QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☑ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page No. | |||||
March 31, 2023 | September 30, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, net of accumulated depreciation of $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Deferred income taxes | |||||||||||
Long-term investments | |||||||||||
Other assets | |||||||||||
Total | $ | $ | |||||||||
LIABILITIES AND SHAREOWNERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term debt | $ | $ | |||||||||
Current portion of long-term debt | |||||||||||
Accounts payable | |||||||||||
Compensation and benefits | |||||||||||
Contract liabilities | |||||||||||
Customer returns, rebates and incentives | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Retirement benefits | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Commitments and contingent liabilities (Note 13) | |||||||||||
Shareowners’ equity | |||||||||||
Common stock ($ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Common stock in treasury, at cost (shares held: | ( | ( | |||||||||
Shareowners’ equity attributable to Rockwell Automation, Inc. | |||||||||||
Noncontrolling interests | |||||||||||
Total shareowners’ equity | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | |||||||||||||||||||||||
Products and solutions | $ | $ | $ | $ | |||||||||||||||||||
Services | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Products and solutions | ( | ( | ( | ( | |||||||||||||||||||
Services | ( | ( | ( | ( | |||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Change in fair value of investments | ( | ( | |||||||||||||||||||||
Other expense (Note 11) | ( | ( | ( | ( | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax (provision) benefit (Note 14) | ( | ( | ( | ||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Rockwell Automation, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average outstanding shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Pension and other postretirement benefit plan adjustments (net of tax expense of $( | |||||||||||||||||||||||
Currency translation adjustments | ( | ( | |||||||||||||||||||||
Net change in cash flow hedges (net of tax (expense) benefit of $( | ( | ||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income attributable to Rockwell Automation, Inc. | $ | $ | $ | $ |
Six Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to arrive at cash provided by operating activities | |||||||||||
Depreciation | |||||||||||
Amortization of intangible assets | |||||||||||
Change in fair value of investments | ( | ||||||||||
Share-based compensation expense | |||||||||||
Retirement benefit expense | |||||||||||
Net loss on disposition of property | |||||||||||
Pension contributions | ( | ( | |||||||||
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments | |||||||||||
Receivables | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Contract liabilities | |||||||||||
Compensation and benefits | ( | ||||||||||
Income taxes | ( | ( | |||||||||
Other assets and liabilities | ( | ( | |||||||||
Cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisition of businesses, net of cash acquired | ( | ( | |||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sale of investments | |||||||||||
Other investing activities | |||||||||||
Cash used for investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Net issuance of short-term debt | |||||||||||
Repayment of short-term debt | ( | ( | |||||||||
Cash dividends | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | |||||||||
Proceeds from the exercise of stock options | |||||||||||
Other financing activities | ( | ( | |||||||||
Cash used for financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Decrease in cash, cash equivalents, and restricted cash | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ | |||||||||
Components of cash, cash equivalents, and restricted cash | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash, current (Other current assets) | |||||||||||
Restricted cash, noncurrent (Other assets) | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Common stock in treasury, at cost | Total attributable to Rockwell Automation, Inc. | Noncontrolling interests | Total shareowners' equity | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (including share-based compensation impact) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared (1) | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Common stock in treasury, at cost | Total attributable to Rockwell Automation, Inc. | Noncontrolling interests | Total shareowners' equity | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (including share-based compensation impact) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared (1) | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Common stock in treasury, at cost | Total attributable to Rockwell Automation, Inc. | Noncontrolling interests | Total shareowners' equity | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (including share-based compensation impact) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared (1) | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Common stock in treasury, at cost | Total attributable to Rockwell Automation, Inc. | Noncontrolling interests | Total shareowners' equity | |||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (including share-based compensation impact) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared (1) | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income attributable to Rockwell Automation, Inc. | $ | $ | $ | $ | |||||||||||||||||||
Less: Allocation to participating securities | ( | ( | ( | ( | |||||||||||||||||||
Net income available to common shareowners | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted average outstanding shares | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Performance shares | |||||||||||||||||||||||
Diluted weighted average outstanding shares | |||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Intelligent Devices | Software & Control | Lifecycle Services | Total | Intelligent Devices | Software & Control | Lifecycle Services | Total | ||||||||||||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Europe, Middle East and Africa | |||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||||||||
Total Company Sales | $ | $ | $ | $ | $ | $ | $ | $ |
Six Months Ended March 31, 2023 | Six Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Intelligent Devices | Software & Control | Lifecycle Services | Total | Intelligent Devices | Software & Control | Lifecycle Services | Total | ||||||||||||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Europe, Middle East and Africa | |||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||||||||||||||
Total Company Sales | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2023 | March 31, 2022 | ||||||||||
Balance as of beginning of year | $ | $ | |||||||||
Balance as of end of period |
Six Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Grants | Wtd. Avg. Share Fair Value | Grants | Wtd. Avg. Share Fair Value | ||||||||||||||||||||
Stock options | $ | $ | |||||||||||||||||||||
Performance shares | |||||||||||||||||||||||
Restricted stock and restricted stock units | |||||||||||||||||||||||
Unrestricted stock |
March 31, 2023 | September 30, 2022 | ||||||||||
Finished goods | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials | |||||||||||
Inventories | $ | $ |
Purchase Price Allocation | ||||||||
Receivables | $ | |||||||
Inventories | ||||||||
Property | ||||||||
Goodwill | ||||||||
Other intangible assets | ||||||||
All other assets | ||||||||
Total assets acquired | ||||||||
Less: Total liabilities assumed | ( | |||||||
Net assets acquired, excluding cash | $ | |||||||
Purchase Consideration | ||||||||
Total purchase consideration, net of cash acquired | $ |
Purchase Price Allocation | ||||||||
Receivables | $ | |||||||
Goodwill | ||||||||
Other intangible assets | ||||||||
All other assets | ||||||||
Total assets acquired | ||||||||
Less: Total liabilities assumed | ( | |||||||
Net assets acquired, excluding cash | $ | |||||||
Purchase Consideration | ||||||||
Total purchase consideration, net of cash acquired | $ |
Intelligent Devices | Software & Control | Lifecycle Services | Total | ||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Acquisition of businesses | |||||||||||||||||||||||
Translation and other | |||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ |
March 31, 2023 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets | |||||||||||||||||
Software products | $ | $ | $ | ||||||||||||||
Customer relationships | |||||||||||||||||
Technology | |||||||||||||||||
Trademarks | |||||||||||||||||
Other | |||||||||||||||||
Total amortized intangible assets | |||||||||||||||||
Allen-Bradley® trademark not subject to amortization | — | ||||||||||||||||
Other intangible assets | $ | $ | $ |
September 30, 2022 | |||||||||||||||||
Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets | |||||||||||||||||
Software products | $ | $ | $ | ||||||||||||||
Customer relationships | |||||||||||||||||
Technology | |||||||||||||||||
Trademarks | |||||||||||||||||
Other | |||||||||||||||||
Total amortized intangible assets | |||||||||||||||||
Allen-Bradley® trademark not subject to amortization | — | ||||||||||||||||
Other intangible assets | $ | $ | $ |
March 31, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
Current portion of long-term debt | $ | $ | $ | $ | ||||||||||||||||||||||
Long-term debt |
March 31, 2023 | September 30, 2022 | ||||||||||
Unrealized losses on foreign exchange contracts | $ | $ | |||||||||
Product warranty obligations | |||||||||||
Taxes other than income taxes | |||||||||||
Accrued interest | |||||||||||
Income taxes payable | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Other current liabilities | $ | $ |
March 31, 2023 | September 30, 2022 | |||||||||||||
Fixed income securities | $ | $ | ||||||||||||
Equity securities (level 1) | ||||||||||||||
Equity securities (other) | ||||||||||||||
Other | ||||||||||||||
Total investments | ||||||||||||||
Less: Short-term investments (1) | ( | ( | ||||||||||||
Long-term investments | $ | $ |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net gain (loss) on equity securities (level 1) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net gain on equity securities (other) | |||||||||||||||||||||||
Equity method loss on Other investments | ( | ( | ( | ||||||||||||||||||||
Change in fair value of investments | ( | ( | |||||||||||||||||||||
Total net realized gain on equity securities | |||||||||||||||||||||||
Total net unrealized gain (loss) on equity securities | $ | $ | ( | $ | $ | ( |
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. |
Pension Benefits | |||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service cost | |||||||||||||||||||||||
Amortization of net actuarial (gain) loss | ( | ( | |||||||||||||||||||||
Settlement charge | |||||||||||||||||||||||
Net periodic pension benefit cost | $ | $ | $ | $ |
Other Postretirement Benefits | |||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Amortization of prior service credit | ( | ( | |||||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | $ | $ | $ |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Royalty income | ||||||||||||||||||||||||||
Legacy product liability and environmental charges | ( | ( | ( | ( | ||||||||||||||||||||||
Non-operating pension and postretirement benefit cost | ( | ( | ( | ( | ||||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||||||||
Other expense | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, 2023 | Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized losses on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||||||
Balance as of December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Balance as of March 31, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Six Months Ended March 31, 2023 | Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized losses on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of March 31, 2023 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, 2022 | Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized (losses) gains on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of March 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( |
Six Months Ended March 31, 2022 | Pension and other postretirement benefit plan adjustments, net of tax | Accumulated currency translation adjustments, net of tax | Net unrealized losses on cash flow hedges, net of tax | Total accumulated other comprehensive loss, net of tax | |||||||||||||||||||
Balance at September 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Balance as of March 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | Affected Line in the Consolidated Statement of Operations | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Pension and other postretirement benefit plan adjustments (1) | |||||||||||||||||||||||||||||
Amortization of prior service cost | $ | $ | $ | $ | Other expense | ||||||||||||||||||||||||
Amortization of net actuarial (gain) loss | ( | ( | Other expense | ||||||||||||||||||||||||||
Settlement charge | Other expense | ||||||||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||||||||
( | ( | ( | ( | Income tax (provision) benefit | |||||||||||||||||||||||||
$ | $ | $ | $ | Net income attributable to Rockwell Automation, Inc. | |||||||||||||||||||||||||
Net unrealized (gains) losses on cash flow hedges | |||||||||||||||||||||||||||||
Forward exchange contracts | $ | ( | $ | $ | ( | $ | Sales | ||||||||||||||||||||||
Forward exchange contracts | ( | ( | ( | ( | Cost of sales | ||||||||||||||||||||||||
Forward exchange contracts | ( | ( | Selling, general and administrative expenses | ||||||||||||||||||||||||||
Treasury locks related to 2019 and 2021 debt issuances | Interest expense | ||||||||||||||||||||||||||||
( | ( | ( | Income before income taxes | ||||||||||||||||||||||||||
Income tax (provision) benefit | |||||||||||||||||||||||||||||
$ | ( | $ | ( | $ | ( | $ | Net income attributable to Rockwell Automation, Inc. | ||||||||||||||||||||||
Total reclassifications | $ | $ | $ | $ | Net income attributable to Rockwell Automation, Inc. |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | |||||||||||||||||||||||
Intelligent Devices | $ | $ | $ | $ | |||||||||||||||||||
Software & Control | |||||||||||||||||||||||
Lifecycle Services | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Segment operating earnings | |||||||||||||||||||||||
Intelligent Devices | $ | $ | $ | $ | |||||||||||||||||||
Software & Control | |||||||||||||||||||||||
Lifecycle Services | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Purchase accounting depreciation and amortization | ( | ( | ( | ( | |||||||||||||||||||
Corporate and other | ( | ( | ( | ( | |||||||||||||||||||
Non-operating pension and postretirement benefit cost | ( | ( | ( | ( | |||||||||||||||||||
Change in fair value of investments | ( | ( | |||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | $ | $ | $ | $ |
IP Index | PMI | ||||||||||
2023 quarter ended: | |||||||||||
March 2023 | 99.7 | 46.3 | |||||||||
December 2022 | 99.6 | 48.4 | |||||||||
2022 quarter ended: | |||||||||||
September 2022 | 100.4 | 51.0 | |||||||||
June 2022 | 100.4 | 53.1 | |||||||||
March 2022 | 99.7 | 57.0 | |||||||||
December 2021 | 99.0 | 58.8 | |||||||||
2021 quarter ended: | |||||||||||
September 2021 | 97.8 | 60.5 | |||||||||
Sales Growth Guidance | EPS Guidance | |||||||||||||||||||
Reported sales growth | 12.5% - 16.5% | Diluted EPS | $11.71 - $12.41 | |||||||||||||||||
Organic sales growth (1) | 13.0% - 17.0% | Adjusted EPS (1) | $11.50 - $12.20 | |||||||||||||||||
Inorganic sales growth | ~1.0% | |||||||||||||||||||
Currency translation | ~(1.5)% |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Sales | |||||||||||||||||||||||
Intelligent Devices (a) | $ | 1,023.2 | $ | 808.6 | $ | 1,959.4 | $ | 1,708.9 | |||||||||||||||
Software & Control (b) | 741.1 | 534.9 | 1,314.4 | 1,048.8 | |||||||||||||||||||
Lifecycle Services (c) | 511.1 | 464.6 | 982.6 | 907.7 | |||||||||||||||||||
Total sales (d) | $ | 2,275.4 | $ | 1,808.1 | $ | 4,256.4 | $ | 3,665.4 | |||||||||||||||
Segment operating earnings (1) | |||||||||||||||||||||||
Intelligent Devices (e) | $ | 206.9 | $ | 118.2 | $ | 416.3 | $ | 331.2 | |||||||||||||||
Software & Control (f) | 249.3 | 131.5 | 416.6 | 249.1 | |||||||||||||||||||
Lifecycle Services (g) | 27.9 | 33.7 | 52.2 | 58.2 | |||||||||||||||||||
Total segment operating earnings (2) (h) | 484.1 | 283.4 | 885.1 | 638.5 | |||||||||||||||||||
Purchase accounting depreciation and amortization | (26.6) | (26.1) | (52.6) | (52.2) | |||||||||||||||||||
Corporate and other | (29.2) | (24.6) | (56.5) | (54.0) | |||||||||||||||||||
Non-operating pension and postretirement benefit cost | (105.4) | (21.3) | (93.0) | (16.9) | |||||||||||||||||||
Change in fair value of investments | 63.0 | (140.7) | 203.6 | (133.1) | |||||||||||||||||||
Interest expense, net | (34.5) | (29.6) | (67.3) | (58.7) | |||||||||||||||||||
Income before income taxes (i) | 351.4 | 41.1 | 819.3 | 323.6 | |||||||||||||||||||
Income tax (provision) benefit | (56.5) | 8.3 | (145.7) | (35.3) | |||||||||||||||||||
Net income | 294.9 | 49.4 | 673.6 | 288.3 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | (5.4) | (4.5) | (10.7) | (7.1) | |||||||||||||||||||
Net income attributable to Rockwell Automation | $ | 300.3 | $ | 53.9 | $ | 684.3 | $ | 295.4 | |||||||||||||||
Diluted EPS | $ | 2.59 | $ | 0.46 | $ | 5.90 | $ | 2.51 | |||||||||||||||
Adjusted EPS (3) | $ | 3.01 | $ | 1.66 | $ | 5.48 | $ | 3.79 | |||||||||||||||
Diluted weighted average outstanding shares | 115.6 | 117.1 | 115.6 | 117.2 | |||||||||||||||||||
Pre-tax margin (i/d) | 15.4 | % | 2.3 | % | 19.2 | % | 8.8 | % | |||||||||||||||
Intelligent Devices segment operating margin (e/a) | 20.2 | % | 14.6 | % | 21.2 | % | 19.4 | % | |||||||||||||||
Software & Control segment operating margin (f/b) | 33.6 | % | 24.6 | % | 31.7 | % | 23.8 | % | |||||||||||||||
Lifecycle Services segment operating margin (g/c) | 5.5 | % | 7.3 | % | 5.3 | % | 6.4 | % | |||||||||||||||
Total segment operating margin (2) (h/d) | 21.3 | % | 15.7 | % | 20.8 | % | 17.4 | % |
Change vs. | Change in Organic Sales (1) vs. | ||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2022 | |||||||||||||||
North America | $ | 1,310.6 | 22.3 | % | 22.7 | % | |||||||||||
Europe, Middle East and Africa | 486.5 | 39.4 | % | 41.7 | % | ||||||||||||
Asia Pacific | 334.2 | 25.5 | % | 31.8 | % | ||||||||||||
Latin America | 144.1 | 18.7 | % | 16.3 | % | ||||||||||||
Total Company Sales | $ | 2,275.4 | 25.8 | % | 27.3 | % |
Change vs. | Change in Organic Sales (1) vs. | ||||||||||||||||
Six Months Ended March 31, 2023 | Six Months Ended March 31, 2022 | Six Months Ended March 31, 2022 | |||||||||||||||
North America | $ | 2,489.5 | 14.6 | % | 15.1 | % | |||||||||||
Europe, Middle East and Africa | 859.3 | 22.1 | % | 27.4 | % | ||||||||||||
Asia Pacific | 630.7 | 15.7 | % | 23.7 | % | ||||||||||||
Latin America | 276.9 | 13.3 | % | 11.3 | % | ||||||||||||
Total Company Sales | $ | 4,256.4 | 16.1 | % | 18.5 | % |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Purchase accounting depreciation and amortization | |||||||||||||||||||||||
Intelligent Devices | $ | 1.2 | $ | 0.7 | $ | 2.2 | $ | 1.4 | |||||||||||||||
Software & Control | 17.2 | 17.2 | 34.1 | 34.5 | |||||||||||||||||||
Lifecycle Services | 8.0 | 7.9 | 15.8 | 15.8 | |||||||||||||||||||
Non-operating pension and postretirement benefit cost | |||||||||||||||||||||||
Intelligent Devices | $ | 28.8 | $ | 4.9 | $ | 24.9 | $ | 2.8 | |||||||||||||||
Software & Control | 28.8 | 4.9 | 24.9 | 2.8 | |||||||||||||||||||
Lifecycle Services | 38.6 | 6.5 | 33.3 | 3.7 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income attributable to Rockwell Automation | $ | 300.3 | $ | 53.9 | $ | 684.3 | $ | 295.4 | |||||||||||||||
Non-operating pension and postretirement benefit cost (1) | 105.4 | 21.3 | 93.0 | 16.9 | |||||||||||||||||||
Tax effect of non-operating pension and postretirement benefit cost (1) | (25.6) | (5.5) | (22.8) | (4.7) | |||||||||||||||||||
Purchase accounting depreciation and amortization attributable to Rockwell Automation | 23.6 | 23.1 | 46.6 | 46.2 | |||||||||||||||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | (5.8) | (5.6) | (11.4) | (11.2) | |||||||||||||||||||
Change in fair value of investments (2) | (63.0) | 140.7 | (203.6) | 133.1 | |||||||||||||||||||
Tax effect of change in fair value of investments (2) | 15.2 | (33.4) | 49.3 | (29.9) | |||||||||||||||||||
Adjusted income | $ | 350.1 | $ | 194.5 | $ | 635.4 | $ | 445.8 | |||||||||||||||
Diluted EPS | $ | 2.59 | $ | 0.46 | $ | 5.90 | $ | 2.51 | |||||||||||||||
Non-operating pension and postretirement benefit cost (1) | 0.90 | 0.19 | 0.80 | 0.15 | |||||||||||||||||||
Tax effect of non-operating pension and postretirement benefit cost (1) | (0.22) | (0.05) | (0.20) | (0.04) | |||||||||||||||||||
Purchase accounting depreciation and amortization attributable to Rockwell Automation | 0.20 | 0.20 | 0.40 | 0.39 | |||||||||||||||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | (0.05) | (0.05) | (0.10) | (0.10) | |||||||||||||||||||
Change in fair value of investments (2) | (0.54) | 1.20 | (1.75) | 1.14 | |||||||||||||||||||
Tax effect of change in fair value of investments (2) | 0.13 | (0.29) | 0.43 | (0.26) | |||||||||||||||||||
Adjusted EPS | $ | 3.01 | $ | 1.66 | $ | 5.48 | $ | 3.79 | |||||||||||||||
Effective tax rate | 16.1 | % | (20.2) | % | 17.8 | % | 10.9 | % | |||||||||||||||
Tax effect of non-operating pension and postretirement benefit cost (1) | 1.9 | % | 15.7 | % | 0.7 | % | 0.8 | % | |||||||||||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | 0.4 | % | 1.0 | % | 0.5 | % | 0.9 | % | |||||||||||||||
Tax effect of change in fair value of investments (2) | (1.0) | % | 19.5 | % | (1.7) | % | 3.0 | % | |||||||||||||||
Adjusted effective tax rate | 17.4 | % | 16.0 | % | 17.3 | % | 15.6 | % |
Fiscal 2023 Guidance (4) | ||||||||
Diluted EPS (1) | $11.71 - $12.41 | |||||||
Non-operating pension and postretirement benefit cost (3) | 0.66 | |||||||
Tax effect of non-operating pension and postretirement benefit cost (3) | (0.17) | |||||||
Purchase accounting depreciation and amortization attributable to Rockwell Automation | 0.82 | |||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | (0.20) | |||||||
Change in fair value of investments (2) | (1.75) | |||||||
Tax effect of change in fair value of investments (2) | 0.43 | |||||||
Adjusted EPS (1) | $11.50 - $12.20 | |||||||
Effective tax rate | ~ 17.5% | |||||||
Tax effect of non-operating pension and postretirement benefit cost (3) | ~ 0.5% | |||||||
Tax effect of purchase accounting depreciation and amortization attributable to Rockwell Automation | ~ 0.5% | |||||||
Tax effect of change in fair value of investments (2) | ~ (1.0)% | |||||||
Adjusted effective tax rate | ~ 17.5% |
Six Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash provided by (used for) | |||||||||||
Operating activities | $ | 253.4 | $ | 78.8 | |||||||
Investing activities | (19.5) | (144.7) | |||||||||
Financing activities | (296.5) | (142.5) | |||||||||
Effect of exchange rate changes on cash | 19.3 | (10.8) | |||||||||
Decrease in cash, cash equivalents, and restricted cash | $ | (43.3) | $ | (219.2) |
Six Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash provided by operating activities | $ | 253.4 | $ | 78.8 | |||||||
Capital expenditures | (55.7) | (82.0) | |||||||||
Free cash flow | $ | 197.7 | $ | (3.2) |
Credit Rating Agency | Short-Term Rating | Long-Term Rating | Outlook | |||||||||||||||||
Standard & Poor’s | A-1 | A | Negative | |||||||||||||||||
Moody’s | P-2 | A3 | Stable | |||||||||||||||||
Fitch Ratings | F1 | A | Stable |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
Reported Sales | Less: Effect of Acquisitions | Effect of Changes in Currency | Organic Sales | Reported Sales | |||||||||||||||||||||||||
North America | $ | 1,310.6 | $ | 3.1 | $ | (7.6) | $ | 1,315.1 | $ | 1,071.6 | |||||||||||||||||||
Europe, Middle East and Africa | 486.5 | 14.7 | (22.6) | 494.4 | 348.9 | ||||||||||||||||||||||||
Asia Pacific | 334.2 | 5.3 | (22.0) | 350.9 | 266.2 | ||||||||||||||||||||||||
Latin America | 144.1 | — | 2.9 | 141.2 | 121.4 | ||||||||||||||||||||||||
Total Company Sales | $ | 2,275.4 | $ | 23.1 | $ | (49.3) | $ | 2,301.6 | $ | 1,808.1 |
Six Months Ended March 31, 2023 | Six Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
Reported Sales | Less: Effect of Acquisitions | Effect of Changes in Currency | Organic Sales | Reported Sales | |||||||||||||||||||||||||
North America | $ | 2,489.5 | $ | 4.3 | $ | (15.7) | $ | 2,500.9 | $ | 2,172.3 | |||||||||||||||||||
Europe, Middle East and Africa | 859.3 | 26.4 | (63.5) | 896.4 | 703.6 | ||||||||||||||||||||||||
Asia Pacific | 630.7 | 8.0 | (51.7) | 674.4 | 545.1 | ||||||||||||||||||||||||
Latin America | 276.9 | — | 5.0 | 271.9 | 244.4 | ||||||||||||||||||||||||
Total Company Sales | $ | 4,256.4 | $ | 38.7 | $ | (125.9) | $ | 4,343.6 | $ | 3,665.4 |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
Reported Sales | Less: Effect of Acquisitions | Effect of Changes in Currency | Organic Sales | Reported Sales | |||||||||||||||||||||||||
Intelligent Devices | $ | 1,023.2 | $ | 19.3 | $ | (21.5) | $ | 1,025.4 | $ | 808.6 | |||||||||||||||||||
Software & Control | 741.1 | — | (16.2) | 757.3 | 534.9 | ||||||||||||||||||||||||
Lifecycle Services | 511.1 | 3.8 | (11.6) | 518.9 | 464.6 | ||||||||||||||||||||||||
Total Company Sales | $ | 2,275.4 | $ | 23.1 | $ | (49.3) | $ | 2,301.6 | $ | 1,808.1 |
Six Months Ended March 31, 2023 | Six Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
Reported Sales | Less: Effect of Acquisitions | Effect of Changes in Currency | Organic Sales | Reported Sales | |||||||||||||||||||||||||
Intelligent Devices | $ | 1,959.4 | $ | 33.0 | $ | (59.1) | $ | 1,985.5 | $ | 1,708.9 | |||||||||||||||||||
Software & Control | 1,314.4 | — | (36.4) | 1,350.8 | 1,048.8 | ||||||||||||||||||||||||
Lifecycle Services | 982.6 | 5.7 | (30.4) | 1,007.3 | 907.7 | ||||||||||||||||||||||||
Total Company Sales | $ | 4,256.4 | $ | 38.7 | $ | (125.9) | $ | 4,343.6 | $ | 3,665.4 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (2) | 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 (3) | ||||||||||||||||||||||
January 1 - 31, 2023 | 79,063 | $ | 273.10 | 79,063 | $ | 1,073,683,344 | ||||||||||||||||||||
February 1 - 28, 2023 | 26,158 | 290.23 | 26,158 | 1,066,091,617 | ||||||||||||||||||||||
March 1 - 31, 2023 | 31,962 | 287.54 | 31,962 | 1,056,901,213 | ||||||||||||||||||||||
Total | 137,183 | $ | 279.73 | 137,183 |
— | ||||||||||||||
— | ||||||||||||||
— | ||||||||||||||
— | ||||||||||||||
— | ||||||||||||||
Exhibit 101 | — | Interactive Data Files. | ||||||||||||
Exhibit 104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||||||||||
ROCKWELL AUTOMATION, INC. (Registrant) | |||||||||||||||||
Date: | April 27, 2023 | By | /s/ NICHOLAS C. GANGESTAD | ||||||||||||||
Nicholas C. Gangestad Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: | April 27, 2023 | By | /s/ TERRY L. RIESTERER | ||||||||||||||
Terry L. Riesterer Vice President and Controller (Principal Accounting Officer) |
/s/ BLAKE D. MORET | ||
Blake D. Moret President and Chief Executive Officer |
/s/ NICHOLAS C. GANGESTAD | ||
Nicholas C. Gangestad Senior Vice President and Chief Financial Officer |
/s/ BLAKE D. MORET | ||
Blake D. Moret President and Chief Executive Officer |
/s/ NICHOLAS C. GANGESTAD | ||
Nicholas C. Gangestad Senior Vice President and Chief Financial Officer |
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Mar. 31, 2023 |
Sep. 30, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 1,777.4 | $ 1,702.3 |
Common stock, par value per share (in usd per share) | $ 1.00 | $ 1.00 |
Common stock, shares, issued (in shares) | 181.4 | 181.4 |
Treasury stock, shares (in shares) | 66.5 | 66.2 |
Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Sales | ||||
Sales | $ 2,275.4 | $ 1,808.1 | $ 4,256.4 | $ 3,665.4 |
Cost of sales | ||||
Cost of sales | (1,342.9) | (1,144.0) | (2,510.3) | (2,252.2) |
Gross profit | 932.5 | 664.1 | 1,746.1 | 1,413.2 |
Selling, general and administrative expenses | (501.2) | (428.5) | (970.7) | (876.0) |
Change in fair value of investments | 63.0 | (140.7) | 203.6 | (133.1) |
Other expense | (107.1) | (23.7) | (89.8) | (20.8) |
Interest expense | (35.8) | (30.1) | (69.9) | (59.7) |
Income before income taxes | 351.4 | 41.1 | 819.3 | 323.6 |
Income tax provision | (56.5) | 8.3 | (145.7) | (35.3) |
Net income (loss) | 294.9 | 49.4 | 673.6 | 288.3 |
Net loss attributable to noncontrolling interests | (5.4) | (4.5) | (10.7) | (7.1) |
Net income attributable to Rockwell Automation, Inc. | $ 300.3 | $ 53.9 | $ 684.3 | $ 295.4 |
Earnings per share: | ||||
Basic (in usd per share) | $ 2.60 | $ 0.46 | $ 5.94 | $ 2.54 |
Diluted (in usd per share) | $ 2.59 | $ 0.46 | $ 5.90 | $ 2.51 |
Weighted average outstanding shares: | ||||
Basic (in shares) | 114.8 | 116.2 | 114.8 | 116.1 |
Diluted (in shares) | 115.6 | 117.1 | 115.6 | 117.2 |
Products and solutions | ||||
Sales | ||||
Sales | $ 2,069.9 | $ 1,621.9 | $ 3,859.6 | $ 3,295.2 |
Cost of sales | ||||
Cost of sales | (1,206.3) | (1,028.8) | (2,251.0) | (2,019.1) |
Services | ||||
Sales | ||||
Sales | 205.5 | 186.2 | 396.8 | 370.2 |
Cost of sales | ||||
Cost of sales | $ (136.6) | $ (115.2) | $ (259.3) | $ (233.1) |
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 294,900 | $ 49,400 | $ 673,600 | $ 288,300 |
Other comprehensive income (loss) | ||||
Pension and other postretirement benefit plan adjustments (net of tax expense of $(10.2), $(66.5), $(9.8), and $(71.9)) | 31,100 | 187,400 | 30,700 | 204,300 |
Currency translation adjustments | 25,300 | (9,800) | 111,100 | (29,300) |
Net change in cash flow hedges (net of tax (expense) benefit of $(0.4), $(0.6), $8.5, and $(3.2)) | 300 | 1,800 | (20,800) | 9,300 |
Other comprehensive income (loss) | 56,700 | 179,400 | 121,000 | 184,300 |
Comprehensive income | 351,600 | 228,800 | 794,600 | 472,600 |
Comprehensive loss attributable to noncontrolling interests | (5,800) | (4,200) | (11,100) | (6,800) |
Comprehensive income attributable to Rockwell Automation, Inc. | $ 357,400 | $ 233,000 | $ 805,700 | $ 479,400 |
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Pension and other postretirement benefit plan adjustments tax (expense) benefit | $ (10.2) | $ (66.5) | $ (9.8) | $ (71.9) |
Net change in unrealized gains and losses on cash flow hedges tax (expense) benefit | $ (0.4) | $ (0.6) | $ 8.5 | $ (3.2) |
Consolidated Statement of Shareowners' Equity - USD ($) $ in Millions |
Total |
Total attributable to Rockwell Automation, Inc. |
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive loss |
Common stock in treasury, at cost |
Noncontrolling interests |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Sep. 30, 2021 | $ 2,694.1 | $ 2,389.6 | $ 181.4 | $ 1,933.6 | $ 8,000.4 | $ (1,017.1) | $ (6,708.7) | $ 304.5 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 288.3 | 295.4 | ||||||||||
Other comprehensive income (loss) | 184.3 | 184.0 | 184.0 | 0.3 | ||||||||
Common stock issued (including share-based compensation impact) | 73.3 | 73.3 | 33.7 | 39.6 | ||||||||
Share repurchases | (49.4) | (49.4) | (49.4) | |||||||||
Cash dividends declared | [1] | (260.7) | (260.7) | (260.7) | ||||||||
Balance at end of period at Mar. 31, 2022 | 2,929.9 | 2,632.2 | 181.4 | 1,967.3 | 8,035.1 | (833.1) | (6,718.5) | 297.7 | ||||
Balance at beginning of period at Dec. 31, 2021 | 2,806.8 | 2,504.9 | 181.4 | 1,953.0 | 8,111.7 | (1,012.2) | (6,729.0) | 301.9 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 49.4 | 53.9 | 53.9 | (4.5) | ||||||||
Other comprehensive income (loss) | 179.4 | 179.1 | 179.1 | 0.3 | ||||||||
Common stock issued (including share-based compensation impact) | 24.8 | 24.8 | 14.3 | 10.5 | ||||||||
Share repurchases | 0.0 | 0.0 | 0.0 | |||||||||
Cash dividends declared | [2] | (130.5) | (130.5) | (130.5) | ||||||||
Balance at end of period at Mar. 31, 2022 | 2,929.9 | 2,632.2 | 181.4 | 1,967.3 | 8,035.1 | (833.1) | (6,718.5) | 297.7 | ||||
Balance at beginning of period at Sep. 30, 2022 | 3,016.7 | 2,725.6 | 181.4 | 2,007.1 | 8,411.8 | (917.5) | (6,957.2) | 291.1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 673.6 | 684.3 | ||||||||||
Other comprehensive income (loss) | 121.0 | 121.4 | 121.4 | (0.4) | ||||||||
Common stock issued (including share-based compensation impact) | 90.6 | 90.6 | 41.9 | 48.7 | ||||||||
Share repurchases | (194.5) | (194.5) | (194.5) | |||||||||
Cash dividends declared | [1] | (271.9) | (271.9) | (271.9) | ||||||||
Balance at end of period at Mar. 31, 2023 | 3,435.5 | 3,155.5 | 181.4 | 2,049.0 | 8,824.2 | (796.1) | (7,103.0) | 280.0 | ||||
Balance at beginning of period at Dec. 31, 2022 | 3,200.6 | 2,914.8 | 181.4 | 2,015.7 | 8,659.9 | (853.2) | (7,089.0) | 285.8 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 294.9 | 300.3 | 300.3 | |||||||||
Other comprehensive income (loss) | 56.7 | 57.1 | 57.1 | (0.4) | ||||||||
Common stock issued (including share-based compensation impact) | 57.8 | 57.8 | 33.3 | 24.5 | ||||||||
Share repurchases | (38.5) | (38.5) | (38.5) | |||||||||
Cash dividends declared | [2] | (136.0) | (136.0) | (136.0) | ||||||||
Balance at end of period at Mar. 31, 2023 | $ 3,435.5 | $ 3,155.5 | $ 181.4 | $ 2,049.0 | $ 8,824.2 | $ (796.1) | $ (7,103.0) | $ 280.0 | ||||
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Consolidated Statement of Shareowners' Equity (Parenthetical) - $ / shares |
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Mar. 31, 2022 |
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Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share (in usd per share) | $ 1.18 | $ 1.12 | $ 2.36 | $ 2.24 |
Basis of Presentation and Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Accounting Policies | Basis of Presentation and Accounting Policies In the opinion of management of Rockwell Automation, Inc. ("Rockwell Automation" or "the Company"), the unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position, results of operations, and cash flows for the periods presented and, except as otherwise indicated, such adjustments consist only of those of a normal, recurring nature. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended September 30, 2022. The results of operations for the three and six months ended March 31, 2023, are not necessarily indicative of the results for the full year. All date references to years and quarters herein refer to our fiscal year and fiscal quarter, unless otherwise stated. Receivables We record an allowance for doubtful accounts based on customer-specific analysis and general matters such as current assessments of past due balances and economic conditions. Receivables are recorded net of an allowance for doubtful accounts of $16.2 million at March 31, 2023, and $13.1 million at September 30, 2022. In addition, receivables are recorded net of an allowance for certain customer returns, rebates, and incentives of $28.2 million at March 31, 2023, and $13.9 million at September 30, 2022. The changes to our allowance for doubtful accounts during the three and six months ended March 31, 2023 and 2022, were not material and primarily consisted of current-period provisions, write-offs charged against the allowance, recoveries collected, and foreign currency translation. Earnings Per Share The following table reconciles basic and diluted earnings per share (EPS) amounts (in millions, except per share amounts):
For the three and six months ended March 31, 2023, there were 0.4 million and 0.5 million shares, respectively, related to share-based compensation awards that were excluded from the diluted EPS calculation because they were antidilutive. For each of the three and six months ended March 31, 2022, there were 0.3 million shares related to share-based compensation awards that were excluded from the diluted EPS calculation because they were antidilutive. Non-Cash Investing and Financing Activities Capital expenditures of $34.0 million and $8.1 million were accrued within Accounts payable and Other current liabilities at March 31, 2023 and 2022, respectively. At March 31, 2023, there were $0.8 million of outstanding common stock share repurchases recorded in Accounts payable that did not settle until the next quarter. At March 31, 2022, there were no outstanding common stock share repurchases recorded in Accounts payable. These non-cash investing and financing activities have been excluded from cash used for capital expenditures and treasury stock purchases in the Consolidated Statement of Cash Flows. Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (FASB) issued a new standard that requires companies to apply Accounting Standards Codification (ASC) 606 to recognize and measure contract assets and contract liabilities in a business combination. We retroactively adopted the new standard as of October 1, 2021. The adoption of this standard did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements In September 2022, the FASB issued a new standard, which requires the buyer in a supplier finance program to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. We are currently assessing the impact of this standard on our financial statement disclosures. We do not expect any other recently issued accounting pronouncements to have a material impact on our Consolidated Financial Statements and related disclosures.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Nature of Products and Services Substantially all of our revenue is from contracts with customers. We recognize revenue as promised products are transferred to, or services are performed for, customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those products and services. Our offerings consist of industrial automation and information products, solutions, and services. Our products include hardware, software, and configured-to-order products. Our solutions include custom-engineered systems and software. Our services include customer technical support and repair, asset management and optimization consulting, and training. Also included in our services is a portion of revenue related to spare parts that are managed within our services offering. Our operations are comprised of the Intelligent Devices segment, the Software & Control segment, and the Lifecycle Services segment. Revenue from the Intelligent Devices and Software & Control segments is predominantly comprised of product sales, which are recognized at a point in time. The Software & Control segment also contains revenue from software products, which may be recognized over time if certain criteria are met. Revenue from the Lifecycle Services segment is predominantly comprised of solutions and services, which are primarily recognized over time. See Note 15 for more information. Unfulfilled Performance Obligations As of March 31, 2023, we expect to recognize approximately $1,175 million of revenue in future periods from unfulfilled performance obligations from existing contracts with customers. We expect to recognize revenue of approximately $692 million from our remaining performance obligations over the next 12 months with the remaining balance recognized thereafter. We have applied the practical expedient to exclude the value of remaining performance obligations for (i) contracts with an original term of one year or less and (ii) contracts for which we recognize revenue in proportion to the amount we have the right to invoice for services performed. The amounts above also do not include the impact of contract renewal options that are unexercised as of March 31, 2023. Disaggregation of Revenue The following tables present our revenue disaggregation by geographic region for our three operating segments (in millions). We attribute sales to the geographic regions based on the country of destination.
Contract Liabilities Contract liabilities primarily relate to consideration received in advance of performance under the contract. Below is a summary of our Contract liabilities balance, the portion not expected to be recognized within twelve months is included within Other liabilities in the Consolidated Balance Sheet (in millions):
The most significant changes in our Contract liabilities balance during both the six months ended March 31, 2023 and 2022, were due to amounts billed during the period, partially offset by revenue recognized that was included in the Contract liabilities balance at the beginning of the period and revenue recognized on amounts billed during the period. In the six months ended March 31, 2023, we recognized revenue of approximately $312.1 million that was included in the Contract liabilities balance at September 30, 2022. In the six months ended March 31, 2022, we recognized revenue of approximately $260.8 million that was included in the Contract liabilities balance at September 30, 2021. We did not have a material amount of revenue recognized in the six months ended March 31, 2023 and 2022, from performance obligations satisfied or partially satisfied in previous periods.
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Share-Based Compensation |
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Share-Based Compensation | Share-Based Compensation We recognized $23.2 million and $41.6 million of pre-tax share-based compensation expense during the three and six months ended March 31, 2023, respectively. We recognized $15.7 million and $31.2 million of pre-tax share-based compensation expense during the three and six months ended March 31, 2022, respectively. Our annual grant of share-based compensation takes place during first quarter of each year. The number of shares granted to employees and non-employee directors and the weighted average fair value per share during the periods presented were (in thousands, except per share amounts):
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of (in millions):
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Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions 2023 Acquisitions In October 2022, we acquired CUBIC, a company that specializes in modular systems for the construction of electrical panels, headquartered in Bronderslev, Denmark. We recorded assets acquired and liabilities assumed in connection with this acquisition based on their estimated fair values as of the acquisition date of October 31, 2022. The preliminary aggregate purchase price allocation is as follows (in millions):
We assigned the full amount of goodwill and all other net assets acquired related to this acquisition to our Intelligent Devices segment. The goodwill recorded represents intangible assets that do not qualify for separate recognition. We do not expect the goodwill to be deductible for tax purposes. In February 2023, we acquired Knowledge Lens, a services and solutions provider headquartered in Bengaluru, India. We recorded assets acquired and liabilities assumed in connection with this acquisition based on their estimated fair values as of the acquisition date of February 28, 2023. The preliminary aggregate purchase price allocation is as follows (in millions):
We assigned the full amount of goodwill and all other net assets acquired related to this acquisition to our Lifecycle Services segment. The goodwill recorded represents intangible assets that do not qualify for separate recognition. We do not expect the goodwill to be deductible for tax purposes. The allocation of the purchase price to identifiable assets above is based on the preliminary valuations performed to determine the fair value of the net assets as of the acquisition date. The measurement period for the valuation of net assets acquired ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, but not to exceed 12 months following the acquisition date. Adjustments in purchase price allocations may require a change in the amounts allocated to net assets acquired during the periods in which the adjustments are determined. 2022 Acquisitions In November 2021, we acquired AVATA, a services provider for supply chain management, enterprise resource planning, and enterprise performance management solutions. We assigned the full amount of goodwill related to this acquisition to our Lifecycle Services segment. In March 2022, we, through our Sensia affiliate, acquired Swinton Technology, a provider of metering supervisory systems and measurement expertise in the Oil & Gas industry. We assigned the full amount of goodwill related to this acquisition to our Lifecycle Services segment. Pro forma consolidated sales for the three and six months ended March 31, 2023, were $2.3 billion and $4.3 billion, respectively, and the impact on earnings was not material. Pro forma consolidated sales for the three and six months ended March 31, 2022, were $1.8 billion and $3.7 billion, respectively, and the impact on earnings was not material. The preceding pro forma consolidated financial results of operations are as if the preceding 2023 and 2022 acquisitions occurred on October 1, 2021. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the transaction occurred as of that time. Total sales and acquisition-related costs from all of the above 2023 and 2022 acquisitions in the three and six months ended March 31, 2023 and 2022, were not material.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of Goodwill for the six months ended March 31, 2023, were (in millions):
We performed our annual evaluation of goodwill and indefinite life intangible assets for impairment during the second quarter of fiscal 2023 and concluded that these assets are not impaired. For our annual evaluation, we performed qualitative tests for our Intelligent Devices, Software & Control, and Lifecycle Services (excluding Sensia) reporting units and a quantitative test for our Sensia reporting unit. We also assessed the changes in events and circumstances subsequent to our annual test and concluded that no triggering events, which would require interim quantitative testing, occurred. Other intangible assets consist of (in millions):
Estimated total amortization expense for all amortized intangible assets is $115.4 million in 2023, $113.7 million in 2024, $110.5 million in 2025, $109.3 million in 2026, and $102.3 million in 2027.
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Short-Term and Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term and Long-Term Debt | Short-Term and Long-Term Debt Our Short-term debt as of March 31, 2023, and September 30, 2022, includes commercial paper borrowings of $434.5 million and $317.0 million, respectively, with weighted average interest rates of 4.84 percent and 3.03 percent, respectively, and weighted average maturity periods of 13 days and 22 days, respectively. In December 2022, Sensia entered into an unsecured $75.0 million line of credit. As of March 31, 2023, included in Short-term debt was $50.0 million borrowed against the line of credit with an interest rate of 5.78 percent. Also included in Short-term debt as of March 31, 2023, and September 30, 2022, is $23.5 million and $42.3 million, respectively, of interest-bearing loans from Schlumberger (SLB) to Sensia due December 29, 2023. The following table presents the carrying amounts and estimated fair values of Long-term debt in the Consolidated Balance Sheet (in millions):
We base the fair value of Long-term debt upon quoted market prices for the same or similar issues and therefore consider this a level 2 fair value measurement. The fair value of Long-term debt considers the terms of the debt excluding the impact of derivative and hedging activity. Refer to Note 9 for further information regarding levels in the fair value hierarchy. The carrying value of our Short-term debt approximates fair value.
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Other Current Liabilities |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other Current LiabilitiesOther current liabilities consist of (in millions):
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Investments |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Our investments consist of (in millions):
(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet. Equity Securities Equity securities (level 1) consist of 7,135,832 and 8,879,717 shares of PTC Inc. ("PTC") common stock (the "PTC Shares") at March 31, 2023, and September 30, 2022, respectively. The PTC Shares are classified as level 1 in the fair value hierarchy, as described below, and are recognized at fair value in the Consolidated Balance Sheet using the most recent closing price of PTC common stock quoted on Nasdaq. Equity securities (other) consist of various securities that do not have a readily determinable fair value, which we account for using the measurement alternative under U.S. GAAP. These securities are recorded at the investment cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer in the Consolidated Balance Sheet. Observable price changes are classified as level 2 in the fair value hierarchy, as described below. The carrying values at March 31, 2023, and September 30, 2022, include cumulative upward adjustments from observed price changes of $17.2 million. We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):
U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. We did not have any transfers between levels of fair value measurements during the period presented.
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Retirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits | Retirement Benefits The components of net periodic pension and postretirement benefit cost were (in millions):
The service cost component is included in Cost of sales and Selling, general and administrative expenses in the Consolidated Statement of Operations. All other components are included in Other expense in the Consolidated Statement of Operations. In March 2023, we remeasured our U.S. pension plan assets and liabilities in accordance with U.S. GAAP settlement accounting rules and recognized settlement expense of $117.9 million. Settlement accounting was required due to the amount of lump-sum payments made by the U.S. pension plan to retirees, current employees electing an in-service distribution, and other separated employees. Remeasurement of our U.S. pension plan assets and liabilities increased our net benefit obligation by $76.2 million. The discount rate used for the remeasurement as of March 31, 2023, was 5.25 percent compared to 5.65 percent at our September 30, 2022, annual measurement date.
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Other Expense |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense | Other Expense The components of Other expense were (in millions):
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss attributable to Rockwell Automation by component for the following periods were (in millions):
The reclassifications out of Accumulated other comprehensive loss in the Consolidated Statement of Operations were (in millions):
(1) These components are included in the computation of net periodic benefit cost. See Note 10 for further information.
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Commitments and Contingent Liabilities |
6 Months Ended |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Various 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. The following outlines additional background for obligations associated with asbestos, divested businesses, and intellectual property. 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, including products from divested businesses for which we have agreed to defend and indemnify claims. Currently there are lawsuits that name us as defendants, together with hundreds of other companies. 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 caused by our products. We defend those cases vigorously. Historically, we have been dismissed from the vast majority of these claims with no payment to claimants. Additionally, we have maintained insurance coverage that includes indemnity and defense costs, over and above self-insured retentions, for many of these claims. We believe these arrangements will provide substantial coverage for future defense and indemnity costs for these asbestos claims for many years into the future. 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 business, 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. We do not believe these liabilities will have a material effect on our business, financial condition, or results of operations. In many countries we provide a limited intellectual property indemnity as part of our terms and conditions of sale and at times in other contracts with third parties. As of March 31, 2023, we were not aware of any material indemnification claims that were probable or reasonably possible of an unfavorable outcome. Historically, claims that have been made under the indemnification agreements have not had a material impact on our business, financial condition, or results of operations; however, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our business, financial condition, or results of operations in a particular period.
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Income Taxes |
6 Months Ended |
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Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At the end of each interim period, we estimate a base effective tax rate that we expect for the full year based on our most recent forecast of pre-tax income, permanent book and tax differences, and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual items and items that are reported net of their related tax effects in the period in which they occur. The effective tax rate was 16.1 percent and 17.8 percent in the three and six months ended March 31, 2023, respectively, compared to (20.2) percent and 10.9 percent in the three and six months ended March 31, 2022, respectively. The effective tax rate was lower than the U.S. statutory rate of 21 percent in the three months ended March 31, 2023, primarily due to non-U.S. tax rates and other discrete benefits. The effective tax rate was lower than the U.S. statutory rate of 21 percent in the six months ended March 31, 2023, primarily due to non-U.S. tax rates. The effective tax rate was lower than the U.S. statutory rate of 21 percent in the three months ended March 31, 2022, primarily due to PTC investment adjustments and non-U.S. tax rates. The effective tax rate was lower than the U.S. statutory rate of 21 percent in the six months ended March 31, 2022, primarily due to excess income tax benefits of share-based compensation and non-U.S. tax rates. An income tax liability of $175.3 million and $233.7 million related to the U.S. transition tax under the Tax Cuts and Jobs Act of 2017 (the "Tax Act") that is payable greater than 12 months after March 31, 2023, and September 30, 2022, is recorded in Other liabilities in the Consolidated Balance Sheet. Unrecognized Tax Benefits The amount of gross unrecognized tax benefits was $2.9 million and $3.9 million at March 31, 2023, and September 30, 2022, respectively, of which the entire amount would reduce our effective tax rate if recognized. Accrued interest and penalties related to unrecognized tax benefits were $0.8 million and $1.4 million at March 31, 2023, and September 30, 2022, respectively. We recognize interest and penalties related to unrecognized tax benefits in the income tax provision. We believe it is reasonably possible that the amount of gross unrecognized tax benefits could be reduced by up to $2.4 million in the next 12 months as a result of the resolution of tax matters in various global jurisdictions and the lapses of statutes of limitations. If all of the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, could be up to $3.1 million. We conduct business globally and are routinely audited by the various tax jurisdictions in which we operate. We are no longer subject to U.S. federal income tax examinations for years before 2018, state and local income tax examinations for years before 2014 and foreign income tax examinations for years before 2008.
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Business Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information Sales and operating results of our reportable segments were (in millions):
Among other considerations, we evaluate performance and allocate resources based upon segment operating earnings before purchase accounting depreciation and amortization, corporate and other, non-operating pension and postretirement benefit cost, change in fair value of investments, interest expense, net, and income tax (provision) benefit. Depending on the product, intersegment sales within a single legal entity are either at cost or cost plus a mark-up, which does not necessarily represent a market price. Sales between legal entities are at an appropriate transfer price. We allocate costs related to shared segment operating activities to the segments consistent with the methodology used by management to assess segment performance.
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Basis of Presentation and Accounting Policies (Policies) |
6 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Receivables | ReceivablesWe record an allowance for doubtful accounts based on customer-specific analysis and general matters such as current assessments of past due balances and economic conditions. Receivables are recorded net of an allowance for doubtful accounts |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (FASB) issued a new standard that requires companies to apply Accounting Standards Codification (ASC) 606 to recognize and measure contract assets and contract liabilities in a business combination. We retroactively adopted the new standard as of October 1, 2021. The adoption of this standard did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements In September 2022, the FASB issued a new standard, which requires the buyer in a supplier finance program to disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. We are currently assessing the impact of this standard on our financial statement disclosures. We do not expect any other recently issued accounting pronouncements to have a material impact on our Consolidated Financial Statements and related disclosures.
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Income Taxes | Income TaxesAt the end of each interim period, we estimate a base effective tax rate that we expect for the full year based on our most recent forecast of pre-tax income, permanent book and tax differences, and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual items and items that are reported net of their related tax effects in the period in which they occur. |
Basis of Presentation and Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles basic and diluted earnings per share (EPS) amounts (in millions, except per share amounts):
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables present our revenue disaggregation by geographic region for our three operating segments (in millions). We attribute sales to the geographic regions based on the country of destination.
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Contract Balances | Below is a summary of our Contract liabilities balance, the portion not expected to be recognized within twelve months is included within Other liabilities in the Consolidated Balance Sheet (in millions):
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity | The number of shares granted to employees and non-employee directors and the weighted average fair value per share during the periods presented were (in thousands, except per share amounts):
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories consist of (in millions):
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Acquisitions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary aggregate purchase price allocation is as follows (in millions):
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of Goodwill for the six months ended March 31, 2023, were (in millions):
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Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class | Other intangible assets consist of (in millions):
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Short-Term and Long-Term Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table presents the carrying amounts and estimated fair values of Long-term debt in the Consolidated Balance Sheet (in millions):
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Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities consist of (in millions):
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Our investments consist of (in millions):
(1) Short-term investments are included in Other current assets in the Consolidated Balance Sheet.
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Gain (Loss) on Securities | We record gains and losses on investments within the Change in fair value of investments line in the Consolidated Statement of Operations. The gains and losses on investments we recorded for the following periods were (in millions):
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Retirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic pension and postretirement benefit cost were (in millions):
|
Other Income (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Income Expense | The components of Other expense were (in millions):
|
Accumulated Other Comprehensive Loss (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated other comprehensive loss attributable to Rockwell Automation by component for the following periods were (in millions):
|
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Reclassification out of Accumulated Other Comprehensive Income | The reclassifications out of Accumulated other comprehensive loss in the Consolidated Statement of Operations were (in millions):
(1) These components are included in the computation of net periodic benefit cost. See Note 10 for further information.
|
Business Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Sales and operating results of our reportable segments were (in millions):
|
Basis of Presentation and Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Sep. 30, 2022 |
|
Accounting Policies [Abstract] | |||||
Allowance for doubtful accounts | $ 16.2 | $ 16.2 | $ 13.1 | ||
Allowance for certain customer returns, rebates and incentives | $ 28.2 | $ 28.2 | $ 13.9 | ||
Antidilutive share-based compensation awards (in shares) | 0.4 | 0.3 | 0.5 | 0.3 | |
Capital expenditures in accounts payable or other current liabilities at period end | $ 34.0 | $ 8.1 | |||
Outstanding purchase of common stock recorded in accounts payable | $ 0.8 | $ 0.0 |
Basis of Presentation and Accounting Policies - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Reconciled Basic and Diluted EPS | ||||
Net income attributable to Rockwell Automation, Inc. | $ 300.3 | $ 53.9 | $ 684.3 | $ 295.4 |
Less: Allocation to participating securities | (1.3) | (0.1) | (2.8) | (0.8) |
Net income available to common shareowners | $ 299.0 | $ 53.8 | $ 681.5 | $ 294.6 |
Basic weighted average outstanding shares (in shares) | 114.8 | 116.2 | 114.8 | 116.1 |
Effect of dilutive securities | ||||
Stock options (in shares) | 0.7 | 0.9 | 0.7 | 1.0 |
Performance shares (in shares) | 0.1 | 0.0 | 0.1 | 0.1 |
Diluted weighted average outstanding shares (in shares) | 115.6 | 117.1 | 115.6 | 117.2 |
Earnings per share: | ||||
Basic (in usd per share) | $ 2.60 | $ 0.46 | $ 5.94 | $ 2.54 |
Diluted (in usd per share) | $ 2.59 | $ 0.46 | $ 5.90 | $ 2.51 |
Revenue Recognition - Performance Obligation (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Revenue to be recognized in future periods | $ 1,175 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue to be recognized in future periods | $ 692 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue to be recognized in future periods, expected timing of satisfaction, period | 12 months |
Revenue Recognition - Narrative (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
segment
|
Mar. 31, 2022
USD ($)
|
|
Revenue from Contract with Customer [Abstract] | ||
Number of operating segments | segment | 3 | |
Contract with customer, liability, revenue recognized | $ 312.1 | $ 260.8 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 0.0 | $ 0.0 |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
---|---|---|---|
Contract With Customer, Liability [Roll Forward] | |||
Balance as of beginning of year | $ 541.3 | $ 541.0 | $ 462.5 |
Balance as of end of period | $ 636.9 | $ 541.3 | $ 541.0 |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Sep. 30, 2022 |
---|---|---|
Inventories | ||
Finished goods | $ 427.4 | $ 325.0 |
Work in process | 360.0 | 317.3 |
Raw materials | 541.1 | 411.9 |
Inventories | $ 1,328.5 | $ 1,054.2 |
Acquisitions - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Business Combination and Asset Acquisition [Abstract] | ||||
Pro forma revenue | $ 2,300 | $ 1,800 | $ 4,300 | $ 3,700 |
Sales | 0 | 0 | 0 | 0 |
Acquisition related costs | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Millions |
6 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Goodwill | |
Balance at beginning of period | $ 3,524.0 |
Acquisition of businesses | 102.0 |
Translation and other | 59.2 |
Balance at end of period | 3,685.2 |
Intelligent Devices | |
Goodwill | |
Balance at beginning of period | 503.0 |
Acquisition of businesses | 66.3 |
Translation and other | 21.1 |
Balance at end of period | 590.4 |
Software & Control | |
Goodwill | |
Balance at beginning of period | 2,398.7 |
Acquisition of businesses | 0.0 |
Translation and other | 24.7 |
Balance at end of period | 2,423.4 |
Lifecycle Services | |
Goodwill | |
Balance at beginning of period | 622.3 |
Acquisition of businesses | 35.7 |
Translation and other | 13.4 |
Balance at end of period | $ 671.4 |
Short-Term and Long-Term Debt - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | |||
Short-term debt | $ 513.8 | $ 359.3 | |
Commercial Paper | |||
Debt Instrument [Line Items] | |||
Short-term debt | $ 434.5 | $ 317.0 | |
Debt, weighted average interest rate | 4.84% | 3.03% | |
Debt instrument, term | 13 days | 22 days | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 75.0 | ||
Unsecured line of credit, amount borrowed | $ 50.0 | ||
Stated interest rate | 5.78% | ||
Interest Bearing Loan | |||
Debt Instrument [Line Items] | |||
Short-term debt | $ 23.5 | $ 42.3 |
Short-Term and Long-Term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Sep. 30, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 608.8 | $ 609.1 |
Reported Value Measurement | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 608.8 | 609.1 |
Long-term Debt | 2,868.1 | 2,867.8 |
Estimate of Fair Value Measurement | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 598.6 | 589.1 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 2,638.2 | $ 2,485.4 |
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Sep. 30, 2022 |
---|---|---|
Other current liabilities | ||
Unrealized losses on foreign exchange contracts | $ 14.2 | $ 31.2 |
Product warranty obligations | 16.0 | 16.5 |
Taxes other than income taxes | 56.5 | 65.6 |
Accrued interest | 18.2 | 18.1 |
Income taxes payable | 120.5 | 81.1 |
Operating lease liabilities | 84.2 | 83.3 |
Other | 96.9 | 107.2 |
Other current liabilities | $ 406.5 | $ 403.0 |
Investments - Summary of Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Sep. 30, 2022 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Fixed income securities | $ 0.6 | $ 12.6 |
Equity securities | 915.0 | 928.8 |
Equity securities (other) | 81.4 | 76.4 |
Other | 56.9 | 50.8 |
Total investments | 1,053.9 | 1,068.6 |
Less: Short-term Investments | (0.6) | (12.6) |
Long-term investments | $ 1,053.3 | $ 1,056.0 |
Investments - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Sep. 30, 2022 |
---|---|---|
Subsidiary, Sale of Stock [Line Items] | ||
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount | $ 17.2 | $ 17.2 |
PTC | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares purchased (in shares) | 7,135,832 | 8,879,717 |
Investments - Gains and Losses on Investments within Change in Fair Value (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net gain (loss) on equity securities (level 1) | $ 63.0 | $ (142.0) | $ 204.0 | $ (127.6) |
Net gain on equity securities (other) | 0.0 | 8.7 | 0.0 | 8.7 |
Equity method loss on Other investments | 0.0 | (7.4) | (0.4) | (14.2) |
Change in fair value of investments | 63.0 | (140.7) | 203.6 | (133.1) |
Total net realized gain on equity securities | 19.0 | 0.2 | 52.9 | 0.2 |
Total net unrealized gain (loss) on equity securities | $ 44.0 | $ (133.5) | $ 151.1 | $ (119.1) |
Other Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Other Income and Expenses [Abstract] | ||||
Interest income | $ 1.3 | $ 0.5 | $ 2.6 | $ 1.0 |
Royalty income | 3.4 | 2.8 | 5.9 | 5.5 |
Legacy product liability and environmental charges | (3.1) | (4.1) | (5.9) | (7.4) |
Non-operating pension and postretirement benefit cost | (105.4) | (21.3) | (93.0) | (16.9) |
Other | (3.3) | (1.6) | 0.6 | (3.0) |
Other expense | $ (107.1) | $ (23.7) | $ (89.8) | $ (20.8) |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 16.10% | (20.20%) | 17.80% | 10.90% | |
U.S. statutory rate | 21.00% | ||||
Income tax liabilities | $ 175.3 | $ 175.3 | $ 233.7 | ||
Gross unrecognized tax benefits | 2.9 | 2.9 | 3.9 | ||
Accrued interest and penalties related to unrecognized tax benefits | 0.8 | 0.8 | $ 1.4 | ||
Reasonably possible amount of reduction in gross unrecognized tax benefits for the next twelve months | 2.4 | 2.4 | |||
Reasonably possible amount of net reduction to income tax provision if unrecognized tax benefits were recognized | $ 3.1 | $ 3.1 |
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