Delaware | 25-1797617 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
1201 South 2nd Street | ||
Milwaukee, Wisconsin | 53204 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $1 Par Value | New York Stock Exchange |
Large Accelerated Filer þ | Accelerated Filer o | Non-accelerated Filer o | Smaller reporting company o |
• | macroeconomic factors, including global and regional business conditions, the availability and cost of capital, the cyclical nature of our customers’ capital spending, sovereign debt concerns and currency exchange rates; |
• | laws, regulations and governmental policies affecting our activities in the countries where we do business; |
• | the successful development of advanced technologies and demand for and market acceptance of new and existing products; |
• | the availability, effectiveness and security of our information technology systems; |
• | competitive products, services and solutions and pricing pressures, and our ability to provide high quality products, services and solutions; |
• | a disruption of our operations due to natural disasters, acts of war, strikes, terrorism, social unrest or other causes; |
• | intellectual property infringement claims by others and the ability to protect our intellectual property; |
• | our ability to successfully address claims by taxing authorities in the various jurisdictions where we do business; |
• | our ability to attract and retain qualified personnel; |
• | our ability to manage costs related to employee retirement and health care benefits; |
• | the uncertainties of litigation, including liabilities related to the safety and security of the products, services, and solutions we sell; |
• | our ability to manage and mitigate the risks associated with our solutions business; |
• | a disruption of our distribution channels; |
• | the availability and price of components and materials; |
• | the successful integration and management of acquired businesses; |
• | the successful execution of our cost productivity and globalization initiatives; and |
• | other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings. |
• | Control platforms that perform multiple control disciplines and monitoring of applications, including discrete, batch and continuous process, drives control, motion control and machine safety control. Products include controllers, electronic operator interface devices, electronic input/output devices, communication and networking products and industrial computers. The information-enabled Logix controllers provide integrated multi-discipline control that is modular and scalable. |
• | Software products that include configuration and visualization software used to operate and supervise control platforms, advanced process control software and manufacturing execution software (MES) that enables customers to improve manufacturing productivity and meet regulatory requirements. |
• | Other products, including rotary and linear motion control products, sensors and machine safety components. |
• | Low and medium voltage electro-mechanical and electronic motor starters, motor and circuit protection devices, AC/DC variable frequency drives, push buttons, signaling devices, termination and protection devices, relays, timers and condition sensors. |
• | Value-added solutions ranging from packaged solutions such as configured drives and motor control centers to automation and information solutions where we provide design, integration and start-up services for custom-engineered hardware and software systems primarily for manufacturing applications. |
• | Services designed to help maximize a customer’s automation investment and provide total life-cycle support, including technical support and repair, asset management, training and predictive and preventative maintenance. |
2012 | 2011 | |||||||
Architecture & Software | $ | 167.3 | $ | 160.3 | ||||
Control Products & Solutions | 962.6 | 1,016.8 | ||||||
$ | 1,129.9 | $ | 1,177.1 |
• | poor quality can adversely affect the reliability and reputation of our products; |
• | the cost of these purchases may change due to inflation, exchange rates, commodity market volatility or other factors; |
• | we may not be able to recover any increase in costs for these purchases through price increases to our customers; and |
• | a shortage of components, commodities or other materials could adversely affect our manufacturing efficiencies and ability to make timely delivery. |
• | difficulties in integrating the acquired business, retaining the acquired business’ customers, and achieving the expected benefits of the acquisition, such as revenue increases, access to technologies, cost savings and increases in geographic or product presence, in the desired time frames; |
• | loss of key employees of the acquired business; |
• | difficulties implementing and maintaining consistent standards, controls, procedures, policies and information systems; and |
• | diversion of management’s attention from other business concerns. |
Location | Headquarters | ||
Milwaukee, Wisconsin, United States | Global and Control Products & Solutions | ||
Mayfield Heights, Ohio, United States | Architecture & Software | ||
Singapore | Architecture & Software | ||
Cambridge, Ontario, Canada | Canada | ||
Diegem, Belgium | Europe, Middle East and Africa | ||
Hong Kong | Asia-Pacific | ||
Weston, Florida, United States | Latin America | ||
The following table sets forth information regarding our principal manufacturing locations as of September 30, 2012. | |||
Location | Manufacturing Square Footage | ||
Monterrey Guadalupe, Mexico | 637,000 | ||
Aarau, Switzerland | 284,000 | ||
Twinsburg, Ohio, United States | 257,000 | ||
Mequon, Wisconsin, United States | 240,000 | ||
Cambridge, Ontario, Canada | 216,000 | ||
Shanghai, China | 196,000 | ||
Singapore | 146,000 | ||
Tecate, Mexico | 135,000 | ||
Ladysmith, Wisconsin, United States | 124,000 | ||
Richland Center, Wisconsin, United States | 124,000 | ||
Katowice, Poland | 95,000 | ||
Jundiai, Brazil | 94,000 |
Name, Office and Position, and Principal Occupations and Employment | Age | |
Keith D. Nosbusch — Chairman of the Board and President and Chief Executive Officer | 61 | |
Sujeet Chand — Senior Vice President and Chief Technology Officer | 54 | |
Kent G. Coppins — Vice President and General Tax Counsel | 59 | |
Theodore D. Crandall — Senior Vice President and Chief Financial Officer | 57 | |
David M. Dorgan — Vice President and Controller | 48 | |
Steven A. Eisenbrown — Senior Vice President | 59 | |
Steven W. Etzel — Vice President and Treasurer since November 2007; Assistant Treasurer previously | 52 | |
Douglas M. Hagerman — Senior Vice President, General Counsel and Secretary | 51 | |
Frank C. Kulaszewicz — Senior Vice President since April 2011; Vice President and General Manager, Control and Visualization Business previously | 48 | |
John P. McDermott — Senior Vice President | 54 | |
John M. Miller — Vice President and Chief Intellectual Property Counsel | 45 | |
Blake D. Moret — Senior Vice President since April 2011; Vice President and General Manager, Customer Support and Maintenance previously | 49 | |
Rondi Rohr-Dralle — Vice President, Investor Relations and Corporate Development since February 2009; Vice President, Corporate Development previously | 56 | |
Robert A. Ruff — Senior Vice President | 64 | |
Susan J. Schmitt — Senior Vice President, Human Resources | 49 | |
Martin Thomas — Senior Vice President, Operations and Engineering Services | 54 |
2012 | 2011 | |||||||||||||||
Fiscal Quarters | High | Low | High | Low | ||||||||||||
First | $ | 78.01 | $ | 53.06 | $ | 72.75 | $ | 60.08 | ||||||||
Second | 84.71 | 72.21 | 94.88 | 71.79 | ||||||||||||
Third | 80.67 | 62.41 | 98.19 | 76.71 | ||||||||||||
Fourth | 73.98 | 61.20 | 89.79 | 50.36 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approx. Dollar Value of Shares that may yet be Purchased Under the Plans or Programs(2) | ||||||||||
July 1 – 31, 2012 | 963,944 | $ | 64.12 | 963,944 | $ | 970,668,738 | ||||||||
August 1 – 31, 2012 | 106,900 | 70.32 | 106,900 | 963,151,116 | ||||||||||
September 1 – 30, 2012 | 375,229 | 70.56 | 375,229 | 936,673,493 | ||||||||||
Total | 1,446,073 | 66.25 | 1,446,073 |
(1) | Average price paid per share includes brokerage commissions. |
(2) | On November 7, 2007, our Board of Directors approved a $1.0 billion share repurchase program. On June 7, 2012, the Board of Directors authorized us to expend up to an additional $1.0 billion to repurchase shares of our common stock. As of September 30, 2012 no shares remained subject to repurchase under our November 7, 2007 repurchase program. Our repurchase program allows management to repurchase shares at its discretion. However, during quarterly “quiet periods,” defined as the period of time from quarter-end until two business days following the furnishing of our quarterly earnings results to the SEC on Form 8-K, shares are repurchased at our broker’s discretion pursuant to a share repurchase plan subject to price and volume parameters. |
Year Ended September 30, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009(a) | 2008(b) | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||
Consolidated Statement of Operations Data: | ||||||||||||||||||||
Sales | $ | 6,259.4 | $ | 6,000.4 | $ | 4,857.0 | $ | 4,332.5 | $ | 5,697.8 | ||||||||||
Interest expense | 60.1 | 59.5 | 60.5 | 60.9 | 68.2 | |||||||||||||||
Income from continuing operations | 737.0 | 697.1 | 440.4 | 217.9 | 577.6 | |||||||||||||||
Earnings per share from continuing operations: | ||||||||||||||||||||
Basic | 5.20 | 4.88 | 3.09 | 1.54 | 3.94 | |||||||||||||||
Diluted | 5.13 | 4.79 | 3.05 | 1.53 | 3.89 | |||||||||||||||
Cash dividends per share | 1.745 | 1.475 | 1.22 | 1.16 | 1.16 | |||||||||||||||
Consolidated Balance Sheet Data: (at end of period) | ||||||||||||||||||||
Total assets | $ | 5,636.5 | $ | 5,284.9 | $ | 4,748.3 | $ | 4,305.7 | $ | 4,593.6 | ||||||||||
Short-term debt and current portion of long-term debt | 157.0 | — | — | — | 100.1 | |||||||||||||||
Long-term debt | 905.0 | 905.0 | 904.9 | 904.7 | 904.4 | |||||||||||||||
Shareowners’ equity | 1,851.7 | 1,748.0 | 1,460.4 | 1,316.4 | 1,688.8 | |||||||||||||||
Other Data: | ||||||||||||||||||||
Capital expenditures | $ | 139.6 | $ | 120.1 | $ | 99.4 | $ | 98.0 | $ | 151.0 | ||||||||||
Depreciation | 103.9 | 96.5 | 95.7 | 101.7 | 101.3 | |||||||||||||||
Intangible asset amortization | 34.7 | 34.8 | 31.6 | 32.4 | 35.2 |
(a) | Includes costs of $60.4 ($41.8 million after tax, or $0.29 per diluted share) related to restructuring actions designed to better align our cost structure with then-current economic conditions. The majority of the charges related to severance benefits recognized pursuant to our severance policy and local statutory requirements. |
(b) | Includes net costs of $46.7 million ($30.4 million after tax, or $0.21 per diluted share) primarily related to restructuring actions designed to better align resources with growth opportunities and to reduce costs as a result of then-current and anticipated market conditions. The 2008 restructuring actions included workforce reductions aimed at streamlining administrative functions, realigning selling resources to the highest anticipated growth opportunities and consolidating business units. The majority of the charges related to severance benefits recognized pursuant to our severance policy and local statutory requirements. |
• | investments in manufacturing, including upgrades, modifications and expansions of existing facilities or production lines, and the creation of new facilities or production lines; |
• | our customers’ needs for productivity and cost reduction, sustainable production (cleaner, safer and more energy efficient), quality assurance and overall global competitiveness; |
• | industry factors that include our customers’ new product introductions, demand for our customers’ products or services, and the regulatory and competitive environments in which our customers operate; |
• | levels of global industrial production and capacity utilization; |
• | regional factors that include local political, social, regulatory and economic circumstances; |
• | the seasonal spending patterns of our customers due to their annual budgeting processes and their working schedule; and |
• | investments in basic materials production capacity, partly in response to higher commodity pricing. |
• | achieve growth rates in excess of the automation market by expanding our served market and strengthening our competitive differentiation; |
• | diversify our revenue streams by increasing our capabilities in new applications, broadening our solutions and service capabilities, advancing our global presence and serving a wider range of industries; |
• | grow market share by gaining new customers and by capturing a larger share of existing customers’ spending; |
• | enhance our market access by building our channel capability and partner network; |
• | make acquisitions that serve as catalysts to organic growth by adding complementary technology, expanding our served market, increasing our domain expertise or continuing our geographic diversification; |
• | deploy human and financial resources to strengthen our technology leadership and our intellectual capital business model; and |
• | continuously improve quality and customer experience and drive annual cost productivity. |
• | The Industrial Production Index (Total Index), published by the Federal Reserve, which measures the real output of manufacturing, mining, and electric and gas utilities. The Industrial Production Index is expressed as a percentage of real output in a base year, currently 2007. Historically there has been a meaningful correlation between the changes in the Industrial Production Index and the level of automation investment made by our U.S. customers in their manufacturing base. |
• | The Manufacturing Purchasing Managers’ Index (PMI), published by the Institute for Supply Management (ISM), which is an indication of the current and near-term state of manufacturing activity in the U.S. According to the ISM, a PMI measure above 50 indicates that the U.S. manufacturing economy is generally expanding while a measure below 50 indicates that it is generally contracting. |
• | Industrial Equipment Spending, which is an economic statistic compiled by the Bureau of Economic Analysis (BEA). This statistic provides insight into spending trends in the broad U.S. industrial economy. This measure over the longer term has proven to demonstrate a reasonable correlation with our domestic growth. |
• | Capacity Utilization (Total Industry), which is an indication of plant operating activity published by the Federal Reserve. Historically there has been a meaningful correlation between Capacity Utilization and levels of U.S. industrial production. |
Industrial Production Index | PMI | Industrial Equipment Spending (in billions) | Capacity Utilization (percent) | |||||||||
Fiscal 2012 | ||||||||||||
Quarter ended: | ||||||||||||
September 2012 | 97.2 | 51.5 | 197.9 | 78.5 | ||||||||
June 2012 | 97.3 | 49.7 | 197.8 | 78.9 | ||||||||
March 2012 | 96.7 | 53.4 | 190.7 | 78.7 | ||||||||
December 2011 | 95.3 | 53.1 | 196.6 | 77.9 | ||||||||
Fiscal 2011 | ||||||||||||
Quarter ended: | ||||||||||||
September 2011 | 94.2 | 52.5 | 187.0 | 77.1 | ||||||||
June 2011 | 92.9 | 55.8 | 171.6 | 76.3 | ||||||||
March 2011 | 92.6 | 59.7 | 169.6 | 76.2 | ||||||||
December 2010 | 91.6 | 57.3 | 161.3 | 75.4 | ||||||||
Fiscal 2010 | ||||||||||||
Quarter ended: | ||||||||||||
September 2010 | 91.1 | 56.4 | 156.5 | 74.8 | ||||||||
June 2010 | 89.7 | 56.0 | 156.4 | 73.3 | ||||||||
March 2010 | 87.8 | 59.3 | 146.9 | 71.4 | ||||||||
December 2009 | 86.3 | 55.8 | 149.9 | 69.5 |
• | Sales related to our process initiative grew approximately 20 percent year over year in 2012. |
• | Logix organic sales increased 8 percent compared to 2011. |
• | Sales in emerging markets increased 4 percent, or 8 percent organically, as compared to 2011, with particular strength in Central and Eastern Europe. Acquisitions contributed 2 percentage points to the increase and currency translation reduced sales by 6 percentage points. Emerging markets represented 22 percent of total company sales in 2012, and we expect this proportion to continue to grow. |
Year Ended September 30, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Sales | ||||||||||||
Architecture & Software | $ | 2,650.4 | $ | 2,594.3 | $ | 2,115.0 | ||||||
Control Products & Solutions | 3,609.0 | 3,406.1 | 2,742.0 | |||||||||
Total sales (a) | $ | 6,259.4 | $ | 6,000.4 | $ | 4,857.0 | ||||||
Segment operating earnings1 | ||||||||||||
Architecture & Software | $ | 702.8 | $ | 659.1 | $ | 475.4 | ||||||
Control Products & Solutions | 428.6 | 368.5 | 241.8 | |||||||||
Total segment operating earnings2 (b) | 1,131.4 | 1,027.6 | 717.2 | |||||||||
Purchase accounting depreciation and amortization | (19.8 | ) | (19.8 | ) | (18.9 | ) | ||||||
General corporate — net | (85.6 | ) | (80.7 | ) | (93.6 | ) | ||||||
Interest expense | (60.1 | ) | (59.5 | ) | (60.5 | ) | ||||||
Income from continuing operations before income taxes | 965.9 | 867.6 | 544.2 | |||||||||
Provision for income taxes | (228.9 | ) | (170.5 | ) | (103.8 | ) | ||||||
Income from continuing operations | 737.0 | 697.1 | 440.4 | |||||||||
Income from discontinued operations3 | — | 0.7 | 23.9 | |||||||||
Net income | $ | 737.0 | $ | 697.8 | $ | 464.3 | ||||||
Diluted earnings per share: | ||||||||||||
Continuing operations | $ | 5.13 | $ | 4.79 | $ | 3.05 | ||||||
Discontinued operations | — | 0.01 | 0.17 | |||||||||
Net income | $ | 5.13 | $ | 4.80 | $ | 3.22 | ||||||
Diluted weighted average outstanding shares | 143.4 | 145.2 | 144.0 | |||||||||
Total segment operating margin2 (b/a) | 18.1 | % | 17.1 | % | 14.8 | % |
(1) | See Note 17 in the Condensed Consolidated Financial Statements for the definition of segment operating earnings. |
(2) | Total segment operating earnings and total segment operating margin are non-GAAP financial measures. We believe that these measures are useful to investors as measures of operating performance. We use these measures to monitor and evaluate the profitability of the company. Our measure of total segment operating earnings and total segment operating margin may be different from those used by other companies. |
(3) | See Note 13 in the Condensed Consolidated Financial Statements for a description of items reported as discontinued operations. |
(in millions, except per share amounts) | 2012 | 2011 | Change | |||||||||
Sales | $ | 6,259.4 | $ | 6,000.4 | $ | 259.0 | ||||||
Income from continuing operations before income taxes | 965.9 | 867.6 | 98.3 | |||||||||
Diluted earnings per share from continuing operations | 5.13 | 4.79 | 0.34 |
Year Ended September 30, 2012(1) | Change vs. Year Ended September 30, 2011 | Change in Organic Sales vs. Year Ended September 30, 2011(2) | ||||||||
United States | $ | 3,067.3 | 5 | % | 5 | % | ||||
Canada | 464.3 | 17 | % | 20 | % | |||||
Europe, Middle East and Africa | 1,280.6 | 1 | % | 6 | % | |||||
Asia-Pacific | 942.4 | 3 | % | 5 | % | |||||
Latin America | 504.8 | (1 | )% | 8 | % | |||||
Total sales | $ | 6,259.4 | 4 | % | 6 | % |
(1) | We attribute sales to the geographic regions based upon country of destination. |
(2) | Organic sales are sales excluding the effect of changes in currency exchange rates and acquisitions. See Supplemental Sales Information for information on this non-GAAP measure. |
• | Organic sales growth in the United States was driven by transportation and oil and gas industries, as consumer industries lagged the region growth rate. |
• | Strong organic sales growth in Canada reflected continued strength in the resource-based industries. |
• | EMEA's organic sales growth was driven by strong double digit growth in its emerging markets, particularly in Central and Eastern Europe. |
• | Asia-Pacific organic sales growth was mixed across the countries in the region with mature markets generally outperforming emerging markets and Australia experiencing significant sales declines. |
• | Organic sales growth in Latin America was driven by strong growth in transportation and oil and gas industries in Mexico, partially offset by year-over-year declines in Brazil, which is experiencing an economic slowdown. |
(in millions, except percentages) | 2012 | 2011 | Change | |||||||||||
Sales | $ | 2,650.4 | $ | 2,594.3 | $ | 56.1 | ||||||||
Segment operating earnings | 702.8 | 659.1 | 43.7 | |||||||||||
Segment operating margin | 26.5 | % | 25.4 | % | 1.1 | pts |
(in millions, except percentages) | 2012 | 2011 | Change | |||||||||||
Sales | $ | 3,609.0 | $ | 3,406.1 | $ | 202.9 | ||||||||
Segment operating earnings | 428.6 | 368.5 | 60.1 | |||||||||||
Segment operating margin | 11.9 | % | 10.8 | % | 1.1 | pts |
(in millions, except per share amounts) | 2011 | 2010 | Change | |||||||||
Sales | $ | 6,000.4 | $ | 4,857.0 | $ | 1,143.4 | ||||||
Income from continuing operations | 697.1 | 440.4 | 256.7 | |||||||||
Diluted earnings per share from continuing operations | 4.79 | 3.05 | 1.74 |
Year Ended September 30, 2011(1) | Change vs. Year Ended September 30, 2010 | Change in Organic Sales vs. Year Ended September 30, 2010(2) | ||||||||
United States | $ | 2,917.8 | 19 | % | 18 | % | ||||
Canada | 396.2 | 23 | % | 17 | % | |||||
Europe, Middle East and Africa | 1,267.6 | 28 | % | 22 | % | |||||
Asia-Pacific | 910.6 | 26 | % | 18 | % | |||||
Latin America | 508.2 | 38 | % | 30 | % | |||||
Total sales | $ | 6,000.4 | 24 | % | 20 | % |
(1) | We attribute sales to the geographic regions based upon country of destination. |
(2) | Organic sales are sales excluding the effect of changes in currency exchange rates and acquisitions. See Supplemental Sales Information for information on this non-GAAP measure. |
• | Organic sales growth in the United States was driven by heavy and transportation industries, as consumer industries lagged the region growth rate. |
• | Organic sales growth in Canada was driven primarily by heavy industries. |
• | Europe’s strong organic sales growth was driven primarily by transportation and consumer industries, and strong OEM demand. |
• | Asia-Pacific organic sales growth was driven by strength in emerging markets, including China and India with 23 and 26 percent growth, respectively.1 |
• | Latin America growth was driven by mining and oil and gas industries. |
(in millions, except percentages) | 2011 | 2010 | Change | |||||||||||
Sales | $ | 2,594.3 | $ | 2,115.0 | $ | 479.3 | ||||||||
Segment operating earnings | 659.1 | 475.4 | 183.7 | |||||||||||
Segment operating margin | 25.4 | % | 22.5 | % | 2.9 | pts |
(in millions, except percentages) | 2011 | 2010 | Change | |||||||||||
Sales | $ | 3,406.1 | $ | 2,742.0 | $ | 664.1 | ||||||||
Segment operating earnings | 368.5 | 241.8 | 126.7 | |||||||||||
Segment operating margin | 10.8 | % | 8.8 | % | 2.0 | pts |
2012 | 2011 | 2010 | ||||||||||
Income from continuing operations | $ | 737.0 | $ | 697.1 | $ | 440.4 | ||||||
Non-operating pension costs | 35.2 | 23.5 | 10.1 | |||||||||
Tax effect of non-operating pension costs | (12.6 | ) | (8.5 | ) | (3.6 | ) | ||||||
Adjusted Income | $ | 759.6 | $ | 712.1 | $ | 446.9 | ||||||
Diluted EPS from continuing operations | $ | 5.13 | $ | 4.79 | $ | 3.05 | ||||||
Non-operating pension costs per diluted share, before tax | 0.25 | 0.16 | 0.07 | |||||||||
Tax effect of non-operating pension costs per diluted share | (0.09 | ) | (0.06 | ) | (0.02 | ) | ||||||
Adjusted EPS | $ | 5.29 | $ | 4.89 | $ | 3.10 |
2013 (Estimate) | 2012 | 2011 | 2010 | |||||||||||||
Service cost | $ | 92.6 | $ | 71.8 | $ | 70.1 | $ | 68.7 | ||||||||
Prior service credit amortization | (2.5 | ) | (2.3 | ) | (2.2 | ) | (3.8 | ) | ||||||||
Operating pension cost | 90.1 | 69.5 | 67.9 | 64.9 | ||||||||||||
Interest cost | 160.8 | 167.6 | 163.9 | 159.7 | ||||||||||||
Expected return on plan assets | (227.2 | ) | (228.1 | ) | (204.5 | ) | (192.1 | ) | ||||||||
Net actuarial loss | 145.1 | 94.7 | 63.7 | 42.1 | ||||||||||||
Other | — | 1.0 | 0.4 | 0.4 | ||||||||||||
Non-operating pension cost | 78.7 | 35.2 | 23.5 | 10.1 | ||||||||||||
Net periodic benefit cost | $ | 168.8 | $ | 104.7 | $ | 91.4 | $ | 75.0 |
2012 | 2011 | 2010 | ||||||||||
Segment operating earnings: | ||||||||||||
Architecture & Software | $ | 714.4 | $ | 670.4 | $ | 478.8 | ||||||
Control Products & Solutions | 449.5 | 378.4 | 248.0 | |||||||||
Total segment operating earnings1 | 1,163.9 | 1,048.8 | 726.8 | |||||||||
Purchase accounting depreciation and amortization | (19.8 | ) | (19.8 | ) | (18.9 | ) | ||||||
General corporate-net | (82.9 | ) | (78.4 | ) | (93.1 | ) | ||||||
Non-operating pension costs | (35.2 | ) | (23.5 | ) | (10.1 | ) | ||||||
Interest expense | (60.1 | ) | (59.5 | ) | (60.5 | ) | ||||||
Income from continuing operations before income taxes | 965.9 | 867.6 | 544.2 | |||||||||
Income tax provision | (228.9 | ) | (170.5 | ) | (103.8 | ) | ||||||
Income from continuing operations | $ | 737.0 | $ | 697.1 | $ | 440.4 | ||||||
Diluted EPS from continuing operations | $ | 5.13 | $ | 4.79 | $ | 3.05 | ||||||
Average diluted shares | 143.4 | 145.2 | 144.0 | |||||||||
Segment operating margin: | ||||||||||||
Architecture & Software | 27.0 | % | 25.8 | % | 22.6 | % | ||||||
Control Products & Solutions | 12.5 | % | 11.1 | % | 9.0 | % | ||||||
Total segment operating margin1 | 18.6 | % | 17.5 | % | 15.0 | % |
Year Ended September 30, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Cash provided by (used for): | ||||||||||||
Operating activities | $ | 718.7 | $ | 643.7 | $ | 494.0 | ||||||
Investing activities | (503.2 | ) | (160.9 | ) | (89.0 | ) | ||||||
Financing activities | (282.7 | ) | (297.9 | ) | (241.4 | ) | ||||||
Effect of exchange rate changes on cash | (16.8 | ) | (5.8 | ) | 6.8 | |||||||
Cash (used for) provided by continuing operations | $ | (84.0 | ) | $ | 179.1 | $ | 170.4 | |||||
The following table summarizes free cash flow (in millions): | ||||||||||||
Cash provided by continuing operating activities | $ | 718.7 | $ | 643.7 | $ | 494.0 | ||||||
Capital expenditures of continuing operations | (139.6 | ) | (120.1 | ) | (99.4 | ) | ||||||
Excess income tax benefit from share-based compensation | 18.5 | 38.1 | 16.1 | |||||||||
Free cash flow | $ | 597.6 | $ | 561.7 | $ | 410.7 |
Credit Rating Agency | Short Term Rating | Long Term Rating | Outlook | |||
Standard & Poor’s | A-1 | A | Stable | |||
Moody’s | P-2 | A3 | Stable | |||
Fitch Ratings | F1 | A | Stable |
Payments by Period | ||||||||||||||||||||||||||||
Total | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | ||||||||||||||||||||||
Long-term debt and interest (a) | $ | 2,575.0 | $ | 56.9 | $ | 56.9 | $ | 56.9 | $ | 56.9 | $ | 56.9 | $ | 2,290.5 | ||||||||||||||
Minimum operating lease payments | 377.6 | 79.6 | 67.3 | 54.5 | 40.8 | 35.7 | 99.7 | |||||||||||||||||||||
Postretirement benefits (b) | 172.5 | 16.1 | 15.2 | 14.5 | 13.6 | 12.7 | 100.4 | |||||||||||||||||||||
Pension funding contribution (c) | 40.4 | 40.4 | — | — | — | — | — | |||||||||||||||||||||
Purchase obligations (d) | 173.2 | 108.4 | 17.7 | 7.6 | 7.6 | 7.5 | 24.4 | |||||||||||||||||||||
Other long-term liabilities (e) | 81.4 | 17.3 | — | — | — | — | — | |||||||||||||||||||||
Unrecognized tax benefits (f) | 90.4 | — | — | — | — | — | — | |||||||||||||||||||||
Total | $ | 3,510.5 | $ | 318.7 | $ | 157.1 | $ | 133.5 | $ | 118.9 | $ | 112.8 | $ | 2,515.0 |
(a) | The amounts for long-term debt assume that the respective debt instruments will be outstanding until their scheduled maturity dates. The amounts include interest, but exclude the unamortized discount of $45.0 million. See Note 6 in the Financial Statements for more information regarding our long-term debt. |
(b) | Our postretirement plans are unfunded and are subject to change. Amounts reported are estimates of future benefit payments, to the extent estimable. |
(c) | Amounts reported for pension funding contributions reflect current estimates of known commitments. Contributions to our pension plans beyond 2013 will depend on future investment performance of our pension plan assets, changes in discount rate assumptions and governmental regulations in effect at the time. Amounts subsequent to 2013 are excluded from the summary above, as these amounts cannot be estimated with certainty. The minimum contribution for our U.S. pension plan as required by the Employee Retirement Income Security Act (ERISA) is currently zero. We may make additional contributions to this plan at the discretion of management. |
(d) | This item includes long-term obligations under agreements with various service providers, contractual commitments for capital expenditures and contractually required cash payments for acquisitions. Amounts payable in 2013 include $84.4 million for acquisition of the medium voltage drives business of Harbin Jiuzhou Electric Co., Ltd in October 2012. See Note 19 in the Financial Statements for more information regarding the acquisition. |
(e) | Other long-term liabilities include environmental liabilities net of related receivables, asset retirement obligations and indemnifications. Amounts subsequent to 2013 are excluded from the summary above, as we are unable to make a reasonably reliable estimate of when the liabilities will be paid. |
(f) | Amount for unrecognized tax benefits includes accrued interest and penalties. We are unable to make a reasonably reliable estimate of when the liabilities for unrecognized tax benefits will be settled or paid. |
Year Ended September 30, 2011 | |||||||||||||||||||||||
Year Ended September 30, 2012 | |||||||||||||||||||||||
Sales | Effect of Changes in Currency | Sales Excluding Changes in Currency | Effect of Acquisitions | Organic Sales | Sales | ||||||||||||||||||
United States | $ | 3,067.3 | $ | 3.3 | $ | 3,070.6 | $ | (2.3 | ) | $ | 3,068.3 | $ | 2,917.8 | ||||||||||
Canada | 464.3 | 9.4 | 473.7 | — | 473.7 | 396.2 | |||||||||||||||||
Europe, Middle East and Africa | 1,280.6 | 98.3 | 1,378.9 | (33.1 | ) | 1,345.8 | 1,267.6 | ||||||||||||||||
Asia-Pacific | 942.4 | 11.8 | 954.2 | (1.3 | ) | 952.9 | 910.6 | ||||||||||||||||
Latin America | 504.8 | 43.1 | 547.9 | — | 547.9 | 508.2 | |||||||||||||||||
Total Company Sales | $ | 6,259.4 | $ | 165.9 | $ | 6,425.3 | $ | (36.7 | ) | $ | 6,388.6 | $ | 6,000.4 |
Year Ended September 30, 2010 | |||||||||||||||||||||||
Year Ended September 30, 2011 | |||||||||||||||||||||||
Sales | Effect of Changes in Currency | Sales Excluding Changes in Currency | Effect of Acquisitions | Organic Sales | Sales | ||||||||||||||||||
United States | $ | 2,917.8 | $ | (6.7 | ) | $ | 2,911.1 | $ | (0.6 | ) | $ | 2,910.5 | $ | 2,456.2 | |||||||||
Canada | 396.2 | (21.5 | ) | 374.7 | — | 374.7 | 321.0 | ||||||||||||||||
Europe, Middle East and Africa | 1,267.6 | (42.8 | ) | 1,224.8 | (15.8 | ) | 1,209.0 | 987.3 | |||||||||||||||
Asia-Pacific | 910.6 | (52.4 | ) | 858.2 | (0.3 | ) | 857.9 | 724.3 | |||||||||||||||
Latin America | 508.2 | (30.4 | ) | 477.8 | — | 477.8 | 368.2 | ||||||||||||||||
Total Company Sales | $ | 6,000.4 | $ | (153.8 | ) | $ | 5,846.6 | $ | (16.7 | ) | $ | 5,829.9 | $ | 4,857.0 |
Year Ended September 30, 2011 | |||||||||||||||||||||||
Year Ended September 30, 2012 | |||||||||||||||||||||||
Sales | Effect of Changes in Currency | Sales Excluding Changes in Currency | Effect of Acquisitions | Organic Sales | Sales | ||||||||||||||||||
Architecture & Software | $ | 2,650.4 | $ | 73.5 | $ | 2,723.9 | $ | — | $ | 2,723.9 | $ | 2,594.3 | |||||||||||
Control Products & Solutions | 3,609.0 | 92.4 | 3,701.4 | (36.7 | ) | 3,664.7 | 3,406.1 | ||||||||||||||||
Total Company Sales | $ | 6,259.4 | $ | 165.9 | $ | 6,425.3 | $ | (36.7 | ) | $ | 6,388.6 | $ | 6,000.4 |
Year Ended September 30, 2010 | |||||||||||||||||||||||
Year Ended September 30, 2011 | |||||||||||||||||||||||
Sales | Effect of Changes in Currency | Sales Excluding Changes in Currency | Effect of Acquisitions | Organic Sales | Sales | ||||||||||||||||||
Architecture & Software | $ | 2,594.3 | $ | (64.5 | ) | $ | 2,529.8 | $ | — | $ | 2,529.8 | $ | 2,115.0 | ||||||||||
Control Products & Solutions | 3,406.1 | (89.3 | ) | 3,316.8 | (16.7 | ) | 3,300.1 | 2,742.0 | |||||||||||||||
Total Company Sales | $ | 6,000.4 | $ | (153.8 | ) | $ | 5,846.6 | $ | (16.7 | ) | $ | 5,829.9 | $ | 4,857.0 |
Asset Category | Target Allocations | Expected Return | ||||
Equity Securities | 55% | 9% | – | 10% | ||
Debt Securities | 40% | 4% | – | 6% | ||
Other | 5% | 6% | – | 11% |
Pension Benefits | ||||||||
Change in Projected Benefit Obligation | Change in Net Periodic Benefit Cost | |||||||
Discount rate | $ | 121.3 | $ | 11.0 | ||||
Return on plan assets | — | 5.9 | ||||||
Compensation increase rate | 23.6 | 4.8 |
September 30, | |||||||
2012 | 2011 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 903.9 | $ | 988.9 | |||
Short-term investments | 350.0 | — | |||||
Receivables | 1,187.3 | 1,063.4 | |||||
Inventories | 619.0 | 641.7 | |||||
Deferred income taxes | 208.6 | 199.6 | |||||
Other current assets | 118.7 | 181.5 | |||||
Total current assets | 3,387.5 | 3,075.1 | |||||
Property, net | 587.1 | 561.4 | |||||
Goodwill | 948.8 | 952.6 | |||||
Other intangible assets, net | 209.5 | 218.0 | |||||
Deferred income taxes | 351.1 | 336.2 | |||||
Other assets | 152.5 | 141.6 | |||||
Total | $ | 5,636.5 | $ | 5,284.9 | |||
LIABILITIES AND SHAREOWNERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 157.0 | $ | — | |||
Accounts payable | 547.6 | 455.1 | |||||
Compensation and benefits | 246.4 | 319.6 | |||||
Advance payments from customers and deferred revenue | 204.1 | 189.0 | |||||
Customer returns, rebates and incentives | 168.7 | 154.0 | |||||
Other current liabilities | 207.8 | 212.2 | |||||
Total current liabilities | 1,531.6 | 1,329.9 | |||||
Long-term debt | 905.0 | 905.0 | |||||
Retirement benefits | 1,105.8 | 1,059.3 | |||||
Other liabilities | 242.4 | 242.7 | |||||
Commitments and contingent liabilities (Note 16) | |||||||
Shareowners’ equity: | |||||||
Common stock (shares issued: 181.4) | 181.4 | 181.4 | |||||
Additional paid-in capital | 1,416.7 | 1,381.4 | |||||
Retained earnings | 3,858.8 | 3,382.8 | |||||
Accumulated other comprehensive loss | (1,225.3 | ) | (992.9 | ) | |||
Common stock in treasury, at cost (shares held: 2012, 41.6; 2011, 39.5) | (2,379.9 | ) | (2,204.7 | ) | |||
Total shareowners’ equity | 1,851.7 | 1,748.0 | |||||
Total | $ | 5,636.5 | $ | 5,284.9 |
Year Ended September 30, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Sales | |||||||||||
Products and solutions | $ | 5,656.1 | $ | 5,430.8 | $ | 4,357.9 | |||||
Services | 603.3 | 569.6 | 499.1 | ||||||||
6,259.4 | 6,000.4 | 4,857.0 | |||||||||
Cost of sales | |||||||||||
Products and solutions | (3,315.9 | ) | (3,224.0 | ) | (2,576.2 | ) | |||||
Services | (420.8 | ) | (386.0 | ) | (344.4 | ) | |||||
(3,736.7 | ) | (3,610.0 | ) | (2,920.6 | ) | ||||||
Gross profit | 2,522.7 | 2,390.4 | 1,936.4 | ||||||||
Selling, general and administrative expenses | (1,491.7 | ) | (1,461.2 | ) | (1,323.3 | ) | |||||
Other expense (Note 14) | (5.0 | ) | (2.1 | ) | (8.4 | ) | |||||
Interest expense | (60.1 | ) | (59.5 | ) | (60.5 | ) | |||||
Income from continuing operations before income taxes | 965.9 | 867.6 | 544.2 | ||||||||
Income tax provision (Note 15) | (228.9 | ) | (170.5 | ) | (103.8 | ) | |||||
Income from continuing operations | 737.0 | 697.1 | 440.4 | ||||||||
Income from discontinued operations (Note 13) | — | 0.7 | 23.9 | ||||||||
Net income | $ | 737.0 | $ | 697.8 | $ | 464.3 | |||||
Basic earnings per share: | |||||||||||
Continuing operations | $ | 5.20 | $ | 4.88 | $ | 3.09 | |||||
Discontinued operations | — | — | 0.17 | ||||||||
Net income | $ | 5.20 | $ | 4.88 | $ | 3.26 | |||||
Diluted earnings per share: | |||||||||||
Continuing operations | $ | 5.13 | $ | 4.79 | $ | 3.05 | |||||
Discontinued operations | — | 0.01 | 0.17 | ||||||||
Net income | $ | 5.13 | $ | 4.80 | $ | 3.22 | |||||
Weighted average outstanding shares: | |||||||||||
Basic | 141.5 | 142.7 | 142.0 | ||||||||
Diluted | 143.4 | 145.2 | 144.0 |
Year Ended September 30, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Continuing operations: | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 737.0 | $ | 697.8 | $ | 464.3 | |||||
Income from discontinued operations | — | (0.7 | ) | (23.9 | ) | ||||||
Income from continuing operations | 737.0 | 697.1 | 440.4 | ||||||||
Adjustments to arrive at cash provided by operating activities: | |||||||||||
Depreciation | 103.9 | 96.5 | 95.7 | ||||||||
Amortization of intangible assets | 34.7 | 34.8 | 31.6 | ||||||||
Share-based compensation expense | 43.5 | 39.5 | 36.3 | ||||||||
Retirement benefit expense | 105.9 | 100.9 | 89.1 | ||||||||
Pension trust contributions | (341.1 | ) | (184.7 | ) | (181.2 | ) | |||||
Deferred income taxes | 82.2 | 46.5 | 57.5 | ||||||||
Net loss (gain) on disposition of property and investments | 1.0 | (0.9 | ) | 5.5 | |||||||
Income tax benefit from the exercise of stock options | 0.7 | 3.1 | 0.6 | ||||||||
Excess income tax benefit from share-based compensation | (18.5 | ) | (38.1 | ) | (16.1 | ) | |||||
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency adjustments: | |||||||||||
Receivables | (135.7 | ) | (207.2 | ) | (131.7 | ) | |||||
Inventories | 21.4 | (41.9 | ) | (166.4 | ) | ||||||
Accounts payable | 90.2 | 15.0 | 117.2 | ||||||||
Compensation and benefits | (67.0 | ) | 16.9 | 143.9 | |||||||
Income taxes | 35.7 | 49.2 | (22.7 | ) | |||||||
Other assets and liabilities | 24.8 | 17.0 | (5.7 | ) | |||||||
Cash provided by operating activities | 718.7 | 643.7 | 494.0 | ||||||||
Investing activities: | |||||||||||
Capital expenditures | (139.6 | ) | (120.1 | ) | (99.4 | ) | |||||
Acquisition of businesses, net of cash acquired | (16.2 | ) | (45.9 | ) | — | ||||||
Purchases of short-term investments | (487.5 | ) | — | — | |||||||
Proceeds from maturities of short-term investments | 137.5 | — | — | ||||||||
Proceeds from sale of property and investments | 2.6 | 5.1 | 10.4 | ||||||||
Cash used for investing activities | (503.2 | ) | (160.9 | ) | (89.0 | ) | |||||
Financing activities: | |||||||||||
Net issuance of short-term debt | 157.0 | — | — | ||||||||
Cash dividends | (247.4 | ) | (211.0 | ) | (173.6 | ) | |||||
Purchases of treasury stock (See Note 10 for non-cash financing activities) | (259.4 | ) | (298.7 | ) | (118.8 | ) | |||||
Proceeds from the exercise of stock options | 49.0 | 174.0 | 35.2 | ||||||||
Excess income tax benefit from share-based compensation | 18.5 | 38.1 | 16.1 | ||||||||
Other financing activities | (0.4 | ) | (0.3 | ) | (0.3 | ) | |||||
Cash used for financing activities | (282.7 | ) | (297.9 | ) | (241.4 | ) | |||||
Effect of exchange rate changes on cash | (16.8 | ) | (5.8 | ) | 6.8 | ||||||
Cash (used for) provided by continuing operations | (84.0 | ) | 179.1 | 170.4 | |||||||
Discontinued operations: | |||||||||||
Cash used for discontinued operating activities | (1.0 | ) | (3.6 | ) | (0.8 | ) | |||||
Cash used for discontinued operations | (1.0 | ) | (3.6 | ) | (0.8 | ) | |||||
(Decrease) increase in cash and cash equivalents | (85.0 | ) | 175.5 | 169.6 | |||||||
Cash and cash equivalents at beginning of year | 988.9 | 813.4 | 643.8 | ||||||||
Cash and cash equivalents at end of year | $ | 903.9 | $ | 988.9 | $ | 813.4 |
Year Ended September 30, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Common stock (no shares issued during years) | $ | 181.4 | $ | 181.4 | $ | 181.4 | |||||
Additional paid-in capital | |||||||||||
Beginning balance | 1,381.4 | 1,344.2 | 1,304.8 | ||||||||
Income tax benefits from share-based compensation | 19.2 | 41.2 | 16.7 | ||||||||
Share-based compensation expense | 42.7 | 38.7 | 35.8 | ||||||||
Shares delivered under incentive plans | (26.6 | ) | (42.7 | ) | (13.1 | ) | |||||
Ending balance | 1,416.7 | 1,381.4 | 1,344.2 | ||||||||
Retained earnings | |||||||||||
Beginning balance | 3,382.8 | 2,912.4 | 2,667.2 | ||||||||
Net income | 737.0 | 697.8 | 464.3 | ||||||||
Cash dividends (2012, $1.745 per share; 2011, $1.475 per share; 2010, $1.22 per share) | (247.4 | ) | (211.0 | ) | (173.6 | ) | |||||
Shares delivered under incentive plans | (13.6 | ) | (16.4 | ) | (45.5 | ) | |||||
Ending balance | 3,858.8 | 3,382.8 | 2,912.4 | ||||||||
Accumulated other comprehensive loss | |||||||||||
Beginning balance | (992.9 | ) | (841.2 | ) | (727.5 | ) | |||||
Other comprehensive loss | (232.4 | ) | (151.7 | ) | (113.7 | ) | |||||
Ending balance | (1,225.3 | ) | (992.9 | ) | (841.2 | ) | |||||
Treasury stock | |||||||||||
Beginning balance | (2,204.7 | ) | (2,136.4 | ) | (2,109.5 | ) | |||||
Purchases | (265.3 | ) | (299.2 | ) | (120.0 | ) | |||||
Shares delivered under incentive plans | 90.1 | 230.9 | 93.1 | ||||||||
Ending balance | (2,379.9 | ) | (2,204.7 | ) | (2,136.4 | ) | |||||
Total shareowners’ equity | $ | 1,851.7 | $ | 1,748.0 | $ | 1,460.4 |
Year Ended September 30, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net income | $ | 737.0 | $ | 697.8 | $ | 464.3 | |||||
Other comprehensive loss: | |||||||||||
Pension and other postretirement benefit plan adjustments (net of tax benefit of $103.1, $93.2 and $71.8) | (192.4 | ) | (178.7 | ) | (126.6 | ) | |||||
Currency translation adjustments | (35.0 | ) | 23.4 | 4.4 | |||||||
Net change in unrealized gains and losses on cash flow hedges (net of tax benefit of $3.1 and expense of $2.3 and $5.0) | (5.0 | ) | 3.9 | 8.3 | |||||||
Net change in unrealized gains and losses on investment securities, net of tax | — | (0.3 | ) | 0.2 | |||||||
Other comprehensive loss | (232.4 | ) | (151.7 | ) | (113.7 | ) | |||||
Comprehensive income | $ | 504.6 | $ | 546.1 | $ | 350.6 |
2012 | 2011 | 2010 | ||||||||||
Income from continuing operations | $ | 737.0 | $ | 697.1 | $ | 440.4 | ||||||
Less: Allocation to participating securities | (1.4 | ) | (1.4 | ) | (1.0 | ) | ||||||
Income from continuing operations available to common shareowners | $ | 735.6 | $ | 695.7 | $ | 439.4 | ||||||
Income from discontinued operations | $ | — | $ | 0.7 | $ | 23.9 | ||||||
Less: Allocation to participating securities | — | — | (0.1 | ) | ||||||||
Income from discontinued operations available to common shareowners | $ | — | $ | 0.7 | $ | 23.8 | ||||||
Net income | $ | 737.0 | $ | 697.8 | $ | 464.3 | ||||||
Less: Allocation to participating securities | (1.4 | ) | (1.4 | ) | (1.1 | ) | ||||||
Net income available to common shareowners | $ | 735.6 | $ | 696.4 | $ | 463.2 | ||||||
Basic weighted average outstanding shares | 141.5 | 142.7 | 142.0 | |||||||||
Effect of dilutive securities | ||||||||||||
Stock options | 1.6 | 2.1 | 1.7 | |||||||||
Performance shares | 0.3 | 0.4 | 0.3 | |||||||||
Diluted weighted average outstanding shares | 143.4 | 145.2 | 144.0 | |||||||||
Basic earnings per share: | ||||||||||||
Continuing operations | $ | 5.20 | $ | 4.88 | $ | 3.09 | ||||||
Discontinued operations | — | — | 0.17 | |||||||||
Net income | $ | 5.20 | $ | 4.88 | $ | 3.26 | ||||||
Diluted earnings per share: | ||||||||||||
Continuing operations | $ | 5.13 | $ | 4.79 | $ | 3.05 | ||||||
Discontinued operations | — | 0.01 | 0.17 | |||||||||
Net income | $ | 5.13 | $ | 4.80 | $ | 3.22 |
2012 | 2011 | |||||||||
(in millions, except useful lives) | Fair Value | Wtd. Avg. Useful Life | Fair Value | Wtd. Avg. Useful Life | ||||||
Customer relationships | $ | 14.3 | 14 years | |||||||
Technology | 3.2 | 10 years | 1.5 | 10 years | ||||||
Trademarks | 1.3 | 2 years | ||||||||
Other intangible assets | 0.6 | 4 years |
Architecture & Software | Control Products & Solutions | Total | ||||||||||
Balance as of September 30, 2010 | $ | 385.5 | $ | 527.0 | $ | 912.5 | ||||||
Acquisition of businesses | — | 34.8 | 34.8 | |||||||||
Translation and other | 1.2 | 4.1 | 5.3 | |||||||||
Balance as of September 30, 2011 | 386.7 | 565.9 | 952.6 | |||||||||
Translation and other | 1.0 | (4.8 | ) | (3.8 | ) | |||||||
Balance as of September 30, 2012 | $ | 387.7 | $ | 561.1 | $ | 948.8 |
September 30, 2012 | ||||||||||||
Carrying Amount | Accumulated Amortization | Net | ||||||||||
Amortized intangible assets: | ||||||||||||
Computer software products | $ | 123.4 | $ | 61.2 | $ | 62.2 | ||||||
Customer relationships | 72.6 | 30.7 | 41.9 | |||||||||
Technology | 88.9 | 50.9 | 38.0 | |||||||||
Trademarks | 32.1 | 12.9 | 19.2 | |||||||||
Other | 21.4 | 16.9 | 4.5 | |||||||||
Total amortized intangible assets | 338.4 | 172.6 | 165.8 | |||||||||
Intangible assets not subject to amortization | 43.7 | — | 43.7 | |||||||||
Total | $ | 382.1 | $ | 172.6 | $ | 209.5 |
September 30, 2011 | ||||||||||||
Carrying Amount | Accumulated Amortization | Net | ||||||||||
Amortized intangible assets: | ||||||||||||
Computer software products | $ | 101.2 | $ | 45.3 | $ | 55.9 | ||||||
Customer relationships | 72.4 | 23.2 | 49.2 | |||||||||
Technology | 85.1 | 44.0 | 41.1 | |||||||||
Trademarks | 31.2 | 9.0 | 22.2 | |||||||||
Other | 21.6 | 15.7 | 5.9 | |||||||||
Total amortized intangible assets | 311.5 | 137.2 | 174.3 | |||||||||
Intangible assets not subject to amortization | 43.7 | — | 43.7 | |||||||||
Total | $ | 355.2 | $ | 137.2 | $ | 218.0 |
September 30, | ||||||||
2012 | 2011 | |||||||
Finished goods | $ | 262.5 | $ | 265.0 | ||||
Work in process | 149.5 | 139.4 | ||||||
Raw materials, parts and supplies | 207.0 | 237.3 | ||||||
Inventories | $ | 619.0 | $ | 641.7 |
September 30, | ||||||||
2012 | 2011 | |||||||
Land | $ | 3.7 | $ | 3.8 | ||||
Buildings and improvements | 292.5 | 277.2 | ||||||
Machinery and equipment | 1,022.1 | 996.3 | ||||||
Internal-use software | 414.6 | 368.5 | ||||||
Construction in progress | 65.7 | 74.7 | ||||||
Total | 1,798.6 | 1,720.5 | ||||||
Less accumulated depreciation | (1,211.5 | ) | (1,159.1 | ) | ||||
Property, net | $ | 587.1 | $ | 561.4 |
September 30, | ||||||||
2012 | 2011 | |||||||
5.65% notes, payable in 2017 | $ | 250.0 | $ | 250.0 | ||||
6.70% debentures, payable in 2028 | 250.0 | 250.0 | ||||||
6.25% debentures, payable in 2037 | 250.0 | 250.0 | ||||||
5.20% debentures, payable in 2098 | 200.0 | 200.0 | ||||||
Unamortized discount and other | (45.0 | ) | (45.0 | ) | ||||
Long-term debt | $ | 905.0 | $ | 905.0 |
September 30, | ||||||||
2012 | 2011 | |||||||
Unrealized losses on foreign exchange contracts (Note 9) | $ | 21.5 | $ | 6.3 | ||||
Product warranty obligations (Note 8) | 37.8 | 38.5 | ||||||
Taxes other than income taxes | 37.1 | 40.0 | ||||||
Accrued interest | 15.6 | 15.6 | ||||||
Income taxes payable | 14.7 | 31.0 | ||||||
Other | 81.1 | 80.8 | ||||||
Other current liabilities | $ | 207.8 | $ | 212.2 |
September 30, | ||||||||
2012 | 2011 | |||||||
Balance at beginning of period | $ | 38.5 | $ | 37.3 | ||||
Warranties recorded at time of sale | 35.0 | 38.2 | ||||||
Adjustments to pre-existing warranties | (2.1 | ) | (3.9 | ) | ||||
Settlements of warranty claims | (33.6 | ) | (33.1 | ) | ||||
Balance at end of period | $ | 37.8 | $ | 38.5 |
Level 1: | Quoted prices in active markets for identical assets or liabilities. |
Level 2: | Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. |
Level 3: | Unobservable inputs for the asset or liability. |
Fair Value (Level 2) | ||||||||||
Derivatives Designated as Hedging Instruments | Balance Sheet Location | September 30, 2012 | September 30, 2011 | |||||||
Forward exchange contracts | Other current assets | $ | 8.7 | $ | 15.9 | |||||
Forward exchange contracts | Other assets | 1.3 | 1.6 | |||||||
Forward exchange contracts | Other current liabilities | (8.4 | ) | (5.9 | ) | |||||
Forward exchange contracts | Other liabilities | (1.5 | ) | (1.4 | ) | |||||
Total | $ | 0.1 | $ | 10.2 |
Fair Value (Level 2) | ||||||||||
Derivatives Not Designated as Hedging Instruments | Balance Sheet Location | September 30, 2012 | September 30, 2011 | |||||||
Forward exchange contracts | Other current assets | $ | 2.3 | $ | 12.1 | |||||
Forward exchange contracts | Other assets | 0.1 | — | |||||||
Forward exchange contracts | Other current liabilities | (13.1 | ) | (0.4 | ) | |||||
Total | $ | (10.7 | ) | $ | 11.7 |
2012 | 2011 | 2010 | ||||||||||
Forward exchange contracts (cash flow hedges) | $ | (1.7 | ) | $ | 3.0 | $ | 9.0 | |||||
Foreign currency denominated debt (net investment hedges) | (0.5 | ) | (0.2 | ) | — | |||||||
Total | $ | (2.2 | ) | $ | 2.8 | $ | 9.0 |
2012 | 2011 | 2010 | ||||||||||
Sales | $ | (1.1 | ) | $ | 0.3 | $ | (2.2 | ) | ||||
Cost of sales | 7.5 | (3.5 | ) | (2.2 | ) | |||||||
Total | $ | 6.4 | $ | (3.2 | ) | $ | (4.4 | ) |
2012 | 2011 | 2010 | ||||||||||
Other expense | $ | (21.9 | ) | $ | 6.2 | $ | (15.8 | ) | ||||
Cost of sales | — | 0.4 | (0.4 | ) | ||||||||
Total | $ | (21.9 | ) | $ | 6.6 | $ | (16.2 | ) |
September 30, 2012 | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Carrying Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Cash and cash equivalents | $ | 903.9 | $ | 903.9 | $ | 779.4 | $ | 124.5 | $ | — | |||||||||
Short-term investments | 350.0 | 350.0 | — | 350.0 | — | ||||||||||||||
Short-term debt | 157.0 | 157.0 | — | 157.0 | — | ||||||||||||||
Long-term debt | 905.0 | 1,187.9 | — | 1,187.9 | — |
September 30, 2011 | ||||||||
Carrying Value | Fair Value | |||||||
Long-term debt | $ | 905.0 | $ | 1,125.4 |
2012 | 2011 | 2010 | |||||||
Beginning balance | 141.9 | 141.7 | 142.1 | ||||||
Treasury stock purchases | (3.7 | ) | (4.0 | ) | (2.2 | ) | |||
Shares delivered under incentive plans | 1.6 | 4.2 | 1.8 | ||||||
Ending balance | 139.8 | 141.9 | 141.7 |
September 30, | ||||||||
2012 | 2011 | |||||||
Pension and other postretirement benefit plan adjustments (Note 12) | $ | (1,226.0 | ) | $ | (1,033.6 | ) | ||
Accumulated currency translation adjustments | 0.5 | 35.5 | ||||||
Net unrealized gains on cash flow hedges | 0.2 | 5.2 | ||||||
Accumulated other comprehensive loss | $ | (1,225.3 | ) | $ | (992.9 | ) |
2012 | 2011 | 2010 | |||||||
Average risk-free interest rate | 1.06 | % | 1.94 | % | 2.15 | % | |||
Expected dividend yield | 2.29 | % | 2.37 | % | 3.16 | % | |||
Expected volatility | 0.43 | 0.39 | 0.41 | ||||||
Expected term (years) | 5.3 | 5.5 | 5.5 |
Shares (in thousands) | Wtd. Avg. Exercise Price | Wtd. Avg. Remaining Contractual Term (years) | Aggregate Intrinsic Value of In-The-Money Options (in millions) | ||||||||||
Outstanding at October 1, 2011 | 7,781 | $ | 51.46 | ||||||||||
Granted | 1,388 | 74.12 | |||||||||||
Exercised | (1,187 | ) | 41.58 | ||||||||||
Forfeited | (106 | ) | 65.97 | ||||||||||
Cancelled | (3 | ) | 54.21 | ||||||||||
Outstanding at September 30, 2012 | 7,873 | 56.75 | 6.5 | $ | 107.6 | ||||||||
Vested or expected to vest at September 30, 2012 | 7,647 | 56.45 | 6.4 | 106.4 | |||||||||
Exercisable at September 30, 2012 | 4,781 | 50.32 | 5.3 | 92.1 |
Performance Shares (in thousands) | Wtd. Avg. Grant Date Share Fair Value | ||||||
Outstanding at October 1, 2011 | 382 | $ | 50.70 | ||||
Granted | 93 | 101.57 | |||||
Vested | (173 | ) | 31.82 | ||||
Forfeited | (5 | ) | 90.27 | ||||
Outstanding at September 30, 2012 | 297 | 76.84 |
2012 | 2011 | 2010 | |||||||
Average risk-free interest rate | 0.39 | % | 0.63 | % | 1.22 | % | |||
Expected dividend yield | 2.29 | % | 2.01 | % | 2.51 | % | |||
Expected volatility (Rockwell Automation) | 0.43 | 0.49 | 0.48 |
Restricted Stock and Restricted Stock Units (in thousands) | Wtd. Avg. Grant Date Share Fair Value | ||||||
Outstanding at October 1, 2011 | 276 | $ | 47.52 | ||||
Granted | 84 | 73.73 | |||||
Vested | (83 | ) | 31.97 | ||||
Forfeited | (8 | ) | 80.55 | ||||
Outstanding at September 30, 2012 | 269 | 59.57 |
Other Postretirement | ||||||||||||||||||||||||
Pension Benefits | Benefits | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||
Service cost | $ | 71.8 | $ | 70.1 | $ | 68.7 | $ | 2.2 | $ | 3.5 | $ | 3.8 | ||||||||||||
Interest cost | 167.6 | 163.9 | 159.7 | 7.2 | 10.2 | 12.5 | ||||||||||||||||||
Expected return on plan assets | (228.1 | ) | (204.5 | ) | (192.1 | ) | — | — | — | |||||||||||||||
Amortization: | ||||||||||||||||||||||||
Prior service credit | (2.3 | ) | (2.2 | ) | (3.8 | ) | (10.6 | ) | (10.6 | ) | (10.6 | ) | ||||||||||||
Net transition obligation | — | 0.4 | 0.4 | — | — | — | ||||||||||||||||||
Net actuarial loss | 94.7 | 63.7 | 42.1 | 2.4 | 6.4 | 8.4 | ||||||||||||||||||
Settlements | 1.0 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 104.7 | $ | 91.4 | $ | 75.0 | $ | 1.2 | $ | 9.5 | $ | 14.1 |
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Benefit obligation at beginning of year | $ | 3,482.6 | $ | 3,179.7 | $ | 157.7 | $ | 209.3 | ||||||||
Service cost | 71.8 | 70.1 | 2.2 | 3.5 | ||||||||||||
Interest cost | 167.6 | 163.9 | 7.2 | 10.2 | ||||||||||||
Actuarial losses (gains) | 597.0 | 220.5 | 24.0 | (46.0 | ) | |||||||||||
Plan amendments | — | — | (3.1 | ) | — | |||||||||||
Plan participant contributions | 5.4 | 5.7 | 10.4 | 11.0 | ||||||||||||
Benefits paid | (176.6 | ) | (182.4 | ) | (26.6 | ) | (30.2 | ) | ||||||||
Currency translation and other | 2.4 | 25.1 | 0.7 | (0.1 | ) | |||||||||||
Benefit obligation at end of year | 4,150.2 | 3,482.6 | 172.5 | 157.7 | ||||||||||||
Plan assets at beginning of year | 2,572.9 | 2,486.6 | — | — | ||||||||||||
Actual return on plan assets | 470.6 | 50.3 | — | — | ||||||||||||
Company contributions | 341.1 | 184.7 | 16.2 | 19.2 | ||||||||||||
Plan participant contributions | 5.4 | 5.7 | 10.4 | 11.0 | ||||||||||||
Benefits paid | (176.6 | ) | (182.4 | ) | (26.6 | ) | (30.2 | ) | ||||||||
Currency translation and other | (0.1 | ) | 28.0 | — | — | |||||||||||
Plan assets at end of year | 3,213.3 | 2,572.9 | — | — | ||||||||||||
Funded status of plans | $ | (936.9 | ) | $ | (909.7 | ) | $ | (172.5 | ) | $ | (157.7 | ) |
Net amount on balance sheet consists of: | ||||||||||||||||
Other assets | $ | 0.8 | $ | 4.3 | $ | — | $ | — | ||||||||
Compensation and benefits | (10.2 | ) | (9.4 | ) | (15.8 | ) | (16.5 | ) | ||||||||
Retirement benefits | (927.5 | ) | (904.6 | ) | (156.7 | ) | (141.2 | ) | ||||||||
Net amount on balance sheet | $ | (936.9 | ) | $ | (909.7 | ) | $ | (172.5 | ) | $ | (157.7 | ) |
Pension | Other Postretirement Benefits | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Prior service credit | $ | (0.3 | ) | $ | (2.1 | ) | $ | (21.8 | ) | $ | (28.4 | ) | ||||
Net actuarial loss | 1,210.7 | 1,038.0 | 37.5 | 26.2 | ||||||||||||
Net transition benefit | (0.1 | ) | (0.1 | ) | — | — | ||||||||||
Total | $ | 1,210.3 | $ | 1,035.8 | $ | 15.7 | $ | (2.2 | ) |
Pension Benefits September 30, | Other Postretirement Benefits September 30, | |||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||
U.S. Plans | ||||||||||||||||||
Discount rate | 5.20 | % | 5.60 | % | 6.20 | % | 4.90 | % | 5.10 | % | 6.00 | % | ||||||
Expected return on plan assets | 8.00 | % | 8.00 | % | 8.00 | % | — | — | — | |||||||||
Compensation increase rate | 4.00 | % | 4.00 | % | 4.30 | % | — | — | — | |||||||||
Non-U.S. Plans | ||||||||||||||||||
Discount rate | 4.15 | % | 4.14 | % | 4.67 | % | 4.10 | % | 4.75 | % | 5.00 | % | ||||||
Expected return on plan assets | 5.93 | % | 6.07 | % | 6.18 | % | — | — | — | |||||||||
Compensation increase rate | 3.03 | % | 3.09 | % | 2.88 | % | — | — | — |
Pension Benefits September 30, | Other Postretirement Benefits September 30, | |||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||
U.S. Plans | ||||||||||||
Discount rate | 4.15 | % | 5.20 | % | 3.85 | % | 4.90 | % | ||||
Compensation increase rate | 4.00 | % | 4.00 | % | — | — | ||||||
Healthcare cost trend rate(1) | — | — | 8.00 | % | 8.50 | % | ||||||
Non-U.S. Plans | ||||||||||||
Discount rate | 3.37 | % | 4.15 | % | 3.80 | % | 4.10 | % | ||||
Compensation increase rate | 3.03 | % | 3.03 | % | — | — | ||||||
Healthcare cost trend rate(2) | — | — | 6.68 | % | 7.12 | % |
(1) | The healthcare cost trend rate reflects the estimated increase in gross medical claims costs. As a result of the plan amendment adopted effective October 1, 2002, our effective per person retiree medical cost increase is zero percent beginning in 2005 for the majority of our postretirement benefit plans. For our other plans, we assume the gross healthcare cost trend rate will decrease to 5.50% in 2017. |
(2) | Decreasing to 4.50% in 2017. |
Allocation | Target | September 30, | ||||||||
Asset Category | Range | Allocations | 2012 | 2011 | ||||||
Equity Securities | 30% | – | 65% | 52% | 52% | 49% | ||||
Debt Securities | 35% | – | 50% | 40% | 41% | 43% | ||||
Other | 0% | – | 35% | 8% | 7% | 8% |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
U.S. Plans | ||||||||||||||||
Cash | $ | 0.4 | $ | — | $ | — | $ | 0.4 | ||||||||
Equity securities: | ||||||||||||||||
Common stock | 653.7 | — | — | 653.7 | ||||||||||||
Mutual funds | 160.0 | — | — | 160.0 | ||||||||||||
Common collective trusts | — | 530.5 | — | 530.5 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate debt | — | 525.9 | — | 525.9 | ||||||||||||
Government securities | 287.9 | 80.5 | — | 368.4 | ||||||||||||
Common collective trusts | — | 145.5 | — | 145.5 | ||||||||||||
Other types of investments: | ||||||||||||||||
Private equity | — | — | 83.2 | 83.2 | ||||||||||||
Alternative equity | — | — | 53.4 | 53.4 | ||||||||||||
Insurance contracts | — | — | 0.8 | 0.8 | ||||||||||||
Non-U.S. Plans | ||||||||||||||||
Cash | 26.8 | — | — | 26.8 | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock | 39.3 | — | — | 39.3 | ||||||||||||
Common collective trusts | — | 296.9 | — | 296.9 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate debt | — | 68.7 | — | 68.7 | ||||||||||||
Government securities | 0.8 | — | — | 0.8 | ||||||||||||
Common collective trusts | — | 167.1 | — | 167.1 | ||||||||||||
Other types of investments: | ||||||||||||||||
Real estate | — | 46.2 | — | 46.2 | ||||||||||||
Insurance contracts | — | — | 38.5 | 38.5 | ||||||||||||
Other | — | 2.8 | 4.4 | 7.2 | ||||||||||||
Total plan investments | $ | 1,168.9 | $ | 1,864.1 | $ | 180.3 | $ | 3,213.3 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
U.S. Plans | ||||||||||||||||
Cash | $ | 0.4 | $ | — | $ | — | $ | 0.4 | ||||||||
Equity securities: | ||||||||||||||||
Common stock | 504.0 | — | — | 504.0 | ||||||||||||
Mutual funds | 144.2 | — | — | 144.2 | ||||||||||||
Common collective trusts | — | 317.5 | — | 317.5 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate debt | — | 347.6 | — | 347.6 | ||||||||||||
Government securities | 246.3 | 22.6 | — | 268.9 | ||||||||||||
Common collective trusts | — | 237.5 | — | 237.5 | ||||||||||||
Other types of investments: | ||||||||||||||||
Private equity | — | — | 85.0 | 85.0 | ||||||||||||
Alternative equity | — | — | 49.0 | 49.0 | ||||||||||||
Insurance contracts | — | — | 0.9 | 0.9 | ||||||||||||
Non-U.S. Plans | ||||||||||||||||
Cash | 32.2 | — | — | 32.2 | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock | 31.5 | — | — | 31.5 | ||||||||||||
Common collective trusts | — | 257.8 | — | 257.8 | ||||||||||||
Fixed income securities: | ||||||||||||||||
Corporate debt | — | 52.1 | — | 52.1 | ||||||||||||
Government securities | 1.9 | — | — | 1.9 | ||||||||||||
Common collective trusts | — | 161.0 | — | 161.0 | ||||||||||||
Other types of investments: | ||||||||||||||||
Real estate | — | 42.2 | 3.9 | 46.1 | ||||||||||||
Insurance contracts | — | — | 26.9 | 26.9 | ||||||||||||
Other | — | 4.3 | 4.1 | 8.4 | ||||||||||||
Total plan investments | $ | 960.5 | $ | 1,442.6 | $ | 169.8 | $ | 2,572.9 |
Balance October 1, | Realized | Unrealized Gains | Purchases, Sales, Issuances, and Settlements, | Balance September 30, | ||||||||||||||||
2011 | Gains | (Losses) | Net | 2012 | ||||||||||||||||
U.S. Plans | ||||||||||||||||||||
Private equity | $ | 85.0 | $ | 18.0 | $ | (9.3 | ) | $ | (10.5 | ) | $ | 83.2 | ||||||||
Alternative equity | 49.0 | 4.4 | (1.4 | ) | 1.4 | 53.4 | ||||||||||||||
Insurance contracts | 0.9 | — | — | (0.1 | ) | 0.8 | ||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||
Real estate | 3.9 | — | — | (3.9 | ) | — | ||||||||||||||
Insurance contracts | 26.9 | — | 7.9 | 3.7 | 38.5 | |||||||||||||||
Other | 4.1 | — | 0.1 | 0.2 | 4.4 | |||||||||||||||
$ | 169.8 | $ | 22.4 | $ | (2.7 | ) | $ | (9.2 | ) | $ | 180.3 |
Balance October 1, | Realized | Unrealized Gains | Purchases, Sales, Issuances, and Settlements, | Balance September 30, | ||||||||||||||||
2010 | Gains | (Losses) | Net | 2011 | ||||||||||||||||
U.S. Plans | ||||||||||||||||||||
Private equity | $ | 62.2 | $ | 3.2 | $ | 13.3 | $ | 6.3 | $ | 85.0 | ||||||||||
Alternative equity | 46.3 | 7.0 | 5.8 | (10.1 | ) | 49.0 | ||||||||||||||
Insurance contracts | 0.9 | — | — | — | 0.9 | |||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||
Real estate | 3.9 | — | — | — | 3.9 | |||||||||||||||
Insurance contracts | 28.5 | — | (4.7 | ) | 3.1 | 26.9 | ||||||||||||||
Other | 7.4 | — | 0.2 | (3.5 | ) | 4.1 | ||||||||||||||
$ | 149.2 | $ | 10.2 | $ | 14.6 | $ | (4.2 | ) | $ | 169.8 |
Pension Benefits | Other Postretirement Benefits | |||||||
2013 | $ | 214.7 | $ | 16.1 | ||||
2014 | 210.6 | 15.2 | ||||||
2015 | 215.6 | 14.5 | ||||||
2016 | 219.4 | 13.6 | ||||||
2017 | 226.5 | 12.7 | ||||||
2018 – 2022 | 1,275.1 | 54.2 |
One-Percentage Point Increase | One-Percentage Point Decrease | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Increase (decrease) to total of service and interest cost components | $ | 0.2 | $ | 0.2 | $ | (0.2 | ) | $ | (0.1 | ) | ||||||
Increase (decrease) to postretirement benefit obligation | 2.4 | 2.7 | (2.1 | ) | (2.4 | ) |
2012 | 2011 | |||||||
Projected benefit obligation | $ | 3,850.4 | $ | 3,064.4 | ||||
Accumulated benefit obligation | 3,573.5 | 2,876.2 | ||||||
Fair value of plan assets | 2,919.0 | 2,172.7 |
2012 | 2011 | 2010 | ||||||||||
Net gain (loss) on dispositions of securities and property | $ | (1.0 | ) | $ | 0.9 | $ | (5.5 | ) | ||||
Interest income | 7.8 | 6.0 | 5.0 | |||||||||
Royalty income | 2.3 | 3.6 | 2.4 | |||||||||
Environmental charges | (9.3 | ) | (4.5 | ) | (5.9 | ) | ||||||
Other | (4.8 | ) | (8.1 | ) | (4.4 | ) | ||||||
Other expense | $ | (5.0 | ) | $ | (2.1 | ) | $ | (8.4 | ) |
2012 | 2011 | 2010 | ||||||||||
Components of income before income taxes: | ||||||||||||
United States | $ | 469.6 | $ | 364.3 | $ | 144.9 | ||||||
Non-United States | 496.3 | 503.3 | 399.3 | |||||||||
Total | $ | 965.9 | $ | 867.6 | $ | 544.2 |
Components of the income tax provision: | ||||||||||||
Current: | ||||||||||||
United States | $ | 71.3 | $ | 51.0 | $ | 9.7 | ||||||
Non-United States | 72.3 | 75.0 | 36.7 | |||||||||
State and local | 3.1 | (2.0 | ) | (0.1 | ) | |||||||
Total current | 146.7 | 124.0 | 46.3 | |||||||||
Deferred: | ||||||||||||
United States | 76.8 | 46.6 | 41.2 | |||||||||
Non-United States | 0.4 | (5.2 | ) | 13.1 | ||||||||
State and local | 5.0 | 5.1 | 3.2 | |||||||||
Total deferred | 82.2 | 46.5 | 57.5 | |||||||||
Income tax provision | $ | 228.9 | $ | 170.5 | $ | 103.8 | ||||||
Total income taxes paid | $ | 167.5 | $ | 118.6 | $ | 100.7 |
2012 | 2011 | 2010 | |||||||
Statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State and local income taxes | 0.8 | 0.7 | 0.3 | ||||||
Non-United States taxes | (10.3 | ) | (12.7 | ) | (12.8 | ) | |||
Foreign tax credit utilization | 0.4 | 0.9 | 1.3 | ||||||
Employee stock ownership plan benefit | (0.3 | ) | (0.3 | ) | (0.4 | ) | |||
Change in valuation allowances | (0.2 | ) | 0.8 | (3.2 | ) | ||||
Domestic manufacturing deduction | (1.1 | ) | (0.8 | ) | (0.2 | ) | |||
Resolution of prior period tax matters | (0.6 | ) | (2.9 | ) | (4.1 | ) | |||
Other | — | (1.0 | ) | 3.2 | |||||
Effective income tax rate | 23.7 | % | 19.7 | % | 19.1 | % |
2012 | 2011 | |||||||
Current deferred income tax assets: | ||||||||
Compensation and benefits | $ | 28.7 | $ | 26.1 | ||||
Product warranty costs | 14.3 | 14.1 | ||||||
Inventory | 58.4 | 57.3 | ||||||
Allowance for doubtful accounts | 15.6 | 15.2 | ||||||
Deferred credits | 9.5 | 9.4 | ||||||
Returns, rebates and incentives | 47.5 | 44.3 | ||||||
Self-insurance reserves | 2.7 | 2.2 | ||||||
Restructuring reserves | 2.4 | 1.1 | ||||||
Net operating loss carryforwards | 3.7 | 1.6 | ||||||
U.S. federal tax credit carryforwards | — | 8.4 | ||||||
State tax credit carryforwards | 0.9 | — | ||||||
Other — net | 24.9 | 19.9 | ||||||
Current deferred income tax assets | 208.6 | 199.6 | ||||||
Long-term deferred income tax assets (liabilities): | ||||||||
Retirement benefits | $ | 369.3 | $ | 335.4 | ||||
Property | (90.3 | ) | (80.3 | ) | ||||
Intangible assets | (34.1 | ) | (28.9 | ) | ||||
Environmental reserves | 13.7 | 11.9 | ||||||
Share-based compensation | 40.1 | 33.6 | ||||||
Self-insurance reserves | 6.2 | 5.7 | ||||||
Deferred gains | 3.3 | 3.8 | ||||||
Net operating loss carryforwards | 38.5 | 41.6 | ||||||
Capital loss carryforwards | 17.2 | 18.3 | ||||||
U.S. federal tax credit carryforwards | 1.5 | 1.5 | ||||||
State tax credit carryforwards | 3.4 | 3.5 | ||||||
Other — net | 14.1 | 22.9 | ||||||
Subtotal | 382.9 | 369.0 | ||||||
Valuation allowance | (31.8 | ) | (32.8 | ) | ||||
Net long-term deferred income tax assets | 351.1 | 336.2 | ||||||
Total deferred income tax assets | $ | 559.7 | $ | 535.8 |
Tax Benefit | Valuation | Carryforward Period | ||||||||
Tax Attribute to be Carried Forward | Amount | Allowance | Ends | |||||||
Non-United States net operating loss carryforward | $ | 7.2 | $ | 5.3 | 2013-2022 | |||||
Non-United States net operating loss carryforward | 12.4 | 6.8 | Indefinite | |||||||
Non-United States capital loss carryforward | 17.2 | 17.2 | Indefinite | |||||||
United States net operating loss carryforward | 7.0 | — | 2019-2027 | |||||||
United States tax credit carryforward | 1.5 | — | 2018-2027 | |||||||
State and local net operating loss carryforward | 15.6 | 0.7 | 2012-2031 | |||||||
State tax credit carryforward | 4.3 | — | 2015-2026 | |||||||
Subtotal — tax carryforwards | 65.2 | 30.0 | ||||||||
Other deferred tax assets | 1.8 | 1.8 | Indefinite | |||||||
Total | $ | 67.0 | $ | 31.8 |
2012 | 2011 | 2010 | ||||||||||
Gross unrecognized tax benefits balance at beginning of year | $ | 75.1 | $ | 66.3 | $ | 116.7 | ||||||
Additions based on tax positions related to the current year | — | 22.3 | 6.3 | |||||||||
Additions based on tax positions related to prior years | 3.3 | 9.3 | 1.0 | |||||||||
Reductions based on tax positions related to prior years | — | (0.6 | ) | (12.0 | ) | |||||||
Reductions related to settlements with taxing authorities | (6.3 | ) | (18.5 | ) | (44.0 | ) | ||||||
Reductions related to lapses of statute of limitations | (2.4 | ) | (3.0 | ) | (3.7 | ) | ||||||
Effect of foreign currency translation | 0.6 | (0.7 | ) | 2.0 | ||||||||
Gross unrecognized tax benefits balance at end of year | 70.3 | 75.1 | 66.3 | |||||||||
Offsetting tax benefits | (47.0 | ) | (44.9 | ) | (51.1 | ) | ||||||
Net unrecognized tax benefits | $ | 23.3 | $ | 30.2 | $ | 15.2 |
2013 | $ | 79.6 | |
2014 | 67.3 | ||
2015 | 54.5 | ||
2016 | 40.8 | ||
2017 | 35.7 | ||
Beyond 2017 | 99.7 | ||
Total | $ | 377.6 |
• | Control platforms that perform multiple control disciplines and monitoring of applications, including discrete, batch, continuous process, drives control, motion control and machine safety control. Our platform products include controllers, electronic operator interface devices, electronic input/output devices, communication and networking products and industrial computers. The information-enabled Logix controllers provide integrated multi-discipline control that is modular and scalable. |
• | Software products that include configuration and visualization software used to operate and supervise control platforms, advanced process control software and manufacturing execution software (MES) that addresses information needs between the factory floor and a customer’s enterprise business system. |
• | Other Architecture & Software products, including rotary and linear motion control products, sensors and machine safety components. |
• | Low and medium voltage electro-mechanical and electronic motor starters, motor and circuit protection devices, AC/DC variable frequency drives, push buttons, signaling devices, termination and protection devices, relays and timers and condition sensors. |
• | Value-added solutions ranging from packaged solutions such as configured drives and motor control centers to automation and information solutions where we provide design, integration and start-up services for custom-engineered hardware and software systems primarily for manufacturing applications. |
• | Services designed to help maximize a customer’s automation investment and provide total life-cycle support, including technical support and repair, customized safety solutions, asset management, training and predictive and preventative maintenance. |
2012 | 2011 | 2010 | ||||||||||
Sales: | ||||||||||||
Architecture & Software | $ | 2,650.4 | $ | 2,594.3 | $ | 2,115.0 | ||||||
Control Products & Solutions | 3,609.0 | 3,406.1 | 2,742.0 | |||||||||
Total | $ | 6,259.4 | $ | 6,000.4 | $ | 4,857.0 | ||||||
Segment operating earnings: | ||||||||||||
Architecture & Software | $ | 702.8 | $ | 659.1 | $ | 475.4 | ||||||
Control Products & Solutions | 428.6 | 368.5 | 241.8 | |||||||||
Total | 1,131.4 | 1,027.6 | 717.2 | |||||||||
Purchase accounting depreciation and amortization | (19.8 | ) | (19.8 | ) | (18.9 | ) | ||||||
General corporate-net | (85.6 | ) | (80.7 | ) | (93.6 | ) | ||||||
Interest expense | (60.1 | ) | (59.5 | ) | (60.5 | ) | ||||||
Income from continuing operations before income taxes | $ | 965.9 | $ | 867.6 | $ | 544.2 |
2012 | 2011 | 2010 | ||||||||||
Identifiable assets: | ||||||||||||
Architecture & Software | $ | 1,648.4 | $ | 1,608.4 | $ | 1,238.8 | ||||||
Control Products & Solutions | 2,270.7 | 2,116.1 | 1,897.1 | |||||||||
Corporate | 1,717.4 | 1,560.4 | 1,612.4 | |||||||||
Total | $ | 5,636.5 | $ | 5,284.9 | $ | 4,748.3 | ||||||
Depreciation and amortization: | ||||||||||||
Architecture & Software | $ | 61.6 | $ | 60.0 | $ | 54.0 | ||||||
Control Products & Solutions | 57.1 | 51.4 | 54.3 | |||||||||
Corporate | 0.1 | 0.1 | 0.1 | |||||||||
Total | 118.8 | 111.5 | 108.4 | |||||||||
Purchase accounting depreciation and amortization | 19.8 | 19.8 | 18.9 | |||||||||
Total | $ | 138.6 | $ | 131.3 | $ | 127.3 | ||||||
Capital expenditures for property: | ||||||||||||
Architecture & Software | $ | 24.6 | $ | 28.1 | $ | 33.0 | ||||||
Control Products & Solutions | 55.3 | 38.2 | 26.6 | |||||||||
Corporate | 59.7 | 53.8 | 39.8 | |||||||||
Total | $ | 139.6 | $ | 120.1 | $ | 99.4 |
Sales | Property | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||
United States | $ | 3,067.3 | $ | 2,917.8 | $ | 2,456.2 | $ | 458.8 | $ | 446.1 | $ | 424.9 | ||||||||||||
Canada | 464.3 | 396.2 | 321.0 | 8.6 | 9.2 | 9.7 | ||||||||||||||||||
Europe, Middle East and Africa | 1,280.6 | 1,267.6 | 987.3 | 41.6 | 42.6 | 40.3 | ||||||||||||||||||
Asia-Pacific | 942.4 | 910.6 | 724.3 | 39.4 | 36.8 | 34.2 | ||||||||||||||||||
Latin America | 504.8 | 508.2 | 368.2 | 38.7 | 26.7 | 27.8 | ||||||||||||||||||
Total | $ | 6,259.4 | $ | 6,000.4 | $ | 4,857.0 | $ | 587.1 | $ | 561.4 | $ | 536.9 |
2012 Quarters | ||||||||||||||||||||
First | Second | Third | Fourth | 2012 | ||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||
Sales | $ | 1,473.9 | $ | 1,561.1 | $ | 1,560.4 | $ | 1,664.0 | $ | 6,259.4 | ||||||||||
Gross profit | 618.7 | 618.3 | 631.5 | 654.2 | 2,522.7 | |||||||||||||||
Income before income taxes | 242.9 | 223.3 | 244.8 | 254.9 | 965.9 | |||||||||||||||
Net income | 183.3 | 167.8 | 190.7 | 195.2 | 737.0 | |||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | 1.29 | 1.18 | 1.34 | 1.39 | 5.20 | |||||||||||||||
Diluted | 1.27 | 1.16 | 1.33 | 1.38 | 5.13 |
2011 Quarters | ||||||||||||||||||||
First | Second | Third | Fourth | 2011 | ||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||
Sales | $ | 1,365.8 | $ | 1,464.1 | $ | 1,516.2 | $ | 1,654.3 | $ | 6,000.4 | ||||||||||
Gross profit | 543.9 | 576.5 | 606.8 | 663.2 | 2,390.4 | |||||||||||||||
Income from continuing operations before income taxes | 186.7 | 203.6 | 221.2 | 256.1 | 867.6 | |||||||||||||||
Income from continuing operations | 150.1 | 166.4 | 178.8 | 201.8 | 697.1 | |||||||||||||||
Income from discontinued operations (a) | — | — | 0.7 | — | 0.7 | |||||||||||||||
Net income | 150.1 | 166.4 | 179.5 | 201.8 | 697.8 | |||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Continuing operations | 1.06 | 1.16 | 1.24 | 1.41 | 4.88 | |||||||||||||||
Discontinued operations (a) | — | — | 0.01 | — | — | |||||||||||||||
Net income | 1.06 | 1.16 | 1.25 | 1.41 | 4.88 | |||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Continuing operations | 1.04 | 1.14 | 1.22 | 1.39 | 4.79 | |||||||||||||||
Discontinued operations (a) | — | — | 0.01 | — | 0.01 | |||||||||||||||
Net income | 1.04 | 1.14 | 1.23 | 1.39 | 4.80 |
(a) | See Note 13 for more information on discontinued operations. |
Number of Securities to be issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (excluding Securities reflected in Column (a)) | |||||||||
Plan Category | (a) | (b) | (c) | ||||||||
Equity compensation plans approved by shareowners | 8,484,725 | (1) | $ | 56.75 | 7,171,114 | (2) | |||||
Equity compensation plans not approved by shareowners | — | n/a | — | ||||||||
Total | 8,484,725 | $ | 56.75 | 7,171,114 |
(1) | Represents outstanding options and shares issuable in payment of outstanding performance shares (at maximum payout) and restricted stock units under our 2012 Long-Term Incentives Plan, 2008 Long-Term Incentives Plan, 2000 Long-Term Incentives Plan and 2003 Directors Stock Plan. |
(2) | Represents 6,883,453 and 287,661 shares available for future issuance under our 2012 Long-Term Incentives Plan and our 2003 Directors Stock Plan, respectively. |
(1) | Financial Statements (all financial statements listed below are those of the Company and its consolidated subsidiaries) |
Consolidated Balance Sheet, September 30, 2012 and 2011 | |
Consolidated Statement of Operations, years ended September 30, 2012, 2011 and 2010 | |
Consolidated Statement of Cash Flows, years ended September 30, 2012, 2011 and 2010 | |
Consolidated Statement of Shareowners’ Equity, years ended September 30, 2012, 2011 and 2010 | |
Consolidated Statement of Comprehensive Income (Loss), years ended September 30, 2012, 2011 and 2010 | |
Notes to Consolidated Financial Statements | |
Report of Independent Registered Public Accounting Firm | |
(2) | Financial Statement Schedule for the years ended September 30, 2012, 2011 and 2010 |
Page | |||
Schedule II—Valuation and Qualifying Accounts | S-1 |
(3) | Exhibits |
3-a | Restated Certificate of Incorporation of the Company, filed as Exhibit 3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, is hereby incorporated by reference. | |
3-b | By-Laws of the Company, as amended and restated effective September 5, 2012, filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K dated September 11, 2012, are hereby incorporated by reference. | |
4-a-1 | Indenture dated as of December 1, 1996 between the Company and The Bank of New York Trust Company, N.A. (formerly JPMorgan Chase, successor to The Chase Manhattan Bank, successor to Mellon Bank, N.A.), as Trustee, filed as Exhibit 4-a to Registration Statement No. 333-43071, is hereby incorporated by reference. | |
4-a-2 | Form of certificate for the Company’s 6.70% Debentures due January 15, 2028, filed as Exhibit 4-b to the Company’s Current Report on Form 8-K dated January 26, 1998, is hereby incorporated by reference. | |
4-a-3 | Form of certificate for the Company’s 5.20% Debentures due January 15, 2098, filed as Exhibit 4-c to the Company’s Current Report on Form 8-K dated January 26, 1998, is hereby incorporated by reference. | |
4-a-4 | Form of certificate for the Company’s 5.65% Notes due December 31, 2017, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K dated December 3, 2007, is hereby incorporated by reference. |
* | Management contract or compensatory plan or arrangement. |
4-a-5 | Form of certificate for the Company’s 6.25% Debentures due December 31, 2037, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K dated December 3, 2007, is hereby incorporated by reference. | |
*10-a-1 | Copy of resolution of the Board of Directors of the Company, adopted on December 4, 2002, amending the Company’s Directors Stock Plan, filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003, is hereby incorporated by reference. | |
*10-a-2 | Copy of the Company’s 2003 Directors Stock Plan, filed as Exhibit 4-d to the Company’s Registration Statement on Form S-8 (No. 333-101780), is hereby incorporated by reference. | |
*10-a-3 | Form of Stock Option Agreement under Sections 7(a)(i) and 7(a)(ii) of the 2003 Directors Stock Plan, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003, is hereby incorporated by reference. | |
*10-a-4 | Memorandum of Amendments to the Company’s 2003 Directors Stock Plan approved and adopted by the Board of Directors of the Company on April 25, 2003, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003, is hereby incorporated by reference. | |
*10-a-5 | Summary of Non-Employee Director Compensation and Benefits as of October 1, 2012, filed as Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, is hereby incorporated by reference. | |
*10-a-6 | Memorandum of Amendments to the Company’s 2003 Directors Stock Plan approved and adopted by the Board of Directors of the Company on November 7, 2007, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, is hereby incorporated by reference. | |
*10-a-7 | Memorandum of Amendments to the Company’s 2003 Directors Stock Plan approved and adopted by the Board of Directors of the Company on September 3, 2008, filed as Exhibit 10-b-16 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2008, is hereby incorporated by reference. | |
*10-a-8 | Form of Restricted Stock Unit Agreement under Section 6 of the Company’s 2003 Director’s Stock Plan, as amended, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, is hereby incorporated by reference. | |
*10-b-1 | Copy of the Company’s 2000 Long-Term Incentives Plan, as amended through February 4, 2004, filed as Exhibit 10-e-1 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2004, is hereby incorporated by reference. | |
*10-b-2 | Memorandum of Proposed Amendments to the Rockwell International Corporation 2000 Long-Term Incentives Plan approved and adopted by the Board of Directors of the Company on June 6, 2001, in connection with the spinoff of Rockwell Collins, filed as Exhibit 10-e-4 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2001, is hereby incorporated by reference. | |
*10-b-3 | Forms of Stock Option Agreements under the Company’s 2000 Long-Term Incentives Plan, filed as Exhibit 10-e-6 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2002, are hereby incorporated by reference. | |
*10-b-4 | Form of Restricted Stock Agreement under the Company’s 2000 Long-Term Incentives Plan, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2001, is hereby incorporated by reference. | |
*10-b-5 | Memorandum of Amendments to the Company’s 2000 Long-Term Incentives Plan, as amended, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated April 7, 2005, is hereby incorporated by reference. | |
*10-b-6 | Memorandum of Amendments to the Company’s 2000 Long-Term Incentives Plan, as amended, filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated November 4, 2005, is hereby incorporated by reference. | |
*10-b-7 | Form of Restricted Stock Agreement under the Company’s 2000 Long-Term Incentives Plan, as amended, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated November 4, 2005, is hereby incorporated by reference. | |
*10-b-8 | Memorandum of Proposed Amendment and Restatement of the Company’s 2000 Long-Term Incentives Plan, as amended, approved and adopted by the Board of Directors of the Company on November 7, 2007, filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, is hereby incorporated by reference. | |
*10-b-9 | Forms of Stock Option Agreement under the Company’s 2000 Long-Term Incentives Plan, as amended, for options granted to executive officers of the Company after December 1, 2007, filed as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, is hereby incorporated by reference. | |
*10-b-10 | Form of Restricted Stock Agreement under the Company’s 2000 Long-Term Incentives Plan, as amended, for shares of restricted stock awarded after December 1, 2007, filed as Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, is hereby incorporated by reference. |
*10-b-11 | Copy of resolutions of the Board of Directors of the Company, adopted December 5, 2007 and effective February 6, 2008, amending the Company’s 2000 Long-Term Incentives Plan, as amended, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, is hereby incorporated by reference. | |
*10-c-1 | Copy of the Company’s 2008 Long-Term Incentives Plan, as amended and restated through June 4, 2010, filed as Exhibit 99 to the Company’s Current Report on Form 8-K dated June 10, 2010, is hereby incorporated by reference. | |
*10-c-2 | Form of Stock Option Agreement under the Company’s 2008 Long-Term Incentives Plan, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, is hereby incorporated by reference. | |
*10-c-3 | Form of Restricted Stock Agreement under the Company’s 2008 Long-Term Incentives Plan, filed as Exhibit 10-e-3 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2008, is hereby incorporated by reference. | |
*10-c-4 | Forms of Stock Option Agreement under the Company’s 2008 Long-Term Incentives Plan for options granted to executive officers of the Company after December 1, 2008, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2008, is hereby incorporated by reference. | |
*10-c-5 | Form of Performance Share Agreement under the Company’s 2008 Long-Term Incentives Plan for performance shares awarded after December 1, 2008, filed as Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2008, is hereby incorporated by reference. | |
*10-c-6 | Form of Restricted Stock Agreement under the Company’s 2008 Long-Term Incentives Plan for shares of restricted stock awarded after December 1, 2008, filed as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2008, is hereby incorporated by reference. | |
*10-c-7 | Form of Stock Option Agreement under the Company’s 2008 Long-Term Incentives Plan, as amended, for options granted to executive officers of the Company after December 6, 2010, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010, is hereby incorporated by reference. | |
*10-c-8 | Form of Restricted Stock Agreement under the Company’s 2008 Long-Term Incentives Plan, as amended, for shares of restricted stock awarded to executive officers of the Company after December 6, 2010, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010, is hereby incorporated by reference. | |
*10-c-9 | Form of Performance Share Agreement under the Company’s 2008 Long-Term Incentives Plan, as amended, for performance shares awarded to executive officers of the Company after December 6, 2010, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010, is hereby incorporated by reference. | |
*10-c-10 | Form of Stock Option Agreement under the Company’s 2008 Long-Term Incentives Plan, as amended, for options granted to executive officers of the Company after November 30, 2011, filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011, is hereby incorporated by reference. | |
*10-c-11 | Form of Restricted Stock Agreement under the Company’s 2008 Long-Term Incentives Plan, as amended, for shares of restricted stock awarded to executive officers of the Company after November 30, 2011, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011, is hereby incorporated by reference. | |
*10-c-12 | Form of Performance Share Agreement under the Company’s 2008 Long-Term Incentives Plan, as amended, for performance shares awarded to executive officers of the Company after November 30, 2011, filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2011 is hereby incorporated by reference. | |
*10-c-13 | Copy of the Company's 2012 Long-Term Incentives Plan, filed as Exhibit 4-c to the Company's Registration Statement on Form S-8 (No. 333-180557), is hereby incorporated by reference. | |
*10-d | Copy of resolutions of the Compensation and Management Development Committee of the Board of Directors of the Company, adopted February 5, 2003, regarding the Corporate Office vacation plan, filed as Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003, is hereby incorporated by reference. | |
*10-e-1 | Copy of the Company’s Deferred Compensation Plan, as amended and restated September 6, 2006, filed as Exhibit 10-f to the Company’s Annual Report on Form 10-K for the year ended September 30, 2006, is hereby incorporated by reference. | |
*10-e-2 | Memorandum of Proposed Amendment and Restatement of the Company’s Deferred Compensation Plan approved and adopted by the Board of Directors of the Company on November 7, 2007, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, is hereby incorporated by reference. |
*10-f | Copy of the Company’s Directors Deferred Compensation Plan approved and adopted by the Board of Directors of the Company on November 5, 2008, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2008, is hereby incorporated by reference. | |
*l0-g-1 | Copy of the Company’s Annual Incentive Compensation Plan for Senior Executive Officers, as amended December 3, 2003, filed as Exhibit 10-i-1 to the Company’s Annual Report for the year ended September 30, 2004, is hereby incorporated by reference. | |
*l0-g-2 | Copy of the Company’s Incentive Compensation Plan, filed as Exhibit 10 to the Company’s Current Report on Form 8-K dated September 7, 2005, is hereby incorporated by reference. | |
*10-h-1 | Change of Control Agreement dated as of September 27, 2010 between the Company and Keith D. Nosbusch, filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated September 27, 2010, is hereby incorporated by reference. | |
*10-h-2 | Form of Change of Control Agreement dated as of September 27, 2010 between the Company and each of Theodore D. Crandall, Steven A. Eisenbrown, Douglas M. Hagerman, Robert A. Ruff and certain other corporate officers filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated September 27, 2010, is hereby incorporated by reference. | |
*10-h-3 | Letter Agreement dated September 3, 2009 between the Company and Keith D. Nosbusch, filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated September 8, 2009, is hereby incorporated by reference. | |
*10-h-4 | Letter Agreement dated September 3, 2009 between Registrant and Theodore D. Crandall, filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K dated September 8, 2009, is hereby incorporated by reference. | |
*10-h-5 | Description of relocation and expatriate package for Robert A. Ruff, contained in the Company’s Current Report on Form 8-K dated April 8, 2011, is hereby incorporated by reference. | |
10-i-1 | Agreement and Plan of Distribution dated as of December 6, 1996, among Rockwell International Corporation (renamed Boeing North American, Inc.), the Company (formerly named New Rockwell International Corporation), Allen-Bradley Company, Inc., Rockwell Collins, Inc., Rockwell Semiconductor Systems, Inc., Rockwell Light Vehicle Systems, Inc. and Rockwell Heavy Vehicle Systems, Inc., filed as Exhibit l0-b to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1996, is hereby incorporated by reference. | |
10-i-2 | Post-Closing Covenants Agreement dated as of December 6, 1996, among Rockwell International Corporation (renamed Boeing North American, Inc.), The Boeing Company, Boeing NA, Inc. and the Company (formerly named New Rockwell International Corporation), filed as Exhibit 10-c to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1996, is hereby incorporated by reference. | |
10-i-3 | Tax Allocation Agreement dated as of December 6, 1996, among Rockwell International Corporation (renamed Boeing North American, Inc.), the Company (formerly named New Rockwell International Corporation) and The Boeing Company, filed as Exhibit 10-d to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1996, is hereby incorporated by reference. | |
10-j-l | Distribution Agreement dated as of September 30, 1997 by and between the Company and Meritor Automotive, Inc., filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K dated October 10, 1997, is hereby incorporated by reference. | |
10-j-2 | Employee Matters Agreement dated as of September 30, 1997 by and between the Company and Meritor Automotive, Inc., filed as Exhibit 2.2 to the Company’s Current Report on Form 8-K dated October 10, 1997, is hereby incorporated by reference. | |
10-j-3 | Tax Allocation Agreement dated as of September 30, 1997 by and between the Company and Meritor Automotive, Inc., filed as Exhibit 2.3 to the Company’s Current Report on Form 8-K dated October 10, 1997, is hereby incorporated by reference. | |
10-k-1 | Distribution Agreement dated as of December 31, 1998 by and between the Company and Conexant Systems, Inc., filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K dated January 12, 1999, is hereby incorporated by reference. | |
10-k-2 | Amended and Restated Employee Matters Agreement dated as of December 31, 1998 by and between the Company and Conexant Systems, Inc., filed as Exhibit 2.2 to the Company’s Current Report on Form 8-K dated January 12, 1999, is hereby incorporated by reference. | |
10-k-3 | Tax Allocation Agreement dated as of December 31, 1998 by and between the Company and Conexant Systems, Inc., filed as Exhibit 2.3 to the Company’s Current Report on Form 8-K dated January 12, 1999, is hereby incorporated by reference. | |
10-l-1 | Distribution Agreement dated as of June 29, 2001 by and among the Company, Rockwell Collins, Inc. and Rockwell Scientific Company LLC, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K dated July 11, 2001, is hereby incorporated by reference. | ||
10-l-2 | Employee Matters Agreement dated as of June 29, 2001 by and among the Company, Rockwell Collins, Inc. and Rockwell Scientific Company LLC, filed as Exhibit 2.2 to the Company’s Current Report on Form 8-K dated July 11, 2001, is hereby incorporated by reference. | ||
10-l-3 | Tax Allocation Agreement dated as of June 29, 2001 by and between the Company and Rockwell Collins, Inc., filed as Exhibit 2.3 to the Company’s Current Report on Form 8-K dated July 11, 2001, is hereby incorporated by reference. | ||
10-m | $750,000,000 Four-Year Credit Agreement dated as of March 14, 2011 among the Company, the Banks listed on the signature pages thereof, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Citibank, N.A., The Bank of New York Mellon and Wells Fargo Bank, National Association, as Documentation Agents, filed as Exhibit 99 to the Company’s Current Report on Form 8-K dated March 15, 2011, is hereby incorporated by reference. | ||
l0-n | Purchase and Sale Agreement dated as of August 24, 2005 by and between the Company and First Industrial Acquisitions, Inc., including the form of Lease Agreement attached as Exhibit I thereto, together with the First Amendment to Purchase and Sale Agreement dated as of September 30, 2005 and the Second Amendment to Purchase and Sale Agreement dated as of October 31, 2005, filed as Exhibit 10-p to the Company’s Annual Report on Form 10-K for the year ended September 30, 2005, is hereby incorporated by reference. | ||
10-o-1 | Purchase Agreement, dated as of November 6, 2006, by and among Rockwell Automation, Inc., Rockwell Automaton of Ohio, Inc., Rockwell Automation Canada Control Systems, Grupo Industrias Reliance S.A. de C.V., Rockwell Automation GmbH (formerly known as Rockwell International GmbH) and Baldor Electric Company, contained in the Company’s Current Report on Form 8-K dated November 9, 2006, is hereby incorporated by reference. | ||
10-o-2 | First Amendment to Purchase Agreement dated as of January 24, 2007 by and among Rockwell Automation, Inc., Rockwell Automation of Ohio, Inc., Rockwell Automation Canada Control Systems, Grupo Industrias Reliance S.A. de C.V., Rockwell Automation GmbH and Baldor Electric Company, filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, is hereby incorporated by reference. | ||
12 | Computation of Ratio of Earnings to Fixed Charges for the Five Years Ended September 30, 2012. | ||
21 | List of Subsidiaries of the Company. | ||
23 | Consent of Independent Registered Public Accounting Firm. | ||
24 | Powers of Attorney authorizing certain persons to sign this Annual Report on Form 10-K on behalf of certain directors and officers of the Company. | ||
31.1 | Certification of Periodic Report by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | ||
31.2 | Certification of Periodic Report by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | ||
32.1 | Certification of Periodic Report by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2 | Certification of Periodic Report by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101 | Interactive Data Files. |
* | Management contract or compensatory plan or arrangement. |
ROCKWELL AUTOMATION, INC. | ||
By | /s/ THEODORE D. CRANDALL | |
Theodore D. Crandall | ||
Senior Vice President and | ||
Chief Financial Officer |
By | /s/ THEODORE D. CRANDALL |
Theodore D. Crandall | |
Senior Vice President and | |
Chief Financial Officer | |
(Principal Financial Officer) | |
By | /s/ DAVID M. DORGAN |
David M. Dorgan | |
Vice President and Controller | |
(Principal Accounting Officer) | |
Keith D. Nosbusch * | |
Chairman of the Board, | |
President and | |
Chief Executive Officer | |
(Principal Executive Officer) | |
and Director | |
Betty C. Alewine* | |
Director | |
Verne G. Istock* Director | |
Barry C. Johnson* | |
Director | |
Steven R. Kalmanson* | |
Director | |
James P. Keane* | |
Director | |
William T. McCormick, Jr.* | |
Director | |
Donald R. Parfet * | |
Director | |
*By | /s/ DOUGLAS M. HAGERMAN |
Douglas M. Hagerman, Attorney-in-fact** | |
**By | authority of powers of attorney filed herewith |
Balance at | Additions | |||||||||||||||||||
Beginning of Year | Charged to Costs and Expenses | Charged to Other Accounts | Deductions(b) | Balance at End of Year | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Description | ||||||||||||||||||||
*Year ended September 30, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts (a) | $ | 28.9 | $ | 7.8 | $ | — | $ | 5.9 | $ | 30.8 | ||||||||||
Valuation allowance for deferred tax assets | 32.8 | 1.0 | 0.5 | 2.5 | 31.8 | |||||||||||||||
*Year ended September 30, 2011 | ||||||||||||||||||||
Allowance for doubtful accounts (a) | $ | 20.7 | $ | 10.2 | $ | — | $ | 2.0 | $ | 28.9 | ||||||||||
Valuation allowance for deferred tax assets | 26.7 | 10.6 | — | 4.5 | 32.8 | |||||||||||||||
*Year ended September 30, 2010 | ||||||||||||||||||||
Allowance for doubtful accounts (a) | $ | 24.6 | $ | 0.7 | $ | — | $ | 4.6 | $ | 20.7 | ||||||||||
Valuation allowance for deferred tax assets | 43.8 | 2.3 | — | 19.4 | 26.7 |
(a) | Includes allowances for current and other long-term receivables. |
(b) | Consists of amounts written off for the allowance for doubtful accounts and adjustments resulting from our ability to utilize foreign tax credits, capital losses, or net operating loss carryforwards for which a valuation allowance had previously been recorded. |
* | Amounts reported relate to continuing operations in all periods presented. |
Exhibit No. | Exhibit | |
12 | Computation of Ratio of Earnings to Fixed Charges for the Five Years Ended September 30, 2012. | |
21 | List of Subsidiaries of the Company. | |
23 | Consent of Independent Registered Public Accounting Firm. | |
24 | Powers of Attorney authorizing certain persons to sign this Annual Report on Form 10-K on behalf of certain directors and officers of the Company. | |
31.1 | Certification of Periodic Report by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
31.2 | Certification of Periodic Report by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
32.1 | Certification of Periodic Report by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of Periodic Report by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | Interactive Data Files. |
* | See Part IV, Item 15(a)(3) for exhibits incorporated by reference. |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 965.9 | $ | 867.6 | $ | 544.2 | $ | 273.9 | $ | 808.9 | ||||||||||
Adjustments | — | — | — | 1.5 | 1.0 | |||||||||||||||
$ | 965.9 | $ | 867.6 | $ | 544.2 | $ | 275.4 | $ | 809.9 | |||||||||||
Add fixed charges included in earnings: | ||||||||||||||||||||
Interest expense | $ | 60.1 | $ | 59.5 | $ | 60.5 | $ | 60.9 | $ | 68.2 | ||||||||||
Interest element of rentals | 60.6 | 59.5 | 56.6 | 59.0 | 59.8 | |||||||||||||||
Total | 120.7 | 119.0 | 117.1 | 119.9 | 128.0 | |||||||||||||||
Total earnings available for fixed charges | $ | 1,086.6 | $ | 986.6 | $ | 661.3 | $ | 395.3 | $ | 937.9 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Fixed charges included in earnings | $ | 120.7 | $ | 119.0 | $ | 117.1 | $ | 119.9 | $ | 128.0 | ||||||||||
Capitalized interest | 0.9 | 2.2 | 1.0 | 1.7 | 2.0 | |||||||||||||||
Total fixed charges | $ | 121.6 | $ | 121.2 | $ | 118.1 | $ | 121.6 | $ | 130.0 | ||||||||||
Ratio of earnings to fixed charges | 8.9 | 8.1 | 5.6 | 3.3 | 7.2 |
(1) | In computing the ratio of earnings to fixed charges, earnings are defined as income from continuing operations before income taxes and cumulative effect of accounting change, adjusted for minority interest in income or loss of subsidiaries, undistributed earnings of affiliates, and fixed charges exclusive of capitalized interest. Fixed charges consist of interest on borrowings and that portion of rentals deemed representative of the interest factor. |
Percentage of Voting Securities Owned By | ||||||||
Name | Jurisdiction | Registrant | Subsidiary | |||||
Allen-Bradley Company | Nevada | 100 | % | |||||
Allen-Bradley Technical Services, Inc. | Wisconsin | 100 | % | |||||
Anorad Corporation | New York | 100 | % | |||||
CEDES Safety & Automation AG | Switzerland | 100 | % | |||||
FT Technology Limited | United Kingdom | 100 | % | |||||
Goss Processing Systems, Inc. | Delaware | 100 | % | |||||
Grupo Industrias Reliance S.A. de C.V. | Mexico | 100 | % | |||||
ICS Middle East Company With Limited Liability | United Arab Emirates - Abu Dhabi | 100 | % | |||||
ICS Triplex ISaGRAF Inc. | Canada | 100 | % | |||||
ICS Triplex Limited | United Kingdom | 100 | % | |||||
Industrial Control Services Group Limited | United Kingdom | 100 | % | |||||
Industrias Reliance S.A. de C.V. | Mexico | 100 | % | |||||
Lektronix (Ireland) Limited | United Kingdom | 100 | % | |||||
Lektronix Automation & Control Limited | United Kingdom | 100 | % | |||||
Lektronix CZ s.r.o. | Czech Republic | 100 | % | |||||
Lektronix India Private Limited | India | 100 | % | |||||
Lektronix International Limited | United Kingdom | 100 | % | |||||
Lektronix Limited | United Kingdom | 88 | % | |||||
Lektronix Singapore Pte. Ltd. | Singapore | 100 | % | |||||
Limited Liability Company Rockwell Automation | Russia | 100 | % | |||||
Nuad Corporation | Delaware | 100 | % | |||||
ProRock Limited | Ireland | 100 | % | |||||
PT Rockwell Automation Indonesia | Indonesia | 100 | % | |||||
RA Servicios de Venezuela, C.A. | Venezuela | 100 | % | |||||
Rockwell Automation N.V. | Belgium | 100 | % | |||||
Rockwell Automation (China) Company Limited | China | 100 | % | |||||
Rockwell Automation (Malaysia) SDN. BHD. | Malaysia | 100 | % | |||||
Rockwell Automation (N.Z.) Ltd. | New Zealand | 100 | % | |||||
Rockwell Automation (Philippines), Inc. | Phillippines | 100 | % | |||||
Rockwell Automation (Proprietary) Limited | South Africa | 100 | % | |||||
Rockwell Automation (Xiamen) Ltd. | China | 100 | % | |||||
Rockwell Automation A.B. | Sweden | 100 | % | |||||
Rockwell Automation A.G. | Switzerland | 100 | % | |||||
Rockwell Automation A/S | Denmark | 100 | % | |||||
Rockwell Automation Argentina S.A. | Argentina | 5 | % | 95 | % | |||
Rockwell Automation Asia Pacific Business Center PTE. Ltd. | Singapore | 100 | % | |||||
Rockwell Automation Asia Pacific Limited | Hong Kong | 96.52 | % | 3.48 | % |
Percentage of Voting Securities Owned By | ||||||||
Name | Jurisdiction | Registrant | Subsidiary | |||||
Rockwell Automation Australia Ltd. | Australia | 100 | % | |||||
Rockwell Automation B.V. | Netherlands | 100 | % | |||||
Empresa de Automatizacion Rockwell Automation Bolivia Srl | Bolivia | 100 | % | |||||
Rockwell Automation Canada Holdings Inc. | Canada | 100 | % | |||||
Rockwell Automation Canada Ltd. | Canada | 100 | % | |||||
Rockwell Automation Canada Nova Scotia Co | Canada | 100 | % | |||||
Rockwell Automation Caribbean Holdings, LLP | Delaware | 100 | % | |||||
Rockwell Automation Caribbean LLP | Puerto Rico | 100 | % | |||||
Rockwell Automation Charitable Corporation | ||||||||
Rockwell Automation Chile S. A. | Chile | 100 | % | |||||
Rockwell Automation Control Solutions (Harbin) Co., Ltd. | China | 100 | % | |||||
Rockwell Automation Control Solutions (Shanghai) Limited | China | 100 | % | |||||
Rockwell Automation de Mexico S.A. de C.V. | Mexico | 100 | % | |||||
Rockwell Automation de Peru S.A. | Peru | 100 | % | |||||
Rockwell Automation de Venezuela, C.A. | Venezuela | 100 | % | |||||
Rockwell Automation do Brasil Ltda. | Brazil | 100 | % | |||||
Rockwell Automation Ecuador Compania Limitada | Ecuador | 100 | % | |||||
Rockwell Automation Europe B.V. | Netherlands | 100 | % | |||||
Rockwell Automation Finland Oy | Finland | 100 | % | |||||
Rockwell Automation G.m.b.H. | Germany | 100 | % | |||||
Rockwell Automation Germany G.m.b.H. & Co. KG | Germany | 100 | % | |||||
Rockwell Automation GesmbH | Austria | 100 | % | |||||
Rockwell Automation Guatemala, Limitada | Guatemala | 100 | % | |||||
Rockwell Automation Holdings B.V. | Netherlands | 100 | % | |||||
Rockwell Automation Holdings G.m.b.H. | Germany | 100 | % | |||||
Rockwell Automation Holdings, Inc. | Delaware | 100 | % | |||||
Rockwell Automation India Private Limited | India | 100 | % | |||||
Rockwell Automation International Holdings LLC | Delaware | 100 | % | |||||
Rockwell Automation Japan Co., Ltd. | Japan | 100 | % | |||||
Rockwell Automation Korea Ltd | Korea | 100 | % | |||||
Rockwell Automation Limitada | Portugal | 100 | % | |||||
Rockwell Automation Limited | United Kingdom | 100 | % | |||||
Rockwell Automation Limited | Ireland | 100 | % | |||||
Rockwell Automation Manufacturing (Shanghai) Limited | China | 100 | % | |||||
Rockwell Automation Monterrey Manufacturing S de RL de CV | Mexico | 100 | % | |||||
Rockwell Automation Monterrey Services S de RL de CV | Mexico | 100 | % | |||||
Rockwell Automation of Ohio, Inc. | Ohio | 100 | % | |||||
Rockwell Automation Panama, S.A. | Panama | 100 | % | |||||
Rockwell Automation Puerto Rico, Inc. | Puerto Rico | 100 | % | |||||
Rockwell Automation S.A. | Spain | 100 | % | |||||
Rockwell Automation S.r.l. | Italy | 100 | % | |||||
Rockwell Automation s.r.o. | Czech Republic | 100 | % | |||||
Rockwell Automation Sales Company, LLC | Delaware | 100 | % | |||||
Rockwell Automation SAS | France | 100 | % | |||||
Rockwell Automation Slovakia s.r.o. | Slovakia | 100 | % | |||||
Rockwell Automation Solutions G.m.b.H. | Germany | 100 | % |
Percentage of Voting Securities Owned By | ||||||||
Name | Jurisdiction | Registrant | Subsidiary | |||||
Rockwell Automation Southeast Asia Pte. Ltd. | Singapore | 100 | % | |||||
Rockwell Automation Spolka Z Organiczona Odpowiedzialnoscia | Poland | 100 | % | |||||
Rockwell Automation Taiwan Co., Ltd. | Taiwan | 100 | % | |||||
Rockwell Automation Technologies, Inc. | Ohio | 100 | % | |||||
Rockwell Automation Thai Co. Ltd. | Thailand | 100 | % | |||||
Rockwell Automation Trinidad and Tobago Unlimited | Trinidad and Tobago | 100 | % | |||||
Rockwell Automation Uruguay, Srl | Uruguay | 100 | % | |||||
Rockwell Automation Vietnam Limited Liability Company | Vietnam | 100 | % | |||||
Rockwell Automation, Inc. | South Dakota | 100 | % | |||||
Rockwell Colombia S.A. | Columbia | 5 | % | 95 | % | |||
Rockwell Comercio e Servicos de Automacao Ltda. | Brazil | 100 | % | |||||
Rockwell Commercial Holdings, Limited | United Kingdom | 100 | % | |||||
Rockwell European Holdings Ltd. | England | 100 | % | |||||
Rockwell International | England | 100 | % | |||||
Rockwell Otomasyon Ticaret Anonim Sirketi | Turkey | 100 | % | |||||
Rockwell Services, Inc. | Delaware | 100 | % | |||||
Rockwell Tecate S.A. de C.V. | Mexico | 99 | % | 1 | % | |||
ROK III Acquisition Corporation | Delaware | 100 | % | |||||
Siralop Limited | England | 100 | % | |||||
Sprecher & Schuh, Inc. | New York | 100 | % | |||||
Vermont Reserve Insurance Company | Vermont | 100 | % | |||||
W Interconnections Canada Inc. | Canada | 100 | % | |||||
W Interconnections S.A. de C.V. | Mexico | 100 | % | |||||
W Interconnections, Inc. | Delaware | 100 | % | |||||
Xi'an Hengsheng Industrial Automation Company Limited | China | 100 | % |
1. | the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012 and any amendments thereto; |
2. | any and all amendments (including supplements and post-effective amendments) to |
a) | the Registration Statement on Form S-3 (Registration No. 333-43071) registering debt securities of the Company in an aggregate principal amount of up to $1,000,000,000 and any shares of Common Stock, par value $1 per share, of the Company (the Common Stock) issuable or deliverable upon conversion or exchange of any such debt securities that are convertible into or exchangeable for Common Stock; and |
b) | the Registration Statement on Form S-3 (Registration No. 333-147658) registering an indeterminate amount of debt securities of the Company in one or more series; |
3. | any and all amendments (including supplements and post-effective amendments) to |
a) | the Registration Statement on Form S-8 registering securities to be sold under the Company’s 2012 Long-Term Incentives Plan (Registration No. 333-180557); |
b) | the Registration Statements on Form S-8 registering securities to be sold under the Company’s 2008 Long-Term Incentives Plan (Registration Nos. 333-150019 and 333-165727); |
c) | the Registration Statements on Form S-8 registering securities to be sold under the Company’s 2000 Long-Term Incentives Plan (Registration Nos. 333-38444 and 333-113041); |
d) | the Registration Statement on Form S-8 registering securities to be sold under the Company’s 1165(e) Plan (Registration No. 333-157203); |
e) | the Registration Statements on Form S-8 registering securities to be sold under the Company’s Retirement Savings Plan (Registration Nos. 333-184400 and 333-149581) |
f) | the Registration Statement on Form S-8 registering securities to be sold pursuant to the Company’s 2003 Directors Stock Plan (Registration No. 333-101780); and |
4. | any and all amendments (including supplements and post-effective amendments) to the Registration Statement on Form S-3 Registration No. 333-24685) registering |
a) | certain shares of Common Stock acquired or which may be acquired by permitted transferees upon the exercise of transferable options assigned or to be assigned to them by certain participants in the Company’s 1988 Long-Term Incentives Plan in accordance with that Plan; and |
b) | the offer and resale by any such permitted transferee who may be deemed to be an “affiliate” of the Company within the meaning of Rule 405 under the Securities Act of 1933, as amended (an Affiliate Selling Shareowner), of Common Stock so acquired or which may be acquired by such Affiliate Selling Shareowner upon exercise of any such transferable option. |
Signature | Title | Date | ||
/s/ Keith D. Nosbusch | Chairman of the Board, President and Chief Executive Officer (principal executive officer) | October 31, 2012 | ||
Keith D. Nosbusch | ||||
/s/ Betty C. Alewine | Director | October 31, 2012 | ||
Betty C. Alewine | ||||
/s/ Verne G. Istock | Director | October 31, 2012 | ||
Verne G. Istock | ||||
/s/ Barry C. Johnson | Director | October 31, 2012 | ||
Barry C. Johnson | ||||
/s/ Steven R. Kalmanson | Director | October 31, 2012 | ||
Steven R. Kalmanson | ||||
/s/ James P. Keane | Director | October 31, 2012 | ||
James P. Keane | ||||
/s/ Willam T. McCormick, Jr. | Director | October 31, 2012 | ||
William T. McCormick, Jr. | ||||
Director | October __, 2012 | |||
David B. Speer | ||||
/s/ Donald R. Parfet | Director | October 31, 2012 | ||
Donald R. Parfet | ||||
/s/ Theodore D. Crandall | Senior Vice President and Chief Financial Officer (principal financial officer) | October 31, 2012 | ||
Theodore D. Crandall | ||||
/s/ Douglas M. Hagerman | Senior Vice President, General Counsel and Secretary | October 31, 2012 | ||
Douglas M. Hagerman | ||||
/s/ David M. Dorgan | Vice President and Controller (principal accounting officer) | October 31, 2012 | ||
David M. Dorgan | ||||
1. | I have reviewed this annual report on Form 10-K of Rockwell Automation, Inc.; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
/s/ KEITH D. NOSBUSCH |
Keith D. Nosbusch |
Chairman, President and |
Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of Rockwell Automation, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
/S/ THEODORE D. CRANDALL |
Theodore D. Crandall |
Senior Vice President and |
Chief Financial Officer |
/s/ KEITH D. NOSBUSCH |
Keith D. Nosbusch |
Chairman, President and |
Chief Executive Officer |
/S/ THEODORE D. CRANDALL |
Theodore D. Crandall |
Senior Vice President and |
Chief Financial Officer |
Derivative Instruments and Fair Value Measurement (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis and their location in our Consolidated Balance Sheet were (in millions):
|
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Pre-tax gains (losses) recorded in other comprehensive income related to hedges | The pre-tax amount of (losses) gains recorded in other comprehensive loss related to hedges that would have been recorded in the Consolidated Statement of Operations had they not been so designated was (in millions):
|
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Pre-tax amount of (losses) gains reclassified from accumulated other comprehensive loss related to derivative forward exchange contracts designated as cash flow hedges | The pre-tax amount of (losses) gains reclassified from accumulated other comprehensive loss into the Consolidated Statement of Operations related to derivative forward exchange contracts designated as cash flow hedges, which offset the related losses and gains on the hedged items during the periods presented, was:
|
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Pre-tax gains (losses) recognized in the Condensed Consolidated Statement of Operations related to forward exchange contracts not designated as hedging instruments | The pre-tax amount of (losses) gains from forward exchange contracts not designated as hedging instruments recognized in the Consolidated Statement of Operations during the periods presented was:
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Summary of the carrying value and fair value of long-term debt | We also hold financial instruments consisting of cash, short-term investments, short-term debt and long-term debt. The fair values of our cash, short-term investments and short-term debt approximate their carrying amounts as reported in our Consolidated Balance Sheet due to the short-term nature of these instruments. We base the fair value of long-term debt upon quoted market prices for the same or similar issues. The following table presents the carrying amounts and estimated fair values of financial instruments not measured at fair value in the Consolidated Balance Sheet (in millions):
|
Acquisitions (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Acquisitions (Textuals) [Abstract] | ||
Liabilities incurred | $ 10.9 | |
Total purchase price | 58.8 | |
Goodwill | 34.8 | |
Customer relationships [Member]
|
||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 14.3 | |
Weighted average useful life (in years) | 14 years | |
Technology [Member]
|
||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 3.2 | 1.5 |
Weighted average useful life (in years) | 10 years | 10 years |
Trademarks [Member]
|
||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 1.3 | |
Weighted average useful life (in years) | 2 years | |
Other Intangible assets [Member]
|
||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | $ 0.6 | |
Weighted average useful life (in years) | 4 years |
Retirement Benefits (Details 2) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Sep. 30, 2011
|
---|---|---|
Amounts included in accumulated other comprehensive loss, net of tax | ||
Total | $ 1,226.0 | $ 1,033.6 |
Pension Benefits [Member]
|
||
Amounts included in accumulated other comprehensive loss, net of tax | ||
Prior service credit | (0.3) | (2.1) |
Net actuarial loss | 1,210.7 | 1,038.0 |
Net transition (benefit) obligation | (0.1) | (0.1) |
Total | 1,210.3 | 1,035.8 |
Other Postretirement Benefits [Member]
|
||
Amounts included in accumulated other comprehensive loss, net of tax | ||
Prior service credit | (21.8) | (28.4) |
Net actuarial loss | 37.5 | 26.2 |
Net transition (benefit) obligation | ||
Total | $ 15.7 | $ (2.2) |
Property, net (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
---|---|---|---|
Property, net | |||
Land | $ 3.7 | $ 3.8 | |
Buildings and improvements | 292.5 | 277.2 | |
Machinery and equipment | 1,022.1 | 996.3 | |
Internal use software | 414.6 | 368.5 | |
Construction in progress | 65.7 | 74.7 | |
Total | 1,798.6 | 1,720.5 | |
Less accumulated depreciation | (1,211.5) | (1,159.1) | |
Property, net | $ 587.1 | $ 561.4 | $ 536.9 |
Discontinued Operations (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Discontinued Operations (Textuals) [Abstract] | |||||||
Tax benefit as a result of the resolution of a domestic tax matter of divested businesses | $ 21.3 | ||||||
Net after-tax benefit relating to settlement of indemnification of divested business and changes in estimate for environmental and legal matters of divested businesses | 0.7 | 2.6 | |||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ 0.7 | $ 0 | $ 0 | $ 0 | $ 0.7 | $ 23.9 |
Business Segment Information (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and operating results of reportable segments | The following tables reflect the sales and operating results of our reportable segments for the years ended September 30 (in millions):
|
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Components of Identifiable assets Depreciation and amortization and Capital expenditures for property | The following tables summarize the identifiable assets at September 30 and the provision for depreciation and amortization and the amount of capital expenditures for property for the years ended September 30 for each of the reportable segments and Corporate (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and property by geographic region | We conduct a significant portion of our business activities outside the United States. The following tables present sales and property by geographic region (in millions):
|
Goodwill and Other Intangible Assets (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | The changes in the carrying amount of goodwill for the years ended September 30, 2012 and 2011 were (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | Other intangible assets consist of (in millions):
|
Other Expense (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Components of other expense | |||
Net gain (loss) on dispositions of securities and property | $ (1.0) | $ 0.9 | $ (5.5) |
Interest income | 7.8 | 6.0 | 5.0 |
Royalty income | 2.3 | 3.6 | 2.4 |
Environmental charges | (9.3) | (4.5) | (5.9) |
Other | (4.8) | (8.1) | (4.4) |
Other expense | $ (5.0) | $ (2.1) | $ (8.4) |
Retirement Benefits (Details 5) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
---|---|---|---|
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | $ 3,213.3 | $ 2,572.9 | |
Fair Value, Inputs, Level 1 [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 1,168.9 | 960.5 | |
Fair Value, Inputs, Level 2 [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 1,864.1 | 1,442.6 | |
Fair Value, Inputs, Level 3 [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 180.3 | 169.8 | 149.2 |
Cash [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 0.4 | 0.4 | |
Cash [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 26.8 | 32.2 | |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 0.4 | 0.4 | |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 26.8 | 32.2 | |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Common Stock [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 653.7 | 504.0 | |
Common Stock [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 39.3 | 31.5 | |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 653.7 | 504.0 | |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 39.3 | 31.5 | |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Equity Funds [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 160.0 | 144.2 | |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 160.0 | 144.2 | |
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Equity Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 530.5 | 317.5 | |
Equity Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 296.9 | 257.8 | |
Equity Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Equity Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Equity Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 530.5 | 317.5 | |
Equity Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 296.9 | 257.8 | |
Equity Common Collective Trust [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Equity Common Collective Trust [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Corporate Debt [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 525.9 | 347.6 | |
Corporate Debt [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 68.7 | 52.1 | |
Corporate Debt [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Corporate Debt [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 525.9 | 347.6 | |
Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 68.7 | 52.1 | |
Corporate Debt [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Corporate Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Government Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 368.4 | 268.9 | |
Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 287.9 | 246.3 | |
Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 80.5 | 22.6 | |
Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Foreign Government Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 0.8 | 1.9 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 0.8 | 1.9 | |
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Fixed Income Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 145.5 | 237.5 | |
Fixed Income Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 167.1 | 161.0 | |
Fixed Income Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Fixed Income Common Collective Trust [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Fixed Income Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 145.5 | 237.5 | |
Fixed Income Common Collective Trust [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 167.1 | 161.0 | |
Fixed Income Common Collective Trust [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Fixed Income Common Collective Trust [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Private Equity Investments [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 83.2 | 85.0 | |
Private Equity Investments [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Private Equity Investments [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Private Equity Investments [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 83.2 | 85.0 | 62.2 |
Alternative Equity Investments [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 53.4 | 49.0 | |
Alternative Equity Investments [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Alternative Equity Investments [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Alternative Equity Investments [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 53.4 | 49.0 | 46.3 |
Real Estate [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 46.2 | 46.1 | |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 46.2 | 42.2 | |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 3.9 | 3.9 | |
Insurance Contracts [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 0.8 | 0.9 | |
Insurance Contracts [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 38.5 | 26.9 | |
Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 0.8 | 0.9 | 0.9 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 38.5 | 26.9 | 28.5 |
Other Pension Plan Investments [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 7.2 | 8.4 | |
Other Pension Plan Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | |||
Other Pension Plan Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | 2.8 | 4.3 | |
Other Pension Plan Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Non US Pension Benefit Plans [Member]
|
|||
Investments measured at fair value | |||
Defined benefit plan fair value of plan assets | $ 4.4 | $ 4.1 | $ 7.4 |
Long-term and Short-term Debt (Details Textuals) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Mar. 15, 2015 | ||
Unsecured revolving credit facility | $ 750.0 | $ 750.0 | |
Long term and Short term (Textuals) [Abstract] | |||
Maximum debt to total capital ratio required by debt covenants | 60.00% | ||
Commercial Paper | 157.0 | 0 | |
Short-term Debt, Weighted Average Interest Rate | 0.27% | ||
Short Term Debt Weighted Average Maturity Period | 6 days | ||
Interest payments | 59.0 | 60.1 | 59.4 |
Non US Facilities [Member]
|
|||
Line of Credit Facility [Line Items] | |||
Unsecured revolving credit facility | $ 120.6 |
Retirement Benefits (Details 8) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
One percentage point change in assumed health care cost trend rates | ||
Increase to total of service and interest cost components | $ 0.2 | $ 0.2 |
Decrease to total of service and interest cost components | (0.2) | (0.1) |
Increase to postretirement benefit obligation | 2.4 | 2.7 |
Decrease to postretirement benefit obligation | (2.1) | (2.4) |
Pension plans with accumulated benefit obligations in excess of plan assets | ||
Projected benefit obligation | 3,850.4 | 3,064.4 |
Accumulated benefit obligation | 3,573.5 | 2,876.2 |
Fair value of plan assets | $ 2,919.0 | $ 2,172.7 |
Commitments and Contingent Liabilities (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
---|---|
Minimum future rental commitments under operating leases having noncancelable lease terms | |
Minimum future rental commitments under operating leases in 2013 | $ 79.6 |
Minimum future rental commitments under operating leases in 2014 | 67.3 |
Minimum future rental commitments under operating leases in 2015 | 54.5 |
Minimum future rental commitments under operating leases in 2016 | 40.8 |
Minimum future rental commitments under operating leases in 2017 | 35.7 |
Minimum future rental commitments under operating leases beyond 2018 | 99.7 |
Minimum future rental commitments under operating leases, Total | $ 377.6 |
Income Taxes (Details 1)
|
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Effective Tax Rate Reconciliation | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 0.80% | 0.70% | 0.30% |
Non-United States taxes | (10.30%) | (12.70%) | (12.80%) |
Foreign tax credit utilization | 0.40% | 0.90% | 1.30% |
Employee stock ownership plan benefit | (0.30%) | (0.30%) | (0.40%) |
Changes in valuation allowances | 0.20% | (0.80%) | 3.20% |
Domestic manufacturing deduction | (1.10%) | (0.80%) | (0.20%) |
Resolution of prior period tax matters | (0.60%) | (2.90%) | (4.10%) |
Other | 0.00% | (1.00%) | 3.20% |
Effective income tax rate | 23.70% | 19.70% | 19.10% |
Retirement Benefits (Details 3) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,213.3 | 2,572.9 | |
Pension Benefits [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,213.3 | 2,572.9 | 2,486.6 |
US Pension Benefit Plans [Member]
|
|||
Net periodic benefit cost assumptions | |||
Discount rate | 5.20% | 5.60% | 6.20% |
Expected return on plan assets | 8.00% | 8.00% | 8.00% |
Compensation increase rate | 4.00% | 4.00% | 4.30% |
Net benefit obligation assumptions | |||
Discount rate | 4.15% | 5.20% | |
Compensation increase rate | 4.00% | 4.00% | |
Non US Pension Benefit Plans [Member]
|
|||
Net periodic benefit cost assumptions | |||
Discount rate | 4.15% | 4.14% | 4.67% |
Expected return on plan assets | 5.93% | 6.07% | 6.18% |
Compensation increase rate | 3.03% | 3.09% | 2.88% |
Net benefit obligation assumptions | |||
Discount rate | 3.37% | 4.15% | |
Compensation increase rate | 3.03% | 3.03% | |
Other Postretirement Benefits [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
US Other Postretirement Benefit Plans [Member]
|
|||
Net periodic benefit cost assumptions | |||
Discount rate | 4.90% | 5.10% | 6.00% |
Net benefit obligation assumptions | |||
Discount rate | 3.85% | 4.90% | |
Healthcare cost trend rate | 8.00% | 8.50% | |
Non-U.S. Other Postretirement Benefit Plans [Member]
|
|||
Net periodic benefit cost assumptions | |||
Discount rate | 4.10% | 4.75% | 5.00% |
Net benefit obligation assumptions | |||
Discount rate | 3.80% | 4.10% | |
Healthcare cost trend rate | 6.68% | 7.12% | |
Cash [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.4 | 0.4 | |
Cash [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 26.8 | 32.2 | |
Common Stock [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 653.7 | 504.0 | |
Common Stock [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 39.3 | 31.5 | |
Equity Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 530.5 | 317.5 | |
Equity Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 296.9 | 257.8 | |
Corporate Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 525.9 | 347.6 | |
Corporate Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 68.7 | 52.1 | |
Foreign Government Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.8 | 1.9 | |
Fixed Income Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 145.5 | 237.5 | |
Fixed Income Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 167.1 | 161.0 | |
Insurance Contracts [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.8 | 0.9 | |
Insurance Contracts [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 38.5 | 26.9 | |
US Government Agencies Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 368.4 | 268.9 | |
Fair Value, Inputs, Level 1 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,168.9 | 960.5 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.4 | 0.4 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 26.8 | 32.2 | |
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 653.7 | 504.0 | |
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 39.3 | 31.5 | |
Fair Value, Inputs, Level 1 [Member] | Equity Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | Equity Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.8 | 1.9 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | Insurance Contracts [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | Insurance Contracts [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 287.9 | 246.3 | |
Fair Value, Inputs, Level 2 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,864.1 | 1,442.6 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Equity Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 530.5 | 317.5 | |
Fair Value, Inputs, Level 2 [Member] | Equity Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 296.9 | 257.8 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 525.9 | 347.6 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 68.7 | 52.1 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 145.5 | 237.5 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 167.1 | 161.0 | |
Fair Value, Inputs, Level 2 [Member] | Insurance Contracts [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Insurance Contracts [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 80.5 | 22.6 | |
Fair Value, Inputs, Level 3 [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 180.3 | 169.8 | 149.2 |
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Equity Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Equity Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Common Collective Trust [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Common Collective Trust [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Insurance Contracts [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.8 | 0.9 | 0.9 |
Fair Value, Inputs, Level 3 [Member] | Insurance Contracts [Member] | Non US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 38.5 | 26.9 | 28.5 |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | US Pension Benefit Plans [Member]
|
|||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets |
Commitments and Contingent Liabilities
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Environmental Matters Federal, state and local requirements relating to the discharge of substances into the environment, the disposal of hazardous wastes and other activities affecting the environment have and will continue to have an effect on our manufacturing operations. Thus far, compliance with environmental requirements and resolution of environmental claims have been accomplished without material effect on our liquidity and capital resources, competitive position, financial condition or results of operations. We have been designated as a potentially responsible party at 13 Superfund sites, excluding sites as to which our records disclose no involvement or as to which our potential liability has been finally determined and assumed by third parties. We estimate the total reasonably possible costs we could incur for the remediation of Superfund sites at September 30, 2012 to be $14.3 million, of which $8.0 million has been accrued. Various other lawsuits, claims and proceedings have been asserted against us alleging violations of federal, state and local environmental protection requirements, or seeking remediation of alleged environmental impairments, principally at previously owned properties. As of September 30, 2012, we have estimated the total reasonably possible costs we could incur from these matters to be $88.1 million. We have recorded environmental accruals for these matters of $38.9 million. In addition to the above matters, certain environmental liabilities are substantially indemnified by ExxonMobil Corporation. At September 30, 2012, we recorded a liability of $30.4 million and a receivable of $29.1 million for these matters. We estimate the total reasonably possible costs that we could incur from these matters to be $37.1 million. Based on our assessment, we believe that our expenditures for environmental capital investment and remediation necessary to comply with present regulations governing environmental protection and other expenditures for the resolution of environmental claims will not have a material effect on our liquidity and capital resources, competitive position, financial condition or results of operations. We cannot assess the possible effect of compliance with future requirements. Conditional Asset Retirement Obligations We accrue for costs related to a legal obligation associated with the retirement of a tangible long-lived asset that results from the acquisition, construction, development or the normal operation of the long-lived asset. The obligation to perform the asset retirement activity is not conditional even though the timing or method may be conditional. Identified conditional asset retirement obligations include asbestos abatement and remediation of soil contamination beneath current and previously divested facilities. We estimated conditional asset retirement obligations using site-specific knowledge and historical industry expertise. We recorded $3.4 million in other current liabilities and $22.4 million in other liabilities for these obligations at September 30, 2012. At September 30, 2011, we recorded liabilities for these asset retirement obligations of $4.7 million in other current liabilities and $23.9 million in other liabilities. Lease Commitments Rental expense was $115.0 million in 2012, $111.5 million in 2011 and $106.0 million in 2010. Minimum future rental commitments under operating leases having noncancelable lease terms in excess of one year aggregated $377.6 million as of September 30, 2012 and are payable as follows (in millions):
Commitments from third parties under sublease agreements having noncancelable lease terms in excess of one year aggregated $1.4 million as of September 30, 2012 and are receivable through 2017 at approximately $0.3 million per year. Most leases contain renewal options for varying periods, and certain leases include options to purchase the leased property. Other Matters Various other lawsuits, claims and proceedings have been or may be instituted or asserted against us relating to the conduct of our business, including those pertaining to product liability, environmental, safety and health, intellectual property, employment and contract matters. Although the outcome of litigation cannot be predicted with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to us, we believe the disposition of matters that are pending or have been asserted will not have a material effect on our business, financial condition or results of operations. We (including our subsidiaries) have been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos that was used in certain components of our products many years ago. Currently there are a few thousand claimants in lawsuits that name us as defendants, together with hundreds of other companies. In some cases, the claims involve products from divested businesses, and we are indemnified for most of the costs. However, we have agreed to defend and indemnify asbestos claims associated with products manufactured or sold by our former Dodge mechanical and Reliance Electric motors and motor repair services businesses prior to their divestiture by us, which occurred on January 31, 2007. We are also responsible for half of the costs and liabilities associated with asbestos cases against our former Rockwell International Corporation's divested measurement and flow control business. But in all cases, for those claimants who do show that they worked with our products or products of divested businesses for which we are responsible, we nevertheless believe we have meritorious defenses, in substantial part due to the integrity of the products, the encapsulated nature of any asbestos-containing components, and the lack of any impairing medical condition on the part of many claimants. We defend those cases vigorously. Historically, we have been dismissed from the vast majority of these claims with no payment to claimants. We have maintained insurance coverage that we believe covers indemnity and defense costs, over and above self-insured retentions, for claims arising from our former Allen-Bradley subsidiary. Following litigation against Nationwide Indemnity Company (Nationwide) and Kemper Insurance (Kemper), the insurance carriers that provided liability insurance coverage to Allen-Bradley, we entered into separate agreements on April 1, 2008 with both insurance carriers to further resolve responsibility for ongoing and future coverage of Allen-Bradley asbestos claims. In exchange for a lump sum payment, Kemper bought out its remaining liability and has been released from further insurance obligations to Allen-Bradley. Nationwide entered into a cost share agreement with us to pay the substantial majority of future defense and indemnity costs for Allen-Bradley asbestos claims. We believe that this arrangement with Nationwide will continue to provide coverage for Allen-Bradley asbestos claims throughout the remaining life of the asbestos liability. The uncertainties of asbestos claim litigation make it difficult to predict accurately the ultimate outcome of asbestos claims. That uncertainty is increased by the possibility of adverse rulings or new legislation affecting asbestos claim litigation or the settlement process. Subject to these uncertainties and based on our experience defending asbestos claims, we do not believe these lawsuits will have a material effect on our financial condition or results of operations. We have, from time to time, divested certain of our businesses. In connection with these divestitures, certain lawsuits, claims and proceedings may be instituted or asserted against us related to the period that we owned the businesses, either because we agreed to retain certain liabilities related to these periods or because such liabilities fall upon us by operation of law. In some instances the divested business has assumed the liabilities; however, it is possible that we might be responsible to satisfy those liabilities if the divested business is unable to do so. In connection with the spin-offs of our former automotive component systems business, semiconductor systems business and Rockwell Collins avionics and communications business, the spun-off companies have agreed to indemnify us for substantially all contingent liabilities related to the respective businesses, including environmental and intellectual property matters. In conjunction with the sale of our Dodge mechanical and Reliance Electric motors and motor repair services businesses, we agreed to indemnify Baldor Electric Company for costs and damages related to certain legal, legacy environmental and asbestos matters of these businesses arising before January 31, 2007, for which the maximum exposure would be capped at the amount received for the sale. We estimate the potential future payments we could incur under these indemnifications may approximate $13.5 million, of which $1.6 million has been accrued in other current liabilities and $8.8 million has been accrued in other liabilities at September 30, 2012. We recorded $1.6 million and $10.1 million in other current liabilities and other liabilities, respectively, at September 30, 2011 for these indemnifications. In many countries we provide a limited intellectual property indemnity as part of our terms and conditions of sale. We also at times provide limited intellectual property indemnities in other contracts with third parties, such as contracts concerning the development and manufacture of our products, the divestiture of businesses and the licensing of intellectual property. Due to the number of agreements containing such provisions, we are unable to estimate the maximum potential future payments. |
Retirement Benefits (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | The components of net periodic benefit cost are (in millions):
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Summary of benefit obligation, plan assets and funded status | Benefit obligation, plan assets, funded status, and net liability information is summarized as follows (in millions):
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Net amount on balance sheet consists of: |
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Amounts included in accumulated other comprehensive loss, net of tax | Amounts included in accumulated other comprehensive loss, net of tax, at September 30, 2012 and 2011 which have not yet been recognized in net periodic benefit cost are as follows (in millions):
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Net periodic benefit assumptions | Net Periodic Benefit Cost Assumptions Significant assumptions used in determining net periodic benefit cost for the period ended September 30 are (in weighted averages):
Net Benefit Obligation Assumptions Significant assumptions used in determining the benefit obligations are (in weighted averages):
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Weighted-average asset allocations by asset category and investments measured at fair value | Our global weighted-average targeted and actual asset allocations at September 30, by asset category, are:
The following table presents our pension plans’ investments measured at fair value as of September 30, 2012:
The following table presents our pension plans’ investments measured at fair value as of September 30, 2011:
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Summary of changes in fair market value of the plan | The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2012.
The table below sets forth a summary of changes in fair market value of our pension plans’ Level 3 assets for the year ended September 30, 2011.
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Estimated future payments | The following benefit payments, which include employees’ expected future service, as applicable, are expected to be paid (in millions):
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One percentage point change in assumed health care cost trend rates | A one-percentage point change in assumed healthcare cost trend rates would have the following effect (in millions):
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Other required retirement benefit disclosures | Information regarding our pension plans with accumulated benefit obligations in excess of the fair value of plan assets (underfunded plans) at September 30, 2012 and 2011 are as follows (in millions):
|
Retirement Benefits (Details 7) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
---|---|
Pension Benefits [Member]
|
|
Estimated future benefit payments | |
2013 | $ 214.7 |
2014 | 210.6 |
2015 | 215.6 |
2016 | 219.4 |
2017 | 226.5 |
2018-2022 | 1,275.1 |
Other Postretirement Benefits [Member]
|
|
Estimated future benefit payments | |
2013 | 16.1 |
2014 | 15.2 |
2015 | 14.5 |
2016 | 13.6 |
2017 | 12.7 |
2018-2022 | $ 54.2 |
Other Current Liabilities (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
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Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities consist of (in millions):
|
Goodwill and Other Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Goodwill | ||
Beginning Balance | $ 952.6 | $ 912.5 |
Acquisition of businesses | 34.8 | |
Translation and other | (3.8) | 5.3 |
Ending Balance | 948.8 | 952.6 |
Architecture and Software [Member]
|
||
Goodwill | ||
Beginning Balance | 386.7 | 385.5 |
Translation and other | 1.0 | 1.2 |
Ending Balance | 387.7 | 386.7 |
Control Products and Solutions [Member]
|
||
Goodwill | ||
Beginning Balance | 565.9 | 527.0 |
Acquisition of businesses | 34.8 | |
Translation and other | (4.8) | 4.1 |
Ending Balance | $ 561.1 | $ 565.9 |
Quarterly Financial Information (Unaudited) (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) |
Note: The sum of the quarterly per share amounts will not necessarily equal the annual per share amounts presented.
|
Consolidated Statement of Comprehensive Income (Loss) (Parenthetical) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
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Sep. 30, 2012
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Sep. 30, 2011
|
Sep. 30, 2010
|
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Other comprehensive loss: | |||
Tax benefit from unrecognized pension and postretirement benefit plan liabilities | $ 103.1 | $ 93.2 | $ 71.8 |
Tax expense for unrealized gains and losses on cash flow hedges | $ (3.1) | $ 2.3 | $ 5.0 |