Business Segment Information

9 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

Sales and operating results of our reportable segments were (in millions):

	Three Months Ended June 30,				Nine Months Ended June 30,
	2023		2022		2023		2022
Sales
Intelligent Devices	$	968.1	$	878.3	$	2,927.5	$	2,587.2
Software & Control	750.6		606.9		2,065.0		1,655.7
Lifecycle Services	520.0		483.5		1,502.6		1,391.2
Total	$	2,238.7	$	1,968.7	$	6,495.1	$	5,634.1
Segment operating earnings
Intelligent Devices	$	163.1	$	173.2	$	579.4	$	504.4
Software & Control	261.5		190.6		678.1		439.7
Lifecycle Services	48.4		45.4		100.6		103.6
Total	473.0		409.2		1,358.1		1,047.7
Purchase accounting depreciation and amortization	(27.2)		(25.9)		(79.8)		(78.1)
Corporate and other	(32.3)		(15.6)		(88.8)		(69.6)
Non-operating pension and postretirement credit (cost)	5.5		11.9		(87.5)		(5.0)
Change in fair value of investments	85.7		(5.2)		289.3		(138.3)
Interest expense, net	(32.9)		(30.2)		(100.2)		(88.9)
Income before income taxes	$	471.8	$	344.2	$	1,291.1	$	667.8

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 credit (cost), change in fair value of investments, interest expense, net, and income tax provision. 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.