UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________
FORM 10-Q
_________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 31, 2015
Commission file number 1-12383
_________________________________________
Rockwell Automation, Inc.
(Exact name of registrant as specified in its charter)
_________________________________________
|
| | |
Delaware | | 25-1797617 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
|
| | |
1201 South Second Street, Milwaukee, Wisconsin | | 53204 |
(Address of principal executive offices) | | (Zip Code) |
+1 (414) 382-2000
Registrant’s telephone number, including area code
_________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
|
| | | | | | |
Large Accelerated Filer ☑ | | Accelerated Filer ☐ | | Non-accelerated Filer ☐ | | Smaller Reporting Company ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
131,423,076 shares of registrant’s Common Stock, $1.00 par value, were outstanding on December 31, 2015.
ROCKWELL AUTOMATION, INC.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
ROCKWELL AUTOMATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(in millions, except per share amounts)
|
| | | | | | | |
| December 31, 2015 | | September 30, 2015 |
ASSETS |
Current assets: | | | |
Cash and cash equivalents | $ | 1,449.2 |
| | $ | 1,427.3 |
|
Short-term investments | 770.6 |
| | 721.9 |
|
Receivables | 1,015.8 |
| | 1,041.0 |
|
Inventories | 562.2 |
| | 535.6 |
|
Other current assets | 159.4 |
| | 171.0 |
|
Total current assets | 3,957.2 |
| | 3,896.8 |
|
Property, net of accumulated depreciation of $1,324.7 and $1,299.1, respectively | 586.3 |
| | 605.6 |
|
Goodwill | 1,019.9 |
| | 1,028.8 |
|
Other intangible assets, net | 221.0 |
| | 229.5 |
|
Deferred income taxes | 496.1 |
| | 494.8 |
|
Other assets | 139.2 |
| | 149.2 |
|
Total | $ | 6,419.7 |
| | $ | 6,404.7 |
|
LIABILITIES AND SHAREOWNERS’ EQUITY | | | |
Current liabilities: | | | |
Short-term debt | $ | 161.0 |
| | $ | — |
|
Accounts payable | 469.6 |
| | 521.7 |
|
Compensation and benefits | 142.8 |
| | 225.0 |
|
Advance payments from customers and deferred revenue | 217.1 |
| | 200.8 |
|
Customer returns, rebates and incentives | 163.6 |
| | 172.2 |
|
Other current liabilities | 229.3 |
| | 208.0 |
|
Total current liabilities | 1,383.4 |
| | 1,327.7 |
|
Long-term debt | 1,492.9 |
| | 1,500.9 |
|
Retirement benefits | 1,109.9 |
| | 1,116.6 |
|
Other liabilities | 197.0 |
| | 202.7 |
|
Commitments and contingent liabilities (Note 10) |
| |
|
Shareowners’ equity: | | | |
Common stock ($1.00 par value, shares issued: 181.4) | 181.4 |
| | 181.4 |
|
Additional paid-in capital | 1,554.6 |
| | 1,552.1 |
|
Retained earnings | 5,406.7 |
| | 5,316.9 |
|
Accumulated other comprehensive loss | (1,339.0 | ) | | (1,334.6 | ) |
Common stock in treasury, at cost (shares held: December 31, 2015, 50.0; September 30, 2015, 49.0) | (3,567.2 | ) | | (3,459.0 | ) |
Total shareowners’ equity | 2,236.5 |
| | 2,256.8 |
|
Total | $ | 6,419.7 |
| | $ | 6,404.7 |
|
See Notes to Condensed Consolidated Financial Statements.
ROCKWELL AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(in millions, except per share amounts)
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Sales | | | |
Products and solutions | $ | 1,271.3 |
| | $ | 1,409.8 |
|
Services | 155.3 |
| | 164.6 |
|
| 1,426.6 |
| | 1,574.4 |
|
Cost of sales | | | |
Products and solutions | (708.6 | ) | | (776.8 | ) |
Services | (105.3 | ) | | (110.1 | ) |
| (813.9 | ) | | (886.9 | ) |
Gross profit | 612.7 |
| | 687.5 |
|
Selling, general and administrative expenses | (359.9 | ) | | (386.9 | ) |
Other income | 1.5 |
| | 1.8 |
|
Interest expense | (17.4 | ) | | (14.9 | ) |
Income before income taxes | 236.9 |
| | 287.5 |
|
Income tax provision | (51.4 | ) | | (73.3 | ) |
Net income | $ | 185.5 |
| | $ | 214.2 |
|
Earnings per share: | | | |
Basic | $ | 1.41 |
| | $ | 1.58 |
|
Diluted | $ | 1.40 |
| | $ | 1.56 |
|
Cash dividends per share | $ | 0.725 |
| | $ | 0.65 |
|
Weighted average outstanding shares: | | | |
Basic | 131.8 |
| | 135.6 |
|
Diluted | 132.6 |
| | 136.9 |
|
See Notes to Condensed Consolidated Financial Statements.
ROCKWELL AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
(in millions)
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Net income | $ | 185.5 |
| | $ | 214.2 |
|
Other comprehensive income (loss), net of tax: | | | |
Pension and other postretirement benefit plan adjustments (net of tax expense of $9.8 and $9.2) | 18.4 |
| | 17.6 |
|
Currency translation adjustments | (24.4 | ) | | (92.9 | ) |
Net change in unrealized gains and losses on cash flow hedges (net of tax expense (benefit) of $0.2 and ($1.1)) | 1.6 |
| | 7.4 |
|
Other comprehensive loss | (4.4 | ) | | (67.9 | ) |
Comprehensive income | $ | 181.1 |
| | $ | 146.3 |
|
See Notes to Condensed Consolidated Financial Statements.
ROCKWELL AUTOMATION, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in millions)
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Operating activities: | | | |
Net income | $ | 185.5 |
| | $ | 214.2 |
|
Adjustments to arrive at cash provided by operating activities: | | | |
Depreciation | 33.7 |
| | 33.9 |
|
Amortization of intangible assets | 7.6 |
| | 6.7 |
|
Share-based compensation expense | 10.8 |
| | 10.8 |
|
Retirement benefit expense | 39.2 |
| | 36.1 |
|
Pension contributions | (10.6 | ) | | (8.6 | ) |
Net loss on disposition of property | — |
| | 0.2 |
|
Excess income tax benefit from share-based compensation | (0.7 | ) | | (4.4 | ) |
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments: | | | |
Receivables | 15.1 |
| | 73.2 |
|
Inventories | (32.7 | ) | | (24.3 | ) |
Accounts payable | (19.0 | ) | | (10.4 | ) |
Advance payments from customers and deferred revenue | 18.1 |
| | 7.5 |
|
Compensation and benefits | (80.6 | ) | | (99.2 | ) |
Income taxes | 11.3 |
| | 46.9 |
|
Other assets and liabilities | 7.1 |
| | (14.4 | ) |
Cash provided by operating activities | 184.8 |
| | 268.2 |
|
| | | |
Investing activities: | | | |
Capital expenditures | (40.2 | ) | | (40.0 | ) |
Acquisition of business, net of cash acquired | — |
| | (21.2 | ) |
Purchases of short-term investments | (312.4 | ) | | (171.6 | ) |
Proceeds from maturities of short-term investments | 261.1 |
| | 175.7 |
|
Proceeds from sale of property | 0.2 |
| | 0.1 |
|
Cash used for investing activities | (91.3 | ) | | (57.0 | ) |
| | | |
Financing activities: | | | |
Net issuance of short-term debt | 161.0 |
| | 183.0 |
|
Cash dividends | (95.6 | ) | | (88.1 | ) |
Purchases of treasury stock | (127.4 | ) | | (168.4 | ) |
Proceeds from the exercise of stock options | 4.0 |
| | 4.7 |
|
Excess income tax benefit from share-based compensation | 0.7 |
| | 4.4 |
|
Cash used for financing activities | (57.3 | ) | | (64.4 | ) |
| | | |
Effect of exchange rate changes on cash | (14.3 | ) | | (46.2 | ) |
| | | |
Increase in cash and cash equivalents | 21.9 |
| | 100.6 |
|
Cash and cash equivalents at beginning of period | 1,427.3 |
| | 1,191.3 |
|
Cash and cash equivalents at end of period | $ | 1,449.2 |
| | $ | 1,291.9 |
|
See Notes to Condensed Consolidated Financial Statements.
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation and Accounting Policies
In the opinion of management of Rockwell Automation, Inc. ("Rockwell Automation" or "the Company"), the unaudited Condensed Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented and, except as otherwise indicated, such adjustments consist only of those of a normal, recurring nature. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. The results of operations for the three-month period ended December 31, 2015 are not necessarily indicative of the results for the full year. All date references to years and quarters herein refer to our fiscal year and fiscal quarter unless otherwise stated.
Receivables
Receivables are stated net of an allowance for doubtful accounts of $22.3 million at December 31, 2015 and $22.0 million at September 30, 2015. In addition, receivables are stated net of an allowance for certain customer returns, rebates and incentives of $11.4 million at December 31, 2015 and $9.2 million at September 30, 2015.
Earnings Per Share
The following table reconciles basic and diluted earnings per share (EPS) amounts (in millions, except per share amounts):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Net income | $ | 185.5 |
| | $ | 214.2 |
|
Less: Allocation to participating securities | (0.2 | ) | | (0.3 | ) |
Net income available to common shareowners | $ | 185.3 |
| | $ | 213.9 |
|
Basic weighted average outstanding shares | 131.8 |
| | 135.6 |
|
Effect of dilutive securities | | | |
Stock options | 0.8 |
| | 1.2 |
|
Performance shares | — |
| | 0.1 |
|
Diluted weighted average outstanding shares | 132.6 |
| | 136.9 |
|
Earnings per share: | | | |
Basic | $ | 1.41 |
| | $ | 1.58 |
|
Diluted | $ | 1.40 |
| | $ | 1.56 |
|
For the three months ended December 31, 2015, share-based compensation awards for 2.9 million shares were excluded from the diluted EPS calculation because they were antidilutive. For the three months ended December 31, 2014, share-based compensation awards for 1.7 million shares were excluded from the diluted EPS calculation because they were antidilutive.
Non-Cash Investing and Financing Activities
Capital expenditures of $3.4 million and $5.8 million were accrued within accounts payable and other current liabilities at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, there were $6.9 million and $3.4 million, respectively, of outstanding common stock share repurchases recorded in accounts payable that did not settle until the next fiscal quarter. These non-cash investing and financing activities have been excluded from cash used for capital expenditures and treasury stock purchases in the Condensed Consolidated Statement of Cash Flows.
Recent Accounting Pronouncements
In November 2015, the FASB issued new guidance that requires all deferred income taxes to be classified on the balance sheet as noncurrent assets or liabilities rather than separating current and noncurrent deferred income taxes based on the classification of the related assets and liabilities. This requirement is effective for us no later than October 1, 2017; however, we elected to adopt earlier as of December 31, 2015. Upon adoption of this guidance we retrospectively reclassified $151.2 million of deferred income taxes from current assets to noncurrent assets at September 30, 2015.
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
1. Basis of Presentation and Accounting Policies (continued)
In May 2014, the FASB issued a new standard on revenue recognition related to contracts with customers. This standard supersedes nearly all existing revenue recognition guidance and involves a five-step approach to recognizing revenue based on individual performance obligations in a contract. The new standard will also require additional qualitative and quantitative disclosures about contracts with customers, significant judgments made in applying the revenue guidance, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for us for reporting periods beginning October 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and related disclosures.
2. Share-Based Compensation
We recognized $10.8 million of pre-tax share-based compensation expense during each of the three-month periods ended December 31, 2015 and 2014. Our annual grant of share-based compensation takes place during the first quarter of each fiscal year. The number of shares granted to employees and non-employee directors and the weighted average fair value per share during the periods presented were (in thousands except per share amounts):
|
| | | | | | | | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
| Grants | | Wtd. Avg. Share Fair Value | | Grants | | Wtd. Avg. Share Fair Value |
Stock options | 1,122 |
| | $ | 21.20 |
| | 1,032 |
| | $ | 26.70 |
|
Performance shares | 96 |
| | 87.64 |
| | 87 |
| | 103.70 |
|
Restricted stock and restricted stock units | 56 |
| | 103.90 |
| | 47 |
| | 115.29 |
|
Unrestricted stock | 6 |
| | 100.36 |
| | 4 |
| | 109.39 |
|
3. Inventories
Inventories consist of (in millions):
|
| | | | | | | |
| December 31, 2015 | | September 30, 2015 |
Finished goods | $ | 234.5 |
| | $ | 225.7 |
|
Work in process | 177.9 |
| | 157.5 |
|
Raw materials | 149.8 |
| | 152.4 |
|
Inventories | $ | 562.2 |
| | $ | 535.6 |
|
4. Goodwill and Other Intangible Assets
Changes in the carrying amount of goodwill for the three months ended December 31, 2015 are (in millions):
|
| | | | | | | | | | | |
| Architecture & Software | | Control Products & Solutions | | Total |
Balance as of September 30, 2015 | $ | 388.0 |
| | $ | 640.8 |
| | $ | 1,028.8 |
|
Translation | (1.5 | ) | | (7.4 | ) | | (8.9 | ) |
Balance as of December 31, 2015 | $ | 386.5 |
| | $ | 633.4 |
| | $ | 1,019.9 |
|
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
4. Goodwill and Other Intangible Assets (continued)
Other intangible assets consist of (in millions): |
| | | | | | | | | | | |
| December 31, 2015 |
| Carrying Amount | | Accumulated Amortization | | Net |
Amortized intangible assets: | | | | | |
Computer software products | $ | 182.4 |
| | $ | 95.0 |
| | $ | 87.4 |
|
Customer relationships | 85.5 |
| | 50.7 |
| | 34.8 |
|
Technology | 82.8 |
| | 45.5 |
| | 37.3 |
|
Trademarks | 31.8 |
| | 16.7 |
| | 15.1 |
|
Other | 11.3 |
| | 8.6 |
| | 2.7 |
|
Total amortized intangible assets | 393.8 |
| | 216.5 |
| | 177.3 |
|
Intangible assets not subject to amortization | 43.7 |
| | — |
| | 43.7 |
|
Total | $ | 437.5 |
| | $ | 216.5 |
| | $ | 221.0 |
|
|
| | | | | | | | | | | |
| September 30, 2015 |
| Carrying Amount | | Accumulated Amortization | | Net |
Amortized intangible assets: | | | | | |
Computer software products | $ | 182.4 |
| | $ | 91.9 |
| | $ | 90.5 |
|
Customer relationships | 87.2 |
| | 50.1 |
| | 37.1 |
|
Technology | 83.4 |
| | 44.1 |
| | 39.3 |
|
Trademarks | 32.3 |
| | 16.3 |
| | 16.0 |
|
Other | 11.5 |
| | 8.6 |
| | 2.9 |
|
Total amortized intangible assets | 396.8 |
| | 211.0 |
| | 185.8 |
|
Intangible assets not subject to amortization | 43.7 |
| | — |
| | 43.7 |
|
Total | $ | 440.5 |
| | $ | 211.0 |
| | $ | 229.5 |
|
The Allen-Bradley® trademark has an indefinite life and therefore is not subject to amortization.
Estimated amortization expense is $29.1 million in 2016, $25.9 million in 2017, $19.8 million in 2018, $17.2 million in 2019 and $14.4 million in 2020.
We perform the annual evaluation of our goodwill and indefinite life intangible assets for impairment as required by accounting principles generally accepted in the United States (U.S. GAAP) during the second quarter of each year.
5. Short-term Debt
Our short-term debt obligations are primarily comprised of commercial paper borrowings. Commercial paper borrowings outstanding were $161.0 million at December 31, 2015. The weighted average interest rate of the commercial paper outstanding was 0.49 percent at December 31, 2015. There were no commercial paper borrowings outstanding at September 30, 2015.
6. Other Current Liabilities
Other current liabilities consist of (in millions): |
| | | | | | | |
| December 31, 2015 | | September 30, 2015 |
Unrealized losses on foreign exchange contracts | $ | 13.0 |
| | $ | 16.4 |
|
Product warranty obligations (Note 7) | 27.6 |
| | 27.9 |
|
Taxes other than income taxes | 40.0 |
| | 34.9 |
|
Accrued interest | 16.2 |
| | 16.9 |
|
Income taxes payable | 74.7 |
| | 50.9 |
|
Other | 57.8 |
| | 61.0 |
|
Other current liabilities | $ | 229.3 |
| | $ | 208.0 |
|
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
7. Product Warranty Obligations
We record a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Most of our products are covered under a warranty period that runs for twelve months from either the date of sale or installation. We also record a liability for specific warranty matters when they become probable and reasonably estimable.
Changes in product warranty obligations for the three months ended December 31, 2015 and 2014 are (in millions):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Balance at beginning of period | $ | 27.9 |
| | $ | 34.1 |
|
Accruals for warranties issued during the current period | 6.4 |
| | 6.9 |
|
Adjustments to pre-existing warranties | (0.5 | ) | | 0.5 |
|
Settlements of warranty claims | (6.2 | ) | | (7.9 | ) |
Balance at end of period | $ | 27.6 |
| | $ | 33.6 |
|
8. Retirement Benefits
The components of net periodic benefit cost (income) are (in millions):
|
| | | | | | | |
| Pension Benefits |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Service cost | $ | 22.1 |
| | $ | 21.7 |
|
Interest cost | 42.5 |
|
| 42.3 |
|
Expected return on plan assets | (54.7 | ) |
| (56.1 | ) |
Amortization: | | | |
Prior service credit | (0.7 | ) | | (0.7 | ) |
Net actuarial loss | 31.1 |
|
| 30.0 |
|
Net periodic benefit cost | $ | 40.3 |
| | $ | 37.2 |
|
|
| | | | | | | |
| Other Postretirement Benefits |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Service cost | $ | 0.3 |
| | $ | 0.4 |
|
Interest cost | 0.8 |
| | 1.0 |
|
Amortization: | | | |
Prior service credit | (2.8 | ) | | (3.7 | ) |
Net actuarial loss | 0.6 |
| | 1.2 |
|
Net periodic benefit income | $ | (1.1 | ) | | $ | (1.1 | ) |
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
9. Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component were (in millions):
|
| | | | | | | | | | | | | | | |
Three Months Ended December 31, 2015 | | | | | | | |
| Pension and other postretirement benefit plan adjustments, net of tax | | Accumulated currency translation adjustments, net of tax | | Net unrealized gains (losses) on cash flow hedges, net of tax | | Total accumulated other comprehensive loss, net of tax |
Balance as of September 30, 2015 | $ | (1,097.1 | ) | | $ | (252.4 | ) | | $ | 14.9 |
| | $ | (1,334.6 | ) |
Other comprehensive (loss) income before reclassifications | — |
| | (24.4 | ) | | 6.5 |
| | (17.9 | ) |
Amounts reclassified from accumulated other comprehensive loss | 18.4 |
| | — |
| | (4.9 | ) | | 13.5 |
|
Other comprehensive income (loss) | 18.4 |
| | (24.4 | ) | | 1.6 |
| | (4.4 | ) |
Balance as of December 31, 2015 | $ | (1,078.7 | ) | | $ | (276.8 | ) | | $ | 16.5 |
|
| $ | (1,339.0 | ) |
|
| | | | | | | | | | | | | | | |
Three Months Ended December 31, 2014 | | | | | | | |
| Pension and other postretirement benefit plan adjustments, net of tax | | Accumulated currency translation adjustments, net of tax | | Net unrealized gains (losses) on cash flow hedges, net of tax | | Total accumulated other comprehensive loss, net of tax |
Balance as of September 30, 2014 | $ | (909.4 | ) | | $ | (52.5 | ) | | $ | 13.9 |
| | $ | (948.0 | ) |
Other comprehensive (loss) income before reclassifications | — |
| | (92.9 | ) | | 12.2 |
| | (80.7 | ) |
Amounts reclassified from accumulated other comprehensive loss | 17.6 |
| | — |
| | (4.8 | ) | | 12.8 |
|
Other comprehensive income (loss) | 17.6 |
| | (92.9 | ) | | 7.4 |
| | (67.9 | ) |
Balance as of December 31, 2014 | $ | (891.8 | ) | | $ | (145.4 | ) | | $ | 21.3 |
|
| $ | (1,015.9 | ) |
The reclassifications out of accumulated other comprehensive loss to the Condensed Consolidated Statement of Operations were (in millions):
|
| | | | | | | | | |
| Three Months Ended December 31, | | Affected Line in the Condensed Consolidated Statement of Operations |
| 2015 | | 2014 | | |
Pension and other postretirement benefit plan adjustments: |
Amortization of prior service credit | $ | (3.5 | ) | | $ | (4.4 | ) | | (a) |
Amortization of net actuarial loss | 31.7 |
| | 31.2 |
| | (a) |
| 28.2 |
| | 26.8 |
| | Income before income taxes |
| (9.8 | ) | | (9.2 | ) | | Income tax provision |
| $ | 18.4 |
| | $ | 17.6 |
| | Net income |
| | | | | |
Net unrealized losses (gains) on cash flow hedges: |
Forward exchange contracts | $ | 2.5 |
| | $ | 1.2 |
| | Sales |
Forward exchange contracts | (8.8 | ) | | (5.8 | ) | | Cost of sales |
| (6.3 | ) | | (4.6 | ) | | Income before income taxes |
| 1.4 |
| | (0.2 | ) | | Income tax provision |
| $ | (4.9 | ) | | $ | (4.8 | ) | | Net income |
| | | | | |
Total reclassifications | $ | 13.5 |
| | $ | 12.8 |
| | Net income |
(a) Reclassified from accumulated other comprehensive loss into cost of sales and selling, general and administrative expenses. These components are included in the computation of net periodic benefit cost (income). See Note 8 for further information.
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
10. Commitments and Contingent Liabilities
Various lawsuits, claims and proceedings have been or may be instituted or asserted against us relating to the conduct of our business, including those pertaining to product liability, environmental, safety and health, intellectual property, employment and contract matters. Although the outcome of litigation cannot be predicted with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to us, we believe the disposition of matters that are pending or have been asserted will not have a material effect on our business, financial condition or results of operations.
We (including our subsidiaries) have been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos that was used in certain components of our products many years ago. Currently there are a few thousand claimants in lawsuits that name us as defendants, together with hundreds of other companies. In some cases, the claims involve products from divested businesses, and we are indemnified for most of the costs. However, we have agreed to defend and indemnify asbestos claims associated with products manufactured or sold by our former Dodge mechanical and Reliance Electric motors and motor repair services businesses prior to their divestiture by us, which occurred on January 31, 2007. We are also responsible for half of the costs and liabilities associated with asbestos cases against the former Rockwell International Corporation’s divested measurement and flow control business. But in all cases, for those claimants who do show that they worked with our products or products of divested businesses for which we are responsible, we nevertheless believe we have meritorious defenses, in substantial part due to the integrity of the products, the encapsulated nature of any asbestos-containing components, and the lack of any impairing medical condition on the part of many claimants. We defend those cases vigorously. Historically, we have been dismissed from the vast majority of these claims with no payment to claimants.
We have maintained insurance coverage that we believe covers indemnity and defense costs, over and above self-insured retentions, for claims arising from our former Allen-Bradley subsidiary. Our insurance carrier entered into a cost share agreement with us to pay the substantial majority of future defense and indemnity costs for Allen-Bradley asbestos claims. We believe that this arrangement will continue to provide coverage for Allen-Bradley asbestos claims throughout the remaining life of the asbestos liability.
The uncertainties of asbestos claim litigation make it difficult to predict accurately the ultimate outcome of asbestos claims. That uncertainty is increased by the possibility of adverse rulings or new legislation affecting asbestos claim litigation or the settlement process. Subject to these uncertainties and based on our experience defending asbestos claims, we do not believe these lawsuits will have a material effect on our financial condition or results of operations.
We have, from time to time, divested certain of our businesses. In connection with these divestitures, certain lawsuits, claims and proceedings may be instituted or asserted against us related to the period that we owned the businesses, either because we agreed to retain certain liabilities related to these periods or because such liabilities fall upon us by operation of law. In some instances, the divested business has assumed the liabilities; however, it is possible that we might be responsible to satisfy those liabilities if the divested business is unable to do so.
In connection with the spin-offs of our former automotive business, semiconductor systems business and Rockwell Collins avionics and communications business, the spun-off companies have agreed to indemnify us for substantially all contingent liabilities related to the respective businesses, including environmental and intellectual property matters.
In conjunction with the sale of our Dodge mechanical and Reliance Electric motors and motor repair services businesses, we agreed to indemnify Baldor Electric Company for costs and damages related to certain legal, legacy environmental and asbestos matters of these businesses arising before January 31, 2007, for which the maximum exposure would be capped at the amount received for the sale.
In many countries we provide a limited intellectual property indemnity as part of our terms and conditions of sale. We also at times provide limited intellectual property indemnities in other contracts with third parties, such as contracts concerning the development and manufacture of our products. As of December 31, 2015, we were not aware of any material indemnification claims that were probable or reasonably possible of an unfavorable outcome. Historically, claims that have been made under the indemnification agreements have not had a material impact on our operating results, financial position or cash flows; however, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period.
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
11. Income Taxes
At the end of each interim period, we estimate a base effective tax rate that we expect for the full fiscal year based on our most recent forecast of pre-tax income, permanent book and tax differences and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual or extraordinary items and items that are reported net of their related tax effects. We record the tax effect of significant unusual or extraordinary items and items that are reported net of their tax effects in the period in which they occur.
The effective tax rate was 21.7 percent and 25.5 percent in the three months ended December 31, 2015 and 2014, respectively. The effective tax rate was lower than the U.S. statutory rate of 35 percent in each period primarily because we benefited from lower non-U.S. tax rates. In the first quarter of fiscal 2016 we also realized an incremental benefit from the retroactive and permanent extension of the U.S. federal research and development tax credit.
The amount of gross unrecognized tax benefits was $44.3 million and $43.9 million at December 31, 2015 and September 30, 2015, respectively, of which the entire amount would reduce our effective tax rate if recognized.
Accrued interest and penalties related to unrecognized tax benefits were $5.3 million and $5.1 million at December 31, 2015 and September 30, 2015, respectively. We recognize interest and penalties related to unrecognized tax benefits in the income tax provision.
If the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, would be $27.1 million as of December 31, 2015.
There was no material change in the amount of unrecognized tax benefits in the three months ended December 31, 2015. We believe it is reasonably possible that the amount of gross unrecognized tax benefits could be reduced by up to $31.8 million in the next 12 months as a result of the resolution of tax matters in various global jurisdictions and the lapses of statutes of limitations. If all of the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, could be up to $15.2 million.
We conduct business globally and are routinely audited by the various tax jurisdictions in which we operate. We are no longer subject to U.S. federal income tax examinations for years before 2012 and are no longer subject to state, local and foreign income tax examinations for years before 2003.
ROCKWELL AUTOMATION, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
12. Business Segment Information
The following tables reflect the sales and operating results of our reportable segments (in millions):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Sales | | | |
Architecture & Software | $ | 642.9 |
| | $ | 707.8 |
|
Control Products & Solutions | 783.7 |
| | 866.6 |
|
Total | $ | 1,426.6 |
| | $ | 1,574.4 |
|
Segment operating earnings | | | |
Architecture & Software | $ | 176.2 |
| | $ | 221.4 |
|
Control Products & Solutions | 119.7 |
| | 125.4 |
|
Total | 295.9 |
| | 346.8 |
|
Purchase accounting depreciation and amortization | (4.7 | ) | | (5.4 | ) |
General corporate – net | (18.0 | ) | | (22.8 | ) |
Non-operating pension costs | (18.9 | ) | | (16.2 | ) |
Interest expense | (17.4 | ) | | (14.9 | ) |
Income before income taxes | $ | 236.9 |
| | $ | 287.5 |
|
Among other considerations, we evaluate performance and allocate resources based upon segment operating earnings before income taxes, interest expense, costs related to corporate offices, non-operating pension costs, certain nonrecurring corporate initiatives, gains and losses from the disposition of businesses and purchase accounting depreciation and amortization. Depending on the product, intersegment sales within a single legal entity are either at cost or cost plus a mark-up, which does not necessarily represent a market price. Sales between legal entities are at an appropriate transfer price. We allocate costs related to shared segment operating activities to the segments using a methodology consistent with the expected benefit.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareowners of
Rockwell Automation, Inc.
Milwaukee, Wisconsin
We have reviewed the accompanying condensed consolidated balance sheet of Rockwell Automation, Inc. and subsidiaries (the “Company”) as of December 31, 2015, and the related condensed consolidated statements of operations, comprehensive income and cash flows for the three-month periods ended December 31, 2015 and 2014. These condensed consolidated interim financial statements are the responsibility of the Company’s management.
We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should be made to such condensed consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Rockwell Automation, Inc. and subsidiaries as of September 30, 2015, and the related consolidated statements of operations, comprehensive income, cash flows, and shareowners’ equity for the year then ended (not presented herein); and in our report dated November 17, 2015, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of September 30, 2015 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
/s/ DELOITTE & TOUCHE LLP
Milwaukee, Wisconsin
February 3, 2016
ROCKWELL AUTOMATION, INC.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations
Forward-Looking Statements
This Quarterly Report contains statements (including certain projections and business trends) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Words such as “believe”, “estimate”, “project”, “plan”, “expect”, “anticipate”, “will”, “intend” and other similar expressions may identify forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties, many of which are beyond our control, including but not limited to:
| |
• | macroeconomic factors, including global and regional business conditions, the availability and cost of capital, commodity prices, the cyclical nature of our customers’ capital spending, sovereign debt concerns and currency exchange rates; |
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• | laws, regulations and governmental policies affecting our activities in the countries where we do business; |
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• | the successful development of advanced technologies and demand for and market acceptance of new and existing products; |
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• | the availability, effectiveness and security of our information technology systems; |
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• | competitive products, solutions and services and pricing pressures, and our ability to provide high quality products, solutions and services; |
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• | a disruption of our business due to natural disasters, pandemics, acts of war, strikes, terrorism, social unrest or other causes; |
| |
• | our ability to manage and mitigate the risk related to security vulnerabilities and breaches of our products, solutions and services; |
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• | intellectual property infringement claims by others and the ability to protect our intellectual property; |
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• | the uncertainty of claims by taxing authorities in the various jurisdictions where we do business; |
| |
• | our ability to attract and retain qualified personnel; |
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• | our ability to manage costs related to employee retirement and health care benefits; |
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• | the uncertainties of litigation, including liabilities related to the safety and security of the products, solutions and services we sell; |
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• | our ability to manage and mitigate the risks associated with our solutions and services businesses; |
| |
• | a disruption of our distribution channels; |
| |
• | the availability and price of components and materials; |
| |
• | the successful integration and management of acquired businesses; |
| |
• | the successful execution of our cost productivity and globalization initiatives; and |
| |
• | other risks and uncertainties, including but not limited to those detailed from time to time in our Securities and Exchange Commission (SEC) filings. |
These forward-looking statements reflect our beliefs as of the date of filing this report. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. See Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015 for more information.
Non-GAAP Measures
The following discussion includes organic sales, total segment operating earnings and margin, Adjusted Income, Adjusted EPS, Adjusted Effective Tax Rate and free cash flow, which are non-GAAP measures. See Supplemental Sales Information for a reconciliation of reported sales to organic sales and a discussion of why we believe this non-GAAP measure is useful to investors. See Results of Operations for a reconciliation of income before income taxes to total segment operating earnings and margin and a discussion of why we believe these non-GAAP measures are useful to investors. See Results of Operations for a reconciliation of income from continuing operations, diluted EPS from continuing operations and effective tax rate to Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate and a discussion of why we believe these non-GAAP measures are useful to investors. See Financial Condition for a reconciliation of cash flows from operating activities to free cash flow and a discussion of why we believe this non-GAAP measure is useful to investors.
ROCKWELL AUTOMATION, INC.
Overview
We are a leading global provider of industrial automation power, control and information solutions that help manufacturers achieve competitive advantages for their businesses. Overall demand for our products, services and solutions is driven by:
| |
• | investments in manufacturing, including upgrades, modifications and expansions of existing facilities or production lines and new facilities or production lines; |
| |
• | investments in basic materials production capacity, which may be related to commodity pricing levels; |
| |
• | our customers’ needs for faster time to market, lower total cost of ownership, improved asset utilization and optimization, and enterprise risk management; |
| |
• | industry factors that include our customers’ new product introductions, demand for our customers’ products or services, and the regulatory and competitive environments in which our customers operate; |
| |
• | levels of global industrial production and capacity utilization; |
| |
• | regional factors that include local political, social, regulatory and economic circumstances; and |
| |
• | the spending patterns of our customers due to their annual budgeting processes and their working schedules. |
Long-term Strategy
Our vision of being the most valued global provider of innovative industrial automation and information products, solutions and services is supported by our growth and performance strategy, which seeks to:
| |
• | achieve growth rates in excess of the automation market by expanding our served market and strengthening our competitive differentiation; |
| |
• | diversify our sales streams by broadening our portfolio of products, solutions and services, expanding our global presence and serving a wider range of industries and applications; |
| |
• | grow market share by gaining new customers and by capturing a larger share of existing customers’ spending; |
| |
• | enhance our market access by building our channel capability and partner network; |
| |
• | acquire businesses that serve as catalysts to organic growth by adding complementary technology, expanding our served market, enhancing our domain expertise or continuing our geographic diversification; |
| |
• | deploy human and financial resources to strengthen our technology leadership and our intellectual capital business model; |
| |
• | continuously improve quality and customer experience; and |
| |
• | drive annual cost productivity. |
By implementing the strategy above, we seek to achieve our long-term financial goals that include above-market organic sales growth, EPS growth above sales growth, return on invested capital in excess of 20 percent and free cash flow equal to about 100 percent of Adjusted Income.
ROCKWELL AUTOMATION, INC.
U. S. Industrial Economic Trends
In the first quarter of 2016, sales in the U.S. accounted for 55 percent of our total sales. The various indicators we use to gauge the direction and momentum of our served U.S. markets include:
| |
• | The Industrial Production (IP) Index, published by the Federal Reserve, which measures the real output of manufacturing, mining and electric and gas utilities. The IP Index is expressed as a percentage of real output in a base year, currently 2012. Historically there has been a meaningful correlation between the changes in the IP Index and the level of automation investment made by our U.S. customers in their manufacturing base. |
| |
• | The Manufacturing Purchasing Managers’ Index (PMI), published by the Institute for Supply Management (ISM), which indicates the current and near-term state of manufacturing activity in the U.S. According to the ISM, a PMI measure above 50 indicates that the U.S. manufacturing economy is generally expanding while a measure below 50 indicates that it is generally contracting. |
| |
• | Industrial Equipment Spending, compiled by the Bureau of Economic Analysis, which provides insight into spending trends in the broad U.S. industrial economy. This measure over the longer term has proven to demonstrate a reasonable correlation with our domestic growth. |
| |
• | Capacity Utilization (Total Industry), published by the Federal Reserve, which measures plant operating activity. Historically there has been a meaningful correlation between Capacity Utilization and levels of U.S. IP. |
The table below depicts the trends in these indicators since the quarter ended September 2014. In the first quarter of fiscal 2016, most U.S. economic indicators declined compared with the prior quarter, indicating continued softening in the manufacturing sector. Third-party IP growth projections are negative for fiscal 2016, and a stronger U.S. dollar continues to affect U.S.-based producers and equipment builders across industries.
|
| | | | | | | | | | | |
| IP Index | | PMI | | Industrial Equipment Spending (in billions) | | Capacity Utilization (percent) |
Fiscal 2016 quarter ended: | | | | | | | |
December 2015 | 106.6 |
| | 48.0 |
| | 238.0 |
| | 77.0 |
|
Fiscal 2015 quarter ended: | | | | | | | |
September 2015 | 107.5 |
| | 50.0 |
| | 234.1 |
| | 77.9 |
|
June 2015 | 106.8 |
| | 53.1 |
| | 236.2 |
| | 77.7 |
|
March 2015 | 107.4 |
| | 52.3 |
| | 224.9 |
| | 78.4 |
|
December 2014 | 107.5 |
| | 54.9 |
| | 226.1 |
| | 78.8 |
|
Fiscal 2014 quarter ended: | | | | | | | |
September 2014 | 106.3 |
| | 55.8 |
| | 229.2 |
| | 78.3 |
|
Note: Economic indicators are subject to revisions by the issuing organizations.
Non-U.S. Economic Trends
In the first quarter of 2016, sales outside the U.S. accounted for 45 percent of our total sales. These customers include both indigenous companies and multinational companies with expanding global presence. In addition to the global factors previously mentioned in the "Overview" section, international demand, particularly in emerging markets, has historically been driven by the strength of the industrial economy in each region, investments in infrastructure and expanding consumer markets. We use changes in the respective countries' gross domestic product and IP as indicators of the growth opportunities in each region where we do business.
Third-party IP growth projections outside the U.S. for 2016 have been lowered in all regions. Europe continues to grow at a moderate pace, supported by low oil prices, monetary stimulus and a weak euro. In Asia Pacific, China's manufacturing economy has softened further, mainly due to overcapacity and a lack of capital investment, and India’s growth has been impacted by weakening domestic demand. In Latin America, the economic outlook remains mixed with both Brazil and Venezuela in a deep recession while Mexico continues to grow. Canada’s economy continues to be impacted by low commodity prices, and IP is expected to decline further in 2016. Despite current weakness in many emerging countries, we still expect the automation market to grow at a higher rate in these countries over the long term.
ROCKWELL AUTOMATION, INC.
Summary of Results of Operations
Sales in the first quarter of 2016 decreased 9.4 percent compared to the first quarter of 2015. Organic sales decreased 3.3 percent year over year, and currency translation reduced sales by 6.1 percentage points. The majority of industries experienced declines in the quarter, with the largest declines in heavy industries, particularly oil and gas.
The following is a summary of our results related to key growth initiatives:
| |
• | Logix sales decreased approximately 12 percent year over year in the first quarter of 2016. Logix organic sales decreased approximately 6 percent, with growth in Latin America and EMEA more than offset by declines in the remaining regions. |
| |
• | Process initiative sales decreased approximately 20 percent year over year in the first quarter of 2016. Excluding the impact of currency translation, process initiative sales decreased approximately 14 percent. |
| |
• | Sales in emerging markets decreased 10.9 percent year over year in the first quarter of 2016. Organic sales in emerging countries increased 3.1 percent year over year. Currency translation reduced sales in emerging countries by 14.0 percentage points. |
ROCKWELL AUTOMATION, INC.
The following table reflects our sales and operating results for the three months ended December 31, 2015 and 2014 (in millions, except per share amounts and percentages):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Sales | | | |
Architecture & Software | $ | 642.9 |
| | $ | 707.8 |
|
Control Products & Solutions | 783.7 |
| | 866.6 |
|
Total sales (a) | $ | 1,426.6 |
| | $ | 1,574.4 |
|
Segment operating earnings(1) | | | |
Architecture & Software | $ | 176.2 |
| | $ | 221.4 |
|
Control Products & Solutions | 119.7 |
| | 125.4 |
|
Total segment operating earnings(2) (b) | 295.9 |
| | 346.8 |
|
Purchase accounting depreciation and amortization | (4.7 | ) | | (5.4 | ) |
General corporate — net | (18.0 | ) | | (22.8 | ) |
Non-operating pension costs | (18.9 | ) | | (16.2 | ) |
Interest expense | (17.4 | ) | | (14.9 | ) |
Income before income taxes (c) | 236.9 |
| | 287.5 |
|
Income tax provision | (51.4 | ) | | (73.3 | ) |
Net income | $ | 185.5 |
| | $ | 214.2 |
|
| | | |
Diluted EPS | $ | 1.40 |
| | $ | 1.56 |
|
| | | |
Adjusted EPS(3) | $ | 1.49 |
| | $ | 1.64 |
|
| | | |
Diluted weighted average outstanding shares | 132.6 |
| | 136.9 |
|
| | | |
Total segment operating margin(2) (b/a) | 20.7 | % | | 22.0 | % |
| | | |
Pre-tax margin (c/a) | 16.6 | % | | 18.3 | % |
| |
(1) | See Note 12 in the Condensed Consolidated Financial Statements for the definition of segment operating earnings. |
| |
(2) | Total segment operating earnings and total segment operating margin are non-GAAP financial measures. We exclude purchase accounting depreciation and amortization, general corporate – net, non-operating pension costs, interest expense and income tax provision because we do not consider these costs to be directly related to the operating performance of our segments. We believe that these measures are useful to investors as measures of operating performance. We use these measures to monitor and evaluate the profitability of our operating segments. Our measures of total segment operating earnings and total segment operating margin may be different from measures used by other companies. |
| |
(3) | Adjusted EPS is a non-GAAP earnings measure that excludes the non-operating pension costs and their related income tax effects. See Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate Reconciliation for more information on this non-GAAP measure. |
ROCKWELL AUTOMATION, INC.
Purchase accounting depreciation and amortization and non-operating pension costs are not allocated to our operating segments because these costs are excluded from our measurement of each segment's operating performance for internal purposes. If we were to allocate these costs, we would attribute them to each of our segments as follows (in millions):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Purchase accounting depreciation and amortization | | | |
Architecture & Software | $ | 0.9 |
| | $ | 1.1 |
|
Control Products & Solutions | 3.5 |
| | 4.1 |
|
Non-operating pension costs | | | |
Architecture & Software | 6.7 |
| | 5.8 |
|
Control Products & Solutions | 10.5 |
| | 9.1 |
|
The increases in non-operating pension costs in both segments for the three months ended December 31, 2015 compared to the same period last year were primarily due to our adoption of the new mortality table (RP-2014) and mortality improvement scale (MP-2014) used to measure net periodic pension cost for our U.S. pension plans.
ROCKWELL AUTOMATION, INC.
Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate Reconciliation
Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate are non-GAAP earnings measures that exclude non-operating pension costs and their related income tax effects. Non-operating pension costs include defined benefit plan interest cost, expected return on plan assets, amortization of actuarial gains and losses and the impact of any plan curtailments or settlements. These components of net periodic pension cost primarily relate to changes in pension assets and liabilities that are a result of market performance; we consider these costs to be unrelated to the operating performance of our business. We believe that Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate provide useful information to our investors about our operating performance and allow management and investors to compare our operating performance period over period. Our measures of Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate may be different from measures used by other companies. These non-GAAP measures should not be considered a substitute for income from continuing operations, diluted EPS and effective tax rate.
The following are the components of operating and non-operating pension costs for the three months ended December 31, 2015 and 2014 (in millions):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Service cost | $ | 22.1 |
| | $ | 21.7 |
|
Amortization of prior service credit | (0.7 | ) | | (0.7 | ) |
Operating pension costs | 21.4 |
| | 21.0 |
|
| | | |
Interest cost | 42.5 |
| | 42.3 |
|
Expected return on plan assets | (54.7 | ) | | (56.1 | ) |
Amortization of net actuarial loss | 31.1 |
| | 30.0 |
|
Non-operating pension costs | 18.9 |
| | 16.2 |
|
| | | |
Net periodic pension cost | $ | 40.3 |
| | $ | 37.2 |
|
The following are reconciliations of income from continuing operations, diluted EPS from continuing operations and effective tax rate to Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate, respectively, for the three months ended December 31, 2015 and 2014 (in millions, except per share amounts and percentages):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 |
| 2014 |
Income from continuing operations | $ | 185.5 |
| | $ | 214.2 |
|
Non-operating pension costs | 18.9 |
| | 16.2 |
|
Tax effect of non-operating pension costs | (6.8 | ) | | (5.6 | ) |
Adjusted Income | $ | 197.6 |
| | $ | 224.8 |
|
| | | |
Diluted EPS from continuing operations | $ | 1.40 |
| | $ | 1.56 |
|
Non-operating pension costs per diluted share | 0.14 |
| | 0.12 |
|
Tax effect of non-operating pension costs per diluted share | (0.05 | ) | | (0.04 | ) |
Adjusted EPS | $ | 1.49 |
| | $ | 1.64 |
|
| | | |
Effective tax rate | 21.7 | % | | 25.5 | % |
Tax effect of non-operating pension costs | 1.1 | % | | 0.5 | % |
Adjusted Effective Tax Rate | 22.8 | % | | 26.0 | % |
ROCKWELL AUTOMATION, INC.
Three Months Ended December 31, 2015 Compared to Three Months Ended December 31, 2014
|
| | | | | | | | | | | |
| Three Months Ended December 31, |
(in millions, except per share amounts) | 2015 | | 2014 | | Change |
Sales | $ | 1,426.6 |
| | $ | 1,574.4 |
| | $ | (147.8 | ) |
Income before income taxes | 236.9 |
| | 287.5 |
| | (50.6 | ) |
Diluted EPS | 1.40 |
| | 1.56 |
| | (0.16 | ) |
Adjusted EPS | 1.49 |
| | 1.64 |
| | (0.15 | ) |
Sales
Sales decreased 9.4 percent in the three months ended December 31, 2015 compared to the three months ended December 31, 2014. Organic sales decreased 3.3 percent in the three months ended December 31, 2015 compared to the three months ended December 31, 2014, and currency translation reduced sales by 6.1 percentage points.
Pricing contributed about 1 percentage point to sales growth in the three months ended December 31, 2015.
The table below presents our sales, attributed to the geographic regions based upon country of destination, for the three months ended December 31, 2015 and the percentage change from the same period a year ago (in millions, except percentages):
|
| | | | | | | | | |
| | | Change vs. | | Change in Organic Sales(1) vs. |
| Three Months Ended December 31, 2015 | | Three Months Ended December 31, 2014 | | Three Months Ended December 31, 2014 |
United States | $ | 787.3 |
| | (5.9 | )% | | (5.9 | )% |
Canada | 78.7 |
| | (21.3 | )% | | (7.9 | )% |
Europe, Middle East and Africa (EMEA) | 274.2 |
| | (7.6 | )% | | 5.8 | % |
Asia Pacific | 173.0 |
| | (16.5 | )% | | (10.8 | )% |
Latin America | 113.4 |
| | (15.1 | )% | | 7.6 | % |
Total sales | $ | 1,426.6 |
| | (9.4 | )% | | (3.3 | )% |
(1) Organic sales are sales excluding the effect of changes in currency exchange rates and acquisitions. See Supplemental Sales Information for information on this non-GAAP measure.
| |
• | Sales in the United States decreased in the three months ended December 31, 2015, with weakness across most industries, particularly oil and gas. |
| |
• | Canada sales declined in the three months ended December 31, 2015 compared to the same period last year due to the unfavorable impact of foreign currency translation as well as declines in heavy industries, particularly mining and oil and gas. |
| |
• | EMEA sales decreased year over year in the three months ended December 31, 2015 due to the unfavorable impact of currency translation. Organic sales increased in the quarter, primarily driven by strength in emerging countries. |
| |
• | Asia Pacific sales decreased in the three months ended December 31, 2015 compared to the same period last year due to declines in most countries across the region, including China, as well as the unfavorable impact of currency translation. |
| |
• | Latin America sales were down in the three months ended December 31, 2015 due to the unfavorable impact of currency translation. Organic sales growth in the quarter was led by Mexico. |
General Corporate - Net
General corporate - net expenses were $18.0 million in the three months ended December 31, 2015 compared to $22.8 million in the three months ended December 31, 2014.
ROCKWELL AUTOMATION, INC.
Three Months Ended December 31, 2015 Compared to Three Months Ended December 31, 2014
Income before Income Taxes
Income before income taxes decreased 18 percent year over year in the three months ended December 31, 2015, primarily due to a decrease in segment operating earnings. Total segment operating earnings decreased 15 percent year over year in the three months ended December 31, 2015, primarily due to unfavorable currency effects and lower organic sales.
Income Taxes
The effective tax rate for the three months ended December 31, 2015 was 21.7 percent compared to 25.5 percent for the three months ended December 31, 2014. Our Adjusted Effective Tax Rate for the three months ended December 31, 2015 was 22.8 percent compared to 26.0 percent in the three months ended December 31, 2014. The decreases in the effective tax rate and the Adjusted Effective Tax Rate were primarily due to an incremental benefit from the retroactive and permanent extension of the U.S. federal research and development tax credit during the first quarter of fiscal 2016.
Architecture & Software
|
| | | | | | | | | | | | |
| Three Months Ended December 31, | |
(in millions, except percentages) | 2015 | | 2014 | | Change | |
Sales | $ | 642.9 |
| | $ | 707.8 |
| | $ | (64.9 | ) | |
Segment operating earnings | 176.2 |
| | 221.4 |
| | (45.2 | ) | |
Segment operating margin | 27.4 | % | | 31.3 | % | | (3.9 | ) | pts |
Sales
Architecture & Software sales decreased 9.2 percent in the three months ended December 31, 2015 compared to the three months ended December 31, 2014. Architecture & Software organic sales decreased 2.7 percent year over year in the three months ended December 31, 2015, and currency translation reduced sales by 6.5 percentage points.
All regions experienced declines in reported sales for the segment, with a significant unfavorable impact from currency translation in all non-U.S. regions. Excluding the impact of currency translation, Latin America was the strongest performing region for the segment, and sales also grew year over year in EMEA and Canada.
Logix sales decreased approximately 12 percent in the three months ended December 31, 2015. Logix organic sales decreased approximately 6 percent year over year in the three months ended December 31, 2015, and currency translation reduced Logix sales by 6 percentage points.
Operating Margin
Architecture & Software segment operating earnings decreased 20 percent year over year in the three months ended December 31, 2015. Segment operating margin decreased to 27.4 percent in the three months ended December 31, 2015 from 31.3 percent a year ago, primarily due to lower organic sales and unfavorable currency effects.
ROCKWELL AUTOMATION, INC.
Three Months Ended December 31, 2015 Compared to Three Months Ended December 31, 2014
Control Products & Solutions
|
| | | | | | | | | | | | |
| Three Months Ended December 31, | |
(in millions, except percentages) | 2015 | | 2014 | | Change | |
Sales | $ | 783.7 |
| | $ | 866.6 |
| | $ | (82.9 | ) | |
Segment operating earnings | 119.7 |
| | 125.4 |
| | (5.7 | ) | |
Segment operating margin | 15.3 | % | | 14.5 | % | | 0.8 |
| pts |
Sales
Control Products & Solutions sales decreased 9.6 percent year over year in the three months ended December 31, 2015. Organic sales decreased 3.8 percent year over year in the three months ended December 31, 2015, and currency translation reduced sales by 5.8 percentage points.
All regions experienced declines in reported sales for the segment, with a significant unfavorable impact from currency translation in all non-U.S. regions. Excluding the impact of currency translation, EMEA and Latin America were the strongest performing regions for the segment.
Sales in our solutions and services businesses decreased 12 percent in the three months ended December 31, 2015 compared to the three months ended December 31, 2014. Organic sales in our solutions and services businesses decreased 6 percent year over year in the three months ended December 31, 2015, and currency translation reduced sales by 6 percentage points.
Product sales decreased 7 percent in the three months ended December 31, 2015 compared to the three months ended December 31, 2014. Product organic sales decreased 1 percent year over year in the three months ended December 31, 2015, and currency translation reduced sales by 6 percentage points.
Operating Margin
Control Products & Solutions segment operating earnings decreased 5 percent year over year in the three months ended December 31, 2015. Segment operating margin increased to 15.3 percent in the three months ended December 31, 2015 from 14.5 percent a year ago despite lower sales, primarily due to productivity.
ROCKWELL AUTOMATION, INC.
Financial Condition
The following is a summary of our cash flows from operating, investing and financing activities, as reflected in the Condensed Consolidated Statement of Cash Flows (in millions):
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Cash provided by (used for): | | | |
Operating activities | $ | 184.8 |
| | $ | 268.2 |
|
Investing activities | (91.3 | ) | | (57.0 | ) |
Financing activities | (57.3 | ) | | (64.4 | ) |
Effect of exchange rate changes on cash | (14.3 | ) | | (46.2 | ) |
Cash provided by continuing operations | $ | 21.9 |
| | $ | 100.6 |
|
The following table summarizes free cash flow (in millions), which is a non-GAAP financial measure:
|
| | | | | | | |
| Three Months Ended December 31, |
| 2015 | | 2014 |
Cash provided by continuing operating activities | $ | 184.8 |
| | $ | 268.2 |
|
Capital expenditures | (40.2 | ) | | (40.0 | ) |
Excess income tax benefit from share-based compensation | 0.7 |
| | 4.4 |
|
Free cash flow | $ | 145.3 |
| | $ | 232.6 |
|
Our definition of free cash flow takes into consideration capital investments required to maintain our businesses' operations and execute our strategy. Cash provided by continuing operating activities adds back non-cash depreciation expense to earnings but does not reflect a charge for necessary capital expenditures. Our definition of free cash flow excludes the operating cash flows and capital expenditures related to our discontinued operations. Operating, investing and financing cash flows of our discontinued operations are presented separately in our statement of cash flows. U.S. GAAP requires the excess income tax benefit from share-based compensation to be reported as a financing cash flow rather than as an operating cash flow. We have added this benefit back to our calculation of free cash flow in order to generally classify cash flows arising from income taxes as operating cash flows. In our opinion, free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow as one measure to monitor and evaluate performance. Our definition of free cash flow may differ from definitions used by other companies.
Cash provided by operating activities was $184.8 million for the three months ended December 31, 2015 compared to $268.2 million for the three months ended December 31, 2014. Free cash flow was $145.3 million for the three months ended December 31, 2015 compared to $232.6 million for the three months ended December 31, 2014. The decrease in cash flow provided by operating activities and free cash flow in the three months ended December 31, 2015 compared to the three months ended December 31, 2014 was primarily due to lower net income and an increase in working capital in the first quarter of 2016 compared to a decrease in the first quarter of 2015.
We repurchased approximately 1.2 million shares of our common stock under our share repurchase program in the first quarter of 2016. The total cost of these shares was $121.8 million, of which $6.9 million was recorded in accounts payable at December 31, 2015 related to 66,000 shares that did not settle until January 2016. We also paid $12.5 million in the first quarter of 2016 for unsettled share repurchases outstanding at September 30, 2015. We repurchased approximately 1.55 million shares of our common stock in the first three months of 2015. The total cost of these shares was $167.3 million, of which $3.4 million was recorded in accounts payable at December 31, 2014 related to 30,000 shares that did not settle until January 2015. Our decision to repurchase additional shares in the remainder of 2016 will depend on business conditions, free cash flow generation, other cash requirements and stock price. At December 31, 2015, we had approximately $323.4 million remaining for share repurchases under the $1.0 billion share repurchase authorization approved by the Board of Directors in 2014. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for additional information regarding share repurchases.
ROCKWELL AUTOMATION, INC.
Financial Condition (continued)
Given our extensive international operations, significant amounts of our cash, cash equivalents and short-term investments (funds) are held by non-U.S. subsidiaries where our undistributed earnings are permanently reinvested. Generally, these funds would be subject to U.S. tax if repatriated. As of December 31, 2015, approximately 90 percent of our funds were held in these non-U.S. subsidiaries. The percentage of these non-U.S. funds can vary from quarter to quarter with an average of approximately 90 percent over the past eight quarters. We have not encountered and do not expect to encounter any difficulty meeting the liquidity requirements of our domestic and international operations.
In addition to cash generated by operating activities, we have access to existing financing sources, including the public debt markets and unsecured credit facilities with various banks. Our short-term debt obligations are primarily comprised of commercial paper borrowings. Commercial paper borrowings outstanding were $161.0 million at December 31, 2015, with a weighted average interest rate of 0.49 percent and weighted average maturity period of 15 days. There were no commercial paper borrowings outstanding at September 30, 2015. Our debt-to-total-capital ratio was 42.5 percent at December 31, 2015 and 39.9 percent at September 30, 2015.
At December 31, 2015 and September 30, 2015, our total current borrowing capacity under our unsecured revolving credit facility expiring in March 2020 was $1.0 billion. We can increase the aggregate amount of this credit facility by up to $350.0 million, subject to the consent of the banks in the credit facility. We have not borrowed against this credit facility during the three months ended December 31, 2015. Borrowings under this credit facility bear interest based on short-term money market rates in effect during the period the borrowings are outstanding. The terms of this credit facility contain covenants under which we would be in default if our debt-to-total-capital ratio was to exceed 60 percent. Separate short-term unsecured credit facilities of approximately $119.6 million at December 31, 2015 were available to non-U.S. subsidiaries. Borrowings under our non-U.S. credit facilities at December 31, 2015 and 2014 were not significant. We were in compliance with all covenants under our credit facilities at December 31, 2015 and 2014. There are no significant commitment fees or compensating balance requirements under either of our credit facilities.
Among other uses, we can draw on our credit facility as a standby liquidity facility to repay our outstanding commercial paper as it matures. This access to funds to repay maturing commercial paper is an important factor in maintaining the short-term credit ratings set forth in the table below. Under our current policy with respect to these ratings, we expect to limit our other borrowings under our credit facility, if any, to amounts that would leave enough credit available under the facility so that we could borrow, if needed, to repay all of our then outstanding commercial paper as it matures.
The following is a summary of our credit ratings as of December 31, 2015:
|
| | | | | | |
Credit Rating Agency | | Short-Term Rating | | Long-Term Rating | | Outlook |
Standard & Poor’s | | A-1 | | A | | Stable |
Moody’s | | P-2 | | A3 | | Stable |
Fitch Ratings | | F1 | | A | | Stable |
Our ability to access the commercial paper market, and the related costs of these borrowings, is affected by the strength of our credit ratings and market conditions. We have not experienced any difficulty in accessing the commercial paper market to date. If our access to the commercial paper market is adversely affected due to a change in market conditions or otherwise, we would expect to rely on a combination of available cash and our unsecured committed credit facility to provide short-term funding. In such event, the cost of borrowings under our unsecured committed credit facility could be higher than the cost of commercial paper borrowings.
We regularly monitor the third-party depository institutions that hold our cash and cash equivalents and short-term investments. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one of these entities. Our emphasis is primarily on safety and liquidity of principal and secondarily on maximizing yield on those funds.
ROCKWELL AUTOMATION, INC.
Financial Condition (continued)
We use foreign currency forward exchange contracts to manage certain foreign currency risks. We enter into these contracts to hedge our exposure to foreign currency exchange rate variability in the expected future cash flows associated with certain third-party and intercompany transactions denominated in foreign currencies forecasted to occur within the next two years. We also use these contracts to hedge portions of our net investments in certain non-U.S. subsidiaries against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. In addition, we use foreign currency forward exchange contracts that are not designated as hedges to offset transaction gains or losses associated with some of our assets and liabilities resulting from intercompany loans or other transactions with third parties that are denominated in currencies other than our entities' functional currencies. Our foreign currency forward exchange contracts are usually denominated in currencies of major industrial countries. We diversify our foreign currency forward exchange contracts among counterparties to minimize exposure to any one of these entities.
Net gains and losses related to derivative forward exchange contracts designated as cash flow hedges offset the related gains and losses on the hedged items during the periods in which the hedged items are recognized in earnings. During the three months ended December 31, 2015 and 2014, we reclassified $6.3 million and $4.6 million, respectively, in pre-tax net gains related to cash flow hedges from accumulated other comprehensive loss into the Condensed Consolidated Statement of Operations. We expect that approximately $20.5 million of pre-tax net unrealized gains on cash flow hedges as of December 31, 2015 will be reclassified into earnings during the next 12 months.
Information with respect to our contractual cash obligations is contained in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We believe that at December 31, 2015, there has been no material change to this information.
ROCKWELL AUTOMATION, INC.
Supplemental Sales Information
We translate sales of subsidiaries operating outside of the United States using exchange rates effective during the respective period. Therefore, changes in currency exchange rates affect our reported sales. Sales by acquired businesses also affect our reported sales. We believe that organic sales, defined as sales excluding the effects of changes in currency exchange rates and acquisitions, which is a non-GAAP financial measure, provides useful information to investors because it reflects regional and operating segment performance from the activities of our businesses without the effect of changes in currency exchange rates and acquisitions. We use organic sales as one measure to monitor and evaluate our regional and operating segment performance. We determine the effect of changes in currency exchange rates by translating the respective period’s sales using the same currency exchange rates that were in effect during the prior year. When we acquire businesses, we exclude sales in the current period for which there are no comparable sales in the prior period. Organic sales growth is calculated by comparing organic sales to reported sales in the prior year. We attribute sales to the geographic regions based on the country of destination.
The following is a reconciliation of our reported sales by geographic region to organic sales (in millions):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2015 | | Three Months Ended December 31, 2014 |
| Sales | | Effect of Changes in Currency | | Sales Excluding Effect of Changes in Currency | | Effect of Acquisitions | | Organic Sales | | Sales |
United States | $ | 787.3 |
| | $ | 0.8 |
| | $ | 788.1 |
| | $ | (0.3 | ) | | $ | 787.8 |
| | $ | 836.8 |
|
Canada | 78.7 |
| | 13.4 |
| | 92.1 |
| | — |
| | 92.1 |
| | 100.0 |
|
Europe, Middle East and Africa | 274.2 |
| | 39.9 |
| | 314.1 |
| | — |
| | 314.1 |
| | 296.9 |
|
Asia Pacific | 173.0 |
| | 11.8 |
| | 184.8 |
| | — |
| | 184.8 |
| | 207.2 |
|
Latin America | 113.4 |
| | 30.2 |
| | 143.6 |
| | — |
| | 143.6 |
| | 133.5 |
|
Total Company Sales | $ | 1,426.6 |
| | $ | 96.1 |
| | $ | 1,522.7 |
| | $ | (0.3 | ) | | $ | 1,522.4 |
| | $ | 1,574.4 |
|
The following is a reconciliation of our reported sales by operating segment to organic sales (in millions):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2015 | | Three Months Ended December 31, 2014 |
| Sales | | Effect of Changes in Currency | | Sales Excluding Effect of Changes in Currency | | Effect of Acquisitions | | Organic Sales | | Sales |
Architecture & Software | $ | 642.9 |
| | $ | 45.9 |
| | $ | 688.8 |
| | $ | — |
| | $ | 688.8 |
| | $ | 707.8 |
|
Control Products & Solutions | 783.7 |
| | 50.2 |
| | 833.9 |
| | (0.3 | ) | | 833.6 |
| | 866.6 |
|
Total Company Sales | $ | 1,426.6 |
| | $ | 96.1 |
| | $ | 1,522.7 |
| | $ | (0.3 | ) | | $ | 1,522.4 |
| | $ | 1,574.4 |
|
ROCKWELL AUTOMATION, INC.
Critical Accounting Policies and Estimates
We have prepared the Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. Information with respect to our critical accounting policies that we believe could have the most significant effect on our reported results or require subjective or complex judgments by management is contained in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We believe that at December 31, 2015, there has been no material change to this information.
Environmental Matters
Information with respect to the effect of compliance with environmental protection requirements and resolution of environmental claims on us and our manufacturing operations is contained in Note 14 of the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We believe that at December 31, 2015, there has been no material change to this information.
Recent Accounting Pronouncements
See Note 1 in the Condensed Consolidated Financial Statements regarding recent accounting pronouncements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Information with respect to our exposure to interest rate risk and foreign currency risk is contained in Item 7A, Quantitative and Qualitative Disclosures About Market Risk, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We believe that at December 31, 2015, there has been no material change to this information.
Item 4. Controls and Procedures
Disclosure Controls and Procedures: We, with the participation of our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)) as of the end of the fiscal quarter covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the fiscal quarter covered by this report, our disclosure controls and procedures were effective.
Internal Control Over Financial Reporting: There has not been any change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) during the fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
ROCKWELL AUTOMATION, INC.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Information with respect to our legal proceedings is contained in Item 3, Legal Proceedings, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We believe that at December 31, 2015, there has been no material change to this information.
Item 1A. Risk Factors
Information about our most significant risk factors is contained in Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We believe that at December 31, 2015, there has been no material change to this information.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share Repurchases
The table below sets forth information with respect to purchases made by or on behalf of us of shares of our common stock during the three months ended December 31, 2015:
|
| | | | | | | | | | | | | | |
Period | | Total Number of Shares Purchased | | Average Price Paid Per Share(1) | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Maximum Approx. Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) |
October 1 - 31, 2015 | | 406,875 |
| | $ | 103.30 |
| | 406,875 |
| | $ | 403,165,537 |
|
November 1 - 30, 2015 | | 260,000 |
| | 104.77 |
| | 260,000 |
| | 375,924,363 |
|
December 1 - 31, 2015 | | 507,800 |
| | 103.47 |
| | 507,800 |
| | 323,383,231 |
|
Total | | 1,174,675 |
| | 103.70 |
| | 1,174,675 |
| | |
| |
(1) | Average price paid per share includes brokerage commissions. |
| |
(2) | On June 4, 2014, the Board of Directors authorized us to expend $1.0 billion to repurchase shares of our common stock. Our repurchase program allows us to repurchase shares at management's discretion or at our broker’s discretion pursuant to a share repurchase plan subject to price and volume parameters. |
ROCKWELL AUTOMATION, INC.
Item 6. Exhibits
(a) Exhibits:
|
| | | | |
Exhibit 15 | | — | | Letter of Deloitte & Touche LLP regarding Unaudited Financial Information. |
Exhibit 31.1 | | — | | Certification of Periodic Report by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. |
Exhibit 31.2 | | — | | Certification of Periodic Report by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. |
Exhibit 32.1 | | — | | Certification of Periodic Report by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Exhibit 32.2 | | — | | Certification of Periodic Report by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Exhibit 101 | | — | | Interactive Data Files. |
INDEX TO EXHIBITS
|
| | |
Exhibit No. | | Exhibit |
15 | | Letter of Deloitte & Touche LLP regarding Unaudited Financial Information. |
31.1 | | Certification of Periodic Report by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. |
31.2 | | Certification of Periodic Report by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. |
32.1 | | Certification of Periodic Report by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | | Certification of Periodic Report by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | | Interactive Data Files. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
| | | | | |
| | | ROCKWELL AUTOMATION, INC. (Registrant) |
| | | |
Date: | February 3, 2016 | | By | | /s/ THEODORE D. CRANDALL |
| | | | | Theodore D. Crandall Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
|
| | | | | |
Date: | February 3, 2016 | | By | | /s/ DAVID M. DORGAN |
| | | | | David M. Dorgan Vice President and Controller (Principal Accounting Officer) |
Exhibit 15
February 3, 2016
Rockwell Automation, Inc.
1201 South Second Street
Milwaukee, Wisconsin 53204
We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of Rockwell Automation, Inc. and subsidiaries for the three-month periods ended December 31, 2015 and 2014, as indicated in our report dated February 3, 2016; because we did not perform an audit, we expressed no opinion on that information.
We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended December 31, 2015, is incorporated by reference in Registration Statement Nos. 333-38444, 333-101780, 333-113041, 333-149581, 333-150019, 333-157203, 333-165727, 333-180557, 333-184400, and 333-205022 on Form S-8 and Registration Statement Nos. 333-24685 and 333-202013 on Form S-3.
We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.
/s/ DELOITTE & TOUCHE LLP
Milwaukee, Wisconsin
Exhibit 31.1
CERTIFICATION
I, Keith D. Nosbusch, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Rockwell Automation, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: February 3, 2016
|
|
/s/ KEITH D. NOSBUSCH |
Keith D. Nosbusch Chairman, President and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Theodore D. Crandall, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Rockwell Automation, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: February 3, 2016
|
|
/S/ THEODORE D. CRANDALL |
Theodore D. Crandall Senior Vice President and Chief Financial Officer |
Exhibit 32.1
CERTIFICATION OF PERIODIC REPORT
I, Keith D. Nosbusch, Chairman, President and Chief Executive Officer of Rockwell Automation, Inc. (the “Company”), certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1) the Quarterly Report on Form 10-Q of the Company for the quarter ended December 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) 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.
Date: February 3, 2016
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/S/ KEITH D. NOSBUSCH |
Keith D. Nosbusch Chairman, President and Chief Executive Officer |
Exhibit 32.2
CERTIFICATION OF PERIODIC REPORT
I, Theodore D. Crandall, Senior Vice President and Chief Financial Officer of Rockwell Automation, Inc. (the “Company”), certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1) the Quarterly Report on Form 10-Q of the Company for the quarter ended December 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) 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.
Date: February 3, 2016
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/S/ THEODORE D. CRANDALL |
Theodore D. Crandall Senior Vice President and Chief Financial Officer |
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v3.3.1.900
Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 1,449.2
|
$ 1,427.3
|
Short-term investments |
770.6
|
721.9
|
Receivables |
1,015.8
|
1,041.0
|
Inventories |
562.2
|
535.6
|
Other current assets |
159.4
|
171.0
|
Total current assets |
3,957.2
|
3,896.8
|
Property, net of accumulated depreciation of $1,324.7 and $1,299.1, respectively |
586.3
|
605.6
|
Goodwill |
1,019.9
|
1,028.8
|
Other intangible assets, net |
221.0
|
229.5
|
Deferred income taxes |
496.1
|
494.8
|
Other assets |
139.2
|
149.2
|
Total |
6,419.7
|
6,404.7
|
Current liabilities: |
|
|
Short-term debt |
161.0
|
0.0
|
Accounts payable |
469.6
|
521.7
|
Compensation and benefits |
142.8
|
225.0
|
Advance payments from customers and deferred revenue |
217.1
|
200.8
|
Customer returns, rebates and incentives |
163.6
|
172.2
|
Other current liabilities |
229.3
|
208.0
|
Total current liabilities |
1,383.4
|
1,327.7
|
Long-term debt |
1,492.9
|
1,500.9
|
Retirement benefits |
1,109.9
|
1,116.6
|
Other liabilities |
$ 197.0
|
$ 202.7
|
Commitments and contingent liabilities (Note 10) |
|
|
Shareowners' equity: |
|
|
Common stock ($1.00 par value, shares issued: 181.4) |
$ 181.4
|
$ 181.4
|
Additional paid-in capital |
1,554.6
|
1,552.1
|
Retained earnings |
5,406.7
|
5,316.9
|
Accumulated other comprehensive loss |
(1,339.0)
|
(1,334.6)
|
Common stock in treasury, at cost (shares held: December 31, 2015, 50.0; September 30, 2015, 49.0) |
(3,567.2)
|
(3,459.0)
|
Total shareowners' equity |
2,236.5
|
2,256.8
|
Total |
$ 6,419.7
|
$ 6,404.7
|
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Condensed Consolidated Statement of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sales |
|
|
Products and solutions |
$ 1,271.3
|
$ 1,409.8
|
Services |
155.3
|
164.6
|
Total sales |
1,426.6
|
1,574.4
|
Cost of sales |
|
|
Products and solutions |
(708.6)
|
(776.8)
|
Services |
(105.3)
|
(110.1)
|
Total cost of sales |
(813.9)
|
(886.9)
|
Gross profit |
612.7
|
687.5
|
Selling, general and administrative expenses |
(359.9)
|
(386.9)
|
Other income |
1.5
|
1.8
|
Interest expense |
(17.4)
|
(14.9)
|
Income before income taxes |
236.9
|
287.5
|
Income tax provision |
(51.4)
|
(73.3)
|
Net income |
$ 185.5
|
$ 214.2
|
Earnings Per Share, Basic [Abstract] |
|
|
Basic |
$ 1.41
|
$ 1.58
|
Earnings Per Share, Diluted [Abstract] |
|
|
Diluted |
1.40
|
1.56
|
Cash dividends per share |
$ 0.725
|
$ 0.65
|
Weighted average outstanding shares: |
|
|
Basic |
131.8
|
135.6
|
Diluted |
132.6
|
136.9
|
X |
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v3.3.1.900
Basis of Presentation and Accounting Policies
|
3 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Accounting Policies |
Basis of Presentation and Accounting Policies In the opinion of management of Rockwell Automation, Inc. ("Rockwell Automation" or "the Company"), the unaudited Condensed Consolidated Financial Statements contain all adjustments necessary to present fairly the financial position, results of operations and cash flows for the periods presented and, except as otherwise indicated, such adjustments consist only of those of a normal, recurring nature. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. The results of operations for the three-month period ended December 31, 2015 are not necessarily indicative of the results for the full year. All date references to years and quarters herein refer to our fiscal year and fiscal quarter unless otherwise stated. Receivables Receivables are stated net of an allowance for doubtful accounts of $22.3 million at December 31, 2015 and $22.0 million at September 30, 2015. In addition, receivables are stated net of an allowance for certain customer returns, rebates and incentives of $11.4 million at December 31, 2015 and $9.2 million at September 30, 2015. Earnings Per Share The following table reconciles basic and diluted earnings per share (EPS) amounts (in millions, except per share amounts): | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | Net income | $ | 185.5 |
| | $ | 214.2 |
| Less: Allocation to participating securities | (0.2 | ) | | (0.3 | ) | Net income available to common shareowners | $ | 185.3 |
| | $ | 213.9 |
| Basic weighted average outstanding shares | 131.8 |
| | 135.6 |
| Effect of dilutive securities | | | | Stock options | 0.8 |
| | 1.2 |
| Performance shares | — |
| | 0.1 |
| Diluted weighted average outstanding shares | 132.6 |
| | 136.9 |
| Earnings per share: | | | | Basic | $ | 1.41 |
| | $ | 1.58 |
| Diluted | $ | 1.40 |
| | $ | 1.56 |
|
For the three months ended December 31, 2015, share-based compensation awards for 2.9 million shares were excluded from the diluted EPS calculation because they were antidilutive. For the three months ended December 31, 2014, share-based compensation awards for 1.7 million shares were excluded from the diluted EPS calculation because they were antidilutive. Non-Cash Investing and Financing Activities Capital expenditures of $3.4 million and $5.8 million were accrued within accounts payable and other current liabilities at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, there were $6.9 million and $3.4 million, respectively, of outstanding common stock share repurchases recorded in accounts payable that did not settle until the next fiscal quarter. These non-cash investing and financing activities have been excluded from cash used for capital expenditures and treasury stock purchases in the Condensed Consolidated Statement of Cash Flows. Recent Accounting Pronouncements In November 2015, the FASB issued new guidance that requires all deferred income taxes to be classified on the balance sheet as noncurrent assets or liabilities rather than separating current and noncurrent deferred income taxes based on the classification of the related assets and liabilities. This requirement is effective for us no later than October 1, 2017; however, we elected to adopt earlier as of December 31, 2015. Upon adoption of this guidance we retrospectively reclassified $151.2 million of deferred income taxes from current assets to noncurrent assets at September 30, 2015. In May 2014, the FASB issued a new standard on revenue recognition related to contracts with customers. This standard supersedes nearly all existing revenue recognition guidance and involves a five-step approach to recognizing revenue based on individual performance obligations in a contract. The new standard will also require additional qualitative and quantitative disclosures about contracts with customers, significant judgments made in applying the revenue guidance, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for us for reporting periods beginning October 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and related disclosures.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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v3.3.1.900
Share-Based Compensation
|
3 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Share-Based Compensation |
Share-Based Compensation We recognized $10.8 million of pre-tax share-based compensation expense during each of the three-month periods ended December 31, 2015 and 2014. Our annual grant of share-based compensation takes place during the first quarter of each fiscal year. The number of shares granted to employees and non-employee directors and the weighted average fair value per share during the periods presented were (in thousands except per share amounts): | | | | | | | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | | Grants | | Wtd. Avg. Share Fair Value | | Grants | | Wtd. Avg. Share Fair Value | Stock options | 1,122 |
| | $ | 21.20 |
| | 1,032 |
| | $ | 26.70 |
| Performance shares | 96 |
| | 87.64 |
| | 87 |
| | 103.70 |
| Restricted stock and restricted stock units | 56 |
| | 103.90 |
| | 47 |
| | 115.29 |
| Unrestricted stock | 6 |
| | 100.36 |
| | 4 |
| | 109.39 |
|
|
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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Inventories
|
3 Months Ended |
Dec. 31, 2015 |
Inventory Disclosure [Abstract] |
|
Inventories |
Inventories Inventories consist of (in millions): | | | | | | | | | | December 31, 2015 | | September 30, 2015 | Finished goods | $ | 234.5 |
| | $ | 225.7 |
| Work in process | 177.9 |
| | 157.5 |
| Raw materials | 149.8 |
| | 152.4 |
| Inventories | $ | 562.2 |
| | $ | 535.6 |
|
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- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
Goodwill and Other Intangible Assets
|
3 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill for the three months ended December 31, 2015 are (in millions): | | | | | | | | | | | | | | Architecture & Software | | Control Products & Solutions | | Total | Balance as of September 30, 2015 | $ | 388.0 |
| | $ | 640.8 |
| | $ | 1,028.8 |
| Translation | (1.5 | ) | | (7.4 | ) | | (8.9 | ) | Balance as of December 31, 2015 | $ | 386.5 |
| | $ | 633.4 |
| | $ | 1,019.9 |
|
Other intangible assets consist of (in millions): | | | | | | | | | | | | | | December 31, 2015 | | Carrying Amount | | Accumulated Amortization | | Net | Amortized intangible assets: | | | | | | Computer software products | $ | 182.4 |
| | $ | 95.0 |
| | $ | 87.4 |
| Customer relationships | 85.5 |
| | 50.7 |
| | 34.8 |
| Technology | 82.8 |
| | 45.5 |
| | 37.3 |
| Trademarks | 31.8 |
| | 16.7 |
| | 15.1 |
| Other | 11.3 |
| | 8.6 |
| | 2.7 |
| Total amortized intangible assets | 393.8 |
| | 216.5 |
| | 177.3 |
| Intangible assets not subject to amortization | 43.7 |
| | — |
| | 43.7 |
| Total | $ | 437.5 |
| | $ | 216.5 |
| | $ | 221.0 |
|
| | | | | | | | | | | | | | September 30, 2015 | | Carrying Amount | | Accumulated Amortization | | Net | Amortized intangible assets: | | | | | | Computer software products | $ | 182.4 |
| | $ | 91.9 |
| | $ | 90.5 |
| Customer relationships | 87.2 |
| | 50.1 |
| | 37.1 |
| Technology | 83.4 |
| | 44.1 |
| | 39.3 |
| Trademarks | 32.3 |
| | 16.3 |
| | 16.0 |
| Other | 11.5 |
| | 8.6 |
| | 2.9 |
| Total amortized intangible assets | 396.8 |
| | 211.0 |
| | 185.8 |
| Intangible assets not subject to amortization | 43.7 |
| | — |
| | 43.7 |
| Total | $ | 440.5 |
| | $ | 211.0 |
| | $ | 229.5 |
|
The Allen-Bradley® trademark has an indefinite life and therefore is not subject to amortization. Estimated amortization expense is $29.1 million in 2016, $25.9 million in 2017, $19.8 million in 2018, $17.2 million in 2019 and $14.4 million in 2020. We perform the annual evaluation of our goodwill and indefinite life intangible assets for impairment as required by accounting principles generally accepted in the United States (U.S. GAAP) during the second quarter of each year.
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- DefinitionThe entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.
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Short-term Debt
|
3 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Short-term Debt |
Short-term Debt Our short-term debt obligations are primarily comprised of commercial paper borrowings. Commercial paper borrowings outstanding were $161.0 million at December 31, 2015. The weighted average interest rate of the commercial paper outstanding was 0.49 percent at December 31, 2015. There were no commercial paper borrowings outstanding at September 30, 2015.
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Other Current Liabilities
|
3 Months Ended |
Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] |
|
Other Current Liabilities |
Other Current Liabilities Other current liabilities consist of (in millions): | | | | | | | | | | December 31, 2015 | | September 30, 2015 | Unrealized losses on foreign exchange contracts | $ | 13.0 |
| | $ | 16.4 |
| Product warranty obligations (Note 7) | 27.6 |
| | 27.9 |
| Taxes other than income taxes | 40.0 |
| | 34.9 |
| Accrued interest | 16.2 |
| | 16.9 |
| Income taxes payable | 74.7 |
| | 50.9 |
| Other | 57.8 |
| | 61.0 |
| Other current liabilities | $ | 229.3 |
| | $ | 208.0 |
|
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Product Warranty Obligations
|
3 Months Ended |
Dec. 31, 2015 |
Product Warranties Disclosures [Abstract] |
|
Product Warranty Obligations |
Product Warranty Obligations We record a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Most of our products are covered under a warranty period that runs for twelve months from either the date of sale or installation. We also record a liability for specific warranty matters when they become probable and reasonably estimable. Changes in product warranty obligations for the three months ended December 31, 2015 and 2014 are (in millions): | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | Balance at beginning of period | $ | 27.9 |
| | $ | 34.1 |
| Accruals for warranties issued during the current period | 6.4 |
| | 6.9 |
| Adjustments to pre-existing warranties | (0.5 | ) | | 0.5 |
| Settlements of warranty claims | (6.2 | ) | | (7.9 | ) | Balance at end of period | $ | 27.6 |
| | $ | 33.6 |
|
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Retirement Benefits
|
3 Months Ended |
Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] |
|
Retirement Benefits |
Retirement Benefits The components of net periodic benefit cost (income) are (in millions): | | | | | | | | | | Pension Benefits | | Three Months Ended December 31, | | 2015 | | 2014 | Service cost | $ | 22.1 |
| | $ | 21.7 |
| Interest cost | 42.5 |
|
| 42.3 |
| Expected return on plan assets | (54.7 | ) |
| (56.1 | ) | Amortization: | | | | Prior service credit | (0.7 | ) | | (0.7 | ) | Net actuarial loss | 31.1 |
|
| 30.0 |
| Net periodic benefit cost | $ | 40.3 |
| | $ | 37.2 |
|
| | | | | | | | | | Other Postretirement Benefits | | Three Months Ended December 31, | | 2015 | | 2014 | Service cost | $ | 0.3 |
| | $ | 0.4 |
| Interest cost | 0.8 |
| | 1.0 |
| Amortization: | | | | Prior service credit | (2.8 | ) | | (3.7 | ) | Net actuarial loss | 0.6 |
| | 1.2 |
| Net periodic benefit income | $ | (1.1 | ) | | $ | (1.1 | ) |
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Accumulated Other Comprehensive Loss
|
3 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component were (in millions): | | | | | | | | | | | | | | | | | Three Months Ended December 31, 2015 | | | | | | | | | Pension and other postretirement benefit plan adjustments, net of tax | | Accumulated currency translation adjustments, net of tax | | Net unrealized gains (losses) on cash flow hedges, net of tax | | Total accumulated other comprehensive loss, net of tax | Balance as of September 30, 2015 | $ | (1,097.1 | ) | | $ | (252.4 | ) | | $ | 14.9 |
| | $ | (1,334.6 | ) | Other comprehensive (loss) income before reclassifications | — |
| | (24.4 | ) | | 6.5 |
| | (17.9 | ) | Amounts reclassified from accumulated other comprehensive loss | 18.4 |
| | — |
| | (4.9 | ) | | 13.5 |
| Other comprehensive income (loss) | 18.4 |
| | (24.4 | ) | | 1.6 |
| | (4.4 | ) | Balance as of December 31, 2015 | $ | (1,078.7 | ) | | $ | (276.8 | ) | | $ | 16.5 |
|
| $ | (1,339.0 | ) |
| | | | | | | | | | | | | | | | | Three Months Ended December 31, 2014 | | | | | | | | | Pension and other postretirement benefit plan adjustments, net of tax | | Accumulated currency translation adjustments, net of tax | | Net unrealized gains (losses) on cash flow hedges, net of tax | | Total accumulated other comprehensive loss, net of tax | Balance as of September 30, 2014 | $ | (909.4 | ) | | $ | (52.5 | ) | | $ | 13.9 |
| | $ | (948.0 | ) | Other comprehensive (loss) income before reclassifications | — |
| | (92.9 | ) | | 12.2 |
| | (80.7 | ) | Amounts reclassified from accumulated other comprehensive loss | 17.6 |
| | — |
| | (4.8 | ) | | 12.8 |
| Other comprehensive income (loss) | 17.6 |
| | (92.9 | ) | | 7.4 |
| | (67.9 | ) | Balance as of December 31, 2014 | $ | (891.8 | ) | | $ | (145.4 | ) | | $ | 21.3 |
|
| $ | (1,015.9 | ) |
The reclassifications out of accumulated other comprehensive loss to the Condensed Consolidated Statement of Operations were (in millions): | | | | | | | | | | | | Three Months Ended December 31, | | Affected Line in the Condensed Consolidated Statement of Operations | | 2015 | | 2014 | | | Pension and other postretirement benefit plan adjustments: | Amortization of prior service credit | $ | (3.5 | ) | | $ | (4.4 | ) | | (a) | Amortization of net actuarial loss | 31.7 |
| | 31.2 |
| | (a) | | 28.2 |
| | 26.8 |
| | Income before income taxes | | (9.8 | ) | | (9.2 | ) | | Income tax provision | | $ | 18.4 |
| | $ | 17.6 |
| | Net income | | | | | | | Net unrealized losses (gains) on cash flow hedges: | Forward exchange contracts | $ | 2.5 |
| | $ | 1.2 |
| | Sales | Forward exchange contracts | (8.8 | ) | | (5.8 | ) | | Cost of sales | | (6.3 | ) | | (4.6 | ) | | Income before income taxes | | 1.4 |
| | (0.2 | ) | | Income tax provision | | $ | (4.9 | ) | | $ | (4.8 | ) | | Net income | | | | | | | Total reclassifications | $ | 13.5 |
| | $ | 12.8 |
| | Net income |
(a) Reclassified from accumulated other comprehensive loss into cost of sales and selling, general and administrative expenses. These components are included in the computation of net periodic benefit cost (income). See Note 8 for further information.
|
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.3.1.900
Commitments and Contingent Liabilities
|
3 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingent Liabilities |
Commitments and Contingent Liabilities Various lawsuits, claims and proceedings have been or may be instituted or asserted against us relating to the conduct of our business, including those pertaining to product liability, environmental, safety and health, intellectual property, employment and contract matters. Although the outcome of litigation cannot be predicted with certainty and some lawsuits, claims or proceedings may be disposed of unfavorably to us, we believe the disposition of matters that are pending or have been asserted will not have a material effect on our business, financial condition or results of operations. We (including our subsidiaries) have been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos that was used in certain components of our products many years ago. Currently there are a few thousand claimants in lawsuits that name us as defendants, together with hundreds of other companies. In some cases, the claims involve products from divested businesses, and we are indemnified for most of the costs. However, we have agreed to defend and indemnify asbestos claims associated with products manufactured or sold by our former Dodge mechanical and Reliance Electric motors and motor repair services businesses prior to their divestiture by us, which occurred on January 31, 2007. We are also responsible for half of the costs and liabilities associated with asbestos cases against the former Rockwell International Corporation’s divested measurement and flow control business. But in all cases, for those claimants who do show that they worked with our products or products of divested businesses for which we are responsible, we nevertheless believe we have meritorious defenses, in substantial part due to the integrity of the products, the encapsulated nature of any asbestos-containing components, and the lack of any impairing medical condition on the part of many claimants. We defend those cases vigorously. Historically, we have been dismissed from the vast majority of these claims with no payment to claimants. We have maintained insurance coverage that we believe covers indemnity and defense costs, over and above self-insured retentions, for claims arising from our former Allen-Bradley subsidiary. Our insurance carrier entered into a cost share agreement with us to pay the substantial majority of future defense and indemnity costs for Allen-Bradley asbestos claims. We believe that this arrangement will continue to provide coverage for Allen-Bradley asbestos claims throughout the remaining life of the asbestos liability. The uncertainties of asbestos claim litigation make it difficult to predict accurately the ultimate outcome of asbestos claims. That uncertainty is increased by the possibility of adverse rulings or new legislation affecting asbestos claim litigation or the settlement process. Subject to these uncertainties and based on our experience defending asbestos claims, we do not believe these lawsuits will have a material effect on our financial condition or results of operations. We have, from time to time, divested certain of our businesses. In connection with these divestitures, certain lawsuits, claims and proceedings may be instituted or asserted against us related to the period that we owned the businesses, either because we agreed to retain certain liabilities related to these periods or because such liabilities fall upon us by operation of law. In some instances, the divested business has assumed the liabilities; however, it is possible that we might be responsible to satisfy those liabilities if the divested business is unable to do so. In connection with the spin-offs of our former automotive business, semiconductor systems business and Rockwell Collins avionics and communications business, the spun-off companies have agreed to indemnify us for substantially all contingent liabilities related to the respective businesses, including environmental and intellectual property matters. In conjunction with the sale of our Dodge mechanical and Reliance Electric motors and motor repair services businesses, we agreed to indemnify Baldor Electric Company for costs and damages related to certain legal, legacy environmental and asbestos matters of these businesses arising before January 31, 2007, for which the maximum exposure would be capped at the amount received for the sale. In many countries we provide a limited intellectual property indemnity as part of our terms and conditions of sale. We also at times provide limited intellectual property indemnities in other contracts with third parties, such as contracts concerning the development and manufacture of our products. As of December 31, 2015, we were not aware of any material indemnification claims that were probable or reasonably possible of an unfavorable outcome. Historically, claims that have been made under the indemnification agreements have not had a material impact on our operating results, financial position or cash flows; however, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Income Taxes
|
3 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes At the end of each interim period, we estimate a base effective tax rate that we expect for the full fiscal year based on our most recent forecast of pre-tax income, permanent book and tax differences and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual or extraordinary items and items that are reported net of their related tax effects. We record the tax effect of significant unusual or extraordinary items and items that are reported net of their tax effects in the period in which they occur. The effective tax rate was 21.7 percent and 25.5 percent in the three months ended December 31, 2015 and 2014, respectively. The effective tax rate was lower than the U.S. statutory rate of 35 percent in each period primarily because we benefited from lower non-U.S. tax rates. In the first quarter of fiscal 2016 we also realized an incremental benefit from the retroactive and permanent extension of the U.S. federal research and development tax credit. The amount of gross unrecognized tax benefits was $44.3 million and $43.9 million at December 31, 2015 and September 30, 2015, respectively, of which the entire amount would reduce our effective tax rate if recognized. Accrued interest and penalties related to unrecognized tax benefits were $5.3 million and $5.1 million at December 31, 2015 and September 30, 2015, respectively. We recognize interest and penalties related to unrecognized tax benefits in the income tax provision. If the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, would be $27.1 million as of December 31, 2015. There was no material change in the amount of unrecognized tax benefits in the three months ended December 31, 2015. We believe it is reasonably possible that the amount of gross unrecognized tax benefits could be reduced by up to $31.8 million in the next 12 months as a result of the resolution of tax matters in various global jurisdictions and the lapses of statutes of limitations. If all of the unrecognized tax benefits were recognized, the net reduction to our income tax provision, including the recognition of interest and penalties and offsetting tax assets, could be up to $15.2 million. We conduct business globally and are routinely audited by the various tax jurisdictions in which we operate. We are no longer subject to U.S. federal income tax examinations for years before 2012 and are no longer subject to state, local and foreign income tax examinations for years before 2003.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Business Segment Information
|
3 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Business Segment Information |
Business Segment Information The following tables reflect the sales and operating results of our reportable segments (in millions): | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | Sales | | | | Architecture & Software | $ | 642.9 |
| | $ | 707.8 |
| Control Products & Solutions | 783.7 |
| | 866.6 |
| Total | $ | 1,426.6 |
| | $ | 1,574.4 |
| Segment operating earnings | | | | Architecture & Software | $ | 176.2 |
| | $ | 221.4 |
| Control Products & Solutions | 119.7 |
| | 125.4 |
| Total | 295.9 |
| | 346.8 |
| Purchase accounting depreciation and amortization | (4.7 | ) | | (5.4 | ) | General corporate – net | (18.0 | ) | | (22.8 | ) | Non-operating pension costs | (18.9 | ) | | (16.2 | ) | Interest expense | (17.4 | ) | | (14.9 | ) | Income before income taxes | $ | 236.9 |
| | $ | 287.5 |
|
Among other considerations, we evaluate performance and allocate resources based upon segment operating earnings before income taxes, interest expense, costs related to corporate offices, non-operating pension costs, certain nonrecurring corporate initiatives, gains and losses from the disposition of businesses and purchase accounting depreciation and amortization. Depending on the product, intersegment sales within a single legal entity are either at cost or cost plus a mark-up, which does not necessarily represent a market price. Sales between legal entities are at an appropriate transfer price. We allocate costs related to shared segment operating activities to the segments using a methodology consistent with the expected benefit.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Basis of Presentation and Accounting Policies (Policies)
|
3 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Receivables |
Receivables Receivables are stated net of an allowance for doubtful accounts of $22.3 million at December 31, 2015 and $22.0 million at September 30, 2015. In addition, receivables are stated net of an allowance for certain customer returns, rebates and incentives of $11.4 million at December 31, 2015 and $9.2 million at September 30, 2015.
|
Recent accounting pronouncements |
Recent Accounting Pronouncements In November 2015, the FASB issued new guidance that requires all deferred income taxes to be classified on the balance sheet as noncurrent assets or liabilities rather than separating current and noncurrent deferred income taxes based on the classification of the related assets and liabilities. This requirement is effective for us no later than October 1, 2017; however, we elected to adopt earlier as of December 31, 2015. Upon adoption of this guidance we retrospectively reclassified $151.2 million of deferred income taxes from current assets to noncurrent assets at September 30, 2015. In May 2014, the FASB issued a new standard on revenue recognition related to contracts with customers. This standard supersedes nearly all existing revenue recognition guidance and involves a five-step approach to recognizing revenue based on individual performance obligations in a contract. The new standard will also require additional qualitative and quantitative disclosures about contracts with customers, significant judgments made in applying the revenue guidance, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for us for reporting periods beginning October 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and related disclosures.
|
Product warranty obligations |
We record a liability for product warranty obligations at the time of sale to a customer based upon historical warranty experience. Most of our products are covered under a warranty period that runs for twelve months from either the date of sale or installation. We also record a liability for specific warranty matters when they become probable and reasonably estimable.
|
Income taxes |
At the end of each interim period, we estimate a base effective tax rate that we expect for the full fiscal year based on our most recent forecast of pre-tax income, permanent book and tax differences and global tax planning strategies. We use this base rate to provide for income taxes on a year-to-date basis, excluding the effect of significant unusual or extraordinary items and items that are reported net of their related tax effects. We record the tax effect of significant unusual or extraordinary items and items that are reported net of their tax effects in the period in which they occur.
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- DefinitionDisclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.
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v3.3.1.900
Basis of Presentation and Accounting Policies (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted |
The following table reconciles basic and diluted earnings per share (EPS) amounts (in millions, except per share amounts): | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | Net income | $ | 185.5 |
| | $ | 214.2 |
| Less: Allocation to participating securities | (0.2 | ) | | (0.3 | ) | Net income available to common shareowners | $ | 185.3 |
| | $ | 213.9 |
| Basic weighted average outstanding shares | 131.8 |
| | 135.6 |
| Effect of dilutive securities | | | | Stock options | 0.8 |
| | 1.2 |
| Performance shares | — |
| | 0.1 |
| Diluted weighted average outstanding shares | 132.6 |
| | 136.9 |
| Earnings per share: | | | | Basic | $ | 1.41 |
| | $ | 1.58 |
| Diluted | $ | 1.40 |
| | $ | 1.56 |
|
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.3.1.900
Share-Based Compensation (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Schedule of Share-based Compensation, Activity |
The number of shares granted to employees and non-employee directors and the weighted average fair value per share during the periods presented were (in thousands except per share amounts): | | | | | | | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | | Grants | | Wtd. Avg. Share Fair Value | | Grants | | Wtd. Avg. Share Fair Value | Stock options | 1,122 |
| | $ | 21.20 |
| | 1,032 |
| | $ | 26.70 |
| Performance shares | 96 |
| | 87.64 |
| | 87 |
| | 103.70 |
| Restricted stock and restricted stock units | 56 |
| | 103.90 |
| | 47 |
| | 115.29 |
| Unrestricted stock | 6 |
| | 100.36 |
| | 4 |
| | 109.39 |
|
|
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- DefinitionTabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value.
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- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.3.1.900
Goodwill and Other Intangible Assets (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill |
Changes in the carrying amount of goodwill for the three months ended December 31, 2015 are (in millions): | | | | | | | | | | | | | | Architecture & Software | | Control Products & Solutions | | Total | Balance as of September 30, 2015 | $ | 388.0 |
| | $ | 640.8 |
| | $ | 1,028.8 |
| Translation | (1.5 | ) | | (7.4 | ) | | (8.9 | ) | Balance as of December 31, 2015 | $ | 386.5 |
| | $ | 633.4 |
| | $ | 1,019.9 |
|
|
Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class |
Other intangible assets consist of (in millions): | | | | | | | | | | | | | | December 31, 2015 | | Carrying Amount | | Accumulated Amortization | | Net | Amortized intangible assets: | | | | | | Computer software products | $ | 182.4 |
| | $ | 95.0 |
| | $ | 87.4 |
| Customer relationships | 85.5 |
| | 50.7 |
| | 34.8 |
| Technology | 82.8 |
| | 45.5 |
| | 37.3 |
| Trademarks | 31.8 |
| | 16.7 |
| | 15.1 |
| Other | 11.3 |
| | 8.6 |
| | 2.7 |
| Total amortized intangible assets | 393.8 |
| | 216.5 |
| | 177.3 |
| Intangible assets not subject to amortization | 43.7 |
| | — |
| | 43.7 |
| Total | $ | 437.5 |
| | $ | 216.5 |
| | $ | 221.0 |
|
| | | | | | | | | | | | | | September 30, 2015 | | Carrying Amount | | Accumulated Amortization | | Net | Amortized intangible assets: | | | | | | Computer software products | $ | 182.4 |
| | $ | 91.9 |
| | $ | 90.5 |
| Customer relationships | 87.2 |
| | 50.1 |
| | 37.1 |
| Technology | 83.4 |
| | 44.1 |
| | 39.3 |
| Trademarks | 32.3 |
| | 16.3 |
| | 16.0 |
| Other | 11.5 |
| | 8.6 |
| | 2.9 |
| Total amortized intangible assets | 396.8 |
| | 211.0 |
| | 185.8 |
| Intangible assets not subject to amortization | 43.7 |
| | — |
| | 43.7 |
| Total | $ | 440.5 |
| | $ | 211.0 |
| | $ | 229.5 |
|
|
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- DefinitionTabular disclosure of amortizable finite-lived intangible assets, including the gross carrying amount and accumulated amortization along with the disclosure of the carrying value of indefinite-lived intangible assets not subject to amortization, excluding goodwill, in total and by major class.
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v3.3.1.900
Other Current Liabilities (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] |
|
Other Current Liabilities |
Other current liabilities consist of (in millions): | | | | | | | | | | December 31, 2015 | | September 30, 2015 | Unrealized losses on foreign exchange contracts | $ | 13.0 |
| | $ | 16.4 |
| Product warranty obligations (Note 7) | 27.6 |
| | 27.9 |
| Taxes other than income taxes | 40.0 |
| | 34.9 |
| Accrued interest | 16.2 |
| | 16.9 |
| Income taxes payable | 74.7 |
| | 50.9 |
| Other | 57.8 |
| | 61.0 |
| Other current liabilities | $ | 229.3 |
| | $ | 208.0 |
|
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- DefinitionTabular disclosure of other current liabilities.
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Product Warranty Obligations (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Product Warranties Disclosures [Abstract] |
|
Schedule of Product Warranty Liability |
Changes in product warranty obligations for the three months ended December 31, 2015 and 2014 are (in millions): | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | Balance at beginning of period | $ | 27.9 |
| | $ | 34.1 |
| Accruals for warranties issued during the current period | 6.4 |
| | 6.9 |
| Adjustments to pre-existing warranties | (0.5 | ) | | 0.5 |
| Settlements of warranty claims | (6.2 | ) | | (7.9 | ) | Balance at end of period | $ | 27.6 |
| | $ | 33.6 |
|
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v3.3.1.900
Retirement Benefits (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] |
|
Schedule of Net Benefit Costs |
The components of net periodic benefit cost (income) are (in millions): | | | | | | | | | | Pension Benefits | | Three Months Ended December 31, | | 2015 | | 2014 | Service cost | $ | 22.1 |
| | $ | 21.7 |
| Interest cost | 42.5 |
|
| 42.3 |
| Expected return on plan assets | (54.7 | ) |
| (56.1 | ) | Amortization: | | | | Prior service credit | (0.7 | ) | | (0.7 | ) | Net actuarial loss | 31.1 |
|
| 30.0 |
| Net periodic benefit cost | $ | 40.3 |
| | $ | 37.2 |
|
| | | | | | | | | | Other Postretirement Benefits | | Three Months Ended December 31, | | 2015 | | 2014 | Service cost | $ | 0.3 |
| | $ | 0.4 |
| Interest cost | 0.8 |
| | 1.0 |
| Amortization: | | | | Prior service credit | (2.8 | ) | | (3.7 | ) | Net actuarial loss | 0.6 |
| | 1.2 |
| Net periodic benefit income | $ | (1.1 | ) | | $ | (1.1 | ) |
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v3.3.1.900
Accumulated Other Comprehensive Loss (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
Schedule of Accumulated Other Comprehensive Income (Loss) |
Changes in accumulated other comprehensive loss by component were (in millions): | | | | | | | | | | | | | | | | | Three Months Ended December 31, 2015 | | | | | | | | | Pension and other postretirement benefit plan adjustments, net of tax | | Accumulated currency translation adjustments, net of tax | | Net unrealized gains (losses) on cash flow hedges, net of tax | | Total accumulated other comprehensive loss, net of tax | Balance as of September 30, 2015 | $ | (1,097.1 | ) | | $ | (252.4 | ) | | $ | 14.9 |
| | $ | (1,334.6 | ) | Other comprehensive (loss) income before reclassifications | — |
| | (24.4 | ) | | 6.5 |
| | (17.9 | ) | Amounts reclassified from accumulated other comprehensive loss | 18.4 |
| | — |
| | (4.9 | ) | | 13.5 |
| Other comprehensive income (loss) | 18.4 |
| | (24.4 | ) | | 1.6 |
| | (4.4 | ) | Balance as of December 31, 2015 | $ | (1,078.7 | ) | | $ | (276.8 | ) | | $ | 16.5 |
|
| $ | (1,339.0 | ) |
| | | | | | | | | | | | | | | | | Three Months Ended December 31, 2014 | | | | | | | | | Pension and other postretirement benefit plan adjustments, net of tax | | Accumulated currency translation adjustments, net of tax | | Net unrealized gains (losses) on cash flow hedges, net of tax | | Total accumulated other comprehensive loss, net of tax | Balance as of September 30, 2014 | $ | (909.4 | ) | | $ | (52.5 | ) | | $ | 13.9 |
| | $ | (948.0 | ) | Other comprehensive (loss) income before reclassifications | — |
| | (92.9 | ) | | 12.2 |
| | (80.7 | ) | Amounts reclassified from accumulated other comprehensive loss | 17.6 |
| | — |
| | (4.8 | ) | | 12.8 |
| Other comprehensive income (loss) | 17.6 |
| | (92.9 | ) | | 7.4 |
| | (67.9 | ) | Balance as of December 31, 2014 | $ | (891.8 | ) | | $ | (145.4 | ) | | $ | 21.3 |
|
| $ | (1,015.9 | ) |
|
Reclassification out of Accumulated Other Comprehensive Income |
The reclassifications out of accumulated other comprehensive loss to the Condensed Consolidated Statement of Operations were (in millions): | | | | | | | | | | | | Three Months Ended December 31, | | Affected Line in the Condensed Consolidated Statement of Operations | | 2015 | | 2014 | | | Pension and other postretirement benefit plan adjustments: | Amortization of prior service credit | $ | (3.5 | ) | | $ | (4.4 | ) | | (a) | Amortization of net actuarial loss | 31.7 |
| | 31.2 |
| | (a) | | 28.2 |
| | 26.8 |
| | Income before income taxes | | (9.8 | ) | | (9.2 | ) | | Income tax provision | | $ | 18.4 |
| | $ | 17.6 |
| | Net income | | | | | | | Net unrealized losses (gains) on cash flow hedges: | Forward exchange contracts | $ | 2.5 |
| | $ | 1.2 |
| | Sales | Forward exchange contracts | (8.8 | ) | | (5.8 | ) | | Cost of sales | | (6.3 | ) | | (4.6 | ) | | Income before income taxes | | 1.4 |
| | (0.2 | ) | | Income tax provision | | $ | (4.9 | ) | | $ | (4.8 | ) | | Net income | | | | | | | Total reclassifications | $ | 13.5 |
| | $ | 12.8 |
| | Net income |
(a) Reclassified from accumulated other comprehensive loss into cost of sales and selling, general and administrative expenses. These components are included in the computation of net periodic benefit cost (income). See Note 8 for further information.
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v3.3.1.900
Business Segment Information (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment |
The following tables reflect the sales and operating results of our reportable segments (in millions): | | | | | | | | | | Three Months Ended December 31, | | 2015 | | 2014 | Sales | | | | Architecture & Software | $ | 642.9 |
| | $ | 707.8 |
| Control Products & Solutions | 783.7 |
| | 866.6 |
| Total | $ | 1,426.6 |
| | $ | 1,574.4 |
| Segment operating earnings | | | | Architecture & Software | $ | 176.2 |
| | $ | 221.4 |
| Control Products & Solutions | 119.7 |
| | 125.4 |
| Total | 295.9 |
| | 346.8 |
| Purchase accounting depreciation and amortization | (4.7 | ) | | (5.4 | ) | General corporate – net | (18.0 | ) | | (22.8 | ) | Non-operating pension costs | (18.9 | ) | | (16.2 | ) | Interest expense | (17.4 | ) | | (14.9 | ) | Income before income taxes | $ | 236.9 |
| | $ | 287.5 |
|
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- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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- DefinitionNet income available to common stockholders for purposes of calculating earnings per share under the two-class method.
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v3.3.1.900
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Total, carrying amount |
$ 437.5
|
$ 440.5
|
Total, net |
221.0
|
229.5
|
Other intangible assets |
|
|
Amortized intangible assets, carrying amount |
393.8
|
396.8
|
Amortized intangible assets, accumulated amortization |
216.5
|
211.0
|
Amortized intangible assets, net |
177.3
|
185.8
|
Goodwill and Other Intangible Assets (Textual) [Abstract] |
|
|
Estimated amortization expense in 2016 |
29.1
|
|
Estimated amortization expense in 2017 |
25.9
|
|
Estimated amortization expense in 2018 |
19.8
|
|
Estimated amortization expense in 2019 |
17.2
|
|
Estimated amortization expense in 2020 |
14.4
|
|
Trademarks [Member] |
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Intangible assets not subject to amortization |
43.7
|
43.7
|
Computer software products [Member] |
|
|
Other intangible assets |
|
|
Amortized intangible assets, carrying amount |
182.4
|
182.4
|
Amortized intangible assets, accumulated amortization |
95.0
|
91.9
|
Amortized intangible assets, net |
87.4
|
90.5
|
Customer relationships [Member] |
|
|
Other intangible assets |
|
|
Amortized intangible assets, carrying amount |
85.5
|
87.2
|
Amortized intangible assets, accumulated amortization |
50.7
|
50.1
|
Amortized intangible assets, net |
34.8
|
37.1
|
Technology [Member] |
|
|
Other intangible assets |
|
|
Amortized intangible assets, carrying amount |
82.8
|
83.4
|
Amortized intangible assets, accumulated amortization |
45.5
|
44.1
|
Amortized intangible assets, net |
37.3
|
39.3
|
Trademarks [Member] |
|
|
Other intangible assets |
|
|
Amortized intangible assets, carrying amount |
31.8
|
32.3
|
Amortized intangible assets, accumulated amortization |
16.7
|
16.3
|
Amortized intangible assets, net |
15.1
|
16.0
|
Other [Member] |
|
|
Other intangible assets |
|
|
Amortized intangible assets, carrying amount |
11.3
|
11.5
|
Amortized intangible assets, accumulated amortization |
8.6
|
8.6
|
Amortized intangible assets, net |
$ 2.7
|
$ 2.9
|
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Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
Balance at beginning of period |
$ (1,334.6)
|
$ (948.0)
|
Other comprehensive income (loss) before reclassifications |
(17.9)
|
(80.7)
|
Amounts reclassified from accumulated other comprehensive loss |
13.5
|
12.8
|
Other comprehensive income (loss) |
(4.4)
|
(67.9)
|
Balance at end of period |
(1,339.0)
|
(1,015.9)
|
Pension and other postretirement benefit plan adjustments [Member] |
|
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
Balance at beginning of period |
(1,097.1)
|
(909.4)
|
Other comprehensive income (loss) before reclassifications |
0.0
|
0.0
|
Amounts reclassified from accumulated other comprehensive loss |
18.4
|
17.6
|
Other comprehensive income (loss) |
18.4
|
17.6
|
Balance at end of period |
(1,078.7)
|
(891.8)
|
Accumulated currency translation adjustments [Member] |
|
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
Balance at beginning of period |
(252.4)
|
(52.5)
|
Other comprehensive income (loss) before reclassifications |
(24.4)
|
(92.9)
|
Amounts reclassified from accumulated other comprehensive loss |
0.0
|
0.0
|
Other comprehensive income (loss) |
(24.4)
|
(92.9)
|
Balance at end of period |
(276.8)
|
(145.4)
|
Net unrealized gains (losses) on cash flow hedges [Member] |
|
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
Balance at beginning of period |
14.9
|
13.9
|
Other comprehensive income (loss) before reclassifications |
6.5
|
12.2
|
Amounts reclassified from accumulated other comprehensive loss |
(4.9)
|
(4.8)
|
Other comprehensive income (loss) |
1.6
|
7.4
|
Balance at end of period |
$ 16.5
|
$ 21.3
|
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