from continuing operations per share - March 31, 2023
$1.09 
    Operations0.27 
    Corporate and other0.02 
    Stock compensation(0.04)
    Foreign currency(0.02)
    Pensions(0.01)
    Effective tax rate0.01 
    Interest income from related party0.04 
Adjusted diluted earnings from continuing operations per share - March 31, 2024
$1.36 

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31

Following is an analysis of the Company’s operating results for the second quarter ended March 31, 2023, compared with the second quarter ended March 31, 2024.
20232024Change
(dollars in millions, except per share amounts)   
Net sales$3,756 4,376 17 %
Gross profit$1,801 2,284 27 %
Percent of sales47.9 %52.2 %4.3 pts
SG&A$1,000 1,296 30 %
Percent of sales26.7 %29.6 %2.9 pts
Gain on subordinated interest$— (79)
Other deductions, net$109 389  
Amortization of intangibles$119 273 
Restructuring costs$19 30 
Interest expense, net$53 57  
Interest income from related party$— (31)
Earnings from continuing operations before income taxes$639 652 2 %
Percent of sales17.0 %14.9 %(2.1) pts
Earnings from continuing operations common stockholders$530 501 (6)%
Percent of sales14.2 %11.4 %(2.8) pts
Net earnings common stockholders$792 501 (37)%
Diluted EPS - Earnings from continuing operations$0.92 0.87 (5)%
Diluted EPS - Net earnings$1.38 0.87 (37)%
Adjusted Diluted EPS - Earnings from continuing operations$1.09 1.36 25 %

Net sales for the second quarter of fiscal 2024 were $4.4 billion, up 17 percent compared with 2023. Intelligent Devices sales were up 5 percent, while Software and Control sales were up 56 percent, which included the impact of the Test & Measurement acquisition. Underlying sales were up 8 percent on 5 percent higher volume and 3 percent higher price. Foreign currency translation had a 1 percent unfavorable impact and the Test & Measurement acquisition added 10 percent. Underlying sales were up 2 percent in the U.S. and up 12 percent internationally. The Americas





21



was up 4 percent, Europe was up 12 percent, and Asia, Middle East & Africa was up 11 percent (China down 3 percent).

Cost of sales for the second quarter of fiscal 2024 were $2,092, an increase of $137 compared with 2023, reflecting the impact of higher volume and the Test & Measurement acquisition. Gross margin of 52.2 percent increased 4.3 percentage points, reflecting the Test & Measurement acquisition, higher price and leverage on higher sales.
Selling, general and administrative (SG&A) expenses of $1,296 increased $296 and SG&A as a percent of sales increased 2.9 percentage points to 29.6 percent compared with the prior year, reflecting the impact of the Test & Measurement acquisition and higher stock compensation expense, partially offset by strong operating leverage on higher sales.
In the second quarter of fiscal 2024, the Company received its final distribution of $79 related to its subordinated interest in Vertiv.
Other deductions, net were $389 for the second quarter of fiscal 2024, an increase of $280 compared with the prior year. The current year included intangibles amortization related to the Test & Measurement acquisition of $141, restructuring costs of $30, a loss of $59 on the Company's equity method investment in Copeland and a divestiture loss of $39. The prior year included a mark-to-market gain of $35 related to its equity investment in National Instruments Corporation and a mark-to-market loss of $14 related to foreign currency forward contracts that were terminated in June 2023. See Note 7 and Note 10.

Pretax earnings from continuing operations of $652 increased $13, up 2 percent compared with the prior year. Earnings increased $72 in Intelligent Devices and decreased $9 in Software and Control, see the Business Segments discussion that follows and Note 14.

Income taxes were $149 in the second quarter of fiscal 2024 and $134 in 2023, resulting in effective tax rates of 23 percent and 21 percent, respectively. The current year rate was negatively impacted by approximately 2 percentage points due to the loss on divestiture (see Note 4), which was nondeductible for tax purposes.

Earnings from continuing operations attributable to common stockholders were $501, down 6 percent, and diluted earnings per share from continuing operations were $0.87, down 5 percent compared with $0.92 in the prior year. Adjusted diluted earnings per share from continuing operations were $1.36 compared with $1.09 in the prior year, reflecting strong operating results. See the analysis above of adjusted earnings per share for further details.

Earnings from discontinued operations were $262 ($0.46 per share) in the prior year. See Note 5.

Net earnings common stockholders in the second quarter of fiscal 2024 were $501 compared with $792 in the prior year, and earnings per share were $0.87 compared with $1.38 in the prior year.

The table below, which shows results from continuing operations on an adjusted EBITA basis, is intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings from continuing operations excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, gains or losses on the Copeland equity method investment, and certain gains, losses or impairments. Adjusted EBITA and adjusted EBITA margin are measures used by management and may be useful for investors to evaluate the Company's operational performance.






22



Three Months Ended March 31,20232024Change
Earnings from continuing operations before income taxes$639 652 2 %
      Percent of sales17.0 %14.9 %(2.1) pts
Interest expense, net53 57 
Interest income from related party— (31)
Amortization of intangibles168 322 
Restructuring and related costs26 33 
Acquisition/divestiture fees and related costs10 20 
Loss on divestiture of business— 39 
Gain on subordinated interest— (79)
National Instruments investment gain(35)— 
AspenTech Micromine purchase price hedge14 — 
Loss on Copeland equity method investment— 59 
Adjusted EBITA from continuing operations$875 1,072 23 %
      Percent of sales23.3 %24.5 %1.2 pts







23



Business Segments
Following is an analysis of operating results for the Company’s business segments for the second quarter ended March 31, 2023, compared with the second quarter ended March 31, 2024. The Company defines segment earnings as earnings before interest and taxes. See Note 14 for a discussion of the Company's business segments.

INTELLIGENT DEVICES
20232024ChangeFXAcq/DivU/L
Sales:
Final Control $992 1,051 6 %1 %— %7 %
Measurement & Analytical888 1,013 14 %1 %1 %16 %
Discrete Automation 683 632 (8)%1 %— %(7)%
Safety & Productivity 361 365 1 %— %— %1 %
     Total$2,924 3,061 5 %1 %— %6 %
Earnings:
Final Control $215 259 21 %
Measurement & Analytical229 274 19 %
Discrete Automation 133 116 (13)%
Safety & Productivity 83 83 — %
     Total$660 732 11 %
     Margin22.6 %23.9 %1.3 pts
Amortization of intangibles:
Final Control$22 22 
Measurement & Analytical5 12 
Discrete Automation7 8 
Safety & Productivity7 7 
     Total$41 49 
Restructuring and related costs:
Final Control$9 (7)
Measurement & Analytical— 1 
Discrete Automation7 7 
Safety & Productivity2 1 
     Total$18 2 
Adjusted EBITA$719 783 9 %
Adjusted EBITA Margin24.6 %25.6 %1.0 pts
Intelligent Devices sales were $3.1 billion in the second quarter of 2024, an increase of $137, or 5 percent. Underlying sales increased 6 percent on 3 percent higher volume and 3 percent higher price. Underlying sales increased 4 percent in the Americas, Europe increased 6 percent and Asia, Middle East & Africa was up 9 percent (China down 5 percent). Final Control sales increased $59, or 6 percent, reflecting strength in energy and power end markets, particularly in Asia, Middle East & Africa. Sales for Measurement & Analytical increased $125, or 14 percent, reflecting robust growth in all geographies and strong backlog conversion. Discrete Automation sales decreased $51, or 8 percent, reflecting softness in all geographies driven in part by lower factory automation demand. Safety & Productivity sales increased $4, or 1 percent, as modest growth in Europe and strength in Asia, Middle Ease & Africa was largely offset by softness in the Americas. Earnings for Intelligent Devices were $732, an increase of $72, or 11 percent, and margin increased 1.3 percentage points to 23.9 percent. Adjusted EBITA margin was 25.6 percent, an increase of 1.0 percentage points, reflecting leverage on higher sales, favorable mix and favorable price less net material inflation, partially offset by increases in other costs.






24



SOFTWARE AND CONTROL
20232024ChangeFXAcq/DivU/L
Sales:
Control Systems & Software $623 687 11 %1 %— %12 %
Test & Measurement— 367 — %
AspenTech 230 278 21 %— %— %21 %
     Total$853 1,332 56 %1 %(43)%14 %
Earnings:
Control Systems & Software $127 151 19 %
Test & Measurement— (79)— %
AspenTech (54)(8)84 %
     Total$73 64 (14)%
     Margin8.6 %4.7 %(3.9) pts
Amortization of intangibles:
Control Systems & Software$5 11 
Test & Measurement— 141 
AspenTech122 121 
Total$127 273 
Restructuring and related costs:
Control Systems & Software$5 3 
Test & Measurement— 16 
AspenTech— — 
     Total$5 19 
Adjusted EBITA$205 356 73 %
Adjusted EBITA Margin24.1 %26.7 %2.6 pts

Software and Control sales were $1,332 in the second quarter of 2024, an increase of $479, or 56 percent compared to the prior year, reflecting the impact of the Test & Measurement acquisition and strong growth in Control Systems & Software. Underlying sales were up 14 percent on 11 percent higher volume and 3 percent higher price. Underlying sales increased 4 percent in the Americas, 31 percent in Europe and 20 percent in Asia, Middle East & Africa (China up 9 percent). Control Systems & Software sales increased $64, or 11 percent, reflecting strong international demand in process end markets and strong demand in power end markets in the Americas. Test & Measurement sales were $367 in the second quarter, reflecting the acquisition. AspenTech sales increased $48, or 21 percent, primarily due to higher license and maintenance revenue. Earnings for Software and Control decreased $9, down 14 percent, and margin decreased 3.9 percentage points due to the Test & Measurement loss which reflected significant intangibles amortization and restructuring. Adjusted EBITA margin increased 2.6 percentage points, reflecting leverage on higher sales and higher price.






25




RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED MARCH 31

Following is an analysis of the Company’s operating results for the six months ended March 31, 2023, compared with the six months ended March 31, 2024.
20232024Change
(dollars in millions, except per share amounts)   
Net sales$7,129 8,493 19 %
Gross profit$3,421 4,200 23 %
Percent of sales48.0 %49.5 %1.5 pts
SG&A$2,030 2,573 27 %
Percent of sales28.5 %30.3 %1.8 pts
Gain on subordinated interest$— (79)
Other deductions, net$229 876  
Amortization of intangibles$237 547 
Restructuring costs$29 113 
Interest expense, net$101 101  
Interest income from related party$— (62)
Earnings from continuing operations before income taxes$1,061 791 (25)%
Percent of sales14.9 %9.3 %(5.6) pts
Earnings from continuing operations common stockholders$859 643 (25)%
Percent of sales12.0 %7.6 %(4.4) pts
Net earnings common stockholders$3,123 643 (79)%
Diluted EPS - Earnings from continuing operations$1.48 1.12 (24)%
Diluted EPS - Net earnings$5.38 1.12 (79)%
Adjusted Diluted EPS - Earnings from continuing operations$1.86 2.58 39 %

Net sales for the first six months of 2024 were $8.5 billion, up 19 percent compared with 2023. Intelligent Devices sales were up 8 percent, while Software and Control sales were up 56 percent, which included the impact of the Test & Measurement acquisition. Underlying sales were up 9 percent on 6.5 percent higher volume and 2.5 percent higher price. Foreign currency translation had a negligible impact, the Test & Measurement acquisition added 11 percent and the divestiture of Metran deducted 1 percent. Underlying sales increased 6 percent in the U.S. and increased 12 percent internationally. The Americas was up 6 percent, Europe was up 11 percent and Asia, Middle East & Africa was up 13 percent (China was up 3 percent).

Cost of sales for 2024 were $4,293, an increase of $585 versus $3,708 in 2023, reflecting the impact of higher volume and the Test & Measurement acquisition. Gross margin of 49.5 percent increased 1.5 percentage points, reflecting the Test & Measurement acquisition, higher price and leverage on higher sales, partially offset by the impact from acquisition-related inventory step-up amortization of $231, which negatively impacted margins by approximately 2.7 percentage points.

SG&A expenses of $2,573 increased $543 and SG&A as a percent of sales increased 1.8 percentage points to 30.3 percent, reflecting the impact of the Test & Measurement acquisition, partially offset by strong operating leverage on higher sales.
In the second quarter of fiscal 2024, the Company received its final distribution of $79 related to its subordinated interest in Vertiv.





26



Other deductions, net were $876 in 2024, an increase of $647 compared with the prior year. The current year included intangibles amortization related to the Test & Measurement acquisition of $280, restructuring costs of $113, acquisition/divestiture costs of $85, a loss of $95 on the Company's equity method investment in Copeland and a divestiture loss of $39. The prior year included a charge of $47 related to the Company exiting its business in Russia, a mark-to-market gain of $35 related to its equity investment in National Instruments Corporation and a mark-to-market gain of $21 related to foreign currency forward contracts that were terminated in June 2023. See Note 7 and Note 10.
Pretax earnings from continuing operations of $791 decreased $270 compared with prior year. Earnings increased $149 in Intelligent Devices and decreased $47 in Software and Control, see the Business Segments discussion that follows and Note 14.

Income taxes were $156 in the first six of months of fiscal 2024 and $232 in 2023, resulting in effective tax rates of 20 percent and 22 percent, respectively. The current year rate included a $57 ($0.10 per share) benefit related to discrete tax items, partially offset by unfavorable impacts from inventory step-up amortization and the loss on divestiture noted above. In total, the net impact of these items benefited the rate by approximately 1 percentage point.

Earnings from continuing operations attributable to common stockholders were $643, down 25 percent compared with the prior year, and diluted earnings per share from continuing operations were $1.12, down 24 percent compared with $1.48 in 2023. See the analysis above of adjusted earnings per share for further details.

Earnings from discontinued operations were $2,264 ($3.90 per share) in the prior year, reflecting the $2.1 billion after-tax gain on the InSinkErator divestiture. See Note 5.

Net earnings common stockholders were $643 ($1.12 per share) compared with $3,123 ($5.38 per share) in the prior year.

The table below presents the Company's diluted earnings per share on an adjusted basis to facilitate period-to-period comparisons and provide additional insight into the underlying, ongoing operating performance of the Company.

Six Months Ended March 31,20232024
Diluted earnings from continuing operations per share $1.48 1.12 
Amortization of intangibles0.30 0.73 
Restructuring and related costs0.06 0.17 
Discrete taxes— (0.10)
Amortization of acquisition-related inventory step-up— 0.38 
Acquisition/divestiture fees and related costs0.01 0.19 
Loss on divestiture of business— 0.07 
Gain on subordinated interest— (0.10)
National Instruments investment gain(0.05)— 
AspenTech Micromine purchase price hedge(0.02)— 
Loss on Copeland equity method investment— 0.12 
Russia business exit charge0.08 — 
Adjusted diluted earnings from continuing operations per share$1.86 2.58





27



The table below summarizes the changes in adjusted diluted earnings per share. The items identified below are discussed throughout MD&A, see further discussion above and in the Business Segments and Financial Position sections below.
Six Months Ended
Adjusted diluted earnings from continuing operations per share - March 31, 2023
$1.86 
    Operations0.59 
    Corporate and other0.03 
    Stock compensation0.05 
    Foreign currency(0.02)
    Pensions(0.02)
    Effective tax rate(0.01)
    Interest income from related party0.08 
    Share count0.02 
Adjusted diluted earnings from continuing operations per share - March 31, 2024
$2.58 

The table below, which shows results on an adjusted EBITA basis, is intended to supplement the Company's discussion of its results of operations herein.

Six Months Ended March 31,20232024Change
Earnings from continuing operations before income taxes$1,061 791 (25)%
      Percent of sales14.9 %9.3 %(5.6) pts
Interest expense, net101 101 
Interest income from related party— (62)
Amortization of intangibles335 645 
Restructuring and related costs41 120 
Acquisition/divestiture fees and related costs10 154 
Loss on divestiture of business— 39 
Amortization of acquisition-related inventory step-up— 231 
Gain on subordinated interest— (79)
National Instruments investment gain(35)— 
AspenTech Micromine purchase price hedge(21)— 
Loss on Copeland equity method investment— 95 
Russia business exit charge47 — 
Adjusted EBITA from continuing operations$1,539 2,035 32 %
      Percent of sales21.6 %24.0 %2.4 pts

Business Segments
Following is an analysis of operating results for the Company’s business segments for the six months ended March 31, 2023, compared with the six months ended March 31, 2024. The Company defines segment earnings as earnings before interest and taxes. As a result of the Company's portfolio transformation, the Company has realigned its business segments and now reports six segments and two business groups. See Note 14.





28



INTELLIGENT DEVICES
20232024ChangeFXAcq/DivU/L
Sales:
Final Control $1,854 1,991 7 %— %1 %8 %
Measurement & Analytical1,637 1,960 20 %— %2 %22 %
Discrete Automation 1,301 1,245 (4)%(1)%— %(5)%
Safety & Productivity 671 687 2 %— %— %2 %
     Total$5,463 5,883 8 %— %— %8 %
Earnings:
Final Control $373 453 22 %
Measurement & Analytical404 509 26 %
Discrete Automation 254 213 (16)%
Safety & Productivity 146 151 3 %
     Total$1,177 1,326 13 %
     Margin21.5 %22.5 %1.0 pts
Amortization of intangibles:
Final Control$44 44 
Measurement & Analytical10 32 
Discrete Automation14 17 
Safety & Productivity13 13 
     Total$81 106 
Restructuring and related costs:
Final Control$13 — 
Measurement & Analytical1 4 
Discrete Automation8 17 
Safety & Productivity2 1 
     Total$24 22 
Adjusted EBITA$1,282 1,454 13 %
Adjusted EBITA Margin23.5 %24.7 %1.2 pts

Intelligent Devices sales were $5.9 billion in the first six months of 2024, an increase of $420, or 8 percent. Underlying sales increased 8 percent on 6 percent higher volume and 2 percent higher price. Underlying sales increased 5 percent in the Americas, Europe increased 10 percent, and Asia, Middle East & Africa was up 13 percent (China up 2 percent). Final Control sales increased $137, or 7 percent, reflecting strength in energy and power end markets. Sales for Measurement & Analytical increased $323, or 20 percent, reflecting robust growth in all geographies and strong backlog conversion. Discrete Automation sales decreased $56, or 4 percent, reflecting softness in all geographies. Safety & Productivity sales increased $16, or 2 percent, reflecting slight growth in the Americas, moderate growth in Europe and strength in Asia, Middle East & Africa. Earnings for Intelligent Devices were $1,326, an increase of $149, or 13 percent, and margin increased 1.0 percentage points to 22.5 percent. Adjusted EBITA margin was 24.7 percent, an increase of 1.2 percentage points, reflecting leverage on higher sales, favorable mix and favorable price less net material inflation, partially offset by increases in other costs.







29



SOFTWARE AND CONTROL
20232024ChangeFXAcq/DivU/L
Sales:
Control Systems & Software $1,229 1,362 11 %— %— %11 %
Test & Measurement— 749 — %
AspenTech 473 535 13 %— %— %13 %
     Total$1,702 2,646 56 %— %(44)%12 %
Earnings:
Control Systems & Software $234 300 29 %
Test & Measurement— (157)— %
AspenTech (87)(43)50 %
     Total$147 100 (32)%
     Margin8.6 %3.8 %(4.8) pts
Amortization of intangibles:
Control Systems & Software$11 16 
Test & Measurement— 280 
AspenTech243 243 
     Total$254 539 
Restructuring and related costs:
Control Systems & Software$6 4 
Test & Measurement— 56 
AspenTech— — 
     Total$6 60 
Adjusted EBITA$407 699 72 %
Adjusted EBITA Margin23.9 %26.4 %2.5 pts

Software and Control sales were $2,646 in the first six months of 2024, an increase of $944, or 56 percent compared to the prior year, reflecting the impact of the Test & Measurement acquisition. Underlying sales were up 12 percent on 9 percent higher volume and 3 percent higher price. Underlying sales increased 9 percent in the Americas, 16 percent in Europe and 14 percent in Asia, Middle East & Africa (China up 7 percent). Control Systems & Software sales increased $133, or 11 percent, reflecting global strength in process end markets while power end markets were up strong in the Americas and Europe. Test & Measurement sales were $749 in the first six months of 2024, reflecting the acquisition. AspenTech sales increased $62, or 13 percent, reflecting higher license, maintenance and services revenue. Earnings for Software and Control decreased $47, down 32 percent, and margin decreased 4.8 percentage points, reflecting the impact from $280 of incremental intangibles amortization related to the Test & Measurement acquisition. Adjusted EBITA margin increased 2.5 percentage points, reflecting leverage on higher sales and higher price.






30



FINANCIAL CONDITION
Key elements of the Company's financial condition as of and for the six months ended March 31, 2024 as compared to the year ended September 30, 2023 and the six months ended March 31, 2023 follow.
 Mar 31, 2023Sept 30, 2023Mar 31, 2024
Operating working capital$1,140 $1,283 $2,182 
Current ratio1.2 2.7 1.2 
Total debt-to-total capital47.1 %28.3 %34.0 %
Net debt-to-net capital41.6 %0.5 %28.8 %
Interest coverage ratio8.6 X11.5 X5.5 X
Operating working capital increased due to the acquisition of NI and changes in accrued expenses. As of March 31, 2024, Emerson's cash and equivalents totaled $2,318, which included approximately $180 attributable to AspenTech. The cash held by AspenTech is intended to be used for its own purposes and is not available to return to Emerson shareholders.
The current ratio decreased compared to September 30, 2023, reflecting the decrease in cash and increase in short-term borrowings used to support the NI acquisition. The interest coverage ratio (earnings before income taxes plus interest expense, divided by interest expense) of 5.5X for the first six months of fiscal 2024 compares to 8.6X for the six months ended March 31, 2023, reflecting lower GAAP pretax earnings largely due to the NI acquisition. Excluding the impact from acquisition-related inventory step-up amortization of $231, higher intangibles amortization of $310, acquisition/divestiture fees and related costs of $154, higher restructuring and related costs of $79, the loss of $95 on the Copeland equity method investment and the gain on subordinated interest of $79, the interest coverage ratio was 10.1X.
Operating cash flow from continuing operations for the first six months of fiscal 2024 was $1,201, an increase of $324 compared with $877 in the prior year, reflecting higher earnings (excluding the impact of items related to the NI acquisition). Acquisition-related costs and integration activities negatively impacted operating cash flow in the current year by approximately $170. AspenTech generated operating cash flow of approximately $170 compared to approximately $180 in the prior year. Free cash flow from continuing operations of $1,042 in the first six months of fiscal 2024 (operating cash flow of $1,201 less capital expenditures of $159) increased $286 compared to free cash flow of $756 in 2023 (operating cash flow of $877 less capital expenditures of $121), reflecting the increase in operating cash flow, partially offset by higher capital expenditures. Cash used in investing activities from continuing operations was $8,490, reflecting the acquisition of NI. Cash provided by financing activities from continuing operations was $1,613, reflecting an increase in short-term borrowings of $2,464, partially offset by share repurchases and dividends.
Total cash provided by operating activities was $1,158 including the impact of discontinued operations, and increased $672 compared with $486 in the prior year.
Emerson maintains a conservative financial structure to provide the strength and flexibility necessary to achieve our strategic objectives and has been successful in efficiently deploying cash where needed worldwide to fund operations, complete acquisitions and sustain long-term growth. Emerson is in a strong financial position, with total assets of $46 billion and common stockholders' equity of $21 billion, and has the resources available for reinvestment in existing businesses, strategic acquisitions and managing its capital structure on a short- and long-term basis.





31



FISCAL 2024 OUTLOOK
For the full year, consolidated net sales from continuing operations are expected to be up 15 percent to 16 percent, with underlying sales up 5.5 percent to 6.5 percent excluding a 10 percent impact from the NI acquisition and a 0.5 percent unfavorable impact from foreign currency. Earnings per share from continuing operations are expected to be $2.98 to $3.08, while adjusted earnings per share from continuing operations are expected to be $5.40 to $5.50 (see the following reconciliation).
Outlook for Fiscal 2024 Earnings Per Share2024
Diluted earnings from continuing operations per share $2.98 - $3.08
    Amortization of intangibles~ 1.43
    Restructuring and related costs~ 0.32
    Loss on Copeland equity method investment~ 0.19
    Amortization of acquisition-related inventory step-up0.38
    Acquisition/divestiture fees and related costs~ 0.23
    Divestiture loss / (gain), net(0.03)
    Discrete tax benefits(0.10)
Adjusted diluted earnings from continuing operations per share$5.40- $5.50
Operating cash flow from continuing operations is expected to be approximately $3.1 billion and free cash flow from continuing operations, which excludes projected capital spending of approximately $0.4 billion, is expected to be approximately $2.7 billion. The fiscal 2024 outlook assumes approximately $500 million returned to shareholders through share repurchases and approximately $1.2 billion of dividend payments.
Statements in this report that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, and inflation, among others, which are set forth in the “Risk Factors” of Part I, Item 1A, and the "Safe Harbor Statement" of Part II, Item 7, to the Company's Annual Report on Form 10-K for the year ended September 30, 2023 and in subsequent reports filed with the SEC, which are hereby incorporated by reference.
Item 4. Controls and Procedures 
The Company maintains a system of disclosure controls and procedures designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported in a timely manner. This system also is designed to ensure information is accumulated and communicated to management, including the Company's certifying officers, to allow timely decisions regarding required disclosure. Based on an evaluation performed, the certifying officers have concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.
Notwithstanding the foregoing, there can be no assurance that the Company's disclosure controls and procedures will detect or uncover all failures of persons within the Company and its consolidated subsidiaries to report material information otherwise required to be set forth in the Company's reports.
There was no change in the Company's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.






32



PART II. OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Neither the Company nor any “affiliated purchaser” repurchased any shares of Company common stock during the three-month period ended March 31, 2024. In March 2020, the Board of Directors authorized the purchase of 60 million shares and a total of approximately 31.4 shares remain available for purchase under the authorization.


Item 5. Other Information
During the three-month period ended March 31, 2024, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

Item 6. Exhibits

(a) Exhibits (Listed by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K). 
10.1 
31 
  
32 
101 
Attached as Exhibit 101 to this report are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the three and six months ended March 31, 2024 and 2023, (ii) Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2024 and 2023, (iii) Consolidated Balance Sheets as of September 30, 2023 and March 31, 2024, (iv) Consolidated Statements of Equity for the three and six months ended March 31, 2024 and 2023, (v) Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2023, and (vi) Notes to Consolidated Financial Statements for the three and six months ended March 31, 2024 and 2023.  


104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).    






33




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
EMERSON ELECTRIC CO. 
   
By/s/ M. J. Baughman 
  M. J. Baughman 
  Executive Vice President, Chief Financial Officer 
and Chief Accounting Officer
  (on behalf of the registrant and as Chief Financial Officer) 
May 8, 2024






34



Exhibit 31
Certification

I, S. L. Karsanbhai, certify that:
1.  I have reviewed this quarterly report on Form 10-Q of Emerson Electric Co.;
2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.  The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.  The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:
a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ S. L. Karsanbhai
S. L. Karsanbhai
President and
Chief Executive Officer
Emerson Electric Co.
May 8, 2024









Certification

I, M. J. Baughman, certify that:
1.  I have reviewed this quarterly report on Form 10-Q of Emerson Electric Co.;
2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.  The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.  The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors: 
a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 
b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ M. J. Baughman
M. J. Baughman
Executive Vice President,
Chief Financial Officer and
Chief Accounting Officer
Emerson Electric Co.
May 8, 2024




Exhibit 32

CERTIFICATION PURSUANT TO
EXCHANGE ACT RULE 13a-14(b) AND
18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Emerson Electric Co. (the "Company") on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, S. L. Karsanbhai, certify, to the best of my knowledge, pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, that:
(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/ S. L. Karsanbhai
S. L. Karsanbhai
President and
Chief Executive Officer
Emerson Electric Co.
May 8, 2024



CERTIFICATION PURSUANT TO
EXCHANGE ACT RULE 13a-14(b) AND
18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Emerson Electric Co. (the "Company") on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, M.J. Baughman, certify, to the best of my knowledge, pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, that:
(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/ M. J. Baughman
M. J. Baughman
Executive Vice President,
Chief Financial Officer and
Chief Accounting Officer
Emerson Electric Co.
May 8, 2024


v3.24.1.u1
Cover
shares in Millions
 6 Months Ended
Mar. 31, 2024
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2024
Document Transition Report false
Entity File Number 1-278
Entity Registrant Name EMERSON ELECTRIC CO.
Entity Incorporation, State or Country Code MO
Entity Tax Identification Number 43-0259330
Entity Address, Address Line One 8000 W. Florissant Ave.
Entity Address, Address Line Two P.O. Box 4100
Entity Address, City or Town St. Louis,
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63136
City Area Code 314
Local Phone Number 553-2000
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 572.1
Entity Central Index Key 0000032604
Current Fiscal Year End Date --09-30
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Amendment Flag false
New York Stock Exchange | Common Stock of $0.50 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock of $0.50 par value per share
Trading Symbol EMR
Security Exchange Name NYSE
New York Stock Exchange | 0.375% Notes due 2024  
Entity Information [Line Items]  
Title of 12(b) Security 0.375% Notes due 2024
Trading Symbol EMR 24
Security Exchange Name NYSE
New York Stock Exchange | 1.250% Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2025
Trading Symbol EMR 25A
Security Exchange Name NYSE
New York Stock Exchange | 2.000% Notes due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 2.000% Notes due 2029
Trading Symbol EMR 29
Security Exchange Name NYSE
NYSE Chicago | Common Stock of $0.50 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock of $0.50 par value per share
Trading Symbol EMR
Security Exchange Name CHX
v3.24.1.u1
Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Net sales $ 4,376 $ 3,756 $ 8,493 $ 7,129
Cost of sales 2,092 1,955 4,293 3,708
Selling, general and administrative expenses 1,296 1,000 2,573 2,030
Gain on subordinated interest (79) 0 (79) 0
Other deductions, net 389 109 876 229
Interest expense (net of interest income of $18, $33, $38 and $73, respectively) 57 53 101 101
Earnings from continuing operations before income taxes 652 639 791 1,061
Income taxes 149 134 156 232
Earnings from continuing operations 503 505 635 829
Discontinued operations, net of tax of $39, $—, $1,005 and $—, respectively 0 265 0 2,267
Net earnings 503 770 635 3,096
Less: Noncontrolling interests in subsidiaries 2 (22) (8) (27)
Net earnings common stockholders 501 792 643 3,123
Earnings common stockholders:        
Earnings from continuing operations 501 530 643 859
Discontinued operations $ 0 $ 262 $ 0 $ 2,264
Basic earnings per share common stockholders:        
Earnings from continuing operations (in dollars per share) $ 0.87 $ 0.93 $ 1.12 $ 1.49
Discontinued operations (in dollars per share) 0 0.46 0 3.92
Basic earnings per common share (in dollars per share) 0.87 1.39 1.12 5.41
Diluted earnings per share common stockholders:        
Earnings from continuing operations (in dollars per share) 0.87 0.92 1.12 1.48
Discontinued operations (in dollars per share) 0 0.46 0 3.90
Diluted earnings per common share (in dollars per share) $ 0.87 $ 1.38 $ 1.12 $ 5.38
Weighted average outstanding shares:        
Basic (in shares) 571.4 570.9 571.1 577.2
Diluted (in shares) 574.1 573.6 573.7 580.1
Related Party        
Interest income from related party $ (31) $ 0 $ (62) $ 0
v3.24.1.u1
Consolidated Statements Of Earnings (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]        
Interest income $ 33 $ 18 $ 73 $ 38
Discontinued operation taxes $ 0 $ 39 $ 0 $ 1,005
v3.24.1.u1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings $ 503 $ 770 $ 635 $ 3,096
Other comprehensive income (loss), net of tax:        
Foreign currency translation 6 110 180 351
Pension and postretirement (12) (17) (24) (33)
Cash flow hedges (1) 13 2 23
Total other comprehensive income (loss) (7) 106 158 341
Comprehensive income 496 876 793 3,437
Less: Noncontrolling interests in subsidiaries 2 (23) (6) (23)
Comprehensive income common stockholders $ 494 $ 899 $ 799 $ 3,460
v3.24.1.u1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Current assets    
Cash and equivalents $ 2,318 $ 8,051
Receivables, less allowances of $100 and $117, respectively 2,877 2,518
Inventories 2,357 2,006
Other current assets 1,457 1,244
Total current assets 9,009 13,819
Property, plant and equipment, net 2,689 2,363
Other assets    
Goodwill 17,964 14,480
Other intangible assets 10,976 6,263
Copeland note receivable and equity investment 3,191 3,255
Other 2,611 2,566
Total other assets 34,742 26,564
Total assets 46,440 42,746
Current liabilities    
Short-term borrowings and current maturities of long-term debt 3,155 547
Accounts payable 1,271 1,275
Accrued expenses 3,238 3,210
Total current liabilities 7,664 5,032
Long-term debt 7,614 7,610
Other liabilities 4,381 3,506
Equity    
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 572.0 shares and 572.1 shares, respectively 477 477
Additional paid-in-capital 158 62
Retained earnings 40,108 40,070
Accumulated other comprehensive income (loss) (1,097) (1,253)
Cost of common stock in treasury, 381.4 shares and 381.3 shares, respectively (18,746) (18,667)
Common stockholders’ equity 20,900 20,689
Noncontrolling interests in subsidiaries 5,881 5,909
Total equity 26,781 26,598
Total liabilities and equity $ 46,440 $ 42,746
v3.24.1.u1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2024
Sep. 30, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 117 $ 100
Common stock, par value (in dollars per share) $ 0.50 $ 0.50
Common stock, shares authorized (in shares) 1,200.0 1,200.0
Common stock, shares issued (in shares) 953.4 953.4
Common stock, shares outstanding (in shares) 572.1 572.0
Treasury stock, shares (in shares) 381.3 381.4
v3.24.1.u1
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common stockholders' equity
Common stock
Additional paid-in-capital
Additional paid-in-capital
AspenTech
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock
Noncontrolling interests in subsidiaries
Noncontrolling interests in subsidiaries
AspenTech
Stockholders' equity, beginning balance at Sep. 30, 2022     $ 477 $ 57   $ 28,053 $ (1,485) $ (16,738) $ 5,952  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock plans       81            
AspenTech purchases of common stock         $ 0          
Purchases               (2,000) 0  
Net earnings common stockholders $ 3,123         3,123        
Dividends paid (per share: $0.520, $0.525, $1.040 and $1.050, respectively)           (605)        
Foreign currency translation 351           347      
Pension and postretirement (33)           (33)      
Cash flow hedges 23           23      
Issued under stock plans               60    
Net earnings (loss)                 (27)  
Stock plans                 58  
Other comprehensive income 341               4  
Stockholders' equity, ending balance at Mar. 31, 2023 17,347 $ 11,360 477 138   30,571 (1,148) (18,678) 5,987  
Stockholders' equity, beginning balance at Dec. 31, 2022     477 112   30,076 (1,255) (18,683) 5,987  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock plans       26            
AspenTech purchases of common stock         0          
Purchases               0   $ 0
Net earnings common stockholders 792         792        
Dividends paid (per share: $0.520, $0.525, $1.040 and $1.050, respectively)           (297)        
Foreign currency translation 110           111      
Pension and postretirement (17)           (17)      
Cash flow hedges 13           13      
Issued under stock plans               5    
Net earnings (loss)                 (22)  
Stock plans                 23  
Other comprehensive income 106               (1)  
Stockholders' equity, ending balance at Mar. 31, 2023 17,347 11,360 477 138   30,571 (1,148) (18,678) 5,987  
Stockholders' equity, beginning balance at Sep. 30, 2023 26,598   477 62   40,070 (1,253) (18,667) 5,909  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock plans       170            
AspenTech purchases of common stock         (74)          
Purchases               (175) (55)  
Net earnings common stockholders 643         643        
Dividends paid (per share: $0.520, $0.525, $1.040 and $1.050, respectively)           (605)        
Foreign currency translation 180           178      
Pension and postretirement (24)           (24)      
Cash flow hedges 2           2      
Issued under stock plans               96    
Net earnings (loss)                 (8)  
Stock plans                 33  
Other comprehensive income 158               2  
Stockholders' equity, ending balance at Mar. 31, 2024 26,781 20,900 477 158   40,108 (1,097) (18,746) 5,881  
Stockholders' equity, beginning balance at Dec. 31, 2023     477 140   39,910 (1,090) (18,763) 5,881  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock plans       51            
AspenTech purchases of common stock         $ (33)          
Purchases               0   $ (24)
Net earnings common stockholders 501         501        
Dividends paid (per share: $0.520, $0.525, $1.040 and $1.050, respectively)           (303)        
Foreign currency translation 6           6      
Pension and postretirement (12)           (12)      
Cash flow hedges (1)           (1)      
Issued under stock plans               17    
Net earnings (loss)                 2  
Stock plans                 22  
Other comprehensive income (7)               0  
Stockholders' equity, ending balance at Mar. 31, 2024 $ 26,781 $ 20,900 $ 477 $ 158   $ 40,108 $ (1,097) $ (18,746) $ 5,881  
v3.24.1.u1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends paid (in dollars per share) $ 0.525 $ 0.520 $ 1.050 $ 1.040
v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net earnings $ 635 $ 3,096
Earnings from discontinued operations, net of tax 0 (2,267)
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 846 523
Stock compensation 147 142
Amortization of acquisition-related inventory step-up 231 0
Gain on subordinated interest (79) 0
Changes in operating working capital (373) (390)
Other, net (206) (227)
Cash from continuing operations 1,201 877
Cash from discontinued operations (43) (391)
Cash provided by operating activities 1,158 486
Investing activities    
Capital expenditures (159) (121)
Purchases of businesses, net of cash and equivalents acquired (8,342) 0
Proceeds from subordinated interest 79 15
Other, net (68) (76)
Cash from continuing operations (8,490) (182)
Cash from discontinued operations 1 2,916
Cash provided by (used in) investing activities (8,489) 2,734
Financing activities    
Net increase (decrease) in short-term borrowings 2,464 (31)
Proceeds from short-term borrowings greater than three months 99 395
Payments of long-term debt (1) (742)
Dividends paid (600) (603)
Purchases of common stock (175) (2,000)
AspenTech purchases of common stock (129) 0
Other, net (45) (55)
Cash provided by (used in) financing activities 1,613 (3,036)
Effect of exchange rate changes on cash and equivalents (15) 58
Increase (decrease) in cash and equivalents (5,733) 242
Beginning cash and equivalents 8,051 1,804
Ending cash and equivalents 2,318 2,046
Changes in operating working capital    
Receivables (35) (63)
Inventories (46) (219)
Other current assets (69) 22
Accounts payable (46) (98)
Accrued expenses (177) (32)
Changes in operating working capital $ (373) $ (390)
v3.24.1.u1
BASIS OF PRESENTATION
 6 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATIONIn the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles (GAAP). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023.
v3.24.1.u1
REVENUE RECOGNITION
 6 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Emerson is a global manufacturer that designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions for its customers. The majority of the Company's revenues relate to a broad offering of manufactured products and software which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues.

The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities.     
Sept 30, 2023Mar 31, 2024
Unbilled receivables (contract assets)$1,453 1,480 
Customer advances (contract liabilities)(897)(1,187)
      Net contract assets (liabilities)$556 293 
    
The majority of the Company's contract balances relate to (1) arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule, and (2) revenue from term software license arrangements where the license revenue is recognized upfront upon delivery. The decrease in net contract assets was primarily due to the acquisition of National Instruments, which increased contract liabilities by approximately $190, while customer billings slightly exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and six months ended March 31, 2024 included $154 and $522, respectively, that was included in the beginning contract liability balance. Other factors that impacted the change in net contract assets were immaterial. Revenue recognized for the three and six months ended March 31, 2024 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was immaterial.
As of March 31, 2024, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $8.8 billion (of which approximately $1.25 billion was attributable to AspenTech and approximately $500 was attributable to National Instruments). The Company expects to recognize approximately 75 percent of its remaining performance obligations as revenue over the next 12 months, with the remainder substantially over the following two years.
v3.24.1.u1
COMMON SHARES
 6 Months Ended
Mar. 31, 2024
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]  
COMMON SHARES COMMON SHARES
Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential.
Three Months Ended
March 31,		Six Months Ended
March 31,
 2023 2024 2023 2024 
Basic shares outstanding570.9 571.4 577.2 571.1 
Dilutive shares2.7 2.7 2.9 2.6 
Diluted shares outstanding573.6 574.1 580.1 573.7 
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES
 6 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DIVESTITURES ACQUISITIONS AND DIVESTITURES
National Instruments

On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (“NI”). NI, which provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, had revenues of approximately $1.7 billion and pretax earnings of approximately $170 for the 12 months ended September 30, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group, see Note 14.

The following table summarizes the components of the purchase consideration reflected in the acquisition accounting for NI.
Cash paid to acquire remaining NI shares not already owned by Emerson$7,833 
Payoff of NI debt at closing634 
Total consideration paid in cash at closing8,467 
Fair value of NI shares already owned by Emerson prior to acquisition137 
Value of stock-based compensation awards attributable to pre-combination service49 
Total purchase consideration$8,653 

The total purchase consideration for NI was allocated to assets and liabilities as follows. Valuations of acquired assets and liabilities are in-process and subject to refinement.

Cash and equivalents$135 
Receivables310 
Inventory514 
Other current assets139 
Property, plant and equipment328 
Goodwill ($130 expected to be tax-deductible)
3,407 
Other intangible assets5,275 
Other assets120 
Total assets10,228 
Accounts payable52 
Accrued expenses326 
Deferred taxes and other liabilities1,197 
Total purchase consideration$8,653 
The estimated intangible assets attributable to the transaction are comprised of the following (in millions):

AmountEstimated Weighted Average Life (Years)
Developed technology $1,570 9
Customer relationships 3,360 15
Trade names210 9
Backlog135 1
Total $5,275 

Results of operations for the three and six months ended March 31, 2024 attributable to the NI acquisition include sales of $367 and $749, respectively, and a net loss of $80 and $406, respectively. The net loss included the impact of inventory step-up amortization recorded in the first quarter, intangibles amortization, retention bonuses, stock compensation expense and restructuring.

Pro Forma Financial Information

The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of NI occurred on October 1, 2022. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts).
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Net Sales$4,193 4,376 $8,014 8,512 
Net earnings from continuing operations common stockholders$447 530 $306 950 
Diluted earnings per share from continuing operations$0.77 0.92 $0.53 1.65 

Pro forma Net sales for the three and six months ended March 31, 2023 include $437 and $885, respectively, attributable to NI.

The pro forma results for the three months ended March 31, 2023 include ongoing intangibles amortization of $107 and backlog amortization of $34, and exclude the mark-to-market gain of $35 recognized in the prior year on the Company's equity investment in National Instruments Corporation (see Note 7).

The pro forma results for the six months ended March 31, 2023 include transaction costs of $198 which were assumed to be incurred in the first quarter of fiscal 2023. These transaction costs include $88 incurred by NI prior to the completion of the transaction and $110 incurred by Emerson in periods subsequent to the first quarter of fiscal 2023. The pro forma results for the six months ended March 31, 2023 also include $212 of ongoing intangibles amortization, backlog amortization of $68, inventory step-up amortization of $213, and retention bonuses of $47, and exclude the mark-to-market gain of $35 recognized in the prior year on the equity investment in National Instruments Corporation.

Other Transactions

In the second quarter of fiscal 2024, the Company received its final distribution of $79 related to its subordinated interest in Vertiv. In addition, the Company divested a small business in the Final Control segment and recognized a non-cash loss of $39.

In the fourth quarter of fiscal 2023, the Company acquired two businesses, Flexim, which is reported in the Measurement & Analytical segment, and Afag, which is reported in the Discrete Automation segment, for $715, net of cash acquired. The Company recognized goodwill of $423 (none of which is expected to be tax deductible) and other
identifiable intangible assets of $323, primarily customer relationships and intellectual property with a weighted-average useful life of approximately 9 years.
On March 31, 2023, Emerson completed the divestiture of Metran, its Russia-based manufacturing subsidiary. In the first quarter of fiscal 2023, the Company recognized a pretax loss of $47 in Other deductions ($47 after-tax, in total $0.08 per share) related to its exit of business operations in Russia.
v3.24.1.u1
DISCONTINUED OPERATIONS
 6 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On May 31, 2023, the Company completed the sale of a majority stake in its Climate Technologies business (which constitutes the former Climate Technologies segment, excluding Therm-O-Disc which was divested earlier in fiscal 2022) to private equity funds managed by Blackstone in a $14.0 billion transaction. Emerson received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion (which accrues 5 percent interest payable in kind by capitalizing interest), while retaining a 40 percent non-controlling common equity interest in a new standalone joint venture between Emerson and Blackstone. The Climate Technologies business, which includes the Copeland compressor business and the entire portfolio of products and services across all residential and commercial HVAC and refrigeration end-markets, had fiscal 2022 net sales of approximately $5.0 billion and pretax earnings of $1.0 billion. The Company recognized a pretax gain of approximately $10.6 billion in the third quarter of fiscal 2023 (approximately $8.4 billion after-tax including tax expense recognized prior to the completion of the transaction related to subsidiary restructurings). The new standalone business is named Copeland. See Note 10 for further details.

On October 31, 2022, the Company completed the divestiture of its InSinkErator business, which manufactures food waste disposers, to Whirlpool Corporation for $3.0 billion. This business had net sales of $630 and pretax earnings of $152 in fiscal 2022. The Company recognized a pretax gain of approximately $2.8 billion (approximately $2.1 billion after-tax) in the first quarter of fiscal 2023.

The financial results of Climate Technologies and InSinkErator ("ISE") are reported as discontinued operations for the three and six months ended March 31, 2023 and were as follows:
Three Months Ended March 31, 2023
 Climate TechnologiesISETotal
Net sales $1,245 — 1,245 
Cost of sales 782 — 782 
SG&A127 — 127 
Gain on sale of business — (3)(3)
Other deductions, net 35 — 35 
Earnings before income taxes 301 3 304 
Income taxes 39 — 39 
Earnings, net of tax $262 3 265 
Six Months Ended March 31, 2023
Climate TechnologiesISETotal
Net sales$2,309 49 2,358 
Cost of sales1,484 29 1,513 
SG&A269 8 277 
Gain on sale of business— (2,783)(2,783)
Other deductions, net67 12 79 
Earnings before income taxes489 2,783 3,272 
Income taxes352 653 1,005 
Earnings, net of tax$137 2,130 2,267 

Climate Technologies' results for the three and six months ended March 31, 2023 included lower expense of $43 and $70, respectively, due to ceasing depreciation and amortization upon the held-for-sale classification. Other deductions, net for Climate Technologies included $28 and $55 of transaction-related costs for the three and six months ended March 31, 2023, respectively. Income taxes for the six months ended March 31, 2023 included approximately $245 for Climate Technologies subsidiary restructurings and approximately $660 related to the gain on the InSinkErator divestiture.

Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the six months ended March 31, 2024 and 2023 were as follows:

Climate TechnologiesISE and TODTotal
 Six Months Ended March 31,Six Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 2023 2024 
Cash from operating activities$44 (43)(435)— (391)(43)
Cash from investing activities$(139)1 3,055 — 2,916 1 

Cash from operating activities for the six months ended March 31, 2023 reflects approximately $575 of income taxes paid related to the gain on the InSinkErator divestiture and the Climate Technologies subsidiary restructurings, transaction fees and unfavorable working capital. Cash from investing activities for the six months ended March 31, 2023 reflects the proceeds of $3.0 billion related to the InSinkErator divestiture.
v3.24.1.u1
PENSION & POSTRETIREMENT PLANS
 6 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
PENSION & POSTRETIREMENT PLANS PENSION & POSTRETIREMENT PLANS
Total periodic pension and postretirement (income) expense is summarized below:
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Service cost$12 9 $24 18 
Interest cost54 55 108 110 
Expected return on plan assets
(71)(74)(142)(148)
Net amortization(20)(14)(40)(28)
Total$(25)(24)$(50)(48)
v3.24.1.u1
OTHER DEDUCTIONS, NET
 6 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
OTHER DEDUCTIONS, NET OTHER DEDUCTIONS, NET
Other deductions, net are summarized below:
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2023 2024 2023 2024 
Amortization of intangibles (intellectual property and customer relationships)$119 273 237 547 
Restructuring costs19 30 29 113 
Acquisition/divestiture costs10 5 10 85 
Foreign currency transaction (gains) losses26 17 19 51 
Investment-related gains & gains from sales of capital assets
(35)— (39)— 
Loss on Copeland equity method investment— 59 — 95 
Loss on divestiture of business— 39 — 39 
Russia business exit— — 47 — 
Other(30)(34)(74)(54)
Total$109 389 229 876 
Intangibles amortization for the three and six months ended March 31, 2024 included $141 and $280, respectively, related to the NI acquisition. Foreign currency transaction losses for the three and six months ended March 31, 2023 included a mark-to-market loss of $14 and a gain of $21, respectively, related to foreign currency forward contracts that were terminated in June 2023. The Company recognized a mark-to-market gain of $35 for the three months ended March 31, 2023 related to its equity investment in National Instruments Corporation. Other is composed of several items, including a portion of pension expense, litigation costs, provision for bad debt and other items, none of which is individually significant.
v3.24.1.u1
RESTRUCTURING COSTS
 6 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS RESTRUCTURING COSTS
Restructuring expense reflects costs associated with the Company’s ongoing efforts to improve operational efficiency and deploy assets globally in order to remain competitive on a worldwide basis. The Company expects fiscal 2024 restructuring expense and related costs to be approximately $230, including costs to complete actions initiated in the first six months of the year.

Restructuring expense by business segment follows:

 Three Months Ended March 31,Six Months Ended
March 31,
 2023 2024 2023 2024 
Final Control$2 (7)1 (4)
Measurement & Analytical— 1 1 4 
Discrete Automation7 7 8 17 
Safety & Productivity2 1 2 1 
Intelligent Devices11 2 12 18 
Control Systems & Software5 3 6 4 
Test & Measurement— 14 — 54 
AspenTech— — — — 
Software and Control 5 17 6 58 
Corporate3 11 11 37 
Total$19 30 29 113 
Corporate restructuring of $11 and $37 for the three and six months ended March 31, 2024, respectively, is comprised almost entirely of integration-related stock compensation expense attributable to NI.
Details of the change in the liability for restructuring costs during the six months ended March 31, 2024 follow:
 Sept 30, 2023ExpenseUtilized/PaidMar 31, 2024
Severance and benefits$85 95 100 80 
Other2 18 15 5 
Total$87 113 115 85 
The tables above do not include $7 and $3 of costs related to restructuring actions incurred for the three months ended March 31, 2023 and 2024, respectively, that are required to be reported in cost of sales and selling, general and administrative expenses; year-to-date amounts are $12 and $7, respectively.
v3.24.1.u1
TAXES
 6 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
TAXES TAXES
Income taxes were $149 in the second quarter of fiscal 2024 and $134 in 2023, resulting in effective tax rates of 23 percent and 21 percent, respectively. The current year rate was negatively impacted by approximately 2 percentage points due to the loss on divestiture (see Note 4), which was nondeductible for tax purposes.
Income taxes were $156 in the first six of months of fiscal 2024 and $232 in 2023, resulting in effective tax rates of 20 percent and 22 percent, respectively. The current year rate included a $57 ($0.10 per share) benefit related to discrete tax items, partially offset by unfavorable impacts from inventory step-up amortization and the loss on divestiture noted above. In total, the net impact of these items benefited the rate by approximately 1 percentage point.
v3.24.1.u1
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE
 6 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE
As discussed in Note 5, the Company completed the divestiture of a majority stake in Copeland on May 31, 2023, and received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion, while retaining a 40 percent non-controlling common equity interest in Copeland.
The Company records its share of Copeland's income or loss using the equity method of accounting. For the three and six months ended March 31, 2024 the Company recorded a loss of $59 and $95, respectively, in Other deductions to reflect its share of Copeland's losses and a tax benefit of $13 and $22, respectively, in Income taxes related to Copeland's U.S. business, which is taxed as a partnership (in total, a loss of $0.08 and $0.12 per share, respectively). The Company recognized non-cash interest income on the note receivable of $31 and $62 for the three and six months ended March 31, 2024, respectively, which is reported in Interest income from related party and capitalized to the carrying value of the note.
As of March 31, 2024, the carrying values of the retained equity investment and note receivable were $1,036 and $2,155, respectively.
Summarized financial information for Copeland for the three and six months ended March 31, 2024 is as follows.
 Three Months Ended March 31,Six Months Ended March 31,
 2024 2024 
Net sales $1,175 $2,199 
Gross profit$412 $757 
Income (loss) from continuing operations$(147)$(240)
Net income (loss)$(147)$(240)
Net income (loss) attributable to shareholders$(148)$(238)
v3.24.1.u1
OTHER FINANCIAL INFORMATION
 6 Months Ended
Mar. 31, 2024
Other Financial Information [Abstract]  
OTHER FINANCIAL INFORMATION OTHER FINANCIAL INFORMATION

Sept 30, 2023Mar 31, 2024
Inventories
Finished products$446 593 
Raw materials and work in process1,560 1,764 
Total$2,006 2,357 
Property, plant and equipment, net  
Property, plant and equipment, at cost$5,524 5,976 
Less: Accumulated depreciation3,161 3,287 
     Total$2,363 2,689 
Goodwill by business segment
Final Control$2,660 2,682 
Measurement & Analytical1,545 1,560 
Discrete Automation892 908 
Safety & Productivity388 399 
Intelligent Devices5,485 5,549 
Control Systems & Software668 671 
Test & Measurement— 3,415 
AspenTech8,327 8,329 
Software and Control 8,995 12,415 
     Total$14,480 17,964 
Sept 30, 2023Mar 31, 2024
Other intangible assets  
Gross carrying amount$10,111 15,484 
Less: Accumulated amortization3,848 4,508 
     Net carrying amount$6,263 10,976 
Other intangible assets include customer relationships, net, of $3,353 and $6,501 and intellectual property, net, of $2,707 and $4,247 as of September 30, 2023 and March 31, 2024, respectively.
The increase in goodwill and intangibles was primarily due to the NI acquisition. See Note 4.
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Depreciation and amortization expense include the following:
Depreciation expense$72 79 146 158 
Amortization of intangibles (includes $49, $49, $98 and $98 reported in Cost of Sales, respectively)
168 322 335 645 
Amortization of capitalized software23 23 42 43 
Total $263 424 523 846 
Amortization of intangibles included $141 and $280 related to the NI acquisition for the three and six months ended March 31, 2024.
Sept 30, 2023Mar 31, 2024
Other assets include the following:
Pension assets$995 1,053 
Operating lease right-of-use assets550 686 
Unbilled receivables (contract assets)559 528 
Deferred income taxes100 63 
Asbestos-related insurance receivables53 48 
Accrued expenses include the following:
Customer advances (contract liabilities)$861 1,100 
Employee compensation618 531 
Income taxes207 220 
Operating lease liabilities (current)144 155 
Product warranty84 74 
Other liabilities include the following:  
Deferred income taxes$1,959 2,654 
Operating lease liabilities (noncurrent)404 511 
Pension and postretirement liabilities435 447 
Asbestos litigation173 164 
The increase in deferred income tax liabilities reflects the impact of the NI acquisition. See Note 4.
v3.24.1.u1
FINANCIAL INSTRUMENTS
 6 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Hedging Activities – As of March 31, 2024, the notional amount of foreign currency hedge positions was approximately $3.2 billion. All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of March 31, 2024 are expected to be recognized over the next 12 months as the underlying forecasted transactions occur. Gains and losses on foreign currency derivatives reported in Other deductions, net reflect hedges of balance sheet exposures that do not receive hedge accounting.
Net Investment Hedge – In fiscal 2019, the Company issued euro-denominated debt of €1.5 billion. The euro notes reduce foreign currency risk associated with the Company's international subsidiaries that use the euro as their functional currency and have been designated as a hedge of a portion of the investment in these operations. Foreign currency gains or losses associated with the euro-denominated debt are deferred in accumulated other comprehensive income (loss) and will remain until the hedged investment is sold or substantially liquidated.
The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and six months ended March 31, 2023 and 2024:
Into EarningsInto OCI
2nd QuarterSix Months2nd QuarterSix Months
Gains (Losses)Location2023 2024 2023 2024 2023 2024 2023 2024 
CommodityCost of sales$(2)— (10)— 8 — 19 — 
Foreign currency
Sales
(1)— (2)— (1)(5)3 2 
Foreign currency
Cost of sales
10 3 18 6 17 6 14 7 
Foreign currency
Other deductions, net
(22)(26)(17)(11)
Net Investment Hedges
Euro denominated debt— — (14)3 (137)(52)
     Total $(15)(23)(11)(5)10 4 (101)(43)

Regardless of whether derivatives and non-derivative financial instruments receive hedge accounting, the Company expects hedging gains or losses to be offset by losses or gains on the related underlying exposures. The amounts ultimately recognized will differ from those presented above for open positions, which remain subject to ongoing market price fluctuations until settlement. Derivatives receiving hedge accounting are highly effective and no amounts were excluded from the assessment of hedge effectiveness.
Fair Value Measurement – Valuations for all derivatives, the Company's note receivable from Copeland, and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. The fair value of the note receivable as of March 31, 2024 was approximately $2.0 billion, which was lower than the carrying value by approximately $100. See Note 10 for further details. As of March 31, 2024, the fair value of long-term debt was approximately $7.2 billion, which was lower than the carrying value by $963. The fair value of foreign currency contracts, which are reported in Other current assets and Accrued expenses, did not materially change since September 30, 2023. Commodity contracts related to discontinued operations and were novated to Copeland upon the completion of the transaction.
Counterparties to derivatives arrangements are companies with investment-grade credit ratings. The Company has bilateral collateral arrangements with counterparties with credit rating-based posting thresholds that vary depending on the arrangement. If credit ratings on the Company's debt fall below pre-established levels, counterparties can require immediate full collateralization of all derivatives in net liability positions. The maximum amount that could potentially have been required was immaterial. The Company also can demand full collateralization of derivatives in net asset positions should any counterparty credit ratings fall below certain thresholds. No collateral was posted with counterparties and none was held by the Company as of March 31, 2024.
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Activity in Accumulated other comprehensive income (loss) for the three and six months ended March 31, 2023 and 2024 is shown below, net of income taxes: 
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Foreign currency translation
   Beginning balance$(1,029)(840)(1,265)(1,012)
   Other comprehensive income (loss), net of tax of $4, $(1), $32 and $12, respectively
111 (17)347 155 
   Reclassification to loss on divestiture of business— 23 — 23 
   Ending balance(918)(834)(918)(834)
Pension and postretirement
   Beginning balance(238)(259)(222)(247)
Amortization of deferred actuarial losses into earnings, net of tax of $3, $2, $7 and $4, respectively
(17)(12)(33)(24)
   Ending balance(255)(271)(255)(271)
Cash flow hedges
   Beginning balance12 9 2 6 
Gains deferred during the period, net of taxes of $(6), $0, $(9) and $(2), respectively
18 1 27 7 
   Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $2, $1, $2 and $1, respectively
(5)(2)(4)(5)
   Ending balance25 8 25 8 
Accumulated other comprehensive income (loss)$(1,148)(1,097)(1,148)(1,097)
v3.24.1.u1
BUSINESS SEGMENTS
 6 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
As disclosed in Note 4, the Company completed the acquisition of NI on October 11, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group.

Summarized information about the Company's results of operations by business segment follows:

 Three Months Ended March 31,Six Months Ended March 31,
 SalesEarnings (Loss)SalesEarnings (Loss)
 2023 2024 2023 2024 2023 2024 2023 2024 
Final Control$992 1,051 215 259 1,854 1,991 373 453 
Measurement & Analytical888 1,013 229 274 1,637 1,960 404 509 
Discrete Automation683 632 133 116 1,301 1,245 254 213 
Safety & Productivity361 365 83 83 671 687 146 151 
Intelligent Devices2,924 3,061 660 732 5,463 5,883 1,177 1,326 
Control Systems & Software623 687 127 151 1,229 1,362 234 300 
Test & Measurement— 367 — (79)— 749 — (157)
AspenTech230 278 (54)(8)473 535 (87)(43)
Software and Control853 1,332 73 64 1,702 2,646 147 100 
Stock compensation
(40)(73)(142)(147)
Unallocated pension and postretirement costs46 38 91 69 
Corporate and other(47)(103)(111)(502)
Loss on Copeland equity method investment— (59)— (95)
Gain on subordinated interest— 79 — 79 
Eliminations/Interest(21)(17)(53)(57)(36)(36)(101)(101)
Interest income from related party— 31 — 62 
     Total$3,756 4,376 639 652 7,129 8,493 1,061 791 
Stock compensation for the three months and six months ended March 31, 2024 included $14 and $44 of integration-related stock compensation expense attributable to NI (of which $10 and $36, respectively, was reported as restructuring costs). Corporate and other for the three and six months ended March 31, 2024 included acquisition/divestiture fees and related costs of $16 and $146, respectively, and a divestiture loss of $39, while year-to-date also includes acquisition-related inventory step-up amortization of $231. Corporate and other for the six months ended March 31, 2023 included a loss of $47 related to the Company's exit of business operations in Russia and a mark-to-market gain of $35 related to its equity investment in National Instruments Corporation.
Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Final Control$45 39 90 79 
Measurement & Analytical28 33 58 73 
Discrete Automation22 21 43 43 
Safety & Productivity15 15 29 29 
Intelligent Devices110 108 220 224 
Control Systems & Software24 28 45 49 
Test & Measurement— 153 — 304 
AspenTech123 124 246 247 
Software and Control147 305 291 600 
Corporate and other6 11 12 22 
     Total$263 424 523 846 
Test & Measurement depreciation and amortization for the three and six months ended March 31, 2024 included intangibles amortization of $141 and $280 due to the acquisition.
Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below:
Three Months Ended March 31,Three Months Ended March 31,
20232024
AmericasAMEAEurope Total AmericasAMEAEurope Total
Final Control$494 362 136 992 513 404 134 1,051 
Measurement & Analytical455 304 129 888 512 334 167 1,013 
Discrete Automation311 184 188 683 294 161 177 632 
Safety & Productivity272 16 73 361 269 19 77 365 
Intelligent Devices1,532 866 526 2,924 1,588 918 555 3,061 
Control Systems & Software314 186 123 623 321 217 149 687 
Test & Measurement— — — — 162 98 107 367 
AspenTech114 61 55 230 121 73 84 278 
Software and Control428 247 178 853 604 388 340 1,332 
     Total$1,960 1,113 704 3,777 2,192 1,306 895 4,393 
Six Months Ended March 31,Six Months Ended March 31,
20232024
AmericasAMEAEuropeTotalAmericasAMEAEuropeTotal
Final Control$940 670 244 1,854 967 774 250 1,991 
Measurement & Analytical851 550 236 1,637 987 659 314 1,960 
Discrete Automation602 359 340 1,301 580 323 342 1,245 
Safety & Productivity508 33 130 671 512 35 140 687 
Intelligent Devices2,901 1,612 950 5,463 3,046 1,791 1,046 5,883 
Control Systems & Software608 371 250 1,229 646 426 290 1,362 
Test & Measurement— — — — 326 197 226 749 
AspenTech226 124 123 473 261 133 141 535 
Software and Control834 495 373 1,702 1,233 756 657 2,646 
Corporate and other
Total$3,735 2,107 1,323 7,165 4,279 2,547 1,703 8,529 
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure        
Net earnings common stockholders $ 501 $ 792 $ 643 $ 3,123
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
REVENUE RECOGNITION (Tables)
 6 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Contract Liabilities
The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities.     
Sept 30, 2023Mar 31, 2024
Unbilled receivables (contract assets)$1,453 1,480 
Customer advances (contract liabilities)(897)(1,187)
      Net contract assets (liabilities)$556 293 
v3.24.1.u1
COMMON SHARES (Tables)
 6 Months Ended
Mar. 31, 2024
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]  
Schedule of Basic and Diluted Earnings Per Share Reconciliation
Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential.
Three Months Ended
March 31,		Six Months Ended
March 31,
 2023 2024 2023 2024 
Basic shares outstanding570.9 571.4 577.2 571.1 
Dilutive shares2.7 2.7 2.9 2.6 
Diluted shares outstanding573.6 574.1 580.1 573.7 
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES (Tables)
 6 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Consideration
The following table summarizes the components of the purchase consideration reflected in the acquisition accounting for NI.
Cash paid to acquire remaining NI shares not already owned by Emerson$7,833 
Payoff of NI debt at closing634 
Total consideration paid in cash at closing8,467 
Fair value of NI shares already owned by Emerson prior to acquisition137 
Value of stock-based compensation awards attributable to pre-combination service49 
Total purchase consideration$8,653 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The total purchase consideration for NI was allocated to assets and liabilities as follows. Valuations of acquired assets and liabilities are in-process and subject to refinement.

Cash and equivalents$135 
Receivables310 
Inventory514 
Other current assets139 
Property, plant and equipment328 
Goodwill ($130 expected to be tax-deductible)
3,407 
Other intangible assets5,275 
Other assets120 
Total assets10,228 
Accounts payable52 
Accrued expenses326 
Deferred taxes and other liabilities1,197 
Total purchase consideration$8,653 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The estimated intangible assets attributable to the transaction are comprised of the following (in millions):

AmountEstimated Weighted Average Life (Years)
Developed technology $1,570 9
Customer relationships 3,360 15
Trade names210 9
Backlog135 1
Total $5,275 
Schedule of Business Acquisition Pro Forma Information
The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of NI occurred on October 1, 2022. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts).
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Net Sales$4,193 4,376 $8,014 8,512 
Net earnings from continuing operations common stockholders$447 530 $306 950 
Diluted earnings per share from continuing operations$0.77 0.92 $0.53 1.65 
v3.24.1.u1
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
The financial results of Climate Technologies and InSinkErator ("ISE") are reported as discontinued operations for the three and six months ended March 31, 2023 and were as follows:
Three Months Ended March 31, 2023
 Climate TechnologiesISETotal
Net sales $1,245 — 1,245 
Cost of sales 782 — 782 
SG&A127 — 127 
Gain on sale of business — (3)(3)
Other deductions, net 35 — 35 
Earnings before income taxes 301 3 304 
Income taxes 39 — 39 
Earnings, net of tax $262 3 265 
Six Months Ended March 31, 2023
Climate TechnologiesISETotal
Net sales$2,309 49 2,358 
Cost of sales1,484 29 1,513 
SG&A269 8 277 
Gain on sale of business— (2,783)(2,783)
Other deductions, net67 12 79 
Earnings before income taxes489 2,783 3,272 
Income taxes352 653 1,005 
Earnings, net of tax$137 2,130 2,267 
Net cash from operating and investing activities for Climate Technologies, InSinkErator and Therm-O-Disc for the six months ended March 31, 2024 and 2023 were as follows:

Climate TechnologiesISE and TODTotal
 Six Months Ended March 31,Six Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 2023 2024 
Cash from operating activities$44 (43)(435)— (391)(43)
Cash from investing activities$(139)1 3,055 — 2,916 1 
v3.24.1.u1
PENSION & POSTRETIREMENT PLANS (Tables)
 6 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Pension and Postretirement Plan Expenses
Total periodic pension and postretirement (income) expense is summarized below:
 Three Months Ended March 31,Six Months Ended March 31,
 2023 2024 2023 2024 
Service cost$12 9 $24 18 
Interest cost54 55 108 110 
Expected return on plan assets
(71)(74)(142)(148)
Net amortization(20)(14)(40)(28)
Total$(25)(24)$(50)(48)
v3.24.1.u1
OTHER DEDUCTIONS, NET (Tables)
 6 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Deductions, Net
Other deductions, net are summarized below:
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2023 2024 2023 2024 
Amortization of intangibles (intellectual property and customer relationships)$119 273 237 547 
Restructuring costs19 30 29 113 
Acquisition/divestiture costs10 5 10 85 
Foreign currency transaction (gains) losses26 17 19 51 
Investment-related gains & gains from sales of capital assets
(35)— (39)— 
Loss on Copeland equity method investment— 59 — 95 
Loss on divestiture of business— 39 — 39 
Russia business exit— — 47 — 
Other(30)(34)(74)(54)
Total$109 389 229 876 
v3.24.1.u1
RESTRUCTURING COSTS (Tables)
 6 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Expense by Segment
Restructuring expense by business segment follows:

 Three Months Ended March 31,Six Months Ended
March 31,
 2023 2024 2023 2024 
Final Control$2 (7)1 (4)
Measurement & Analytical— 1 1 4 
Discrete Automation7 7 8 17 
Safety & Productivity2 1 2 1 
Intelligent Devices11 2 12 18 
Control Systems & Software5 3 6 4 
Test & Measurement— 14 — 54 
AspenTech— — — — 
Software and Control 5 17 6 58 
Corporate3 11 11 37 
Total$19 30 29 113 
Schedule of Change in Restructuring Reserve by Type of Cost
Details of the change in the liability for restructuring costs during the six months ended March 31, 2024 follow:
 Sept 30, 2023ExpenseUtilized/PaidMar 31, 2024
Severance and benefits$85 95 100 80 
Other2 18 15 5 
Total$87 113 115 85 
v3.24.1.u1
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE (Tables)
 6 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Financial Information
Summarized financial information for Copeland for the three and six months ended March 31, 2024 is as follows.
 Three Months Ended March 31,Six Months Ended March 31,
 2024 2024 
Net sales $1,175 $2,199 
Gross profit$412 $757 
Income (loss) from continuing operations$(147)$(240)
Net income (loss)$(147)$(240)
Net income (loss) attributable to shareholders$(148)$(238)
v3.24.1.u1
OTHER FINANCIAL INFORMATION (Tables)
 6 Months Ended
Mar. 31, 2024
Other Financial Information [Abstract]  
Schedule of Inventories

Sept 30, 2023Mar 31, 2024
Inventories
Finished products$446 593 
Raw materials and work in process1,560 1,764 
Total$2,006 2,357 
Schedule of Property, Plant and Equipment, net
Property, plant and equipment, net  
Property, plant and equipment, at cost$5,524 5,976 
Less: Accumulated depreciation3,161 3,287 
     Total$2,363 2,689 
Schedule of Goodwill by Business Segment
Goodwill by business segment
Final Control$2,660 2,682 
Measurement & Analytical1,545 1,560 
Discrete Automation892 908 
Safety & Productivity388 399 
Intelligent Devices5,485 5,549 
Control Systems & Software668 671 
Test & Measurement— 3,415 
AspenTech8,327 8,329 
Software and Control 8,995 12,415 
     Total$14,480 17,964 
Schedule of Other Intangible Assets
Sept 30, 2023Mar 31, 2024
Other intangible assets  
Gross carrying amount$10,111 15,484 
Less: Accumulated amortization3,848 4,508 
     Net carrying amount$6,263 10,976 
Schedule of Depreciation and Amortization Components
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Depreciation and amortization expense include the following:
Depreciation expense$72 79 146 158 
Amortization of intangibles (includes $49, $49, $98 and $98 reported in Cost of Sales, respectively)
168 322 335 645 
Amortization of capitalized software23 23 42 43 
Total $263 424 523 846 
Schedule of Other Assets
Sept 30, 2023Mar 31, 2024
Other assets include the following:
Pension assets$995 1,053 
Operating lease right-of-use assets550 686 
Unbilled receivables (contract assets)559 528 
Deferred income taxes100 63 
Asbestos-related insurance receivables53 48 
Schedule of Accrued Expenses
Accrued expenses include the following:
Customer advances (contract liabilities)$861 1,100 
Employee compensation618 531 
Income taxes207 220 
Operating lease liabilities (current)144 155 
Product warranty84 74 
Schedule of Other Liabilities
Other liabilities include the following:  
Deferred income taxes$1,959 2,654 
Operating lease liabilities (noncurrent)404 511 
Pension and postretirement liabilities435 447 
Asbestos litigation173 164 
v3.24.1.u1
FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments
The following gains and losses are included in earnings and other comprehensive income (OCI) for the three and six months ended March 31, 2023 and 2024:
Into EarningsInto OCI
2nd QuarterSix Months2nd QuarterSix Months
Gains (Losses)Location2023 2024 2023 2024 2023 2024 2023 2024 
CommodityCost of sales$(2)— (10)— 8 — 19 — 
Foreign currency
Sales
(1)— (2)— (1)(5)3 2 
Foreign currency
Cost of sales
10 3 18 6 17 6 14 7 
Foreign currency
Other deductions, net
(22)(26)(17)(11)
Net Investment Hedges
Euro denominated debt— — (14)3 (137)(52)
     Total $(15)(23)(11)(5)10 4 (101)(43)
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 6 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Activity in Accumulated other comprehensive income (loss) for the three and six months ended March 31, 2023 and 2024 is shown below, net of income taxes: 
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Foreign currency translation
   Beginning balance$(1,029)(840)(1,265)(1,012)
   Other comprehensive income (loss), net of tax of $4, $(1), $32 and $12, respectively
111 (17)347 155 
   Reclassification to loss on divestiture of business— 23 — 23 
   Ending balance(918)(834)(918)(834)
Pension and postretirement
   Beginning balance(238)(259)(222)(247)
Amortization of deferred actuarial losses into earnings, net of tax of $3, $2, $7 and $4, respectively
(17)(12)(33)(24)
   Ending balance(255)(271)(255)(271)
Cash flow hedges
   Beginning balance12 9 2 6 
Gains deferred during the period, net of taxes of $(6), $0, $(9) and $(2), respectively
18 1 27 7 
   Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $2, $1, $2 and $1, respectively
(5)(2)(4)(5)
   Ending balance25 8 25 8 
Accumulated other comprehensive income (loss)$(1,148)(1,097)(1,148)(1,097)
v3.24.1.u1
BUSINESS SEGMENTS (Tables)
 6 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Summarized information about the Company's results of operations by business segment follows:

 Three Months Ended March 31,Six Months Ended March 31,
 SalesEarnings (Loss)SalesEarnings (Loss)
 2023 2024 2023 2024 2023 2024 2023 2024 
Final Control$992 1,051 215 259 1,854 1,991 373 453 
Measurement & Analytical888 1,013 229 274 1,637 1,960 404 509 
Discrete Automation683 632 133 116 1,301 1,245 254 213 
Safety & Productivity361 365 83 83 671 687 146 151 
Intelligent Devices2,924 3,061 660 732 5,463 5,883 1,177 1,326 
Control Systems & Software623 687 127 151 1,229 1,362 234 300 
Test & Measurement— 367 — (79)— 749 — (157)
AspenTech230 278 (54)(8)473 535 (87)(43)
Software and Control853 1,332 73 64 1,702 2,646 147 100 
Stock compensation
(40)(73)(142)(147)
Unallocated pension and postretirement costs46 38 91 69 
Corporate and other(47)(103)(111)(502)
Loss on Copeland equity method investment— (59)— (95)
Gain on subordinated interest— 79 — 79 
Eliminations/Interest(21)(17)(53)(57)(36)(36)(101)(101)
Interest income from related party— 31 — 62 
     Total$3,756 4,376 639 652 7,129 8,493 1,061 791 
Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:
Three Months Ended March 31,Six Months Ended March 31,
2023 2024 2023 2024 
Final Control$45 39 90 79 
Measurement & Analytical28 33 58 73 
Discrete Automation22 21 43 43 
Safety & Productivity15 15 29 29 
Intelligent Devices110 108 220 224 
Control Systems & Software24 28 45 49 
Test & Measurement— 153 — 304 
AspenTech123 124 246 247 
Software and Control147 305 291 600 
Corporate and other6 11 12 22 
     Total$263 424 523 846 
Schedule of Financial Information By Geographic Area
Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below:
Three Months Ended March 31,Three Months Ended March 31,
20232024
AmericasAMEAEurope Total AmericasAMEAEurope Total
Final Control$494 362 136 992 513 404 134 1,051 
Measurement & Analytical455 304 129 888 512 334 167 1,013 
Discrete Automation311 184 188 683 294 161 177 632 
Safety & Productivity272 16 73 361 269 19 77 365 
Intelligent Devices1,532 866 526 2,924 1,588 918 555 3,061 
Control Systems & Software314 186 123 623 321 217 149 687 
Test & Measurement— — — — 162 98 107 367 
AspenTech114 61 55 230 121 73 84 278 
Software and Control428 247 178 853 604 388 340 1,332 
     Total$1,960 1,113 704 3,777 2,192 1,306 895 4,393 
Six Months Ended March 31,Six Months Ended March 31,
20232024
AmericasAMEAEuropeTotalAmericasAMEAEuropeTotal
Final Control$940 670 244 1,854 967 774 250 1,991 
Measurement & Analytical851 550 236 1,637 987 659 314 1,960 
Discrete Automation602 359 340 1,301 580 323 342 1,245 
Safety & Productivity508 33 130 671 512 35 140 687 
Intelligent Devices2,901 1,612 950 5,463 3,046 1,791 1,046 5,883 
Control Systems & Software608 371 250 1,229 646 426 290 1,362 
Test & Measurement— — — — 326 197 226 749 
AspenTech226 124 123 473 261 133 141 535 
Software and Control834 495 373 1,702 1,233 756 657 2,646 
Corporate and other
Total$3,735 2,107 1,323 7,165 4,279 2,547 1,703 8,529 
v3.24.1.u1
REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]    
Unbilled receivables (contract assets) $ 1,480 $ 1,453
Customer advances (contract liabilities) (1,187) (897)
Net contract assets (liabilities) $ 293 $ 556
v3.24.1.u1
REVENUE RECOGNITION - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Increase in contract liabilities   $ 190
Revenue recognized, included in beginning contract liability $ 154 522
Backlog 8,800 8,800
AspenTech    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Backlog 1,250 1,250
National Instruments    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Backlog $ 500 $ 500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Percentage of backlog recognized as revenue, next 12 months 75.00% 75.00%
Expected timing of satisfaction, backlog 12 months 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Expected timing of satisfaction, backlog 1 year 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Expected timing of satisfaction, backlog 1 year 1 year
v3.24.1.u1
COMMON SHARES (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Basic shares outstanding (in shares) 571.4 570.9 571.1 577.2
Dilutive shares (in shares) 2.7 2.7 2.6 2.9
Diluted shares outstanding (in shares) 574.1 573.6 573.7 580.1
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 11, 2023
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
business
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
Business Acquisition [Line Items]                    
Earnings   $ 4,376     $ 3,756   $ 8,493 $ 7,129    
Mark-to-market gain (loss)         (14)     21    
Acquisition/divestiture costs   5     10   85 10    
Gain on subordinated interest   79     0   79 0    
Loss on divestiture of business   39     0   39 0    
Purchase price of businesses, net of cash acquired             8,342 0    
Goodwill   17,964   $ 14,480     17,964   $ 14,480 $ 14,480
Goodwill expected tax deductible amount $ 130                  
Gain (loss) on sale of business         3     2,783    
Russia                    
Business Acquisition [Line Items]                    
Gain (loss) on sale of business     $ (47)     $ (47)        
Loss on disposal (in dollars per share) | $ / shares           $ 0.08        
National Instruments                    
Business Acquisition [Line Items]                    
Net sales 1,700                  
Earnings                   170
Acquisition including sales   367     437   749 885    
Net loss since acquisition date   80         406      
Amortization of intangible assets   141     107   280 212    
Mark-to-market gain (loss)         35          
Acquisition/divestiture costs   16         146 198 110  
Net earnings from continuing operations common stockholders   $ 530     447   $ 950 306    
Goodwill $ 3,407                  
National Instruments | National Instruments                    
Business Acquisition [Line Items]                    
Acquisition/divestiture costs                 88  
National Instruments | Backlog Amortization                    
Business Acquisition [Line Items]                    
Amortization of intangible assets         $ 34     68    
National Instruments | Retention Bonus                    
Business Acquisition [Line Items]                    
Net earnings from continuing operations common stockholders               47    
National Instruments | Fair Value Adjustment to Inventory                    
Business Acquisition [Line Items]                    
Net earnings from continuing operations common stockholders               $ 213    
Other Segment Transactions                    
Business Acquisition [Line Items]                    
Number of businesses acquired | business       2            
Purchase price of businesses, net of cash acquired       $ 715            
Goodwill       423         423 423
Goodwill expected tax deductible amount       0         0 0
Intangible assets       $ 323         $ 323 $ 323
Weighted-average useful life       9 years            
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Consideration (Details) - National Instruments
$ in Millions
Oct. 11, 2023
USD ($)
Business Acquisition [Line Items]  
Cash paid to acquire remaining NI shares not already owned by Emerson $ 7,833
Payoff of NI debt at closing 634
Total consideration paid in cash at closing 8,467
Fair value of NI shares already owned by Emerson prior to acquisition 137
Value of stock-based compensation awards attributable to pre-combination service 49
Total purchase consideration $ 8,653
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Oct. 11, 2023
Sep. 30, 2023
Business Acquisition [Line Items]      
Goodwill ($130 expected to be tax-deductible) $ 17,964   $ 14,480
Goodwill expected tax deductible amount   $ 130  
National Instruments      
Business Acquisition [Line Items]      
Cash and equivalents   135  
Receivables   310  
Inventory   514  
Other current assets   139  
Property, plant and equipment   328  
Goodwill ($130 expected to be tax-deductible)   3,407  
Other intangible assets   5,275  
Other assets   120  
Total assets   10,228  
Accounts payable   52  
Accrued expenses   326  
Deferred taxes and other liabilities   1,197  
Total purchase consideration   $ 8,653  
Other Segment Transactions      
Business Acquisition [Line Items]      
Goodwill ($130 expected to be tax-deductible)     423
Goodwill expected tax deductible amount     $ 0
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - USD ($)
$ in Millions
 3 Months Ended
Oct. 11, 2023
Sep. 30, 2023
National Instruments    
Acquired Finite-Lived Intangible Assets [Line Items]    
Amount $ 5,275  
National Instruments | Developed technology    
Acquired Finite-Lived Intangible Assets [Line Items]    
Amount $ 1,570  
Estimated Weighted Average Life (Years) 9 years  
National Instruments | Customer relationships    
Acquired Finite-Lived Intangible Assets [Line Items]    
Amount $ 3,360  
Estimated Weighted Average Life (Years) 15 years  
National Instruments | Trade names    
Acquired Finite-Lived Intangible Assets [Line Items]    
Amount $ 210  
Estimated Weighted Average Life (Years) 9 years  
National Instruments | Backlog    
Acquired Finite-Lived Intangible Assets [Line Items]    
Amount $ 135  
Estimated Weighted Average Life (Years) 1 year  
Other Segment Transactions    
Acquired Finite-Lived Intangible Assets [Line Items]    
Estimated Weighted Average Life (Years)   9 years
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Schedule of Business Acquisition Pro Forma Information (Details) - National Instruments - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Business Acquisition [Line Items]        
Net Sales $ 4,376 $ 4,193 $ 8,512 $ 8,014
Net earnings from continuing operations common stockholders $ 530 $ 447 $ 950 $ 306
Diluted earnings per share from continuing operations (in dollars per share) $ 0.92 $ 0.77 $ 1.65 $ 0.53
v3.24.1.u1
DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
May 31, 2023
Oct. 31, 2022
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Net sales         $ 1,245   $ 2,358  
Copeland                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Noncontrolling interest, ownership percentage by parent 40.00%              
Climate Technologies                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Purchase price $ 14,000              
Proceeds from divestiture 9,700              
Proceeds from notes receivable $ 2,250              
Interest accrual percentage on note payable 5.00%              
Net sales         1,245   2,309 $ 5,000
Disposal group, pre-tax earnings               1,000
Pretax gain       $ 10,600        
Gain on sale of business, net of tax               8,400
Ceased depreciation         43   70  
Discontinued operations costs         28   55  
Tax effect of discontinued operation         $ 245      
InSinkErator                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Purchase price   $ 3,000       $ 575    
Net sales               630
Disposal group, pre-tax earnings               $ 152
Pretax gain     $ 2,800          
Gain on sale of business, net of tax     $ 2,100          
Tax effect of discontinued operation             $ 660  
v3.24.1.u1
DISCONTINUED OPERATIONS - Financial Results (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Net sales   $ 1,245   $ 2,358  
Cost of sales   782   1,513  
SG&A   127   277  
Gain on sale of business   (3)   (2,783)  
Other deductions, net   35   79  
Earnings before income taxes   304   3,272  
Income taxes $ 0 39 $ 0 1,005  
Earnings, net of tax $ 0 265 $ 0 2,267  
Climate Technologies          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Net sales   1,245   2,309 $ 5,000
Cost of sales   782   1,484  
SG&A   127   269  
Gain on sale of business   0   0  
Other deductions, net   35   67  
Earnings before income taxes   301   489  
Income taxes   39   352  
Earnings, net of tax   262   137  
ISE          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Net sales   0   49  
Cost of sales   0   29  
SG&A   0   8  
Gain on sale of business   (3)   (2,783)  
Other deductions, net   0   12  
Earnings before income taxes   3   2,783  
Income taxes   0   653  
Earnings, net of tax   $ 3   $ 2,130  
v3.24.1.u1
DISCONTINUED OPERATIONS - Net Cash from Operating and Investing Activities (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash from operating activities $ (43) $ (391)
Cash from investing activities 1 2,916
Climate Technologies    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash from operating activities (43) 44
Cash from investing activities 1 (139)
ISE    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash from operating activities 0 (435)
Cash from investing activities $ 0 $ 3,055
v3.24.1.u1
PENSION & POSTRETIREMENT PLANS - Schedule of Pension and Postretirement Plan Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Retirement Benefits [Abstract]        
Service cost $ 9 $ 12 $ 18 $ 24
Interest cost 55 54 110 108
Expected return on plan assets (74) (71) (148) (142)
Net amortization (14) (20) (28) (40)
Total $ (24) $ (25) $ (48) $ (50)
v3.24.1.u1
OTHER DEDUCTIONS, NET (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]          
Amortization of intangibles (intellectual property and customer relationships) $ 273 $ 119 $ 547 $ 237  
Restructuring costs 30 19 113 29  
Acquisition/divestiture costs 5 10 85 10  
Foreign currency transaction (gains) losses 17 26 51 19  
Investment-related gains & gains from sales of capital assets 0 (35) 0 (39)  
Loss on Copeland equity method investment 59 0 95 0  
Loss on divestiture of business 39 0 39 0  
Russia business exit 0 0 0 47  
Other (34) (30) (54) (74)  
Total 389 109 876 229  
Mark-to-market gain (loss)   (14)   21  
National Instruments          
Acquired Finite-Lived Intangible Assets [Line Items]          
Amortization of intangibles (intellectual property and customer relationships) 141   280    
Restructuring costs 10   36    
Acquisition/divestiture costs $ 16   $ 146 $ 198 $ 110
Mark-to-market gain (loss)   $ 35      
v3.24.1.u1
RESTRUCTURING COSTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2024
Restructuring [Line Items]          
Expense $ 30 $ 19 $ 113 $ 29  
Corporate and other          
Restructuring [Line Items]          
Expense 11 3 37 11  
Cost of sales and selling, general, and administrative expenses          
Restructuring [Line Items]          
Expense $ 3 $ 7 $ 7 $ 12  
Forecast          
Restructuring [Line Items]          
Expected fiscal year restructuring expense         $ 230
v3.24.1.u1
RESTRUCTURING COSTS - Schedule Of Restructuring Expense by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Restructuring [Line Items]        
Expense $ 30 $ 19 $ 113 $ 29
Corporate and other        
Restructuring [Line Items]        
Expense 11 3 37 11
Intelligent Devices | Operating Segments        
Restructuring [Line Items]        
Expense 2 11 18 12
Software and Control        
Restructuring [Line Items]        
Expense 17 5 58 6
Final Control | Intelligent Devices | Operating Segments        
Restructuring [Line Items]        
Expense (7) 2 (4) 1
Measurement & Analytical | Intelligent Devices | Operating Segments        
Restructuring [Line Items]        
Expense 1 0 4 1
Discrete Automation | Intelligent Devices | Operating Segments        
Restructuring [Line Items]        
Expense 7 7 17 8
Safety & Productivity | Intelligent Devices | Operating Segments        
Restructuring [Line Items]        
Expense 1 2 1 2
Control Systems & Software | Software and Control | Operating Segments        
Restructuring [Line Items]        
Expense 3 5 4 6
Test & Measurement | Software and Control | Operating Segments        
Restructuring [Line Items]        
Expense 14 0 54 0
AspenTech | Software and Control | Operating Segments        
Restructuring [Line Items]        
Expense $ 0 $ 0 $ 0 $ 0
v3.24.1.u1
RESTRUCTURING COSTS - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Restructuring Reserve [Roll Forward]        
Restructuring reserve, beginning balance     $ 87  
Expense $ 30 $ 19 113 $ 29
Utilized/Paid     115  
Restructuring reserve, ending balance 85   85  
Severance and benefits        
Restructuring Reserve [Roll Forward]        
Restructuring reserve, beginning balance     85  
Expense     95  
Utilized/Paid     100  
Restructuring reserve, ending balance 80   80  
Other        
Restructuring Reserve [Roll Forward]        
Restructuring reserve, beginning balance     2  
Expense     18  
Utilized/Paid     15  
Restructuring reserve, ending balance $ 5   $ 5  
v3.24.1.u1
TAXES (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]        
Income taxes $ 149 $ 134 $ 156 $ 232
Effective income tax rate 23.00% 21.00% 20.00% 22.00%
Income tax benefit related to discrete tax items     $ 57  
Income taxes benefit related to discrete tax items (in dollars per share)     $ 0.10  
Income tax (expense) benefit related to discrete tax items, as a percent (2.00%)   1.00%  
v3.24.1.u1
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
May 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]          
Loss on Copeland equity method investment   $ 59 $ 0 $ 95 $ 0
Income tax benefit   (149) (134) (156) (232)
Interest income   33 $ 18 73 $ 38
Copeland          
Schedule of Equity Method Investments [Line Items]          
Loss on Copeland equity method investment   59   95  
Income tax benefit   $ 13   $ 22  
Loss from equity method investment (in dollars per share)   $ 0.08   $ 0.12  
Equity method investment   $ 1,036   $ 1,036  
Notes receivable   2,155   2,155  
Copeland | Related Party          
Schedule of Equity Method Investments [Line Items]          
Interest income   $ 31   $ 62  
Copeland          
Schedule of Equity Method Investments [Line Items]          
Noncontrolling interest, ownership percentage by parent 40.00%        
Copeland          
Schedule of Equity Method Investments [Line Items]          
Proceeds from divestiture $ 9,700        
Notes receivable, consideration $ 2,250        
v3.24.1.u1
EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE - Summarized Financial Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Income (loss) from continuing operations $ 503 $ 505 $ 635 $ 829
Net income (loss) 503 770 635 3,096
Net income (loss) attributable to shareholders 501 $ 792 643 $ 3,123
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Copeland        
Schedule of Equity Method Investments [Line Items]        
Net sales 1,175   2,199  
Gross profit 412   757  
Income (loss) from continuing operations (147)   (240)  
Net income (loss) (147)   (240)  
Net income (loss) attributable to shareholders $ (148)   $ (238)  
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Other Financial Information [Abstract]    
Finished products $ 593 $ 446
Raw materials and work in process 1,764 1,560
Total $ 2,357 $ 2,006
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Property, Plant and Equipment, net (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Other Financial Information [Abstract]    
Property, plant and equipment, at cost $ 5,976 $ 5,524
Less: Accumulated depreciation 3,287 3,161
Total $ 2,689 $ 2,363
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Goodwill by Business Segment (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Goodwill [Line Items]    
Goodwill $ 17,964 $ 14,480
Intelligent Devices    
Goodwill [Line Items]    
Goodwill 5,549 5,485
Software and Control    
Goodwill [Line Items]    
Goodwill 12,415 8,995
Final Control | Intelligent Devices    
Goodwill [Line Items]    
Goodwill 2,682 2,660
Measurement & Analytical | Intelligent Devices    
Goodwill [Line Items]    
Goodwill 1,560 1,545
Discrete Automation | Intelligent Devices    
Goodwill [Line Items]    
Goodwill 908 892
Safety & Productivity | Intelligent Devices    
Goodwill [Line Items]    
Goodwill 399 388
Control Systems & Software | Software and Control    
Goodwill [Line Items]    
Goodwill 671 668
Test & Measurement | Software and Control    
Goodwill [Line Items]    
Goodwill 3,415 0
AspenTech | Software and Control    
Goodwill [Line Items]    
Goodwill $ 8,329 $ 8,327
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 15,484 $ 10,111
Less: Accumulated amortization 4,508 3,848
Net carrying amount 10,976 6,263
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Net carrying amount 6,501 3,353
Intellectual Property    
Finite-Lived Intangible Assets [Line Items]    
Net carrying amount $ 4,247 $ 2,707
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Depreciation and Amortization components (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Business Acquisition [Line Items]        
Depreciation expense $ 79 $ 72 $ 158 $ 146
Amortization of intangibles (includes $49, $49, $98 and $98 reported in Cost of Sales, respectively) 322 168 645 335
Amortization of capitalized software 23 23 43 42
Total 424 263 846 523
Amortization of intangibles in cost of sales 49 49 98 98
National Instruments        
Business Acquisition [Line Items]        
Amortization of intangible assets $ 141 $ 107 $ 280 $ 212
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Other Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Other Financial Information [Abstract]    
Pension assets $ 1,053 $ 995
Operating lease right-of-use assets 686 550
Unbilled receivables (contract assets) 528 559
Deferred income taxes 63 100
Asbestos-related insurance receivables $ 48 $ 53
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Accrued Expenses (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Other Financial Information [Abstract]    
Customer advances (contract liabilities) $ 1,100 $ 861
Employee compensation 531 618
Income taxes 220 207
Operating lease liabilities (current) 155 144
Product warranty $ 74 $ 84
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
v3.24.1.u1
OTHER FINANCIAL INFORMATION - Schedule of Other Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Sep. 30, 2023
Other Financial Information [Abstract]    
Deferred income taxes $ 2,654 $ 1,959
Operating lease liabilities (noncurrent) 511 404
Pension and postretirement liabilities 447 435
Asbestos litigation $ 164 $ 173
v3.24.1.u1
FINANCIAL INSTRUMENTS - Schedule Of Derivative Instruments (Details)
$ in Millions, € in Billions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2019
EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]          
Into Earnings $ (23) $ (15) $ (5) $ (11)  
Into OCI 4 10 (43) (101)  
Fair value of notes receivable compared with carrying value, higher (lower) (100)   (100)    
Fair value of long-term debt compared with carrying value 963   963    
Collateral already posted, aggregate fair value 0   0    
Collateral held from counterparties 0   0    
Level 2          
Derivative Instruments, Gain (Loss) [Line Items]          
Fair value of notes receivable 2,000   2,000    
Fair value of long-term debt 7,200   7,200    
Senior Notes          
Derivative Instruments, Gain (Loss) [Line Items]          
Debt, face amount | €         € 1.5
Foreign Exchange Contract          
Derivative Instruments, Gain (Loss) [Line Items]          
Notional amount of foreign currency hedge positions 3,200   3,200    
Foreign Exchange Contract | Cash Flow Hedging | Cost of sales          
Derivative Instruments, Gain (Loss) [Line Items]          
Into Earnings 3 10 6 18  
Foreign Exchange Contract | Cash Flow Hedging | Cost of sales | Other Comprehensive Income (Loss)          
Derivative Instruments, Gain (Loss) [Line Items]          
Into OCI 6 17 7 14  
Foreign Exchange Contract | Cash Flow Hedging | Sales          
Derivative Instruments, Gain (Loss) [Line Items]          
Into Earnings 0 (1) 0 (2)  
Foreign Exchange Contract | Cash Flow Hedging | Sales | Other Comprehensive Income (Loss)          
Derivative Instruments, Gain (Loss) [Line Items]          
Into OCI (5) (1) 2 3  
Foreign Exchange Contract | Net Investment Hedging          
Derivative Instruments, Gain (Loss) [Line Items]          
Into Earnings 0   0    
Foreign Exchange Contract | Net Investment Hedging | Other Comprehensive Income (Loss)          
Derivative Instruments, Gain (Loss) [Line Items]          
Into OCI 3 (14) (52) (137)  
Commodity Contract | Cash Flow Hedging | Cost of sales          
Derivative Instruments, Gain (Loss) [Line Items]          
Into Earnings 0 (2) 0 (10)  
Commodity Contract | Cash Flow Hedging | Cost of sales | Other Comprehensive Income (Loss)          
Derivative Instruments, Gain (Loss) [Line Items]          
Into OCI 0 8 0 19  
Commodity Contract | Cash Flow Hedging | Other deductions, net          
Derivative Instruments, Gain (Loss) [Line Items]          
Into Earnings $ (26) $ (22) $ (11) $ (17)  
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Accumulated other comprehensive income [Roll Forward]        
Stockholders' equity, beginning balance     $ 26,598  
Other comprehensive income (loss), net of tax $ (7) $ 106 158 $ 341
Stockholders' equity, ending balance 26,781 17,347 26,781 17,347
Accumulated other comprehensive income (loss)        
Accumulated other comprehensive income [Roll Forward]        
Stockholders' equity, beginning balance (1,090) (1,255) (1,253) (1,485)
Stockholders' equity, ending balance (1,097) (1,148) (1,097) (1,148)
Foreign currency translation        
Accumulated other comprehensive income [Roll Forward]        
Stockholders' equity, beginning balance (840) (1,029) (1,012) (1,265)
Other comprehensive income (loss), net of tax (17) 111 155 347
Reclassification, net of tax 23 0 23 0
Stockholders' equity, ending balance (834) (918) (834) (918)
Other comprehensive income (loss), tax (1) 4 12 32
Pension and postretirement        
Accumulated other comprehensive income [Roll Forward]        
Stockholders' equity, beginning balance (259) (238) (247) (222)
Other comprehensive income (loss), net of tax (12) (17) (24) (33)
Stockholders' equity, ending balance (271) (255) (271) (255)
Other comprehensive income (loss), tax 2 3 4 7
Cash flow hedges        
Accumulated other comprehensive income [Roll Forward]        
Stockholders' equity, beginning balance 9 12 6 2
Other comprehensive income (loss), net of tax 1 18 7 27
Reclassification, net of tax (2) (5) (5) (4)
Stockholders' equity, ending balance 8 25 8 25
Other comprehensive income (loss), tax 0 (6) (2) (9)
Reclassification of (gains) losses to sales and cost of sales, tax $ 1 $ 2 $ 1 $ 2
v3.24.1.u1
BUSINESS SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2023
Sep. 30, 2023
Segment Reporting Information [Line Items]                
Net sales $ 4,376   $ 3,756   $ 8,493 $ 7,129    
Earnings (Loss) 652   639   791 1,061    
Loss on Copeland equity method investment (59)   0   (95) 0    
Gain on subordinated interest         79 0    
Interest expense (57)   (53)   (101) (101)    
Expense 30   19   113 29    
Acquisition/divestiture costs 5   10   85 10    
Loss on divestiture of business 39   0   39 0    
Amortization of acquisition-related inventory step-up 231       231 0    
Gain (loss) on sale of business     3     2,783    
Unrealized gain (loss) on derivatives           35    
National Instruments                
Segment Reporting Information [Line Items]                
Net sales               $ 170
Expense 10       36      
Acquisition/divestiture costs 16       146 198 $ 110  
Restructuring Charges | National Instruments                
Segment Reporting Information [Line Items]                
Stock compensation 14       44      
Software and Control                
Segment Reporting Information [Line Items]                
Expense 17   5   58 6    
Russia                
Segment Reporting Information [Line Items]                
Gain (loss) on sale of business   $ (47)   $ (47)        
Operating Segments | Intelligent Devices                
Segment Reporting Information [Line Items]                
Net sales 3,061   2,924   5,883 5,463    
Earnings (Loss) 732   660   1,326 1,177    
Expense 2   11   18 12    
Operating Segments | Software and Control                
Segment Reporting Information [Line Items]                
Net sales 1,332   853          
Earnings (Loss) 64   73          
Operating Segments | Final Control | Intelligent Devices                
Segment Reporting Information [Line Items]                
Net sales 1,051   992   1,991 1,854    
Earnings (Loss) 259   215   453 373    
Expense (7)   2   (4) 1    
Operating Segments | Measurement & Analytical | Intelligent Devices                
Segment Reporting Information [Line Items]                
Net sales 1,013   888   1,960 1,637    
Earnings (Loss) 274   229   509 404    
Expense 1   0   4 1    
Operating Segments | Discrete Automation | Intelligent Devices                
Segment Reporting Information [Line Items]                
Net sales 632   683   1,245 1,301    
Earnings (Loss) 116   133   213 254    
Expense 7   7   17 8    
Operating Segments | Safety & Productivity | Intelligent Devices                
Segment Reporting Information [Line Items]                
Net sales 365   361   687 671    
Earnings (Loss) 83   83   151 146    
Expense 1   2   1 2    
Operating Segments | Control Systems & Software | Software and Control                
Segment Reporting Information [Line Items]                
Net sales 687   623   1,362 1,229    
Earnings (Loss) 151   127   300 234    
Expense 3   5   4 6    
Operating Segments | Test & Measurement | Software and Control                
Segment Reporting Information [Line Items]                
Net sales 367   0   749 0    
Earnings (Loss) (79)   0   (157) 0    
Expense 14   0   54 0    
Operating Segments | AspenTech | Software and Control                
Segment Reporting Information [Line Items]                
Net sales 278   230   535 473    
Earnings (Loss) (8)   (54)   (43) (87)    
Expense 0   0   0 0    
Operating Segments | Software and Control | Software and Control                
Segment Reporting Information [Line Items]                
Net sales         2,646 1,702    
Earnings (Loss)         100 147    
Segment Reconciling                
Segment Reporting Information [Line Items]                
Stock compensation (73)   (40)   (147) (142)    
Unallocated pension and postretirement costs 38   46   69 91    
Loss on Copeland equity method investment (59)   0   (95) 0    
Gain on subordinated interest 79       79      
Segment Reconciling | Related Party                
Segment Reporting Information [Line Items]                
Interest income 31   0   62 0    
Corporate and other                
Segment Reporting Information [Line Items]                
Earnings (Loss) (103)   (47)   (502) (111)    
Expense 11   3   37 11    
Eliminations/Interest                
Segment Reporting Information [Line Items]                
Net sales (17)   (21)   (36) (36)    
Interest expense $ (57)   $ (53)   $ (101) $ (101)    
v3.24.1.u1
BUSINESS SEGMENTS - Depreciation & Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 424 $ 263 $ 846 $ 523
National Instruments        
Segment Reporting Information [Line Items]        
Amortization of intangible assets 141 107 280 212
Operating Segments | Intelligent Devices        
Segment Reporting Information [Line Items]        
Depreciation and amortization 108 110 224 220
Operating Segments | Software and Control        
Segment Reporting Information [Line Items]        
Depreciation and amortization 305 147 600 291
Operating Segments | Final Control | Intelligent Devices        
Segment Reporting Information [Line Items]        
Depreciation and amortization 39 45 79 90
Operating Segments | Measurement & Analytical | Intelligent Devices        
Segment Reporting Information [Line Items]        
Depreciation and amortization 33 28 73 58
Operating Segments | Discrete Automation | Intelligent Devices        
Segment Reporting Information [Line Items]        
Depreciation and amortization 21 22 43 43
Operating Segments | Safety & Productivity | Intelligent Devices        
Segment Reporting Information [Line Items]        
Depreciation and amortization 15 15 29 29
Operating Segments | Control Systems & Software | Software and Control        
Segment Reporting Information [Line Items]        
Depreciation and amortization 28 24 49 45
Operating Segments | Test & Measurement | Software and Control        
Segment Reporting Information [Line Items]        
Depreciation and amortization 153 0 304 0
Operating Segments | AspenTech | Software and Control        
Segment Reporting Information [Line Items]        
Depreciation and amortization 124 123 247 246
Corporate and other        
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 11 $ 6 $ 22 $ 12
v3.24.1.u1
BUSINESS SEGMENTS - Schedule of Financial Information By Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations $ 4,393 $ 3,777 $ 8,529 $ 7,165
Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 2,192 1,960 4,279 3,735
AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 1,306 1,113 2,547 2,107
Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 895 704 1,703 1,323
Intelligent Devices        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 3,061 2,924 5,883 5,463
Intelligent Devices | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 1,588 1,532 3,046 2,901
Intelligent Devices | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 918 866 1,791 1,612
Intelligent Devices | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 555 526 1,046 950
Intelligent Devices | Operating Segments | Final Control        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 1,051 992 1,991 1,854
Intelligent Devices | Operating Segments | Final Control | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 513 494 967 940
Intelligent Devices | Operating Segments | Final Control | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 404 362 774 670
Intelligent Devices | Operating Segments | Final Control | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 134 136 250 244
Intelligent Devices | Operating Segments | Measurement & Analytical        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 1,013 888 1,960 1,637
Intelligent Devices | Operating Segments | Measurement & Analytical | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 512 455 987 851
Intelligent Devices | Operating Segments | Measurement & Analytical | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 334 304 659 550
Intelligent Devices | Operating Segments | Measurement & Analytical | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 167 129 314 236
Intelligent Devices | Operating Segments | Discrete Automation        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 632 683 1,245 1,301
Intelligent Devices | Operating Segments | Discrete Automation | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 294 311 580 602
Intelligent Devices | Operating Segments | Discrete Automation | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 161 184 323 359
Intelligent Devices | Operating Segments | Discrete Automation | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 177 188 342 340
Intelligent Devices | Operating Segments | Safety & Productivity        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 365 361 687 671
Intelligent Devices | Operating Segments | Safety & Productivity | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 269 272 512 508
Intelligent Devices | Operating Segments | Safety & Productivity | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 19 16 35 33
Intelligent Devices | Operating Segments | Safety & Productivity | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 77 73 140 130
Software and Control        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 1,332 853 2,646 1,702
Software and Control | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 604 428 1,233 834
Software and Control | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 388 247 756 495
Software and Control | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 340 178 657 373
Software and Control | Operating Segments | Control Systems & Software        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 687 623 1,362 1,229
Software and Control | Operating Segments | Control Systems & Software | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 321 314 646 608
Software and Control | Operating Segments | Control Systems & Software | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 217 186 426 371
Software and Control | Operating Segments | Control Systems & Software | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 149 123 290 250
Software and Control | Operating Segments | Test & Measurement        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 367 0 749 0
Software and Control | Operating Segments | Test & Measurement | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 162 0 326 0
Software and Control | Operating Segments | Test & Measurement | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 98 0 197 0
Software and Control | Operating Segments | Test & Measurement | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 107 0 226 0
Software and Control | Operating Segments | AspenTech        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 278 230 535 473
Software and Control | Operating Segments | AspenTech | Americas        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 121 114 261 226
Software and Control | Operating Segments | AspenTech | AMEA        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations 73 61 133 124
Software and Control | Operating Segments | AspenTech | Europe        
Disaggregation of Revenue [Line Items]        
Sales, excluding intersegment eliminations $ 84 $ 55 $ 141 $ 123
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