What changed in this filing

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Item 1. Business

2022-11-14 compared with 2021-11-15 · 120 added, 74 removed, 158 unchanged (55% of the section changed)

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the Americas, 56 percent;

Europe, 18 percent;

and Asia, Middle East & Africa, 29 percent (China, 12 percent).

The Company reports three segments:

Asia, Middle East & Africa, 28 percent (China, 12 percent);

and Europe, 16 percent.

Portfolio management is an integral component of Emerson's growth and value creation strategy.

Over the past 18 months, Emerson has taken significant actions to accelerate the transformation of its portfolio through the completion of strategic acquisitions and divestitures of non-core businesses.

These actions were undertaken to create a higher growth and cohesive industrial technology portfolio as a global automation leader serving a diversified set of end markets with differentiated capabilities in intelligent devices and software.

The Company’s recent portfolio actions include the following transactions.

• On October 31, 2022, the Company announced an agreement to sell a majority stake in its Climate Technologies business (which constitutes the Climate Technologies segment, excluding Therm-O-Disc which was divested earlier in fiscal 2022) to private equity funds managed by Blackstone ("Blackstone") in a transaction valued at $14.0 billion.

Emerson will receive upfront, pre-tax cash proceeds of approximately $9.5 billion and a note of $2.25 billion at close, while retaining a 45 percent non-controlling common equity ownership interest in a new standalone joint venture between Emerson and Blackstone.

The Climate Technologies business, which includes the Copeland compressor business and the entire portfolio of products and services across all residential and commercial HVAC and refrigeration end-markets, had fiscal 2022 net sales of approximately $5.0 billion.

The transaction is expected to close in the first half of calendar year 2023, subject to regulatory approvals and customary closing conditions.

Please refer to our Current Report on Form 8-K, dated October 31, 2022, for additional information.

• On October 31, 2022, the Company completed the divestiture of its InSinkErator business, which manufactures food waste disposers, to Whirlpool Corporation for $3.0 billion.

This business had fiscal 2022 net sales of $630 million and is reported in the Tools & Home Products segment.

• On May 16, 2022, the Company completed the combination of two of its stand-alone industrial software businesses, Open Systems International, Inc.

and the Geological Simulation Software business (collectively, the “Emerson Industrial Software Business”) with Aspen Technology, Inc.

(“Heritage AspenTech”) to create “New AspenTech”, a diversified, high-performance industrial software leader with greater scale, capabilities and technologies (hereinafter referred to as "AspenTech").

The Company contributed the Emerson Industrial Software Business and $6.0 billion in cash to Heritage AspenTech stockholders and upon closing of the transaction owned 55 percent of the outstanding shares of AspenTech common stock (on a fully diluted basis).

On a pro forma basis, AspenTech had fiscal 2022 net sales of $1.1 billion.

• On July 27, 2022, AspenTech entered into an agreement to acquire Micromine, a global leader in design and operational solutions for the mining industry, for AU $900 (approximately $623 USD based on exchange rates when the transaction was announced).

The transaction is expected to close by the end of calendar 2022, subject to various regulatory approvals.

• On May 31, 2022, the Company completed the divestiture of its Therm-O-Disc sensing and protection technologies business, which was reported in the Climate Technologies segment, to an affiliate of One Rock Capital Partners, LLC.

Further information regarding acquisition and divestiture activity is set forth in Note 4.

For fiscal year 2022, the Company reported four segments:

Automation Solutions ;

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A summary of the Company's businesses is described below.

• Automation Solutions - enables process, hybrid and discrete manufacturers to maximize production, protect personnel and the environment, and optimize their energy efficiency and operating costs through a broad offering of products and integrated solutions, including measurement and analytical instrumentation, industrial valves and equipment, and process control software and systems.

• Commercial & Residential Solutions - provides products and solutions that promote energy efficiency and sustainability, enhance household and commercial comfort, and protect food quality and sustainability through heating, air conditioning and refrigeration technology, as well as a broad range of tools and appliance solutions.

The Company sells products and solutions that support customers in a variety of different end markets.

offering of products and integrated solutions, including measurement and analytical instrumentation, industrial valves and equipment, and process control software and systems.

• AspenTech - provides asset optimization software that enables industrial manufacturers to design, operate, and maintain their operations for maximum performance, creating value through improved operational efficiency and productivity, reduced downtime and safety risks, and minimizing energy consumption and emissions.

The Company sells products and solutions that support customers in a variety of end markets.

Overall, sales by end market were as follows:

oil and gas, 17 percent (upstream, 11 percent;

midstream, 6 percent);

Commercial, 19 percent;

residential, 16 percent;

energy, 15 percent;

chemical, 10 percent;

power, 10 percent;

discrete and industrial, 10 percent;

commercial, 9 percent;

cold chain/refrigeration, 7 percent;

refining, 6 percent;

life sciences and medical, 3 percent;

power & renewables, 9 percent;

general industries, 9 percent;

discrete, 8 percent;

hybrid, 6 percent;

other, 8 percent.

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Management has a well-established set of operating mechanisms to manage its business performance and set strategy.

The Company also has processes undertaken by management with oversight from the Board of Directors to specifically focus on risks in areas such as cybersecurity, compliance, environmental, financial and reputational, among others.

The Company also has processes undertaken by management with oversight from the Board of Directors to specifically focus on risks in areas such as cybersecurity, compliance, legal, environmental, financial and reputational, among others.

The Company periodically updates, assesses, and monitors its risk exposures, provides timely updates to the Board, and takes actions to mitigate these risks.

Acquisitions are an integral component of Emerson's growth and value creation strategy.

On October 11, 2021, the Company announced that it entered into a definitive agreement with Aspen Technology, Inc.

("AspenTech") to combine two of Emerson's stand-alone industrial software businesses, Open Systems International, Inc.

("OSI") and the geological simulation software business, along with a contribution of $6.0 billion in cash to AspenTech shareholders, to create "new AspenTech", a diversified, high-performance industrial software leader with greater scale, capabilities and technologies.

Upon closing of the transaction, the Company will own 55 percent of new AspenTech and its results and financial position will be fully consolidated in Emerson's financial statements.

In 2021, the Company completed the acquisition of OSI, a leading operations technology software provider, which broadens and complements Automation Solutions’ software portfolio and ability to help customers in the global power industry, and other end markets, transform and digitize operations to more seamlessly incorporate renewable energy sources and impr ove energy efficiency and reliability.

In 2020, the Company acquired three businesses, two in the Automations Solutions segment and one in the Climate Technologies segment, and in 2019 the Company acquired several smaller businesses to expand its Automation Solutions product portfolio, which included the acquisition of Machine Automation Solutions (General Electric's former Intelligent Platforms business).

Information with respect to acquisition and divestiture activity is set forth in Note 4.

These references and all other Note references in this document refer to Notes to Consolidated Financial Statements set forth in Item 8 of this Annual Report on Form 10-K, which notes are hereby incorporated by reference.

All Note references in this document refer to Notes to Consolidated Financial Statements set forth in Item 8 of this Annual Report on Form 10-K, which notes are hereby incorporated by reference.

See also Item 1A - “Risk Factors” and Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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The Automation Solutions segment offers a broad array of products, integrated solutions, software and services which enable process, hybrid and discrete manufacturers to maximize production, protect personnel and the environment, reduce project costs, and optimize their energy efficiency and operating costs.

Markets served include oil and gas, refining, chemicals, power generation, life sciences, food and beverage, automotive, pulp and paper, metals and mining, and municipal water supplies.

Markets served include energy, chemical, power & renewables , life sciences, food and beverage, automotive, pulp and paper, metals and mining, and municipal water supplies.

The segment’s major product offerings are Measurement & Analytical Instrumentation, Valves, Actuators & Regulators, Industrial Solutions and Systems & Software, which are further described below.

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the Americas, 47 percent;

Europe, 21 percent;

and Asia, Middle East & Africa, 35 percent (China, 14 percent).

Asia, Middle East & Africa, 35 percent (China, 15 percent);

and Europe, 18 percent.

Measurement & Analytical Instrumentation

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Measurement technologies provided by the Company include Coriolis direct mass flow, magnetic flow, vortex flow, ultrasonic flow, differential pressure, ultra-low flow fluid measurement, corrosion measurement, acoustic measurement, temperature sensors, radar-based tank gauging and magnetic level gauging.

The Company’s measurement products are often used in custody transfer applications, such as the transfer of gasoline from a storage tank to a tanker truck, where precise metering of the amount of fluid transferred helps ensure accurate asset management.

helps ensure accurate asset management.

Complementary products include onshore and subsea multi-phase meters, wet gas meters, downhole gauges and corrosion/erosion measuring instruments.

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The Company provides process control systems and software that control plant processes by collecting and analyzing information from measurement devices in the plant and using that information to adjust valves, pumps, motors, drives and other control hardware for maximum product quality and process efficiency and safety.

Software capabilities also include life sciences operations management, upstream oil and gas reservoir simulation and production optimization modeling, pipeline and terminal management, operations management simulation, and training systems.

Software capabilities also include life sciences operations management, upstream oil and gas reservoir simulation and

production optimization modeling, pipeline and terminal management, operations management simulation, and training systems.

The Company’s process control systems can be extended wirelessly to support a mobile workforce with handheld tools/communicators, provide site-wide location tracking of people and assets, and enable video monitoring and communication with wireless field devices, thereby increasing the information available to operators.

On October 1, 2020, the Company completed the acquisition of Open Systems International, Inc., a leading operations technology software provider, which broadens and complements Automation Solutions’ software portfolio and ability to help customers in the global power industry, and other end markets, transform and digitize operations to more seamlessly incorporate renewable energy sources and improve energy efficiency and reliability.

On January 31, 2019, the Company completed the acquisition of Machine Automation Solutions (General Electric's former Intelligent Platforms business).

This business offers programmable logic controller technologies that expand the Company's capabilities in machine control and discrete applications, as well as for process and hybrid markets.

The Company also completed several acquisitions of software providers, including Zedi, which offers a cloud-based supervisory control and data acquisition platform that helps oil and gas producers optimize and manage their operations.

The principal worldwide distribution channel for Automation Solutions is a direct sales force, while a network of independent sales representatives, and to a lesser extent independent distributors purchasing products for resale, are also utilized.

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Service/trademarks and trade names within (but not exclusive to) Automation Solutions include Emerson Automation Solutions, Appleton, ASCO, Aventics, Bettis, Branson, DeltaV, Fisher, Keystone, KTM, Micro Motion, Monarch, Ovation, Plantweb, Rosemount and Vanessa.

AspenTech is a global leader in asset optimization software that enables industrial manufacturers to design, operate, and maintain their operations for maximum performance.

AspenTech combines decades of modeling, simulation, and optimization capabilities with industrial operations expertise and applies advanced analytics to improve the profitability and sustainability of production assets.

The purpose-built software drives value for customers by improving operational efficiency and maximizing productivity, reducing unplanned downtime and safety risks, and minimizing energy consumption and emissions.

Sales by geographic destination in 2022 for AspenTech were:

the Americas, 55 percent;

Asia, Middle East & Africa, 21 percent (China, 3 percent);

and Europe, 24 percent.

Heritage AspenTech

Heritage AspenTech combines decades of modeling and operations expertise with big data, artificial intelligence, and advanced analytics.

Heritage AspenTech’s unique asset lifecycle approach and market-leading solutions help customers achieve new levels of efficiency, accelerate innovation and reduce emissions and waste, without compromising safety.

Heritage AspenTech develops software applications to design and optimize industrial operations across three principal business areas:

engineering, manufacturing and supply chain, and asset performance management.

Customers use the solutions to help advance sustainability technology pathways in improving resource efficiencies, such as energy, water or feedstock;

supporting energy transition and decarbonization initiatives, including integrating renewable and alternative energy sources, such as biofuels;

innovating new approaches for the hydrogen economy and carbon capture;

and, enabling recycling efficiencies for waste reduction throughout operations with advanced simulation and scale-up solutions.

OSI Business (Digital Grid Management)

The OSI business offers operational technology (OT) solutions that enable electric, gas, and water utilities and asset operators to manage and optimize the digital grid, incorporating all types of generation, industrial cogeneration, transmission, distribution, and microgrids.

The OSI business’ energy management solution (EMS) monitors, controls, and optimizes the increasingly interconnected transmission networks and generation fleets to manage grid stability and ensure security and regulatory compliance.

Its advanced distribution management solution (ADMS), distributed energy resource management solution (DERMS) and Outage Management offerings provide system resiliency, efficiency, and safety by monitoring, controlling and modeling the distribution network as utilities seek to increase reliability, predict and react to increasingly dynamic supply and demand patterns, resolve outages faster and in a more automated manner, and manage field service digitally.

The Company acquired this business on October 1, 2020.

SSE Business Subsurface Science & Engineering

The SSE business provides geoscience and modeling software for optimization across subsurface engineering and operations.

SSE software empowers decision makers to reduce uncertainty, improve confidence, minimize risk, and support responsible asset management.

Used extensively by the global energy industry, SSE solutions also have applications that extend into geothermal energy and carbon capture and storage.

The SSE business provides end-to-end workflows from seismic analysis and interpretation to reservoir and production simulation and from asset appraisal to operational planning and execution, to optimize production and utilization and minimize energy use, water use, and fugitive emissions.

SSE software is also employed to screen and assess oil and saline aquifer reservoirs for CO2 sequestration and to monitor CO2 storage.

As discussed above, AspenTech entered into an agreement in fiscal 2022 to acquire Micromine, a global leader in design and operational solutions for the mining industry, and the transaction is expected to close by the end of calendar 2022, subject to various regulatory approvals.

The principal worldwide distribution channel for AspenTech is a direct sales force.

COMMERCIAL & RESIDENTIAL SOLUTIONS

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Sales by geographic destination in 2022 for Commercial & Residential Solutions were:

the Americas, 68 percent;

Europe, 13 percent;

and Asia, Middle East & Africa, 19 percent (China, 9 percent).

t he Americas, 71 percent;

Asia, Middle East & Africa, 17 percent (China, 7 percent);

and Europe, 12 percent.

CLIMATE TECHNOLOGIES

The Climate Technologies segment provides products and services for many areas of the climate control industry, including residential heating and cooling, commercial air conditioning, commercial and industrial refrigeration, and cold chain management.

As discussed above, the Company completed the divestiture of its Therm-O-Disc sensing and protection technologies business on May 31, 2022 and on October 31, 2022, announced an agreement to sell a majority stake in its remaining Climate Technologies business to private equity funds managed by Blackstone, while retaining a 45 percent non-controlling common equity ownership interest in a new standalone joint venture between Emerson and Blackstone.

The transaction with Blackstone is expected to close in the first half of calendar year 2023, subject to regulatory approvals and customary closing conditions.

The Climate Technologies segment, as reported for fiscal 2022, provides products and services for many areas of the climate control industry, including residential heating and cooling, commercial air conditioning, commercial and industrial refrigeration, and cold chain management.

The Company's technologies enable homeowners and businesses to better manage their heating, air conditioning and refrigeration systems for improved control and comfort, and lower energy costs.

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Sales by geographic destination in 2022 for Climate Technologies were:

the Americas, 64 percent;

Europe, 12 percent;

and Asia, Middle East & Africa, 24 percent (China, 12 percent).

the Americ as, 67 percent;

Asia, Middle East & Africa, 22 percent (China, 9 percent);

and Europe, 11 percent.

Residential and Commercial Heating and Air Conditioning

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gas valves for furnaces and water heaters;

ignition systems for furnaces;

sensors and thermistors for home appliances;

and temperature sensors and controls.

and ignition systems for furnaces.

Commercial and Industrial Refrigeration

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Approximately one-third of this segment's sales are made to a small number of original equipment manufacturers.

Service/trademarks and trade names within (but not exclusive to) the Climate Technologies segment include Emerson Commercial & Residential Solutions, Emerson Climate Technologies, Copeland, CoreSense, Dixell, Fusite, Lumity, ProAct, Sensi, Therm-O-Disc, Vilter and White-Rodgers.

TOOLS & HOME PRODUCTS

The Company’s Tools & Home Products segment offers tools for professionals and homeowners and appliance solutions.

The Company’s Tools & Home Products segment offers tools for professionals and homeowners that promote safety and productivity.

Sales by geographic destination in 2022 for this segment were:

the Americas, 80 percent;

Europe, 16 percent;

and Asia, Middle East & Africa, 6 percent.

Asia, Middle East & Africa, 5 percent;

and Europe, 15 percent.

As discussed above, on October 31, 2022, the Company completed the divestiture of its InSinkErator business, which manufactures food waste disposers, to Whirlpool Corporation.

Professional Tools

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The Company also offers do-it-yourself tools, available at retail home improvement outlets, which include drain cleaning equipment, pipe and tube working tools, and wet-dry vacuums.

Appliance Solutions

The Company provides a number of appliance solutions, including residential and commercial food waste disposers, instant hot water dispensers and compact electric water heaters.

The principal worldwide distribution channels for Tools & Home Products are distributors and direct sales forces.

Professional tools are sold worldwide almost exclusively through distributors .

Appliance solutions are sold through direct sales force networks, distributors and online retailers.

Approximately one-fourth of this segment's sales are made to a small number of big-box retail outlets.

Service/trademarks and trade names within (but not exclusive to) the Tools & Home Products segment include Emerson, Emerson Professional Tools, Badger, Greenlee, Grind2Energy, InSinkErator, Klauke, ProTeam and RIDGID.

Service/trademarks and trade names within (but not exclusive to) the Tools & Home Products segment include Emerson, Emerson Professional Tools, Greenlee, Klauke, ProTeam and RIDGID.

RAW MATERIALS

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However, the supply of materials or other items could be disrupted by natural disasters or other events.

In fiscal 2021, market price volatility for certain materials, most notably the price of steel, negatively impacted the Company's profitability.

The Company also navigated supply chain disruptions and experienced higher freight costs.

In fiscal 2022, the Company continued to navigate supply chain disruptions and experienced higher freight costs.

Electronic component availability was challenging and lead times stabilized at elevated levels.

Despite these challenging conditions, the raw materials and various purchased components needed for the Company’s products have generally been available in sufficient quantities.

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The Company also continues to develop or acquire new intellectual propert y.

New patent applications are continuously filed to protect the Company’s ongoing research and development activities.

New patent applications are continuously filed to protect the Company’s ongoing research and development activities and the Company periodically reviews the continued utility of patent assets.

The Company’s trademark registrations may be renewed and their duration is dependent upon national laws and trademark use.

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Automation Solutions $ 5,098 5,807

AspenTech 328 1,042

Commercial & Residential Solutions 1,107 1,204

Total Backlog $ 6,533 8,053

The increase in backlog for the AspenTech segment in fiscal 2022 is related to the Heritage AspenTech acquisition.

The Company's businesses operate in highly competitive markets.

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Our manufacturing locations generate waste, of which treatment, storage, transportation and disposal are subject to U.S.

federal, state, foreign and/or local laws and regulations relating to protection of the environment.

federal, state, foreign and/or local laws and regulations relating to protection of the

The Company continually works to minimize the environmental impact of its operations through safe technologies, facility design and operating procedures.

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HUMAN CAPITAL RESOURCES

Supporting our people is a core value for Emerson and underpins our corporate culture.

We believe the Company’s success depends on its ability to attract, develop and retain key personnel, and we hired our first Chief People Officer, Elizabeth Adefioye, to help ensure the Company remains focused on this goal.

Emerson is dedicated to modernizing our workplace culture so our company can meet the needs and expectations of today's workers and attract talent that will help us thrive.

We believe the Company’s success depends on its ability to attract, develop and retain key personnel, and in 2021, we hired our first Chief People Officer, Elizabeth Adefioye, to help ensure the Company remains focused on this goal.

The skills, experience and industry knowledge of key employees significantly benefit our operations and performance.

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The Company supports and develops its employees through global training and development programs that build and strengthen employees’ leadership and professional skills.

Leadership development programs include intensive

learning programs for new leaders as well as more established leaders.

Leadership development programs include intensive learning programs for new leaders as well as more established leaders.

The Company also partners with educational institutions and nonprofit organizations to help prepare current and future workers with the knowledge and skills they need to succeed.

To assess and improve employee retention and engagement, the Company surveys employees with the assistance of third-party consultants, and takes actions to address areas of employee concern.

Approximately 45,000 employees were surveyed during the three years ended September 30, 2021.

Over 26,000 employees participated in our most recent surveys and overall gave high scores in our three focus areas:

employee engagement, processes and procedures related to COVID-19 and diversity.

Employee health and safety in the workplace is also one of the Company’s core values.

Safety efforts are led by the Corporate Safety Council and supported by health and safety committees that operate at the local site level.

The Corporate Safety Council oversees our safety efforts, supported by health and safety committees and leaders that operate at the local site level.

Hazards in the workplace are actively identified and management tracks incidents so remedial actions can be taken to improve workplace safety.

The COVID-19 pandemic has underscored for us the importance of keeping our employees safe and healthy.

In response to the pandemic, the Company has taken actions aligned with the World Health Organization and the Centers for Disease Control and Prevention to protect our workforce so they can more safely and effectively perform their work.

We have identified other human capital priorities, including, among other things, providing competitive wages and benefit s and promoting an inclusive work environment.

The Company is committed to efforts to increase diversity and foster an inclusive work environment that supports our large global workforce and helps us innovate for our customers.

We also have taken actions to enhance diversity, including recruiting at venues representing women, minorities and U.S.

military veterans.

In 2021, the Company introduced diversity goals at the leadership level.

Our efforts are guided by our Chief Executive Officer and Diversity Council, which is comprised of 14 senior-level executives.

In fiscal 2022, the Company reduced its total recordable rate of injuries to 0.28, and its lost or restricted workday case rate was 0.17 (both measured as the number of incidents per 100 employees).

The Company also continued to take appropriate actions throughout 2022 in response to the COVID-19 pandemic and to protect our workforce.

We have identified other human capital priorities, including, among other things, providing competitive wages and benefits and promoting an inclusive work environment.

The Company is committed to efforts to elevate the representation of women and U.S.

minorities and foster an inclusive work environment that supports our large global workforce and helps us innovate for our customers.

Employee Resource Groups have been created to support our diverse workforce and have grown to nearly 12,000 members.

We also have taken actions to enhance diversity, including setting diversity targets for interview slates and recruiting at venues representing women, minorities, U.S.

military veterans, and LGBTQ+ talent.

In 2021, the Company introduced diversity goals at the leadership level and in 2022, added ESG targets, including diversity targets, as a component in the determination of annual bonuses for leadership.

Overall, women represent 31 percent of our U.S.

workforce and on a global basis, 21 percent of leadership positions are held by women.

In the U.S., minorities represent 30 percent of our workforce and 17 percent of our leadership positions.

Employee levels are managed to align with the pace of business and management believes it has sufficient human capital to operate its business successfully.

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Emerson’s global purpose is to drive innovation that makes the world healthier, safer, smarter and more sustainable.

Our environmental sustainability strategy is focused on driving progress within our facilities and helping our customers achieve their ESG objectives.

In 2019, we made a commitment to reduce our GHG (greenhouse gas) emissions by 20 percent, normalized to sales, across our entire global manufacturing footprint and shared service facilities by 2028, measured by our baseline year of 2018.

In 2020, we formed the Environmental Sustainability Steering Committee to further our efforts to drive environmentally responsible solutions for the Company and the industries we serve.

And in early 2021, we named Mike Train as our first Chief Sustainability Officer.

Our environmental sustainability strategy is focused on driving progress within our facilities and helping our

customers achieve their ESG objectives.

In 2021, we appointed Mike Train as Chief Sustainability Officer.

This role, part of our Office of the Chief Executive, reflects our focus on sustainability across our company.

Under his leadership, Emerson has made significant strides, and we are strengthening our leadership position as our customers and suppliers work to deliver their environmental targets.

In 2022, we set an ambitious target to achieve net zero greenhouse gas (GHG) emissions across our value chain by 2045 compared to a 2021 baseline.

To set us on the right pathway, we will target net zero operations and a 25 percent reduction of our value chain emissions by 2030, also compared to a 2021 baseline.

The Company also added ESG targets, including GHG reduction targets, as a component in the determination of annual bonuses for leadership in 2022.

Our environmental sustainability strategy is summarized by our “Greening Of, Greening By, Greening With” framework.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business