Rockwell Automation Reports First Quarter 2020 Results

 

Three Months Ended
December 31,

 

2019

 

2018

Service cost

$

23.1

 

 

$

19.8

 

Operating pension and postretirement benefit cost

23.1

 

 

19.8

 

 

 

 

 

Interest cost

34.6

 

 

40.2

 

Expected return on plan assets

(61.2

)

 

(61.2

)

Amortization of prior service credit

(1.2

)

 

(1.1

)

Amortization of net actuarial loss

37.2

 

 

19.7

 

Settlements

(0.7

)

 

(0.2

)

Non-operating pension and postretirement benefit cost (credit)

8.7

 

 

(2.6

)

 

 

 

 

Net periodic pension and postretirement benefit cost

$

31.8

 

 

$

17.2

 

The components of net periodic pension and postretirement benefit cost other than the service cost component are included in the line "Other income (expense)" in the Statement of Operations.

The following are reconciliations of net income attributable to Rockwell Automation, diluted EPS, and effective tax rate to Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate:

 

Three Months Ended
December 31,

 

2019

 

2018

Net Income attributable to Rockwell Automation

$

310.7

 

 

$

80.3

 

Non-operating pension and postretirement benefit cost (credit)

8.7

 

 

(2.6

)

Tax effect of non-operating pension and postretirement benefit cost (credit)

(2.4

)

 

0.3

 

Change in fair value of investments 1

(71.0

)

 

212.7

 

Tax effect of the change in fair value of investments 1

 

 

(21.7

)

Adjusted Income

$

246.0

 

 

$

269.0

 

 

 

 

 

Diluted EPS

$

2.66

 

 

$

0.66

 

Non-operating pension and postretirement benefit cost (credit)

0.08

 

 

(0.02

)

Tax effect of non-operating pension and postretirement benefit cost (credit)

(0.02

)

 

 

Change in fair value of investments 1

(0.61

)

 

1.75

 

Tax effect of the change in fair value of investments 1

 

 

(0.18

)

Adjusted EPS

$

2.11

 

 

$

2.21

 

 

 

 

 

Effective tax rate

5.7

%

 

33.5

%

Tax effect of non-operating pension and postretirement benefit cost (credit)

0.6

%

 

%

Tax effect of the change in fair value of investments 1

1.6

%

 

(14.8

)%

Adjusted Effective Tax Rate

7.9

%

 

18.7

%


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