Missouri (State or other jurisdiction of incorporation or organization) | 43-0259330 (I.R.S. Employer Identification No.) | |
8000 W. Florissant Ave. P.O. Box 4100 St. Louis, Missouri (Address of principal executive offices) | 63136 (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock of $0.50 par value per share | New York Stock Exchange Chicago Stock Exchange |
1. | Portions of Emerson Electric Co. 2014 Annual Report to Stockholders for the year ended September 30, 2014 incorporated by reference into Parts I and II hereof. |
2. | Portions of Emerson Electric Co. Notice of 2015 Annual Meeting of Stockholders and Proxy Statement incorporated by reference into Part III hereof. |
• | Process Management - provides measurement, control and diagnostic capabilities for automated industrial processes producing items such as fuels, chemicals, foods, medicines and power. |
• | Industrial Automation - brings integrated manufacturing solutions to diverse industries worldwide. |
• | Network Power - provides power conditioning and reliability, and environmental control to help keep telecommunication systems, data networks and other critical business applications operating continuously. |
• | Climate Technologies - enhances household and commercial comfort, as well as food safety and energy efficiency, through air conditioning and refrigeration technology. |
• | Commercial & Residential Solutions - provides tools for professionals and homeowners, residential and commercial storage systems, and appliance solutions. |
2013 | 2014 | |||||
Process Management | $ | 3,719 | 4,141 | |||
Industrial Automation | 597 | 646 | ||||
Network Power | 1,526 | 1,368 | ||||
Climate Technologies | 351 | 452 | ||||
Commercial & Residential Solutions | 96 | 107 | ||||
Total Backlog | $ | 6,289 | 6,714 |
Name | Position | Age | Fiscal Year |
D. N. Farr | Chairman of the Board and Chief Executive Officer* | 59 | 1985 |
F. J. Dellaquila | Executive Vice President and Chief Financial Officer | 57 | 1991 |
E. L. Monser | President and Chief Operating Officer | 64 | 2002 |
S. J. Pelch | Vice President - Organization Planning and Development | 50 | 2005 |
C. A. Peters | Senior Executive Vice President | 59 | 1990 |
R. J. Schlueter | Vice President, Controller and Chief Accounting Officer | 60 | 1992 |
F. L. Steeves | Executive Vice President, Secretary and General Counsel | 60 | 2007 |
Period | Total Number of Shares Purchased (000s) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (000s) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (000s) | |||||||
July 2014 | 1,320 | $67.03 | 1,320 | 51,994 | |||||||
August 2014 | 1,440 | $63.48 | 1,440 | 50,494 | |||||||
September 2014 | 1,365 | $64.13 | 1,365 | 49,129 | |||||||
Total | 4,125 | $64.83 | 4,125 | 49,129 |
2010 | 2011 | 2012 (a) | 2013 (a) | 2014 (a) | ||||||||||
Net sales | 21,039 | 24,222 | 24,412 | 24,669 | 24,537 | |||||||||
Earnings from continuing operations – common stockholders | 1,978 | 2,454 | 1,968 | 2,004 | 2,147 | |||||||||
Basic earnings per common share from continuing operations | 2.62 | 3.26 | 2.68 | 2.78 | 3.05 | |||||||||
Diluted earnings per common share from continuing operations | 2.60 | 3.24 | 2.67 | 2.76 | 3.03 | |||||||||
Cash dividends per common share | 1.34 | 1.38 | 1.60 | 1.64 | 1.72 | |||||||||
Long-term debt | 4,586 | 4,324 | 3,787 | 4,055 | 3,559 | |||||||||
Total assets | 22,843 | 23,861 | 23,818 | 24,711 | 24,177 |
1. | The consolidated financial statements and accompanying notes of the Company and subsidiaries and the report thereon of KPMG LLP in the 2014 Annual Report. |
2. | Financial Statement Schedules - All schedules are omitted because they are not required, not applicable or the required information is provided in the financial statements or notes thereto contained in the 2014 Annual Report. |
3. | Exhibits (Listed by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K). |
3(a) | Restated Articles of Incorporation of Emerson Electric Co., incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2001, File No. 1-278, Exhibit 3(a); Termination of Designated Shares of Stock and Certificate of Designation, Preferences and Rights of Series B Junior Participating Preferred Stock, incorporated by reference to Emerson Electric Co. 1998 Form 10-K, File No. 1-278, Exhibit 3(a). |
3(b) | Bylaws of Emerson Electric Co., as amended through November 4, 2014, incorporated by reference to Emerson Electric Co. Form 8-K filed November 5, 2014, Exhibit 3.1. |
4(a) | Indenture dated as of December 10, 1998, between Emerson Electric Co. and The Bank of New York, Trustee, incorporated by reference to Emerson Electric Co. 1998 Form 10-K, File No. 1-278, Exhibit 4(b). |
10(a)* | Third Amendment to the Emerson Electric Co. 1993 Incentive Shares Plan, as restated, incorporated by reference to Emerson Electric Co. 1996 Form 10-K, File No. 1-278, Exhibit 10(g), and Fourth Amendment thereto, incorporated by reference to Emerson Electric Co. 2001 Form 10-K, File No. 1-278, Exhibit 10(d). |
10(b)* | Amended and Restated Emerson Electric Co. Continuing Compensation Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(c). |
10(c)* | Amended and Restated Deferred Compensation Plan for Non-Employee Directors and Forms of Payment Election Form, Initial Notice of Election and Notice of Election Change, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(d). |
10(d)* | First Amendment to the Emerson Electric Co. Supplemental Executive Retirement Plan, incorporated by reference to Emerson Electric Co. 1999 Form 10-K, File No. 1-278, Exhibit 10(h), and Form of Change of Control Election, incorporated by reference to Emerson Electric Co. Form 8-K dated October 1, 2004, Exhibit 10.9 (applicable only with respect to benefits vested as of December 31, 2004). |
10(e)* | Amended and Restated Emerson Electric Co. Pension Restoration Plan and Forms of Participation Award Letter, Acceptance of Award and Benefit Election Forms (applicable only with respect to benefits after January 1, 2005), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(f). |
10(f)* | Fifth Amendment to the Supplemental Executive Savings Investment Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 1999, File No. 1-278, Exhibit 10(j), and Form of Participation Agreement and Form of Annual Election, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.8 (applicable only with respect to benefits vested as of December 31, 2004). |
10(g)* | Amended and Restated Emerson Electric Co. Savings Investment Restoration Plan and Forms of Participation Agreement, Annual Election Form and Payment Election Form (applicable only with respect to benefits after January 1, 2005), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(h), and First Amendment to Emerson Electric Co. Savings Investment Restoration Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2008, File No. 1-278, Exhibit 10.1. |
10(h)* | Amended and Restated Emerson Electric Co. Annual Incentive Plan and Form of Acceptance of Award, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(i). |
10(i)* | 1997 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. 1997 Proxy Statement dated December 6, 1996, File No. 1-278, Exhibit A, and First Amendment thereto, incorporated by reference to Emerson Electric Co. 2001 Form 10-K, File No. 1-278, Exhibit 10(j), Amendment for 409A Compliance, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(j), Form of Performance Share Award Certificate, Forms of Acceptance of Award and Change of Control Election, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.5, and Form of Restricted Shares Award Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.6. |
10(j)* | 1998 Stock Option Plan, incorporated by reference to Emerson Electric Co. 1998 Proxy Statement dated December 12, 1997, File No. 1-278, Appendix A, and Amendment No. 1 thereto, incorporated by reference to Emerson Electric Co. 2000 Form 10-K, File No. 1-278, Exhibit 10(l), Form of Notice of Grant of Stock Options and Option Agreement and Form of Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.1, and Form of Notice of Grant of Stock Options and Option Agreement and Form of Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.2. |
10(k)* | 2001 Stock Option Plan, incorporated by reference to Emerson Electric Co. 2002 Proxy Statement dated December 12, 2001, File No. 1-278, Appendix A, Form of Notice of Grant of Stock Options and Option Agreement and Form of Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.3 (used on or prior to September 30, 2011), Forms of Notice of Grant of Stock Options, Option Agreement and Incentive Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.1 (used after September 30, 2011), Form of Notice of Grant of Stock Options and Option Agreement and Form of Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 8-K filed October 1, 2004, Exhibit 10.4 (used on or prior to September 30, 2011), Forms of Notice of Grant of Stock Options, Option Agreement and Nonqualified Stock Option Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.2 (used after September 30, 2011). |
10(l)* | Emerson Electric Co. Description of Split Dollar Life Insurance Program Transition, incorporated by reference to Emerson Electric Co. Form 8-K filed September 2, 2005, Exhibit 10.1. |
10(m)* | Amended and Restated Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009, File No. 1-278, Exhibit 10.1, Form of Restricted Stock Award Letter under the Emerson Electric Co. Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 8-K filed February 1, 2005, Exhibit 10.2, and Form of Restricted Stock Unit Award Letter under the Emerson Electric Co. Restricted Stock Plan for Non-Management Directors, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009, File No. 1-278, Exhibit 10.1. |
10(n)* | Description of Non-Management Director Compensation, incorporated by reference to Emerson Electric Co. 2012 Form 10-K, File No. 1-278, Exhibit 10(n). |
10(o)* | Description of Named Executive Officer Compensation, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2004, Exhibit 10.1. |
10(p)* | Emerson Electric Co. 2006 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. 2006 Proxy Statement dated December 16, 2005, Appendix C, Amendment for 409A Compliance, incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(q), Forms of Performance Share Award Certificate and Acceptance of Award (used on or prior to September 30, 2009) and Restricted Share Award Agreement (used on or prior to September 30, 2011), incorporated by reference to Emerson Electric Co. 2007 Form 10-K, File No. 1-278, Exhibit 10(q), Amendment to Emerson Electric Co. 2006 Incentive Shares Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended June 30, 2008, File No. 1-278, Exhibit 10.1, Forms of Performance Share Award Certificate, Acceptance of Award and 2010 Performance Shares Program Award Summary, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2009 (used after September 30, 2009 and on or prior to September 30, 2011), File No. 1-278, Exhibit 10.2, Forms of Performance Share Award Certificate and Acceptance of Award, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.3 (used after September 30, 2011), and Form of Restricted Share Award Agreement, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended December 31, 2011, File No. 1-278, Exhibit 10.4 (used after September 30, 2011). |
10(q) | Credit Agreement dated as of April 30, 2014, incorporated by reference to Emerson Electric Co. Form 8-K filed May 2, 2014, Exhibit 10.1. |
10(r)* | 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. 2011 Proxy Statement dated December 10, 2010, File No. 1-278, Appendix B, 2011 Stock Option Plan as Amended and Restated Effective October 1, 2012, incorporated by reference to Emerson Electric Co. 2012 Form 10-K, File No. 1-278, Exhibit 10(r), Forms of Notice of Grant of Stock Options, Option Agreement and Incentive Stock Option Agreement under the 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2012, File No. 1-278, Exhibit 10.1 and Forms of Notice of Grant of Stock Options, Option Agreement and Nonqualified Stock Option Agreement under the 2011 Stock Option Plan, incorporated by reference to Emerson Electric Co. Form 10-Q for the quarter ended March 31, 2012, File No. 1-278, Exhibit 10.2. |
10(s)* | Letter Agreement effective as of February 5, 2013 by and between Emerson Electric Co. and Walter J. Galvin, incorporated by reference to Emerson Electric Co. Form 8-K filed February 8, 2013, Exhibit 10.1. |
10(t)* | Consulting Agreement made and entered into as of February 5, 2013 by and between Emerson Electric Co. and Walter J. Galvin, incorporated by reference to Emerson Electric Co. Form 8-K filed February 8, 2013, Exhibit 10.2. |
10(u)* | Letter Agreement effective as of November 11, 2013 by and between Emerson Electric Co. and Craig W. Ashmore, incorporated by reference to Emerson Electric Co. Form 8-K filed February 5, 2014, Exhibit 10.1. |
12 | Ratio of Earnings to Fixed Charges |
13 | Portions of Emerson Electric Co. Annual Report to Stockholders for the year ended September 30, 2014, incorporated by reference herein |
21 | Subsidiaries of Emerson Electric Co. |
23 | Consent of Independent Registered Public Accounting Firm |
24 | Power of Attorney |
31 | Certifications pursuant to Exchange Act Rule 13a-14(a) |
32 | Certifications pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350 |
101 | Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the years ended September 30, 2012, 2013 and 2014, (ii) Consolidated Statements of Comprehensive Income for the years ended September 30, 2012, 2013, and 2014 (iii) Consolidated Balance Sheets at September 30, 2013 and 2014, (iv) Consolidated Statements of Equity for the years ended September 30, 2012, 2013 and 2014, (v) Consolidated Statements of Cash Flows for the years ended September 30, 2012, 2013 and 2014, and (vi) Notes to Consolidated Financial Statements for the year ended September 30, 2014. |
EMERSON ELECTRIC CO. | |||
By | /s/ F. J. Dellaquila | ||
F. J. Dellaquila | |||
Executive Vice President and | |||
Chief Financial Officer | |||
November 19, 2014 |
Signature | Title | |
/s/ D. N. Farr | Chairman of the Board and Chief Executive Officer | |
D. N. Farr | ||
/s/ F. J. Dellaquila | Executive Vice President and Chief Financial Officer | |
F. J. Dellaquila | ||
/s/ R. J. Schlueter | Vice President, Controller and Chief Accounting Officer | |
R. J. Schlueter | ||
* | Director | |
C. A. H. Boersig | ||
* | Director | |
J. B. Bolten | ||
* | Director | |
A. A. Busch III | ||
* | Director | |
A. F. Golden | ||
* | Director | |
H. Green | ||
* | Director | |
W. R. Johnson | ||
* | Director | |
C. Kendle | ||
* | Director | |
M. S. Levatich | ||
* | Director | |
C. A. Peters | ||
* | Director | |
J. W. Prueher | ||
* | Director | |
R. L. Stephenson | ||
* | Director | |
J. S. Turley |
* By | /s/ | F. J. Dellaquila | |
F. J. Dellaquila | |||
Attorney-in-Fact |
Exhibit No. | Exhibit | ||
12 | Ratio of Earnings to Fixed Charges | ||
13 | Portions of Emerson Electric Co. Annual Report to Stockholders for the year ended September 30, 2014, incorporated by reference herein | ||
21 | Subsidiaries of Emerson Electric Co. | ||
23 | Consent of Independent Registered Public Accounting Firm | ||
24 | Power of Attorney | ||
31 | Certifications pursuant to Exchange Act Rule 13a – 14(a) | ||
32 | Certifications pursuant to Exchange Act Rule 13a – 14(b) and 18 U.S.C. Section 1350 | ||
101 | Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the years ended September 30, 2012, 2013 and 2014, (ii) Consolidated Statements of Comprehensive Income for the years ended September 30, 2012, 2013 and 2014, (iii) Consolidated Balance Sheets at September 30, 2013 and 2014, (iv) Consolidated Statements of Equity for the years ended September 30, 2012, 2013 and 2014, (v) Consolidated Statements of Cash Flows for the years ended September 30, 2012, 2013 and 2014, and (vi) Notes to Consolidated Financial Statements for the year ended September 30, 2014. |
Year Ended September 30, | |||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||
Earnings: | |||||||||||||||
Earnings from continuing operations before income taxes | $ | 2,879 | 3,631 | 3,115 | 3,196 | 3,348 | |||||||||
Fixed charges | 398 | 370 | 373 | 373 | 355 | ||||||||||
Earnings, as defined | $ | 3,277 | 4,001 | 3,488 | 3,569 | 3,703 | |||||||||
Fixed Charges: | |||||||||||||||
Interest Expense | $ | 280 | 246 | 241 | 234 | 218 | |||||||||
One-third of all rents | 118 | 124 | 132 | 139 | 137 | ||||||||||
Total fixed charges | $ | 398 | 370 | 373 | 373 | 355 | |||||||||
Ratio of Earnings to Fixed Charges | 8.2X | 10.8X | 9.4X | 9.6X | 10.4X |
/s/ David N. Farr | /s/ Frank J. Dellaquila | ||
David N. Farr | Frank J. Dellaquila | ||
Chairman of the Board | Executive Vice President | ||
and Chief Executive Officer | and Chief Financial Officer | ||
2012 | 2013 | 2014 | Change '12 - '13 | Change '13 - '14 | |||||||||||
Net sales | $ | 24,412 | 24,669 | 24,537 | 1 | % | (1 | )% | |||||||
Gross profit | $ | 9,768 | 9,952 | 10,158 | 2 | % | 2 | % | |||||||
Percent of sales | 40.0 | % | 40.3 | % | 41.4 | % | |||||||||
SG&A | $ | 5,436 | 5,648 | 5,715 | |||||||||||
Percent of sales | 22.3 | % | 22.9 | % | 23.3 | % | |||||||||
Goodwill impairment | $ | 592 | 528 | 508 | |||||||||||
Other deductions, net | $ | 401 | 362 | 393 | |||||||||||
Interest expense, net | $ | 224 | 218 | 194 | |||||||||||
Earnings before income taxes | $ | 3,115 | 3,196 | 3,348 | 3 | % | 5 | % | |||||||
Percent of sales | 12.8 | % | 13.0 | % | 13.6 | % | |||||||||
Net earnings common stockholders | $ | 1,968 | 2,004 | 2,147 | 2 | % | 7 | % | |||||||
Percent of sales | 8.1 | % | 8.1 | % | 8.7 | % | |||||||||
Diluted EPS – Net earnings | $ | 2.67 | 2.76 | 3.03 | 3 | % | 10 | % | |||||||
Return on common stockholders' equity | 19.0 | % | 19.2 | % | 20.7 | % | |||||||||
Return on total capital | 15.8 | % | 16.4 | % | 17.5 | % |
PROCESS MANAGEMENT | |||||||||||||||
(dollars in millions) | 2012 | 2013 | 2014 | Change '12 - '13 | Change '13 - '14 | ||||||||||
Sales | $ | 7,899 | 8,610 | 9,189 | 9 | % | 7 | % | |||||||
Earnings | $ | 1,599 | 1,809 | 1,918 | 13 | % | 6 | % | |||||||
Margin | 20.2 | % | 21.0 | % | 20.9 | % |
INDUSTRIAL AUTOMATION | |||||||||||||||
(dollars in millions) | 2012 | 2013 | 2014 | Change '12 - '13 | Change '13 - '14 | ||||||||||
Sales | $ | 5,188 | 4,885 | 4,990 | (6 | )% | 2 | % | |||||||
Earnings | $ | 871 | 777 | 802 | (11 | )% | 3 | % | |||||||
Margin | 16.8 | % | 15.9 | % | 16.1 | % |
NETWORK POWER | |||||||||||||||
(dollars in millions) | 2012 | 2013 | 2014 | Change '12 - '13 | Change '13 - '14 | ||||||||||
Sales | $ | 6,399 | 6,155 | 5,073 | (4 | )% | (18 | )% | |||||||
Earnings | $ | 624 | 554 | 459 | (11 | )% | (17 | )% | |||||||
Margin | 9.7 | % | 9.0 | % | 9.0 | % |
CLIMATE TECHNOLOGIES | |||||||||||||||
(dollars in millions) | 2012 | 2013 | 2014 | Change '12 - '13 | Change '13 - '14 | ||||||||||
Sales | $ | 3,766 | 3,876 | 4,109 | 3 | % | 6 | % | |||||||
Earnings | $ | 668 | 716 | 737 | 7 | % | 3 | % | |||||||
Margin | 17.7 | % | 18.5 | % | 17.9 | % |
COMMERCIAL & RESIDENTIAL SOLUTIONS | |||||||||||||||
(dollars in millions) | 2012 | 2013 | 2014 | Change '12 - '13 | Change '13 - '14 | ||||||||||
Sales | $ | 1,877 | 1,865 | 1,924 | (1 | )% | 3 | % | |||||||
Earnings | $ | 396 | 404 | 424 | 2 | % | 5 | % | |||||||
Margin | 21.1 | % | 21.7 | % | 22.1 | % |
CASH FLOW | |||||||||
(dollars in millions) | 2012 | 2013 | 2014 | ||||||
Operating Cash Flow | $ | 3,053 | 3,649 | 3,692 | |||||
Percent of sales | 12.5 | % | 14.8 | % | 15.0 | % | |||
Capital Expenditures | $ | 665 | 678 | 767 | |||||
Percent of sales | 2.7 | % | 2.7 | % | 3.1 | % | |||
Free Cash Flow (Operating Cash Flow less Capital Expenditures) | $ | 2,388 | 2,971 | 2,925 | |||||
Percent of sales | 9.8 | % | 12.0 | % | 11.9 | % | |||
Operating Working Capital | $ | 2,132 | 1,686 | 1,729 | |||||
Percent of sales | 8.7 | % | 6.8 | % | 7.0 | % |
LEVERAGE/CAPITALIZATION | |||||||||
(dollars in millions) | 2012 | 2013 | 2014 | ||||||
Total Assets | $ | 23,818 | 24,711 | 24,177 | |||||
Long-term Debt | $ | 3,787 | 4,055 | 3,559 | |||||
Common Stockholders' Equity | $ | 10,295 | 10,585 | 10,119 | |||||
Total Debt-to-Total Capital Ratio | 34.0 | % | 34.8 | % | 37.3 | % | |||
Net Debt-to-Net Capital Ratio | 22.1 | % | 18.3 | % | 22.1 | % | |||
Operating Cash Flow-to-Debt Ratio | 57.7 | % | 64.7 | % | 61.3 | % | |||
Interest Coverage Ratio | 13.9X | 14.6X | 16.3X |
Amounts Due By Period | |||||||||||||||
(dollars in millions) | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||
Long-term Debt (including Interest) | $ | 5,670 | 700 | 859 | 1,138 | 2,973 | |||||||||
Operating Leases | 895 | 270 | 324 | 134 | 167 | ||||||||||
Purchase Obligations | 1,107 | 996 | 86 | 20 | 5 | ||||||||||
Total | $ | 7,672 | 1,966 | 1,269 | 1,292 | 3,145 |
2012 | 2013 | 2014 | |||||||
Net sales | $ | 24,412 | 24,669 | 24,537 | |||||
Costs and expenses: | |||||||||
Cost of sales | 14,644 | 14,717 | 14,379 | ||||||
Selling, general and administrative expenses | 5,436 | 5,648 | 5,715 | ||||||
Goodwill impairment | 592 | 528 | 508 | ||||||
Other deductions, net | 401 | 362 | 393 | ||||||
Interest expense, net of interest income of: 2012, $17; 2013, $16; 2014, $24 | 224 | 218 | 194 | ||||||
Earnings before income taxes | 3,115 | 3,196 | 3,348 | ||||||
Income taxes | 1,091 | 1,130 | 1,164 | ||||||
Net earnings | 2,024 | 2,066 | 2,184 | ||||||
Less: Noncontrolling interests in earnings of subsidiaries | 56 | 62 | 37 | ||||||
Net earnings common stockholders | $ | 1,968 | 2,004 | 2,147 | |||||
Basic earnings per share common stockholders | $ | 2.68 | 2.78 | 3.05 | |||||
Diluted earnings per share common stockholders | $ | 2.67 | 2.76 | 3.03 |
2012 | 2013 | 2014 | ||||||||
Net earnings | $ | 2,024 | 2,066 | 2,184 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||
Foreign currency translation | (206 | ) | 32 | (344 | ) | |||||
Pension and postretirement | (49 | ) | 521 | (54 | ) | |||||
Cash flow hedges | 85 | (17 | ) | 1 | ||||||
Total other comprehensive income (loss) | (170 | ) | 536 | (397 | ) | |||||
Comprehensive income | 1,854 | 2,602 | 1,787 | |||||||
Less: Noncontrolling interests in comprehensive income of subsidiaries | 55 | 56 | 34 | |||||||
Comprehensive income common stockholders | $ | 1,799 | 2,546 | 1,753 |
2013 | 2014 | |||||
ASSETS | ||||||
Current assets | ||||||
Cash and equivalents | $ | 3,275 | 3,149 | |||
Receivables, less allowances of $103 in 2013 and $114 in 2014 | 4,808 | 5,019 | ||||
Inventories | 1,895 | 2,057 | ||||
Other current assets | 1,021 | 642 | ||||
Total current assets | 10,999 | 10,867 | ||||
Property, plant and equipment, net | 3,605 | 3,802 | ||||
Other assets | ||||||
Goodwill | 7,509 | 7,182 | ||||
Other intangible assets | 1,672 | 1,689 | ||||
Other | 926 | 637 | ||||
Total other assets | 10,107 | 9,508 | ||||
Total assets | $ | 24,711 | 24,177 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities | ||||||
Short-term borrowings and current maturities of long-term debt | $ | 1,587 | 2,465 | |||
Accounts payable | 2,725 | 2,951 | ||||
Accrued expenses | 3,184 | 2,876 | ||||
Income taxes | 129 | 162 | ||||
Total current liabilities | 7,625 | 8,454 | ||||
Long-term debt | 4,055 | 3,559 | ||||
Other liabilities | 2,313 | 1,997 | ||||
Equity | ||||||
Common stock, $0.50 par value; authorized, 1,200,000,000 shares; issued, 953,354,012 shares; outstanding, 706,660,259 shares in 2013; 696,605,222 shares in 2014 | 477 | 477 | ||||
Additional paid-in-capital | 352 | 161 | ||||
Retained earnings | 18,930 | 19,867 | ||||
Accumulated other comprehensive income (loss) | (189 | ) | (575 | ) | ||
19,570 | 19,930 | |||||
Less: Cost of common stock in treasury, 246,693,753 shares in 2013; 256,748,790 shares in 2014 | 8,985 | 9,811 | ||||
Common stockholders’ equity | 10,585 | 10,119 | ||||
Noncontrolling interests in subsidiaries | 133 | 48 | ||||
Total equity | 10,718 | 10,167 | ||||
Total liabilities and equity | $ | 24,711 | 24,177 | |||
See accompanying Notes to Consolidated Financial Statements. |
2012 | 2013 | 2014 | |||||||
Common stock | $ | 477 | 477 | 477 | |||||
Additional paid-in-capital | |||||||||
Beginning balance | 317 | 324 | 352 | ||||||
Stock plans | 16 | 37 | 160 | ||||||
Purchase of noncontrolling interests | (9 | ) | (9 | ) | (351 | ) | |||
Ending balance | 324 | 352 | 161 | ||||||
Retained earnings | |||||||||
Beginning balance | 17,310 | 18,107 | 18,930 | ||||||
Net earnings common stockholders | 1,968 | 2,004 | 2,147 | ||||||
Cash dividends (per share: 2012, $1.60; 2013, $1.64; 2014, $1.72) | (1,171 | ) | (1,181 | ) | (1,210 | ) | |||
Ending balance | 18,107 | 18,930 | 19,867 | ||||||
Accumulated other comprehensive income (loss) | |||||||||
Beginning balance | (562 | ) | (731 | ) | (189 | ) | |||
Foreign currency translation | (205 | ) | 38 | (333 | ) | ||||
Pension and postretirement | (49 | ) | 521 | (54 | ) | ||||
Cash flow hedges and other | 85 | (17 | ) | 1 | |||||
Ending balance | (731 | ) | (189 | ) | (575 | ) | |||
Treasury stock | |||||||||
Beginning balance | (7,143 | ) | (7,882 | ) | (8,985 | ) | |||
Purchases | (787 | ) | (1,189 | ) | (971 | ) | |||
Issued under stock plans | 48 | 86 | 145 | ||||||
Ending balance | (7,882 | ) | (8,985 | ) | (9,811 | ) | |||
Common stockholders' equity | 10,295 | 10,585 | 10,119 | ||||||
Noncontrolling interests in subsidiaries | |||||||||
Beginning balance | 152 | 147 | 133 | ||||||
Net earnings | 56 | 62 | 37 | ||||||
Other comprehensive income (loss) | (1 | ) | (6 | ) | (3 | ) | |||
Cash dividends | (56 | ) | (69 | ) | (18 | ) | |||
Purchase of noncontrolling interests | (4 | ) | (1 | ) | (101 | ) | |||
Ending balance | 147 | 133 | 48 | ||||||
Total equity | $ | 10,442 | 10,718 | 10,167 | |||||
2012 | 2013 | 2014 | |||||||
Operating activities | |||||||||
Net earnings | $ | 2,024 | 2,066 | 2,184 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 823 | 819 | 831 | ||||||
Changes in operating working capital | (340 | ) | 42 | 114 | |||||
Pension funding | (163 | ) | (160 | ) | (130 | ) | |||
Goodwill impairment, net of tax | 528 | 496 | 508 | ||||||
Other, net | 181 | 386 | 185 | ||||||
Net cash provided by operating activities | 3,053 | 3,649 | 3,692 | ||||||
Investing activities | |||||||||
Capital expenditures | (665 | ) | (678 | ) | (767 | ) | |||
Purchases of businesses, net of cash and equivalents acquired | (187 | ) | (19 | ) | (610 | ) | |||
Divestitures of businesses | 125 | 3 | 363 | ||||||
Other, net | (79 | ) | (95 | ) | (145 | ) | |||
Net cash used by investing activities | (806 | ) | (789 | ) | (1,159 | ) | |||
Financing activities | |||||||||
Net increase in short-term borrowings | 348 | 45 | 180 | ||||||
Proceeds from short-term borrowings greater than three months | — | 1,530 | 2,952 | ||||||
Payments of short-term borrowings greater than three months | — | (1,201 | ) | (2,510 | ) | ||||
Proceeds from long-term debt | 4 | 496 | 1 | ||||||
Payments of long-term debt | (262 | ) | (521 | ) | (329 | ) | |||
Dividends paid | (1,171 | ) | (1,181 | ) | (1,210 | ) | |||
Purchases of common stock | (797 | ) | (1,110 | ) | (1,048 | ) | |||
Purchase of noncontrolling interests | (14 | ) | (10 | ) | (574 | ) | |||
Other, net | (7 | ) | 19 | (21 | ) | ||||
Net cash used by financing activities | (1,899 | ) | (1,933 | ) | (2,559 | ) | |||
Effect of exchange rate changes on cash and equivalents | (33 | ) | (19 | ) | (100 | ) | |||
Increase (decrease) in cash and equivalents | 315 | 908 | (126 | ) | |||||
Beginning cash and equivalents | 2,052 | 2,367 | 3,275 | ||||||
Ending cash and equivalents | $ | 2,367 | 3,275 | 3,149 | |||||
Changes in operating working capital | |||||||||
Receivables | $ | (536 | ) | (84 | ) | (263 | ) | ||
Inventories | (49 | ) | 83 | (132 | ) | ||||
Other current assets | 19 | (32 | ) | 59 | |||||
Accounts payable | 143 | 14 | 294 | ||||||
Accrued expenses | 91 | 64 | 121 | ||||||
Income taxes | (8 | ) | (3 | ) | 35 | ||||
Total changes in operating working capital | $ | (340 | ) | 42 | 114 |
2013 | 2014 | ||||||
Finished products | $ | 678 | 741 | ||||
Raw materials and work in process | 1,217 | 1,316 | |||||
Total inventories | $ | 1,895 | 2,057 |
2013 | 2014 | ||||||
Land | $ | 278 | 275 | ||||
Buildings | 1,965 | 2,355 | |||||
Machinery and equipment | 6,440 | 6,353 | |||||
Construction in progress | 409 | 428 | |||||
Property, plant and equipment, at cost | 9,092 | 9,411 | |||||
Less: Accumulated depreciation | 5,487 | 5,609 | |||||
Property, plant and equipment, net | $ | 3,605 | 3,802 |
2012 | 2013 | 2014 | ||||||
Basic shares outstanding | 730.6 | 717.7 | 700.2 | |||||
Dilutive shares | 4.0 | 5.2 | 3.9 | |||||
Diluted shares outstanding | 734.6 | 722.9 | 704.1 |
Other deductions, net are summarized as follows: | |||||||||
2012 | 2013 | 2014 | |||||||
Amortization of intangibles (intellectual property and customer relationships) | $ | 241 | 220 | 225 | |||||
Rationalization of operations | 119 | 78 | 55 | ||||||
Other | 91 | 65 | 113 | ||||||
Gains, net | (50 | ) | (1 | ) | — | ||||
Total | $ | 401 | 362 | 393 |
2013 | Expense | Paid/Utilized | 2014 | |||||||||
Severance and benefits | $ | 27 | 27 | 34 | 20 | |||||||
Lease and other contract terminations | 3 | 3 | 5 | 1 | ||||||||
Fixed asset write-downs | — | 2 | 2 | — | ||||||||
Vacant facility and other shutdown costs | 1 | 5 | 6 | — | ||||||||
Start-up and moving costs | 1 | 18 | 18 | 1 | ||||||||
Total | $ | 32 | 55 | 65 | 22 |
2012 | Expense | Paid/Utilized | 2013 | |||||||||
Severance and benefits | $ | 23 | 45 | 41 | 27 | |||||||
Lease and other contract terminations | 5 | 3 | 5 | 3 | ||||||||
Fixed asset write-downs | — | 1 | 1 | — | ||||||||
Vacant facility and other shutdown costs | 3 | 6 | 8 | 1 | ||||||||
Start-up and moving costs | 1 | 23 | 23 | 1 | ||||||||
Total | $ | 32 | 78 | 78 | 32 |
2012 | 2013 | 2014 | |||||||
Process Management | $ | 19 | 15 | 17 | |||||
Industrial Automation | 27 | 27 | 7 | ||||||
Network Power | 53 | 25 | 15 | ||||||
Climate Technologies | 11 | 3 | 14 | ||||||
Commercial & Residential Solutions | 9 | 8 | 2 | ||||||
Total | $ | 119 | 78 | 55 |
Process Management | Industrial Automation | Network Power | Climate Technologies | Commercial & Residential Solutions | ||||||||||||||
Total | ||||||||||||||||||
Balance, September 30, 2012 | $ | 2,379 | 1,338 | 3,367 | 501 | 441 | 8,026 | |||||||||||
Acquisitions | 11 | 11 | ||||||||||||||||
Divestitures | (40 | ) | (2 | ) | (42 | ) | ||||||||||||
Impairment | (528 | ) | (528 | ) | ||||||||||||||
Foreign currency translation and other | (7 | ) | 14 | 33 | 2 | 42 | ||||||||||||
Balance, September 30, 2013 | $ | 2,383 | 1,352 | 2,832 | 503 | 439 | 7,509 | |||||||||||
Acquisitions | 356 | 22 | 378 | |||||||||||||||
Divestitures | (70 | ) | (70 | ) | ||||||||||||||
Impairment | (508 | ) | (508 | ) | ||||||||||||||
Foreign currency translation and other | (38 | ) | (23 | ) | (58 | ) | (3 | ) | (5 | ) | (127 | ) | ||||||
Balance, September 30, 2014 | $ | 2,701 | 1,329 | 2,218 | 500 | 434 | 7,182 |
Customer Relationships | Intellectual Property | Capitalized Software | Total | |||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||||||
Gross carrying amount | $ | 1,482 | 1,594 | 1,023 | 1,052 | 1,110 | 1,190 | 3,615 | 3,836 | |||||||||||||||
Less: accumulated amortization | 533 | 643 | 565 | 613 | 845 | 891 | 1,943 | 2,147 | ||||||||||||||||
Net carrying amount | $ | 949 | 951 | 458 | 439 | 265 | 299 | 1,672 | 1,689 |
Gain (Loss) to Earnings | Gain (Loss) to OCI | |||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | |||||||||||||||
Location | ||||||||||||||||||||
Commodity | Cost of sales | $ | (42 | ) | (15 | ) | (12 | ) | 43 | (22 | ) | (16 | ) | |||||||
Foreign currency | Sales, cost of sales | 8 | 24 | 10 | 58 | 4 | 15 | |||||||||||||
Foreign currency | Other deductions, net | 45 | (5 | ) | (3 | ) | ||||||||||||||
Total | $ | 11 | 4 | (5 | ) | 101 | (18 | ) | (1 | ) |
2013 | 2014 | ||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||
Foreign Currency | $ | 18 | 17 | 32 | 20 | ||||||||
Commodity | $ | 2 | 8 | 1 | 10 |
2013 | 2014 | ||||||
Current maturities of long-term debt | $ | 267 | 522 | ||||
Commercial paper | 1,304 | 1,938 | |||||
Payable to banks | 16 | 5 | |||||
Total | $ | 1,587 | 2,465 | ||||
Weighted-average interest rate for short-term borrowings at year end | 0.2% | 0.2% |
2013 | 2014 | |||||
5.625% notes due November 2013 | $ | 250 | — | |||
5.0% notes due December 2014 | 250 | 250 | ||||
4.125% notes due April 2015 | 250 | 250 | ||||
4.75% notes due October 2015 | 250 | 250 | ||||
5.125% notes due December 2016 | 250 | 250 | ||||
5.375% notes due October 2017 | 250 | 250 | ||||
5.25% notes due October 2018 | 400 | 400 | ||||
5.0% notes due April 2019 | 250 | 250 | ||||
4.875% notes due October 2019 | 500 | 500 | ||||
4.25% notes due November 2020 | 300 | 300 | ||||
2.625% notes due February 2023 | 500 | 500 | ||||
6.0% notes due August 2032 | 250 | 250 | ||||
6.125% notes due April 2039 | 250 | 250 | ||||
5.25% notes due November 2039 | 300 | 300 | ||||
Other | 72 | 81 | ||||
Long-term debt | 4,322 | 4,081 | ||||
Less: Current maturities | 267 | 522 | ||||
Total, net | $ | 4,055 | 3,559 |
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | |||||||||||||
Defined benefit plans: | ||||||||||||||||||
Service cost (benefits earned during the period) | $ | 55 | 70 | 59 | 27 | 31 | 32 | |||||||||||
Interest cost | 172 | 167 | 182 | 50 | 46 | 53 | ||||||||||||
Expected return on plan assets | (275 | ) | (280 | ) | (286 | ) | (43 | ) | (50 | ) | (58 | ) | ||||||
Net amortization and other | 168 | 226 | 153 | 19 | 18 | 18 | ||||||||||||
Net periodic pension expense | 120 | 183 | 108 | 53 | 45 | 45 | ||||||||||||
Defined contribution plans | 103 | 113 | 119 | 59 | 63 | 59 | ||||||||||||
Total retirement plans expense | $ | 223 | 296 | 227 | 112 | 108 | 104 |
U.S. Plans | Non-U.S. Plans | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Projected benefit obligation, beginning | $ | 4,203 | 3,863 | 1,143 | 1,269 | |||||||
Service cost | 70 | 59 | 31 | 32 | ||||||||
Interest cost | 167 | 182 | 46 | 53 | ||||||||
Actuarial (gain) loss | (403 | ) | 415 | 85 | 89 | |||||||
Benefits paid | (176 | ) | (188 | ) | (46 | ) | (47 | ) | ||||
Foreign currency translation and other | 2 | 5 | 10 | (66 | ) | |||||||
Projected benefit obligation, ending | $ | 3,863 | 4,336 | 1,269 | 1,330 | |||||||
Fair value of plan assets, beginning | $ | 3,719 | 4,112 | 809 | 899 | |||||||
Actual return on plan assets | 454 | 461 | 86 | 106 | ||||||||
Employer contributions | 113 | 85 | 47 | 45 | ||||||||
Benefits paid | (176 | ) | (188 | ) | (46 | ) | (47 | ) | ||||
Foreign currency translation and other | 2 | 3 | 3 | (15 | ) | |||||||
Fair value of plan assets, ending | $ | 4,112 | 4,473 | 899 | 988 | |||||||
Net amount recognized in the balance sheet | $ | 249 | 137 | (370 | ) | (342 | ) | |||||
Location of net amount recognized in the balance sheet: | ||||||||||||
Noncurrent asset | $ | 435 | 344 | 3 | 33 | |||||||
Current liability | $ | (10 | ) | (10 | ) | (10 | ) | (8 | ) | |||
Noncurrent liability | $ | (176 | ) | (197 | ) | (363 | ) | (367 | ) | |||
Net amount recognized in the balance sheet | 249 | 137 | (370 | ) | (342 | ) | ||||||
Pretax accumulated other comprehensive loss | $ | (871 | ) | (961 | ) | (343 | ) | (346 | ) |
U.S. Plans | Non-U.S. Plans | ||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||
Net pension expense | |||||||||||||||||
Discount rate | 4.75 | % | 4.00 | % | 4.75 | % | 5.2 | % | 4.1 | % | 4.2 | % | |||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 7.50 | % | 5.9 | % | 5.5 | % | 6.6 | % | |||||
Rate of compensation increase | 3.00 | % | 3.25 | % | 3.25 | % | 3.5 | % | 3.4 | % | 3.2 | % | |||||
Benefit obligations | |||||||||||||||||
Discount rate | 4.00 | % | 4.75 | % | 4.25 | % | 4.1 | % | 4.2 | % | 3.6 | % | |||||
Rate of compensation increase | 3.25 | % | 3.25 | % | 3.25 | % | 3.4 | % | 3.2 | % | 3.4 | % |
U.S. Plans | Non-U.S. Plans | ||||||||||||||
2013 | 2014 | Target | 2013 | 2014 | Target | ||||||||||
Equity securities | 66 | % | 65 | % | 60-70% | 56 | % | 55 | % | 50-60% | |||||
Debt securities | 26 | 26 | 25-35 | 30 | 32 | 25-35 | |||||||||
Other | 8 | 9 | 3-10 | 14 | 13 | 10-20 | |||||||||
Total | 100 | % | 100 | % | 100% | 100 | % | 100 | % | 100% |
Level 1 | Level 2 | Level 3 | Total | % | |||||||||||
2014 | |||||||||||||||
U.S. equities | $ | 1,097 | 535 | 184 | 1,816 | 33 | % | ||||||||
International equities | 589 | 767 | — | 1,356 | 25 | % | |||||||||
Emerging market equities | — | 279 | — | 279 | 5 | % | |||||||||
Corporate bonds | — | 594 | — | 594 | 11 | % | |||||||||
Government bonds | 2 | 720 | — | 722 | 13 | % | |||||||||
High-yield bonds | — | 181 | — | 181 | 3 | % | |||||||||
Other | 209 | 180 | 124 | 513 | 10 | % | |||||||||
Total | $ | 1,897 | 3,256 | 308 | 5,461 | 100 | % | ||||||||
2013 | |||||||||||||||
U.S. equities | $ | 1,078 | 560 | 121 | 1,759 | 35 | % | ||||||||
International equities | 563 | 632 | — | 1,195 | 24 | % | |||||||||
Emerging market equities | — | 263 | — | 263 | 5 | % | |||||||||
Corporate bonds | — | 524 | — | 524 | 10 | % | |||||||||
Government bonds | 22 | 614 | — | 636 | 13 | % | |||||||||
High-yield bonds | — | 159 | — | 159 | 3 | % | |||||||||
Other | 178 | 168 | 129 | 475 | 10 | % | |||||||||
Total | $ | 1,841 | 2,920 | 250 | 5,011 | 100 | % |
2013 | 2014 | |||||
Level 3, beginning | $ | 250 | 250 | |||
Gains (Losses) on assets held | 25 | (18 | ) | |||
Gains (Losses) on assets sold | (22 | ) | 21 | |||
Purchases, sales and settlements, net | (3 | ) | 55 | |||
Level 3, ending | $ | 250 | 308 |
2012 | 2013 | 2014 | |||||||
Service cost | $ | 2 | 2 | 1 | |||||
Interest cost | 16 | 12 | 11 | ||||||
Net amortization | (11 | ) | (13 | ) | (21 | ) | |||
Net postretirement expense | $ | 7 | 1 | (9 | ) |
2013 | 2014 | |||||
Benefit obligation, beginning | $ | 367 | 278 | |||
Service cost | 2 | 1 | ||||
Interest cost | 12 | 11 | ||||
Actuarial (gain) loss | (83 | ) | (12 | ) | ||
Benefits paid | (20 | ) | (17 | ) | ||
Plan amendments | — | (13 | ) | |||
Benefit obligation, ending (recognized in balance sheet) | $ | 278 | 248 |
2012 | 2013 | 2014 | |||||||
United States | $ | 1,742 | 1,724 | 2,096 | |||||
Non-U.S. | 1,373 | 1,472 | 1,252 | ||||||
Total pretax earnings from continuing operations | $ | 3,115 | 3,196 | 3,348 |
2012 | 2013 | 2014 | |||||||
Current: | |||||||||
Federal | $ | 750 | 704 | 742 | |||||
State and local | 61 | 60 | 59 | ||||||
Non-U.S. | 466 | 480 | 516 | ||||||
Deferred: | |||||||||
Federal | (129 | ) | (56 | ) | (129 | ) | |||
State and local | (4 | ) | 2 | (5 | ) | ||||
Non-U.S. | (53 | ) | (60 | ) | (19 | ) | |||
Income tax expense | $ | 1,091 | 1,130 | 1,164 |
2012 | 2013 | 2014 | ||||||
Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State and local taxes, net of federal tax benefit | 1.3 | 1.3 | 1.0 | |||||
Non-U.S. rate differential | (4.0 | ) | (4.8 | ) | (4.2 | ) | ||
Non-U.S. tax holidays | (1.7 | ) | (1.8 | ) | (1.1 | ) | ||
U.S. manufacturing deduction | (1.4 | ) | (1.6 | ) | (1.5 | ) | ||
Goodwill impairment | 4.6 | 4.8 | 5.3 | |||||
Artesyn repatriation | — | 2.2 | — | |||||
Other | 1.2 | 0.2 | 0.3 | |||||
Effective income tax rate | 35.0 | % | 35.3 | % | 34.8 | % |
2013 | 2014 | |||||
Unrecognized tax benefits, beginning | $ | 157 | 127 | |||
Additions for current year tax positions | 8 | 9 | ||||
Additions for prior year tax positions | 14 | 25 | ||||
Reductions for prior year tax positions | (26 | ) | (19 | ) | ||
Reductions for settlements with tax authorities | (4 | ) | (4 | ) | ||
Reductions for expiration of statutes of limitations | (22 | ) | (18 | ) | ||
Unrecognized tax benefits, ending | $ | 127 | 120 |
2013 | 2014 | |||||
Deferred tax assets: | ||||||
Net operating losses and tax credits | $ | 231 | 238 | |||
Accrued liabilities | 262 | 311 | ||||
Postretirement and postemployment benefits | 102 | 93 | ||||
Employee compensation and benefits | 256 | 196 | ||||
Pensions | — | 28 | ||||
Other | 124 | 137 | ||||
Total | $ | 975 | 1,003 | |||
Valuation allowances | $ | (131 | ) | (154 | ) | |
Deferred tax liabilities: | ||||||
Intangibles | $ | (780 | ) | (649 | ) | |
Pensions | (38 | ) | — | |||
Property, plant and equipment | (255 | ) | (258 | ) | ||
Other | (158 | ) | (98 | ) | ||
Total | $ | (1,231 | ) | (1,005 | ) | |
Net deferred income tax liability | $ | (387 | ) | (156 | ) |
Weighted- Average Exercise Price Per Share | Shares | Total Intrinsic Value of Shares | Average Remaining Life (Years) | |||||||||
Beginning of year | $ | 47.03 | 11,674 | |||||||||
Options granted | $ | 65.07 | 4,931 | |||||||||
Options exercised | $ | 41.29 | (2,420 | ) | ||||||||
Options canceled | $ | 59.09 | (277 | ) | ||||||||
End of year | $ | 54.19 | 13,908 | $ | 130 | 6.4 | ||||||
Exercisable at end of year | $ | 48.51 | 8,407 | $ | 120 | 4.7 |
(shares in thousands) | Shares | Average Grant Date Fair Value Per Share | ||||
Beginning of year | 11,231 | $ | 43.86 | |||
Granted | 246 | $ | 65.15 | |||
Earned/vested | (4,833 | ) | $ | 39.52 | ||
Canceled | (240 | ) | $ | 47.48 | ||
End of year | 6,404 | $ | 47.81 |
Activity in accumulated other comprehensive income (loss) attributable to common stockholders is shown below: | |||||||||
2012 | 2013 | 2014 | |||||||
Foreign currency translation, beginning | $ | 671 | 466 | 504 | |||||
Purchase of noncontrolling interest | — | — | 8 | ||||||
Other comprehensive income (loss) | (205 | ) | 38 | (341 | ) | ||||
Foreign currency translation, ending | 466 | 504 | 171 | ||||||
Pension and postretirement, beginning | (1,164 | ) | (1,213 | ) | (692 | ) | |||
Actuarial gains (losses) deferred during the period, | |||||||||
net of taxes of: 2012, $81; 2013, $(233); 2014, $87 | (160 | ) | 375 | (152 | ) | ||||
Amortization of deferred losses into earnings, | |||||||||
net of taxes of: 2012, $(62); 2013, $(85); 2014, $(52) | 111 | 146 | 98 | ||||||
Pension and postretirement, ending | (1,213 | ) | (692 | ) | (746 | ) | |||
Cash flow hedges, beginning | (69 | ) | 16 | (1 | ) | ||||
Gains (losses) deferred during the period, | |||||||||
net of taxes of: 2012, $(37); 2013, $7; 2014, $0 | 64 | (11 | ) | (1 | ) | ||||
Reclassification of (gains) losses to sales and cost of | |||||||||
sales, net of taxes of: 2012, $(13); 2013, $3; 2014, $0 | 21 | (6 | ) | 2 | |||||
Cash flow hedges, ending | 16 | (1 | ) | — | |||||
Accumulated other comprehensive income (loss) | $ | (731 | ) | (189 | ) | (575 | ) |
Sales | Earnings | Total Assets | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | 2012 | 2013 | 2014 | |||||||||||||||||||||
Process Management | $ | 7,899 | 8,610 | 9,189 | $ | 1,599 | 1,809 | 1,918 | $ | 6,607 | 6,878 | 7,771 | |||||||||||||||||
Industrial Automation | 5,188 | 4,885 | 4,990 | 871 | 777 | 802 | 3,619 | 3,606 | 3,574 | ||||||||||||||||||||
Network Power | 6,399 | 6,155 | 5,073 | 624 | 554 | 459 | 7,212 | 6,603 | 5,233 | ||||||||||||||||||||
Climate Technologies | 3,766 | 3,876 | 4,109 | 668 | 716 | 737 | 2,260 | 2,245 | 2,378 | ||||||||||||||||||||
Commercial & | |||||||||||||||||||||||||||||
Residential Solutions | 1,877 | 1,865 | 1,924 | 396 | 404 | 424 | 1,155 | 1,153 | 1,152 | ||||||||||||||||||||
25,129 | 25,391 | 25,285 | 4,158 | 4,260 | 4,340 | 20,853 | 20,485 | 20,108 | |||||||||||||||||||||
Differences in | |||||||||||||||||||||||||||||
accounting methods | 226 | 221 | 252 | ||||||||||||||||||||||||||
Corporate and other (a) | (1,045 | ) | (1,067 | ) | (1,050 | ) | 2,965 | 4,226 | 4,069 | ||||||||||||||||||||
Sales eliminations/Interest | (717 | ) | (722 | ) | (748 | ) | (224 | ) | (218 | ) | (194 | ) | |||||||||||||||||
Total | $ | 24,412 | 24,669 | 24,537 | $ | 3,115 | 3,196 | 3,348 | $ | 23,818 | 24,711 | 24,177 |
Intersegment Sales | Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | 2012 | 2013 | 2014 | |||||||||||||||||||||
Process Management | $ | 13 | 6 | 8 | $ | 198 | 201 | 249 | $ | 228 | 276 | 300 | |||||||||||||||||
Industrial Automation | 619 | 631 | 664 | 138 | 145 | 145 | 134 | 124 | 123 | ||||||||||||||||||||
Network Power | 38 | 39 | 27 | 256 | 238 | 198 | 101 | 88 | 68 | ||||||||||||||||||||
Climate Technologies | 45 | 44 | 47 | 133 | 130 | 132 | 106 | 100 | 145 | ||||||||||||||||||||
Commercial & | |||||||||||||||||||||||||||||
Residential Solutions | 2 | 2 | 2 | 53 | 53 | 52 | 46 | 40 | 49 | ||||||||||||||||||||
Corporate and other | 45 | 52 | 55 | 50 | 50 | 82 | |||||||||||||||||||||||
Total | $ | 717 | 722 | 748 | $ | 823 | 819 | 831 | $ | 665 | 678 | 767 |
Sales by Destination | Property, Plant and Equipment | ||||||||||||||||||
2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||
United States and Canada | $ | 10,980 | 10,964 | 11,262 | $ | 1,918 | 1,969 | 2,036 | |||||||||||
Asia | 5,790 | 5,888 | 5,483 | 592 | 518 | 602 | |||||||||||||
Europe | 4,946 | 4,841 | 4,815 | 689 | 772 | 803 | |||||||||||||
Latin America | 1,430 | 1,555 | 1,508 | 293 | 308 | 306 | |||||||||||||
Middle East/Africa | 1,266 | 1,421 | 1,469 | 17 | 38 | 55 | |||||||||||||
Total | $ | 24,412 | 24,669 | 24,537 | $ | 3,509 | 3,605 | 3,802 |
2012 | 2013 | 2014 | |||||||
Research and development expense | $ | 547 | 576 | 541 | |||||
Depreciation expense | $ | 505 | 521 | 518 | |||||
Rent expense | $ | 395 | 414 | 411 |
2013 | 2014 | |||||
Employee compensation | $ | 650 | 705 | |||
Customer advanced payments | $ | 402 | 455 | |||
Product warranty | $ | 183 | 193 |
2013 | 2014 | |||||
Pension plans | $ | 539 | 564 | |||
Deferred income taxes | 823 | 572 | ||||
Postretirement plans, excluding current portion | 263 | 233 | ||||
Other | 688 | 628 | ||||
Total | $ | 2,313 | 1,997 |
2012 | 2013 | 2014 | |||||||
Pension expense | $ | 173 | 228 | 153 | |||||
Stock compensation expense | 100 | 221 | 143 | ||||||
Deferred income taxes and other | (92 | ) | (63 | ) | (111 | ) | |||
Total | $ | 181 | 386 | 185 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | ||||||||||||||||
Net sales | $ | 5,553 | 5,606 | 5,960 | 5,812 | 6,344 | 6,312 | 6,812 | 6,807 | 24,669 | 24,537 | ||||||||||||||
Gross profit | $ | 2,207 | 2,236 | 2,373 | 2,395 | 2,568 | 2,638 | 2,804 | 2,889 | 9,952 | 10,158 | ||||||||||||||
Net earnings common stockholders | $ | 454 | 462 | 561 | 547 | 194 | 728 | 795 | 410 | 2,004 | 2,147 | ||||||||||||||
Net earnings per common share: | |||||||||||||||||||||||||
Basic | $ | 0.63 | 0.65 | 0.77 | 0.78 | 0.27 | 1.03 | 1.11 | 0.59 | 2.78 | 3.05 | ||||||||||||||
Diluted | $ | 0.62 | 0.65 | 0.77 | 0.77 | 0.27 | 1.03 | 1.10 | 0.58 | 2.76 | 3.03 | ||||||||||||||
Dividends per common share | $ | 0.41 | 0.43 | 0.41 | 0.43 | 0.41 | 0.43 | 0.41 | 0.43 | 1.64 | 1.72 | ||||||||||||||
Common stock prices: | |||||||||||||||||||||||||
High | $ | 53.62 | 70.66 | 58.67 | 70.29 | 59.44 | 69.94 | 66.79 | 68.23 | 66.79 | 70.66 | ||||||||||||||
Low | $ | 47.10 | 62.73 | 53.83 | 62.25 | 53.09 | 64.70 | 54.55 | 60.85 | 47.10 | 60.85 |
LEGAL NAME | JURISDICTION OF INCORPORATION | ||||||||
Advanced Protection Technologies, Inc. | Florida | ||||||||
Avocent Corporation | Delaware | ||||||||
Avocent Huntsville Corp. | Alabama | ||||||||
Aperture International Limited | United Kingdom | ||||||||
Avocent do Brasil Informatica Ltda | Brazil | ||||||||
Avocent Fremont Corp. | California | ||||||||
Avocent China Technology Limited | China | ||||||||
Avocent International Holdings Limited | Ireland | ||||||||
Avocent Belgium Limited BVBA/SPRL | Belgium | ||||||||
Avocent Asia Pacific Pte. Ltd. | Singapore | ||||||||
Avocent Australia Pty. Ltd. | Australia | ||||||||
Avocent (China) Limited | Hong Kong | ||||||||
Avocent Taiwan Co., Ltd. | Taiwan | ||||||||
Avocent International Limited | Ireland | ||||||||
Avocent Deutschland GmbH | Germany | ||||||||
Avocent Italia Srl | Italy | ||||||||
Avocent Japan KK | Japan | ||||||||
Avocent Netherlands B.V. | Netherlands | ||||||||
Avocent Spain S.L. | Spain | ||||||||
Avocent Sweden AB | Sweden | ||||||||
Avocent Redmond Corp. | Washington | ||||||||
Avocent Texas Corp. | Texas | ||||||||
Branson Ultrasonic S.A. | Switzerland | ||||||||
Bristol, Inc. | Delaware | ||||||||
California Emerson LLC | Delaware | ||||||||
CHC Holding LLC | Delaware | ||||||||
Chloride Power Electronics LLC | Delaware | ||||||||
U P Systems, Incorporated | Delaware | ||||||||
ClosetMaid Corporation | Florida | ||||||||
Clairson, Inc. | Delaware | ||||||||
Computational Systems, Incorporated | Tennessee | ||||||||
CSI Technology, Inc. | Delaware | ||||||||
Control Products, Inc. | Minnesota | ||||||||
Control Techniques Iberia S.A. | Spain |
Daniel Industries, Inc. | Delaware | ||||||||
Emerson Process Management Valve Automation, Inc. | Delaware | ||||||||
Bettis Canada Ltd. | Canada | ||||||||
Bettis Holdings Limited | United Kingdom | ||||||||
Bettis UK Limited | United Kingdom | ||||||||
Prime Actuator Control Systems Limited | United Kingdom | ||||||||
Prime Actuator Control Systems UK Limited | United Kingdom | ||||||||
Emerson Process Management Valve Actuation LLC | Delaware | ||||||||
Hytork Controls, Inc. | Delaware | ||||||||
Daniel Automation Company | Delaware | ||||||||
Daniel Industrial, Inc. | Delaware | ||||||||
Daniel En-Fab Systems, Inc. | Delaware | ||||||||
Daniel International Limited | United Kingdom | ||||||||
Daniel Europe Limited | United Kingdom | ||||||||
Daniel Industries Limited | United Kingdom | ||||||||
Spectra-Tek Holdings Limited | United Kingdom | ||||||||
Spectra-Tek UK Limited | United Kingdom | ||||||||
Daniel Measurement Solutions Pvt. Ltd. | India | ||||||||
Spectra-Tek International Limited | United Kingdom | ||||||||
Greenfield (UK) Limited | United Kingdom | ||||||||
Daniel Measurement and Control, Inc. | Delaware | ||||||||
Daniel Industries Canada Inc. | Canada | ||||||||
Metco Services Venezuela, C.A. | Venezuela | ||||||||
Danmasa S.A. de C.V. | Mexico | ||||||||
Hytork International Ltd. | United Kingdom | ||||||||
Hytork Controls Limited | United Kingdom | ||||||||
Hytork LLC | Delaware | ||||||||
Hytork Services Limited | United Kingdom | ||||||||
EECO, Inc. | Delaware | ||||||||
Apple JV Holding Corp. | Delaware | ||||||||
Appleton Grp LLC | Delaware | ||||||||
Appleton Electric LLC | Delaware | ||||||||
Appleton Electric, S.A. de C.V. | Mexico | ||||||||
Appleton Holding Corp. | Delaware | ||||||||
EGS Electrical Group Canada Ltd. | Ontario | ||||||||
Easy Heat Ltd. | Ontario | ||||||||
EGS Comercializadora Mexico, S. de R.L. de C.V. | Mexico | ||||||||
Nutsteel Indústria Metalúrgica Ltda | Brazil | ||||||||
Easy Heat, Inc. | Delaware | ||||||||
EGS Electrical Group Romania Srl | Romania | ||||||||
EGS Holding Sarl | France | ||||||||
ATX S.A. | France | ||||||||
Easy Heat Europe SAS | France |
EGS Mexico S. de R.L. de C.V. | Mexico | ||||||||
EGS Private Ltd. | Singapore | ||||||||
Emerson Hazardous Electrical Equipment (Shanghai) Co., Ltd. | China | ||||||||
GSEG LLC | Delaware | ||||||||
Electrical Reliability Services, Inc. | California | ||||||||
Emerson Climate Technologies, Inc. | Delaware | ||||||||
Emerson Climate Technologies Retail Solutions, Inc. | Delaware | ||||||||
Emerson Climate Services, LLC | Delaware | ||||||||
Copeland Access +, Inc. | Delaware | ||||||||
Copeland Corporation LLC | Delaware | ||||||||
Copeland de Mexico, S.A. de C.V. | Mexico | ||||||||
Emerson Climate Technologies (India) Limited | India | ||||||||
Copeland Redevelopment Corporation | Missouri | ||||||||
CR Compressors LLC | Delaware | ||||||||
Scroll Compressors LLC | Delaware | ||||||||
Scroll Mexico LLC | Delaware | ||||||||
Emerson Electric do Brasil Ltda | Brazil | ||||||||
Emerson Electric (U.S.) Holding Corporation | Delaware | ||||||||
Automatic Switch Company | Delaware | ||||||||
ASC Investments, Inc. | Delaware | ||||||||
Asco AB | Sweden | ||||||||
Asco Controls AG | Switzerland | ||||||||
Asco Controls B.V. | Netherlands | ||||||||
Asco Magnesszelep Kft. | Hungary | ||||||||
Asco/Joucomatic s.r.o. | Czech Republic | ||||||||
Asco Joucomatic ZA B.V. | Netherlands | ||||||||
Asco Numatics Sp. z.o.o. | Poland | ||||||||
ASCO/NUMATICS GmbH in Liquidation | Switzerland | ||||||||
ASCO Controls, L.P. | Delaware | ||||||||
ASCO Japan Co., Ltd. | Japan | ||||||||
Ascomatica S.A. de C.V. | Mexico | ||||||||
Ascomation Pty. Ltd. | Australia | ||||||||
Asco Joucomatic Pty. Ltd. | Australia | ||||||||
Asco Numatics Pty. Ltd. | Australia | ||||||||
Asco Valve Pty. Ltd. | Australia | ||||||||
Ascomation (NZ) Ltd. | New Zealand | ||||||||
Asco Numatics (NZ) Limited | New Zealand | ||||||||
Numatics Pty. Ltd. | Australia | ||||||||
Sirai Pty. Ltd. | Australia | ||||||||
ASCO Numatics (India) Private Limited | India | ||||||||
ASCO Power Technologies, L.P. | Delaware | ||||||||
Avtron LoadBank Worldwide Co., Ltd. | United Kingdom | ||||||||
N.J. Froment & Co. Limited | United Kingdom |
Asco Services, Inc. | New Jersey | ||||||||
ASCO Switch Enterprises LLC | Delaware | ||||||||
Ascotech, S.A. de C.V. | Mexico | ||||||||
Ascoval Industria e Commercio Ltda | Brazil | ||||||||
ASCO Valve Enterprises LLC | Delaware | ||||||||
ASCO Valve, Inc. | Delaware | ||||||||
ASCO Valve Manufacturing, LLC | Delaware | ||||||||
Branson Ultrasonics Corporation | Delaware | ||||||||
Branson Korea Co., Ltd. | Korea | ||||||||
Branson Ultrasonidos S.A.E. | Spain | ||||||||
Branson Ultrasons SAS | France | ||||||||
El-O-Matic GmbH | Germany | ||||||||
Emerson Climate Technologies GmbH | Germany | ||||||||
Emerson Climate Technologies Limited | United Kingdom | ||||||||
Emerson Climate Technologies Refrigeration S.A. | Belgium | ||||||||
Emerson Climate Technologies S.A. | Spain | ||||||||
Emerson Climate Technologies Sarl | France | ||||||||
Emerson Climate Technologies Srl | Italy | ||||||||
Emerson Deutschland Holding GmbH | Germany | ||||||||
Emerson Dietzenbach GmbH | Germany | ||||||||
Emerson Electric Overseas Finance Corp. | Delaware | ||||||||
Emerson Process Management GmbH | Germany | ||||||||
Emerson Process Management GmbH & Co. OHG | Germany | ||||||||
epro GmbH | Germany | ||||||||
Emerson Process Management Ltda | Brazil | ||||||||
Emerson Retail Services Europe GmbH | Germany | ||||||||
Emerson Technologies Verwaltungs GmbH | Germany | ||||||||
Emerson Technologies GmbH & Co. OHG | Germany | ||||||||
Emersub LXXXIV, Inc. | Delaware | ||||||||
Emersub LXXXVI, Inc. | Delaware | ||||||||
EMR Holdings (France) SAS | France | ||||||||
Asco Joucomatic S.A. | France | ||||||||
Asco Numatics GmbH | Germany | ||||||||
Fluidocontrol S.A. | Spain | ||||||||
Joucomatic S.A. | Belgium | ||||||||
Avocent France SAS | France | ||||||||
Company Financiere de Chausey, S.A. | France | ||||||||
Emerson Network Power Energy Systems, SA | France | ||||||||
Francel SAS | France | ||||||||
Leroy-Somer S.A. | France | ||||||||
Bertrand Polico SAS | France | ||||||||
Constructions Electriques de Beaucourt SAS | France | ||||||||
Emerson Industrial Automation Australia Pty Ltd | Australia |
Leroy-Somer (Pty) Ltd. | Australia | ||||||||
Emerson Industrial Automation Belgium NV | Belgium | ||||||||
ESO SAS | France | ||||||||
ESO CENTRE EST Sarl | France | ||||||||
ESO CENTRE OUEST Sarl | France | ||||||||
ESO Ile de France Sarl | France | ||||||||
ESO OUEST Sarl | France | ||||||||
ESO NORD EST Sarl | France | ||||||||
ESO NORMANDIE Sarl | France | ||||||||
ESO SUD EST Sarl | France | ||||||||
ESO SUD OUEST Sarl | France | ||||||||
Etablissements Trepeau SAS | France | ||||||||
Girard Transmissions SAS | France | ||||||||
IMI Elektromos Gepeket Gyarto Kft | Hungary | ||||||||
La Francaise de Manutention SAS | France | ||||||||
Leroy-Somer Denmark A/S | Denmark | ||||||||
Leroy Somer Elektomekanik Sistemler Ticaret Ltd. STI | Turkey | ||||||||
Leroy-Somer Iberica S.A. | Spain | ||||||||
Teilsa Servicios, S.L. | Spain | ||||||||
Leroy-Somer Limited | United Kingdom | ||||||||
Leroy Somer Marbaise GmbH | Germany | ||||||||
Leroy-Somer B.V. | Netherlands | ||||||||
Leroy-Somer Norden AB | Sweden | ||||||||
Leroy-Somer S. E. A. Pte. Ltd. | Singapore | ||||||||
Leroy-Somer SA | Switzerland | ||||||||
Leroy-Somer Single Member Ltd. | Greece | ||||||||
M.L.S. Holice, spol s.r.o. | Czech Republic | ||||||||
MLS Industries Inc. | Delaware | ||||||||
Yorba Linda International, Inc. | Delaware | ||||||||
Moteurs Leroy-Somer | France | ||||||||
Societe Anonyme de Mecanique et D’outillage du Vivarais SA | France | ||||||||
Ridgid France SAS | France | ||||||||
Marbaise Hanlo LS GmbH | Germany | ||||||||
Ridge Tool GmbH | Germany | ||||||||
Ridge Tool GmbH & Co. OHG | Germany | ||||||||
Rosemount Inc. | Minnesota | ||||||||
Control Techniques - Americas, Inc. | Delaware | ||||||||
Control Techniques - Americas LLC | Delaware | ||||||||
Fincor Holding, LLC | Delaware | ||||||||
Dieterich Standard, Inc. | Delaware | ||||||||
Emerson Process Management AB | Sweden | ||||||||
Emerson Process Management A/S (Denmark) | Denmark | ||||||||
Emerson Process Management AS | Norway |
Emerson Process Management Australia Pty Limited | Australia | ||||||||
Emerson Electric Australia Co. Pty. Ltd. | Australia | ||||||||
Emerson Process Management New Zealand Limited | New Zealand | ||||||||
Roxar Pty. Ltd. | Australia | ||||||||
Emerson Process Management Holding AG | Switzerland | ||||||||
Emerson Process Management AG | Switzerland | ||||||||
Emerson LLC | Azerbaijan | ||||||||
Emerson LLP | Kazakhstan | ||||||||
Emerson Process Management Kft. | Hungary | ||||||||
Emerson Process Management Romania Srl | Romania | ||||||||
Emerson Process Management sp. z.o.o. | Poland | ||||||||
Emerson Process Management UAB | Lithuania | ||||||||
Emerson Process Management Ticaret Limited Sirketi | Turkey | ||||||||
Emerson Process Management, s.r.o. | Czech Republic | ||||||||
Emerson Process Management, s.r.o. | Slovakia | ||||||||
Emerson TOV | Ukraine | ||||||||
Emerson Process Management Power and Water Solutions Sp. z.o.o. | Poland | ||||||||
Emerson Process Management Asia Pacific Pte. Ltd. | Singapore | ||||||||
Emerson Process Management Manufacturing (M) Sdn Bhd | Malaysia | ||||||||
Emerson Process Management Valve Automation (M) Sdn Bhd | Malaysia | ||||||||
Emerson Process Management Korea Ltd. | Korea | ||||||||
Emerson Process Management Oy | Finland | ||||||||
Emerson Process Management, S.A. de C.V. | Mexico | ||||||||
Emerson Process Management, S.L. | Spain | ||||||||
P I Components Corp. | Texas | ||||||||
Rosemount Analytical Inc. | Delaware | ||||||||
Rosemount China Inc. | Minnesota | ||||||||
Rosemount Nuclear Instruments, Inc. | Delaware | ||||||||
Rosemount Specialty Products LLC | Delaware | ||||||||
Xomox Uruguaya S.A. | Uruguay | ||||||||
Emerson Network Power Solutions, Inc. | Delaware | ||||||||
Emerson Power Transmission Corporation | Delaware | ||||||||
Emerson Chain, Inc. | Delaware | ||||||||
McGill Manufacturing Company, Inc. | Indiana | ||||||||
Rollway Bearing N.V. | Belgium | ||||||||
Liebert Corporation | Ohio | ||||||||
Alber Corp. | Florida | ||||||||
Atlas Asia Limited | Hong Kong | ||||||||
Emerson Network Power Software (Shenzhen) Co., Ltd. | China | ||||||||
Emerson Network Power Australia Pty. Ltd. | Australia | ||||||||
Atlas Air Australia Pty. Ltd. | Australia | ||||||||
Emerson Network Power DHC B.V. | Netherlands | ||||||||
Emerson Network Power do Brasil Ltda | Brazil |
Artesyn do Brasil Comercio de Produtos de Conversao de Energia Ltda | Brazil | ||||||||
Emerson Network Power (Hong Kong) Limited | Hong Kong | ||||||||
Emerson Network Power (India) Private Limited | India | ||||||||
Emerson Process Management Chennai Limited | India | ||||||||
Emerson Network Power, Liebert Services, Inc. | Delaware | ||||||||
Emerson Network Power (Singapore) Pte. Ltd. | Singapore | ||||||||
Emerson Network Power (Malaysia) Sdn Bhd | Malaysia | ||||||||
Knürr Pte. Ltd. | Singapore | ||||||||
Emerson Network Power Surge Protection, Inc. | New York | ||||||||
Emerson Network Power (Taiwan) Co., Ltd. | Taiwan | ||||||||
Emerson Network Power (Thailand) Co. Ltd. | Thailand | ||||||||
Liebert Field Services, Inc. | Delaware | ||||||||
Liebert North America, Inc. | Delaware | ||||||||
Liebert Property Holdings, L.L.C. | Delaware | ||||||||
Micro Motion, Inc. | Colorado | ||||||||
Ridge Tool Company | Ohio | ||||||||
Ridge Tool (Australia) Pty. Ltd. | Australia | ||||||||
Ridge Tool Manufacturing Company | Delaware | ||||||||
Ridge Tool Pattern Company | Delaware | ||||||||
RIDGID, Inc. | Delaware | ||||||||
Ridgid Italia Srl | Italy | ||||||||
Ridgid Online, Inc. | Ohio | ||||||||
Ridgid Werkzeuge AG | Switzerland | ||||||||
Therm-O-Disc, Incorporated | Ohio | ||||||||
Componentes Avanzados de Mexico S.A. de C.V. | Mexico | ||||||||
Controles de Temperatura S.A. de C.V. | Mexico | ||||||||
E.G.P. Corporation | Delaware | ||||||||
Emermex S.A. de C.V. | Mexico | ||||||||
Emerson Arabia, Inc. | Delaware | ||||||||
Emerson Process Management Arabia LLC | Saudi Arabia | ||||||||
Emersub 4 LLC | Delaware | ||||||||
Emerson Climate Technologies Mexico S.A. de C.V. | Mexico | ||||||||
Emerson Electric (Asia) Limited | Hong Kong | ||||||||
Branson Ultrasonics (Asia Pacific) Co. Ltd. | Hong Kong | ||||||||
Emerson Electric (South Asia) Pte. Ltd. | Singapore | ||||||||
Emerson (Philippines) Corporation | Philippines | ||||||||
Emerson Technology Service (Shenzhen) Co., Ltd. | China | ||||||||
Emerson Electric II, C.A. | Venezuela | ||||||||
Emerson Electric de Colombia Ltda | Colombia | ||||||||
Emerson Electric International, Inc. | Delaware | ||||||||
Emerson Electric Ireland Limited | Bermuda | ||||||||
Emersub Treasury Ireland | Ireland | ||||||||
Emerson Electric (Mauritius) Ltd. | Mauritius |
Emerson Electric Company (India) Private Limited | India | ||||||||
Westinghouse Electric Pvt. Limited | Mauritius | ||||||||
Emerson Process Management Power & Water Solutions India Private Limited | India | ||||||||
Emerson Electric Nederland B.V. | Netherlands | ||||||||
Aegir Norge Holding AS | Norway | ||||||||
Roxar AS | Norway | ||||||||
Emerson Process Management Nigeria Limited | Nigeria | ||||||||
IRAP Technologies Sdn Bhd | Malaysia | ||||||||
Roxar Sdn Bhd | Malaysia | ||||||||
PolyOil Limited | United Kingdom | ||||||||
Roxar do Brasil Ltda | Brazil | ||||||||
Roxar Flow Measurement AS | Norway | ||||||||
Roxar Limited | United Kingdom | ||||||||
Energy Scitech Ltd. | United Kingdom | ||||||||
Roxar Flow Measurement Limited | United Kingdom | ||||||||
Roxar Maximum Reservoir Performance WLL | Bahrain | ||||||||
Roxar de Venezuela C.A. | Venezuela | ||||||||
Roxar Saudi Company | Saudi Arabia | ||||||||
Roxar Services AS | Norway | ||||||||
Roxar Services OOO | Russia | ||||||||
Roxar Technologies AS | Norway | ||||||||
Roxar Software Solutions AS | Norway | ||||||||
Roxar Vietnam Company Ltd. | Vietnam | ||||||||
A.P.M. Automation Solutions Ltd. | Israel | ||||||||
Branson Ultrasonics B.V. | Netherlands | ||||||||
Beckman Industrial B.V. | Netherlands | ||||||||
Damcos Holding A/S | Denmark | ||||||||
Damcos A/S | Denmark | ||||||||
Emerson Process Management Marine Solutions Korea Co., Ltd. | Korea | ||||||||
Emerson Process Management Marine Systems (Shanghai) Co., Ltd. | China | ||||||||
El-O-Matic B.V. | Netherlands | ||||||||
El-O-Matic Valve Actuators (F.E.) Pte. Ltd. | Singapore | ||||||||
Emerson Process Management (South Africa) (Proprietary) Ltd. | South Africa | ||||||||
Electrische Apparatenfabriek Capax B.V. | Netherlands | ||||||||
Emerson a.s. | Slovakia | ||||||||
Emerson Electric Company Lanka (Private) Limited | Sri Lanka | ||||||||
Emerson LLC | Russia | ||||||||
Emerson Oradea S.R.L. | Romania | ||||||||
Emerson Srl | Romania | ||||||||
EMERSON CLIMATE TECHNOLOGIES, s.r.o. | Czech Republic | ||||||||
Emerson Electric spol s.r.o. | Czech Republic | ||||||||
Emerson Network Power Pakistan (Private) Limited | Pakistan | ||||||||
Emerson Network Power (Vietnam) Co., Ltd. | Vietnam |
Emerson Process Management B.V. | Netherlands | ||||||||
Emerson Process Management (Vietnam) Co., Ltd. | Vietnam | ||||||||
EMRSN HLDG B.V. | Netherlands | ||||||||
Emerson Network Power B.V. | Netherlands | ||||||||
Emerson Process Management Flow B.V. | Netherlands | ||||||||
Fusite, B.V. | Netherlands | ||||||||
ORTRUD Verwaltungsgesellschaft mbH | Germany | ||||||||
Knürr-Holding GmbH | Germany | ||||||||
Knürr GmbH | Germany | ||||||||
Knürr AG | Switzerland | ||||||||
Knürr Electronics GmbH | Germany | ||||||||
Knürr Electronics GmbH & Co. Grundbesitz OHG | Germany | ||||||||
Knürr-Ercotec GmbH & Grundstücksverwaltung KG | Germany | ||||||||
Knürr GmbH & Co. Grundbesitz OHG | Germany | ||||||||
Knürr Innovation GmbH | Germany | ||||||||
Knürr Ltd. | United Kingdom | ||||||||
Knürr Lommatec Mechanik für die Elektronik Beteiligungs und Verwaltungs GmbH | Germany | ||||||||
Knürr s.r.o. | Czech Republic | ||||||||
Knürr Technical Furniture GmbH | Germany | ||||||||
Knürr-Ercotec GmbH | Germany | ||||||||
Knürr International GmbH | Germany | ||||||||
Therm-O-Disc Europe B.V. | Netherlands | ||||||||
Emerson Electric (Taiwan) Company Limited | Taiwan | ||||||||
Emerson Finance LLC | Delaware | ||||||||
Emerson Middle East, Inc. | Delaware | ||||||||
Emerson Network Power, Energy Systems, North America, Inc. | Delaware | ||||||||
Emerson Network Power Exportel, S.A. de C.V. | Mexico | ||||||||
Emerson Network Power, Inc. | Texas | ||||||||
Emerson Sice Srl | Italy | ||||||||
Asco Numatics Sirai Srl | Italy | ||||||||
Branson Ultrasuoni Srl | Italy | ||||||||
CDZ.T Srl | Italy | ||||||||
Dixell Srl | Italy | ||||||||
Emerson Network Power Holding Srl | Italy | ||||||||
Emerson Network Power Srl | Italy | ||||||||
Emerson Network Power Italia Srl | Italy | ||||||||
Emerson Network Power Sp. z.o.o. | Poland | ||||||||
Liebert Hiross Holding GmbH | Germany | ||||||||
Emerson Network Power GmbH | Germany | ||||||||
Emerson Network Power Kft. | Hungary | ||||||||
Emerson Process Management Srl | Italy | ||||||||
System Plast Srl | Italy | ||||||||
System Plast GmbH | Germany | ||||||||
System Plast International B.V. | Netherlands |
System Plast Ltd. | United Kingdom | ||||||||
System Plast Ltda | Brazil | ||||||||
System Plast France SAS | France | ||||||||
Emerson Telecommunication Products, LLC | Delaware | ||||||||
JTP Industries, Inc. | Delaware | ||||||||
Northern Technologies, Inc. | Idaho | ||||||||
Emerson Venezuela C.A. | Venezuela | ||||||||
Emerson Ventures Inc. | Delaware | ||||||||
Emersub 3 LLC | Delaware | ||||||||
Emersub 14 LLC | Delaware | ||||||||
Vilter Manufacturing LLC | Wisconsin | ||||||||
Emersub CII, Inc. | Delaware | ||||||||
Emersub XLVI, Inc. | Nevada | ||||||||
Copesub, Inc. | Delaware | ||||||||
Alliance Compressors LLC | Delaware | ||||||||
Emersub XCI, Inc. | Delaware | ||||||||
Emersub Italia Srl | Italy | ||||||||
International Gas Distribution SA | Luxembourg | ||||||||
O.M.T. OFFICINA MECCANICA TARTARINI Srl | Italy | ||||||||
EMR Foundation, Inc. | Missouri | ||||||||
EMR Holdings, Inc. | Delaware | ||||||||
Branson de Mexico, S.A. de C.V. | Mexico | ||||||||
Copeland Compresores Hermeticos, S.A. de C.V. | Mexico | ||||||||
Copeland Korea Inc. | Korea | ||||||||
Dar Ibtikar Al Iraq for General Services and General Trade LLC | Iraq | ||||||||
Emerson Argentina S.A. | Argentina | ||||||||
Emerson Climate Technologies Australia Pty. Ltd. | Australia | ||||||||
Emerson del Peru S.A.C. | Peru | ||||||||
Válvulas, Accesorios Y Maquinarias S.A.C. | Peru | ||||||||
Emerson Dominicana, Srl | Dominican Republic | ||||||||
Emerson d.o.o. | Croatia | ||||||||
Emerson Electric (U.S.) Holding Corporation (Chile) Limitada | Chile | ||||||||
Inversiones Emerson Chile Limitada | Chile | ||||||||
Elevair S.A. | Chile | ||||||||
Instalaciones y Servicios Elevair Service S.A. | Chile | ||||||||
Emerson Electric C.R. Srl | Costa Rica | ||||||||
Emerson Electric de Mexico S.A. de C.V. | Mexico | ||||||||
Emerson Electric Holdings (Switzerland) GmbH | Switzerland | ||||||||
ALCO CONTROLS, spol. s.r.o. | Czech Republic | ||||||||
Emerson Process Management Co., Ltd. | China | ||||||||
EMR Emerson Holdings (Switzerland) GmbH | Switzerland | ||||||||
EMR (Asia) Limited | Hong Kong | ||||||||
Emerson Electric (China) Holdings Co., Ltd. | China | ||||||||
ASCO Valve (Shanghai) Co., Ltd. | China | ||||||||
Beijing Rosemount Far East Instrument Co., Ltd. | China | ||||||||
Branson Ultrasonics (Shanghai) Co., Ltd. | China |
ClosetMaid (Jiangmen) Storage Limited | China | ||||||||
Emerson Beijing Instrument Co. Ltd. | China | ||||||||
Emerson Climate Technologies (Shanghai) Co., Ltd. | China | ||||||||
Emerson Climate Technologies (Shenyang) Refrigeration Co., Ltd. | China | ||||||||
Emerson Climate Technologies - Solutions (Suzhou) Co., Ltd. | China | ||||||||
Emerson Climate Technologies (Suzhou) Co., Ltd. | China | ||||||||
Emerson Climate Technologies (Suzhou) Trading Co., Ltd. | China | ||||||||
Emerson Electric (Shenzhen) Co. Ltd. | China | ||||||||
Emerson Electric (Zhuhai) Co., Ltd. | China | ||||||||
Emerson eResource (Xi'an) Co., Ltd. | China | ||||||||
Emerson Fusite Electric (Shenzhen) Co. Ltd. | China | ||||||||
Emerson InSinkErator Appliance (Nanjing) Co., Ltd. | China | ||||||||
Emerson Junkang Enterprise (Shanghai) Co., Ltd. | China | ||||||||
Emerson Machinery Equipment (Shenzhen) Co., Ltd. | China | ||||||||
Emerson Network Power (Mianyang) Co., Ltd. | China | ||||||||
Emerson Network Power (Xi'an) Co., Ltd. | China | ||||||||
Emerson Network Power Co., Ltd. | China | ||||||||
Emerson Power Transmission (Zhangzhou) Co., Ltd. | China | ||||||||
Emerson Process Management Flow Technologies Co., Ltd. | China | ||||||||
Emerson Process Management Power & Water Solutions (Shanghai) Co., Ltd. | China | ||||||||
Emerson Process Management (Tianjin) Valves Co., Ltd. | China | ||||||||
Emerson Process Management Valve Automation (Tianjin) Co., Ltd. | China | ||||||||
Emerson Professional Tools (Shanghai) Co., Ltd. | China | ||||||||
Emerson Trading (Shanghai) Co., Ltd. | China | ||||||||
Fisher Jeon Gas Equipment (Chengdu) Co., Ltd. | China | ||||||||
Fisher Regulators (Shanghai) Co., Ltd. | China | ||||||||
Leroy Somer Electro-Technique (Fuzhou) Co., Ltd. | China | ||||||||
Emerson Network Power (Jiangmen) Co., Ltd. | China | ||||||||
Hytork Controls, Inc. | Florida | ||||||||
Emerson Electric Korea Ltd. | Korea | ||||||||
Emerson Electric (M) Sdn Bhd | Malaysia | ||||||||
Astec Electronics (Malaysia) Sdn Bhd | Malaysia | ||||||||
Astec Advanced Power Sytems (Malaysia) Sdn Bhd | Malaysia | ||||||||
Astec Advanced Power Systems (Penang) Sdn Bhd | Malaysia | ||||||||
Emerson Electric Poland Sp. z.o.o. | Poland | ||||||||
Emerson Industrial Automation Poland Sp. z.o.o. | Poland | ||||||||
Emerson Network Power (Bangladesh) Private Limited | Bangladesh | ||||||||
Emerson Network Power Limited | Nigeria | ||||||||
Emerson Network Power (Philippines), Inc. | Philippines | ||||||||
Emerson Network Power (South Africa) (Pty) Ltd | South Africa | ||||||||
Emerson Network Power (Ghana) Limited | Ghana | ||||||||
Emerson Network Power, S.A. | Spain | ||||||||
Jaure, S.A. | Spain | ||||||||
Emerson Panama S. de R.L. | Panama | ||||||||
Emerson Process Management Europe GmbH | Switzerland |
Emerson Process Management Magyarorszag Kft. | Hungary | ||||||||
Emerson Process Management NV | Belgium | ||||||||
Emerson Puerto Rico, Inc. | Puerto Rico | ||||||||
Emerson (Thailand) Limited | Thailand | ||||||||
Emersub 5 LLC | Delaware | ||||||||
Emersub Mexico, Inc. | Nevada | ||||||||
ClosetMaid Reynosa S. de R.L. de C.V. | Mexico | ||||||||
Copeland Scroll Compresores de Mexico S.A. de C.V. | Mexico | ||||||||
Daniel Measurement and Control, S. de R.L. de C.V. | Mexico | ||||||||
Emerpowsys, S. de R.L. de C.V. | Mexico | ||||||||
Emerson Electronic Connector and Components, S.A. de C.V. | Mexico | ||||||||
Emerson Mexico Corporate Services S de R.L. de C.V. | Mexico | ||||||||
Emerson Tool and Appliance Company, S. de R.L. de C.V. | Mexico | ||||||||
Emerson Tool Company de Mexico, S. de R.L. de C.V. | Mexico | ||||||||
Emersub 1 LLC | Delaware | ||||||||
Intermetro de Acuna S. de R.L. de C.V. | Mexico | ||||||||
InterMetro de Mexico, S. de R.L. de C.V. | Mexico | ||||||||
Emersub XXXVI, Inc. | Delaware | ||||||||
Digital Appliance Controls (UK) Limited | United Kingdom | ||||||||
Control Techniques Limited | United Kingdom | ||||||||
Control Techniques GmbH | Germany | ||||||||
Reta Anlagenbau GmbH | Germany | ||||||||
SSB Group GmbH | Germany | ||||||||
SSB Management GmbH | Germany | ||||||||
SSB Wind Systems GmbH & Co. KG | Germany | ||||||||
SSB Wind Energy Technology (Qingdao) Co., Ltd. | China | ||||||||
SSB-Antriebstechnik-Verwaltungs-und Beteiligungsgesellschaft mbH | Germany | ||||||||
Control Techniques Asia-Pacific Pte. Ltd. | Singapore | ||||||||
Control Techniques Drives (Malaysia) Sdn Bhd | Malaysia | ||||||||
Control Techniques Singapore Pte Limited | Singapore | ||||||||
Control Techniques Drives Limited | United Kingdom | ||||||||
Control Techniques Dynamics Limited | United Kingdom | ||||||||
Evershed Powerotor Limited | United Kingdom | ||||||||
Moore Reed & Company Limited | United Kingdom | ||||||||
Control Techniques Worldwide BV | Netherlands | ||||||||
Control Techniques AG | Switzerland | ||||||||
Control Techniques BV | Netherlands | ||||||||
Control Techniques Brno s.r.o. | Czech Republic | ||||||||
Control Techniques Endustriyel Kontrol Sistemerli Sanayi ve Ticaret AS | Turkey | ||||||||
Control Techniques India Private Limited | India | ||||||||
Control Techniques Elpro Automation Limited | India | ||||||||
DrivesShop Limited | United Kingdom | ||||||||
Emerson Industrial Automation Italy SpA | Italy |
Emerson Industrial Automation Southern Africa (Pty) Ltd | South Africa | ||||||||
Foray 600 Limited | United Kingdom | ||||||||
Foray 606 Limited | United Kingdom | ||||||||
Emerson Holding Company Limited | United Kingdom | ||||||||
Asco Joucomatic Ltd. | United Kingdom | ||||||||
Asco Power Technologies Limited | United Kingdom | ||||||||
Bristol Babcock Limited | United Kingdom | ||||||||
Computational Systems Limited | United Kingdom | ||||||||
Copeland Limited | United Kingdom | ||||||||
CSA Consulting Engineers Ltd. | United Kingdom | ||||||||
El-O-Matic Limited | United Kingdom | ||||||||
Emerson Climate Technologies Retail Solutions UK Limited | United Kingdom | ||||||||
Emerson Electric U.K. Limited | United Kingdom | ||||||||
Artesyn Communication Products UK Ltd. | Scotland | ||||||||
Artesyn Hungary Elektronikai Kft. | Hungary | ||||||||
Bray Lectroheat Limited | United Kingdom | ||||||||
Buehler Europe Limited | United Kingdom | ||||||||
Bannerscientific Limited | United Kingdom | ||||||||
Buehler UK Limited | United Kingdom | ||||||||
Metaserv Limited | United Kingdom | ||||||||
Metallurgical Services Laboratories Limited | United Kingdom | ||||||||
Emerson FZE | UAE | ||||||||
Emerson Climate Technologies FZE | UAE | ||||||||
EMRSN Process Management Morocco Sarl | Morocco | ||||||||
Emerson Network Power - Embedded Computing UK Ltd. | Scotland | ||||||||
ENPDOR2012A Limited | United Kingdom | ||||||||
Liebert Swindon Limited | United Kingdom | ||||||||
Emerson Energy Systems (UK) Limited | United Kingdom | ||||||||
Emerson Process Management Limited | United Kingdom | ||||||||
Emerson Process Management Distribution Limited | United Kingdom | ||||||||
Emerson Process Management Shared Services Limited | United Kingdom | ||||||||
EMR Barnstaple Limited | United Kingdom | ||||||||
Fisher-Rosemount Properties Limited | United Kingdom | ||||||||
Groveley Detection Limited | United Kingdom | ||||||||
METCO Services Limited | United Kingdom | ||||||||
TopWorx UK Limited | United Kingdom | ||||||||
Emerson UK Trustees Limited | United Kingdom | ||||||||
Fisher Controls Limited | United Kingdom | ||||||||
Farris Engineering Limited | United Kingdom | ||||||||
Fisher Governor Company Limited | United Kingdom | ||||||||
MDC Technology Limited | United Kingdom | ||||||||
MDC Technology Trustees Limited | United Kingdom | ||||||||
Mobrey Group Limited | United Kingdom |
Mobrey Overseas Sales Limited | United Kingdom | ||||||||
Rosemount Measurement Limited | United Kingdom | ||||||||
Pactrol Controls Limited | United Kingdom | ||||||||
EMR Worldwide B.V. | Netherlands | ||||||||
Emerson Climate Technologies - Transportation Solutions ApS | Denmark | ||||||||
Emerson DHC B.V. | Netherlands | ||||||||
Emerson Electric (Thailand) Limited | Thailand | ||||||||
Emerson Process Management Qatar S.S.C. | Qatar | ||||||||
Emersub 7 LLC | Delaware | ||||||||
Emersub 8 LLC | Delaware | ||||||||
Emersub 9 LLC | Delaware | ||||||||
Emersub 10 LLC | Delaware | ||||||||
Emersub 11 LLC | Delaware | ||||||||
Emersub 12 LLC | Delaware | ||||||||
EMR (Mauritius) Ltd. | Mauritius | ||||||||
Emerson Industrial Automation Electric Power Generation Private Limited | India | ||||||||
Emerson Electric Canada Limited | Canada | ||||||||
Emerson Holding Sweden AB | Sweden | ||||||||
Emerson Sweden AB | Sweden | ||||||||
Emerson Network Power AB | Sweden | ||||||||
Rosemount Tank Radar AB | Sweden | ||||||||
Emerson Process Management Marine Solutions Singapore Pte. Ltd. | Singapore | ||||||||
Rosemount Tank Gauging India Pvt. Ltd. | India | ||||||||
Rosemount Tank Gauging Middle East SPC | Bahrain | ||||||||
Rosemount Tank Radar Properties AB | Sweden | ||||||||
Emerson USD Finance Company Limited | United Kingdom | ||||||||
Net Safety Monitoring Inc. | Canada | ||||||||
Net Safety Monitoring Singapore Pte. Ltd. | Singapore | ||||||||
Rutherfurd Acquisitions Limited | United Kingdom | ||||||||
Chloride Group Limited | United Kingdom | ||||||||
Advanced Design Electronics Limited | United Kingdom | ||||||||
Chloride Batteries Limited | United Kingdom | ||||||||
Chloride Holdings UK Limited | United Kingdom | ||||||||
Chloride Limited | United Kingdom | ||||||||
Fleetness 174 Limited | United Kingdom | ||||||||
Chloride Nominees Limited | United Kingdom | ||||||||
Chloride Pension Trust Limited | United Kingdom | ||||||||
Chloride Power Protection Limited | Thailand | ||||||||
Chloride Power Protection Pty. Ltd. | Australia | ||||||||
Chloride Quest Trustees Limited | United Kingdom | ||||||||
Chloride Supplies Limited | United Kingdom | ||||||||
CHLD Singapore Pte. Ltd. | Singapore | ||||||||
Chloride do Brasil Limitada | Brazil |
Chloride Holdings Limited | United Kingdom | ||||||||
Chloride Srl | Italy | ||||||||
Chloride Koexa S.A. | Argentina | ||||||||
Chloride Power Protection China Ltd. | China | ||||||||
Chloride Secure Power Philippines Inc. | Philippines | ||||||||
CPE Chloride Power Electronics S.A. | Spain | ||||||||
Emerson Network Power, Limitada | Portugal | ||||||||
Emerson Network Power Guc Sistemleri Limited Sirketi | Turkey | ||||||||
Emerson Network Power Limited | Ireland | ||||||||
Emerson Network Power (Pune) Private Limited | India | ||||||||
Masterguard do Brasil Limitada | Brazil | ||||||||
Chloride U.K. Limited | United Kingdom | ||||||||
Continuous Power International Limited | United Kingdom | ||||||||
Continuous Power Limited | United Kingdom | ||||||||
Emerson Network Power Industrial Systems SAS | France | ||||||||
AST Electronique Services SAS | France | ||||||||
Emerson Network Power SAS | France | ||||||||
France Onduleurs Ondyne Sarl | France | ||||||||
Emerson Network Power Limited | United Kingdom | ||||||||
Emergency Power Systems Limited | United Kingdom | ||||||||
Oneac Limited | United Kingdom | ||||||||
Exide Limited | United Kingdom | ||||||||
Fleetness 173 Limited | United Kingdom | ||||||||
Masterpower Electronics Limited | Scotland | ||||||||
Ondyne (UK) Limited | United Kingdom | ||||||||
Stocksave Limited | United Kingdom | ||||||||
Vertu Security Limited | United Kingdom | ||||||||
Viper Security Limited | United Kingdom | ||||||||
Bardic Emergency Systems Limited | United Kingdom | ||||||||
Chloride Investments Limited | Guernsey | ||||||||
Chloride Financing Limited | United Kingdom | ||||||||
Chloride Financing UK Limited | United Kingdom | ||||||||
Emerson Process Management (India) Pvt. Ltd. | India | ||||||||
Virgo Valves & Controls Private Limited | India | ||||||||
Emerson Process Management Virgo Valves, Inc. | Delaware | ||||||||
Emerson Process Management Virgo Valves Srl | Italy | ||||||||
Shanghai Virgo Valves Technology Consulting Co., Ltd. | China | ||||||||
Vintrol, Inc. | Delaware | ||||||||
Virgo Valves & Controls (ME) FZE | UAE | ||||||||
Virgo Valves & Controls Korea Ltd. | Korea | ||||||||
Virgo Valves and Controls Sdn Bhd | Malaysia | ||||||||
Fisher-Rosemount Peru S.A.C. | Peru | ||||||||
F-R Tecnologias de Flujo, S.A. de C.V. | Mexico |
Motoreductores U.S., S.A. de C.V. | Mexico | ||||||||
NetworkPower Ecuador S.A. | Ecuador | ||||||||
PT. Emerson Indonesia | Indonesia | ||||||||
RAC Technologies (Israel) Ltd. | Israel | ||||||||
Rey-Lam, S. de R.L. de C.V. | Mexico | ||||||||
Termotec de Chihuahua, S.A. de C.V. | Mexico | ||||||||
Tranmet Holdings Limited | United Kingdom | ||||||||
Tranmet Holdings B.V. | Netherlands | ||||||||
Industrial Group Metran CJSC | Russia | ||||||||
Metran-Export CJSC | Russia | ||||||||
EPMCO Holdings, Inc. | Delaware | ||||||||
Emerson Process Management Regulator Technologies, Inc. | Delaware | ||||||||
Fromex, S.A. de C.V. | Mexico | ||||||||
Fisher Controls International LLC | Delaware | ||||||||
Emerson Process Management China Ltd. | Hong Kong | ||||||||
Fisher Controles de Mexico, S.A. de C.V. | Mexico | ||||||||
Instrument & Valve Services Company | Delaware | ||||||||
Nippon Fisher Co., Ltd. | Japan | ||||||||
Fisher-Rosemount Systems, Inc. | Delaware | ||||||||
Emerson Process Management LLLP | Delaware | ||||||||
Emerson Process Management Power & Water Solutions, Inc. | Delaware | ||||||||
Emerson Process Management SAS | France | ||||||||
Emerson Process Management, Lda | Portugal | ||||||||
EPM Tulsa Holdings Corp. | Delaware | ||||||||
Emerson Process Management Regulator Technologies Tulsa, LLC | Oklahoma | ||||||||
Fiberconn Assemblies Morocco Sarl | Morocco | ||||||||
Fusite Corporation | Ohio | ||||||||
Emerson Japan Ltd. | Japan | ||||||||
Fusite Land Company | Delaware | ||||||||
General Equipment and Manufacturing Company, Inc. | Kentucky | ||||||||
TopWorx RSA (Proprietary) Limited | South Africa | ||||||||
High Voltage Maintenance Corporation | Ohio | ||||||||
Hiross India Private Limited | India | ||||||||
Humboldt Hermetic Motor Corp. | Delaware | ||||||||
Woodstock Land Company LLC | Missouri | ||||||||
Intrinsic Safety Equipment of Texas, Inc. | Texas | ||||||||
Kato Engineering Inc. | Delaware | ||||||||
Kop-Flex, Inc. | Delaware | ||||||||
Kop-Flex Canada Limited | Canada | ||||||||
Management Resources Group, Inc. | Connecticut | ||||||||
Asset Data Solutions, LLC | Connecticut | ||||||||
MRG Solutions Canada Inc. | British Columbia | ||||||||
Metropolitan International, Inc. | Nevada |
InterMetro Industries Corporation | Nevada | ||||||||
InterMetro Industries Corporation | Delaware | ||||||||
InterMetro Industries B.V. | Netherlands | ||||||||
Metro Industries, Inc. | Nevada | ||||||||
Metropolitan Wire (Canada) Ltd. | Canada | ||||||||
Metropolitan Wire Corporation | Pennsylvania | ||||||||
Motores Hermeticos del Sur, S.A. de C.V. | Mexico | ||||||||
Numatics, Incorporated | Michigan | ||||||||
Asco Numatics (Taiwan) Co., Ltd. | Taiwan | ||||||||
ProTeam, Inc. | Idaho | ||||||||
ProTeam (China) Limited | Hong Kong | ||||||||
Ridge Tool Europe NV | Belgium | ||||||||
Ridgid Scandinavia A/S | Denmark | ||||||||
Von Arx AG | Switzerland | ||||||||
Von Arx GmbH | Germany | ||||||||
Rosemount Tank Gauging North America Inc. | Texas | ||||||||
Roxar, Inc. | Delaware | ||||||||
System Plast, LLC | North Carolina | ||||||||
SPPA LLC | Pennsylvania | ||||||||
Solus Industrial Innovations, LLC | Delaware | ||||||||
System Plast USA de Mexico, S. de R.L. de C.V. | Mexico | ||||||||
Termocontroles de Juarez, S.A. de C.V. | Mexico | ||||||||
Tescom Corporation | Minnesota | ||||||||
Tescom Europe Management GmbH | Germany | ||||||||
Tescom Europe GmbH & Co. KG | Germany | ||||||||
Thunderline Z, Inc. | Delaware | ||||||||
Transmisiones de Potencia Emerson, S.A. de C.V. | Mexico |
Signature | Title | ||
/s/ | D. N. Farr | Chairman of the Board and Chief Executive Officer | |
D. N. Farr | |||
/s/ | R. J. Schlueter | Vice President, Controller and Chief Accounting Officer | |
R. J. Schlueter | |||
/s/ | C. A. H. Boersig | Director | |
C. A. H. Boersig | |||
/s/ | J. B. Bolten | Director | |
J. B. Bolten | |||
/s/ | A. A. Busch III | Director | |
A. A. Busch III | |||
/s/ | A. F. Golden | Director | |
A. F. Golden | |||
/s/ | H. Green | Director | |
H. Green | |||
/s/ | W. R. Johnson | Director | |
W. R. Johnson | |||
/s/ | C. Kendle | Director | |
C. Kendle | |||
/s/ | M. S. Levatich | Director | |
M. S. Levatich | |||
/s/ | C. A. Peters | Director | |
C. A. Peters | |||
/s/ | J. W. Prueher | Director | |
J. W. Prueher |
/s/ | R. L. Stephenson | Director | |
R. L. Stephenson | |||
/s/ | J. S. Turley | Director | |
J. S. Turley | |||
Date: | November 19, 2014 | /s/ D. N. Farr |
D. N. Farr | ||
Chairman of the Board and | ||
Chief Executive Officer | ||
Emerson Electric Co. |
Date: | November 19, 2014 | /s/ F. J. Dellaquila |
F. J. Dellaquila | ||
Executive Vice President and | ||
Chief Financial Officer | ||
Emerson Electric Co. |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ D. N. Farr_____________ | |
D. N. Farr | |
Chairman of the Board and | |
Chief Executive Officer | |
Emerson Electric Co. | |
November 19, 2014 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ F. J. Dellaquila__________ | |
F. J. Dellaquila | |
Executive Vice President and | |
Chief Financial Officer | |
Emerson Electric Co. | |
November 19, 2014 |
Postretirement Plans (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2014
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Postretirement Benefits Expense |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliations Of Actuarial Present Value Of Accumulated Postretirement Benefit Obligations |
|
Financial Instruments (Schedule Of Fair Values Of Derivative Contracts Outstanding) (Details) (Fair Value, Level 2 [Member], USD $)
In Millions, unless otherwise specified |
Sep. 30, 2014
|
Sep. 30, 2013
|
---|---|---|
Financial Instruments [Line Items] | ||
Fair value of long-term debt | $ 4,492 | $ 4,727 |
Fair value of long-term debt compared with carrying value | 411 | 405 |
Foreign Currency [Member]
|
||
Financial Instruments [Line Items] | ||
Fair value of derivative assets | 32 | 18 |
Fair value of derivative liabilities | 20 | 17 |
Commodity [Member]
|
||
Financial Instruments [Line Items] | ||
Fair value of derivative assets | 1 | 2 |
Fair value of derivative liabilities | $ 10 | $ 8 |
Acquisitions And Divestitures (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2014
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2014
Artesyn (Embedded Computing and Power) [Member]]
|
Dec. 31, 2013
Artesyn (Embedded Computing and Power) [Member]]
|
Nov. 22, 2013
Artesyn (Embedded Computing and Power) [Member]]
|
Sep. 30, 2013
Artesyn (Embedded Computing and Power) [Member]]
|
Sep. 30, 2014
Connectivity Solutions [Member]
|
Sep. 30, 2014
Power Transmission Solutions [Member]
|
Sep. 30, 2012
Knaack [Member]
|
Sep. 30, 2014
Virgo and Enardo [Member]
|
Sep. 30, 2012
Avtron Loadbank, Marine Controls Business and other individually insignificant acquisitions [Member]
|
Sep. 30, 2014
Series of Individually Immaterial Business Acquisitions [Member]
|
Sep. 30, 2012
Series of Individually Immaterial Business Acquisitions [Member]
|
Sep. 30, 2014
Appleton Group [Member]
|
Sep. 30, 2013
Appleton Group [Member]
|
Sep. 30, 2012
Avtron Loadbank and Marine Controls Business [Member]
|
Sep. 30, 2014
Noncontrolling interests in subsidiaries [Member]
|
Sep. 30, 2013
Noncontrolling interests in subsidiaries [Member]
|
Sep. 30, 2012
Noncontrolling interests in subsidiaries [Member]
|
Sep. 30, 2014
Parent Company [Member]
|
Nov. 22, 2013
Artesyn (Embedded Computing and Power) [Member]]
|
|
Business Acquisitions and Divestitures [Line Items] | ||||||||||||||||||||||||||||||
Percentage of interest acquired | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Purchases of businesses, net of cash acquired | $ 610 | $ 19 | $ 187 | $ 506 | $ 187 | $ 104 | ||||||||||||||||||||||||
Debt assumed in acquisition | 76 | |||||||||||||||||||||||||||||
Net sales | 6,807 | 6,312 | 5,812 | 5,606 | 6,812 | 6,344 | 5,960 | 5,553 | 24,537 | 24,669 | 24,412 | 146 | 63 | 605 | 95 | 321 | 115 | 55 | 542 | |||||||||||
Net earnings | 2,184 | 2,066 | 2,024 | (9) | 3 | 7 | ||||||||||||||||||||||||
Number of businesses acquired | 4 | 2 | ||||||||||||||||||||||||||||
Goodwill | 7,182 | 7,509 | 7,182 | 7,509 | 8,026 | 223 | 323 | 94 | ||||||||||||||||||||||
Intangible assets, net (excluding goodwill) | 1,689 | 1,672 | 1,689 | 1,672 | 178 | 82 | ||||||||||||||||||||||||
Intangible assets, weighted average useful life | 12 years | 9 years | ||||||||||||||||||||||||||||
Percentage of noncontrolling interest acquired | 44.50% | |||||||||||||||||||||||||||||
Payments to acquire business | 574 | |||||||||||||||||||||||||||||
Purchases of noncontrolling interests | 101 | 1 | 4 | 343 | ||||||||||||||||||||||||||
Increase (decrease) in deferred tax asset | 130 | |||||||||||||||||||||||||||||
Percentage of controlling interest sold | 51.00% | |||||||||||||||||||||||||||||
Proceeds from divestitures of businesses | 363 | 3 | 125 | 264 | 99 | 114 | ||||||||||||||||||||||||
Fair value of equity method investment | 60 | |||||||||||||||||||||||||||||
Gain (loss) on divestiture of business | (5) | |||||||||||||||||||||||||||||
Tax benefit (detriment) from divestiture of business | 20 | 3 | ||||||||||||||||||||||||||||
Other current assets | 642 | 1,021 | 642 | 1,021 | 367 | 408 | ||||||||||||||||||||||||
Property, plant and equipment, net | 3,802 | 3,605 | 3,802 | 3,605 | 122 | |||||||||||||||||||||||||
Liabilities held-for-sale, accrued expenses | 2,876 | 3,184 | 2,876 | 3,184 | 255 | |||||||||||||||||||||||||
Pre-tax foreign cash repatriated | 376 | |||||||||||||||||||||||||||||
After-tax foreign cash repatriated | 308 | |||||||||||||||||||||||||||||
Common stock repurchased during the period | 9,811 | 8,985 | 9,811 | 8,985 | 600 | |||||||||||||||||||||||||
Earnings before income taxes | 3,348 | 3,196 | 3,115 | 87 | ||||||||||||||||||||||||||
Working capital | 155 | |||||||||||||||||||||||||||||
Other noncurrent assets, including property, plant, equipment, net and goodwill | 212 | 366 | ||||||||||||||||||||||||||||
Cash acquired from acquisition | 5 | |||||||||||||||||||||||||||||
Goodwill, expected tax deductible amount | $ 36 |
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