Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Entity Information [Line Items] | ' |
Entity Public Float | $11,403,595,331 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'PH |
Entity Registrant Name | 'PARKER HANNIFIN CORP |
Entity Central Index Key | '0000076334 |
Current Fiscal Year End Date | '--06-30 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 148,936,277 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $3,358,406 | $3,307,041 | $9,690,556 | $9,587,471 |
Cost of sales | 2,605,893 | 2,569,189 | 7,502,273 | 7,468,608 |
Gross profit | 752,513 | 737,852 | 2,188,283 | 2,118,863 |
Selling, general and administrative expenses | 407,241 | 379,690 | 1,212,807 | 1,141,912 |
Goodwill and Intangible Asset Impairment | 0 | 0 | 188,870 | 0 |
Interest expense | 20,594 | 23,050 | 62,403 | 70,775 |
Other (income), net | -4,812 | -3,439 | -424,693 | -31,062 |
Income before income taxes | 329,490 | 338,551 | 1,148,896 | 937,238 |
Income taxes | 86,972 | 81,959 | 408,654 | 259,584 |
Net Income | 242,518 | 256,592 | 740,242 | 677,654 |
Less: Noncontrolling interest in subsidiaries' earnings | 112 | 32 | 232 | 391 |
Net income attributable to common shareholders | $242,406 | $256,560 | $740,010 | $677,263 |
Earnings per Share Attributable to Common Shareholders (Note 4) | ' | ' | ' | ' |
Basic earnings per share (in usd per share) | $1.63 | $1.72 | $4.96 | $4.54 |
Diluted earnings per share (in usd per share) | $1.60 | $1.68 | $4.88 | $4.46 |
Cash dividends per common share (in usd per share) | $0.48 | $0.43 | $1.38 | $1.25 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $242,518 | $256,592 | $740,242 | $677,654 |
Less: Noncontrolling interests in subsidiaries' earnings | 112 | 32 | 232 | 391 |
Net income attributable to common shareholders | 242,406 | 256,560 | 740,010 | 677,263 |
Other comprehensive income (loss), foreign currency translation adjustment, net of tax | -1,067 | -122,964 | 178,773 | 36,330 |
Other comprehensive income (loss), retirement benefits plan activity, adjustment, net of tax | 27,179 | 34,263 | 81,801 | 102,103 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 51 | 51 | 153 | 153 |
Other comprehensive income (loss), net of tax | 26,163 | -88,650 | 260,727 | 138,586 |
Less: Other comprehensive income for noncontrolling interests | 86 | 46 | -29 | -1,478 |
Other comprehensive income (loss) attributable to common shareholders | 26,077 | -88,696 | 260,756 | 140,064 |
Total comprehensive income attributable to common shareholders | $268,483 | $167,864 | $1,000,766 | $817,327 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $2,095,989 | $1,781,412 |
Accounts receivable, net | 2,098,063 | 2,062,745 |
Inventory, Finished Goods, Net of Reserves | 550,422 | 531,897 |
Inventories: | ' | ' |
Inventory, Work in Process, Net of Reserves | 786,105 | 733,025 |
Inventory, Raw Materials, Net of Reserves | 112,462 | 112,483 |
Inventory, Net, Total | 1,448,989 | 1,377,405 |
Prepaid expenses | 183,119 | 182,669 |
Deferred income taxes | 122,840 | 126,955 |
Total Current Assets | 5,949,000 | 5,531,186 |
Plant and equipment: | ' | ' |
Plant and Equipment, Gross | 5,152,101 | 4,999,301 |
Less accumulated depreciation | 3,324,121 | 3,191,061 |
Plant and Equipment, Net, Total | 1,827,980 | 1,808,240 |
Other assets | 950,236 | 687,458 |
Intangible assets, net | 1,210,967 | 1,290,499 |
Goodwill | 3,164,175 | 3,223,515 |
Total Assets | 13,102,358 | 12,540,898 |
Current Liabilities | ' | ' |
Notes payable and long-term debt payable within one year | 1,078,846 | 1,333,826 |
Accounts payable, trade | 1,200,466 | 1,156,002 |
Accrued payrolls and other compensation | 397,166 | 426,996 |
Accrued domestic and foreign taxes | 154,792 | 136,079 |
Other accrued liabilities | 535,911 | 467,300 |
Total Current Liabilities | 3,367,181 | 3,520,203 |
Long-term debt | 1,508,611 | 1,495,960 |
Pensions and other postretirement benefits | 1,306,667 | 1,372,437 |
Deferred income taxes | 111,508 | 102,920 |
Other liabilities | 354,158 | 307,897 |
Total Liabilities | 6,648,125 | 6,799,417 |
Shareholders' Equity | ' | ' |
Serial preferred stock, $.50 par value, authorized 3,000,000 shares; none issued | 0 | 0 |
Common stock, $.50 par value; authorized 600,000,000 shares; issued 181,046,128 shares at March 31 and June 30 | 90,523 | 90,523 |
Additional capital | 616,250 | 608,752 |
Retained earnings | 8,945,602 | 8,421,270 |
Accumulated other comprehensive (loss) | -847,077 | -1,107,833 |
Treasury shares, at cost | -2,354,302 | -2,274,286 |
Total Shareholders' Equity | 6,450,996 | 5,738,426 |
Noncontrolling interests | 3,237 | 3,055 |
Total Equity | 6,454,233 | 5,741,481 |
Total Liabilities and Equity | $13,102,358 | $12,540,898 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Serial preferred stock, par value | $0.50 | $0.50 |
Serial preferred stock, authorized | 3,000,000 | 3,000,000 |
Serial preferred stock, issued | 0 | 0 |
Common stock, par value | $0.50 | $0.50 |
Common stock, authorized | 600,000,000 | 600,000,000 |
Common stock, issued | 181,046,128 | 181,046,128 |
Treasury shares, shares | 32,109,851 | 31,757,604 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows From Operating Activities | ' | ' |
Net income | $740,242 | $677,654 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 161,749 | 159,803 |
Amortization | 91,401 | 90,771 |
Stock incentive plan compensation | 84,647 | 65,516 |
Deferred income taxes | -769 | -1,858 |
Foreign currency transaction loss (gain) | 5,572 | 14,381 |
(Gain) on sale of plant and equipment | 2,061 | -2,080 |
(Gain) on Sale of Business | 0 | -13,313 |
Goodwill and Intangible Asset Impairment | 188,870 | 0 |
Deconsolidation, Gain (Loss), Amount | -412,612 | 0 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' |
Accounts receivable, net | -10,146 | 39,518 |
Inventories | -84,540 | 10,941 |
Prepaid expenses | 4,879 | 580 |
Other assets | -43,297 | -27,457 |
Accounts payable, trade | 41,733 | -64,202 |
Accrued payrolls and other compensation | -35,090 | -80,636 |
Accrued domestic and foreign taxes | 15,712 | -40,725 |
Other accrued liabilities | 11,999 | -63,131 |
Pensions and other postretirement benefits | 45,452 | -53,905 |
Other liabilities | 9,608 | 6,942 |
Net cash (used in) provided by operating activities | 817,471 | 718,799 |
Cash Flows From Investing Activities | ' | ' |
Acquisitions (less cash acquired) | -14,272 | -620,647 |
Capital expenditures | -167,371 | -214,061 |
Proceeds from sale of plant and equipment | 10,785 | 24,321 |
Proceeds from Divestiture of Businesses | 0 | 72,190 |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 202,498 | 0 |
Other | -3,382 | -9,375 |
Net cash (used in) investing activities | 28,258 | -747,572 |
Cash Flows From Financing Activities | ' | ' |
Proceeds from exercise of stock options | 6,635 | 28,928 |
Payments for common shares | -153,918 | -207,150 |
Tax benefit from stock incentive plan compensation | 26,393 | 52,897 |
Acquisition of noncontrolling interests | 0 | -1,072 |
Proceeds from (payments for) notes payable, net | -253,602 | 1,512,882 |
Proceeds from long-term borrowings | 739 | 3,767 |
Payments for long-term borrowings | -2,456 | -329,970 |
Dividends | -206,516 | -187,705 |
Net cash (used in) financing activities | -582,725 | 872,577 |
Effect of exchange rate changes on cash | 51,573 | -4,802 |
Net (decrease) in cash and cash equivalents | 314,577 | 839,002 |
Cash and cash equivalents at beginning of year | 1,781,412 | 838,317 |
Cash and cash equivalents at end of period | $2,095,989 | $1,677,319 |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Acquisitions, cash acquired | $0 | $33,932 |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
Diversified Industrial - This segment produces a broad range of motion-control and fluid systems and components used in all kinds of manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural and military machinery and equipment and has a significant portion of international operations. Sales are made directly to major original equipment manufacturers (OEMs) and through a broad distribution network to smaller OEMs and the aftermarket. | |||||||||||||||||
Aerospace Systems - This segment designs and manufactures products and provides aftermarket support for commercial, business jet, military and general aviation aircraft, missile and spacecraft markets. The Aerospace Systems Segment provides a full range of systems and components for hydraulic, pneumatic and fuel applications. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 1,455,212 | $ | 1,428,430 | $ | 4,168,489 | $ | 4,171,089 | |||||||||
International | 1,357,513 | 1,300,585 | 3,905,159 | 3,768,617 | |||||||||||||
Aerospace Systems | 545,681 | 578,026 | 1,616,908 | 1,647,765 | |||||||||||||
Total | $ | 3,358,406 | $ | 3,307,041 | $ | 9,690,556 | $ | 9,587,471 | |||||||||
Segment operating income | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 242,998 | $ | 224,487 | $ | 677,824 | $ | 658,993 | |||||||||
International | 126,933 | 158,194 | 434,541 | 439,839 | |||||||||||||
Aerospace Systems | 63,974 | 80,080 | 166,306 | 194,150 | |||||||||||||
Total segment operating income | 433,905 | 462,761 | 1,278,671 | 1,292,982 | |||||||||||||
Corporate general and administrative expenses | 38,377 | 41,410 | 132,406 | 126,578 | |||||||||||||
Income before interest expense and other expense | 395,528 | 421,351 | 1,146,265 | 1,166,404 | |||||||||||||
Interest expense | 20,594 | 23,050 | 62,403 | 70,775 | |||||||||||||
Other expense (income) | 45,444 | 59,750 | (65,034 | ) | 158,391 | ||||||||||||
Income before income taxes | $ | 329,490 | $ | 338,551 | $ | 1,148,896 | $ | 937,238 | |||||||||
Management_representation
Management representation | 9 Months Ended |
Mar. 31, 2014 | |
Management representation [Abstract] | ' |
Management representation | ' |
Management representation | |
In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company's financial position as of March 31, 2014, the results of operations for the nine months ended March 31, 2014 and 2013 and cash flows for the nine months then ended. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2013 Annual Report on Form 10-K and previously filed fiscal 2014 Form 10-Qs. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. | |
The Company has evaluated subsequent events that have occurred through the date these financial statements were issued. No subsequent events have occurred that required either adjustment to or disclosure in these financial statements. |
Product_warranty
Product warranty | 9 Months Ended |
Mar. 31, 2014 | |
Product warranty [Abstract] | ' |
Product Warranty | ' |
Product warranty | |
In the ordinary course of business, the Company warrants its products against defects in design, materials and workmanship over various time periods. The warranty accrual as of March 31, 2014 and June 30, 2013 is immaterial to the financial position of the Company and the change in the accrual for the current-year quarter and first nine months of fiscal 2014 is immaterial to the Company’s results of operations and cash flows. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings per share | ||||||||||||||||
The following table presents a reconciliation of the numerator and denominator of basic and diluted earnings per share for the three and nine months ended March 31, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to common shareholders | $ | 242,406 | $ | 256,560 | $ | 740,010 | $ | 677,263 | ||||||||
Denominator: | ||||||||||||||||
Basic - weighted average common shares | 149,039,529 | 149,287,628 | 149,143,478 | 149,191,583 | ||||||||||||
Increase in weighted average common shares from dilutive effect of equity-based awards | 2,700,088 | 3,072,984 | 2,418,798 | 2,661,939 | ||||||||||||
Diluted - weighted average common shares, assuming exercise of equity-based awards | 151,739,617 | 152,360,612 | 151,562,276 | 151,853,522 | ||||||||||||
Basic earnings per share | $ | 1.63 | $ | 1.72 | $ | 4.96 | $ | 4.54 | ||||||||
Diluted earnings per share | $ | 1.6 | $ | 1.68 | $ | 4.88 | $ | 4.46 | ||||||||
For the three months ended March 31, 2014 and 2013, 375,282 and 345,779 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the nine months ended March 31, 2014 and 2013, 1,265,717 and 1,160,648 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. |
Share_repurchase_program
Share repurchase program | 9 Months Ended |
Mar. 31, 2014 | |
Share repurchase program [Abstract] | ' |
Share Repurchase Program | ' |
Share repurchase program | |
The Company has a program to repurchase its common shares. Under the program, the Company is authorized to repurchase an amount of common shares each fiscal year equal to the greater of 7.5 million shares or five percent of the shares outstanding as of the end of the prior fiscal year. Repurchases are funded primarily from operating cash flows and commercial paper borrowings, and the shares are initially held as treasury stock. During the three-month period ended March 31, 2014, the Company repurchased 415,076 shares at an average price, including commissions, of $120.46 per share. Fiscal year-to-date, the Company repurchased 1,339,061 shares at an average price, including commissions, of $112.02 per share. |
Accounts_receivable_net_Notes
Accounts receivable, net (Notes) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Accounts receivable, net | ' | |||||||
Accounts receivable, net | ||||||||
The accounts receivable, net caption in the Consolidated Balance Sheet is comprised of the following components: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Accounts receivable, trade | $ | 1,870,056 | $ | 1,855,644 | ||||
Allowance for doubtful accounts | (10,399 | ) | (14,824 | ) | ||||
Non-trade accounts receivable | 124,739 | 110,394 | ||||||
Notes receivable | 113,667 | 111,531 | ||||||
Total | $ | 2,098,063 | $ | 2,062,745 | ||||
Accounts receivable, trade are initially recorded at their net collectible amount and are generally recorded at the time the revenue from the sales transaction is recorded. Receivables are written off to bad debt primarily when, in the judgment of the Company, the receivable is deemed to be uncollectible due to the insolvency of the debtor. |
Charges_Related_to_Business_Re
Charges Related to Business Realignment | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Business Realignment Charges | ' | |||||||||||||||
Business realignment charges | ||||||||||||||||
The Company incurred business realignment charges in fiscal 2014 and fiscal 2013. | ||||||||||||||||
Business realignment charges by business segment are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | $ | 59,582 | $ | 1,951 | $ | 83,420 | $ | 7,456 | ||||||||
Aerospace Systems | 299 | — | 925 | — | ||||||||||||
Work force reductions in connection with such business realignment charges by business segment are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | 572 | 184 | 1,154 | 532 | ||||||||||||
Aerospace Systems | 17 | — | 44 | — | ||||||||||||
The charges primarily consist of severance costs related to plant closures as well as general work force reductions implemented by various operating units throughout the world, with the majority of the charges relating to realignment initiatives in Europe. In addition, $1,331 of fixed asset write-downs were recognized in connection with plant closures in the Diversified Industrial Segment and are reflected in the other expense (income) caption in the Business Segment Information for the nine months ended March 31, 2014. During the nine months ended March 31, 2013, $1,918 of severance costs for 98 people were recognized in connection with the divestiture of the Turkey refrigeration components business and are reflected in the other expense (income) caption in the Business Segment Information. The Company believes the realignment actions will positively impact future results of operations but will not have a material effect on liquidity and sources and uses of capital. | ||||||||||||||||
6. Business realignment charges, cont'd | ||||||||||||||||
The business realignment charges are presented in the Consolidated Statement of Income as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of sales | $ | 31,053 | $ | 1,474 | $ | 46,297 | $ | 5,578 | ||||||||
Selling, general and administrative expenses | 28,828 | 477 | 38,048 | 1,878 | ||||||||||||
Other (income), net | — | — | 1,331 | 1,918 | ||||||||||||
As of March 31, 2014, approximately $15 million in severance payments have been made relating to charges incurred during fiscal 2014. The majority of the remaining severance payments of approximately $65 million are expected to be paid by March 31, 2015 and are reflected within the other accrued liabilities caption in the Consolidated Balance Sheet. All required severance payments have been made relating to charges incurred in fiscal 2013. Additional charges may be recognized in future periods related to the realignment actions described above, the timing and amount of which are not known at this time. |
Equity
Equity | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Equity | ' | |||||||||||||||
Equity | ||||||||||||||||
Changes in equity for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at December 31, 2013 | $ | 6,295,226 | $ | 3,060 | $ | 6,298,286 | ||||||||||
Net income | 242,406 | 112 | 242,518 | |||||||||||||
Other comprehensive income | 26,077 | 86 | 26,163 | |||||||||||||
Dividends paid | (71,777 | ) | (21 | ) | (71,798 | ) | ||||||||||
Stock incentive plan activity | 9,064 | — | 9,064 | |||||||||||||
Shares purchased at cost | (50,000 | ) | — | (50,000 | ) | |||||||||||
Balance at March 31, 2014 | $ | 6,450,996 | $ | 3,237 | $ | 6,454,233 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at December 31, 2012 | $ | 5,325,717 | $ | 3,272 | $ | 5,328,989 | ||||||||||
Net income | 256,560 | 32 | 256,592 | |||||||||||||
Other comprehensive income (loss) | (88,696 | ) | 46 | (88,650 | ) | |||||||||||
Dividends paid | (64,377 | ) | — | (64,377 | ) | |||||||||||
Stock incentive plan activity | 28,996 | — | 28,996 | |||||||||||||
Shares purchased at cost | (49,142 | ) | — | (49,142 | ) | |||||||||||
Balance at March 31, 2013 | $ | 5,409,058 | $ | 3,350 | $ | 5,412,408 | ||||||||||
7. Equity, cont'd | ||||||||||||||||
Changes in equity for the nine months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2013 | $ | 5,738,426 | $ | 3,055 | $ | 5,741,481 | ||||||||||
Net income | 740,010 | 232 | 740,242 | |||||||||||||
Other comprehensive income (loss) | 260,756 | (29 | ) | 260,727 | ||||||||||||
Dividends paid | (206,495 | ) | (21 | ) | (206,516 | ) | ||||||||||
Stock incentive plan activity | 68,299 | — | 68,299 | |||||||||||||
Shares purchased at cost | (150,000 | ) | — | (150,000 | ) | |||||||||||
Balance at March 31, 2014 | $ | 6,450,996 | $ | 3,237 | $ | 6,454,233 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2012 | $ | 4,896,515 | $ | 9,215 | $ | 4,905,730 | ||||||||||
Net income | 677,263 | 391 | 677,654 | |||||||||||||
Other comprehensive income (loss) | 140,064 | (1,478 | ) | 138,586 | ||||||||||||
Dividends paid | (186,978 | ) | (727 | ) | (187,705 | ) | ||||||||||
Stock incentive plan activity | 85,282 | — | 85,282 | |||||||||||||
Acquisition activity | 3,231 | (4,051 | ) | (820 | ) | |||||||||||
Shares purchased at cost | (206,319 | ) | — | (206,319 | ) | |||||||||||
Balance at March 31, 2013 | $ | 5,409,058 | $ | 3,350 | $ | 5,412,408 | ||||||||||
As of July 1, 2013, the Company adopted the provisions of FASB Accounting Standards Update No. 2013-02, "Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income." As a result of this adoption, the Company has presented the significant items reclassified to net income in their entirety during the period in the table below. | ||||||||||||||||
Changes in accumulated other comprehensive (loss) in shareholder's equity by component: | ||||||||||||||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | |||||||||||||
Balance at June 30, 2013 | $ | (68,328 | ) | $ | (1,039,072 | ) | $ | (433 | ) | $ | (1,107,833 | ) | ||||
Other comprehensive income before reclassifications | 178,802 | — | — | 178,802 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 81,801 | 153 | 81,954 | ||||||||||||
Balance at March 31, 2014 | $ | 110,474 | $ | (957,271 | ) | $ | (280 | ) | $ | (847,077 | ) | |||||
7. Equity, cont'd | ||||||||||||||||
Reclassifications out of accumulated other comprehensive (loss) in shareholder's equity: | ||||||||||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||||
Retirement benefit plans | ||||||||||||||||
Amortization of prior service cost and initial net obligation | $ | (2,913 | ) | $ | (8,765 | ) | See Note 9 | |||||||||
Recognized actuarial loss | (39,970 | ) | (120,349 | ) | See Note 9 | |||||||||||
Total before tax | (42,883 | ) | (129,114 | ) | ||||||||||||
Tax benefit | 15,704 | 47,313 | Income taxes | |||||||||||||
Net of tax | $ | (27,179 | ) | $ | (81,801 | ) | ||||||||||
Other | ||||||||||||||||
Realized loss on cash flow hedges | $ | (76 | ) | $ | (228 | ) | Interest expense | |||||||||
Tax benefit | 25 | 75 | Income taxes | |||||||||||||
Net of tax | $ | (51 | ) | $ | (153 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and intangible assets | ' | |||||||||||||||
Goodwill and intangible assets | ||||||||||||||||
The changes in the carrying amount of goodwill for the nine months ended March 31, 2014 are as follows: | ||||||||||||||||
Diversified Industrial | Aerospace | Total | ||||||||||||||
Segment | Systems | |||||||||||||||
Segment | ||||||||||||||||
Balance at June 30, 2013 | $ | 3,125,175 | $ | 98,340 | $ | 3,223,515 | ||||||||||
Acquisitions | 618 | — | 618 | |||||||||||||
Impairment | (140,334 | ) | — | (140,334 | ) | |||||||||||
Foreign currency translation and other | 80,013 | 363 | 80,376 | |||||||||||||
Balance at March 31, 2014 | $ | 3,065,472 | $ | 98,703 | $ | 3,164,175 | ||||||||||
Acquisitions primarily represent purchase price adjustments made subsequent to the applicable acquisition dates. The Company’s previously reported results of operations and financial position would not be materially different had the goodwill adjustments recorded during the first nine months of fiscal 2014 been reflected in the same reporting period in which the initial purchase price allocations for those acquisitions were made. | ||||||||||||||||
During the second quarter of fiscal 2014, the Company made a decision to restructure and change the strategic direction of its Worldwide Energy Products Division (EPD). The Company calculated the fair value of EPD using assumptions reflecting the Company's updated strategic direction for this reporting unit, the results of which indicated that the carrying value of EPD exceeded its fair value. As a result, the Company estimated the implied fair value of EPD's goodwill, which resulted in a non-cash impairment charge of $140.3 million. The impairment charge is reflected in the goodwill and intangible asset impairment caption in the Consolidated Statement of Income and in the other expense (income) caption in the Business Segment Information for the nine months ended March 31, 2014. The fair value of EPD was calculated using both a discounted cash flow analysis and estimated fair market values of comparable businesses with each valuation method having equal weight. Fair value calculated using a discounted cash flow analysis is classified within level 3 of the fair value hierarchy and requires several assumptions including a risk-adjusted interest rate and future sales and operating margin levels. | ||||||||||||||||
8. Goodwill and intangible assets, cont'd | ||||||||||||||||
Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: | ||||||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Patents | $ | 159,663 | $ | 84,071 | $ | 141,160 | $ | 75,175 | ||||||||
Trademarks | 389,863 | 168,824 | 386,619 | 148,319 | ||||||||||||
Customer lists and other | 1,474,000 | 559,664 | 1,468,243 | 482,029 | ||||||||||||
Total | $ | 2,023,526 | $ | 812,559 | $ | 1,996,022 | $ | 705,523 | ||||||||
Total intangible amortization expense for the nine months ended March 31, 2014 was $89,155. The estimated amortization expense for the five years ending June 30, 2014 through 2018 is $116,819, $111,444, $108,655, $103,886, and $100,647, respectively. | ||||||||||||||||
Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. In connection with the goodwill impairment review of EPD discussed above, the Company determined that certain intangible assets of EPD, primarily trademarks and customer lists, were impaired resulting in a non-cash impairment charge of $43.7 million being recognized in the second quarter of fiscal 2014. The impairment charge is reflected in the goodwill and intangible asset impairment caption in the Consolidated Statement of Income and in the other expense (income) caption in the Business Segment Information for the nine months ended March 31, 2014. The fair value of EPD's intangible assets were determined using an income approach for the individual intangible assets. Fair value calculated using an income approach is classified within level 3 of the fair value hierarchy and requires several assumptions including future sales and operating margins expected to be generated from the use of the individual intangible asset. |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retirement Benefits | ' | |||||||||||||||
Retirement benefits | ||||||||||||||||
Net pension benefit cost recognized included the following components: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 24,935 | $ | 24,839 | $ | 74,621 | $ | 79,856 | ||||||||
Interest cost | 48,034 | 43,329 | 143,043 | 131,322 | ||||||||||||
Expected return on plan assets | (56,657 | ) | (52,863 | ) | (169,619 | ) | (158,279 | ) | ||||||||
Amortization of prior service cost | 2,949 | 3,618 | 8,843 | 10,846 | ||||||||||||
Amortization of net actuarial loss | 39,914 | 50,347 | 119,593 | 150,495 | ||||||||||||
Amortization of initial net obligation | 5 | 6 | 15 | 18 | ||||||||||||
Net pension benefit cost | $ | 59,180 | $ | 69,276 | $ | 176,496 | $ | 214,258 | ||||||||
9. Retirement benefits, cont'd | ||||||||||||||||
Net postretirement benefit cost recognized included the following components: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 54 | $ | 255 | $ | 466 | $ | 619 | ||||||||
Interest cost | 811 | 380 | 2,229 | 2,120 | ||||||||||||
Amortization of prior service benefit | (41 | ) | (55 | ) | (93 | ) | (78 | ) | ||||||||
Amortization of net actuarial loss | 56 | 781 | 756 | 1,037 | ||||||||||||
Net postretirement benefit cost | $ | 880 | $ | 1,361 | $ | 3,358 | $ | 3,698 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income taxes | |
The effective tax rate for the first nine months of fiscal 2014 was higher than the comparable prior-year period primarily due to current period discrete tax costs related to a non-deductible goodwill and intangible asset impairment charge and the joint venture with GE Aviation. See Note 12 to the Consolidated Financial Statements for further discussion. | |
As of March 31, 2014, the Company had gross unrecognized tax benefits of $116,088. The total amount of gross unrecognized tax benefits that, if recognized, would affect the effective tax rate was $73,129. If recognized, a significant portion of the gross unrecognized tax benefits would be offset against an asset currently recorded in the Consolidated Balance Sheet. The accrued interest related to the gross unrecognized tax benefits, excluded from the amounts above, is $5,896. | |
The Company and its subsidiaries file income tax returns in the United States and in various foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is no longer subject to examinations of its federal income tax returns by the United States Internal Revenue Service for fiscal years through 2010. All significant state, local and foreign tax returns have been examined for fiscal years through 2003. The Company does not anticipate that the total amount of gross unrecognized tax benefits will significantly change due to the settlement of examinations and the expiration of statute of limitations within the next twelve months. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Fair Value Measurements And Financial Instruments Disclosure [Text Block] | ' | |||||||||||||||
Financial instruments | ||||||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, long-term investments, and accounts receivable as well as obligations under accounts payable, trade, notes payable and long-term debt. Due to their short-term nature, the carrying values for cash and cash equivalents, accounts receivable, accounts payable, trade and notes payable approximate fair value. The carrying value of long-term debt (excluding capital leases) and estimated fair value of long-term debt (excluding capital leases) are as follows: | ||||||||||||||||
March 31, | June 30, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying value of long-term debt (excluding capital leases) | $ | 1,509,339 | $ | 1,498,025 | ||||||||||||
Estimated fair value of long-term debt (excluding capital leases) | 1,695,348 | 1,654,886 | ||||||||||||||
The fair value of long-term debt was estimated using a discounted cash flow analysis based on the Company’s current incremental borrowing rate for similar types of borrowing arrangements. | ||||||||||||||||
The Company utilizes derivative and non-derivative financial instruments, including forward exchange contracts, costless collar contracts, cross-currency swap contracts and certain foreign denominated debt designated as net investment hedges, to manage foreign currency transaction and translation risk. The derivative financial instrument contracts are with major investment grade financial institutions and the Company does not anticipate any material non-performance by any of the counterparties. The Company does not hold or issue derivative financial instruments for trading purposes. | ||||||||||||||||
11. Financial instruments, cont'd | ||||||||||||||||
The Company’s Euro bonds and Japanese Yen credit facility have each been designated as a hedge of the Company’s net investment in certain foreign subsidiaries. The translation of the Euro bonds and Japanese Yen credit facility into U.S. dollars is recorded in accumulated other comprehensive (loss) and remains there until the underlying net investment is sold or substantially liquidated. | ||||||||||||||||
Derivative financial instruments are recognized on the Consolidated Balance Sheet as either assets or liabilities and are measured at fair value. Derivatives consist of forward exchange, costless collar and cross-currency swap contracts, the fair value of which is calculated using market observable inputs including both spot and forward prices for the same underlying currencies. The fair value of the cross-currency swap contracts is calculated using a present value cash flow model that has been adjusted to reflect the credit risk of either the Company or the counterparty. | ||||||||||||||||
The following summarizes the location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet as of March 31, 2014 and June 30, 2013: | ||||||||||||||||
Balance Sheet Caption | March 31, | June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Cross-currency swap contracts | Other liabilities | $ | 44,907 | $ | 22,438 | |||||||||||
Cash flow hedges | ||||||||||||||||
Costless collar contracts | Accounts receivable, net | 6,085 | 1,422 | |||||||||||||
Forward exchange contracts | Accounts receivable, net | (143 | ) | 41 | ||||||||||||
Costless collar contracts | Other accrued liabilities | 285 | 953 | |||||||||||||
The cross-currency swap and costless collar contracts are reflected on a gross basis in the Consolidated Balance Sheet. The presentation of forward contracts is on a net basis, the effect of which is immaterial to the Consolidated Balance Sheet. The Company has not entered into any master netting arrangements. | ||||||||||||||||
The fair values at March 31, 2014 and June 30, 2013 are classified within level 2 of the fair value hierarchy. There are no other financial assets or financial liabilities that are marked to market on a recurring basis. Fair values are transferred between levels of the fair value hierarchy when facts and circumstances indicate that a change in the method of estimating the fair value of a financial asset or financial liability is warranted. | ||||||||||||||||
Gains or losses on derivatives that are not hedges are adjusted to fair value through the cost of sales caption in the Consolidated Statement of Income. Gains or losses on derivatives that are hedges are adjusted to fair value through accumulated other comprehensive (loss) in the Consolidated Balance Sheet until the hedged item is recognized in earnings. | ||||||||||||||||
The cross-currency swap contracts have been designated as hedging instruments. The costless collar contracts and forward exchange contracts have not been designated as hedging instruments and are considered to be economic hedges of forecasted transactions. | ||||||||||||||||
Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Forward exchange contracts | $ | 442 | $ | (5,724 | ) | $ | (182 | ) | $ | (10,288 | ) | |||||
Costless collar contracts | 766 | (5,047 | ) | 7,486 | (1,875 | ) | ||||||||||
11. Financial instruments, cont'd | ||||||||||||||||
Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) in the Consolidated Balance Sheet are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cross-currency swap contracts | $ | (2,393 | ) | $ | 6,106 | $ | (13,881 | ) | $ | (6,057 | ) | |||||
Foreign denominated debt | (1,013 | ) | 8,021 | (7,895 | ) | 5,165 | ||||||||||
There was no ineffectiveness of the cross-currency swap contracts or foreign denominated debt, nor was any portion of these financial instruments excluded from the effectiveness testing, during the nine months ended March 31, 2014 and 2013. |
Acquisitions_and_divestitures
Acquisitions and divestitures | 9 Months Ended |
Mar. 31, 2014 | |
Acquisitions and divestitures [Abstract] | ' |
Acquisitions and Divestitures | ' |
12. Deconsolidation of subsidiary and divestitures | |
Deconsolidation of subsidiary - During the first nine months of fiscal 2014, the Company and GE Aviation, a non-related party, finalized a joint venture in which the Company sold a 50 percent equity interest in one of its wholly-owned subsidiaries. The sale of the 50 percent equity interest in the wholly-owned subsidiary resulted in a loss of control of the subsidiary, and therefore it was deconsolidated from the Company's financial statements during the second quarter of fiscal 2014. The Company will account for its equity interest in the joint venture with GE Aviation using the equity method of accounting. | |
The Company recognized a pre-tax gain of $413 million on the deconsolidation, measured as the fair value of the consideration received for the 50 percent equity interest in the former subsidiary and the fair value of the retained investment less the carrying amount of the former subsidiary's net assets. Approximately $186 million of the pre-tax gain is attributable to the remeasurement of the retained investment in the former subsidiary to its current fair value. The gain is reflected in the other (income), net caption in the Consolidated Statement of Income and the other expense (income) caption in the Business Segment Information for the nine months ended March 31, 2014. | |
The fair value of the retained investment in the joint venture with GE Aviation was determined using both a market and income approach. Cash consideration paid was the primary input used for the market approach. The fair value calculated using an income approach required several assumptions including future projected cash flows discounted using a rate approximating the cost of capital of the joint venture and is classified within level 3 of the fair value hierarchy. | |
Divestitures - During the first nine months of fiscal 2013, the Company divested the automotive businesses of the Mobile Climate Systems division and its Turkey refrigeration components business. Under the segment structure effective July 1, 2013, both of these businesses would have been part of the Diversified Industrial Segment. The Company recorded a net pre-tax gain in the first nine months of fiscal 2013 of $17 million related to the divestitures. The gain is reflected in the other (income), net caption in the Consolidated Statement of Income and the other expense (income) caption in the Business Segment Information for the nine months ended March 31, 2013. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information By Industry | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 1,455,212 | $ | 1,428,430 | $ | 4,168,489 | $ | 4,171,089 | |||||||||
International | 1,357,513 | 1,300,585 | 3,905,159 | 3,768,617 | |||||||||||||
Aerospace Systems | 545,681 | 578,026 | 1,616,908 | 1,647,765 | |||||||||||||
Total | $ | 3,358,406 | $ | 3,307,041 | $ | 9,690,556 | $ | 9,587,471 | |||||||||
Segment operating income | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 242,998 | $ | 224,487 | $ | 677,824 | $ | 658,993 | |||||||||
International | 126,933 | 158,194 | 434,541 | 439,839 | |||||||||||||
Aerospace Systems | 63,974 | 80,080 | 166,306 | 194,150 | |||||||||||||
Total segment operating income | 433,905 | 462,761 | 1,278,671 | 1,292,982 | |||||||||||||
Corporate general and administrative expenses | 38,377 | 41,410 | 132,406 | 126,578 | |||||||||||||
Income before interest expense and other expense | 395,528 | 421,351 | 1,146,265 | 1,166,404 | |||||||||||||
Interest expense | 20,594 | 23,050 | 62,403 | 70,775 | |||||||||||||
Other expense (income) | 45,444 | 59,750 | (65,034 | ) | 158,391 | ||||||||||||
Income before income taxes | $ | 329,490 | $ | 338,551 | $ | 1,148,896 | $ | 937,238 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||||||||||
The following table presents a reconciliation of the numerator and denominator of basic and diluted earnings per share for the three and nine months ended March 31, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to common shareholders | $ | 242,406 | $ | 256,560 | $ | 740,010 | $ | 677,263 | ||||||||
Denominator: | ||||||||||||||||
Basic - weighted average common shares | 149,039,529 | 149,287,628 | 149,143,478 | 149,191,583 | ||||||||||||
Increase in weighted average common shares from dilutive effect of equity-based awards | 2,700,088 | 3,072,984 | 2,418,798 | 2,661,939 | ||||||||||||
Diluted - weighted average common shares, assuming exercise of equity-based awards | 151,739,617 | 152,360,612 | 151,562,276 | 151,853,522 | ||||||||||||
Basic earnings per share | $ | 1.63 | $ | 1.72 | $ | 4.96 | $ | 4.54 | ||||||||
Diluted earnings per share | $ | 1.6 | $ | 1.68 | $ | 4.88 | $ | 4.46 | ||||||||
Accounts_receivable_net_Tables
Accounts receivable, net (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
The accounts receivable, net caption in the Consolidated Balance Sheet is comprised of the following components: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Accounts receivable, trade | $ | 1,870,056 | $ | 1,855,644 | ||||
Allowance for doubtful accounts | (10,399 | ) | (14,824 | ) | ||||
Non-trade accounts receivable | 124,739 | 110,394 | ||||||
Notes receivable | 113,667 | 111,531 | ||||||
Total | $ | 2,098,063 | $ | 2,062,745 | ||||
Business_realignment_charges_T
Business realignment charges (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of realignment charges | ' | |||||||||||||||
The business realignment charges are presented in the Consolidated Statement of Income as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of sales | $ | 31,053 | $ | 1,474 | $ | 46,297 | $ | 5,578 | ||||||||
Selling, general and administrative expenses | 28,828 | 477 | 38,048 | 1,878 | ||||||||||||
Other (income), net | — | — | 1,331 | 1,918 | ||||||||||||
Business realignment charges by business segment are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | $ | 59,582 | $ | 1,951 | $ | 83,420 | $ | 7,456 | ||||||||
Aerospace Systems | 299 | — | 925 | — | ||||||||||||
Work force reductions in connection with such business realignment charges by business segment are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | 572 | 184 | 1,154 | 532 | ||||||||||||
Aerospace Systems | 17 | — | 44 | — | ||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Stockholders Equity | ' | |||||||||||||||
Changes in equity for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at December 31, 2013 | $ | 6,295,226 | $ | 3,060 | $ | 6,298,286 | ||||||||||
Net income | 242,406 | 112 | 242,518 | |||||||||||||
Other comprehensive income | 26,077 | 86 | 26,163 | |||||||||||||
Dividends paid | (71,777 | ) | (21 | ) | (71,798 | ) | ||||||||||
Stock incentive plan activity | 9,064 | — | 9,064 | |||||||||||||
Shares purchased at cost | (50,000 | ) | — | (50,000 | ) | |||||||||||
Balance at March 31, 2014 | $ | 6,450,996 | $ | 3,237 | $ | 6,454,233 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at December 31, 2012 | $ | 5,325,717 | $ | 3,272 | $ | 5,328,989 | ||||||||||
Net income | 256,560 | 32 | 256,592 | |||||||||||||
Other comprehensive income (loss) | (88,696 | ) | 46 | (88,650 | ) | |||||||||||
Dividends paid | (64,377 | ) | — | (64,377 | ) | |||||||||||
Stock incentive plan activity | 28,996 | — | 28,996 | |||||||||||||
Shares purchased at cost | (49,142 | ) | — | (49,142 | ) | |||||||||||
Balance at March 31, 2013 | $ | 5,409,058 | $ | 3,350 | $ | 5,412,408 | ||||||||||
7. Equity, cont'd | ||||||||||||||||
Changes in equity for the nine months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2013 | $ | 5,738,426 | $ | 3,055 | $ | 5,741,481 | ||||||||||
Net income | 740,010 | 232 | 740,242 | |||||||||||||
Other comprehensive income (loss) | 260,756 | (29 | ) | 260,727 | ||||||||||||
Dividends paid | (206,495 | ) | (21 | ) | (206,516 | ) | ||||||||||
Stock incentive plan activity | 68,299 | — | 68,299 | |||||||||||||
Shares purchased at cost | (150,000 | ) | — | (150,000 | ) | |||||||||||
Balance at March 31, 2014 | $ | 6,450,996 | $ | 3,237 | $ | 6,454,233 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2012 | $ | 4,896,515 | $ | 9,215 | $ | 4,905,730 | ||||||||||
Net income | 677,263 | 391 | 677,654 | |||||||||||||
Other comprehensive income (loss) | 140,064 | (1,478 | ) | 138,586 | ||||||||||||
Dividends paid | (186,978 | ) | (727 | ) | (187,705 | ) | ||||||||||
Stock incentive plan activity | 85,282 | — | 85,282 | |||||||||||||
Acquisition activity | 3,231 | (4,051 | ) | (820 | ) | |||||||||||
Shares purchased at cost | (206,319 | ) | — | (206,319 | ) | |||||||||||
Balance at March 31, 2013 | $ | 5,409,058 | $ | 3,350 | $ | 5,412,408 | ||||||||||
As of July 1, 2013, the Company adopted the provisions of FASB Accounting Standards Update No. 2013-02, "Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income." As a result of this adoption, the Company has presented the significant items reclassified to net income in their entirety during the period in the table below. | ||||||||||||||||
Changes in accumulated other comprehensive (loss) in shareholder's equity by component: | ||||||||||||||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | |||||||||||||
Balance at June 30, 2013 | $ | (68,328 | ) | $ | (1,039,072 | ) | $ | (433 | ) | $ | (1,107,833 | ) | ||||
Other comprehensive income before reclassifications | 178,802 | — | — | 178,802 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 81,801 | 153 | 81,954 | ||||||||||||
Balance at March 31, 2014 | $ | 110,474 | $ | (957,271 | ) | $ | (280 | ) | $ | (847,077 | ) | |||||
7. Equity, cont'd | ||||||||||||||||
Reclassifications out of accumulated other comprehensive (loss) in shareholder's equity: | ||||||||||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||||
Retirement benefit plans | ||||||||||||||||
Amortization of prior service cost and initial net obligation | $ | (2,913 | ) | $ | (8,765 | ) | See Note 9 | |||||||||
Recognized actuarial loss | (39,970 | ) | (120,349 | ) | See Note 9 | |||||||||||
Total before tax | (42,883 | ) | (129,114 | ) | ||||||||||||
Tax benefit | 15,704 | 47,313 | Income taxes | |||||||||||||
Net of tax | $ | (27,179 | ) | $ | (81,801 | ) | ||||||||||
Other | ||||||||||||||||
Realized loss on cash flow hedges | $ | (76 | ) | $ | (228 | ) | Interest expense | |||||||||
Tax benefit | 25 | 75 | Income taxes | |||||||||||||
Net of tax | $ | (51 | ) | $ | (153 | ) |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of goodwill | ' | |||||||||||||||
The changes in the carrying amount of goodwill for the nine months ended March 31, 2014 are as follows: | ||||||||||||||||
Diversified Industrial | Aerospace | Total | ||||||||||||||
Segment | Systems | |||||||||||||||
Segment | ||||||||||||||||
Balance at June 30, 2013 | $ | 3,125,175 | $ | 98,340 | $ | 3,223,515 | ||||||||||
Acquisitions | 618 | — | 618 | |||||||||||||
Impairment | (140,334 | ) | — | (140,334 | ) | |||||||||||
Foreign currency translation and other | 80,013 | 363 | 80,376 | |||||||||||||
Balance at March 31, 2014 | $ | 3,065,472 | $ | 98,703 | $ | 3,164,175 | ||||||||||
Schedule of finite-lived intangible assets by major class | ' | |||||||||||||||
The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: | ||||||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Patents | $ | 159,663 | $ | 84,071 | $ | 141,160 | $ | 75,175 | ||||||||
Trademarks | 389,863 | 168,824 | 386,619 | 148,319 | ||||||||||||
Customer lists and other | 1,474,000 | 559,664 | 1,468,243 | 482,029 | ||||||||||||
Total | $ | 2,023,526 | $ | 812,559 | $ | 1,996,022 | $ | 705,523 | ||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Pension Plans, Defined Benefit | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
Net pension benefit cost recognized included the following components: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 24,935 | $ | 24,839 | $ | 74,621 | $ | 79,856 | ||||||||
Interest cost | 48,034 | 43,329 | 143,043 | 131,322 | ||||||||||||
Expected return on plan assets | (56,657 | ) | (52,863 | ) | (169,619 | ) | (158,279 | ) | ||||||||
Amortization of prior service cost | 2,949 | 3,618 | 8,843 | 10,846 | ||||||||||||
Amortization of net actuarial loss | 39,914 | 50,347 | 119,593 | 150,495 | ||||||||||||
Amortization of initial net obligation | 5 | 6 | 15 | 18 | ||||||||||||
Net pension benefit cost | $ | 59,180 | $ | 69,276 | $ | 176,496 | $ | 214,258 | ||||||||
Other Postretirement Benefit Plans, Defined Benefit | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
Net postretirement benefit cost recognized included the following components: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 54 | $ | 255 | $ | 466 | $ | 619 | ||||||||
Interest cost | 811 | 380 | 2,229 | 2,120 | ||||||||||||
Amortization of prior service benefit | (41 | ) | (55 | ) | (93 | ) | (78 | ) | ||||||||
Amortization of net actuarial loss | 56 | 781 | 756 | 1,037 | ||||||||||||
Net postretirement benefit cost | $ | 880 | $ | 1,361 | $ | 3,358 | $ | 3,698 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||
The following summarizes the location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet as of March 31, 2014 and June 30, 2013: | ||||||||||||||||
Balance Sheet Caption | March 31, | June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Cross-currency swap contracts | Other liabilities | $ | 44,907 | $ | 22,438 | |||||||||||
Cash flow hedges | ||||||||||||||||
Costless collar contracts | Accounts receivable, net | 6,085 | 1,422 | |||||||||||||
Forward exchange contracts | Accounts receivable, net | (143 | ) | 41 | ||||||||||||
Costless collar contracts | Other accrued liabilities | 285 | 953 | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||
Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Forward exchange contracts | $ | 442 | $ | (5,724 | ) | $ | (182 | ) | $ | (10,288 | ) | |||||
Costless collar contracts | 766 | (5,047 | ) | 7,486 | (1,875 | ) | ||||||||||
11. Financial instruments, cont'd | ||||||||||||||||
Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) in the Consolidated Balance Sheet are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cross-currency swap contracts | $ | (2,393 | ) | $ | 6,106 | $ | (13,881 | ) | $ | (6,057 | ) | |||||
Foreign denominated debt | (1,013 | ) | 8,021 | (7,895 | ) | 5,165 | ||||||||||
Business_Segment_Information_D
Business Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $3,358,406 | $3,307,041 | $9,690,556 | $9,587,471 |
Segment Operating Income | 433,905 | 462,761 | 1,278,671 | 1,292,982 |
Corporate general and administrative expenses | 38,377 | 41,410 | 132,406 | 126,578 |
Income before interest expense and other expense | 395,528 | 421,351 | 1,146,265 | 1,166,404 |
Interest expense | 20,594 | 23,050 | 62,403 | 70,775 |
Other expense | 45,444 | 59,750 | -65,034 | 158,391 |
Income before income taxes | 329,490 | 338,551 | 1,148,896 | 937,238 |
Industrial segment [Member] | North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,455,212 | 1,428,430 | 4,168,489 | 4,171,089 |
Segment Operating Income | 242,998 | 224,487 | 677,824 | 658,993 |
Industrial segment [Member] | International [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 1,357,513 | 1,300,585 | 3,905,159 | 3,768,617 |
Segment Operating Income | 126,933 | 158,194 | 434,541 | 439,839 |
Aerospace Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 545,681 | 578,026 | 1,616,908 | 1,647,765 |
Segment Operating Income | $63,974 | $80,080 | $166,306 | $194,150 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share - Reconciliation of Numberator and Denominator of Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' | ' | ' |
Net income attributable to common shareholders | $242,406 | $256,560 | $740,010 | $677,263 |
Denominator: | ' | ' | ' | ' |
Basic - weighted average common shares | 149,039,529 | 149,287,628 | 149,143,478 | 149,191,583 |
Increase in weighted average common shares from dilutive effect of equity-based awards | 2,700,088 | 3,072,984 | 2,418,798 | 2,661,939 |
Diluted - weighted average common shares, assuming exercise of equity-based awards | 151,739,617 | 152,360,612 | 151,562,276 | 151,853,522 |
Basic earnings per share (in usd per share) | $1.63 | $1.72 | $4.96 | $4.54 |
Diluted earnings per share (in usd per share) | $1.60 | $1.68 | $4.88 | $4.46 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Anti-dilutive | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Number of common shares subject to equity-based awards that were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive | 375,282 | 345,779 | 1,265,717 | 1,160,648 |
Share_repurchase_program_Detai
Share repurchase program (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Authorization to repurchase common shares, percentage of shares of common stock outstanding at the end of the prior fiscal year | 5.00% | ' |
Share repurchased (in shares) | 415,076 | 1,339,061 |
Treasury Stock Acquired, Average Cost Per Share | $120.46 | $112.02 |
Maximum [Member] | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 7,500,000 | 7,500,000 |
Accounts_receivable_net_Detail
Accounts receivable, net (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Accounts receivable, trade | $1,870,056 | $1,855,644 |
Allowance for doubtful accounts | -10,399 | -14,824 |
Non-trade accounts receivable | 124,739 | 110,394 |
Notes receivable | 113,667 | 111,531 |
Total | $2,098,063 | $2,062,745 |
Business_realignment_charges_S
Business realignment charges - Segments (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Cost of Sales [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | $31,053 | $1,474 | $46,297 | $5,578 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | 28,828 | 477 | 38,048 | 1,878 |
Other Expense (Income), Net [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | 0 | 0 | 1,331 | 1,918 |
Industrial segment [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | 59,582 | 1,951 | 83,420 | 7,456 |
Aerospace Segment [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | 299 | 0 | 925 | 0 |
Other Expense [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | ' | ' | $1,331 | $1,918 |
Business_realignment_charges_W
Business realignment charges - Work Force Reductions by Business Segment (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
employee | employee | employee | employee | |
Industrial segment [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges, number of positions eliminated | 572 | 184 | 1,154 | 532 |
Aerospace Segment [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges, number of positions eliminated | 17 | 0 | 44 | 0 |
Other Expense [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges, number of positions eliminated | ' | ' | ' | 98 |
Business_Realignment_Charges_I
Business Realignment Charges - Income Statement Location (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Employee severance [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Restructuring reserve, settled with cash | ' | ' | $15,000,000 | ' |
Restructuring Reserve, Current | 65,000,000 | ' | 65,000,000 | ' |
Cost of sales [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | 31,053,000 | 1,474,000 | 46,297,000 | 5,578,000 |
Selling, general and administrative expenses [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | 28,828,000 | 477,000 | 38,048,000 | 1,878,000 |
Other Expense (Income), Net [Member] | ' | ' | ' | ' |
Realignment charges [Line Items] | ' | ' | ' | ' |
Realignment charges | $0 | $0 | $1,331,000 | $1,918,000 |
Equity_Changes_in_Equity_Detai
Equity Changes in Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | $6,298,286 | $5,328,989 | $5,741,481 | $4,905,730 | ' |
Net income | 242,518 | 256,592 | 740,242 | 677,654 | ' |
Other Comprehensive Income (Loss), Net of Tax | 26,163 | -88,650 | 260,727 | 138,586 | ' |
Dividends paid | -71,798 | -64,377 | -206,516 | -187,705 | ' |
Stock incentive plan activity | 9,064 | 28,996 | 68,299 | 85,282 | ' |
Acquisition activity | ' | ' | ' | -820 | ' |
Shares purchased at cost | -50,000 | -49,142 | -150,000 | -206,319 | ' |
Ending balance | 6,454,233 | 5,412,408 | 6,454,233 | 5,412,408 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -847,077 | ' | -847,077 | ' | -1,107,833 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | -2,913 | ' | -8,765 | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -39,970 | ' | -120,349 | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | -42,883 | ' | -129,114 | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 15,704 | ' | 47,313 | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | -27,179 | ' | -81,801 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -76 | ' | -228 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 25 | ' | 75 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | -51 | -51 | -153 | -153 | ' |
Shareholders' Equity [Member] | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 6,295,226 | 5,325,717 | 5,738,426 | 4,896,515 | ' |
Net income | 242,406 | 256,560 | 740,010 | 677,263 | ' |
Other Comprehensive Income (Loss), Net of Tax | 26,077 | -88,696 | 260,756 | 140,064 | ' |
Dividends paid | -71,777 | -64,377 | -206,495 | -186,978 | ' |
Stock incentive plan activity | 9,064 | 28,996 | 68,299 | 85,282 | ' |
Acquisition activity | ' | ' | ' | 3,231 | ' |
Shares purchased at cost | -50,000 | -49,142 | -150,000 | -206,319 | ' |
Ending balance | 6,450,996 | 5,409,058 | 6,450,996 | 5,409,058 | ' |
Noncontrolling Interests [Member] | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 3,060 | 3,272 | 3,055 | 9,215 | ' |
Net income | 112 | 32 | 232 | 391 | ' |
Other Comprehensive Income (Loss), Net of Tax | 86 | 46 | -29 | -1,478 | ' |
Dividends paid | -21 | 0 | -21 | -727 | ' |
Stock incentive plan activity | 0 | 0 | 0 | 0 | ' |
Acquisition activity | ' | ' | ' | -4,051 | ' |
Shares purchased at cost | 0 | 0 | 0 | 0 | ' |
Ending balance | 3,237 | 3,350 | 3,237 | 3,350 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 110,474 | ' | 110,474 | ' | -68,328 |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax | ' | ' | 178,802 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | ' | ' | 0 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -957,271 | ' | -957,271 | ' | -1,039,072 |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax | ' | ' | 0 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | ' | ' | 81,801 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Other [Member] | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -280 | ' | -280 | ' | -433 |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax | ' | ' | 0 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | ' | ' | 153 | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -847,077 | ' | -847,077 | ' | -1,107,833 |
Other Comprehensive Income (Loss) before Reclassifications, Net of Tax | ' | ' | 178,802 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | ' | ' | $81,954 | ' | ' |
Goodwill_Detail
Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Beginning balance | $3,223,515 |
Goodwill, Acquisitions | 618 |
Goodwill, Impairment Loss | -140,334 |
Goodwill, Foreign currency translation and other | 80,376 |
Ending balance | 3,164,175 |
Industrial [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning balance | 3,125,175 |
Goodwill, Acquisitions | 618 |
Goodwill, Impairment Loss | -140,334 |
Goodwill, Foreign currency translation and other | 80,013 |
Ending balance | 3,065,472 |
Aerospace Segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning balance | 98,340 |
Goodwill, Acquisitions | 0 |
Goodwill, Impairment Loss | 0 |
Goodwill, Foreign currency translation and other | 363 |
Ending balance | $98,703 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2013 | |
Finite-Lived Intangible Asset [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | $2,023,526,000 | $1,996,022,000 |
Finite-lived intangible assets, accumulated amortization | 812,559,000 | 705,523,000 |
Intangible amortization expense | 89,155,000 | ' |
Impairment of Intangible Assets, Finite-lived | 43,700,000 | ' |
Estimated amortization expense, year ending June 30, 2014 | 116,819,000 | ' |
Estimated amortization expense, year ending June 30, 2015 | 111,444,000 | ' |
Estimated amortization expense, year ending June 30, 2016 | 108,655,000 | ' |
Estimated amortization expense, year ending June 30, 2017 | 103,886,000 | ' |
Estimated amortization expense, year ending June 30, 2018 | 100,647,000 | ' |
Patents [Member] | ' | ' |
Finite-Lived Intangible Asset [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | 159,663,000 | 141,160,000 |
Finite-lived intangible assets, accumulated amortization | 84,071,000 | 75,175,000 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Asset [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | 389,863,000 | 386,619,000 |
Finite-lived intangible assets, accumulated amortization | 168,824,000 | 148,319,000 |
Customer lists and other [Member] | ' | ' |
Finite-Lived Intangible Asset [Line Items] | ' | ' |
Finite-lived intangible assets, gross carrying amount | 1,474,000,000 | 1,468,243,000 |
Finite-lived intangible assets, accumulated amortization | $559,664,000 | $482,029,000 |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $24,935 | $24,839 | $74,621 | $79,856 |
Defined Benefit Plan, Interest Cost | 48,034 | 43,329 | 143,043 | 131,322 |
Defined Benefit Plan, Expected Return on Plan Assets | -56,657 | -52,863 | -169,619 | -158,279 |
Defined Benefit Plan, Amortization of Prior Service Cost | 2,949 | 3,618 | 8,843 | 10,846 |
Defined Benefit Plan, Amortization of Net Actuarial Loss | 39,914 | 50,347 | 119,593 | 150,495 |
Defined Benefit Plan, Amortization of initial net obligations (assets) | 5 | 6 | 15 | 18 |
Defined Benefit Plan, Net pension benefit cost | 59,180 | 69,276 | 176,496 | 214,258 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plans Disclosure [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 54 | 255 | 466 | 619 |
Defined Benefit Plan, Interest Cost | 811 | 380 | 2,229 | 2,120 |
Defined Benefit Plan, Amortization of Prior Service Cost | -41 | -55 | -93 | -78 |
Defined Benefit Plan, Amortization of Net Actuarial Loss | 56 | 781 | 756 | 1,037 |
Defined Benefit Plan, Net pension benefit cost | $880 | $1,361 | $3,358 | $3,698 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Unrecognized tax benefits | $116,088 |
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | 73,129 |
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits | $5,896 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Financial Instruments And Fair Value Measurement Additional Information [Abstract] | ' | ' |
Carrying value of long-term debt, excluding leases | $1,509,339 | $1,498,025 |
Fair value of long-term debt, excluding leases | $1,695,348 | $1,654,886 |
Summary_of_the_Location_and_Fa
Summary of the Location and Fair Value of Derivative Financial Instruments Reported in the Consolidated Balance Sheet (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Cross currency swap [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instruments in hedges, net investment in foreign operations, liabilities, fair value | $44,907 | $22,438 |
Costless collar contracts [Member] | Accounts receivable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash flow hedge derivative instrument assets at fair value | 6,085 | 1,422 |
Costless collar contracts [Member] | Other accrued liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash flow hedge derivative instrument liabilities at fair value | 285 | 953 |
Forward exchange contract [Member] | Accounts receivable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash flow hedge derivative instrument assets at fair value | ($143) | $41 |
Gain_Losses_on_Derivative_Fina
Gain (Losses) on Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Not designated as hedging instrument [Member] | Forward exchange [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments that were recorded in the consolidated statement of income | $442 | ($5,724) | ($182) | ($10,288) |
Not designated as hedging instrument [Member] | Costless collar contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (losses) on derivative financial instruments that were recorded in the consolidated statement of income | 766 | -5,047 | 7,486 | -1,875 |
Designated as hedging instrument [Member] | Cross currency swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss) | -2,393 | 6,106 | -13,881 | -6,057 |
Non derivative financial instruments [Member] | Foreign denominated debt [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss) | ($1,013) | $8,021 | ($7,895) | $5,165 |
Acquisitions_and_divestitures_
Acquisitions and divestitures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' |
Equity Interest Sold | ' | ' | 50.00% | ' |
Deconsolidation, Gain (Loss), Amount | ' | ' | $412,612,000 | $0 |
Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount | ' | ' | 186,000,000 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | 14,272,000 | 620,647,000 |
Revenue, Net | 3,358,406,000 | 3,307,041,000 | 9,690,556,000 | 9,587,471,000 |
Mobile Climate Systems Division & Turkey Refrigeration Business [Member] | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | ' | $17,000,000 |