| BUSINESS SEGMENTS |
BUSINESS SEGMENTS As disclosed in Note 4, the Company completed the acquisition of NI on October 11, 2023. NI is now referred to as Test & Measurement and reported as a new segment in the Software and Control business group.
Summarized information about the Company's results of operations by business segment follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Nine Months Ended June 30, | | | Sales | | Earnings (Loss) | | Sales | | Earnings (Loss) | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | | | | | | | | | | | | | | | | | Final Control | $ | 1,035 | | | 1,046 | | | 245 | | | 253 | | | 2,889 | | | 3,037 | | | 618 | | | 706 | | | Measurement & Analytical | 913 | | | 982 | | | 257 | | | 252 | | | 2,550 | | | 2,942 | | | 661 | | | 761 | | | Discrete Automation | 668 | | | 618 | | | 124 | | | 109 | | | 1,969 | | | 1,863 | | | 378 | | | 322 | | | Safety & Productivity | 363 | | | 351 | | | 82 | | | 79 | | | 1,034 | | | 1,038 | | | 228 | | | 230 | | | Intelligent Devices | 2,979 | | | 2,997 | | | 708 | | | 693 | | | 8,442 | | | 8,880 | | | 1,885 | | | 2,019 | | | | | | | | | | | | | | | | | | | Control Systems & Software | 663 | | | 700 | | | 144 | | | 168 | | | 1,892 | | | 2,062 | | | 378 | | | 468 | | | Test & Measurement | — | | | 355 | | | — | | | (88) | | | — | | | 1,104 | | | — | | | (245) | | | AspenTech | 320 | | | 343 | | | 27 | | | 49 | | | 793 | | | 878 | | | (60) | | | 6 | | | Software and Control | 983 | | | 1,398 | | | 171 | | | 129 | | | 2,685 | | | 4,044 | | | 318 | | | 229 | | | | | | | | | | | | | | | | | | Stock compensation | | | | | (56) | | | (56) | | | | | | | (198) | | | (203) | | | Unallocated pension and postretirement costs | | | | | 42 | | | 38 | | | | | | | 133 | | | 107 | | | Corporate and other | | | | | (43) | | | (38) | | | | | | | (154) | | | (540) | | | Loss on Copeland note receivable | | | | | — | | | (279) | | | | | | | — | | | (279) | | | Gain on subordinated interest | | | | | — | | | — | | | | | | | — | | | 79 | | | Eliminations/Interest | (16) | | | (15) | | | (10) | | | (56) | | | (52) | | | (51) | | | (111) | | | (157) | | | Interest income from related party | | | | | 10 | | | 24 | | | | | | | 10 | | | 86 | | | Total | $ | 3,946 | | | 4,380 | | | 822 | | | 455 | | | 11,075 | | | 12,873 | | | 1,883 | | | 1,341 | |
Stock compensation for the three months and nine months ended June 30, 2024 included $9 and $53 of integration-related stock compensation expense attributable to NI (of which $5 and $41, respectively, was reported as restructuring costs). Corporate and other for the three and nine months ended June 30, 2024 included acquisition/divestiture fees and related costs of $13 and $159, respectively, while year-to-date also includes acquisition-related inventory step-up amortization of $231 and a divestiture loss of $39. Corporate and other for the three and nine months ended June 30, 2023 included acquisition/divestiture costs of $38 and $48, respectively, and a mark-to-market gain of $12 and $47, respectively, related to its equity investment in National Instruments Corporation, while year-to-date also included a loss of $47 related to the Company's exit of business operations in Russia. Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Nine Months Ended June 30, | | | 2023 | | | 2024 | | | | 2023 | | | 2024 | | | Final Control | | $ | 39 | | | 41 | | | | 129 | | | 120 | | | Measurement & Analytical | | 26 | | | 32 | | | | 84 | | | 105 | | | Discrete Automation | | 20 | | | 22 | | | | 63 | | | 65 | | | Safety & Productivity | | 15 | | | 14 | | | | 44 | | | 43 | | | Intelligent Devices | | 100 | | | 109 | | | | 320 | | | 333 | | | | | | | | | | | | | Control Systems & Software | | 22 | | | 26 | | | | 67 | | | 75 | | | Test & Measurement | | — | | | 150 | | | | — | | | 454 | | | AspenTech | | 123 | | | 122 | | | | 369 | | | 369 | | | Software and Control | | 145 | | | 298 | | | | 436 | | | 898 | | | | | | | | | | | | | Corporate and other | | 12 | | | 10 | | | | 24 | | | 32 | | | Total | | $ | 257 | | | 417 | | | | 780 | | | 1,263 | |
Test & Measurement depreciation and amortization for the three and nine months ended June 30, 2024 included intangibles amortization of $139 and $419 due to the acquisition. Sales by geographic destination, Americas, Asia, Middle East & Africa ("AMEA") and Europe, are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Three Months Ended June 30, | | | 2023 | | 2024 | | | | Americas | | AMEA | | Europe | | Total | | Americas | | AMEA | | Europe | | Total | | | Final Control | | $ | 498 | | | 399 | | | 138 | | | 1,035 | | | 509 | | | 398 | | | 139 | | | 1,046 | | | | Measurement & Analytical | | 482 | | | 303 | | | 128 | | | 913 | | | 488 | | | 345 | | | 149 | | | 982 | | | | Discrete Automation | | 312 | | | 180 | | | 176 | | | 668 | | | 294 | | | 154 | | | 170 | | | 618 | | | | Safety & Productivity | | 269 | | | 18 | | | 76 | | | 363 | | | 262 | | | 18 | | | 71 | | | 351 | | | | Intelligent Devices | | 1,561 | | | 900 | | | 518 | | | 2,979 | | | 1,553 | | | 915 | | | 529 | | | 2,997 | | | | | | | | | | | | | | | | | | | | | | Control Systems & Software | | 322 | | | 207 | | | 134 | | | 663 | | | 326 | | | 224 | | | 150 | | | 700 | | | | Test & Measurement | | — | | | — | | | — | | | — | | | 160 | | | 98 | | | 97 | | | 355 | | | | AspenTech | | 111 | | | 104 | | | 105 | | | 320 | | | 167 | | | 75 | | | 101 | | | 343 | | | | Software and Control | | 433 | | | 311 | | | 239 | | | 983 | | | 653 | | | 397 | | | 348 | | | 1,398 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 1,994 | | | 1,211 | | | 757 | | | 3,962 | | | 2,206 | | | 1,312 | | | 877 | | | 4,395 | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended June 30, | | Nine Months Ended June 30, | | | 2023 | | 2024 | | | | Americas | | AMEA | | Europe | | Total | | Americas | | AMEA | | Europe | | Total | | | Final Control | | $ | 1,438 | | | 1,069 | | | 382 | | | 2,889 | | | 1,476 | | | 1,172 | | | 389 | | | 3,037 | | | | Measurement & Analytical | | 1,333 | | | 853 | | | 364 | | | 2,550 | | | 1,475 | | | 1,004 | | | 463 | | | 2,942 | | | | Discrete Automation | | 914 | | | 539 | | | 516 | | | 1,969 | | | 874 | | | 477 | | | 512 | | | 1,863 | | | | Safety & Productivity | | 777 | | | 51 | | | 206 | | | 1,034 | | | 774 | | | 53 | | | 211 | | | 1,038 | | | | Intelligent Devices | | 4,462 | | | 2,512 | | | 1,468 | | | 8,442 | | | 4,599 | | | 2,706 | | | 1,575 | | | 8,880 | | | | | | | | | | | | | | | | | | | | | | Control Systems & Software | | 930 | | | 578 | | | 384 | | | 1,892 | | | 972 | | | 650 | | | 440 | | | 2,062 | | | | Test & Measurement | | — | | | — | | | — | | | — | | | 486 | | | 295 | | | 323 | | | 1,104 | | | | AspenTech | | 337 | | | 228 | | | 228 | | | 793 | | | 428 | | | 208 | | | 242 | | | 878 | | | | Software and Control | | 1,267 | | | 806 | | | 612 | | | 2,685 | | | 1,886 | | | 1,153 | | | 1,005 | | | 4,044 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 5,729 | | | 3,318 | | | 2,080 | | | 11,127 | | | 6,485 | | | 3,859 | | | 2,580 | | | 12,924 | | |
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