Analysis of Reportable Segments
Emerson Electric Co. operates in 3 segments: Automation Solutions; Climate Technologies; and Tools & Home Products.
Segment Profit Margin
Emerson Electric Co., profit margin by reportable segment
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 15.96% | 16.48% | 16.16% | 16.22% | 18.18% | — |
| Climate Technologies | 20.47% | 21.82% | 23.15% | 22.87% | 20.84% | — |
| Tools & Home Products | 20.91% | 24.87% | 23.28% | 23.84% | 22.40% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
The segment profit margins across the three business units exhibited varying trajectories between 2015 and 2019, characterized by a general contraction across all segments in the final reporting period.
- Automation Solutions
- A general downward trend is observed, with the profit margin declining from 18.18% in 2015 to 15.96% in 2019. The most significant reduction occurred between 2015 and 2016, after which the margin remained relatively stable, fluctuating within a narrow range between 16.16% and 16.48% before reaching its lowest point in 2019.
- Climate Technologies
- This segment experienced an initial expansion phase, with margins rising from 20.84% in 2015 to a peak of 23.15% in 2017. Following this peak, a consistent decline was recorded over the subsequent two years, resulting in a 2019 margin of 20.47%, which effectively returned the segment to its 2015 performance levels.
- Tools & Home Products
- The profit margin for this segment showed an overall upward trajectory for the majority of the period, climbing from 22.40% in 2015 to a peak of 24.87% in 2018. This trend was followed by a sharp contraction in 2019, where the margin fell to 20.91%, representing the most significant single-year decrease among the three segments.
Comparative analysis indicates that while Tools & Home Products and Climate Technologies consistently maintained higher profit margins than Automation Solutions, all three segments converged toward lower margins by the end of the analyzed period.
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Segment Profit Margin: Automation Solutions
Emerson Electric Co.; Automation Solutions; segment profit margin calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings | 1,947) | 1,886) | 1,522) | 1,456) | 1,846) | —) |
| Sales | 12,202) | 11,441) | 9,418) | 8,977) | 10,153) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 15.96% | 16.48% | 16.16% | 16.22% | 18.18% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment profit margin = 100 × Earnings ÷ Sales
= 100 × 1,947 ÷ 12,202 = 15.96%
The Automation Solutions segment experienced a period of volatility followed by absolute growth in scale, although this expansion was accompanied by a gradual compression in profit margins between 2015 and 2019.
- Sales and Earnings Correlation
- A strong correlation is observed between sales and earnings. Both metrics experienced a significant contraction in 2016, with sales decreasing to 8,977 million US dollars and earnings falling to 1,456 million US dollars. Following this trough, both indicators entered a growth phase, with sales peaking at 12,202 million US dollars and earnings reaching 1,947 million US dollars by September 30, 2019.
- Segment Profit Margin Trends
- Despite the recovery in absolute revenue and profit, the segment profit margin exhibited a general downward trend over the analyzed period. The margin peaked at 18.18% in 2015 before declining sharply to 16.22% in 2016. While a marginal recovery to 16.48% occurred in 2018, the period concluded with the lowest margin of 15.96% in 2019.
- Operational Efficiency Analysis
- The divergence between rising sales and declining margins suggests that the cost of generating revenue increased at a faster rate than the revenue itself. Although the segment achieved its highest earnings in 2019, the diminishing percentage margin indicates a reduction in operational efficiency or a shift in product mix toward lower-margin offerings during the expansion phase.
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Segment Profit Margin: Climate Technologies
Emerson Electric Co.; Climate Technologies; segment profit margin calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings | 883) | 972) | 975) | 902) | 835) | —) |
| Sales | 4,313) | 4,454) | 4,212) | 3,944) | 4,006) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 20.47% | 21.82% | 23.15% | 22.87% | 20.84% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment profit margin = 100 × Earnings ÷ Sales
= 100 × 883 ÷ 4,313 = 20.47%
The Climate Technologies segment exhibited a period of margin expansion from 2015 to 2017, followed by a consistent decline in profitability through 2019. While revenue reached its peak in 2018, the segment's ability to convert that revenue into profit diminished in the final two years of the observed period.
- Revenue Trends
- Sales figures demonstrated overall growth for the majority of the period, increasing from 4,006 million US dollars in 2015 to a peak of 4,454 million US dollars in 2018. A slight contraction occurred in 2019, with sales declining to 4,313 million US dollars.
- Earnings Performance
- Earnings grew from 835 million US dollars in 2015 to a high of 975 million US dollars in 2017. This performance remained relatively stable in 2018 at 972 million US dollars before experiencing a notable decrease to 883 million US dollars in 2019.
- Profit Margin Dynamics
- The segment profit margin increased from 20.84% in 2015 to a peak of 23.15% in 2017. Following this peak, a downward trend was observed, with the margin compressing to 21.82% in 2018 and further dropping to 20.47% in 2019, falling below the initial 2015 levels.
The correlation between sales and earnings diverged in 2018; despite achieving the highest sales volume of the period, earnings remained flat and profit margins began to erode. This suggests that the increase in revenue during 2018 was accompanied by a proportional or greater increase in operating costs, leading to the subsequent decline in both the profit margin and absolute earnings in 2019.
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Segment Profit Margin: Tools & Home Products
Emerson Electric Co.; Tools & Home Products; segment profit margin calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings | 388) | 380) | 383) | 384) | 364) | —) |
| Sales | 1,856) | 1,528) | 1,645) | 1,611) | 1,625) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 20.91% | 24.87% | 23.28% | 23.84% | 22.40% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment profit margin = 100 × Earnings ÷ Sales
= 100 × 388 ÷ 1,856 = 20.91%
The Tools & Home Products segment demonstrated relative stability in earnings over the five-year period from 2015 to 2019, despite notable fluctuations in sales volume and profit margins. While earnings remained consistent, the relationship between revenue growth and profitability exhibited significant volatility toward the end of the period.
- Sales Performance
- Sales figures remained relatively steady between 2015 and 2017, fluctuating between 1,611 million and 1,645 million. A notable contraction occurred in 2018, with sales dropping to 1,528 million, followed by a substantial increase in 2019, where sales reached a period high of 1,856 million.
- Earnings Trends
- Earnings displayed a pattern of stability, beginning at 364 million in 2015 and ending at 388 million in 2019. The variance remained narrow throughout the analyzed timeframe, suggesting a consistent ability to maintain absolute profit levels regardless of sales volatility.
- Segment Profit Margin Analysis
- The profit margin showed a general expansion from 22.40% in 2015 to a peak of 24.87% in 2018. This upward trend indicates improving operational efficiency or a shift toward higher-margin products. However, a sharp reversal occurred in 2019, with the margin falling to 20.91%, marking the lowest profitability level in the recorded period.
- Operational Correlation
- An inverse correlation between sales and margins is observed during the 2018 and 2019 fiscal years. In 2018, the lowest sales volume of the period coincided with the highest profit margin, suggesting effective cost management or strategic pricing during a revenue downturn. Conversely, the significant sales growth achieved in 2019 was accompanied by a sharp compression in profit margins, indicating that the revenue expansion may have been driven by lower-margin volume or increased operating expenses.
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Segment Return on Assets (Segment ROA)
Emerson Electric Co., ROA by reportable segment
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 13.91% | 13.75% | 12.10% | 16.62% | 20.94% | — |
| Climate Technologies | 30.61% | 33.11% | 38.28% | 36.24% | 34.01% | — |
| Tools & Home Products | 26.54% | 24.36% | 46.14% | 47.47% | 44.55% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
An analysis of the segment return on assets (ROA) from 2015 to 2019 reveals divergent performance trajectories across the three reportable segments, characterized by a general trend of asset efficiency compression toward the end of the observation period.
- Automation Solutions
- A significant downward trend was observed between 2015 and 2017, with the ROA declining from 20.94% to a period low of 12.10%. Following this decline, a slight recovery occurred, with returns stabilizing at 13.75% in 2018 and 13.91% in 2019. Despite this late-period stabilization, the segment maintained the lowest ROA among all three reportable units throughout the analyzed timeframe.
- Climate Technologies
- This segment demonstrated an initial growth phase, with the ROA increasing steadily from 34.01% in 2015 to a peak of 38.28% in 2017. However, a reversal occurred in 2018, initiating a downward trajectory that resulted in an ROA of 30.61% by September 30, 2019.
- Tools & Home Products
- The most substantial volatility was recorded in this segment. Between 2015 and 2017, the segment exhibited the highest asset efficiency, with ROA levels ranging between 44.55% and 47.47%. A sharp contraction occurred in 2018, where the ROA fell precipitously to 24.36%. A marginal increase to 26.54% was observed in 2019, although the return remained significantly below the levels maintained prior to 2018.
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Segment ROA: Automation Solutions
Emerson Electric Co.; Automation Solutions; segment ROA calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings | 1,947) | 1,886) | 1,522) | 1,456) | 1,846) | —) |
| Total assets | 13,996) | 13,720) | 12,581) | 8,759) | 8,817) | —) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 13.91% | 13.75% | 12.10% | 16.62% | 20.94% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment ROA = 100 × Earnings ÷ Total assets
= 100 × 1,947 ÷ 13,996 = 13.91%
The Automation Solutions segment experienced significant fluctuations in operational efficiency and asset utilization between 2015 and 2019. While earnings demonstrated a strong recovery following a decline in 2016, the Return on Assets (ROA) trended downward before stabilizing at a lower baseline than that seen in 2015.
- Earnings Performance
- Earnings witnessed a contraction in 2016, falling to 1,456 million USD from 1,846 million USD in 2015. A consistent upward trajectory followed this dip, with earnings increasing to 1,522 million USD in 2017, 1,886 million USD in 2018, and reaching a period high of 1,947 million USD in 2019.
- Asset Base Expansion
- A substantial increase in the asset base is observed starting in 2017. Total assets rose from 8,759 million USD in 2016 to 12,581 million USD in 2017, representing a significant expansion. This growth trend continued through 2019, with total assets ending the period at 13,996 million USD.
- Segment ROA Analysis
- The Segment ROA declined sharply from 20.94% in 2015 to 12.10% in 2017. This compression was primarily driven by the rapid expansion of total assets in 2017, which outpaced the growth in earnings. Following this low point, a modest recovery occurred, with ROA improving to 13.75% in 2018 and 13.91% in 2019, suggesting a stabilization of asset productivity at a lower efficiency level compared to 2015.
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Segment ROA: Climate Technologies
Emerson Electric Co.; Climate Technologies; segment ROA calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings | 883) | 972) | 975) | 902) | 835) | —) |
| Total assets | 2,885) | 2,936) | 2,547) | 2,489) | 2,455) | —) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 30.61% | 33.11% | 38.28% | 36.24% | 34.01% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment ROA = 100 × Earnings ÷ Total assets
= 100 × 883 ÷ 2,885 = 30.61%
The Climate Technologies segment demonstrated a growth trajectory in both earnings and operational efficiency from 2015 through 2017, followed by a period of declining returns and contraction in profitability from 2018 to 2019.
- Earnings Performance
- Earnings increased consistently from US$ 835 million in 2015 to a peak of US$ 975 million in 2017. This upward trend reversed after 2017, with a marginal decrease to US$ 972 million in 2018 and a more significant reduction to US$ 883 million by September 30, 2019.
- Asset Base Trends
- Total assets showed modest growth between 2015 and 2017, rising from US$ 2,455 million to US$ 2,547 million. A substantial expansion of the asset base occurred in 2018, reaching US$ 2,936 million, followed by a slight contraction to US$ 2,885 million in 2019.
- Segment Return on Assets (ROA)
- The segment ROA improved from 34.01% in 2015 to a peak of 38.28% in 2017, indicating an increase in the efficiency of asset utilization. However, a downward trend followed, with the ratio falling to 33.11% in 2018 and further to 30.61% in 2019. The decline in 2018 was primarily driven by the sharp increase in total assets which was not matched by a corresponding increase in earnings.
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Segment ROA: Tools & Home Products
Emerson Electric Co.; Tools & Home Products; segment ROA calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Earnings | 388) | 380) | 383) | 384) | 364) | —) |
| Total assets | 1,462) | 1,560) | 830) | 809) | 817) | —) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 26.54% | 24.36% | 46.14% | 47.47% | 44.55% | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment ROA = 100 × Earnings ÷ Total assets
= 100 × 388 ÷ 1,462 = 26.54%
The financial performance of the Tools & Home Products segment between 2015 and 2019 is characterized by stagnant earnings growth coupled with a significant expansion of the asset base, leading to a substantial compression in the Return on Assets (ROA).
- Earnings Stability
- Segment earnings remained remarkably consistent over the five-year period, fluctuating within a narrow range between US$ 364 million and US$ 388 million. This lack of significant growth indicates a plateau in the segment's operational profitability despite changes in the underlying asset structure.
- Asset Base Expansion
- A significant shift in the asset structure occurred in 2018, where total assets increased from US$ 830 million in 2017 to US$ 1,560 million. Although there was a slight reduction to US$ 1,462 million by 2019, the asset base remained approximately 76% higher than the 2017 level, suggesting a major capital investment or acquisition during that period.
- Segment ROA Compression
- The segment maintained a high ROA between 2015 and 2017, peaking at 47.47% in 2016. However, the sharp increase in total assets in 2018 without a corresponding increase in earnings resulted in a precipitous decline in ROA to 24.36%. A marginal recovery to 26.54% was observed in 2019, though the return remains significantly lower than the historical average of the preceding years.
The data indicates a marked decline in asset efficiency. While the segment was previously highly lean, the doubling of the asset base in 2018 fundamentally altered the return profile, shifting the segment from a high-yield asset model to one with significantly lower capital efficiency.
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Segment Asset Turnover
Emerson Electric Co., asset turnover by reportable segment
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 0.87 | 0.83 | 0.75 | 1.02 | 1.15 | — |
| Climate Technologies | 1.49 | 1.52 | 1.65 | 1.58 | 1.63 | — |
| Tools & Home Products | 1.27 | 0.98 | 1.98 | 1.99 | 1.99 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
An analysis of the segment asset turnover ratios from 2015 to 2019 reveals diverging patterns in asset utilization efficiency across the three reportable segments. While one segment exhibited relative stability, the others experienced significant volatility and periods of declining efficiency.
- Automation Solutions
- A general downward trend was observed in the early part of the period, with the asset turnover ratio declining from 1.15 in 2015 to a low of 0.75 in 2017. This suggests a period of decreasing efficiency in generating revenue from the segment's asset base. However, a moderate recovery followed, with the ratio improving to 0.83 in 2018 and reaching 0.87 by September 30, 2019.
- Climate Technologies
- This segment demonstrated the most stability in asset utilization throughout the analyzed timeframe. The ratio fluctuated within a narrow range, peaking at 1.65 in 2017 before experiencing a gradual decline to 1.52 in 2018 and 1.49 in 2019. Despite the slight downward trend toward the end of the period, it maintained a consistently higher turnover rate than the Automation Solutions segment.
- Tools & Home Products
- The ratio for this segment remained exceptionally stable and high at approximately 1.99 from 2015 through 2017. A sharp contraction occurred in 2018, where the ratio fell precipitously to 0.98, representing a significant decrease in asset productivity. A partial recovery was observed in 2019, with the ratio rising to 1.27, although it remained well below the historical levels seen prior to 2018.
Overall, the data indicates a general contraction in asset turnover efficiency across the portfolio, most notably within the Tools & Home Products and Automation Solutions segments, while Climate Technologies remained the most resilient in terms of asset utilization.
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Segment Asset Turnover: Automation Solutions
Emerson Electric Co.; Automation Solutions; segment asset turnover calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | 12,202) | 11,441) | 9,418) | 8,977) | 10,153) | —) |
| Total assets | 13,996) | 13,720) | 12,581) | 8,759) | 8,817) | —) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.87 | 0.83 | 0.75 | 1.02 | 1.15 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment asset turnover = Sales ÷ Total assets
= 12,202 ÷ 13,996 = 0.87
The Automation Solutions segment exhibited a period of significant asset expansion and fluctuating revenue, resulting in a volatile asset turnover ratio between 2015 and 2019. While revenue ultimately grew over the period, the rapid increase in the asset base led to an initial decline in operational efficiency regarding asset utilization, followed by a gradual recovery.
- Revenue Trends
- Sales experienced a contraction in 2016, falling to 8,977 million US dollars from 10,153 million US dollars in 2015. However, a consistent growth trajectory followed, with sales increasing to 9,418 million US dollars in 2017 and accelerating to 12,202 million US dollars by 2019. This represents a recovery and subsequent expansion of the segment's top-line performance.
- Asset Base Expansion
- Total assets remained relatively stable between 2015 and 2016, but saw a substantial increase in 2017, jumping from 8,759 million US dollars to 12,581 million US dollars. This growth continued through 2019, reaching 13,996 million US dollars. The sharp increase in 2017 suggests a significant capital investment or acquisition that expanded the segment's resource base.
- Asset Turnover Efficiency
- The segment asset turnover ratio declined from 1.15 in 2015 to a low of 0.75 in 2017. This downward trend was driven by the disparity between the rapid growth of the asset base and the slower recovery of sales during the same period. Following the 2017 trough, the ratio began a steady ascent, reaching 0.83 in 2018 and 0.87 in 2019, indicating that the segment began to generate more revenue per unit of asset as the new investments were integrated and utilized more effectively.
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Segment Asset Turnover: Climate Technologies
Emerson Electric Co.; Climate Technologies; segment asset turnover calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | 4,313) | 4,454) | 4,212) | 3,944) | 4,006) | —) |
| Total assets | 2,885) | 2,936) | 2,547) | 2,489) | 2,455) | —) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 1.49 | 1.52 | 1.65 | 1.58 | 1.63 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment asset turnover = Sales ÷ Total assets
= 4,313 ÷ 2,885 = 1.49
The Climate Technologies segment exhibited fluctuating revenue and a growing asset base between 2015 and 2019, which resulted in a general decline in asset utilization efficiency. While sales showed an overall upward trend through 2018, the expansion of the asset base occurred at a more rapid pace during the latter part of the period, placing downward pressure on the turnover ratio.
- Revenue Trends
- Sales figures remained relatively stable with moderate volatility, moving from US$ 4,006 million in 2015 to a peak of US$ 4,454 million in 2018. A slight contraction was observed in 2019, with sales declining to US$ 4,313 million.
- Asset Base Growth
- Total assets experienced a steady increase from US$ 2,455 million in 2015 to US$ 2,547 million in 2017. A significant acceleration in asset growth occurred in 2018, with the total increasing to US$ 2,936 million, before settling at US$ 2,885 million in 2019.
- Asset Turnover Efficiency
- The segment asset turnover ratio peaked at 1.65 in 2017 but followed a downward trajectory thereafter, falling to 1.52 in 2018 and reaching a period low of 1.49 in 2019. This decline indicates that the growth in the asset base outpaced the growth in sales, leading to a reduction in the revenue generated per unit of asset employed.
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Segment Asset Turnover: Tools & Home Products
Emerson Electric Co.; Tools & Home Products; segment asset turnover calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | 1,856) | 1,528) | 1,645) | 1,611) | 1,625) | —) |
| Total assets | 1,462) | 1,560) | 830) | 809) | 817) | —) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 1.27 | 0.98 | 1.98 | 1.99 | 1.99 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment asset turnover = Sales ÷ Total assets
= 1,856 ÷ 1,462 = 1.27
The Tools & Home Products segment experienced a period of high stability in asset utilization followed by a significant structural shift in its asset base and subsequent recovery between 2015 and 2019.
- Revenue Performance
- Sales remained relatively stagnant from 2015 to 2017, fluctuating within a narrow range between US$ 1,611 million and US$ 1,645 million. A contraction occurred in 2018, with sales dropping to US$ 1,528 million, before a substantial increase to US$ 1,856 million was recorded in 2019, representing the peak revenue for the period.
- Asset Base Evolution
- Total assets were maintained at a consistent level of approximately US$ 810 million to US$ 830 million from 2015 through 2017. A significant expansion occurred in 2018, where assets surged to US$ 1,560 million, nearly doubling the previous year's balance. A slight reduction to US$ 1,462 million followed in 2019.
- Asset Turnover Analysis
- The segment asset turnover ratio exhibited remarkable consistency between 2015 and 2017, holding steady at approximately 1.98 to 1.99. A sharp decline was observed in 2018, with the ratio falling to 0.98, a direct result of the simultaneous increase in total assets and decrease in sales. Efficiency began to improve in 2019, as the ratio recovered to 1.27, driven by the growth in sales and a moderate reduction in the asset base.
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Segment Capital Expenditures to Depreciation
Emerson Electric Co., capital expenditures to depreciation by reportable segment
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 0.56 | 0.58 | 0.59 | 0.75 | 0.96 | — |
| Climate Technologies | 1.26 | 1.22 | 1.17 | 0.89 | 1.03 | — |
| Tools & Home Products | 0.83 | 1.45 | 1.00 | 1.00 | 1.10 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
The analysis of capital expenditures relative to depreciation reveals divergent investment strategies across the three reportable segments between 2015 and 2019.
- Automation Solutions
- A consistent downward trend is observed, with the ratio declining from 0.96 in 2015 to 0.56 in 2019. This sustained decrease indicates that capital investments in this segment have remained significantly below depreciation levels, suggesting a period of asset contraction or a strategic shift toward lower capital intensity.
- Climate Technologies
- This segment demonstrates a general expansionary trajectory. After a decline to 0.89 in 2016, the ratio rose steadily to reach 1.26 by 2019. The consistent positioning above the 1.0 threshold from 2017 onward indicates that capital expenditures are exceeding depreciation, which is typically associated with capacity expansion or asset modernization.
- Tools & Home Products
- Investment patterns in this segment are characterized by volatility. The ratio remained stable at 1.00 during 2016 and 2017, experienced a significant peak of 1.45 in 2018, and subsequently declined to 0.83 in 2019. This fluctuation suggests a non-linear approach to capital allocation, potentially driven by specific project requirements rather than a long-term growth or contraction trend.
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Segment Capital Expenditures to Depreciation: Automation Solutions
Emerson Electric Co.; Automation Solutions; segment capital expenditures to depreciation calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 297) | 295) | 234) | 246) | 298) | —) |
| Depreciation and amortization | 535) | 507) | 400) | 330) | 311) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.56 | 0.58 | 0.59 | 0.75 | 0.96 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 297 ÷ 535 = 0.56
Between fiscal years 2015 and 2019, the Automation Solutions segment exhibited a consistent decline in the ratio of capital expenditures to depreciation and amortization. While capital expenditures remained relatively range-bound, depreciation expenses climbed steadily, leading to a significant reduction in the reinvestment rate relative to asset consumption.
- Capital Expenditures Trends
- Spending remained relatively stable across the period, fluctuating between a low of 234 million US dollars in 2017 and a high of 298 million US dollars in 2015. A recovery period began in 2018, with expenditures returning to approximately 297 million US dollars by 2019.
- Depreciation and Amortization Growth
- A strong upward trajectory is observed in depreciation and amortization expenses, which rose from 311 million US dollars in 2015 to 535 million US dollars in 2019. This represents a substantial increase in the annual cost of asset wear and tear or amortization of intangibles over the five-year period.
- Reinvestment Ratio Analysis
- The ratio of capital expenditures to depreciation decreased monotonically from 0.96 in 2015 to 0.56 in 2019. This downward trend indicates that the segment is replacing assets at a slower rate than they are being depreciated, suggesting a strategic shift toward optimizing existing assets or a reduction in aggressive capacity expansion.
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Segment Capital Expenditures to Depreciation: Climate Technologies
Emerson Electric Co.; Climate Technologies; segment capital expenditures to depreciation calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 222) | 209) | 182) | 133) | 154) | —) |
| Depreciation and amortization | 176) | 171) | 156) | 150) | 149) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.26 | 1.22 | 1.17 | 0.89 | 1.03 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 222 ÷ 176 = 1.26
The Climate Technologies segment demonstrated a progressive increase in capital investment relative to asset depreciation between 2015 and 2019. While initial expenditures fluctuated, a sustained upward trajectory in both absolute spending and the capital-to-depreciation ratio indicates a strategic shift toward asset expansion and modernization.
- Capital Expenditure Trends
- Spending on capital assets exhibited a temporary decline in 2016, falling to 133 million USD. However, this was followed by a period of consistent growth, with expenditures rising to 182 million USD in 2017, 209 million USD in 2018, and peaking at 222 million USD by September 30, 2019.
- Depreciation and Amortization Growth
- Depreciation and amortization costs showed a stable and linear increase over the analyzed period. Starting at 149 million USD in 2015, costs rose modestly to 150 million USD and 156 million USD in the subsequent two years, eventually reaching 176 million USD in 2019.
- Capital Expenditure to Depreciation Ratio Analysis
- The ratio of capital expenditures to depreciation identifies whether the segment is maintaining, contracting, or expanding its asset base. In 2016, the ratio dropped to 0.89, indicating that investment was insufficient to offset the depletion of existing assets. From 2017 through 2019, the ratio climbed steadily from 1.17 to 1.26, signifying that the segment invested significantly more than the annual depreciation charge, a pattern typically associated with capacity expansion or technological upgrades.
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Segment Capital Expenditures to Depreciation: Tools & Home Products
Emerson Electric Co.; Tools & Home Products; segment capital expenditures to depreciation calculation
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 59) | 64) | 45) | 44) | 46) | —) |
| Depreciation and amortization | 71) | 44) | 45) | 44) | 42) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.83 | 1.45 | 1.00 | 1.00 | 1.10 | — |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 59 ÷ 71 = 0.83
The analysis of capital expenditures relative to depreciation and amortization for the Tools & Home Products segment reveals a period of stability followed by significant volatility between 2015 and 2019. For the first three years of the observed period, investment levels closely aligned with depreciation, indicating a strategy focused on asset maintenance. However, the latter two years show a divergence, characterized by a peak in investment intensity followed by a sharp increase in depreciation expenses.
- Maintenance Phase (2015-2017)
- During this interval, the segment maintained a near-equilibrium state. Capital expenditures remained consistent, ranging from 44 to 46 million US dollars, while depreciation and amortization figures tracked closely from 42 to 45 million US dollars. The resulting ratio remained between 1.00 and 1.10, suggesting that capital spending was primarily directed toward replacing worn-out assets rather than expanding the capacity of the segment.
- Capital Expansion (2018)
- A notable shift occurred in 2018, where capital expenditures increased to 64 million US dollars while depreciation remained stable at 44 million US dollars. This led to a peak ratio of 1.45, the highest in the analyzed period. This trend indicates a period of aggressive investment in new assets or infrastructure, significantly exceeding the rate of asset consumption.
- Depreciation Surge and Ratio Decline (2019)
- In 2019, the segment experienced a significant increase in depreciation and amortization, which rose to 71 million US dollars. Although capital expenditures remained relatively high at 59 million US dollars, the surge in depreciation drove the ratio down to 0.83. This represents the only instance in the provided period where depreciation exceeded capital expenditures, implying that the segment was not fully replacing the value of its depreciating assets during that fiscal year.
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Sales
Emerson Electric Co., sales by reportable segment
US$ in millions
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 12,202) | 11,441) | 9,418) | 8,977) | 10,153) | —) |
| Climate Technologies | 4,313) | 4,454) | 4,212) | 3,944) | 4,006) | —) |
| Tools & Home Products | 1,856) | 1,528) | 1,645) | 1,611) | 1,625) | —) |
| Commercial & Residential Solutions | 6,169) | 5,982) | 5,857) | 5,555) | 5,631) | —) |
| Corporate and other | —) | —) | —) | —) | 477) | —) |
| Eliminations/Interest | 1) | (15) | (11) | (10) | (12) | —) |
| Total | 18,372) | 17,408) | 15,264) | 14,522) | 16,249) | —) |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
Total sales exhibited a contraction in 2016, falling to 14,522 million, followed by a sustained recovery through 2019, where total revenue reached 18,372 million. This growth trajectory was primarily propelled by the Automation Solutions segment, which serves as the dominant revenue contributor across the analyzed period.
- Automation Solutions Performance
- This segment represents the largest portion of total revenue. After a decrease to 8,977 million in 2016, the segment entered a period of accelerated growth, rising to 12,202 million by 2019. The recovery from the 2016 low reflects a significant expansion in this core business area.
- Commercial and Residential Solutions Trends
- A steady and consistent upward trend is observed in this segment from 2017 onward. Following a low of 5,555 million in 2016, sales grew incrementally each year, reaching 6,169 million by the end of the period.
- Climate Technologies and Tools and Home Products Stability
- Climate Technologies remained relatively stable, with sales fluctuating moderately between 3,944 million and 4,454 million. Tools and Home Products showed minimal variance between 2015 and 2018 but experienced a notable increase to 1,856 million in 2019, representing its highest sales volume in the reported timeframe.
- Overall Revenue Composition
- The consolidation of segment performance indicates that the overall increase in total sales from 2016 to 2019 was heavily weighted toward Automation Solutions and Commercial and Residential Solutions, while the other segments provided a baseline of stability with minor growth.
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Earnings
Emerson Electric Co., earnings by reportable segment
US$ in millions
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 1,947) | 1,886) | 1,522) | 1,456) | 1,846) | —) |
| Climate Technologies | 883) | 972) | 975) | 902) | 835) | —) |
| Tools & Home Products | 388) | 380) | 383) | 384) | 364) | —) |
| Commercial & Residential Solutions | 1,271) | 1,352) | 1,358) | 1,286) | 1,199) | —) |
| Corporate and other | (185) | (412) | (380) | (238) | 937) | —) |
| Eliminations/Interest | (174) | (159) | (165) | (188) | (175) | —) |
| Total | 2,859) | 2,667) | 2,335) | 2,316) | 3,807) | —) |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
Total earnings experienced a significant contraction between 2015 and 2016, decreasing from 3,807 million US$ to 2,316 million US$. Following this decline, a gradual recovery trend is observed, with total earnings rising to 2,859 million US$ by September 30, 2019.
- Automation Solutions
- This segment serves as the primary earnings driver. Although it experienced a decline in 2016 to 1,456 million US$, it demonstrated a consistent upward trajectory thereafter, reaching a five-year peak of 1,947 million US$ in 2019.
- Climate and Commercial & Residential Solutions
- Both segments followed a similar growth and contraction cycle. Climate Technologies increased from 835 million US$ in 2015 to a peak of 975 million US$ in 2017, before declining to 883 million US$ in 2019. Similarly, Commercial & Residential Solutions peaked in 2017 at 1,358 million US$ before receding to 1,271 million US$ by the end of the period.
- Tools & Home Products
- Earnings in this segment remained remarkably stable over the analyzed period, fluctuating minimally between 364 million US$ in 2015 and 388 million US$ in 2019.
- Corporate and Other
- The most significant volatility is observed in this category. In 2015, the segment contributed a positive 937 million US$, but shifted abruptly to a deficit of 238 million US$ in 2016. Losses deepened to a peak of 412 million US$ in 2018 before improving to a loss of 185 million US$ in 2019.
- Eliminations and Interest
- This item remained a consistent drag on total earnings, with negative values persisting across all five years, ranging between 159 million US$ and 188 million US$.
The overall earnings profile indicates that growth in the Automation Solutions segment partially offset the volatility within the Corporate and other category and the late-period declines in the Climate and Commercial & Residential Solutions segments.
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Total assets
Emerson Electric Co., total assets by reportable segment
US$ in millions
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 13,996) | 13,720) | 12,581) | 8,759) | 8,817) | —) |
| Climate Technologies | 2,885) | 2,936) | 2,547) | 2,489) | 2,455) | —) |
| Tools & Home Products | 1,462) | 1,560) | 830) | 809) | 817) | —) |
| Commercial & Residential Solutions | 4,347) | 4,496) | 3,377) | 3,298) | 3,272) | —) |
| Corporate and other | 2,154) | 2,174) | 3,631) | 9,675) | 9,999) | —) |
| Total | 20,497) | 20,390) | 19,589) | 21,732) | 22,088) | —) |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
Total assets remained relatively stable between 2015 and 2019, fluctuating between approximately US$ 19.6 billion and US$ 22.1 billion. Despite this aggregate stability, a significant redistribution of asset allocation among reportable segments occurred during this period, characterized by a shift away from corporate holdings toward operational business units.
- Automation Solutions
- This segment demonstrated the most aggressive growth, with assets increasing from US$ 8.8 billion in 2015 to US$ 13.99 billion by 2019. A substantial surge occurred between 2016 and 2017, where assets rose by approximately 43%, positioning this segment as the dominant component of the total asset base.
- Corporate and Other
- A sharp downward trend is observed in the Corporate and other category, which declined from US$ 9.9 billion in 2015 to US$ 2.15 billion in 2019. The most significant reduction took place between 2016 and 2017, suggesting a strategic reallocation of assets or a divestiture of corporate-level holdings.
- Commercial & Residential Solutions and Tools & Home Products
- Both segments exhibited stable asset levels until 2018, followed by a sharp increase. Commercial & Residential Solutions grew from US$ 3.37 billion in 2017 to US$ 4.49 billion in 2018. Similarly, Tools & Home Products assets nearly doubled from US$ 830 million in 2017 to US$ 1.56 billion in 2018. Both segments saw a slight contraction in asset values in 2019.
- Climate Technologies
- This segment showed a pattern of moderate, steady growth from 2015 to 2018, increasing from US$ 2.45 billion to US$ 2.93 billion, before experiencing a slight decrease to US$ 2.88 billion in 2019.
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Depreciation and amortization
Emerson Electric Co., depreciation and amortization by reportable segment
US$ in millions
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 535) | 507) | 400) | 330) | 311) | —) |
| Climate Technologies | 176) | 171) | 156) | 150) | 149) | —) |
| Tools & Home Products | 71) | 44) | 45) | 44) | 42) | —) |
| Commercial & Residential Solutions | 247) | 215) | 201) | 194) | 191) | —) |
| Corporate and other | 40) | 36) | 35) | 44) | 71) | —) |
| Total | 822) | 758) | 636) | 568) | 573) | —) |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
Total depreciation and amortization expenditures exhibited a consistent upward trajectory between 2016 and 2019, rising from 568 million US dollars to 822 million US dollars. This overall increase suggests a significant expansion of the company's capitalized asset base or a shift in the depreciation schedules of its primary operating segments.
- Automation Solutions
- This segment serves as the primary driver of the total depreciation and amortization increase. Expenditures grew steadily and substantially from 311 million US dollars in 2015 to 535 million US dollars in 2019, reflecting the highest absolute growth across all segments.
- Commercial and Residential Solutions
- A steady incremental rise is observed in this segment, with annual costs increasing from 191 million US dollars in 2015 to 247 million US dollars in 2019.
- Climate Technologies
- Depreciation and amortization costs for this segment remained relatively stable with a moderate upward trend, moving from 149 million US dollars in 2015 to 176 million US dollars in 2019.
- Tools and Home Products
- This segment maintained a flat profile between 2015 and 2018, with values ranging between 42 million and 45 million US dollars, before experiencing a sharp increase to 71 million US dollars in 2019.
- Corporate and Other
- A divergent trend is noted in the corporate category, where expenditures decreased from 71 million US dollars in 2015 to 35 million US dollars in 2017, before stabilizing at 40 million US dollars by 2019.
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Capital expenditures
Emerson Electric Co., capital expenditures by reportable segment
US$ in millions
| Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | Sep 30, 2014 | |
|---|---|---|---|---|---|---|
| Automation Solutions | 297) | 295) | 234) | 246) | 298) | —) |
| Climate Technologies | 222) | 209) | 182) | 133) | 154) | —) |
| Tools & Home Products | 59) | 64) | 45) | 44) | 46) | —) |
| Commercial & Residential Solutions | 281) | 273) | 227) | 177) | 200) | —) |
| Corporate and other | 16) | 49) | 15) | 24) | 90) | —) |
| Total | 594) | 617) | 476) | 447) | 588) | —) |
Based on: 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30).
Total capital expenditures exhibited a cyclical pattern between 2015 and 2019. Following a significant reduction from US$ 588 million in 2015 to US$ 447 million in 2016, spending trended upward to a peak of US$ 617 million in 2018, before slightly contracting to US$ 594 million in 2019.
- Automation Solutions
- This segment remained the primary driver of capital investment throughout the period. After a decline from US$ 298 million in 2015 to a low of US$ 234 million in 2017, expenditures recovered strongly, returning to US$ 297 million by 2019.
- Commercial & Residential Solutions
- A consistent growth trajectory is evident in this segment. Capital spending rose from US$ 200 million in 2015 to US$ 281 million in 2019, reflecting a sustained and steady increase in investment over the five-year duration.
- Climate Technologies
- Investment in this segment followed a general upward trend. Despite a temporary decrease to US$ 133 million in 2016, expenditures increased incrementally each year thereafter, reaching US$ 222 million in 2019.
- Tools & Home Products
- This segment maintained the lowest and most stable level of capital expenditure among the operational business units, with annual spending remaining within a narrow range between US$ 44 million and US$ 64 million.
- Corporate and Other
- Expenditures in this category were characterized by high volatility and lacked a linear trend. Values fluctuated significantly, from a high of US$ 90 million in 2015 to a low of US$ 15 million in 2017, ultimately ending at US$ 16 million in 2019.
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