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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): November 20, 2025
Emerson Electric Co.
-------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Missouri1-27843-0259330
---------------------------------
(State or Other Jurisdiction of Incorporation)
-------------------
(Commission
---------------------------
(I.R.S. Employer Identification Number)
File Number)
8027 Forsyth Blvd 
St. Louis,Missouri63105
------------------------------------------------
(Address of Principal Executive Offices)
------------------
(Zip Code)
Registrant’s telephone number, including area code:
(314) 553-2000
------------------------------------------
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock of $0.50 par value per share EMRNew York Stock Exchange
NYSE Texas
2.000% Notes due 2029EMR 29New York Stock Exchange
3.000% Notes due 2031EMR 31ANew York Stock Exchange
3.500% Notes due 2037EMR 37New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    



Item 2.02 Results of Operations and Financial Condition
 
Emerson Electric Co. ("Emerson" or the "Company") announced on November 20, 2025, that with the completion of the Company's transformation, it has revised its management organization and updated its reportable segments. Beginning in fiscal 2026, Emerson will now report results for five segments, which are described in further detail below.
The Control Systems & Software segment delivers a portfolio of automation systems, intelligent software and industrial AI solutions. This segment empowers industrial organizations worldwide to harness data, optimize performance and achieve operational excellence on the plant level and across the enterprise.

Featuring market-leading brands and technologies – including DeltaV™ and Ovation™ control systems and AspenTech’s asset optimization software – this segment integrates advanced automation, edge-to-cloud analytics and AI. These solutions enable customers to make faster, smarter decisions, boost productivity and accelerate their digital transformation in complex environments. This segment also now includes programmable automation controllers, which were previously reported in the former Discrete Automation segment.
The Test & Measurement segment offers an integrated portfolio of intelligent test platforms, modular hardware and powerful software to accelerate innovation, reduce complexity and enhance product quality. With automated test solutions, the NI brand delivers flexible, AI-enabled tools that provide insights and adaptability for measurement and control challenges across diverse industries.

Featuring open software architectures, flexible hardware systems and expert services, Test & Measurement enables customers to connect data and automation, optimize testing processes and assist in reliable performance. By integrating advanced analytics and automation technologies, these solutions help companies drive efficiency and respond quickly to evolving demands.
The Control Systems & Software and Test & Measurement segments are combined and reported as the Software & Systems group.
The Sensors segment (formerly described as Measurement & Analytical) delivers leading sensing and measurement solutions that provide real-time, reliable data for the world’s most essential applications. Leveraging innovative technologies and trusted brands like Rosemount and Micro Motion, the segment helps customers to monitor critical parameters, optimize operations and support safer, more sustainable performance.

With a comprehensive portfolio that includes secure, wireless and non-intrusive instrumentation, Emerson’s Sensors segment empowers organizations to detect, analyze and respond to changing conditions in even the harshest environments. By seamlessly integrating advanced sensors with automation platforms and analytics, these solutions help customers unlock operational insights, ensure compliance and accelerate productivity at scale.
The Final Control segment is a leading supplier of valves, digital valve controllers, actuators and regulators engineered to excel in the most demanding conditions. Anchored by trusted brands like Fisher, ASCO and Bettis, the segment empowers customers to precisely manage the flow of liquids and gases for safer, more reliable and efficient operations. This segment also now includes the fluid & motion control business from the former Discrete Automation segment.

With solutions spanning control, isolation and pressure relief valves, as well as solenoid and pneumatic valves, valve position indicators, cylinders, air preparation equipment and electric linear motion, Final Control supports critical applications across a wide range of industries. By combining deep expertise with leading technologies, these solutions help customers optimize performance and drive long-term sustainability.
The Sensors and Final Control segments are combined and reported as the Intelligent Devices group.

The Safety & Productivity segment delivers innovative tools, connected equipment and technologies that empower professionals in the mechanical, electrical and plumbing industries to overcome even the toughest job site challenges. The segment provides a comprehensive range of mechanical, electrical and diagnostic solutions to support critical infrastructure, promote safety and drive productivity across construction, maintenance and industrial environments.




Recently expanded to include the electrical equipment and materials joining businesses from the former Discrete Automation segment, Safety & Productivity combines rugged performance with intelligent design and advanced connectivity.

The Company is providing the supplemental unaudited historical results to reflect the impact of the new segment reporting and to facilitate investors' understanding of the Company's segment results on the basis in which they will be reported in fiscal 2026. The information in Exhibit 99.1 does not represent a restatement of previously issued financial statements and should be read in conjunction with the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The information contained in this Form 8-K is being provided voluntarily and shall not be deemed “filed” for purposes of, or subject to liability under, Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference into any Company filing with the Securities and Exchange Commission.

Non-GAAP Financial Measures
 
The supplemental unaudited historical results contain non-GAAP financial measures as such term is defined in Regulation G under the rules of the Securities and Exchange Commission. While the Company believes these non-GAAP financial measures are useful in evaluating the Company, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Further, these non-GAAP financial measures may differ from similarly titled measures presented by other companies. The reasons management believes that these non-GAAP financial measures provide useful information are set forth in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Forward-Looking and Cautionary Statements

Statements in this current report on Form 8-K or furnished herewith that are not strictly historical may be “forward-looking” statements, which represent management’s expectations, based on currently available information. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement. Any forward-looking statements speak only as of the date of this filing. Emerson undertakes no obligation to update any such statements to reflect new information or later developments. Examples of risks and uncertainties that may cause or actual results or performance to be materially different from those expressed or implied by forward looking statements include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits
 
The Company is including herein supplemental unaudited historical segment information for its new business segments. This information is attached as Exhibit 99.1 and incorporated herein by reference.
 
Exhibit Number  Description of Exhibits
   
99.1 
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
 



SIGNATURE
 
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 hereunto duly authorized.
 
 EMERSON ELECTRIC CO.
(Registrant)
  
Date:
November 20, 2025
By:/s/ John A. Sperino
  
John A. Sperino
Vice President and
Assistant Secretary

  

Exhibit 99.1
Supplemental Business Segment Information
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars in millions; unaudited)

202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Sales:
Control Systems & Software$2,789 3,196 895 896 1,029 997 3,817 962 995 1,070 1,024 4,052 1,023 1,093 1,120 1,099 4,334 
Test & Measurement— — — — — — — 382 366 355 360 1,464 359 358 360 407 1,485 
Software & Systems2,789 3,196 895 896 1,029 997 3,817 1,344 1,361 1,425 1,384 5,516 1,382 1,451 1,480 1,506 5,819 
Sensors3,069 3,205 747 885 912 1,044 3,587 945 1,012 982 1,117 4,056 972 1,000 1,013 1,149 4,135 
Final Control4,965 5,170 1,221 1,395 1,445 1,487 5,549 1,318 1,449 1,437 1,576 5,779 1,334 1,459 1,522 1,637 5,952 
Intelligent Devices8,034 8,375 1,968 2,280 2,357 2,531 9,136 2,263 2,461 2,419 2,693 9,835 2,306 2,459 2,535 2,786 10,087 
Safety & Productivity2,121 2,238 510 580 560 562 2,212 510 554 536 542 2,141 487 522 538 563 2,110 

202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Cost of Sales:
Control Systems & Software$1,623 1,720 459 461 478 507 1,905 464 479 470 523 1,936 451 480 490 545 1,965 
Test & Measurement— — — — — — — 104 94 95 94 387 89 92 98 100 380 
Software & Systems1,623 1,720 459 461 478 507 1,905 568 573 565 617 2,323 540 572 588 645 2,345 
Sensors1,470 1,521 347 414 408 472 1,640 412 448 445 489 1,794 424 436 461 514 1,835 
Final Control2,891 2,929 663 756 759 784 2,963 699 767 750 833 3,049 698 761 805 862 3,125 
Intelligent Devices4,361 4,450 1,010 1,170 1,167 1,256 4,603 1,111 1,215 1,195 1,322 4,843 1,122 1,197 1,266 1,376 4,960 
Safety & Productivity1,230 1,316 286 328 317 315 1,246 288 308 305 313 1,214 276 291 312 318 1,197 

1


202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Gross Profit:
Control Systems & Software$1,166 1,476 4364355514901,912498 516 600 501 2,116 572 613 630 554 2,369 
  Margin41.8 %46.2 %48.8 %48.6 %53.6 %49.1 %50.1 %51.8 %51.9 %56.0 %49.0 %52.2 %55.9 %56.1 %56.3 %50.4 %54.7 %
Test & Measurement— — — — — — — 278 272 260 266 1,077 270 266 262 307 1,105 
  Margin72.6 %74.4 %73.3 %74.0 %73.6 %75.1 %74.4 %72.9 %75.4 %74.5 %
Software & Systems1,166 1,476 436 435 551 490 1,912 776 788 860 767 3,193 842 879 892 861 3,474 
  Margin41.8 %46.2 %48.8 %48.6 %53.6 %49.1 %50.1 %57.7 %57.9 %60.3 %55.5 %57.9 %60.9 %60.6 %60.3 %57.2 %59.7 %
Sensors1,599 1,684 400 471 504 572 1,947 533 564 537 628 2,262 548 564 552 635 2,300 
  Margin52.1 %52.5 %53.6 %53.2 %55.2 %54.8 %54.3 %56.4 %55.8 %54.6 %56.3 %55.8 %56.4 %56.4 %54.5 %55.3 %55.6 %
Final Control2,074 2,241 558 639 686 703 2,586 619 682 687 743 2,730 636 698 717 775 2,827 
  Margin41.8 %43.4 %45.7 %45.8 %47.5 %47.2 %46.6 %46.9 %47.1 %47.8 %47.1 %47.2 %47.7 %47.8 %47.1 %47.4 %47.5 %
Intelligent Devices3,673 3,925 958 1,110 1,190 1,275 4,533 1,152 1,246 1,224 1,371 4,992 1,184 1,262 1,269 1,410 5,127 
  Margin45.7 %46.9 %48.7 %48.7 %50.5 %50.4 %49.6 %50.9 %50.6 %50.6 %50.9 %50.8 %51.4 %51.3 %50.1 %50.6 %50.8 %
Safety & Productivity891 922 224 252 243 247 966 222 246 231 229 927 211 231 226 245 913 
  Margin42.0 %41.2 %43.8 %43.4 %43.4 %44.1 %43.7 %43.4 %44.4 %43.0 %42.3 %43.3 %43.3 %44.3 %42.0 %43.5 %43.3 %

202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
SG&A:
Control Systems & Software$726 859 276 271 288 302 1,137 295 284 299 304 1,182 277 283 284 294 1,139 
Test & Measurement— — — — — — — 178 192 184 169 723 175 183 184 193 734 
Software & Systems726 859 276 271 288 302 1,137 473 476 483 473 1,905 452 466 468 487 1,873 
Sensors837 861 215 236 243 278 972 265 279 267 287 1,097 260 273 277 289 1,101 
Final Control1,131 1,117 284 296 310 321 1,212 306 312 306 315 1,239 298 307 317 329 1,252 
Intelligent Devices1,968 1,978 499 532 553 599 2,184 571 591 573 602 2,336 558 580 594 618 2,353 
Safety & Productivity468 483 116 123 122 127 487 117 122 117 108 464 110 116 115 119 459 
2


202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Other Deductions, Net:
Control Systems & Software$75 166 85 89 90 89 354 91 92 85 98 365 87 92 75 74 327 
Test & Measurement— — — — — — — 178 159 164 142 644 108 107 104 118 439 
Software & Systems75 166 85 89 90 89 354 269 251 249 240 1,009 195 199 179 192 766 
Sensors78 38 10 19 39 33 11 18 46 109 3 25 29 29 87 
Final Control176 147 36 34 39 34 142 49 24 46 49 168 33 36 49 43 160 
Intelligent Devices254 185 46 40 43 53 181 82 35 64 95 277 36 61 78 72 247 
Safety & Productivity35 34 5 9 9 8 30 8 9 7 8 32 5 10 8 13 36 
202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Earnings (Loss):
Control Systems & Software$365 451 75 75 173 99 421 112 140 216 99 569 208 238 271 186 903 
  Margin13.1 %14.1 %8.4 %8.3 %16.8 %9.9 %11.0 %11.6 %14.1 %20.2 %9.7 %14.0 %20.3 %21.7 %24.2 %16.9 %20.8 %
Test & Measurement— — — — — — — (78)(79)(88)(45)(290)(13)(24)(26)(4)(68)
  Margin(20.4)%(21.7)%(24.7)%(12.4)%(19.8)%(3.6)%(6.8)%(7.2)%(1.1)%(4.5)%
Software & Systems365 451 75 75 173 99 421 34 61 128 54 279 195 214 245 182 835 
  Margin13.1 %14.1 %8.4 %8.3 %16.8 %9.9 %11.0 %2.5 %4.5 %9.0 %3.9 %5.0 %14.1 %14.6 %16.6 %12.0 %14.4 %
Sensors684 785 175 229 257 275 936 235 274 252 295 1,056 285 266 246 317 1,112 
  Margin22.3 %24.5 %23.4 %25.9 %28.1 %26.4 %26.1 %24.9 %27.0 %25.6 %26.5 %26.0 %29.3 %26.6 %24.2 %27.6 %26.9 %
Final Control767 977 238 309 337 348 1,232 264 346 335 379 1,323 305 355 351 403 1,415 
  Margin15.5 %18.9 %19.5 %22.1 %23.3 %23.4 %22.2 %20.0 %23.9 %23.4 %24.0 %22.9 %22.9 %24.4 %23.1 %24.6 %23.8 %
Intelligent Devices1,451 1,762 413 538 594 623 2,168 499 620 587 674 2,379 590 621 597 720 2,527 
  Margin18.1 %21.1 %21.0 %23.6 %25.2 %24.6 %23.7 %22.1 %25.2 %24.3 %25.1 %24.2 %25.6 %25.3 %23.5 %25.8 %25.1 %
Safety & Productivity388 405 103 120 112 113 449 97 115 107 113 431 96 105 103 113 418 
  Margin18.3 %18.1 %20.1 %20.8 %20.0 %20.2 %20.3 %19.0 %20.8 %19.9 %20.8 %20.1 %19.7 %20.2 %19.2 %20.1 %19.8 %
3


202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Amortization of Intangibles:
Control Systems & Software$114 261 128 128 128 128 512 128 132 127 127 515 127 128 114 102 471 
Test & Measurement— — — — — — — 139 141 139 141 560 105 105 107 107 425 
Software & Systems114 261 128 128 128 128 512 267 273 266 268 1,075 232 233 221 209 896 
Sensors25 21 12 27 20 12 11 12 55 10 11 11 12 45 
Final Control137 122 28 28 29 28 113 30 30 29 29 118 29 28 30 29 115 
Intelligent Devices162 143 33 33 34 40 140 50 42 40 41 173 39 39 41 41 160 
Safety & Productivity28 26 6 7 7 6 26 6 7 7 7 26 7 6 7 7 27 
202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Restructuring and Related Costs:
Control Systems & Software$14 11 13 15 27 2 9 8 10 29 
Test & Measurement— — — — — — — 40 16 25 — 81 (1)6  13 18 
Software & Systems14 11 1 5 1 5 13 42 19 30 15 108 1 15 8 23 47 
Sensors58 — 11 13 19 26 1 2 2 19 25 
Final Control68 73 13 18 42 12 (3)17 13 39 7 3 8 12 30 
Intelligent Devices126 76 5 13 9 29 55 15 (2)20 32 65 8 5 10 31 55 
Safety & Productivity11 12 1 5 2 2 10 4 4 4 6 16 1 2  7 10 
4


202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Adjusted EBITA:
Control Systems & Software$493 723 204 208 302 232 946 242 275 348 241 1,111 337 375 393 298 1,403 
  Margin17.6 %22.6 %22.9 %23.2 %29.4 %23.3 %24.8 %25.1 %27.9 %32.6 %23.6 %27.4 %33.0 %34.2 %35.2 %27.0 %32.4 %
Test & Measurement— — — — — — — 101 78 76 96 351 91 87 81 116 375 
  Margin26.5 %21.4 %21.4 %26.7 %24.0 %25.5 %24.3 %22.4 %28.5 %25.3 %
Software & Systems493 723 204 208 302 232 946 343 353 424 337 1,462 428 462 474 414 1,778 
  Margin17.6 %22.6 %22.9 %23.2 %29.4 %23.3 %24.8 %25.5 %26.2 %29.8 %24.4 %26.5 %31.1 %31.7 %32.1 %27.4 %30.6 %
Sensors767 809 181 234 263 298 976 258 287 266 326 1,137 296 279 259 348 1,182 
  Margin25.0 %25.3 %24.2 %26.5 %28.8 %28.5 %27.2 %27.3 %28.3 %27.0 %29.3 %28.0 %30.5 %27.9 %25.5 %30.3 %28.6 %
Final Control972 1,172 270 350 374 394 1,387 306 373 381 421 1,480 341 386 389 444 1,560 
  Margin19.6 %22.7 %22.2 %25.1 %25.9 %26.4 %25.0 %23.3 %25.6 %26.6 %26.7 %25.6 %25.5 %26.5 %25.5 %27.2 %26.2 %
Intelligent Devices1,739 1,981 451 584 637 692 2,363 564 660 647 747 2,617 637 665 648 792 2,742 
  Margin21.7 %23.6 %22.9 %25.6 %27.0 %27.3 %25.9 %24.9 %26.7 %26.7 %27.8 %26.6 %27.6 %27.1 %25.5 %28.5 %27.2 %
Safety & Productivity427 443 110 132 121 121 485 107 126 118 126 473 104 113 110 127 455 
  Margin20.2 %19.8 %21.5 %22.6 %21.6 %21.8 %21.9 %21.0 %22.7 %21.8 %23.0 %22.1 %21.3 %21.8 %20.4 %22.6 %21.5 %
5


202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Underlying Sales:
Control Systems & Software
  Reported14 %15 %30 %31 %21 %%19 %%11 %%%%6 %10 %5 %7 %7 %
  (Fav.)/Unfav. FX(2)%%%%%(1)%%(1)%%%(1)%%1 %1 %(1)% % %
  (Acq.)/Divestitures(8)%(12)%(22)%(19)%(4)%— %(10)%%— %— %— %— % % % % % %
  Underlying4 %6 %13 %15 %18 %1 %10 %8 %12 %5 %2 %7 %7 %11 %4 %7 %7 %
Test & Measurement
  Reported(6)%(2)%2 %13 %2 %
  (Fav.)/Unfav. FX1 %1 %(3)%(1)%(1)%
  (Acq.)/Divestitures % % % % %
  Underlying(5)%(1)%(1)%12 %1 %
Software & Systems
  Reported14 %15 %30 %31 %21 %2 %19 %50 %52 %39 %39 %45 %3 %7 %4 %9 %5 %
  (Fav.)/Unfav. FX(2)%3 %5 %3 %1 %(1)%1 %(1)% %1 %(1)% %1 % %(2)%(1)% %
  (Acq.)/Divestitures(8)%(12)%(22)%(19)%(4)% %(10)%(41)%(40)%(35)%(36)%(38)% % % % % %
  Underlying4 %6 %13 %15 %18 %1 %10 %8 %12 %5 %2 %7 %4 %7 %2 %8 %5 %
Sensors
  Reported(1)%%%15 %16 %14 %12 %27 %14 %%%13 %3 %(1)%3 %3 %2 %
  (Fav.)/Unfav. FX(2)%%%%%— %%(1)%%%— %— %1 %1 %(1)%(1)% %
  (Acq.)/Divestitures— %— %%%%%%%%— %— %% % % % % %
  Underlying(3)%7 %9 %20 %20 %15 %16 %28 %16 %9 %7 %14 %4 % %2 %2 %2 %
Final Control
  Reported%%%%13 %%%%%(1)%%%1 %1 %6 %4 %3 %
  (Fav.)/Unfav. FX(3)%%%%%(1)%%(1)%— %%(1)%— %1 %1 %(2)%(1)% %
  (Acq.)/Divestitures— %— %— %%— %— %%— %— %— %— %— % % % % % %
  Underlying(1)%8 %9 %13 %14 %4 %10 %7 %4 %1 %5 %4 %2 %2 %4 %3 %3 %
6


202320242025
20212022Q1Q2Q3Q4FYQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Intelligent Devices
  Reported1 %4 %2 %11 %14 %8 %9 %15 %8 %3 %6 %8 %2 % %5 %4 %3 %
  (Fav.)/Unfav. FX(3)%4 %6 %4 %1 %(1)%2 %(1)%1 %1 % % %1 %1 %(1)%(1)% %
  (Acq.)/Divestitures % %1 %1 %1 %1 %1 %1 % % % % % % % % % %
  Underlying(2)%8 %9 %16 %16 %8 %12 %15 %9 %4 %6 %8 %3 %1 %4 %3 %3 %
Safety & Productivity
  Reported15 %6 %(6)%4 %1 %(3)%(1)% %(4)%(4)%(4)%(3)%(4)%(6)% %4 %(2)%
  (Fav.)/Unfav. FX(2)%2 %3 %1 %(1)%(1)%1 %(1)% %1 % % % %1 %(1)%(1)% %
  (Acq.)/Divestitures % % % % % % % % % % % % % % % % %
  Underlying13 %8 %(3)%5 % %(4)% %(1)%(4)%(3)%(4)%(3)%(4)%(5)%(1)%3 %(2)%
7