Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |||
Sep. 30, 2013 | Oct. 17, 2013 | Oct. 17, 2013 | Oct. 17, 2013 | |
Common Stock | Class A Common Stock | Class B Common Stock | ||
Document and Entity Information | ||||
Document Type | 10-Q | |||
Amendment Flag | FALSE | |||
Document Period End Date | 30-Sep-13 | |||
Document Fiscal Year Focus | 2014 | |||
Document Fiscal Period Focus | Q1 | |||
Trading Symbol | MOLX | |||
Entity Registrant Name | MOLEX INC | |||
Entity Central Index Key | 67472 | |||
Current Fiscal Year End Date | -24 | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Common Stock, Shares Outstanding | 95,560,076 | 83,410,067 | 94,255 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $665,156 | $711,561 |
Marketable securities | 11,083 | 10,378 |
Accounts receivable, less allowances of $41,376 and $40,855, respectively | 736,983 | 703,434 |
Inventories | 580,481 | 531,810 |
Deferred income taxes | 54,100 | 54,163 |
Other current assets | 39,901 | 32,538 |
Total current assets | 2,087,704 | 2,043,884 |
Property, plant and equipment, net | 1,128,494 | 1,114,092 |
Goodwill | 231,050 | 191,053 |
Other assets | 187,034 | 185,282 |
Total assets | 3,686,017 | 3,586,854 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 42,458 | 54,283 |
Accounts payable | 354,565 | 347,700 |
Accrued expenses: | ||
Salaries, commissions and bonuses | 123,729 | 113,433 |
Other | 144,866 | 127,652 |
Income taxes payable | 20,833 | 15,966 |
Total current liabilities | 686,451 | 659,034 |
Other non-current liabilities | 20,702 | 18,382 |
Accrued pension and other postretirement benefits | 74,431 | 76,275 |
Long-term debt | 315,000 | 310,000 |
Total liabilities | 1,096,584 | 1,063,691 |
Commitments and contingencies | ||
Stockholdersb equity: | ||
Common stock | 11,482 | 11,451 |
Paid-in capital | 759,043 | 753,954 |
Retained earnings | 2,665,101 | 2,623,868 |
Treasury stock | -1,122,464 | -1,119,358 |
Accumulated other comprehensive income | 276,271 | 253,248 |
Total stockholdersb equity | 2,589,433 | 2,523,163 |
Total liabilities and stockholdersb equity | 3,686,017 | 3,586,854 |
Non-current deferred income taxes | $51,735 | $52,543 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Allowance for accounts receivable | $41,376 | $40,855 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenue | $936,367 | $916,921 |
Cost of sales | 633,816 | 648,504 |
Gross profit | 302,551 | 268,417 |
Selling, general and administrative | 179,429 | 163,121 |
Unauthorized activities in Japan | 0 | 2,561 |
Total operating expenses | 179,429 | 165,682 |
Income from operations | 123,122 | 102,735 |
Interest expense, net | -1,827 | -810 |
Other (expense) income, net | -2,918 | 1,196 |
Total other (expense) income, net | -4,745 | 386 |
Income before income taxes | 118,377 | 103,121 |
Income taxes | 34,298 | 31,807 |
Net income | $84,079 | $71,314 |
Earnings per share: | ||
Basic | $0.47 | $0.40 |
Diluted | $0.46 | $0.40 |
Dividends declared per share | $0.24 | $0.22 |
Average common shares outstanding: | ||
Basic | 178,247 | 176,621 |
Diluted | 181,545 | 178,564 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $84,079 | $71,314 |
Foreign currency translation adjustments | 25,077 | 31,053 |
Pension and postretirement medical benefits adjustments, net of tax of $58 and $421 for the three months ended September 30, 2013 and 2012 | -3,951 | -491 |
Unrealized gain on derivative instruments, net of tax of $731 and $1,587 for the three months ended September 30, 2013 and 2012 | 1,413 | 3,064 |
Unrealized investment gain (loss), net of tax of $144 and $85 for the three months ended September 30, 2013 and 2012 | 484 | -493 |
Other comprehensive income | 23,023 | 33,133 |
Total comprehensive income | 107,102 | 104,447 |
Pension and postretirement medical benefits adjustments, net of tax of | 58 | 421 |
Unrealized (loss) gain on derivative instruments, net of tax of | 731 | 1,587 |
Unrealized investment (loss) gain, net of tax of | $144 | $85 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ||
Net income | $84,079 | $71,314 |
Add (deduct) non-cash items included in net income: | ||
Depreciation and amortization | 57,245 | 57,742 |
Share-based compensation | 6,195 | 6,160 |
Other non-cash items | -206 | 3,767 |
Changes in assets and liabilities: | ||
Accounts receivable | -14,881 | -7,903 |
Inventories | -32,900 | -28,902 |
Accounts payable | -1,359 | 49,569 |
Other current assets and liabilities | 10,521 | 4,326 |
Other assets and liabilities | -9,843 | 11,331 |
Cash provided from operating activities | 98,851 | 167,404 |
Investing activities: | ||
Capital expenditures | -47,018 | -69,413 |
Acquisitions | 0 | |
Proceeds from sales of property, plant and equipment | 131 | 1,914 |
Proceeds from sales or maturities of marketable securities | 1,789 | 3,168 |
Purchases of marketable securities | -2,574 | -4,099 |
Insurance proceeds and other investing activities | -920 | 9,722 |
Cash used for investing activities | -111,585 | -58,708 |
Financing activities: | ||
Proceeds from revolving credit facility, short-term loans and debt | 63,510 | 10,000 |
Payments on revolving credit facility, short-term loans and debt | 70,557 | 41,611 |
Cash dividends paid | -42,723 | -38,827 |
Exercise of stock options | 7,680 | 1,715 |
Other financing activities | -1,112 | -1,026 |
Cash used for financing activities | -43,202 | -69,749 |
Effect of exchange rate changes on cash | 9,531 | 9,608 |
Net (decrease) increase in cash and cash equivalents | -46,405 | 48,555 |
Cash and cash equivalents, beginning of period | 711,561 | 637,417 |
Cash and cash equivalents, end of period | $665,156 | $685,972 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation |
Molex Incorporated (together with its subsidiaries, except where the context otherwise requires, “we,” “us,” and “our”) manufactures electronic components, including electrical and fiber optic interconnection products and systems, switches and integrated products in 45 manufacturing locations in 17 countries. | |
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. Operating results for the three months ended September 30, 2013 are not necessarily an indication of the results that may be expected for the year ending June 30, 2014. The Condensed Consolidated Balance Sheet as of June 30, 2013 was derived from our audited consolidated financial statements for the year ended June 30, 2013. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2013. | |
The preparation of the unaudited financial statements in conformity with GAAP requires the use of estimates and assumptions related to the reporting of assets, liabilities, revenues, expenses and related disclosures. Significant estimates and assumptions are used in the estimation of income taxes, pension and other post retirement benefits, stock options, allowances for accounts receivable and inventory and impairment reviews for goodwill, intangible assets and other long-lived assets. Estimates are revised periodically. Actual results could differ from these estimates. | |
On September 9, 2013, we entered into an Agreement and Plan of Merger (Merger Agreement) with Koch Industries, Inc. and Koch Connectors, Inc. which, if completed, will result in stockholders receiving $38.50 per share in cash, for a total purchase price of approximately $7.2 billion. Final consideration will also include a dividend adjustment amount. The transaction is subject to customary closing conditions, regulatory approvals and approval by the holders of a majority of our common voting shares, but is not subject to any condition with regard to the financing of the transaction. | |
Material subsequent events are evaluated and disclosed through the report issuance date. |
Acquisitions
Acquisitions | 3 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
During the first quarter of fiscal 2014, we acquired FCT Electronics Group, a custom connector and cable assembly company, for $63.0 million, net of cash acquired, and recorded goodwill of $39.4 million. The purchase price allocation for this acquisition is preliminary and subject to revision as more detailed analysis is completed and additional information about the fair value of assets and liabilities becomes available. | |
During the second quarter of fiscal 2013, we acquired Affinity Medical Technologies, LLC, a medical electronics company, for $55.3 million, net of cash acquired, and recorded goodwill of $31.6 million. The purchase price allocation for this acquisition is complete. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | Earnings Per Share | |||||||
A reconciliation of the basic average common shares outstanding to diluted average common shares outstanding is as follows (in thousands, except per share data): | ||||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Net income | $ | 84,079 | $ | 71,314 | ||||
Basic average common shares outstanding | 178,247 | 176,621 | ||||||
Effect of dilutive stock options | 3,298 | 1,943 | ||||||
Diluted weighted average common shares outstanding | 181,545 | 178,564 | ||||||
Earnings per share: | ||||||||
Basic | $ | 0.47 | $ | 0.4 | ||||
Diluted | $ | 0.46 | $ | 0.4 | ||||
There were no anti-dilutive shares excluded from the computation above for the three months ended September 30, 2013. For the three months ended September 30, 2012, 2.0 million anti-dilutive shares were excluded from the computation. |
Inventories
Inventories | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories are valued at the lower of first-in, first-out cost or market. Inventories, net of allowances, consist of the following (in thousands): | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Raw materials | $ | 91,771 | $ | 77,202 | ||||
Work in process | 174,146 | 153,581 | ||||||
Finished goods | 314,564 | 301,027 | ||||||
Total inventories | $ | 580,481 | $ | 531,810 | ||||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Pension and Other Postretirement Benefits Disclosure | Pensions and Other Postretirement Benefits | |||||||
The components of pension benefit cost are as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 1,509 | $ | 1,627 | ||||
Interest cost | 2,155 | 2,060 | ||||||
Expected return on plan assets | (2,442 | ) | (2,272 | ) | ||||
Amortization of prior service cost | 53 | 65 | ||||||
Recognized actuarial losses | 627 | 681 | ||||||
Amortization of transition obligation | 4 | 10 | ||||||
Other income | — | (59 | ) | |||||
Benefit cost | $ | 1,906 | $ | 2,112 | ||||
The components of retiree health care benefit cost are as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 19 | $ | 179 | ||||
Interest cost | 97 | 341 | ||||||
Amortization of prior service cost | (2,572 | ) | (516 | ) | ||||
Recognized actuarial gains | (292 | ) | (179 | ) | ||||
Benefit | $ | (2,748 | ) | $ | (175 | ) | ||
Effective December 31, 2012, we amended a postretirement medical benefits plan in the United States to cap subsidies provided to plan participants retiring after January 31, 2013. We remeasured the postretirement medical benefits liability, reducing the liability $18.5 million with the offset to other comprehensive income, net of tax. The benefit of the remeasured liability is being recognized over a 27 month period, which is the average time until the remaining active participants in the plan are retirement eligible. |
Debt
Debt | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt Disclosure | Debt | ||||||||||||
Total debt consisted of the following (dollars in thousands): | |||||||||||||
Average | Calendar | September 30, | June 30, | ||||||||||
Interest | Year | 2013 | 2013 | ||||||||||
Rate | Maturity | ||||||||||||
Long-term debt: | |||||||||||||
Private Placement | 3.59 | % | 2016 – 2021 | $ | 150,000 | $ | 150,000 | ||||||
U.S. Credit Facility | 1.18 | % | 2018 | 165,000 | 160,000 | ||||||||
Other debt | Varies | 2013 – 2014 | 403 | 415 | |||||||||
Total long-term debt | 315,403 | 310,415 | |||||||||||
Less current portion of long-term debt: | |||||||||||||
Other debt | Varies | 403 | 415 | ||||||||||
Long-term debt, less current portion | 315,000 | 310,000 | |||||||||||
Short-term borrowings: | |||||||||||||
Overdraft loans | 0.46 | % | 2014 | 38,369 | 50,450 | ||||||||
Other short-term borrowings | Varies | 3,686 | 3,418 | ||||||||||
Total short-term borrowings | 42,055 | 53,868 | |||||||||||
Total debt | $ | 357,458 | $ | 364,283 | |||||||||
In September 2013, Molex Japan renewed three overdraft loans totaling ¥11.0 billion with one-year terms and fluctuating interest rates based on interbank offered rates plus a spread ranging from 30 basis points to 35 basis points. At September 30, 2013, the outstanding balances of the overdraft loans, which require full repayment by the end of the terms if not renewed, approximated $38.4 million. | |||||||||||||
In August 2011, we issued senior notes pursuant to a Note Purchase Agreement (the Agreement) totaling $150.0 million through an unregistered, private placement of debt (the Private Placement). The Private Placement consists of three $50.0 million series notes: Series A with an interest rate of 2.91% matures in August 2016; Series B with an interest rate of 3.59% matures in August 2018; and Series C with an interest rate of 4.28% matures in August 2021. The Agreement contains customary covenants regarding liens, debt and substantial asset sales and mergers. The Agreement also requires us to maintain financial covenants pertaining to, among other things, our consolidated leverage and interest rate coverage. As of September 30, 2013, we were in compliance with these covenants and the balance of the senior notes was $150.0 million. | |||||||||||||
In June 2009, we entered into a $195.0 million unsecured, three-year revolving credit facility in the United States (the U.S. Credit Facility), which was subsequently amended, including in April 2013, when we amended and restated the revolving credit facility to increase the credit line to $500.0 million and extend the term to April 2018. Borrowings under the U.S. Credit Facility bear interest at a fluctuating interest rate (based on London Interbank Offered Rate) plus an applicable percentage based on our consolidated leverage. The applicable percentage was 100 basis points as of September 30, 2013. The agreement governing the U.S. Credit Facility contains customary covenants regarding liens, debt, substantial asset sales and mergers, dividends and investments. The U.S. Credit Facility also requires us to maintain financial covenants pertaining to, among other things, our consolidated leverage and interest rate coverage. As of September 30, 2013, we were in compliance with these covenants and had outstanding borrowings of $165.0 million. | |||||||||||||
Principal payments on long-term debt obligations are due as follows as of September 30, 2013 (in thousands): | |||||||||||||
Year one | $ | 403 | |||||||||||
Year two | — | ||||||||||||
Year three | 50,000 | ||||||||||||
Year four | — | ||||||||||||
Year five | 215,000 | ||||||||||||
Thereafter | 50,000 | ||||||||||||
Total long-term debt obligations | $ | 315,403 | |||||||||||
We had available lines of credit totaling $513.8 million at September 30, 2013, including $335.0 million available on the U.S. Credit Facility. The lines of credit expire between 2013 and 2018. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The effective tax rate was 29.0% for the three months ended September 30, 2013, reflecting the mix of earnings in tax jurisdictions with tax rates less than the U.S. federal tax rate of 35.0% and a $1.2 million benefit due to the release of a valuation allowance resulting from improved operating performance. During the three months ended September 30, 2013, we recorded income tax expense of $34.3 million. | |
The effective tax rate was 30.8% for the three months ended September 30, 2012. | |
We are subject to tax in U.S. federal, state and foreign tax jurisdictions. The examinations of U.S. federal income tax returns for 2007, 2008 and 2009 were completed during fiscal 2012. The tax years 2010 through 2012 remain open to examination by all major taxing jurisdictions to which we are subject. | |
It is our practice to recognize interest and penalties related to income tax matters in tax expense. As of September 30, 2013, there were no material interest or penalty amounts to accrue. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Comprehensive Income (Loss) Note | Accumulated Other Comprehensive Income | |||||||||||||||||||
The changes in accumulated other comprehensive income, net of tax, were as follows (in thousands): | ||||||||||||||||||||
Foreign Currency Translation Adjustments | Pension and Postretirement Medical Benefits | Unrealized (Loss) Gain on Derivative Instruments | Unrealized Investment Gain | Total | ||||||||||||||||
Balance at June 30, 2013 | $ | 291,613 | $ | (36,322 | ) | $ | (2,936 | ) | $ | 893 | $ | 253,248 | ||||||||
Other comprehensive income (loss) before reclassifications | 25,077 | (1,129 | ) | 226 | 484 | 24,658 | ||||||||||||||
Reclassifications to net income | — | (2,822 | ) | 1,187 | — | (1,635 | ) | |||||||||||||
Other comprehensive income (loss) | 25,077 | (3,951 | ) | 1,413 | 484 | 23,023 | ||||||||||||||
Balance at September 30, 2013 | $ | 316,690 | $ | (40,273 | ) | $ | (1,523 | ) | $ | 1,377 | $ | 276,271 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
The following table summarizes our financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||
Measured | in Active | Other | Unobservable | |||||||||||||||||||||||||||||
at Fair | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||
Value | Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Sept. 30, 2013 | 30-Jun-13 | Sept. 30, 2013 | 30-Jun-13 | Sept. 30, 2013 | 30-Jun-13 | Sept. 30, 2013 | 30-Jun-13 | |||||||||||||||||||||||||
Available-for-sale and trading securities | $ | 21,974 | $ | 20,772 | $ | 21,974 | $ | 20,772 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Derivative financial instruments, net | 1,951 | 2,081 | — | — | 1,951 | 2,081 | — | — | ||||||||||||||||||||||||
We determine the fair value of our available-for-sale securities based on quoted market prices (Level 1). We generally use derivatives for hedging purposes pursuant to ASC 815-10, which are valued based on Level 2 inputs in the ASC 820 fair value hierarchy. The fair value of our derivative financial instruments is determined by a mark-to-market valuation based on forward curves using observable market prices. | ||||||||||||||||||||||||||||||||
The carrying value of our long-term debt approximates fair value. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||||||||
We use derivative instruments to manage our foreign exchange and commodity cost exposures. All derivative instruments are recognized at fair value in other current assets or liabilities. | |||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||
We use one-month foreign currency forward contracts to offset the impact of exchange rate volatility on certain assets and liabilities, including intercompany receivables and payables denominated in non-functional currencies. These forward contracts have not been designated as hedges, and the gains or losses on these forward contracts, along with the offsetting losses or gains due to the fluctuation of exchange rates on the underlying foreign currency denominated assets and liabilities, are recognized in other (expense) income. The notional amounts of the forward contracts were $235.4 million and $228.5 million at September 30, 2013 and June 30, 2013, respectively, with corresponding fair values of a $1.1 million liability at September 30, 2013 and a $0.8 million asset at June 30, 2013. | |||||||||
Cash Flow Hedges | |||||||||
We use foreign currency forward contracts to hedge a portion of our cash flow exposure to fluctuations in the Chinese renminbi versus the U.S. dollar. These derivative instruments are designated as cash flow hedges and target up to 70% of our projected U.S. dollar denominated third party sales from a subsidiary based in China. Gains and losses of the effective hedges are recorded as a component of accumulated other comprehensive income (AOCI) and reclassified to cost of sales during the period the third party sales occur. The notional amounts of the forward contracts were $45.0 million at September 30, 2013 and $37.5 million at June 30, 2013, with immaterial corresponding fair values at September 30, 2013 and June 30, 2013. These forward contracts have maturities of 12 months or less. | |||||||||
We use derivatives in the form of call options to hedge the variability of gold and copper prices. These derivative instruments are designated as cash flow hedges and hedge approximately 60% of our planned gold and copper purchases. Gains and losses of the effective hedges are recorded as a component of AOCI and reclassified to cost of sales during the period the product containing the commodity is sold. The fair values of the call options were $2.8 million and $1.1 million at September 30, 2013 and June 30, 2013, respectively. These call options have maturities of 12 months or less. | |||||||||
The following table sets forth the impact to AOCI and earnings from cash flow hedges before taxes for the three months ended September 30 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Unrealized gain recognized in AOCI | $ | 280 | $ | 7,147 | |||||
Realized loss reclassified into earnings | (1,864 | ) | (2,496 | ) | |||||
At September 30, 2013, $2.5 million is expected to be reclassified from AOCI to cost of sales within the next 12 months. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections | New Accounting Pronouncements |
In July 2013, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2013-11, Income Taxes (Topic 740). This ASU provides guidance on the presentation of unrecognized tax benefits, reflecting the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. We adopted ASU 2013-11 in the current quarter. The new guidance will result in enhanced disclosures, but does not otherwise have a material impact on our consolidated financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830). This ASU updates accounting guidance related to foreign currency matters and resolves the diversity in practice about what guidance applies to the release of cumulative translation adjustment into net income. We adopted ASU 2013-05 in the current quarter. The new guidance does not have a material impact on our consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220). The guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. We adopted ASU 2013-02 in the current quarter and present reclassifications out of accumulated other comprehensive income in Note 8. |
Contingencies
Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Contingencies |
We are currently a party to various legal proceedings, claims and investigations including those disclosed below. While management presently believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially adversely affect our financial position, legal proceedings are subject to inherent uncertainties, and unfavorable rulings or other events could occur. If one or more unfavorable final outcome were to occur, then our business could be materially and adversely affected. | |
Employment and Benefits Litigation | |
In 2009, Molex Automotive SARL (MAS), decided to close a facility it operated in Villemur-sur-Tarn, France. MAS submitted a social plan to MAS’s labor representatives providing for payments to approximately 280 terminated employees. This social plan was adopted by MAS in 2009 and payments were made to those employees until September 2010. In September 2010, former employees of MAS who were covered under the social plan filed suit against MAS and AGS (a state fund for wage guarantee) in the Toulouse Labor Court, requesting additional compensation. The total amount sought by the former employees is approximately €24.0 million ($32.4 million). Molex International initiated liquidation of MAS, and pursuant to a court proceeding, a liquidator was appointed in November 2010. One of the liquidator’s responsibilities is to assess and respond to the lawsuits involving MAS. In June 2011, the former employees of MAS noticed Molex Incorporated (Molex) as a defendant to the Toulouse Labor Court proceedings. In their court submission, the former employees claim that Molex was a co-employer of the former employees and thus jointly liable for any additional compensation the court awards. The former employees also claim that there was no economic justification for their dismissal, that MAS decided to close the facility before it consulted with the employees and their representatives and that MAS did not adequately comply with its obligation to assist the terminated employees in obtaining alternative employment. The liquidator has filed a submission on behalf of MAS and argues that the dismissal was economically justified, that the former employees have not proven the damages they are seeking but nonetheless Molex was co-employer and thus liable for any additional payments that may be awarded to the former employees. AGS filed its submission, adopting essentially the same substantive position as the liquidator on the dismissal of the former employees but arguing that Molex was the employer. | |
Molex filed its briefs in reply on January 6, 2012 arguing the plaintiff’s claims be dismissed. In the reply briefs, Molex argued it was not the co-employer of the plaintiffs and the court should find that it lacks jurisdiction over Molex to hear the dispute. In the alternative, Molex argued there was no breach of the information consultation process with the employees and their representatives, the dismissals were valid and based on economic grounds, MAS complied with its redeployment obligations and requested that the court dismiss the claims for damages. Molex also argued if the court were to award compensation, then any judgment against Molex be several but not jointly with MAS and the amount awarded to plaintiffs not exceed six months’ salary, approximately €2.0 million ($2.7 million). | |
On February 24, 2012, the five employees who fall within the executive section submitted a reply brief and requested a postponement of the March 5, 2012 court date. The court granted the request and rescheduled separate court dates for each plaintiff. On June 25, 2012, one plaintiff withdrew his claims against Molex. On May 16, 2013, the Toulouse Appellate Court issued its decision finding that the Toulouse Labor Court has jurisdiction over Molex. Molex intends to appeal this decision to the French Supreme Court. | |
On February 7, 2013, the Toulouse Appellate Court affirmed the Toulouse Labor Court ruling that it has jurisdiction over Molex with respect to the 190 employees who fall within the industry section. Molex appealed this decision to the French Supreme Court (Court of Cassation), and expects a decision in the first half of calendar year 2014. Separately, the Industry Section of the Labor Court is expected to issue its decision on the merits of the plaintiffs' claims on December 5, 2013. | |
On March 29, 2012, Molex received notice that the liquidator filed an action against Molex in the Commercial Court of Paris claiming Molex is responsible for the liabilities of MAS that remain as a result of the liquidation. The liquidator alleged that Molex acted as de facto manager of MAS and mismanaged MAS. Although the liabilities are currently estimated at €1.9 million ($2.6 million), future liabilities of MAS may also include any amounts successfully awarded to plaintiffs in their lawsuits against MAS (described above). Molex filed a brief opposing the liquidator’s claims and the court is expected to issue its decision on December 18, 2013. | |
We intend to vigorously contest the attempt by the former employees to seek additional compensation from Molex and the liquidator’s attempt to hold Molex responsible for the liabilities of MAS. | |
Securities and Exchange Commission (SEC) Investigation | |
On April 25, 2011, the SEC informed us they issued a formal order of private investigation in connection with the previously reported unauthorized activities in Molex Japan Co., Ltd. (Molex Japan). We are fully cooperating with the SEC’s investigation. | |
In April 2010, we launched an investigation into unauthorized activities at Molex Japan and learned that an individual working in Molex Japan’s finance group obtained unauthorized loans from third party lenders, that included in at least one instance the attempted unauthorized pledge of Molex Japan facilities as security, in Molex Japan’s name that were used to cover losses resulting from unauthorized trading, including margin trading, in Molex Japan’s name. We also learned that the individual misappropriated funds from Molex Japan’s accounts to cover losses from unauthorized trading. The individual admitted to forging documentation in arranging and concealing the transactions. In the Annual Report on Form 10-K for the year ended June 30, 2010, Molex restated prior period financial statements to record liabilities in the periods in which the unauthorized transactions and potential losses occurred. | |
Shareholder Litigation Relating to the Merger | |
In September 2013, four class action complaints were filed purportedly on behalf of holders of Molex common stock, with certain exclusions, and named as defendants Molex, each member of Molex’s Board of Directors (the “Individual Defendants”), Koch Industries, Inc. (“Parent”) and Koch Connectors, Inc. (“Merger Sub”). Three class action complaints were filed in Illinois and the fourth in Delaware. | |
On September 10, 2013, a putative shareholder class action complaint was filed in the Chancery Division of the Circuit Court of DuPage County in the State of Illinois, captioned Carolyn Williams v. Molex Incorporated, et. al., Case No. 2013CH002616. On September 11, 2013, a putative shareholder class action complaint was filed in the Eighteenth Judicial District of the Circuit Court of DuPage County in the State of Illinois, captioned Spoleto Corp. v. Molex Incorporated, et. al., Case No. 2013CH002625. On September 27, 2013, a putative shareholder class action complaint was filed in the Eighteenth Judicial District of the Circuit Court of DuPage County in the State of Illinois, captioned Donald C. Croson v. Molex Incorporated, et. al., Case No. 2013CH002766. These complaints generally allege that the Individual Defendants breached their fiduciary duties by agreeing to a transaction at an inadequate price, by conducting an inadequate sale process and by agreeing to unreasonable deal protection provisions. The complaints also allege that Parent and Merger Sub aided and abetted these purported breaches of fiduciary duties. In addition, the Croson complaint further alleges that the preliminary proxy statement filed by Molex in accordance with the Merger Agreement entered into with Parent and Merger Sub (the “Preliminary Proxy Statement”) contains a variety of inaccurate, misleading or incomplete disclosures about, among other things, the sale process, the financial analysis of the transaction and certain financial projections. The relief sought by the complaints includes, among other things, an injunction prohibiting the completion of the merger contemplated by the Merger Agreement, rescission (to the extent the merger has been completed) and the payment of plaintiffs’ attorneys’ and experts’ fees and costs. Plaintiffs have consolidated the three cases. Molex believes that the complaints are without merit and intends to vigorously defend the actions. | |
On September 30, 2013, a putative shareholder class action complaint was filed in the Court of Chancery of the State of Delaware, captioned George Leon Family Trust v. Molex Incorporated, et al., Civil Action No. 8961-VCL. The complaint generally alleges that the Individual Defendants breached their fiduciary duties by conducting an allegedly flawed sale process and agreeing to allegedly improper deal protections. In addition, the complaint alleges that the Preliminary Proxy Statement fails to adequately disclose material information about certain events leading up to the merger and about the financial analyses of the merger set forth in the Preliminary Proxy Statement. The complaint further alleges that Molex, Parent and Merger Sub aided and abetted these purported breaches of fiduciary duties. The relief sought includes, among other things, an injunction prohibiting the completion of the merger, an accounting of putative damages and the payment of plaintiff’s attorneys’ and experts’ fees and costs. Molex believes that the complaint is without merit and intends to vigorously defend the action. |
Segments_and_Related_Informati
Segments and Related Information | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segments and Related Information | Segments and Related Information | |||||||||||||||
We have two global reportable segments: Connector and Custom & Electrical. The reportable segments represent an aggregation of three operating segments. | ||||||||||||||||
• | The Connector segment designs and manufactures products for high-speed, high-density, high signal-integrity applications for the telecommunications, infotech and mobile devices markets as well as fine-pitch, low-profile connectors for the consumer market. It also designs and manufactures products that withstand environments such as heat, cold, dust, dirt, liquid and vibration for automotive and other transportation applications. | |||||||||||||||
• | The Custom & Electrical segment designs and manufactures integrated and customizable electronic components across all industries that provide original, differentiated solutions to customer requirements. It also leverages expertise in the use of signal, power and interface technology in industrial automation and other harsh environment applications. | |||||||||||||||
Information by segment is summarized as follows (in thousands): | ||||||||||||||||
Connector | Custom & | Corporate | Total | |||||||||||||
Electrical | & Other | |||||||||||||||
For the three months ended: | ||||||||||||||||
September 30, 2013: | ||||||||||||||||
Revenues from external customers | $ | 639,525 | $ | 296,658 | $ | 184 | $ | 936,367 | ||||||||
Income (loss) from operations | 111,551 | 51,422 | (39,851 | ) | 123,122 | |||||||||||
Depreciation & amortization | 46,323 | 7,452 | 3,470 | 57,245 | ||||||||||||
Capital expenditures | 34,575 | 8,102 | 4,341 | 47,018 | ||||||||||||
September 30, 2012: | ||||||||||||||||
Revenues from external customers | $ | 656,574 | $ | 259,784 | $ | 563 | $ | 916,921 | ||||||||
Income (loss) from operations | 95,256 | 40,860 | (33,381 | ) | 102,735 | |||||||||||
Depreciation & amortization | 46,275 | 7,079 | 4,388 | 57,742 | ||||||||||||
Capital expenditures | 52,387 | 13,309 | 3,717 | 69,413 | ||||||||||||
Corporate & Other includes expenses primarily related to corporate operations that are not allocated to segments such as executive management, human resources, legal, finance and information technology. We also include in Corporate & Other the assets of certain plants that are not specific to a particular segment. Corporate & Other loss from operations for the three months ended September 30, 2013 includes $8.0 million in one-time merger-related transaction costs. | ||||||||||||||||
Segment assets, which are comprised of accounts receivable, inventory and fixed assets, are summarized as follows (in thousands): | ||||||||||||||||
Connector | Custom & | Corporate | Total | |||||||||||||
Electrical | & Other | |||||||||||||||
30-Sep-13 | $ | 1,787,680 | $ | 546,605 | $ | 111,673 | $ | 2,445,958 | ||||||||
30-Jun-13 | 1,723,316 | 513,813 | 112,207 | 2,349,336 | ||||||||||||
The reconciliation of segment assets to consolidated total assets is as follows (in thousands): | ||||||||||||||||
September 30, | June 30, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Segment assets | $ | 2,445,958 | $ | 2,349,336 | ||||||||||||
Other current assets | 770,240 | 808,640 | ||||||||||||||
Other non-current assets | 469,819 | 428,878 | ||||||||||||||
Consolidated total assets | $ | 3,686,017 | $ | 3,586,854 | ||||||||||||
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | |
Income Tax, Policy | In July 2013, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2013-11, Income Taxes (Topic 740). This ASU provides guidance on the presentation of unrecognized tax benefits, reflecting the manner in which an entity would settle, at the reporting date, any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. We adopted ASU 2013-11 in the current quarter. The new guidance will result in enhanced disclosures, but does not otherwise have a material impact on our consolidated financial statements. |
Foreign Currency Transactions and Translations Policy | In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830). This ASU updates accounting guidance related to foreign currency matters and resolves the diversity in practice about what guidance applies to the release of cumulative translation adjustment into net income. We adopted ASU 2013-05 in the current quarter. |
Comprehensive Income, Policy | In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220). The guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. We adopted ASU 2013-02 in the current quarter and present reclassifications out of accumulated other comprehensive income in Note 8. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciliation of Basic Average Common Shares Outstanding to Diluted Average Common Shares Outstanding | A reconciliation of the basic average common shares outstanding to diluted average common shares outstanding is as follows (in thousands, except per share data): | |||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Net income | $ | 84,079 | $ | 71,314 | ||||
Basic average common shares outstanding | 178,247 | 176,621 | ||||||
Effect of dilutive stock options | 3,298 | 1,943 | ||||||
Diluted weighted average common shares outstanding | 181,545 | 178,564 | ||||||
Earnings per share: | ||||||||
Basic | $ | 0.47 | $ | 0.4 | ||||
Diluted | $ | 0.46 | $ | 0.4 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of Inventories | Inventories are valued at the lower of first-in, first-out cost or market. Inventories, net of allowances, consist of the following (in thousands): | |||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Raw materials | $ | 91,771 | $ | 77,202 | ||||
Work in process | 174,146 | 153,581 | ||||||
Finished goods | 314,564 | 301,027 | ||||||
Total inventories | $ | 580,481 | $ | 531,810 | ||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Pension Benefit Cost [Member] | ||||||||
Components of Pension and Retiree Health Care Benefit Cost | The components of pension benefit cost are as follows (in thousands): | |||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 1,509 | $ | 1,627 | ||||
Interest cost | 2,155 | 2,060 | ||||||
Expected return on plan assets | (2,442 | ) | (2,272 | ) | ||||
Amortization of prior service cost | 53 | 65 | ||||||
Recognized actuarial losses | 627 | 681 | ||||||
Amortization of transition obligation | 4 | 10 | ||||||
Other income | — | (59 | ) | |||||
Benefit cost | $ | 1,906 | $ | 2,112 | ||||
Postretirement Medical Benefits [Member] | ||||||||
Components of Pension and Retiree Health Care Benefit Cost | The components of retiree health care benefit cost are as follows (in thousands): | |||||||
Three Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Service cost | $ | 19 | $ | 179 | ||||
Interest cost | 97 | 341 | ||||||
Amortization of prior service cost | (2,572 | ) | (516 | ) | ||||
Recognized actuarial gains | (292 | ) | (179 | ) | ||||
Benefit | $ | (2,748 | ) | $ | (175 | ) |
Debt_Debt_Tables
Debt Debt (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Long-term Debt Instruments | Total debt consisted of the following (dollars in thousands): | ||||||||||||
Average | Calendar | September 30, | June 30, | ||||||||||
Interest | Year | 2013 | 2013 | ||||||||||
Rate | Maturity | ||||||||||||
Long-term debt: | |||||||||||||
Private Placement | 3.59 | % | 2016 – 2021 | $ | 150,000 | $ | 150,000 | ||||||
U.S. Credit Facility | 1.18 | % | 2018 | 165,000 | 160,000 | ||||||||
Other debt | Varies | 2013 – 2014 | 403 | 415 | |||||||||
Total long-term debt | 315,403 | 310,415 | |||||||||||
Less current portion of long-term debt: | |||||||||||||
Other debt | Varies | 403 | 415 | ||||||||||
Long-term debt, less current portion | 315,000 | 310,000 | |||||||||||
Short-term borrowings: | |||||||||||||
Overdraft loans | 0.46 | % | 2014 | 38,369 | 50,450 | ||||||||
Other short-term borrowings | Varies | 3,686 | 3,418 | ||||||||||
Total short-term borrowings | 42,055 | 53,868 | |||||||||||
Total debt | $ | 357,458 | $ | 364,283 | |||||||||
Schedule Of Principal Payments On Long Term Debt Obligations Table | Principal payments on long-term debt obligations are due as follows as of September 30, 2013 (in thousands): | ||||||||||||
Year one | $ | 403 | |||||||||||
Year two | — | ||||||||||||
Year three | 50,000 | ||||||||||||
Year four | — | ||||||||||||
Year five | 215,000 | ||||||||||||
Thereafter | 50,000 | ||||||||||||
Total long-term debt obligations | $ | 315,403 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income, net of tax, were as follows (in thousands): | |||||||||||||||||||
Foreign Currency Translation Adjustments | Pension and Postretirement Medical Benefits | Unrealized (Loss) Gain on Derivative Instruments | Unrealized Investment Gain | Total | ||||||||||||||||
Balance at June 30, 2013 | $ | 291,613 | $ | (36,322 | ) | $ | (2,936 | ) | $ | 893 | $ | 253,248 | ||||||||
Other comprehensive income (loss) before reclassifications | 25,077 | (1,129 | ) | 226 | 484 | 24,658 | ||||||||||||||
Reclassifications to net income | — | (2,822 | ) | 1,187 | — | (1,635 | ) | |||||||||||||
Other comprehensive income (loss) | 25,077 | (3,951 | ) | 1,413 | 484 | 23,023 | ||||||||||||||
Balance at September 30, 2013 | $ | 316,690 | $ | (40,273 | ) | $ | (1,523 | ) | $ | 1,377 | $ | 276,271 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes our financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||
Measured | in Active | Other | Unobservable | |||||||||||||||||||||||||||||
at Fair | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||
Value | Identical | Inputs | (Level 3) | |||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Sept. 30, 2013 | 30-Jun-13 | Sept. 30, 2013 | 30-Jun-13 | Sept. 30, 2013 | 30-Jun-13 | Sept. 30, 2013 | 30-Jun-13 | |||||||||||||||||||||||||
Available-for-sale and trading securities | $ | 21,974 | $ | 20,772 | $ | 21,974 | $ | 20,772 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Derivative financial instruments, net | 1,951 | 2,081 | — | — | 1,951 | 2,081 | — | — | ||||||||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Accumulated Other Comprehensive Income (AOCI) and Earnings from Cash Flow Hedges | he following table sets forth the impact to AOCI and earnings from cash flow hedges before taxes for the three months ended September 30 (in thousands): | ||||||||
2013 | 2012 | ||||||||
Unrealized gain recognized in AOCI | $ | 280 | $ | 7,147 | |||||
Realized loss reclassified into earnings | (1,864 | ) | (2,496 | ) |
Segments_and_Related_Informati1
Segments and Related Information (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule of Product Reportable Segment | Information by segment is summarized as follows (in thousands): | |||||||||||||||
Connector | Custom & | Corporate | Total | |||||||||||||
Electrical | & Other | |||||||||||||||
For the three months ended: | ||||||||||||||||
September 30, 2013: | ||||||||||||||||
Revenues from external customers | $ | 639,525 | $ | 296,658 | $ | 184 | $ | 936,367 | ||||||||
Income (loss) from operations | 111,551 | 51,422 | (39,851 | ) | 123,122 | |||||||||||
Depreciation & amortization | 46,323 | 7,452 | 3,470 | 57,245 | ||||||||||||
Capital expenditures | 34,575 | 8,102 | 4,341 | 47,018 | ||||||||||||
September 30, 2012: | ||||||||||||||||
Revenues from external customers | $ | 656,574 | $ | 259,784 | $ | 563 | $ | 916,921 | ||||||||
Income (loss) from operations | 95,256 | 40,860 | (33,381 | ) | 102,735 | |||||||||||
Depreciation & amortization | 46,275 | 7,079 | 4,388 | 57,742 | ||||||||||||
Capital expenditures | 52,387 | 13,309 | 3,717 | 69,413 | ||||||||||||
Schedule of Segment Assets | Segment assets, which are comprised of accounts receivable, inventory and fixed assets, are summarized as follows (in thousands): | |||||||||||||||
Connector | Custom & | Corporate | Total | |||||||||||||
Electrical | & Other | |||||||||||||||
30-Sep-13 | $ | 1,787,680 | $ | 546,605 | $ | 111,673 | $ | 2,445,958 | ||||||||
30-Jun-13 | 1,723,316 | 513,813 | 112,207 | 2,349,336 | ||||||||||||
Reconciliation of Segment Assets to Consolidated Total Assets | The reconciliation of segment assets to consolidated total assets is as follows (in thousands): | |||||||||||||||
September 30, | June 30, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Segment assets | $ | 2,445,958 | $ | 2,349,336 | ||||||||||||
Other current assets | 770,240 | 808,640 | ||||||||||||||
Other non-current assets | 469,819 | 428,878 | ||||||||||||||
Consolidated total assets | $ | 3,686,017 | $ | 3,586,854 | ||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Billions, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Country | |
Location | |
Number of manufacturing locations | 45 |
Number of countries where company incorporated | 17 |
Business Acquisition, Share Price | $38.50 |
molx:Business Acquisition Purchase Price | $7.20 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
FCT Electronics Group [Domain] | Affinity Medical LLC [Domain] | ||||
Business Acquisition [Line Items] | |||||
Acquisitions | $0 | $62,993 | $55,300 | ||
Goodwill | $231,050 | $191,053 | $39,400 | $31,600 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Basic Average Common Shares Outstanding to Diluted Average Common Shares Outstanding (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||
Net income | $84,079 | $71,314 |
Basic average common shares outstanding | 178,247,000 | 176,621,000 |
Effect of dilutive stock options | 3,298,000 | 1,943,000 |
Diluted weighted average common shares outstanding | 181,545,000 | 178,564,000 |
Earnings per share: | ||
Basic | $0.47 | $0.40 |
Diluted | $0.46 | $0.40 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 |
Earnings Per Share [Abstract] | |
Antidilutive securities excluded from computation of earnings per share, amount | 2 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $91,771 | $77,202 |
Work in process | 174,146 | 153,581 |
Finished goods | 314,564 | 301,027 |
Total inventories | $580,481 | $531,810 |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits - Components of Pension and Retiree Health Care Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefit Cost [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $1,509 | $1,627 |
Interest cost | 2,155 | 2,060 |
Expected return on plan assets | -2,442 | -2,272 |
Amortization of prior service cost | 53 | 65 |
Recognized actuarial (gains) losses | 627 | 681 |
Amortization of transition obligation | 4 | 10 |
Other income | 0 | -59 |
Benefit cost | 1,906 | 2,112 |
Retiree Health Care Benefit Cost [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 19 | 179 |
Interest cost | 97 | 341 |
Amortization of prior service cost | -2,572 | -516 |
Recognized actuarial (gains) losses | -292 | -179 |
Benefit cost | ($2,748) | ($175) |
Pensions_and_Other_Postretirem3
Pensions and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Reduction of Defined Benefit Plan Liability | $18.50 |
Recognition Period for Remeasured Benefit Plan Liability | 27 months |
Debt_Components_of_Debt_Detail
Debt - Components of Debt (Detail) | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Senior Notes Through Private Placement [Member] | Senior Notes Through Private Placement [Member] | U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | Other debt [Member] | Other debt [Member] | Overdraft loans [Member] | Overdraft loans [Member] | Overdraft loans [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | |||
Debt Instrument [Line Items] | |||||||||||
Average Interest Rate | 3.59% | 1.18% | 0.46% | ||||||||
Debt instrument maturity year minimum | 2016 | 2013 | |||||||||
Debt instrument maturity year maximum | 2021 | 2018 | 2014 | 2014 | |||||||
Private Placement | $150,000 | $150,000 | |||||||||
U.S. Credit Facility | 165,000 | 160,000 | |||||||||
Long-term debt | 315,000 | 310,000 | 403 | 415 | |||||||
Total long-term debt | 315,403 | 310,415 | |||||||||
Current portion of long-term debt and short-term borrowings | 42,458 | 54,283 | 403 | 415 | |||||||
Overdraft loans | 38,369 | 50,450 | 11,000,000 | ||||||||
Other short-term borrowings | 3,686 | 3,418 | |||||||||
Total short-term borrowings | 42,055 | 53,868 | |||||||||
Total debt | $357,458 | $364,283 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2009 | |
USD ($) | Overdraft loans [Member] | Overdraft loans [Member] | Overdraft loans [Member] | Overdraft loans [Member] | Overdraft loans [Member] | Senior Notes Through Private Placement [Member] | Senior Notes Through Private Placement [Member] | Senior Notes Through Private Placement [Member] | Senior notes matures on August 2016 [Member] | Senior notes matures on August 2018 [Member] | Senior notes matures on August 2021 [Member] | Syndicated term loan [Member] | U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | |
USD ($) | USD ($) | JPY (¥) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ||||||||||||||||
Overdraft loans | $38,369,000 | $50,450,000 | ¥ 11,000,000,000 | |||||||||||||
Maturity period of overdraft loan | 1 year | |||||||||||||||
Interest rate, stated percentage description | Interest rate equivalent to six month Tokyo InterBank Offered Rate (TIBOR) plus basis points ranging from 30 basis points to 35 basis points. | |||||||||||||||
Applicable percentage based on consolidated leverage | 0.30% | 0.35% | 0.75% | 1.00% | ||||||||||||
Senior notes issued | 150,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||
Interest rate, stated percentage | 0.46% | 3.59% | 2.91% | 3.59% | 4.28% | 1.18% | ||||||||||
Senior Notes | 150,000,000 | 150,000,000 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | 195,000,000 | ||||||||||||||
Line of Credit Facility, Amount Outstanding | 165,000,000 | 160,000,000 | ||||||||||||||
Available lines of credit | $513,800,000 | $335,000,000 | ||||||||||||||
Line of credit facility expiration year range start | 2013 | |||||||||||||||
Line of credit facility expiration year range end | 2018 |
Debt_Principal_Payments_on_Lon
Debt - Principal Payments on Long-Term Debt Obligations (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Year one | $403 | |
Year two | 0 | |
Year three | 50,000 | |
Year four | 0 | |
Year five | 215,000 | |
Thereafter | 50,000 | |
Total long-term debt obligations | $315,403 | $310,415 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 29.00% | 30.80% |
Federal tax rate | 35.00% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $1,200,000 | |
Income Tax Expense (Benefit) | 34,298,000 | 31,807,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |
Beginning balance | $253,248 |
Other comprehensive income (loss) before reclassifications | 24,658 |
Reclassifications to net income | -1,635 |
Other comprehensive income (loss) | 23,023 |
Ending balance | 276,271 |
Accumulated Translation Adjustment [Member] | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |
Beginning balance | 291,613 |
Other comprehensive income (loss) before reclassifications | 25,077 |
Reclassifications to net income | 0 |
Other comprehensive income (loss) | 25,077 |
Ending balance | 316,690 |
Accumulated Defined Benefit Plans Adjustment [Member] | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |
Beginning balance | -36,322 |
Other comprehensive income (loss) before reclassifications | -1,129 |
Reclassifications to net income | -2,822 |
Other comprehensive income (loss) | -3,951 |
Ending balance | -40,273 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |
Beginning balance | -2,936 |
Other comprehensive income (loss) before reclassifications | 226 |
Reclassifications to net income | 1,187 |
Other comprehensive income (loss) | 1,413 |
Ending balance | -1,523 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |
Beginning balance | 893 |
Other comprehensive income (loss) before reclassifications | 484 |
Reclassifications to net income | 0 |
Other comprehensive income (loss) | 484 |
Ending balance | $1,377 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items] | ||
Available-for-sale and trading securities | $21,974 | $20,772 |
Derivative financial instruments, net | 1,951 | 2,081 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items] | ||
Available-for-sale and trading securities | 21,974 | 20,772 |
Derivative financial instruments, net | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items] | ||
Available-for-sale and trading securities | 0 | 0 |
Derivative financial instruments, net | 1,951 | 2,081 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items] | ||
Available-for-sale and trading securities | 0 | 0 |
Derivative financial instruments, net | $0 | $0 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Derivative [Line Items] | ||
Fair values of Liability foreign currency forward contracts | $1.10 | |
Fair values of asset foreign currency forward contracts | 0.8 | |
Hedge as a Percentage of Planned Sales | 70.00% | |
Maturity period of call options | 12 months or less | |
Percentage of planned purchases hedged | 60.00% | |
Fair values of the call options | 2.8 | 1.1 |
Cost of sales reclassified from AOCI | 2.5 | |
Cost of sales reclassified from AOCI, period | 12 months | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 45 | 37.5 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $235.40 | $228.50 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Accumulated Other Comprehensive Income (AOCI) and Earnings from Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $280 | $7,147 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($1,864) | ($2,496) |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (Employment and Benefits Litigation [Member]) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2009 | Jun. 30, 2009 | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | EUR (€) | USD ($) | EUR (€) | |
Employees | Employees | |||
Loss Contingencies [Line Items] | ||||
Number of terminated employees | 280 | 280 | ||
Amount sought by former employees from company | $32.40 | € 24 | ||
Amount awarded to plaintiffs | 2.7 | 2 | ||
Number of employees called for hearing | 190 | 190 | ||
Liabilities due against law suit | $2.60 | € 1.90 |
Segments_and_Related_Informati2
Segments and Related Information - Schedule of Product Reportable Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||
Revenues from external customers | $936,367 | $916,921 |
Income (loss) from operations | 123,122 | 102,735 |
Depreciation & amortization | 57,245 | 57,742 |
Capital expenditures | 47,018 | 69,413 |
Connector | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | 639,525 | 656,574 |
Income (loss) from operations | 111,551 | 95,256 |
Depreciation & amortization | 46,323 | 46,275 |
Capital expenditures | 34,575 | 52,387 |
Custom & Electrical | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | 296,658 | 259,784 |
Income (loss) from operations | 51,422 | 40,860 |
Depreciation & amortization | 7,452 | 7,079 |
Capital expenditures | 8,102 | 13,309 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | 184 | 563 |
Income (loss) from operations | -39,851 | -33,381 |
Depreciation & amortization | 3,470 | 4,388 |
Capital expenditures | $4,341 | $3,717 |
Segments_and_Related_Informati3
Segments and Related Information - Schedule of Segment Assets (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $3,686,017 | $3,586,854 |
Connector | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 1,787,680 | 1,723,316 |
Custom & Electrical | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 546,605 | 513,813 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $111,673 | $112,207 |
Segments_and_Related_Informati4
Segments and Related Information - Reconciliation of Segment Assets to Consolidated Total Assets (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | $3,686,017 | $3,586,854 |
Other current assets | 2,087,704 | 2,043,884 |
Consolidated total assets | 3,686,017 | 3,586,854 |
Segment assets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated total assets | 2,445,958 | 2,349,336 |
Consolidated total assets | 2,445,958 | 2,349,336 |
Other current assets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Other current assets | 770,240 | 808,640 |
Other non-current assets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Other non-current assets | $469,819 | $428,878 |
Segments_and_Related_Informati5
Segments and Related Information Segments and Related Information - Addtional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Segment Reporting [Abstract] | |
Business Combination, Acquisition Related Costs | $8 |