But, again, we are sitting here, we're probably spread out. Certainly for us. But we do know what happened to us, and I guarantee you there will be changes as we leave this year on a calendar year basis and as we move into 2021 on a calendar year basis.
What does that mean?Secondly, we are being a little bit more aggressive on some of these consolidations and how we do them and how fast we get them done from that perspective.So, maybe the last pieces will be finalized as they would finish out this reporting this quarter. A replay of the conference will remain available for approximately one year.On Tuesday, May 1, 2018, Emerson reported second quarter 2018 results. Process management net sales grew 19% and underlying sales grew 23% as currency translation deducted 4%. Thank you.Oh, you had to go to the bathroom.
And that's what we're leaning on very hard here in 2020 as we accelerate the second half restructuring.I think that, from my perspective, I said earlier, Joe, people would like to make that early -- same comparison. We can do this safely. Welcome to Emerson's Investor Conference Call. For your information, we are sitting in my conference room properly spread out and we have been operating. We saw tens of thousands of our own employees leap into a work-from-home mode and it's been amazing watching Emerson team deal with the sudden new reality and come through in every aspect.So, anything else you want to add there, Lal? And they came in structurally. I think this, in transition, will be more out there in the '23, '24 and '25 time period based on my historical knowledge of this. We have a very strong position in oil and gas.
And at that point in time, we're structuring our costs accordingly. The company assumes no duty to update the information to reflect subsequent events or developments.On Tuesday, August 4, 2015, Emerson reported third quarter 2015 results.On August 30, 2016, Emerson announced the acquisition of Locus Traxx and PakSense.On May 21, 2019, Emerson Chairman and Chief Executive Officer David Farr presented at the Electrical Products Group Conference in Coral Gables, Fla.
It's been a highly dynamic environment. And thanks for your detail. A replay of the conference call will remain available for approximately three months.View answers to the most frequently asked questions we receive from Emerson investors and the public.Request our investor packet or to submit a question or comment to our investor relations office.On Tuesday, August 7, 2018, Emerson reported third quarter 2018 results. Emerson leadership discussed the announcement during a conference call and webcast.On Tuesday, February 5, 2019, Emerson reported first quarter 2019 results. The webcast will remain available for approximately three months.On Tuesday, November 6, 2018, Emerson reported fourth quarter and fiscal 2018 results. Have you found your definition of what low-cost facilities are in this environment, given this fracturing of global supply chains that people talk about?The next chart talks about China. And then, can you give us your take on the shape of China's recovery? We will be setting targets around margins and cash. Yeah, I just wanted to kind of nail down kind of the quarterly sequencing because you gave the third quarter and the fourth quarter.