Document/ExhibitDescriptionPagesSize 1: 10-Q Quarterly Report HTML 692K
2: EX-31 Certification -- §302 - SOA'02 HTML 27K
3: EX-32 Certification -- §906 - SOA'02 HTML 22K
10: R1 Cover HTML 85K
11: R2 Consolidated Statements Of Earnings HTML 73K
12: R3 Consolidated Statements Of Earnings HTML 20K
(Parenthetical)
13: R4 Consolidated Statements of Comprehensive Income HTML 50K
14: R5 Consolidated Balance Sheets HTML 105K
15: R6 Consolidated Balance Sheets (Parenthetical) HTML 32K
16: R7 Consolidated Statement of Equity Statement HTML 91K
17: R8 Consolidated Statement of Equity (Parenthetical) HTML 19K
18: R9 Consolidated Statements Of Cash Flows HTML 91K
19: R10 Basis of Presentation HTML 25K
20: R11 Revenue Recognition HTML 30K
21: R12 Weighted Average Common Shares HTML 30K
22: R13 Acquisitions and Divestitures HTML 22K
23: R14 Pension & Postretirement Expenses HTML 38K
24: R15 Other Deductions, Net HTML 36K
25: R16 Restructuring Costs HTML 56K
26: R17 Income Taxes HTML 23K
27: R18 Other Financial Information HTML 61K
28: R19 Financial Instruments HTML 54K
29: R20 Accumulated Other Comprehensive Income (Loss) HTML 50K
30: R21 Business Segments HTML 122K
31: R22 Revenue Recognition (Tables) HTML 25K
32: R23 Weighted Average Common Shares (Tables) HTML 29K
33: R24 Pension & Postretirement Expenses (Tables) HTML 34K
34: R25 Other Deductions, Net (Tables) HTML 34K
35: R26 Restructuring Costs (Tables) HTML 58K
36: R27 Other Financial Information (Tables) HTML 74K
37: R28 Financial Instruments (Tables) HTML 50K
38: R29 Accumulated Other Comprehensive Income (Loss) HTML 50K
(Tables)
39: R30 Business Segments (Tables) HTML 124K
40: R31 Revenue Recognition Contract Assets (Liabilities) HTML 27K
(Details)
41: R32 Revenue Recognition Performance Obligations HTML 32K
(Details)
42: R33 Weighted Average Common Shares (Details) HTML 26K
43: R34 Acquisitions and Divestitures Narrative (Details) HTML 66K
44: R35 Pension & Postretirement Expenses (Schedule Of Net HTML 34K
Periodic Pension And Net Postretirement Plan
Expenses) (Details)
45: R36 Other Deductions, Net (Schedule Of Other HTML 45K
Deductions, Net) (Details)
46: R37 Restructuring Costs (Details) HTML 56K
47: R38 Income Taxes (Details) HTML 29K
48: R39 Other Financial Information (Inventories) HTML 25K
(Details)
49: R40 Other Financial Information (Ppe) (Details) HTML 26K
50: R41 Other Financial Information (Goodwill) (Details) HTML 29K
51: R42 Other Financial Information (Intangibles) HTML 27K
(Details)
52: R43 Other Financial Information (Other Assets) HTML 29K
(Details)
53: R44 Other Financial Information (Accrued Expenses) HTML 28K
(Details)
54: R45 Other Financial Information (Other Liabilities) HTML 29K
(Details)
55: R46 Financial Instruments (Schedule Of Derivative HTML 65K
Instruments) (Details)
56: R47 Financial Instruments (Fair Value Measurements) HTML 28K
(Details)
57: R48 Accumulated Other Comprehensive Income (Loss) HTML 54K
(Details)
58: R49 Accumulated Other Comprehensive Income (Loss) HTML 30K
(Details 2)
59: R50 Business Segments (Details) HTML 55K
60: R51 Business Segments Product Line Information HTML 37K
(Details)
61: R52 Business Segment Information (Details) HTML 35K
62: R53 Business Segments Geographic Information (Details) HTML 46K
64: XML IDEA XML File -- Filing Summary XML 119K
9: XML XBRL Instance -- emr-20210331_htm XML 1.83M
63: EXCEL IDEA Workbook of Financial Reports XLSX 65K
5: EX-101.CAL XBRL Calculations -- emr-20210331_cal XML 172K
6: EX-101.DEF XBRL Definitions -- emr-20210331_def XML 530K
7: EX-101.LAB XBRL Labels -- emr-20210331_lab XML 1.16M
8: EX-101.PRE XBRL Presentations -- emr-20210331_pre XML 714K
4: EX-101.SCH XBRL Schema -- emr-20210331 XSD 114K
65: JSON XBRL Instance as JSON Data -- MetaLinks 313± 432K
66: ZIP XBRL Zipped Folder -- 0000032604-21-000021-xbrl Zip 331K
i0000032604i09/30i2021iQ2iFALSEiCommon
Stock of $0.50 par value per shareiEMRiCHXiCHXi0.50i1,200.0i953.4iP1YiP1Y00000326042020-10-012021-03-310000032604emr:CommonStockof0.50parvaluepershareMemberexch:XNYS2020-10-012021-03-310000032604emr:A0.375Notesdue2024Memberexch:XNYS2020-10-012021-03-310000032604emr:A1.250Notesdue2025Memberexch:XNYS2020-10-012021-03-310000032604emr:A2.000Notesdue2029Memberexch:XNYS2020-10-012021-03-31xbrli:shares00000326042021-03-31iso4217:USD00000326042020-01-012020-03-3100000326042021-01-012021-03-3100000326042019-10-012020-03-31iso4217:USDxbrli:shares00000326042020-09-300000032604us-gaap:CommonStockMember2020-03-310000032604us-gaap:CommonStockMember2021-03-310000032604us-gaap:AdditionalPaidInCapitalMember2019-12-310000032604us-gaap:AdditionalPaidInCapitalMember2020-12-310000032604us-gaap:AdditionalPaidInCapitalMember2019-09-300000032604us-gaap:AdditionalPaidInCapitalMember2020-09-300000032604us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000032604us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000032604us-gaap:AdditionalPaidInCapitalMember2019-10-012020-03-310000032604us-gaap:AdditionalPaidInCapitalMember2020-10-012021-03-310000032604us-gaap:AdditionalPaidInCapitalMember2020-03-310000032604us-gaap:AdditionalPaidInCapitalMember2021-03-310000032604us-gaap:RetainedEarningsMember2019-12-310000032604us-gaap:RetainedEarningsMember2020-12-310000032604us-gaap:RetainedEarningsMember2019-09-300000032604us-gaap:RetainedEarningsMember2020-09-300000032604us-gaap:RetainedEarningsMember2020-01-012020-03-310000032604us-gaap:RetainedEarningsMember2021-01-012021-03-310000032604us-gaap:RetainedEarningsMember2019-10-012020-03-310000032604us-gaap:RetainedEarningsMember2020-10-012021-03-310000032604us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000032604us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000032604us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-09-300000032604us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300000032604us-gaap:RetainedEarningsMember2020-03-310000032604us-gaap:RetainedEarningsMember2021-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-012020-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012021-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000032604us-gaap:TreasuryStockMember2019-12-310000032604us-gaap:TreasuryStockMember2020-12-310000032604us-gaap:TreasuryStockMember2019-09-300000032604us-gaap:TreasuryStockMember2020-09-300000032604us-gaap:TreasuryStockMember2020-01-012020-03-310000032604us-gaap:TreasuryStockMember2021-01-012021-03-310000032604us-gaap:TreasuryStockMember2019-10-012020-03-310000032604us-gaap:TreasuryStockMember2020-10-012021-03-310000032604us-gaap:TreasuryStockMember2020-03-310000032604us-gaap:TreasuryStockMember2021-03-3100000326042020-03-310000032604us-gaap:NoncontrollingInterestMember2019-12-310000032604us-gaap:NoncontrollingInterestMember2020-12-310000032604us-gaap:NoncontrollingInterestMember2019-09-300000032604us-gaap:NoncontrollingInterestMember2020-09-300000032604us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000032604us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000032604us-gaap:NoncontrollingInterestMember2019-10-012020-03-310000032604us-gaap:NoncontrollingInterestMember2020-10-012021-03-310000032604us-gaap:NoncontrollingInterestMember2020-03-310000032604us-gaap:NoncontrollingInterestMember2021-03-3100000326042019-09-30xbrli:pure00000326042021-04-012021-03-310000032604emr:AutomationSolutionsMemberemr:OpenSystemsInternationalIncMember2020-10-012020-10-010000032604emr:AutomationSolutionsMemberemr:OpenSystemsInternationalIncMember2019-10-012020-09-300000032604emr:AutomationSolutionsMemberemr:OpenSystemsInternationalIncMember2020-10-010000032604emr:OpenSystemsInternationalIncMemberus-gaap:OrderOrProductionBacklogMember2021-01-012021-03-310000032604emr:OpenSystemsInternationalIncMember2021-01-012021-03-310000032604emr:OpenSystemsInternationalIncMemberus-gaap:OrderOrProductionBacklogMember2020-10-012021-03-310000032604emr:OpenSystemsInternationalIncMember2020-10-012021-03-310000032604us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2020-11-172020-11-17emr:pure0000032604us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2019-10-012020-09-300000032604emr:AutomationSolutionsMemberus-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2019-10-012020-09-300000032604emr:ClimateTechnologiesMemberus-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2019-10-012020-09-3000000326042019-10-012020-09-3000000326042020-10-012020-12-310000032604srt:ScenarioForecastMember2021-09-300000032604emr:AutomationSolutionsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMember2021-01-012021-03-310000032604emr:AutomationSolutionsMember2019-10-012020-03-310000032604emr:AutomationSolutionsMember2020-10-012021-03-310000032604emr:ClimateTechnologiesMember2020-01-012020-03-310000032604emr:ClimateTechnologiesMember2021-01-012021-03-310000032604emr:ClimateTechnologiesMember2019-10-012020-03-310000032604emr:ClimateTechnologiesMember2020-10-012021-03-310000032604emr:ToolsHomeProductsMember2020-01-012020-03-310000032604emr:ToolsHomeProductsMember2021-01-012021-03-310000032604emr:ToolsHomeProductsMember2019-10-012020-03-310000032604emr:ToolsHomeProductsMember2020-10-012021-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2021-01-012021-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-10-012021-03-310000032604us-gaap:CorporateMember2020-01-012020-03-310000032604us-gaap:CorporateMember2021-01-012021-03-310000032604us-gaap:CorporateMember2019-10-012020-03-310000032604us-gaap:CorporateMember2020-10-012021-03-310000032604us-gaap:EmployeeSeveranceMember2020-09-300000032604us-gaap:EmployeeSeveranceMember2020-10-012021-03-310000032604us-gaap:EmployeeSeveranceMember2021-03-310000032604us-gaap:OtherRestructuringMember2020-09-300000032604us-gaap:OtherRestructuringMember2020-10-012021-03-310000032604us-gaap:OtherRestructuringMember2021-03-310000032604emr:CostOfSalesAndSellingGeneralAndAdministrativeExpensesMember2020-01-012020-03-310000032604emr:CostOfSalesAndSellingGeneralAndAdministrativeExpensesMember2021-01-012021-03-310000032604emr:CostOfSalesAndSellingGeneralAndAdministrativeExpensesMember2019-10-012020-03-310000032604emr:CostOfSalesAndSellingGeneralAndAdministrativeExpensesMember2020-10-012021-03-3100000326042019-10-012020-12-310000032604emr:AutomationSolutionsMember2020-09-300000032604emr:AutomationSolutionsMember2021-03-310000032604emr:ClimateTechnologiesMember2020-09-300000032604emr:ClimateTechnologiesMember2021-03-310000032604emr:ToolsHomeProductsMember2020-09-300000032604emr:ToolsHomeProductsMember2021-03-310000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-09-300000032604emr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2021-03-310000032604us-gaap:CustomerRelationshipsMember2020-09-300000032604us-gaap:CustomerRelationshipsMember2021-03-310000032604us-gaap:ForeignExchangeContractMember2021-03-310000032604emr:AllCommodityHedgesMemberMember2021-03-31utr:lb0000032604emr:CopperAndAluminumMember2021-03-31iso4217:EUR0000032604us-gaap:SeniorNotesMember2019-09-300000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-01-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2021-01-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2019-10-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2020-10-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMember2020-01-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMember2021-01-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMember2019-10-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:OtherComprehensiveIncomeMember2020-10-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2019-10-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2020-10-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2019-10-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:SalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2020-10-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2019-10-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2020-10-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2019-10-012020-03-310000032604us-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2020-10-012021-03-310000032604us-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000032604us-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000032604us-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2019-10-012020-03-310000032604us-gaap:OtherExpenseMemberus-gaap:ForeignExchangeContractMember2020-10-012021-03-310000032604us-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2020-01-012020-03-310000032604us-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000032604us-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2019-10-012020-03-310000032604us-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2020-10-012021-03-310000032604us-gaap:FairValueInputsLevel2Member2021-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-09-300000032604us-gaap:AccumulatedTranslationAdjustmentMember2020-09-300000032604us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2019-10-012020-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2020-10-012021-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-300000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-10-012020-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012021-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-09-300000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-09-300000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-10-012020-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-10-012021-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-03-310000032604us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-03-310000032604us-gaap:OperatingSegmentsMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:AutomationSolutionsMember2021-01-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:AutomationSolutionsMember2020-10-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2020-01-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2021-01-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2019-10-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiesMember2020-10-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:ToolsHomeProductsMember2020-01-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ToolsHomeProductsMember2021-01-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:ToolsHomeProductsMember2019-10-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ToolsHomeProductsMember2020-10-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2021-01-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-10-012021-03-310000032604us-gaap:MaterialReconcilingItemsMember2020-01-012020-03-310000032604us-gaap:MaterialReconcilingItemsMember2021-01-012021-03-310000032604us-gaap:MaterialReconcilingItemsMember2019-10-012020-03-310000032604us-gaap:MaterialReconcilingItemsMember2020-10-012021-03-310000032604us-gaap:CorporateNonSegmentMember2020-01-012020-03-310000032604us-gaap:CorporateNonSegmentMember2021-01-012021-03-310000032604us-gaap:CorporateNonSegmentMember2019-10-012020-03-310000032604us-gaap:CorporateNonSegmentMember2020-10-012021-03-310000032604us-gaap:IntersegmentEliminationMember2020-01-012020-03-310000032604us-gaap:IntersegmentEliminationMember2021-01-012021-03-310000032604us-gaap:IntersegmentEliminationMember2019-10-012020-03-310000032604us-gaap:IntersegmentEliminationMember2020-10-012021-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2021-01-012021-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604emr:MeasurementAnalyticalInstrumentationMemberemr:AutomationSolutionsMember2020-10-012021-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2020-01-012020-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2021-01-012021-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2019-10-012020-03-310000032604emr:ValvesActuatorsRegulatorsMemberemr:AutomationSolutionsMember2020-10-012021-03-310000032604emr:AutomationSolutionsMemberemr:IndustrialSolutionsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMemberemr:IndustrialSolutionsMember2021-01-012021-03-310000032604emr:AutomationSolutionsMemberemr:IndustrialSolutionsMember2019-10-012020-03-310000032604emr:AutomationSolutionsMemberemr:IndustrialSolutionsMember2020-10-012021-03-310000032604emr:AutomationSolutionsMemberemr:SystemsSoftwareMember2020-01-012020-03-310000032604emr:AutomationSolutionsMemberemr:SystemsSoftwareMember2021-01-012021-03-310000032604emr:AutomationSolutionsMemberemr:SystemsSoftwareMember2019-10-012020-03-310000032604emr:AutomationSolutionsMemberemr:SystemsSoftwareMember2020-10-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:CommercialResidentialSolutionsMember2020-01-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:CommercialResidentialSolutionsMember2021-01-012021-03-310000032604us-gaap:OperatingSegmentsMemberemr:CommercialResidentialSolutionsMember2019-10-012020-03-310000032604us-gaap:OperatingSegmentsMemberemr:CommercialResidentialSolutionsMember2020-10-012021-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2020-01-012020-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2021-01-012021-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2019-10-012020-03-310000032604us-gaap:CorporateAndOtherMemberus-gaap:CorporateNonSegmentMember2020-10-012021-03-310000032604emr:AutomationSolutionsMembersrt:AmericasMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMembersrt:AmericasMembersrt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2021-01-012021-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604emr:AutomationSolutionsMemberemr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMemberemr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2021-01-012021-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604emr:AutomationSolutionsMembersrt:EuropeMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMembersrt:EuropeMembersrt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2021-01-012021-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604emr:AutomationSolutionsMembersrt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-01-012020-03-310000032604srt:ReportableGeographicalComponentsMember2020-01-012020-03-310000032604emr:AutomationSolutionsMembersrt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2021-01-012021-03-310000032604srt:ReportableGeographicalComponentsMember2021-01-012021-03-310000032604emr:AutomationSolutionsMembersrt:AmericasMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604emr:AutomationSolutionsMembersrt:AmericasMembersrt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-10-012021-03-310000032604srt:AmericasMembersrt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604emr:AutomationSolutionsMemberemr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604emr:AutomationSolutionsMemberemr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-10-012021-03-310000032604emr:AsiaMiddleEastAfricaMembersrt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604emr:AutomationSolutionsMembersrt:EuropeMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604emr:AutomationSolutionsMembersrt:EuropeMembersrt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-10-012021-03-310000032604srt:EuropeMembersrt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604emr:AutomationSolutionsMembersrt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2019-10-012020-03-310000032604srt:ReportableGeographicalComponentsMember2019-10-012020-03-310000032604emr:AutomationSolutionsMembersrt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604srt:ReportableGeographicalComponentsMemberemr:ClimateTechnologiessegmentplusToolsHomeProductssegmentMemberMember2020-10-012021-03-310000032604srt:ReportableGeographicalComponentsMember2020-10-012021-03-310000032604emr:CommonStockof0.50parvaluepershareMemberexch:XCHI2020-10-012021-03-3100000326042022-04-012021-03-3100000326042023-04-012021-03-31
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM i10-Q
i☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
(Exact name of registrant as specified in its charter)
iMissouri
i43-0259330
(State
or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
i8000 W. Florissant Ave.
iP.O.
Box 4100
iSt. Louis,
iMissouri
i63136
(Address
of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (i314)i553-2000
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock of $0.50 par value per share
iEMR
iNew
York Stock Exchange
NYSE Chicago
i0.375% Notes due 2024
iEMR 24
iNew
York Stock Exchange
i1.250% Notes due 2025
iEMR 25A
iNew
York Stock Exchange
i2.000% Notes due 2029
iEMR 29
iNew
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. iYes☒ 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).
iYes☒
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.
iLarge
accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
i☐
Emerging
growth company
i☐
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 i☐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, 2021:i599.7
million shares.
(Dollars and shares in millions, except per share amounts or where
noted)
(1) iBASIS 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, 2020. Certain prior year amounts have been reclassified to conform to current year presentation. See Note 12.
Effective October 1, 2020, the
Company adopted two accounting standard updates and one new accounting standard which had an immaterial impact on the Company's financial statements as of and for the six months ended March 31, 2021. These included:
•Updates to ASC 350, Intangibles - Goodwill and Other, which eliminate the requirement to measure impairment based on the implied fair value of goodwill compared to the carrying amount of a reporting unit’s goodwill. Instead, goodwill impairment will be measured as the excess of a reporting unit’s carrying amount over its estimated fair value.
•Updates to ASC 350, Intangibles
- Goodwill and Other, which align the requirements for capitalizing implementation costs incurred in a software hosting arrangement with the requirements for costs incurred to develop or obtain internal-use software.
•Adoption of ASC 326, Financial Instruments - Credit Losses, which amends the impairment model by requiring entities to use a forward-looking approach to estimate lifetime expected credit losses on certain types of financial instruments, including trade receivables.
(2) iREVENUE
RECOGNITION
Emerson is a global manufacturer that combines technology and engineering to provide innovative solutions to its customers, largely in the form of tangible products. The vast majority of the Company's revenues relate to a broad offering of manufactured products 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 12 for additional information about the Company's revenues.
i
The
following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other current assets, and its customer advances (contract liabilities), which are reported in Accrued expenses.
The
majority of the Company's contract balances relate to arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule. The increase in net contract liabilities was due to customer billings which exceeded revenue recognized for performance completed during the period. Revenue recognized for the three and six months ended March 31, 2021 included $i105
and $i362 that was included in the beginning contract liability balance. Other factors that impacted the change in net contract liabilities were immaterial. Revenue recognized for the three and six months ended March 31, 2021 for performance obligations that
6
were
satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was not material.
As of March 31, 2021, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $i6.3
billion. The Company expects to recognize approximately i80 percent of its remaining performance obligations as revenue over the next i12
months, with the remainder substantially over the subsequent two years thereafter.
(3) iWEIGHTED-AVERAGE COMMON SHARES
Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Earnings allocated to participating securities were inconsequential.
On October 1, 2020, the Company completed the acquisition of Open Systems International, Inc. (OSI), a leading operations technology software provider in the global power industry, for approximately $i1.6
billion, net of cash acquired. This business, which has annual sales of approximately $i170 and is reported in the Automation Solutions segment, expands the Company's offerings in the power industry to include the digitization and modernization of the electric grid. The Company recognized goodwill of $i960
(inone of which is expected to be tax deductible), identifiable intangible assets of $i783,
primarily intellectual property and customer relationships with a weighted-average useful life of approximately i11 years, and deferred tax liabilities of approximately $i185.
Valuations of these assets and liabilities are in process and subject to refinement. Results of operations for the three months ended March 31, 2021 included first-year pretax acquisition accounting charges related to backlog amortization and deferred revenue of $i6 and $i4,
respectively, while year-to-date results included $i17 and $i8, respectively.
On November 17, 2020, the
Company acquired the remaining interest of an equity investment for approximately $i19, net of cash acquired.
The Company acquired ithree
businesses in fiscal 2020, itwo in the Automation Solutions segment and ione in the Climate Technologies segment, for $i126,
net of cash acquired.
(5) iPENSION & POSTRETIREMENT PLANS
i
Total
periodic pension and postretirement (income) expense is summarized below:
Amortization
of intangibles (intellectual property and customer relationships)
$
i59
i74
i118
i152
Restructuring
costs
i31
i17
i128
i83
Special
advisory fees
i—
i—
i13
i—
Other
(i48)
(i58)
(i39)
(i80)
Total
$
i42
i33
i220
i155
/
The
increase in intangibles amortization for the three and six months ended March 31, 2021 was due to the OSI acquisition, including backlog amortization of $i6 and $i17,
respectively. The change in Other reflects investment-related gains, including an investment gain of $i21 and a gain from the acquisition of the remaining interest of an equity investment of $i17
recognized in the first quarter of fiscal 2021, and a gain of $i31 on the sale of an equity investment in the second quarter. Unfavorable foreign currency transactions negatively impacted results for the three and six months ended March 31, 2021 by $i22
and $i29, respectively.
(7) iRESTRUCTURING
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. Costs incurred in the first six months of fiscal 2021 relate to the Company's initiatives to improve operating margins that began in the third quarter of fiscal 2019 and were increased in response to the effects of the COVID-19 pandemic on demand for the Company's products. Expenses incurred in the first six months of fiscal 2021 included workforce reductions of approximately i1,700
employees. The Company expects fiscal 2021 restructuring expense and related costs to be approximately $i200, including costs to complete actions initiated in the first six months of the year.
i
Restructuring
expense by business segment follows:
Details
of the change in the liability for restructuring costs during the six months ended March 31, 2021 follow:
Sept
30, 2020
Expense
Utilized/Paid
Mar 31, 2021
Severance and benefits
$
i176
i71
i71
i176
Other
i5
i12
i13
i4
Total
$
i181
i83
i84
i180
/
The
tables above do not include $i9 and $i4 of costs related to restructuring actions incurred for the three months ended March 31, 2020 and 2021, respectively, that are required
to be reported in cost of sales and selling, general and administrative expenses, while year-to-date amounts are $i9 and $i7, respectively.
8
(8)
iTAXES
Income taxes were $i169 in the second quarter of fiscal 2021 and $i165
in 2020, resulting in effective tax rates of i23 percent and i24 percent, respectively. The
current year and prior year rate included unfavorable discrete tax items which increased the rate ii1/
percentage point in both years.
Income taxes were $i280 for the first six months of 2021 and $i259 for 2020, resulting in effective tax rates of i22
percent and i23 percent, respectively.
On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic, and among other things, provides tax relief to businesses. Tax provisions of the CARES Act include the deferral of certain payroll taxes, relief for retaining employees, and other provisions. The Company
deferred $i73 of certain payroll taxes through the end of calendar year 2020, half of which is due in December 2021 with the remainder due in December 2022.
(9) iOTHER
FINANCIAL INFORMATION
i
Sept 30, 2020
Mar
31, 2021
Inventories
Finished products
$
i584
i622
Raw
materials and work in process
i1,344
i1,394
Total
$
i1,928
i2,016
/
i
Property,
plant and equipment, net
Property, plant and equipment, at cost
$
i9,055
i9,227
Less:
Accumulated depreciation
i5,367
i5,564
Total
$
i3,688
i3,663
/
i
Goodwill
by business segment
Automation Solutions
$
i5,583
i6,603
Climate
Technologies
i730
i757
Tools
& Home Products
i421
i427
Commercial
& Residential Solutions
i1,151
i1,184
Total
$
i6,734
i7,787
/
i
Other
intangible assets
Gross carrying amount
$
i5,106
i5,963
Less:
Accumulated amortization
i2,638
i2,868
Net
carrying amount
$
i2,468
i3,095
/
Other
intangible assets include customer relationships, net of $i1,328 and $i1,597 as of September 30, 2020 and March 31,
2021, respectively. The increases in goodwill and other intangible assets reflect the acquisition of OSI. See Note 4.
The
increase in deferred income taxes is largely due to the OSI acquisition.
(10) iFINANCIAL INSTRUMENTS
Following is a discussion regarding the Company’s use of financial instruments:
Hedging Activities – As of March 31,
2021, the notional amount of foreign currency hedge positions was approximately $i2.1 billion, and commodity hedge contracts totaled approximately $i111
(primarily i39 million pounds of copper and aluminum). All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of March 31, 2021 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 €i1.5 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 endedMarch 31, 2021 and 2020:
i
Into
Earnings
Into OCI
2nd Quarter
Six Months
2nd Quarter
Six Months
Gains (Losses)
Location
2020
2021
2020
2021
2020
2021
2020
2021
Commodity
Cost
of sales
$
(i1)
i8
(i4)
i11
(i23)
i13
(i16)
i26
Foreign
currency
Sales
(i1)
i1
(i3)
i2
(i8)
(i2)
(i5)
i3
Foreign
currency
Cost of sales
i4
i2
i11
i2
(i66)
i—
(i49)
i27
Foreign
currency
Other deductions, net
i13
i29
i21
i25
Net
Investment Hedges
Euro denominated debt
i57
i53
i31
(i27)
Total
$
i15
i40
i25
i40
(i40)
i64
(i39)
i29
/
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 and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. As of March 31,
2021, the fair value of long-term debt was $i6.8 billion, which exceeded the
10
carrying value by $i425.
The fair values of commodity and foreign currency contracts were reported in Other current assets and Accrued expenses and did not materially change since September 30, 2020.
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. iNo collateral was posted with counterparties and inone
was held by the Company as of March 31, 2021.
(11) iACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
i
Activity
in Accumulated other comprehensive income (loss) for the three and six months ended March 31, 2021 and 2020 is shown below, net of income taxes:
Other
comprehensive income (loss), net of tax of $(i13), $(i13),
$(i7) and $i6, respectively
(i282)
(i20)
(i183)
i169
Ending
balance
(i977)
(i542)
(i977)
(i542)
Pension
and postretirement
Beginning balance
(i900)
(i837)
(i928)
(i864)
Amortization
of deferred actuarial losses into earnings, net of tax of $(i8), $(i8),
$(i17) and $(i16),
respectively
i30
i27
i58
i54
Ending
balance
(i870)
(i810)
(i870)
(i810)
Cash
flow hedges
Beginning balance
i19
i29
i—
(i2)
Deferral
of gains (losses) arising during the period, net of tax of $i23, $(i2),
$i17 and $(i13),
respectively
(i74)
i9
(i53)
i43
Reclassification
of realized (gains) losses to sales and cost of sales, net of tax of $i1, $i3,
$i1 and $i4,
respectively
(i1)
(i8)
(i3)
(i11)
Ending
balance
(i56)
i30
(i56)
i30
Accumulated
other comprehensive income (loss)
$
(i1,903)
(i1,322)
(i1,903)
(i1,322)
/
11
(12)
iBUSINESS SEGMENTS
i
Summarized information about the
Company's results of operations by business segment follows:
Three
Months Ended March 31,
Six Months Ended March 31,
Sales
Earnings
Sales
Earnings
2020
2021
2020
2021
2020
2021
2020
2021
Automation
Solutions
$
i2,709
i2,793
i391
i471
i5,561
i5,485
i701
i832
Climate
Technologies
i1,026
i1,160
i217
i245
i1,899
i2,191
i368
i457
Tools
& Home Products
i432
i485
i89
i112
i862
i930
i175
i210
Commercial
& Residential Solutions
i1,458
i1,645
i306
i357
i2,761
i3,121
i543
i667
Stock
compensation
i38
(i61)
(i18)
(i125)
Unallocated
pension and postretirement costs
i12
i23
i25
i47
Corporate
and other
(i22)
(i15)
(i68)
(i43)
Eliminations/Interest
(i5)
(i7)
(i36)
(i38)
(i9)
(i14)
(i71)
(i78)
Total
$
i4,162
i4,431
i689
i737
i8,313
i8,592
i1,112
i1,300
/
i
In
fiscal 2021, the Company reclassified certain software product sales that were previously reported in Measurement and Analytical Instrumentation to Systems & Software (previously described as Process Control Systems & Solutions). Automation Solutions sales by major product offering are summarized below, including the reclassification of prior year amounts to reflect this change.
Depreciation
and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:
Management's Discussion and Analysis of Financial Condition and Results of Operations
(Dollars are in millions, except per share amounts or where noted)
OVERVIEW
For the second quarter of fiscal 2021, net sales were $4.4 billion, up 6 percent compared with the prior year, supported by foreign currency translation which added 3 percent and the Open Systems International, Inc. (OSI) acquisition which added 1 percent. Underlying sales, which exclude foreign currency translation, acquisitions and divestitures, were up 2 percent. Automation Solutions underlying sales were
down slightly compared to the prior year, but continued to improve sequentially as global markets recover from the impacts of COVID-19. Sales in North America were down 15 percent as automation markets remained weak, but hybrid and discrete markets improved sequentially. Sales rebounded sharply in China (up 42 percent) due to easier comparisons and Europe was up 6 percent. Commercial & Residential Solutions underlying sales were up sharply, reflecting growth across all businesses and geographies. Demand for residential-oriented products and solutions in North America and global cold chain end markets were strong, while sales in China rebounded sharply.
Net earnings common stockholders were $561, up 9 percent, and diluted earnings per share were $0.93, up 11 percent compared with $0.84 in the prior year. Operating results increased $0.14 per share on strong segment margins, reflecting significant savings from the
Company's restructuring and cost reset actions. This was largely offset by higher stock compensation expense ($0.12 per share), reflecting a higher stock price in the current year compared to a sharply lower price in the prior year due to market conditions. Second quarter results also benefited from a gain on the sale of an equity investment ($0.04 per share), lower restructuring costs ($0.02 per share), a lower tax rate ($0.01 per share) and share repurchases ($0.01 per share), partially offset by first year acquisition accounting charges related to the OSI acquisition ($0.01 per share).
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, 2021, compared with the second quarter ended March 31, 2020.
2020
2021
Change
Net
sales
$
4,162
4,431
6
%
Gross profit
$
1,750
1,862
6
%
Percent of sales
42.1
%
42.0
%
SG&A
$
983
1,054
7
%
Percent
of sales
23.7
%
23.8
%
Other
deductions, net
$
42
33
Amortization of intangibles
$
59
74
Restructuring costs
$
31
17
Interest
expense, net
$
36
38
Earnings before income taxes
$
689
737
7
%
Percent
of sales
16.6
%
16.6
%
Net earnings common stockholders
$
517
561
9
%
Percent
of sales
12.4
%
12.7
%
Diluted earnings per share
$
0.84
0.93
11
%
Net
sales for the second quarter of fiscal 2021 were $4.4 billion, up 6 percent compared with 2020. Automation Solutions sales were up 3 percent and Commercial & Residential Solutions sales were up 13 percent. Underlying sales were up 2 percent, as foreign currency translation added 3 percent and the OSI acquisition added 1 percent.
14
Underlying sales were down 5 percent in the U.S. and up 9 percent internationally. The Americas was down 4 percent, Europe was up 7 percent
and Asia, Middle East & Africa was up 12 percent (China up 45 percent).
Cost of sales for the second quarter of fiscal 2021 were $2,569, an increase of $157 compared with 2020, due to the impact of foreign currency translation, higher sales volume and the OSI acquisition. Gross margin of 42.0 percent decreased 0.1 percentage points compared with the prior year due to unfavorable mix.
Selling, general and administrative (SG&A) expenses of $1,054 increased $71 compared with the prior year and SG&A as a percent of sales increased 0.1 percentage points to 23.8 percent. Higher stock compensation expense of $99 negatively impacted comparisons by 2.3 percentage points. Excluding the higher stock compensation expense, SG&A as a percent of sales decreased 2.2 percentage points, reflecting significant savings
from the Company's restructuring and cost reset actions.
Other deductions, net were $33 in 2021, a decrease of $9 compared with the prior year, reflecting lower restructuring costs of $14 and a gain on the sale of an equity investment of $31, partially offset by unfavorable foreign currency transactions of $22 and higher intangibles amortization of $15, primarily related to the OSI acquisition. See Notes 6 and 7.
Pretax earnings of $737 increased $48, up 7 percent compared with the prior year. Earnings increased $80 in Automation Solutions and $51 in Commercial & Residential Solutions. Costs reported at Corporate increased $81 primarily due to higher stock compensation expense of $99, partially offset by the gain on sale of
an equity investment of $31. See the Business Segments discussion that follows and Note 12.
Income taxes were $169 for 2021 and $165 for 2020, resulting in effective tax rates of 23 percent and 24 percent, respectively. The current year and prior year rate included unfavorable discrete tax items which increased the rate 1 percentage point in both years.
Net earnings common stockholders in the second quarter of fiscal 2021 were $561, up 9 percent, compared with $517 in the prior year, and earnings per share were $0.93, up 11 percent, compared with $0.84 in the prior year. See discussion in the Overview above for further details.
Business
Segments
Following is an analysis of operating results for the Company’s business segments for the second quarter ended March 31, 2021, compared with the second quarter ended March 31, 2020. The Company defines segment earnings as earnings before interest and taxes. See Note 12 for a discussion of the Company's business segments.
AUTOMATION SOLUTIONS
Three
Months Ended Mar 31
2020
2021
Change
Sales
$
2,709
2,793
3
%
Earnings
$
391
471
20
%
Margin
14.4
%
16.8
%
Sales
by Major Product Offering
Measurement & Analytical Instrumentation
$
776
732
(6)
%
Valves, Actuators & Regulators
854
836
(2)
%
Industrial
Solutions
494
555
12
%
Systems & Software
585
670
14
%
Total
$
2,709
2,793
3
%
Automation
Solutions sales were $2.8 billion in the second quarter, an increase of $84 or 3 percent. Underlying sales decreased 2 percent on lower volume, but continued to improve sequentially as global markets recover from the impacts of COVID-19. Foreign currency translation had a 3 percent favorable impact and the OSI acquisition had a 2 percent favorable impact. Underlying sales decreased 12 percent in the Americas (U.S. down 15 percent), while Europe increased 6 percent and Asia, Middle East & Africa increased 9 percent (China up 42 percent). Sales for Measurement & Analytical Instrumentation decreased $44, or 6 percent, and Valves, Actuators & Regulators decreased $18, or 2 percent, due to continued weakness in North American process industries, partially offset by
15
moderate
growth in Europe and robust growth in China on easier comparisons. Industrial Solutions sales were up $61, or 12 percent, reflecting robust demand in China due to easier comparisons and strong growth in Europe. North American discrete end markets declined compared to the prior year but improved sequentially. Systems & Software increased $85, or 14 percent, reflecting the OSI acquisition, which added $48, and strong demand in Europe, while Asia, Middle East & Africa was up moderately and process end markets were down modestly in North America. Earnings were $471, an increase of $80, or 20 percent, and margin increased 2.4 percentage points to 16.8 percent, as significant savings from cost reduction actions and favorable price-cost more than offset deleverage on lower volume, unfavorable foreign currency transactions and unfavorable mix.
COMMERCIAL & RESIDENTIAL SOLUTIONS
Three
Months Ended Mar 31
2020
2021
Change
Sales:
Climate Technologies
$
1,026
1,160
13
%
Tools
& Home Products
432
485
13
%
Total
$
1,458
1,645
13
%
Earnings:
Climate
Technologies
$
217
245
13
%
Tools & Home Products
89
112
25
%
Total
$
306
357
17
%
Margin
21.0
%
21.7
%
Commercial
& Residential Solutions sales were $1.6 billion in the second quarter, up $187, or 13 percent compared to the prior year. Underlying sales increased 11 percent due to higher volume and reflected growth across all businesses and geographies, while foreign currency translation added 2 percent. Overall, underlying sales increased 8 percent in the Americas (U.S. up 7 percent), 9 percent in Europe and 24 percent in Asia, Middle East & Africa (China up 56 percent). Climate Technologies sales were $1.2 billion in the second quarter, an increase of $134, or 13 percent. Air conditioning and heating sales were up high single-digits, reflecting strong demand for residential-oriented products and solutions in North America and robust growth in Europe and China. Cold chain sales were up mid teens, driven by favorable global market conditions. Tools & Home Products sales were
$485 in the second quarter, an increase of $53, or 13 percent. Sales for wet/dry vacuums were robust due to competitor outages, while growth was strong for food waste disposers and solid for professional tools. Earnings were $357, up 17 percent compared with the prior year, and margin increased 0.7 percentage points to 21.7 percent due to savings from cost reduction actions, while leverage on higher volume offset unfavorable price-cost.
16
RESULTS
OF OPERATIONS FOR THE SIX MONTHS ENDED MARCH 31
Net sales for the first six months of 2021 were $8.6 billion, up 3 percent compared with 2020. Automation Solutions sales were down 1 percent while Commercial & Residential Solutions sales were up 13 percent. Underlying sales were flat, as foreign currency translation added 2 percent and acquisitions
added 1 percent. Underlying sales decreased 6 percent in the U.S. and increased 5 percent internationally. The Americas was down 5 percent, Europe was up 5 percent and Asia, Middle East & Africa was up 7 percent (China up 22 percent).
Cost of sales for 2021 were $5,007, an increase of $203 versus $4,804 in 2020, primarily due to the impact of foreign currency translation and the OSI acquisition. Gross margin decreased 0.5 percentage points to 41.7 percent, reflecting unfavorable mix and deleverage on lower sales volume within Automation Solutions.
SG&A expenses of $2,052 decreased $54 and SG&A as a percent of sales decreased 1.4 percentage points to 23.9 percent, reflecting significant savings from the Company's restructuring and cost reset actions, which
more than offset higher stock compensation expense of $107 (1.3 percentage points) and deleverage on lower sales volume within Automation Solutions.
Other deductions, net were $155 in 2021, a decrease of $65 compared with the prior year, reflecting lower restructuring costs of $45 and investment-related gains. In the first quarter of fiscal 2021, the Company recognized an investment gain of $21 and a gain from the acquisition of the remaining interest of an equity investment of $17, and in the second quarter recognized a gain of $31 on the sale of an equity investment. These items were partially offset by higher intangibles amortization of $34, primarily related to the OSI acquisition, and unfavorable foreign currency transactions of $29. See
Notes 6 and 7.
Pretax earnings of $1,300 increased $188, or 17 percent. Earnings increased $131 in Automation Solutions and $124 in Commercial & Residential Solutions. Costs reported at Corporate increased $60, reflecting higher stock compensation expense of $107 and first year acquisition accounting charges and fees related to the OSI acquisition of $31, partially offset by the investment-related gains discussed above and lower unallocated pension and postretirement costs of $22. See the Business Segments discussion that follows and Note 12.
Income taxes were $280 for 2021 and $259 for 2020, resulting in effective tax rates of 22 percent and 23 percent, respectively.
17
Net
earnings common stockholders in 2021 were $1,006, up 19 percent compared with the prior year, and earnings per share were $1.67, up 22 percent compared with $1.37 in 2020. Operating results increased $0.24 per share, as significant savings from the Company's restructuring and cost reset actions more than offset deleverage on lower sales volume in Automation Solutions. Lower restructuring and advisory fees ($0.07 per share), a lower tax rate ($0.03 per share) and share repurchases ($0.03 per share) also benefited operating results, while higher stock compensation expense deducted $0.13 per share. The Company recognized several investment-related gains in the current year ($0.10 per share), while first year acquisition accounting charges and fees related to the OSI acquisition deducted $0.04 per share.
Business
Segments
Following is an analysis of operating results for the Company’s business segments for the six months ended March 31, 2021, compared with the six months ended March 31, 2020. The Company defines segment earnings as earnings before interest and taxes.
AUTOMATION SOLUTIONS
Six
Months Ended Mar 31
2020
2021
Change
Sales
$
5,561
5,485
(1)
%
Earnings
$
701
832
19
%
Margin
12.6
%
15.2
%
Sales
by Major Product Offering
Measurement & Analytical Instrumentation
$
1,571
1,430
(9)
%
Valves, Actuators & Regulators
1,767
1,642
(7)
%
Industrial
Solutions
1,001
1,063
6
%
Systems & Software
1,222
1,350
10
%
Total
$
5,561
5,485
(1)
%
Automation
Solutions sales were $5.5 billion in the first six months of 2021, a decrease of $76, or 1 percent. Underlying sales decreased 5 percent on lower volume. Foreign currency translation had a 2 percent favorable impact and the OSI acquisition added 2 percent. Underlying sales decreased 16 percent in the Americas, while Europe increased 4 percent and Asia, Middle East & Africa was up 5 percent (China up 21 percent). Sales for Measurement & Analytical Instrumentation decreased $141, or 9 percent, due to weakness in process industries, particularly in North America, partially offset by moderate growth in Europe and Asia. Valves, Actuators & Regulators decreased $125, or 7 percent, reflecting slower demand in most end markets, particularly in North America and Europe, partially offset by strength in Asia. Industrial Solutions sales increased $62, or 6 percent, on moderate growth in Europe and robust growth in China,
partially offset by weakness in discrete end markets in North America. Systems & Software increased $128, reflecting the impact of the OSI acquisition which added $90. Power end markets grew moderately in North America offset by softness in Asia, while process end markets were strong in Europe and Asia, offset by declines in North America and Middle East & Africa. Earnings were $832, an increase of $131, or 19 percent, and margin increased 2.6 percentage points to 15.2 percent, as significant savings from cost reduction actions and favorable price-cost more than offset deleverage on lower sales volume and unfavorable mix. Lower restructuring expense benefited margins 0.6 percentage points, while foreign currency transactions had an unfavorable impact of 0.3 percentage points.
18
COMMERCIAL
& RESIDENTIAL SOLUTIONS
Six Months Ended Mar 31
2020
2021
Change
Sales:
Climate
Technologies
$
1,899
2,191
15
%
Tools & Home Products
862
930
8
%
Total
$
2,761
3,121
13
%
Earnings:
Climate
Technologies
$
368
457
24
%
Tools & Home Products
175
210
20
%
Total
$
543
667
23
%
Margin
19.7
%
21.4
%
Commercial
& Residential Solutions sales were $3.1 billion in the first six months of 2021, an increase of $360, or 13 percent compared to the prior year. Underlying sales were up 11 percent on higher volume and foreign currency translation added 2 percent. Overall, underlying sales increased 11 percent in the Americas, 8 percent in Europe and 15 percent in Asia, Middle East & Africa (China up 26 percent). Climate Technologies sales were $2.2 billion in the first six months of 2021, an increase of $292, or 15 percent. Air conditioning and heating sales were up significantly, reflecting strong demand for residential-oriented products and solutions in North America and robust growth in Europe and China. Cold chain sales were strong, driven by favorable global market conditions. Tools & Home Products sales were $930 million in the first six months of 2021, up $68, or 8 percent. Sales for wet/dry vacuums
were robust due to competitor outages and were strong for food waste disposers, while global professional tools were up slightly. Earnings were $667, up 23 percent compared to the prior year, and margin increased 1.7 percentage points, reflecting leverage on higher volume and savings from cost reduction actions, partially offset by unfavorable price-cost and mix.
The Company's operating working capital decreased $469 compared to the same quarter last year largely due to timing-related reductions reflecting current business conditions. The interest coverage ratio (earnings before income taxes plus interest expense, divided by interest expense) of 16.6 for the first six months of fiscal 2021 compares to 14.4X for the six months ended March 31,
2020. The increase reflects higher pretax earnings in the current year.
Operating cash flow for the first six months of fiscal 2021 was $1.6 billion, an increase of $603 compared with $1.0 billion in the prior year due to favorable operating working capital and higher earnings. Free cash flow of $1.4 billion in the first six months of fiscal 2021 (operating cash flow of $1.6 billion less capital expenditures of $222) increased $606 compared to free cash flow of $0.8 billion in 2020 (operating cash flow of $1.0 billion less capital expenditures of $225), reflecting the increase in operating cash flow. Cash used for investing activities was $1.8 billion largely due to the OSI acquisition.
On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic, and among other things, provides tax relief to businesses. Tax provisions
of the CARES Act include the deferral of certain payroll taxes, relief for retaining employees, and other provisions. The Company deferred $73 of certain payroll taxes through the end of calendar year 2020, half of which is due in December 2021 with the remainder due in December 2022.
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,
19
complete
acquisitions and sustain long-term growth. Emerson is in a strong financial position, with total assets of $24 billion and stockholders' equity of $9 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.
FISCAL 2021 OUTLOOK
Despite ongoing pandemic challenges in many parts of the world, the Company expects overall continued improvement in industrial and commercial demand over the remainder of 2021. Residential demand is expected to remain robust, but begin to taper in the second half. For the full year, consolidated net sales are expected to be up
6 to 9 percent, with underlying sales up 3 to 6 percent excluding a 2 percent favorable impact from foreign currency translation and a 1 percent favorable impact from the OSI acquisition. Automation Solutions net sales are expected to be up 3 to 5 percent, with underlying sales down 1 to up 1 percent excluding a 3 percent favorable impact from foreign currency translation and a 1 percent favorable impact from the OSI acquisition. Commercial & Residential Solutions net sales are expected to be up 14 to 16 percent, with underlying sales up 12 to 14 percent excluding a 2 percent impact from favorable foreign currency translation. Earnings per share are expected to be $3.55 to $3.65, while adjusted earnings per share, which exclude a $0.26 per share impact from restructuring actions, a $0.07 per share impact from OSI first year acquisition accounting charges and fees, and a $0.03 per share equity investment gain, are expected to be $3.85 to $3.95. Operating cash flow
is expected to be approximately $3.3 billion and free cash flow, which excludes targeted capital spending of $600 million, is expected to be approximately $2.7 billion. Fiscal 2021 share repurchases and acquisition activity are expected to be in the amount of $500 million to $1 billion, excluding the OSI acquisition which closed on October 1, 2020. However, future developments related to COVID-19, including further actions taken by governmental authorities, potential shutdowns of our operations, or delays in the stabilization and recovery of economic conditions could further adversely affect our operations and financial results, as well as those of our customers and suppliers. See Item 1A – “Risk Factors” in our Annual Report on Form 10-K.
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 impact of the COVID-19 pandemic, as well as economic and currency conditions, market demand, including related to the pandemic and oil and gas price declines and volatility, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, 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, 2020 and in subsequent reports filed with the SEC, which are hereby incorporated by reference.
The
United Kingdom's (UK) withdrawal from the European Union (EU), commonly known as "Brexit", was completed on January 31, 2020. Negotiations over the terms of trade and other laws and regulations took place during 2020 and an agreement between the EU and the UK was reached on December 24, 2020, which included zero tariffs and quotas on goods. The Company's net sales in the UK are principally in the Automation Solutions segment and represent less than two percent of consolidated sales. While there could be certain incremental costs for logistics and other items, the Company expects any impact of these items will be immaterial.
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.
20
PART II. OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(c)
Issuer Purchases of Equity Securities (shares in 000s).
Period
Total Number of Shares Purchased
Average
Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 2021
—
$0.00
—
65,339
February 2021
320
$85.83
320
65,019
March
2021
460
$90.01
460
64,559
Total
780
$88.30
780
64,559
In
November 2015, the Board of Directors authorized the purchase of up to 70 million shares. In March 2020, the Board of Directors authorized the purchase of an additional 60 million shares and a total of approximately 64.6 million shares remain available for purchase under the authorizations.
Item 6. Exhibits
(a) Exhibits (Listed by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K).
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, 2021 and 2020, (ii) Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2021 and 2020, (iii) Consolidated Balance Sheets as of September 30, 2020 and March 31,
2021, (iv) Consolidated Statements of Equity for the three and six months ended March 31, 2021 and 2020, (v) Consolidated Statements of Cash Flows for the six months ended March 31, 2021 and 2020, and (vi) Notes to Consolidated Financial Statements for the three and six months ended ended March 31, 2021 and 2020.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit
101).
21
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.