2We entered into treasury locks to manage the potential change in interest rates in anticipation of the issuance of $1.0 billion of fixed rate debt in March 2019. As a result of the changes in the interest rates on the treasury locks between the time we entered into the agreements and the time we priced and issued the debt securities, the Company made a payment of $35.7 million to the counterparty on March 1, 2019.
ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in millions)
Organic Sales
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. When we divest a business, we exclude sales in the prior period for which there are no comparable sales in the current period. Organic sales growth is calculated by comparing organic sales to reported sales in the prior year, excluding divestitures. We attribute sales to the geographic regions based on the country of destination.
The following is a reconciliation of reported sales to organic sales for the three and nine months ended June 30, 2019 compared to sales for the three and nine months ended June 30, 2018:
|
|
Three Months Ended June 30, |
||||||||||||||||||||||||||||||
|
|
2019 |
|
2018 |
||||||||||||||||||||||||||||
|
|
Sales |
|
Effect of Changes in Currency |
|
Sales Excluding Effect of Changes in Currency |
|
Effect of Acquisitions |
|
Organic Sales |
|
Sales |
|
Effect of
|
|
Sales
|
||||||||||||||||
North America |
|
$ |
1,008.0 |
|
|
$ |
3.8 |
|
|
$ |
1,011.8 |
|
|
$ |
(0.5 |
) |
|
$ |
1,011.3 |
|
|
$ |
1,013.7 |
|
|
$ |
— |
|
|
$ |
1,013.7 |
|
EMEA |
|
307.9 |
|
|
21.7 |
|
|
329.6 |
|
|
(0.2 |
) |
|
329.4 |
|
|
322.2 |
|
|
— |
|
|
322.2 |
|
||||||||
| Asia Pacific |
|
232.7 |
|
|
13.1 |
|
|
245.8 |
|
|
(0.1 |
) |
|
245.7 |
|
|
248.5 |
|
|
— |
|
|
248.5 |
|
||||||||
| Latin America |
|
116.5 |
|
|
5.0 |
|
|
121.5 |
|
|
— |
|
|
121.5 |
|
|
114.3 |
|
|
— |
|
|
114.3 |
|
||||||||
| Total |
|
$ |
1,665.1 |
|
|
$ |
43.6 |
|
|
$ |
1,708.7 |
|
|
$ |
(0.8 |
) |
|
$ |
1,707.9 |
|
|
$ |
1,698.7 |
|
|
$ |
— |
|
|
$ |
1,698.7 |
|
|
|
|
Nine Months Ended June 30, |
||||||||||||||||||||||||||||||
|
|
|
2019 |
|
2018 |
||||||||||||||||||||||||||||
|
|
|
Sales |
|
Effect of Changes in Currency |
|
Sales Excluding Effect of Changes in Currency |
|
Effect of Acquisitions |
|
Organic Sales |
|
Sales |
|
Effect of
|
|
Sales
|
||||||||||||||||
| North America |
|
$ |
2,993.9 |
|
|
$ |
12.9 |
|
|
$ |
3,006.8 |
|
|
$ |
(0.8 |
) |
|
$ |
3,006.0 |
|
|
$ |
2,931.4 |
|
|
$ |
— |
|
|
$ |
2,931.4 |
|
| EMEA |
|
933.4 |
|
|
61.0 |
|
|
994.4 |
|
|
(0.3 |
) |
|
994.1 |
|
|
970.2 |
|
|
— |
|
|
970.2 |
|
||||||||
| Asia Pacific |
|
661.8 |
|
|
34.5 |
|
|
696.3 |
|
|
(0.2 |
) |
|
696.1 |
|
|
681.9 |
|
|
— |
|
|
681.9 |
|
||||||||
| Latin America |
|
375.5 |
|
|
23.9 |
|
|
399.4 |
|
|
— |
|
|
399.4 |
|
|
353.0 |
|
|
— |
|
|
353.0 |
|
||||||||
| Total |
|
$ |
4,964.6 |
|
|
$ |
132.3 |
|
|
$ |
5,096.9 |
|
|
$ |
(1.3 |
) |
|
$ |
5,095.6 |
|
|
$ |
4,936.5 |
|
|
$ |
— |
|
|
$ |
4,936.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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