Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | |
Document Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PH | ' | ' |
Entity Registrant Name | 'PARKER HANNIFIN CORP | ' | ' |
Entity Central Index Key | '0000076334 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 148,795,701 | ' |
Entity Public Float | ' | ' | $18,970,152,269 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $13,215,971 | $13,015,704 | $13,145,942 |
Cost of sales | 10,188,227 | 10,086,675 | 9,958,337 |
Gross profit | 3,027,744 | 2,929,029 | 3,187,605 |
Selling, general and administrative expenses | 1,633,992 | 1,554,973 | 1,519,316 |
Goodwill and Intangible Asset Impairment | 188,870 | 0 | 0 |
Interest expense | 82,566 | 91,552 | 92,790 |
Other expense (income), net | -25,513 | -18,198 | 1,295 |
(Gain) loss on disposal of assets | -408,891 | -10,299 | -2,494 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,556,720 | 1,311,001 | 1,576,698 |
Income taxes (Note 4) | 515,302 | 362,217 | 421,206 |
Net Income | 1,041,418 | 948,784 | 1,155,492 |
Less: Noncontrolling interest in subsidiaries' earnings | 370 | 357 | 3,669 |
Net Income Attributable to Common Shareholders | $1,041,048 | $948,427 | $1,151,823 |
Earnings per Share Attributable to Common Shareholders (Note 5) | ' | ' | ' |
Basic earnings per share | $6.98 | $6.36 | $7.62 |
Diluted earnings per share | $6.87 | $6.26 | $7.45 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net income | $1,041,418 | $948,784 | $1,155,492 |
Less: Noncontrolling interest in subsidiaries' earnings | 370 | 357 | 3,669 |
Net Income Attributable to Common Shareholders | 1,041,048 | 948,427 | 1,151,823 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 192,925 | -18,974 | -392,742 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 91,182 | 325,066 | -597,979 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 205 | 204 | 204 |
Other Comprehensive Income (Loss), Net of Tax | 284,312 | 306,296 | -990,517 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | -23 | -1,771 | -25,607 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 284,335 | 308,067 | -964,910 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1,325,383 | $1,256,494 | $186,913 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income (Paranthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Other Comprehensive Income (Paranthetical) [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $4,692 | $1,239 | ($11,530) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | -54,473 | -195,884 | 330,984 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | ($101) | ($101) | ($102) |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $1,613,555 | $1,781,412 |
Short-term Investments | 573,701 | 0 |
Trade accounts receivable, net | 1,858,176 | 1,840,820 |
Non-trade and notes receivable | 388,437 | 221,925 |
Inventories (Notes 1 and 6): | ' | ' |
Inventory, Net | 1,371,681 | 1,377,405 |
Prepaid expenses | 129,837 | 182,669 |
Deferred income taxes (Notes 1 and 4) | 136,193 | 126,955 |
Total Current Assets | 6,071,580 | 5,531,186 |
Plant and equipment (Note 1): | ' | ' |
Property, Plant and Equipment, Gross | 5,152,591 | 4,999,301 |
Less accumulated depreciation | 3,328,297 | 3,191,061 |
Property, Plant and Equipment, Net, Total | 1,824,294 | 1,808,240 |
Investments and other assets (Note 1) | 1,018,781 | 687,458 |
Intangible assets, net (Notes 1 and 7) | 1,188,282 | 1,290,499 |
Goodwill | 3,171,425 | 3,223,515 |
Total Assets | 13,274,362 | 12,540,898 |
Current Liabilities | ' | ' |
Notes payable and long-term debt payable within one year (Notes 8 and 9) | 816,622 | 1,333,826 |
Accounts payable, trade | 1,252,040 | 1,156,002 |
Accrued payrolls and other compensation | 453,321 | 426,996 |
Accrued domestic and foreign taxes | 223,611 | 136,079 |
Other accrued liabilities | 507,202 | 467,300 |
Total Current Liabilities | 3,252,796 | 3,520,203 |
Long-term debt (Note 9) | 1,508,142 | 1,495,960 |
Pensions and other postretirement benefits (Note 10) | 1,346,224 | 1,372,437 |
Deferred income taxes (Notes 1 and 4) | 94,819 | 102,920 |
Other liabilities | 409,573 | 307,897 |
Total Liabilities | 6,611,554 | 6,799,417 |
Shareholders' Equity | ' | ' |
Serial preferred stock, $.50 par value, authorized 3,000,000 shares; none issued | ' | ' |
Common stock, $.50 par value, authorized 600,000,000 shares; issued 181,046,128 shares in 2012 and 2011 | 90,523 | 90,523 |
Additional capital | 595,498 | 608,752 |
Retained earnings | 9,174,189 | 8,421,270 |
Accumulated other comprehensive (loss) | -823,498 | -1,107,833 |
Treasury shares at cost: 31,415,530 in 2012 and 25,955,619 in 2011 | -2,377,284 | -2,274,286 |
Total Shareholders' Equity | 6,659,428 | 5,738,426 |
Noncontrolling interests | 3,380 | 3,055 |
Total Equity | 6,662,808 | 5,741,481 |
Total Liabilities and Equity | $13,274,362 | $12,540,898 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
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 | 32,143,315 | 31,757,604 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash Flows From Operating Activities | ' | ' | ' |
Net income | $1,041,418 | $948,784 | $1,155,492 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 214,965 | 213,722 | 210,508 |
Amortization | 121,737 | 121,902 | 111,421 |
Goodwill and Intangible Asset Impairment | 188,870 | 0 | 0 |
Stock incentive plan compensation | 103,161 | 84,996 | 80,935 |
Deferred income taxes | -74,139 | -1,368 | -56,452 |
Foreign currency transaction loss (gain) | 5,398 | 19,497 | 4,300 |
(Gain) loss on disposal of assets | 2,997 | 2,746 | -2,494 |
Gain (Loss) on Sale of Business | 0 | -14,637 | 0 |
Deconsolidation, Gain (Loss), Amount | -412,612 | 0 | 0 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Accounts receivable | -99,144 | -21,206 | -91,091 |
Inventories | -3,816 | 98,518 | -28,333 |
Prepaid expenses | 58,117 | -47,451 | -26,981 |
Other assets | -79,158 | -16,007 | -6,578 |
Accounts payable, trade | 92,927 | -66,082 | 59,692 |
Accrued payrolls and other compensation | 20,840 | -45,771 | 16,003 |
Accrued domestic and foreign taxes | 86,745 | -17,054 | -70,302 |
Other accrued liabilities | -23,480 | -62,728 | 33,512 |
Pensions and other postretirement benefits | 99,569 | -16,691 | 123,944 |
Other liabilities | 43,498 | 9,765 | 16,809 |
Net cash provided by operating activities | 1,387,893 | 1,190,935 | 1,530,385 |
Cash Flows From Investing Activities | ' | ' | ' |
Acquisitions (less cash acquired) | -17,593 | -621,144 | -156,256 |
Capital expenditures | -216,340 | -265,896 | -218,817 |
Proceeds from disposal of assets | 14,368 | 25,047 | 20,404 |
Proceeds from Divestiture of Businesses | 0 | 73,515 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 202,498 | 0 | 0 |
Payments to Acquire Investments | -624,880 | 0 | 0 |
Other | -4,454 | -21,367 | -21,099 |
Net cash (used in) investing activities | -646,401 | -809,845 | -375,768 |
Cash Flows From Financing Activities | ' | ' | ' |
Proceeds from exercise of stock options | 8,013 | 32,204 | 10,599 |
(Payments for) common shares | -204,043 | -258,007 | -456,969 |
Tax benefit from stock incentive plan compensation | 33,732 | 66,030 | 16,107 |
Acquisition of noncontrolling interests | 0 | -1,091 | -147,441 |
(Payments for) notes payable, net | -515,387 | 1,319,524 | -1,961 |
Proceeds from long-term borrowings | 748 | 3,768 | 73,556 |
(Payments for) long-term borrowings | -2,934 | -331,245 | -76,757 |
Dividends paid | -278,244 | -255,009 | -240,654 |
Net cash (used in) financing activities | -958,115 | 576,174 | -823,520 |
Effect of exchange rate changes on cash | 48,766 | -14,169 | -150,246 |
Net increase in cash and cash equivalents | -167,857 | 943,095 | 180,851 |
Cash and cash equivalents at beginning of year | 1,781,412 | 838,317 | 657,466 |
Cash and cash equivalents at end of year | 1,613,555 | 1,781,412 | 838,317 |
Cash paid during the year for: | ' | ' | ' |
Interest | 77,144 | 88,084 | 91,677 |
Income taxes | $472,369 | $311,988 | $494,378 |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Acquisitions, cash acquired | $1,780 | $33,932 | $19,161 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Shares | Noncontrolling Interests |
In Thousands | |||||||
Beginning Balance at Jun. 30, 2011 | $5,488,336 | $90,523 | $668,332 | $6,891,407 | ($450,990) | ($1,815,418) | $104,482 |
Net income | 1,155,492 | ' | ' | 1,151,823 | ' | ' | 3,669 |
Other Comprehensive Income (Loss), Net of Tax | -990,517 | ' | ' | ' | -964,910 | ' | -25,607 |
Dividends paid | -240,654 | ' | ' | -233,168 | ' | ' | -7,486 |
Stock incentive plan activity | 87,911 | ' | 45,532 | -22,887 | ' | 65,266 | ' |
Acquisition activity | -139,458 | ' | -73,615 | ' | ' | ' | -65,843 |
Shares purchased at cost | -455,380 | ' | ' | ' | ' | -455,380 | ' |
Ending Balance at Jun. 30, 2012 | 4,905,730 | 90,523 | 640,249 | 7,787,175 | -1,415,900 | -2,205,532 | 9,215 |
Net income | 948,784 | ' | ' | 948,427 | ' | ' | 357 |
Other Comprehensive Income (Loss), Net of Tax | 306,296 | ' | ' | ' | 308,067 | ' | -1,771 |
Dividends paid | -255,009 | ' | ' | -254,283 | ' | ' | -726 |
Stock incentive plan activity | 93,696 | ' | -34,678 | -60,049 | ' | 188,423 | ' |
Acquisition activity | -839 | ' | 3,181 | ' | ' | ' | -4,020 |
Shares purchased at cost | -257,177 | ' | ' | ' | ' | -257,177 | ' |
Ending Balance at Jun. 30, 2013 | 5,741,481 | 90,523 | 608,752 | 8,421,270 | -1,107,833 | -2,274,286 | 3,055 |
Net income | 1,041,418 | ' | ' | 1,041,048 | ' | ' | 370 |
Other Comprehensive Income (Loss), Net of Tax | 284,312 | ' | ' | ' | 284,335 | ' | -23 |
Dividends paid | -278,244 | ' | ' | -278,222 | ' | ' | -22 |
Stock incentive plan activity | 73,841 | ' | -13,254 | -9,907 | ' | 97,002 | ' |
Shares purchased at cost | -200,000 | ' | ' | ' | ' | -200,000 | ' |
Ending Balance at Jun. 30, 2014 | $6,662,808 | $90,523 | $595,498 | $9,174,189 | ($823,498) | ($2,377,284) | $3,380 |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Business Segment Information | ' | ||||||||||||
Business Segment Information | |||||||||||||
By Industry | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net Sales: | |||||||||||||
Diversified Industrial: | |||||||||||||
North America | $ | 5,693,527 | $ | 5,637,657 | $ | 5,708,057 | |||||||
International | 5,287,916 | 5,110,332 | 5,335,138 | ||||||||||
Aerospace Systems | 2,234,528 | 2,267,715 | 2,102,747 | ||||||||||
$ | 13,215,971 | $ | 13,015,704 | $ | 13,145,942 | ||||||||
Segment Operating Income: | |||||||||||||
Diversified Industrial: | |||||||||||||
North America | $ | 946,493 | $ | 908,719 | $ | 960,252 | |||||||
International | 572,476 | 602,480 | 752,155 | ||||||||||
Aerospace Systems | 271,238 | 280,286 | 290,135 | ||||||||||
Total segment operating income | 1,790,207 | 1,791,485 | 2,002,542 | ||||||||||
Corporate administration | 181,926 | 185,767 | 193,367 | ||||||||||
Income before interest expense and other | 1,608,281 | 1,605,718 | 1,809,175 | ||||||||||
Interest expense | 82,566 | 91,552 | 92,790 | ||||||||||
Other (income) expense | (31,005 | ) | 203,165 | 139,687 | |||||||||
Income before income taxes | $ | 1,556,720 | $ | 1,311,001 | $ | 1,576,698 | |||||||
Assets: | |||||||||||||
Diversified Industrial | $ | 9,501,837 | $ | 9,388,027 | $ | 8,696,094 | |||||||
Aerospace Systems (a) | 1,359,130 | 1,139,967 | 1,033,449 | ||||||||||
Corporate (b) | 2,413,395 | 2,012,904 | 1,440,739 | ||||||||||
$ | 13,274,362 | $ | 12,540,898 | $ | 11,170,282 | ||||||||
Property Additions (c): | |||||||||||||
Diversified Industrial | $ | 189,832 | $ | 312,392 | $ | 219,872 | |||||||
Aerospace Systems | 23,261 | 20,838 | 19,651 | ||||||||||
Corporate | 3,247 | 7,105 | 8,223 | ||||||||||
$ | 216,340 | $ | 340,335 | $ | 247,746 | ||||||||
Depreciation: | |||||||||||||
Diversified Industrial | $ | 187,347 | $ | 187,014 | $ | 182,853 | |||||||
Aerospace Systems | 19,193 | 19,498 | 19,395 | ||||||||||
Corporate | 8,425 | 7,210 | 8,260 | ||||||||||
$ | 214,965 | $ | 213,722 | $ | 210,508 | ||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
By Geographic Area (d) | |||||||||||||
Net Sales: | |||||||||||||
North America | $ | 7,853,603 | $ | 7,844,552 | $ | 7,830,517 | |||||||
International | 5,362,368 | 5,171,152 | 5,315,425 | ||||||||||
$ | 13,215,971 | $ | 13,015,704 | $ | 13,145,942 | ||||||||
Long-Lived Assets: | |||||||||||||
North America | $ | 861,300 | $ | 871,958 | $ | 867,159 | |||||||
International | 962,994 | 936,282 | 852,809 | ||||||||||
$ | 1,824,294 | $ | 1,808,240 | $ | 1,719,968 | ||||||||
As of July 1, 2013, the Company consolidated its Climate & Industrial Controls businesses into existing operating groups within the Industrial Segment. As a result of this consolidation and the resulting change in management structure made in connection with the strategic divestiture of certain operations in the Climate & Industrials Control Segment, the Company now has two reporting segments: Diversified Industrial (formerly referred to as Industrial) and Aerospace Systems (formerly referred to as Aerospace). All prior period results have been revised to reflect the new reporting segment structure. | |||||||||||||
The accounting policies of the business segments are the same as those described in the Significant Accounting Policies footnote except that the business segment results are prepared on a basis that is consistent with the manner in which the Company’s management disaggregates financial information for internal review and decision-making. | |||||||||||||
(a) | Includes investments in joint-venture companies in which ownership is 50 percent or less and in which the Company does not have operating control (2014 - $263,246). | ||||||||||||
(b) | Corporate assets are principally cash and cash equivalents, marketable securities, domestic deferred income taxes, investments, benefit plan assets, headquarters facilities and the major portion of the Company’s domestic data processing equipment. | ||||||||||||
(c) | Includes the value of net plant and equipment at the date of acquisition of acquired companies (2013 - $74,439; 2012 - $28,929). | ||||||||||||
(d) | Net sales are attributed to countries based on the location of the selling unit. North America includes the United States, Canada and Mexico. No country other than the United States represents greater than 10 percent of consolidated sales. Long-lived assets are comprised of plant and equipment based on physical location. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Acquisitions | ' | |||||||||||
Acquisitions and Divestitures | ||||||||||||
Deconsolidation of Subsidiary - During 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's equity interest in the joint venture with GE Aviation at June 30, 2014 of $263,246 is accounted for using the equity method of accounting. A significant portion of the underlying net assets of the joint venture are related to goodwill. | ||||||||||||
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 (gain) on disposal of assets caption in the Consolidated Statement of Income and the other (income) expense caption in the Business Segment Information. | ||||||||||||
Acquisitions - During 2014, the Company completed three acquisitions whose aggregate sales for their most recent fiscal year prior to acquisition were approximately $14 million. Total purchase price for the three acquisitions was approximately $19 million in cash. | ||||||||||||
During 2013, the Company completed eight acquisitions whose aggregate sales for their most recent fiscal year prior to acquisition were approximately $484 million. Total purchase price for the eight acquisitions was approximately $621 million in cash and $114 million in assumed debt. | ||||||||||||
During 2012, the Company completed four acquisitions whose aggregate sales for their most recent fiscal year prior to acquisition were approximately $141 million. Total purchase price for the four acquisitions in 2012 was approximately $156 million in cash. Also during 2012, the Company purchased the outstanding shares not previously owned by the Company in two majority-owned subsidiaries. Total purchase price for the two majority-owned subsidiaries was approximately $147 million in cash. | ||||||||||||
The results of operations for all acquisitions are included as of the respective dates of acquisition. The initial purchase price allocation and subsequent purchase price adjustments for acquisitions in 2014, 2013 and 2012 are presented below. Some of the 2014 acquisitions are still subject to purchase price adjustments. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Assets: | ||||||||||||
Accounts receivable | $ | 954 | $ | 91,668 | $ | 24,833 | ||||||
Inventories | 2,184 | 93,915 | 29,102 | |||||||||
Prepaid expenses | 57 | 4,672 | 1,541 | |||||||||
Deferred income taxes | 189 | (1,713 | ) | 5,679 | ||||||||
Plant and equipment | 11,211 | 74,439 | 28,929 | |||||||||
Intangible and other assets | 5,646 | 280,001 | 59,576 | |||||||||
Goodwill | 3,195 | 317,879 | 68,144 | |||||||||
23,436 | 860,861 | 217,804 | ||||||||||
Liabilities and equity: | ||||||||||||
Notes payable | — | 11,920 | 1,887 | |||||||||
Accounts payable, trade | 915 | 46,596 | 7,189 | |||||||||
Accrued payrolls and other compensation | 263 | 12,099 | 3,672 | |||||||||
Accrued domestic and foreign taxes | 1 | 7,073 | 2,882 | |||||||||
Other accrued liabilities | 3,864 | 16,805 | 5,984 | |||||||||
Long-term debt | — | 102,122 | 4,365 | |||||||||
Pensions and other postretirement benefits | — | 2,125 | 11,396 | |||||||||
Deferred income taxes | — | 39,214 | 24,062 | |||||||||
Other liabilities | 800 | 689 | 111 | |||||||||
Noncontrolling interests | — | 1,074 | — | |||||||||
5,843 | 239,717 | 61,548 | ||||||||||
Net assets acquired | $ | 17,593 | $ | 621,144 | $ | 156,256 | ||||||
Divestitures - During 2013, the Company completed several divestitures, the primary ones being the automotive businesses of its 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 and had combined revenues of approximately $158 million for fiscal 2012. The Company recorded a net pre-tax gain during 2013 of approximately $18 million related to these divestitures. The gain is reflected in the (gain) on disposal of assets caption in the Consolidated Statement of Income. |
Charges_Related_to_Business_Re
Charges Related to Business Realignment | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Charges Related to Business Realignment | ' | |||||||||||
Charges Related to Business Realignment | ||||||||||||
To structure its businesses in light of current and anticipated customer demand, the Company incurred business realignment charges in 2014, 2013 and 2012. | ||||||||||||
Business realignment charges by business segment are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Diversified Industrial | $ | 101,524 | $ | 12,234 | $ | 14,321 | ||||||
Aerospace Systems | 925 | — | — | |||||||||
Work force reductions by business segment are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Diversified Industrial | 1,581 | 725 | 521 | |||||||||
Aerospace Systems | 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 charges relating to realignment activities 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 (income) expense caption in the Business Segment information for 2014. During 2013, $1,918 of severance costs for 98 people were recognized in connection with the Company's divestiture of its Turkey refrigeration components business and is reflected in the other (income) expense caption in the Business Segment Information. The business realignment charges in 2012 also included charges related to enhanced retirement benefits. The Company believes the realignment actions taken will positively impact future results of operations, but will have no material effect on liquidity and sources and uses of capital. | ||||||||||||
The business realignment charges are presented in the Consolidated Statement of Income as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cost of sales | $ | 63,575 | $ | 8,354 | $ | 12,669 | ||||||
Selling, general and administrative expenses | 38,874 | 3,880 | 1,020 | |||||||||
(Gain) on disposal of assets | 1,331 | 1,918 | 632 | |||||||||
As of June 30, 2014, approximately $31 million in severance payments have been made relating to charges incurred during 2014. The majority of the remaining severance payments of approximately $62 million are expected to be paid by June 30, 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 2013 and 2012. 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. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income before income taxes was derived from the following sources: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 1,115,010 | $ | 653,622 | $ | 810,150 | ||||||
Foreign | 441,710 | 657,379 | 766,548 | |||||||||
$ | 1,556,720 | $ | 1,311,001 | $ | 1,576,698 | |||||||
Income taxes include the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal | ||||||||||||
Current | $ | 377,404 | $ | 167,350 | $ | 255,991 | ||||||
Deferred | (45,643 | ) | 26,523 | (48,252 | ) | |||||||
Foreign | ||||||||||||
Current | 168,177 | 176,739 | 191,167 | |||||||||
Deferred | (28,016 | ) | (28,472 | ) | (29 | ) | ||||||
State and local | ||||||||||||
Current | 43,860 | 19,496 | 30,500 | |||||||||
Deferred | (480 | ) | 581 | (8,171 | ) | |||||||
$ | 515,302 | $ | 362,217 | $ | 421,206 | |||||||
A reconciliation of the Company's effective income tax rate to the statutory Federal rate follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes | 1.8 | 1 | 0.9 | |||||||||
Goodwill and intangible asset impairment | 4.5 | — | — | |||||||||
Tax related to international activities | (5.6 | ) | (5.8 | ) | (5.8 | ) | ||||||
Cash surrender value of life insurance | (0.9 | ) | (0.7 | ) | 0.1 | |||||||
Federal manufacturing deduction | (1.0 | ) | (1.0 | ) | (1.6 | ) | ||||||
Research tax credit | (0.3 | ) | (1.1 | ) | (0.4 | ) | ||||||
Other | (0.4 | ) | 0.2 | (1.5 | ) | |||||||
Effective income tax rate | 33.1 | % | 27.6 | % | 26.7 | % | ||||||
Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. The differences comprising the net deferred taxes shown on the Consolidated Balance Sheet at June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Retirement benefits | $ | 550,034 | $ | 535,260 | ||||||||
Other liabilities and reserves | 128,848 | 113,257 | ||||||||||
Long-term contracts | 46,006 | 26,714 | ||||||||||
Stock-based incentive compensation | 64,267 | 59,274 | ||||||||||
Loss carryforwards | 340,676 | 286,180 | ||||||||||
Unrealized currency exchange gains and losses | 25,182 | 14,639 | ||||||||||
Inventory | 18,668 | 15,570 | ||||||||||
Foreign tax credit carryforward | 51,875 | 25,195 | ||||||||||
Depreciation and amortization | (571,107 | ) | (527,860 | ) | ||||||||
Valuation allowance | (348,837 | ) | (273,413 | ) | ||||||||
Net deferred tax asset | $ | 305,612 | $ | 274,816 | ||||||||
Change in net deferred tax asset: | ||||||||||||
Provision for deferred tax | $ | 74,139 | $ | 1,368 | ||||||||
Items of other comprehensive (loss) | (49,882 | ) | (194,746 | ) | ||||||||
Acquisitions and other | 6,539 | (81,067 | ) | |||||||||
Total change in net deferred tax | $ | 30,796 | $ | (274,445 | ) | |||||||
As of June 30, 2014, the Company has recorded deferred tax assets of $340,676 resulting from $1,212,459 in loss carryforwards. A valuation allowance of $323,358 related to the loss carryforwards has been established due to the uncertainty of realizing certain deferred tax assets. Of this valuation allowance, $296,598 relates to non-operating entities whose loss carryforward utilization is considered to be remote. Some of the loss carryforwards can be carried forward indefinitely; others can be carried forward from three to 20 years. In addition, a valuation allowance of $25,479 related to future deductible items has been established due to the uncertainty of their realization. These future deductible items are recorded in the other liabilities and reserves line in the table above. | ||||||||||||
Provision has not been made for additional U.S. or foreign taxes on undistributed earnings of certain international operations as those earnings will continue to be reinvested. It is not practicable to estimate the additional taxes, including applicable foreign withholding taxes, that might be payable on the eventual remittance of such earnings. Accumulated undistributed earnings reinvested in international operations amounted to approximately $2,800,000 at June 30, 2014. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance July 1 | $ | 107,440 | $ | 109,735 | $ | 81,156 | ||||||
Additions for tax positions related to current year | 7,752 | 10,285 | 66,500 | |||||||||
Additions for tax positions of prior years | 55,136 | 10,719 | 11,047 | |||||||||
Reductions for tax positions of prior years | (1,359 | ) | (20,683 | ) | (23,456 | ) | ||||||
Reductions for settlements | (1,856 | ) | (4,266 | ) | (23,434 | ) | ||||||
Reductions for expiration of statute of limitations | (5,005 | ) | (437 | ) | (1,636 | ) | ||||||
Effect of foreign currency translation | 2,705 | 2,087 | (442 | ) | ||||||||
Balance June 30 | $ | 164,813 | $ | 107,440 | $ | 109,735 | ||||||
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $71,898, $60,876 and $61,601 as of June 30, 2014, 2013 and 2012, respectively. If recognized, a significant portion of the gross unrecognized tax benefits as of June 30, 2014 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, was $8,198, $5,184 and $3,676 as of June 30, 2014, 2013 and 2012, respectively. | ||||||||||||
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's tax returns are 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 2012. All significant state, local and foreign tax returns have been examined for fiscal years through 2006. The Company does not anticipate that, within the next twelve months, the total amount of unrecognized tax benefits will significantly change due to the settlement of examinations and the expiration of statute of limitations. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share are computed using the weighted-average number of common shares outstanding during the year. Diluted earnings per share are computed using the weighted-average number of common shares and common share equivalents outstanding during the year. Common share equivalents represent the dilutive effect of outstanding stock-based awards. The computation of net income per share was as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income attributable to common shareholders | $ | 1,041,048 | $ | 948,427 | $ | 1,151,823 | ||||||
Denominator: | ||||||||||||
Basic - weighted-average common shares | 149,099,448 | 149,218,257 | 151,222,033 | |||||||||
Increase in weighted-average common shares from dilutive effect of stock-based awards | 2,344,655 | 2,369,774 | 3,442,477 | |||||||||
Diluted - weighted-average common shares, assuming exercise of stock-based awards | 151,444,103 | 151,588,031 | 154,664,510 | |||||||||
Basic earnings per share | $ | 6.98 | $ | 6.36 | $ | 7.62 | ||||||
Diluted earnings per share | $ | 6.87 | $ | 6.26 | $ | 7.45 | ||||||
For 2014, 2013 and 2012, 1.2 million, 1.3 million, and 0.7 million common shares, respectively, subject to stock-based awards were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. |
Inventories
Inventories | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market. The majority of domestic inventories are valued by the last-in, first-out (LIFO) cost method and the balance of the Company's inventories are valued by the first-in, first-out cost method. | |||||||||
Inventories valued on the LIFO cost method were approximately 30 percent of total inventories in 2014 and 29 percent of total inventories in 2013. The current cost of these inventories exceeds their valuation determined on the LIFO basis by $208,291 in 2014 and $207,277 in 2013. Progress payments of $61,958 in 2014 and $42,446 in 2013 are netted against inventories. | |||||||||
The inventories caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
June 30, | 2014 | 2013 | |||||||
Finished products | $ | 532,968 | $ | 531,897 | |||||
Work in process | 732,294 | 733,025 | |||||||
Raw materials | 106,419 | 112,483 | |||||||
Total | $ | 1,371,681 | $ | 1,377,405 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||
The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||
Diversified Industrial Segment | Aerospace Systems Segment | Total | ||||||||||||||
Balance June 30, 2012 | $ | 2,827,182 | $ | 98,674 | $ | 2,925,856 | ||||||||||
Acquisitions | 316,857 | — | 316,857 | |||||||||||||
Divestitures | (20,105 | ) | — | (20,105 | ) | |||||||||||
Foreign currency translation and other | 1,241 | (334 | ) | 907 | ||||||||||||
Balance June 30, 2013 | $ | 3,125,175 | $ | 98,340 | $ | 3,223,515 | ||||||||||
Acquisitions | 3,195 | — | 3,195 | |||||||||||||
Impairment | (140,334 | ) | — | (140,334 | ) | |||||||||||
Foreign currency translation and other | 84,688 | 361 | 85,049 | |||||||||||||
Balance June 30, 2014 | $ | 3,072,724 | $ | 98,701 | $ | 3,171,425 | ||||||||||
Acquisitions represent the original goodwill allocation, purchase price adjustments, and final adjustments to the purchase price allocation for the acquisitions during the measurement period 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 2014 and 2013 been reflected in the same reporting period that the initial purchase price allocations for those acquisitions were made. | ||||||||||||||||
Divestitures represent goodwill associated with businesses divested during 2013 as more fully discussed in Note 2 to the Consolidated Financial Statements. | ||||||||||||||||
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 $140,334. The impairment charge is reflected in the goodwill and intangible asset impairment caption in the Consolidated Statement of Income and in the other (income) expense caption in the Business Segment Information. 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. | ||||||||||||||||
The Company's annual impairment tests performed in 2014, 2013, and 2012 resulted in no impairment loss being recognized. | ||||||||||||||||
Intangible assets are amortized on a straight-line method over their legal or estimated useful life. The gross carrying value and accumulated amortization for each major category of intangible asset at June 30 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Patents | $ | 160,030 | $ | 86,708 | $ | 141,160 | $ | 75,175 | ||||||||
Trademarks | 391,268 | 174,114 | 386,619 | 148,319 | ||||||||||||
Customer lists and other | 1,481,560 | 583,754 | 1,468,243 | 482,029 | ||||||||||||
Total | $ | 2,032,858 | $ | 844,576 | $ | 1,996,022 | $ | 705,523 | ||||||||
During 2014, the Company acquired intangible assets, either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average life as follows: | ||||||||||||||||
Purchase Price Allocation | Weighted-Average Life | |||||||||||||||
Patents | $ | 15,727 | 10 years | |||||||||||||
Trademarks | 160 | 5 years | ||||||||||||||
Customer lists and other | 6,686 | 11 years | ||||||||||||||
Total | $ | 22,573 | 10 years | |||||||||||||
Total intangible amortization expense in 2014, 2013 and 2012 was $118,782, $118,516 and $107,086, respectively. Estimated intangible amortization expense for the five years ending June 30, 2015 through 2019 is $113,785, $109,360, $105,222, $99,406 and $92,579, 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 the recognition of a non-cash impairment charge of $43,664. The impairment charge is reflected in the goodwill and intangible asset impairment caption in the Consolidated Statement of Income and in the other (income) expense caption in the Business Segment Information. 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. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended |
Jun. 30, 2014 | |
Financing Arrangements [Abstract] | ' |
Financing Arrangements | ' |
Financing Arrangements | |
The Company has a line of credit totaling $2,000,000 through a multi-currency revolving credit agreement with a group of banks, $1,183,900 of which was available at June 30, 2014. The credit agreement expires in October 2017; however, the Company has the right to request a one-year extension of the expiration date on an annual basis, which request may result in changes to the current terms and conditions of the credit agreement. Advances from the credit agreement can be used for general corporate purposes, including acquisitions, and for the refinancing of existing indebtedness. The credit agreement requires the payment of an annual facility fee, the amount of which would increase in the event the Company's credit ratings are lowered. Although a lowering of the Company's credit ratings would likely increase the cost of future debt, it would not limit the Company's ability to use the credit agreement nor would it accelerate the repayment of any outstanding borrowings. | |
The Company is currently authorized to sell up to $1,850,000 of short-term commercial paper notes. At June 30, 2014 and 2013, $816,100 and $1,331,445 of commercial paper notes were outstanding, respectively. | |
In addition to commercial paper notes, notes payable includes short-term lines of credit and borrowings from foreign banks. At June 30, 2014, the Company had $69,949 in lines of credit from various foreign banks, $69,924 of which was available at June 30, 2014. Most of these agreements are renewed annually. The weighted-average interest rate on notes payable during 2014 and 2013 was 0.2 percent and 0.3 percent, respectively. | |
The Company's foreign locations in the ordinary course of business may enter into financial guarantees through financial institutions which enable customers to be reimbursed in the event of nonperformance by the Company. | |
The Company's credit agreements and indentures governing certain debt agreements contain various covenants, the violation of which would limit or preclude the use of the applicable agreements for future borrowings, or might accelerate the maturity of the related outstanding borrowings covered by the applicable agreements. At the Company's present rating level, the most restrictive covenant contained in the credit agreements and the indentures provides that the ratio of secured debt to net tangible assets be less than 10 percent. As of June 30, 2014, the Company does not have any secured debt outstanding. The Company is in compliance with all covenants. |
Debt
Debt | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
June 30, | 2014 | 2013 | |||||||
Domestic: | |||||||||
Fixed rate medium-term notes 3.50% to 6.55%, due 2018-2038 | $ | 1,175,000 | $ | 1,175,000 | |||||
Foreign: | |||||||||
Bank loans, including revolving credit 1% to 11.75%, due 2015 | 322 | 2,045 | |||||||
Euro bonds 4.125%, due 2016 | 273,860 | 260,200 | |||||||
Japanese Yen credit facility JPY Libor plus 55 bps, due 2017 | 59,220 | 60,540 | |||||||
Other long-term debt, including capitalized leases | 236 | 556 | |||||||
Total long-term debt | 1,508,638 | 1,498,341 | |||||||
Less long-term debt payable within one year | 496 | 2,381 | |||||||
Long-term debt, net | $ | 1,508,142 | $ | 1,495,960 | |||||
Principal amounts of long-term debt payable in the five years ending June 30, 2015 through 2019 are $496, $273,891, $59,236, $450,014 and $100,000, respectively. | |||||||||
Lease Commitments - Future minimum rental commitments as of June 30, 2014, under non-cancelable operating leases, which expire at various dates, are as follows: 2015-$91,435; 2016-$60,672; 2017-$40,591; 2018-$22,126; 2019-$14,967 and after 2019-$61,810. | |||||||||
Rental expense in 2014, 2013 and 2012 was $131,948, $133,478 and $124,546, respectively. |
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Retirement Benefits | ' | |||||||||||||||
Retirement Benefits | ||||||||||||||||
Pensions - The Company has noncontributory defined benefit pension plans covering eligible employees, including certain employees in foreign countries. Plans for most salaried employees provide pay-related benefits based on years of service. Plans for hourly employees generally provide benefits based on flat-dollar amounts and years of service. The Company also has arrangements for certain key employees which provide for supplemental retirement benefits. In general, the Company's policy is to fund these plans based on legal requirements, tax considerations, local practices and investment opportunities. The Company also sponsors defined contribution plans and participates in government-sponsored programs in certain foreign countries. | ||||||||||||||||
A summary of the Company's defined benefit pension plans follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Benefit cost | ||||||||||||||||
Service cost | $ | 99,929 | $ | 107,519 | $ | 84,663 | ||||||||||
Interest cost | 190,999 | 174,152 | 185,550 | |||||||||||||
Expected return on plan assets | (226,884 | ) | (211,694 | ) | (201,845 | ) | ||||||||||
Amortization of prior service cost | 14,644 | 14,472 | 14,016 | |||||||||||||
Amortization of unrecognized actuarial loss | 159,584 | 200,849 | 105,788 | |||||||||||||
Amortization of initial net obligation (asset) | 19 | 22 | (60 | ) | ||||||||||||
Net periodic benefit cost | $ | 238,291 | $ | 285,320 | $ | 188,112 | ||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 4,382,563 | $ | 4,506,521 | ||||||||||||
Service cost | 99,929 | 107,519 | ||||||||||||||
Interest cost | 190,999 | 174,152 | ||||||||||||||
Actuarial loss (gain) | 277,098 | (241,674 | ) | |||||||||||||
Benefits paid | (286,066 | ) | (157,838 | ) | ||||||||||||
Plan amendments | (3,503 | ) | 11,236 | |||||||||||||
Acquisitions | — | 1,283 | ||||||||||||||
Foreign currency translation and other | 88,427 | (18,636 | ) | |||||||||||||
Benefit obligation at end of year | $ | 4,749,447 | $ | 4,382,563 | ||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,096,616 | $ | 2,700,050 | ||||||||||||
Actual gain on plan assets | 469,984 | 278,862 | ||||||||||||||
Employer contributions | 146,237 | 291,018 | ||||||||||||||
Benefits paid | (286,066 | ) | (157,838 | ) | ||||||||||||
Acquisitions | — | 285 | ||||||||||||||
Foreign currency translation and other | 72,503 | (15,761 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 3,499,274 | $ | 3,096,616 | ||||||||||||
Funded status | $ | (1,250,173 | ) | $ | (1,285,947 | ) | ||||||||||
Amounts recognized on the Consolidated Balance Sheet | ||||||||||||||||
Other accrued liabilities | $ | (11,333 | ) | $ | (20,643 | ) | ||||||||||
Pensions and other postretirement benefits | (1,238,840 | ) | (1,265,304 | ) | ||||||||||||
Net amount recognized | $ | (1,250,173 | ) | $ | (1,285,947 | ) | ||||||||||
Amounts recognized in Accumulated Other Comprehensive (Loss) | ||||||||||||||||
Net actuarial loss | $ | 1,434,645 | $ | 1,537,549 | ||||||||||||
Prior service cost | 37,137 | 54,630 | ||||||||||||||
Transition obligation | 143 | 166 | ||||||||||||||
Net amount recognized | $ | 1,471,925 | $ | 1,592,345 | ||||||||||||
The presentation of the amounts recognized on the Consolidated Balance Sheet and in accumulated other comprehensive (loss) is on a debit (credit) basis and excludes the effect of income taxes. | ||||||||||||||||
During 2014, the Company offered a lump-sum distribution to certain participants in one of its U.S. defined benefit plans. Included in benefits paid in 2014 is $110,000 related to participants who elected to receive a lump-sum distribution. No settlement charge was required to be recognized. | ||||||||||||||||
The estimated amount of net actuarial loss, prior service cost and transition obligation that will be amortized from accumulated other comprehensive (loss) into net periodic benefit pension cost in 2015 is $158,471, $7,668 and $19, respectively. | ||||||||||||||||
The accumulated benefit obligation for all defined benefit plans was $4,258,743 and $3,944,921 at June 30, 2014 and 2013, respectively. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $4,691,350, $4,206,557 and $3,443,515, respectively, at June 30, 2014, and $4,351,955, $3,920,218 and $3,070,157, respectively, at June 30, 2013. The projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were $4,709,493 and $3,459,097, respectively, at June 30, 2014, and $4,381,914 and $3,095,942, respectively, at June 30, 2013. | ||||||||||||||||
The Company expects to make cash contributions of approximately $63 million to its defined benefit pension plans in 2015, the majority of which relates to non-U.S. defined benefit plans. Estimated future benefit payments in the five years ending June 30, 2015 through 2019 are $189,307, $235,993, $219,266, $225,421 and $251,678, respectively and $1,391,819 in the aggregate for the five years ending June 30, 2020 through June 30, 2024. | ||||||||||||||||
The assumptions used to measure net periodic benefit cost for the Company's significant defined benefit plans are: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. defined benefit plans | ||||||||||||||||
Discount rate | 4.52 | % | 3.91 | % | 5.45 | % | ||||||||||
Average increase in compensation | 5.13 | % | 5.21 | % | 5.21 | % | ||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | ||||||||||
Non-U.S. defined benefit plans | ||||||||||||||||
Discount rate | 1.5 to 4.59% | 1.75 to 4.7% | 2.0 to 5.87% | |||||||||||||
Average increase in compensation | 2.0 to 6.0% | 2.0 to 6.0% | 2.0 to 5.0% | |||||||||||||
Expected return on plan assets | 1.0 to 6.25% | 1.0 to 6.4% | 1.0 to 7.5% | |||||||||||||
The assumptions used to measure the benefit obligation for the Company's significant defined benefit plans are: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. defined benefit plans | ||||||||||||||||
Discount rate | 4.05 | % | 4.52 | % | ||||||||||||
Average increase in compensation | 5.12 | % | 5.13 | % | ||||||||||||
Non-U.S. defined benefit plans | ||||||||||||||||
Discount rate | 0.9 to 4.2% | 1.5 to 4.59% | ||||||||||||||
Average increase in compensation | 2.0 to 5.0% | 2.0 to 6.0% | ||||||||||||||
The discount rate assumption is based on current rates of high-quality long-term corporate bonds over the same estimated time period that benefit payments will be required to be made. The expected return on plan assets assumption is based on the weighted-average expected return of the various asset classes in the plans' portfolio. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance. | ||||||||||||||||
The weighted-average allocation of the majority of the assets related to defined benefit plans is as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Equity securities | 42 | % | 57 | % | ||||||||||||
Debt securities | 48 | % | 30 | % | ||||||||||||
Other | 10 | % | 13 | % | ||||||||||||
100 | % | 100 | % | |||||||||||||
The weighted-average target asset allocation as of June 30, 2014 is 41 percent equity securities, 47 percent debt securities and 12 percent other investments. The investment strategy for the Company's worldwide defined benefit pension plan assets focuses on achieving prudent actuarial funding ratios while maintaining acceptable levels of risk in order to provide adequate liquidity to meet immediate and future benefit requirements. This strategy requires investment portfolios that are broadly diversified across various asset classes and external investment managers. Assets held in the U.S. defined benefit plans account for approximately 72 percent of the Company's total defined benefit plan assets. The Company's overall investment strategy with respect to the Company's U.S. defined benefit plans is to opportunistically migrate from its traditional mix between growth seeking assets (primarily consisting of global public equities in developed and emerging countries and hedge fund of fund strategies) and income generating assets (primarily consisting of high quality bonds, both domestic and global, emerging market bonds, high yield bonds and Treasury Inflation Protected Securities) to an allocation more heavily weighted toward income generating assets. Over time, long duration fixed income assets are being added to the portfolio. These securities are highly correlated with the Company's pension liabilities and will serve to hedge a portion of the Company's interest rate risk. | ||||||||||||||||
The fair values of pension plan assets at June 30, 2014 and at June 30, 2013, by asset class, are as follows. | ||||||||||||||||
Total | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 46,297 | $ | 45,976 | $ | 321 | $ | — | ||||||||
Equity securities | ||||||||||||||||
U.S. based companies | 346,145 | 346,145 | — | — | ||||||||||||
Non-U.S. based companies | 220,911 | 220,911 | — | — | ||||||||||||
Fixed income securities | ||||||||||||||||
Corporate bonds | 234,719 | 101,227 | 133,492 | — | ||||||||||||
Government issued securities | 161,131 | 101,083 | 60,048 | — | ||||||||||||
Mutual funds | ||||||||||||||||
Equity funds | 192,293 | 191,301 | 992 | — | ||||||||||||
Fixed income funds | 223,662 | 189,375 | 34,287 | — | ||||||||||||
Common/Collective trusts | ||||||||||||||||
Equity funds | 695,195 | 85,461 | 609,734 | — | ||||||||||||
Fixed income funds | 1,069,207 | 48,649 | 1,020,558 | — | ||||||||||||
Limited Partnerships | 289,013 | 777 | 288,236 | — | ||||||||||||
Miscellaneous | 20,701 | — | 20,701 | — | ||||||||||||
Total at June 30, 2014 | $ | 3,499,274 | $ | 1,330,905 | $ | 2,168,369 | $ | — | ||||||||
Total | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 65,170 | $ | 64,208 | $ | 962 | $ | — | ||||||||
Equity securities | ||||||||||||||||
U.S. based companies | 366,692 | 366,692 | — | — | ||||||||||||
Non-U.S. based companies | 223,764 | 223,764 | — | — | ||||||||||||
Fixed income securities | ||||||||||||||||
Corporate bonds | 191,266 | 80,959 | 110,307 | — | ||||||||||||
Government issued securities | 108,212 | 57,278 | 50,934 | — | ||||||||||||
Mutual funds | ||||||||||||||||
Equity funds | 334,370 | 333,695 | 675 | — | ||||||||||||
Fixed income funds | 57,109 | 32,926 | 24,183 | — | ||||||||||||
Common/Collective trusts | ||||||||||||||||
Equity funds | 826,654 | 2,743 | 823,911 | — | ||||||||||||
Fixed income funds | 587,023 | 2,979 | 584,044 | — | ||||||||||||
Limited Partnerships | 302,913 | — | 302,913 | — | ||||||||||||
Miscellaneous | 33,443 | 772 | 32,671 | — | ||||||||||||
Total at June 30, 2013 | $ | 3,096,616 | $ | 1,166,016 | $ | 1,930,600 | $ | — | ||||||||
Cash and cash equivalents, which include repurchase agreements and other short-term investments, are valued at cost, which approximates fair value. | ||||||||||||||||
Equity securities are valued at the closing price reported on the active market on which the individual securities are traded. U.S. based companies include Company stock with a fair value of $167,157 as of June 30, 2014 and $126,834 as of June 30, 2013. | ||||||||||||||||
Fixed income securities are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. | ||||||||||||||||
Mutual funds are valued using both the closing market price reported on the active market on which the fund is traded and market observable inputs for similar assets that are traded on an active market and primarily consist of equity and fixed income funds. The equity funds primarily provide exposure to U.S. and international equities, real estate and commodities. The fixed income funds primarily provide exposure to high-yield securities and emerging market fixed income instruments. | ||||||||||||||||
Common/Collective trusts primarily consist of equity and fixed income funds and are valued using a net asset value per share. Common/Collective trust investments can be redeemed daily and without restriction. Redemption of the entire investment balance generally requires a 30-day notice period. The equity funds provide exposure to large, mid and small cap U.S. equities, international large and small cap equities and emerging market equities. The fixed income funds provide exposure to U.S., international and emerging market debt securities. | ||||||||||||||||
Limited Partnerships primarily consist of hedge funds valued using a net asset value per share and provide exposure to a variety of hedging strategies including long/short equity, relative value, event driven and global macro. Limited Partnership investments can be redeemed daily and without restriction. Redemption of the entire investment balance generally requires a 30-day notice period. | ||||||||||||||||
Miscellaneous primarily includes real estate funds, insurance contracts held in the asset portfolio of the Company's non-U.S. defined benefit pension plans, and net payables for securities purchased but not settled in the asset portfolio of the Company's U.S. defined benefit pension plans. Insurance contracts are valued at the present value of future cash flows promised under the terms of the insurance contracts. | ||||||||||||||||
The primary investment objective of equity securities and equity funds, within both the mutual fund and common/collective trust asset class, is to obtain capital appreciation in an amount that at least equals various market-based benchmarks. The primary investment objective of fixed income securities and fixed income funds, within both the mutual fund and common/collective trust asset class, is to provide for a constant stream of income while preserving capital. The primary investment objective of limited partnerships is to achieve capital appreciation through an investment program focused on specialized investment strategies. The primary investment objective of insurance contracts, included in the miscellaneous asset class, is to provide a stable rate of return over a specified period of time. | ||||||||||||||||
Employee Savings Plan - The Company sponsors an employee stock ownership plan (ESOP) as part of its existing savings and investment 401(k) plan. The ESOP is available to eligible domestic employees. Company stock is used to match contributions made by employees to the ESOP up to a maximum of 4.0 percent of an employee's annual compensation. Company contributions to the ESOP are generally made in the form of cash and are recorded as compensation expense. | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Shares held by ESOP | 8,944,697 | 9,686,238 | 10,216,738 | |||||||||||||
Company contributions to ESOP | $ | 63,441 | $ | 61,067 | $ | 58,067 | ||||||||||
In addition to shares within the ESOP, as of June 30, 2014, employees have elected to invest in 2,510,535 shares of common stock within a company stock fund of the savings and investment 401(k) plan. | ||||||||||||||||
The Company has a retirement income account (RIA) within the employee savings plan. The Company makes a contribution to the participant's RIA each year, the amount of which is based on the participant's age and years of service. Participants do not contribute to the RIA. The Company recognized $25,247, $22,046 and $19,372 in expense related to the RIA in 2014, 2013 and 2012, respectively. | ||||||||||||||||
Other Postretirement Benefits - The Company provides postretirement medical and life insurance benefits to certain retirees and eligible dependents. Most plans are contributory, with retiree contributions adjusted annually. The plans are unfunded and pay stated percentages of covered medically necessary expenses incurred by retirees, after subtracting payments by Medicare or other providers and after stated deductibles have been met. For most plans, the Company has established cost maximums to more effectively control future medical costs. The Company has reserved the right to change these benefit plans. | ||||||||||||||||
Certain employees are covered under benefit provisions that include prescription drug coverage for Medicare eligible retirees. The impact of the subsidy received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003 on the Company's other postretirement benefits was immaterial. | ||||||||||||||||
A summary of the Company's other postretirement benefit plans follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Benefit cost | ||||||||||||||||
Service cost | $ | 623 | $ | 825 | $ | 728 | ||||||||||
Interest cost | 2,971 | 2,826 | 3,482 | |||||||||||||
Net amortization and deferral | 884 | 1,279 | 480 | |||||||||||||
Net periodic benefit cost | $ | 4,478 | $ | 4,930 | $ | 4,690 | ||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 75,544 | $ | 83,654 | ||||||||||||
Service cost | 623 | 825 | ||||||||||||||
Interest cost | 2,971 | 2,826 | ||||||||||||||
Actuarial loss (gain) | 1,963 | (6,752 | ) | |||||||||||||
Benefits paid | (4,894 | ) | (5,009 | ) | ||||||||||||
Benefit obligation at end of year | $ | 76,207 | $ | 75,544 | ||||||||||||
Funded status | $ | (76,207 | ) | $ | (75,544 | ) | ||||||||||
Amounts recognized on the Consolidated Balance Sheet | ||||||||||||||||
Other accrued liabilities | $ | (5,874 | ) | $ | (6,068 | ) | ||||||||||
Pensions and other postretirement benefits | (70,333 | ) | (69,476 | ) | ||||||||||||
Net amount recognized | $ | (76,207 | ) | $ | (75,544 | ) | ||||||||||
Amounts recognized in Accumulated Other Comprehensive (Loss) | ||||||||||||||||
Net actuarial loss | $ | 14,074 | $ | 13,115 | ||||||||||||
Prior service (credit) | (797 | ) | (920 | ) | ||||||||||||
Net amount recognized | $ | 13,277 | $ | 12,195 | ||||||||||||
The presentation of the amounts recognized on the Consolidated Balance Sheet and in accumulated other comprehensive (loss) is on a debit (credit) basis and is before the effect of income taxes. The amount of net actuarial loss and prior service (credit) that will be amortized from accumulated other comprehensive (loss) into net periodic postretirement cost in 2015 is $1,141 and $(121), respectively. | ||||||||||||||||
The assumptions used to measure the net periodic benefit cost for postretirement benefit obligations are: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.1 | % | 3.62 | % | 5 | % | ||||||||||
Current medical cost trend rate | 7.75 | % | 8 | % | 8 | % | ||||||||||
Ultimate medical cost trend rate | 5 | % | 5 | % | 5 | % | ||||||||||
Medical cost trend rate decreases to ultimate in year | 2021 | 2019 | 2019 | |||||||||||||
The discount rate assumption used to measure the benefit obligation was 3.74 percent in 2014 and 4.1 percent in 2013. | ||||||||||||||||
Estimated future benefit payments for other postretirement benefits in the five years ending June 30, 2015 through 2019 are $5,903, $5,991, $6,076, $6,044 and $5,672, respectively, and $24,941 in the aggregate for the five years ending June 30, 2020 through June 30, 2024. | ||||||||||||||||
A one percentage point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||
Effect on total of service and interest cost components | $ | 83 | $ | (72 | ) | |||||||||||
Effect on postretirement benefit obligation | 2,011 | (1,753 | ) | |||||||||||||
Other - The Company has established nonqualified deferred compensation programs, which permit officers, directors and certain management employees annually to elect to defer a portion of their compensation, on a pre-tax basis, until their retirement. The retirement benefit to be provided is based on the amount of compensation deferred, Company matching contributions, and earnings on the deferrals. During 2014, 2013 and 2012, the Company recorded expense relating to deferred compensation of $24,549, $19,182 and $4,499, respectively. | ||||||||||||||||
The Company has invested in corporate-owned life insurance policies to assist in meeting the obligation under these programs. The policies are held in a rabbi trust and are recorded as assets of the Company. |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock Incentive Plans | ' | ||||||||||||
Stock Incentive Plans | |||||||||||||
The Company's 2009 Omnibus Stock Incentive Plan provides for the granting of share-based incentive awards in the form of nonqualified stock options, stock appreciation rights (SARs), restricted stock units (RSUs) and restricted and unrestricted stock to officers and key employees of the Company. The aggregate number of shares authorized for issuance under the 2009 Omnibus Stock Incentive Plan is 14,700,000. The Company satisfies share-based incentive award obligations by issuing shares of common stock out of treasury, which have been repurchased pursuant to the Company's share repurchase program described in Note 11 to the Consolidated Financial Statements, or through the issuance of previously unissued common stock. | |||||||||||||
Stock Options/SARs - Stock options allow the participant to purchase shares of common stock at a price not less than 100 percent of the fair market value of the stock on the date of grant. Upon exercise, SARs entitle the participant to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date. Stock options and SARs are exercisable from one to three years after the date of grant and expire no more than 10 years after grant. | |||||||||||||
The fair value of each stock option and SAR award granted in 2014, 2013 and 2012 was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.55 | % | 0.8 | % | 0.9 | % | |||||||
Expected life of award | 5.1 yrs | 4.9 yrs | 5.2 yrs | ||||||||||
Expected dividend yield of stock | 1.9 | % | 1.7 | % | 1.6 | % | |||||||
Expected volatility of stock | 39.1 | % | 39 | % | 37.3 | % | |||||||
Weighted-average fair value | $ | 32.57 | $ | 24.76 | $ | 20.3 | |||||||
The risk-free interest rate was based on U.S. Treasury yields with a term similar to the expected life of the award. The expected life of the award was derived by referring to actual exercise and post-vesting employment termination experience. The expected dividend yield was based on the Company's historical dividend rate and stock price over a period similar to the expected life of the award. The expected volatility of stock was derived by referring to changes in the Company's historical common stock prices over a time-frame similar to the expected life of the award. | |||||||||||||
Stock option and SAR activity during 2014 is as follows (aggregate intrinsic value in millions): | |||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
Outstanding June 30, 2013 | 9,435,173 | $ | 63.48 | ||||||||||
Granted | 1,478,731 | 107.53 | |||||||||||
Exercised | (2,664,061 | ) | 56.43 | ||||||||||
Canceled | (41,144 | ) | 69.36 | ||||||||||
Outstanding June 30, 2014 | 8,208,699 | $ | 72.87 | 5.3 years | $ | 434 | |||||||
Exercisable June 30, 2014 | 5,723,728 | $ | 63.1 | 4.1 years | $ | 358.5 | |||||||
A summary of the status and changes of shares subject to stock option and SAR awards and the related average price per share follows: | |||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Nonvested June 30, 2013 | 2,933,202 | $ | 22.91 | ||||||||||
Granted | 1,478,731 | 32.57 | |||||||||||
Vested | (1,885,703 | ) | 22.47 | ||||||||||
Canceled | (41,259 | ) | 29.47 | ||||||||||
Nonvested June 30, 2014 | 2,484,971 | $ | 28.89 | ||||||||||
At June 30, 2014, $20,602 of expense with respect to nonvested stock option and SAR awards has yet to be recognized and will be amortized into expense over a weighted-average period of approximately 17 months. The total fair value of shares vested during 2014, 2013 and 2012 was $42,363, $29,777 and $37,885, respectively. | |||||||||||||
Information related to stock options and SAR awards exercised during 2014, 2013 and 2012 is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net cash proceeds | $ | 8,013 | $ | 32,204 | $ | 10,599 | |||||||
Intrinsic value | 155,903 | 208,426 | 57,567 | ||||||||||
Income tax benefit | 37,993 | 47,659 | 14,008 | ||||||||||
During 2014, 2013 and 2012, the Company recognized stock-based compensation expense of $49,998, $33,018 and $26,585, respectively, relating to stock option and SAR awards. The Company derives a tax deduction measured by the excess of the market value over the grant price at the date stock-based awards are exercised. The related tax benefit is credited to additional capital as the Company is currently in a windfall tax benefit position. | |||||||||||||
Shares surrendered upon exercise of stock options and SARs: 2014 - 775,163; 2013 - 1,947,148; 2012 - 321,266. | |||||||||||||
RSUs - RSUs constitute an agreement to deliver shares of common stock to the participant at the end of a vesting period. Generally, the RSUs vest and the underlying stock is issued ratably over a three-year graded vesting period. Unvested RSUs may not be transferred and do not have dividend or voting rights. For each unvested RSU, recipients are entitled to receive a dividend equivalent, payable in cash or common shares, equal to the cash dividend per share paid to common shareholders. | |||||||||||||
The fair value of each RSU award granted in 2014, 2013 and 2012 was based on the fair market value of the Company's common stock on the date of grant. A summary of the status and changes of shares subject to RSU awards and the related average price per share follows: | |||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Nonvested June 30, 2013 | 466,241 | $ | 73.55 | ||||||||||
Granted | 282,565 | 106.15 | |||||||||||
Vested | (259,307 | ) | 69.44 | ||||||||||
Canceled | (17,969 | ) | 93.42 | ||||||||||
Nonvested June 30, 2014 | 471,530 | $ | 94.59 | ||||||||||
During 2014, 2013 and 2012, the Company recognized stock-based compensation expense of $21,475, $17,852 and $12,393 respectively, relating to RSU awards. At June 30, 2014, $18,615 of expense with respect to nonvested RSU awards has yet to be recognized and will be amortized into expense over a weighted-average period of approximately 21 months. The total fair value of RSU awards vested during 2014, 2013 and 2012 was $18,007, $12,488 and $8,642, respectively. The Company recognized a tax benefit of $2,509, $976 and $1,673 relating to the issuance of common stock for RSU awards that vested during 2014, 2013 and 2012, respectively. | |||||||||||||
LTIP/Restricted Stock - The Company's Long Term Incentive Plans (LTIP) provide for the issuance of unrestricted stock to certain officers and key employees based on the attainment of certain goals relating to the Company's revenue growth, earnings per share growth and return on invested capital during the 3-year performance period. No dividends or dividend equivalents are paid on unearned shares. For awards granted prior to the 2010-11-12 LTIP, restricted stock was earned and awarded, and an estimated value was accrued, based upon attainment of criteria specified in the LTIP over the cumulative years of each 3-year plan. The shares of restricted stock issued to plan participants after the end of the performance period are entitled to cash dividends and to vote their respective shares, but transferability of the restricted stock is restricted for 3 years following issuance. | |||||||||||||
Stock issued for LTIP | 2014 | 2013 | 2012 | ||||||||||
LTIP 3-year plan | 12/13/11 | 11/12/10 | 10/11/09 | ||||||||||
Number of shares issued | 298,813 | 792,428 | 243,266 | ||||||||||
Average share value on date of issuance | $ | 126.17 | $ | 83.64 | $ | 69.1 | |||||||
Total value | $ | 37,701 | $ | 66,278 | $ | 16,810 | |||||||
Under the Company's 2012-13-14 LTIP, a payout of unrestricted stock will be issued in April 2015. | |||||||||||||
The fair value of each LTIP award granted in 2014, 2013 and 2012 was based on the fair market value of the Company's common stock on the date of grant. A summary of the status and changes of shares relating to the LTIP and the related average price per share follows: | |||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Nonvested June 30, 2013 | 1,001,393 | $ | 83.59 | ||||||||||
Granted | 305,247 | 113.07 | |||||||||||
Vested | (375,176 | ) | 79.86 | ||||||||||
Canceled | (11,368 | ) | 89.18 | ||||||||||
Nonvested June 30, 2014 | 920,096 | $ | 94.83 | ||||||||||
During 2014, 2013 and 2012, the Company recorded stock-based compensation expense of $31,688, $34,127 and $41,886, respectively, relating to the LTIP. | |||||||||||||
Shares surrendered in connection with the LTIP: 2014 - 140,406; 2013 - 311,110; 2012 - 76,427. | |||||||||||||
In 2014, 2013 and 2012, 12,353, 14,580 and 15,010 restricted shares, respectively, were issued to certain non-employee members of the Board of Directors. Transferability of these shares is restricted for one to three years following issuance. These shares vest ratably, on an annual basis, over the term of office of the director. The fair value of the restricted shares issued in 2014, 2013, and 2012 was based on the fair market value of the Company's common stock on the date of grant. During 2014, 2013 and 2012, the Company recognized expense of $1,304, $1,137, and $1,200, respectively, related to restricted shares. | |||||||||||||
During 2014, 2013 and 2012, the Company recognized a tax (cost) benefit of $(6,770), $17,395, and $426, respectively, relating to the LTIP and restricted shares issued to non-employee members of the Board of Directors. | |||||||||||||
At June 30, 2014, the Company had approximately 14 million common shares reserved for issuance in connection with its stock incentive plans. |
Research_and_Development
Research and Development | 12 Months Ended |
Jun. 30, 2014 | |
Research and Development [Abstract] | ' |
Research and Development | ' |
Research and Development | |
Research and development costs amounted to $410,132 in 2014, $406,613 in 2013 and $365,703 in 2012. These amounts include both costs incurred by the Company related to independent research and development initiatives as well as costs incurred in connection with research and development contracts. Costs incurred in connection with research and development contracts amounted to $55,916 in 2014, $58,916 in 2013 and $43,658 in 2012. These costs are included in the total research and development cost for each of the respective years. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Financial Instruments | ' | |||||||||||
Financial Instruments | ||||||||||||
The Company's financial instruments consist primarily of cash and cash equivalents, marketable securities and other short-term investments, 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, marketable securities and other short-term investments, 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) at June 30 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Carrying value of long-term debt (excluding capital leases) | $ | 1,508,420 | $ | 1,498,025 | ||||||||
Estimated fair value of long-term debt (excluding capital leases) | 1,708,723 | 1,654,886 | ||||||||||
The fair value of long-term debt was estimated using discounted cash flow analyses 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. | ||||||||||||
The Company's Euro bonds and Japanese Yen credit facility have 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 income (loss) and remains there until the underlying net investment is sold or substantially liquidated. | ||||||||||||
Derivative financial instruments are recognized on the 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. | ||||||||||||
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 income (loss) in the Consolidated Balance Sheet until the hedged item is recognized in earnings. | ||||||||||||
The location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: | ||||||||||||
Balance Sheet Caption | 2014 | 2013 | ||||||||||
Net investment hedges | ||||||||||||
Cross-currency swap contracts | Other liabilities | $ | 45,790 | $ | 22,438 | |||||||
Cash flow hedges | ||||||||||||
Costless collar contracts | Non-trade and notes receivable | 3,508 | 1,422 | |||||||||
Forward exchange contracts | Non-trade and notes receivable | (41 | ) | 41 | ||||||||
Costless collar contracts | Other accrued liabilities | 378 | 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 June 30, 2014 and 2013 are classified within Level 2 of the fair value hierarchy. There are no other financial assets or 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. | ||||||||||||
The cross-currency swap contracts have been designated as hedging instruments. The forward exchange and costless collar 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Forward exchange contracts | $ | (81 | ) | $ | (1,821 | ) | $ | (4,156 | ) | |||
Costless collar contracts | 7,052 | 502 | 5,111 | |||||||||
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: | ||||||||||||
2014 | 2013 | |||||||||||
Cross-currency swap contracts | $ | (14,426 | ) | $ | (12,622 | ) | ||||||
Foreign denominated debt | 7,611 | 4,743 | ||||||||||
There was no ineffectiveness of the cross-currency swap contracts or foreign denominated debt, nor were any portion of these financial instruments excluded from the effectiveness testing, during 2014, 2013 and 2012. |
Contingencies
Contingencies | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
The Company is involved in various litigation matters arising in the normal course of business, including proceedings based on product liability claims, workers' compensation claims and alleged violations of various environmental laws. The Company is self-insured in the United States for health care, workers' compensation, general liability and product liability up to predetermined amounts, above which third party insurance applies. Management regularly reviews the probable outcome of these proceedings, the expenses expected to be incurred, the availability and limits of the insurance coverage, and the established accruals for liabilities. While the outcome of pending proceedings cannot be predicted with certainty, management believes that any liabilities that may result from these proceedings will not have a material adverse effect on the Company's liquidity, financial condition or results of operations. | |
Environmental - The Company is currently responsible for environmental remediation at various manufacturing facilities presently or formerly operated by the Company and has been named as a “potentially responsible party,” along with other companies, at off-site waste disposal facilities and regional sites. | |
As of June 30, 2014, the Company had an accrual of $13,625 for environmental matters, which are probable and reasonably estimable. The accrual is recorded based upon the best estimate of costs to be incurred in light of the progress made in determining the magnitude of remediation costs, the timing and extent of remedial actions required by governmental authorities and the amount of the Company's liability in proportion to other responsible parties. | |
The Company's estimated total liability for environmental matters ranges from a minimum of $13.6 million to a maximum of $82.7 million. The largest range for any one site is approximately $14.6 million. The actual costs to be incurred by the Company will be dependent on final determination of contamination and required remedial action, negotiations with governmental authorities with respect to cleanup levels, changes in regulatory requirements, innovations in investigatory and remedial technologies, effectiveness of remedial technologies employed, the ability of other responsible parties to pay, and any insurance or other third-party recoveries. |
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Information (Unaudited) | ' | ||||||||||||||||||||
Quarterly Information (Unaudited) | |||||||||||||||||||||
2014 | 1st | 2nd | 3rd | 4th | Total | ||||||||||||||||
Net sales | $ | 3,226,144 | $ | 3,106,006 | $ | 3,358,406 | $ | 3,525,415 | $ | 13,215,971 | |||||||||||
Gross profit | 749,735 | 686,035 | 752,513 | 839,461 | 3,027,744 | ||||||||||||||||
Net income attributable to common shareholders | 244,316 | 253,288 | 242,406 | 301,038 | 1,041,048 | ||||||||||||||||
Diluted earnings per share | 1.61 | 1.66 | 1.6 | 1.98 | 6.87 | ||||||||||||||||
2013 | 1st | 2nd | 3rd | 4th | Total | ||||||||||||||||
Net sales | $ | 3,214,935 | $ | 3,065,495 | $ | 3,307,041 | $ | 3,428,233 | $ | 13,015,704 | |||||||||||
Gross profit | 737,488 | 643,523 | 737,852 | 810,166 | 2,929,029 | ||||||||||||||||
Net income attributable to common shareholders | 239,741 | 180,962 | 256,560 | 271,164 | 948,427 | ||||||||||||||||
Diluted earnings per share | 1.57 | 1.19 | 1.68 | 1.78 | 6.26 | ||||||||||||||||
Earnings per share amounts are computed independently for each of the quarters presented, therefore, the sum of the quarterly earnings per share amounts may not equal the total computed for the year. |
Stock_Prices_and_Dividends_Una
Stock Prices and Dividends (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Stock Prices and Dividends [Abstract] | ' | ||||||||||||||||||||
Stock Prices and Dividends (Unaudited) | ' | ||||||||||||||||||||
Stock Prices and Dividends (Unaudited) | |||||||||||||||||||||
(In dollars) | 1st | 2nd | 3rd | 4th | Fiscal Year | ||||||||||||||||
2014 | High | $ | 110.21 | $ | 129.77 | $ | 129.4 | $ | 130.44 | $ | 130.44 | ||||||||||
Low | 94.81 | 103.36 | 108.66 | 118.46 | 94.81 | ||||||||||||||||
Dividends | 0.45 | 0.45 | 0.48 | 0.48 | 1.86 | ||||||||||||||||
2013 | High | $ | 87.71 | $ | 87.04 | $ | 98.15 | $ | 101.88 | $ | 101.88 | ||||||||||
Low | 70.42 | 75.8 | 86.51 | 84.5 | 70.42 | ||||||||||||||||
Dividends | 0.41 | 0.41 | 0.43 | 0.45 | 1.7 | ||||||||||||||||
2012 | High | $ | 92.01 | $ | 85.84 | $ | 91.47 | $ | 89.45 | $ | 92.01 | ||||||||||
Low | 60.36 | 59.26 | 76.92 | 71.9 | 59.26 | ||||||||||||||||
Dividends | 0.37 | 0.37 | 0.39 | 0.41 | 1.54 | ||||||||||||||||
Common Stock Listing: New York Stock Exchange, Stock Symbol PH |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies | ' | ||||||||
Significant Accounting Policies | |||||||||
The significant accounting policies followed in the preparation of the accompanying consolidated financial statements are summarized below. | |||||||||
Nature of Operations - The Company is a leading worldwide diversified manufacturer of motion and control technologies and systems, providing precision engineered solutions for a wide variety of mobile, industrial and aerospace markets. The Company evaluates performance based on segment operating income before corporate and administrative expenses, interest expense and income taxes. | |||||||||
The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment. Diversified Industrial Segment products are marketed primarily through field sales employees and independent distributors. The Diversified Industrial North American operations have manufacturing plants and distribution networks throughout the United States, Canada and Mexico and primarily service North America. The Diversified Industrial International operations provide Parker products and services to 47 countries throughout Europe, Asia Pacific, Latin America, the Middle East and Africa. | |||||||||
The Aerospace Systems Segment produces hydraulic, fuel, pneumatic and electro-mechanical systems and components, which are utilized on virtually every domestic commercial, military and general aviation aircraft and also performs a vital role in naval vessels and land-based weapons systems. This Segment serves original equipment and maintenance, repair and overhaul customers worldwide. Aerospace Systems Segment products are marketed by field sales employees and are sold directly to manufacturers and end users. | |||||||||
See the table of Business Segment Information “By Industry” and “By Geographic Area” on pages 13-15 and 13-16 for further disclosure of business segment information. | |||||||||
There are no individual customers to whom sales are more than three percent of the Company's consolidated sales. Due to the diverse group of customers throughout the world the Company does not consider itself exposed to any concentration of credit risks. | |||||||||
The Company manufactures and markets its products throughout the world. Although certain risks and uncertainties exist, the diversity and breadth of the Company's products and geographic operations mitigate the risk that adverse changes with respect to any particular product and geographic operation would materially affect the Company's operating results. | |||||||||
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
Basis of Consolidation - The consolidated financial statements include the accounts of all majority-owned domestic and foreign subsidiaries. All intercompany transactions and profits have been eliminated in the consolidated financial statements. The Company does not have off-balance sheet arrangements. Within the Business Segment Information, intersegment and interarea sales have been eliminated. | |||||||||
Revenue Recognition - Revenue is recognized when persuasive evidence of an arrangement exists, product has shipped and the risks and rewards of ownership have transferred or services have been rendered, the price to the customer is fixed and determinable and collectibility is reasonably assured, which is generally at the time the product is shipped. Shipping and handling costs billed to customers are included in net sales and the related costs in cost of sales. | |||||||||
Long-term Contracts - The Company enters into long-term contracts primarily for the production of aerospace products. For financial statement purposes, revenues are primarily recognized using the percentage-of-completion method. The extent of progress toward completion is primarily measured using the units-of-delivery method. Unbilled costs on these contracts are included in inventory. Progress payments are netted against the inventory balances. The Company estimates costs to complete long-term contracts for purposes of evaluating and establishing contract reserves. Adjustments to cost estimates are made on a consistent basis and a contract reserve is established when the estimated costs to complete a contract exceed the expected contract revenues. | |||||||||
Cash - Cash equivalents consist of short-term highly liquid investments, with a three-month or less maturity, carried at cost plus accrued interest, which are readily convertible into cash. | |||||||||
Marketable Securities - Consist of short-term highly liquid investments, with stated maturities of greater than three months from the date of purchase, carried at cost plus accrued interest. | |||||||||
Trade Accounts Receivable, net - Trade accounts receivable 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. Allowance for doubtful accounts was $16,040 and $14,824 at June 30, 2014 and June 30, 2013, respectively. | |||||||||
Non-Trade and Notes Receivable - The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
June 30, | 2014 | 2013 | |||||||
Notes receivable | $ | 117,400 | $ | 111,531 | |||||
Reverse repurchase agreements | 54,772 | — | |||||||
Accounts receivable, other | 216,265 | 110,394 | |||||||
Total | $ | 388,437 | $ | 221,925 | |||||
Reverse repurchase agreements are collateralized lending arrangements and have a maturity longer than three months from the date of purchase. The Company does not record an asset or liability for the collateral associated with the reverse repurchase agreements. | |||||||||
Plant, Equipment and Depreciation - Plant and equipment are recorded at cost and are depreciated principally using the straight-line method for financial reporting purposes. Depreciation rates are based on estimated useful lives of the assets, generally 40 years for buildings, 15 years for land improvements and building equipment, seven to 10 years for machinery and equipment, and three to eight years for vehicles and office equipment. Improvements, which extend the useful life of property, are capitalized, and maintenance and repairs are expensed. The Company reviews plant and equipment for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. When plant and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the appropriate accounts and any gain or loss is included in current income. | |||||||||
The plant and equipment caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
June 30, | 2014 | 2013 | |||||||
Land and land improvements | $ | 326,008 | $ | 316,360 | |||||
Buildings and building equipment | 1,535,634 | 1,431,358 | |||||||
Machinery and equipment | 3,210,172 | 3,131,077 | |||||||
Construction in progress | 80,777 | 120,506 | |||||||
Total | $ | 5,152,591 | $ | 4,999,301 | |||||
Investments and Other Assets - Investments in joint-venture companies in which ownership is 50 percent or less and in which the Company does not have operating control are stated at cost plus the Company's equity in undistributed earnings and amounted to $324,610 and $61,117 at June 30, 2014 and June 30, 2013, respectively. The Company's share of earnings from these investments were immaterial to the Company's results of operations. | |||||||||
Goodwill - The Company conducts a formal impairment test of goodwill on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. | |||||||||
Intangible Assets - Intangible assets primarily include patents, trademarks and customer lists and are recorded at cost and amortized on a straight-line method. Patents are amortized over the shorter of their remaining useful or legal life. Trademarks are amortized over the estimated time period over which an economic benefit is expected to be received. Customer lists are amortized over a period based on anticipated customer attrition rates. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. | |||||||||
Income Taxes - Income taxes are provided based upon income for financial reporting purposes. Deferred income taxes arise from temporary differences in the recognition of income and expense for tax purposes. Tax credits and similar tax incentives are applied to reduce the provision for income taxes in the year in which the credits arise. The Company recognizes accrued interest related to unrecognized tax benefits in income tax expense. Penalties, if incurred, are recognized in income tax expense. | |||||||||
Product Warranty - In the ordinary course of business the Company warrants its products against defect in design, materials and workmanship over various time periods. The warranty accrual at June 30, 2014 and 2013 is immaterial to the financial position of the Company and the change in the accrual during 2014, 2013 and 2012 was immaterial to the Company's results of operations and cash flows. | |||||||||
Foreign Currency Translation - Assets and liabilities of foreign subsidiaries are translated at current exchange rates, and income and expenses are translated using weighted-average exchange rates. The effects of these translation adjustments, as well as gains and losses from certain intercompany transactions, are reported in the accumulated other comprehensive (loss) component of shareholders' equity. Such adjustments will affect net income only upon sale or liquidation of the underlying foreign investments, which is not contemplated at this time. Exchange gains and losses from transactions in a currency other than the local currency of the entity involved, and translation adjustments in countries with highly inflationary economies, are included in net income. | |||||||||
Subsequent Events - The Company has evaluated subsequent events that have occurred through the date of filing of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2014. No subsequent events occurred that required adjustment to or disclosure in these financial statements. | |||||||||
Recent Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board issued Accounting (FASB) Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including, identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company has not yet determined the effect that ASU 2014-09 will have on its results of operations, statement of financial position, or financial statement disclosures. | |||||||||
Nature of Operations | ' | ||||||||
Nature of Operations - The Company is a leading worldwide diversified manufacturer of motion and control technologies and systems, providing precision engineered solutions for a wide variety of mobile, industrial and aerospace markets. The Company evaluates performance based on segment operating income before corporate and administrative expenses, interest expense and income taxes. | |||||||||
The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment. Diversified Industrial Segment products are marketed primarily through field sales employees and independent distributors. The Diversified Industrial North American operations have manufacturing plants and distribution networks throughout the United States, Canada and Mexico and primarily service North America. The Diversified Industrial International operations provide Parker products and services to 47 countries throughout Europe, Asia Pacific, Latin America, the Middle East and Africa. | |||||||||
The Aerospace Systems Segment produces hydraulic, fuel, pneumatic and electro-mechanical systems and components, which are utilized on virtually every domestic commercial, military and general aviation aircraft and also performs a vital role in naval vessels and land-based weapons systems. This Segment serves original equipment and maintenance, repair and overhaul customers worldwide. Aerospace Systems Segment products are marketed by field sales employees and are sold directly to manufacturers and end users. | |||||||||
See the table of Business Segment Information “By Industry” and “By Geographic Area” on pages 13-15 and 13-16 for further disclosure of business segment information. | |||||||||
There are no individual customers to whom sales are more than three percent of the Company's consolidated sales. Due to the diverse group of customers throughout the world the Company does not consider itself exposed to any concentration of credit risks. | |||||||||
The Company manufactures and markets its products throughout the world. Although certain risks and uncertainties exist, the diversity and breadth of the Company's products and geographic operations mitigate the risk that adverse changes with respect to any particular product and geographic operation would materially affect the Company's operating results. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
Basis of Consolidation | ' | ||||||||
Basis of Consolidation - The consolidated financial statements include the accounts of all majority-owned domestic and foreign subsidiaries. All intercompany transactions and profits have been eliminated in the consolidated financial statements. The Company does not have off-balance sheet arrangements. Within the Business Segment Information, intersegment and interarea sales have been eliminated. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition - Revenue is recognized when persuasive evidence of an arrangement exists, product has shipped and the risks and rewards of ownership have transferred or services have been rendered, the price to the customer is fixed and determinable and collectibility is reasonably assured, which is generally at the time the product is shipped. Shipping and handling costs billed to customers are included in net sales and the related costs in cost of sales. | |||||||||
Long-term Contracts | ' | ||||||||
Long-term Contracts - The Company enters into long-term contracts primarily for the production of aerospace products. For financial statement purposes, revenues are primarily recognized using the percentage-of-completion method. The extent of progress toward completion is primarily measured using the units-of-delivery method. Unbilled costs on these contracts are included in inventory. Progress payments are netted against the inventory balances. The Company estimates costs to complete long-term contracts for purposes of evaluating and establishing contract reserves. Adjustments to cost estimates are made on a consistent basis and a contract reserve is established when the estimated costs to complete a contract exceed the expected contract revenues. | |||||||||
Cash | ' | ||||||||
Cash - Cash equivalents consist of short-term highly liquid investments, with a three-month or less maturity, carried at cost plus accrued interest, which are readily convertible into cash. | |||||||||
Marketable Securities | ' | ||||||||
Marketable Securities - Consist of short-term highly liquid investments, with stated maturities of greater than three months from the date of purchase, carried at cost plus accrued interest. | |||||||||
Trade Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||
Trade Accounts Receivable, net - Trade accounts receivable 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. Allowance for doubtful accounts was $16,040 and $14,824 at June 30, 2014 and June 30, 2013, respectively. | |||||||||
Non-Trade and Notes Receivable | ' | ||||||||
Non-Trade and Notes Receivable - The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
June 30, | 2014 | 2013 | |||||||
Notes receivable | $ | 117,400 | $ | 111,531 | |||||
Reverse repurchase agreements | 54,772 | — | |||||||
Accounts receivable, other | 216,265 | 110,394 | |||||||
Total | $ | 388,437 | $ | 221,925 | |||||
Reverse repurchase agreements are collateralized lending arrangements and have a maturity longer than three months from the date of purchase. The Company does not record an asset or liability for the collateral associated with the reverse repurchase agreements. | |||||||||
Plant, Equipment and Depreciation | ' | ||||||||
Plant, Equipment and Depreciation - Plant and equipment are recorded at cost and are depreciated principally using the straight-line method for financial reporting purposes. Depreciation rates are based on estimated useful lives of the assets, generally 40 years for buildings, 15 years for land improvements and building equipment, seven to 10 years for machinery and equipment, and three to eight years for vehicles and office equipment. Improvements, which extend the useful life of property, are capitalized, and maintenance and repairs are expensed. The Company reviews plant and equipment for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. When plant and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the appropriate accounts and any gain or loss is included in current income. | |||||||||
The plant and equipment caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
June 30, | 2014 | 2013 | |||||||
Land and land improvements | $ | 326,008 | $ | 316,360 | |||||
Buildings and building equipment | 1,535,634 | 1,431,358 | |||||||
Machinery and equipment | 3,210,172 | 3,131,077 | |||||||
Construction in progress | 80,777 | 120,506 | |||||||
Total | $ | 5,152,591 | $ | 4,999,301 | |||||
Investments and Other Assets | ' | ||||||||
Investments and Other Assets - Investments in joint-venture companies in which ownership is 50 percent or less and in which the Company does not have operating control are stated at cost plus the Company's equity in undistributed earnings and amounted to $324,610 and $61,117 at June 30, 2014 and June 30, 2013, respectively. The Company's share of earnings from these investments were immaterial to the Company's results of operations. | |||||||||
Goodwill | ' | ||||||||
Goodwill - The Company conducts a formal impairment test of goodwill on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. | |||||||||
Intangible Assets | ' | ||||||||
Intangible Assets - Intangible assets primarily include patents, trademarks and customer lists and are recorded at cost and amortized on a straight-line method. Patents are amortized over the shorter of their remaining useful or legal life. Trademarks are amortized over the estimated time period over which an economic benefit is expected to be received. Customer lists are amortized over a period based on anticipated customer attrition rates. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes - Income taxes are provided based upon income for financial reporting purposes. Deferred income taxes arise from temporary differences in the recognition of income and expense for tax purposes. Tax credits and similar tax incentives are applied to reduce the provision for income taxes in the year in which the credits arise. The Company recognizes accrued interest related to unrecognized tax benefits in income tax expense. Penalties, if incurred, are recognized in income tax expense. | |||||||||
Product Warranty | ' | ||||||||
Product Warranty - In the ordinary course of business the Company warrants its products against defect in design, materials and workmanship over various time periods. The warranty accrual at June 30, 2014 and 2013 is immaterial to the financial position of the Company and the change in the accrual during 2014, 2013 and 2012 was immaterial to the Company's results of operations and cash flows. | |||||||||
Foreign Currency Translation | ' | ||||||||
Foreign Currency Translation - Assets and liabilities of foreign subsidiaries are translated at current exchange rates, and income and expenses are translated using weighted-average exchange rates. The effects of these translation adjustments, as well as gains and losses from certain intercompany transactions, are reported in the accumulated other comprehensive (loss) component of shareholders' equity. Such adjustments will affect net income only upon sale or liquidation of the underlying foreign investments, which is not contemplated at this time. Exchange gains and losses from transactions in a currency other than the local currency of the entity involved, and translation adjustments in countries with highly inflationary economies, are included in net income. | |||||||||
Subsequent Events | ' | ||||||||
Subsequent Events - The Company has evaluated subsequent events that have occurred through the date of filing of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2014. No subsequent events occurred that required adjustment to or disclosure in these financial statements. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board issued Accounting (FASB) Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including, identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company has not yet determined the effect that ASU 2014-09 will have on its results of operations, statement of financial position, or financial statement disclosures. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Assets: | ||||||||||||
Accounts receivable | $ | 954 | $ | 91,668 | $ | 24,833 | ||||||
Inventories | 2,184 | 93,915 | 29,102 | |||||||||
Prepaid expenses | 57 | 4,672 | 1,541 | |||||||||
Deferred income taxes | 189 | (1,713 | ) | 5,679 | ||||||||
Plant and equipment | 11,211 | 74,439 | 28,929 | |||||||||
Intangible and other assets | 5,646 | 280,001 | 59,576 | |||||||||
Goodwill | 3,195 | 317,879 | 68,144 | |||||||||
23,436 | 860,861 | 217,804 | ||||||||||
Liabilities and equity: | ||||||||||||
Notes payable | — | 11,920 | 1,887 | |||||||||
Accounts payable, trade | 915 | 46,596 | 7,189 | |||||||||
Accrued payrolls and other compensation | 263 | 12,099 | 3,672 | |||||||||
Accrued domestic and foreign taxes | 1 | 7,073 | 2,882 | |||||||||
Other accrued liabilities | 3,864 | 16,805 | 5,984 | |||||||||
Long-term debt | — | 102,122 | 4,365 | |||||||||
Pensions and other postretirement benefits | — | 2,125 | 11,396 | |||||||||
Deferred income taxes | — | 39,214 | 24,062 | |||||||||
Other liabilities | 800 | 689 | 111 | |||||||||
Noncontrolling interests | — | 1,074 | — | |||||||||
5,843 | 239,717 | 61,548 | ||||||||||
Net assets acquired | $ | 17,593 | $ | 621,144 | $ | 156,256 | ||||||
Charges_Related_to_Business_Re1
Charges Related to Business Realignment (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Schedule of Restructuring and Related Costs | ' | |||||||||||
The business realignment charges are presented in the Consolidated Statement of Income as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cost of sales | $ | 63,575 | $ | 8,354 | $ | 12,669 | ||||||
Selling, general and administrative expenses | 38,874 | 3,880 | 1,020 | |||||||||
(Gain) on disposal of assets | 1,331 | 1,918 | 632 | |||||||||
Business realignment charges by business segment are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Diversified Industrial | $ | 101,524 | $ | 12,234 | $ | 14,321 | ||||||
Aerospace Systems | 925 | — | — | |||||||||
Work force reductions by business segment are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Diversified Industrial | 1,581 | 725 | 521 | |||||||||
Aerospace Systems | 44 | — | — | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
Income before income taxes was derived from the following sources: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 1,115,010 | $ | 653,622 | $ | 810,150 | ||||||
Foreign | 441,710 | 657,379 | 766,548 | |||||||||
$ | 1,556,720 | $ | 1,311,001 | $ | 1,576,698 | |||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Income taxes include the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal | ||||||||||||
Current | $ | 377,404 | $ | 167,350 | $ | 255,991 | ||||||
Deferred | (45,643 | ) | 26,523 | (48,252 | ) | |||||||
Foreign | ||||||||||||
Current | 168,177 | 176,739 | 191,167 | |||||||||
Deferred | (28,016 | ) | (28,472 | ) | (29 | ) | ||||||
State and local | ||||||||||||
Current | 43,860 | 19,496 | 30,500 | |||||||||
Deferred | (480 | ) | 581 | (8,171 | ) | |||||||
$ | 515,302 | $ | 362,217 | $ | 421,206 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
A reconciliation of the Company's effective income tax rate to the statutory Federal rate follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State and local income taxes | 1.8 | 1 | 0.9 | |||||||||
Goodwill and intangible asset impairment | 4.5 | — | — | |||||||||
Tax related to international activities | (5.6 | ) | (5.8 | ) | (5.8 | ) | ||||||
Cash surrender value of life insurance | (0.9 | ) | (0.7 | ) | 0.1 | |||||||
Federal manufacturing deduction | (1.0 | ) | (1.0 | ) | (1.6 | ) | ||||||
Research tax credit | (0.3 | ) | (1.1 | ) | (0.4 | ) | ||||||
Other | (0.4 | ) | 0.2 | (1.5 | ) | |||||||
Effective income tax rate | 33.1 | % | 27.6 | % | 26.7 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The differences comprising the net deferred taxes shown on the Consolidated Balance Sheet at June 30 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Retirement benefits | $ | 550,034 | $ | 535,260 | ||||||||
Other liabilities and reserves | 128,848 | 113,257 | ||||||||||
Long-term contracts | 46,006 | 26,714 | ||||||||||
Stock-based incentive compensation | 64,267 | 59,274 | ||||||||||
Loss carryforwards | 340,676 | 286,180 | ||||||||||
Unrealized currency exchange gains and losses | 25,182 | 14,639 | ||||||||||
Inventory | 18,668 | 15,570 | ||||||||||
Foreign tax credit carryforward | 51,875 | 25,195 | ||||||||||
Depreciation and amortization | (571,107 | ) | (527,860 | ) | ||||||||
Valuation allowance | (348,837 | ) | (273,413 | ) | ||||||||
Net deferred tax asset | $ | 305,612 | $ | 274,816 | ||||||||
Change in net deferred tax asset: | ||||||||||||
Provision for deferred tax | $ | 74,139 | $ | 1,368 | ||||||||
Items of other comprehensive (loss) | (49,882 | ) | (194,746 | ) | ||||||||
Acquisitions and other | 6,539 | (81,067 | ) | |||||||||
Total change in net deferred tax | $ | 30,796 | $ | (274,445 | ) | |||||||
Summary of Income Tax Contingencies | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance July 1 | $ | 107,440 | $ | 109,735 | $ | 81,156 | ||||||
Additions for tax positions related to current year | 7,752 | 10,285 | 66,500 | |||||||||
Additions for tax positions of prior years | 55,136 | 10,719 | 11,047 | |||||||||
Reductions for tax positions of prior years | (1,359 | ) | (20,683 | ) | (23,456 | ) | ||||||
Reductions for settlements | (1,856 | ) | (4,266 | ) | (23,434 | ) | ||||||
Reductions for expiration of statute of limitations | (5,005 | ) | (437 | ) | (1,636 | ) | ||||||
Effect of foreign currency translation | 2,705 | 2,087 | (442 | ) | ||||||||
Balance June 30 | $ | 164,813 | $ | 107,440 | $ | 109,735 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||||||
The computation of net income per share was as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income attributable to common shareholders | $ | 1,041,048 | $ | 948,427 | $ | 1,151,823 | ||||||
Denominator: | ||||||||||||
Basic - weighted-average common shares | 149,099,448 | 149,218,257 | 151,222,033 | |||||||||
Increase in weighted-average common shares from dilutive effect of stock-based awards | 2,344,655 | 2,369,774 | 3,442,477 | |||||||||
Diluted - weighted-average common shares, assuming exercise of stock-based awards | 151,444,103 | 151,588,031 | 154,664,510 | |||||||||
Basic earnings per share | $ | 6.98 | $ | 6.36 | $ | 7.62 | ||||||
Diluted earnings per share | $ | 6.87 | $ | 6.26 | $ | 7.45 | ||||||
Inventories_Inventory_Detail_T
Inventories Inventory Detail (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory [Line Items] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
The inventories caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
June 30, | 2014 | 2013 | |||||||
Finished products | $ | 532,968 | $ | 531,897 | |||||
Work in process | 732,294 | 733,025 | |||||||
Raw materials | 106,419 | 112,483 | |||||||
Total | $ | 1,371,681 | $ | 1,377,405 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||
The changes in the carrying amount of goodwill are as follows: | ||||||||||||||||
Diversified Industrial Segment | Aerospace Systems Segment | Total | ||||||||||||||
Balance June 30, 2012 | $ | 2,827,182 | $ | 98,674 | $ | 2,925,856 | ||||||||||
Acquisitions | 316,857 | — | 316,857 | |||||||||||||
Divestitures | (20,105 | ) | — | (20,105 | ) | |||||||||||
Foreign currency translation and other | 1,241 | (334 | ) | 907 | ||||||||||||
Balance June 30, 2013 | $ | 3,125,175 | $ | 98,340 | $ | 3,223,515 | ||||||||||
Acquisitions | 3,195 | — | 3,195 | |||||||||||||
Impairment | (140,334 | ) | — | (140,334 | ) | |||||||||||
Foreign currency translation and other | 84,688 | 361 | 85,049 | |||||||||||||
Balance June 30, 2014 | $ | 3,072,724 | $ | 98,701 | $ | 3,171,425 | ||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||
The gross carrying value and accumulated amortization for each major category of intangible asset at June 30 are as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Patents | $ | 160,030 | $ | 86,708 | $ | 141,160 | $ | 75,175 | ||||||||
Trademarks | 391,268 | 174,114 | 386,619 | 148,319 | ||||||||||||
Customer lists and other | 1,481,560 | 583,754 | 1,468,243 | 482,029 | ||||||||||||
Total | $ | 2,032,858 | $ | 844,576 | $ | 1,996,022 | $ | 705,523 | ||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||
During 2014, the Company acquired intangible assets, either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average life as follows: | ||||||||||||||||
Purchase Price Allocation | Weighted-Average Life | |||||||||||||||
Patents | $ | 15,727 | 10 years | |||||||||||||
Trademarks | 160 | 5 years | ||||||||||||||
Customer lists and other | 6,686 | 11 years | ||||||||||||||
Total | $ | 22,573 | 10 years | |||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||
June 30, | 2014 | 2013 | |||||||
Domestic: | |||||||||
Fixed rate medium-term notes 3.50% to 6.55%, due 2018-2038 | $ | 1,175,000 | $ | 1,175,000 | |||||
Foreign: | |||||||||
Bank loans, including revolving credit 1% to 11.75%, due 2015 | 322 | 2,045 | |||||||
Euro bonds 4.125%, due 2016 | 273,860 | 260,200 | |||||||
Japanese Yen credit facility JPY Libor plus 55 bps, due 2017 | 59,220 | 60,540 | |||||||
Other long-term debt, including capitalized leases | 236 | 556 | |||||||
Total long-term debt | 1,508,638 | 1,498,341 | |||||||
Less long-term debt payable within one year | 496 | 2,381 | |||||||
Long-term debt, net | $ | 1,508,142 | $ | 1,495,960 | |||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
A summary of the Company's other postretirement benefit plans follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Benefit cost | ||||||||||||||||
Service cost | $ | 623 | $ | 825 | $ | 728 | ||||||||||
Interest cost | 2,971 | 2,826 | 3,482 | |||||||||||||
Net amortization and deferral | 884 | 1,279 | 480 | |||||||||||||
Net periodic benefit cost | $ | 4,478 | $ | 4,930 | $ | 4,690 | ||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 75,544 | $ | 83,654 | ||||||||||||
Service cost | 623 | 825 | ||||||||||||||
Interest cost | 2,971 | 2,826 | ||||||||||||||
Actuarial loss (gain) | 1,963 | (6,752 | ) | |||||||||||||
Benefits paid | (4,894 | ) | (5,009 | ) | ||||||||||||
Benefit obligation at end of year | $ | 76,207 | $ | 75,544 | ||||||||||||
Funded status | $ | (76,207 | ) | $ | (75,544 | ) | ||||||||||
Amounts recognized on the Consolidated Balance Sheet | ||||||||||||||||
Other accrued liabilities | $ | (5,874 | ) | $ | (6,068 | ) | ||||||||||
Pensions and other postretirement benefits | (70,333 | ) | (69,476 | ) | ||||||||||||
Net amount recognized | $ | (76,207 | ) | $ | (75,544 | ) | ||||||||||
Amounts recognized in Accumulated Other Comprehensive (Loss) | ||||||||||||||||
Net actuarial loss | $ | 14,074 | $ | 13,115 | ||||||||||||
Prior service (credit) | (797 | ) | (920 | ) | ||||||||||||
Net amount recognized | $ | 13,277 | $ | 12,195 | ||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||
The assumptions used to measure the net periodic benefit cost for postretirement benefit obligations are: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Discount rate | 4.1 | % | 3.62 | % | 5 | % | ||||||||||
Current medical cost trend rate | 7.75 | % | 8 | % | 8 | % | ||||||||||
Ultimate medical cost trend rate | 5 | % | 5 | % | 5 | % | ||||||||||
Medical cost trend rate decreases to ultimate in year | 2021 | 2019 | 2019 | |||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||
The weighted-average allocation of the majority of the assets related to defined benefit plans is as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Equity securities | 42 | % | 57 | % | ||||||||||||
Debt securities | 48 | % | 30 | % | ||||||||||||
Other | 10 | % | 13 | % | ||||||||||||
100 | % | 100 | % | |||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | |||||||||||||||
Total | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 46,297 | $ | 45,976 | $ | 321 | $ | — | ||||||||
Equity securities | ||||||||||||||||
U.S. based companies | 346,145 | 346,145 | — | — | ||||||||||||
Non-U.S. based companies | 220,911 | 220,911 | — | — | ||||||||||||
Fixed income securities | ||||||||||||||||
Corporate bonds | 234,719 | 101,227 | 133,492 | — | ||||||||||||
Government issued securities | 161,131 | 101,083 | 60,048 | — | ||||||||||||
Mutual funds | ||||||||||||||||
Equity funds | 192,293 | 191,301 | 992 | — | ||||||||||||
Fixed income funds | 223,662 | 189,375 | 34,287 | — | ||||||||||||
Common/Collective trusts | ||||||||||||||||
Equity funds | 695,195 | 85,461 | 609,734 | — | ||||||||||||
Fixed income funds | 1,069,207 | 48,649 | 1,020,558 | — | ||||||||||||
Limited Partnerships | 289,013 | 777 | 288,236 | — | ||||||||||||
Miscellaneous | 20,701 | — | 20,701 | — | ||||||||||||
Total at June 30, 2014 | $ | 3,499,274 | $ | 1,330,905 | $ | 2,168,369 | $ | — | ||||||||
Total | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||
(Level 1) | (Level 2) | Inputs | ||||||||||||||
(Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 65,170 | $ | 64,208 | $ | 962 | $ | — | ||||||||
Equity securities | ||||||||||||||||
U.S. based companies | 366,692 | 366,692 | — | — | ||||||||||||
Non-U.S. based companies | 223,764 | 223,764 | — | — | ||||||||||||
Fixed income securities | ||||||||||||||||
Corporate bonds | 191,266 | 80,959 | 110,307 | — | ||||||||||||
Government issued securities | 108,212 | 57,278 | 50,934 | — | ||||||||||||
Mutual funds | ||||||||||||||||
Equity funds | 334,370 | 333,695 | 675 | — | ||||||||||||
Fixed income funds | 57,109 | 32,926 | 24,183 | — | ||||||||||||
Common/Collective trusts | ||||||||||||||||
Equity funds | 826,654 | 2,743 | 823,911 | — | ||||||||||||
Fixed income funds | 587,023 | 2,979 | 584,044 | — | ||||||||||||
Limited Partnerships | 302,913 | — | 302,913 | — | ||||||||||||
Miscellaneous | 33,443 | 772 | 32,671 | — | ||||||||||||
Total at June 30, 2013 | $ | 3,096,616 | $ | 1,166,016 | $ | 1,930,600 | $ | — | ||||||||
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures | ' | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Shares held by ESOP | 8,944,697 | 9,686,238 | 10,216,738 | |||||||||||||
Company contributions to ESOP | $ | 63,441 | $ | 61,067 | $ | 58,067 | ||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||
A one percentage point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||
Effect on total of service and interest cost components | $ | 83 | $ | (72 | ) | |||||||||||
Effect on postretirement benefit obligation | 2,011 | (1,753 | ) | |||||||||||||
Pension Plans, Defined Benefit | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
A summary of the Company's defined benefit pension plans follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Benefit cost | ||||||||||||||||
Service cost | $ | 99,929 | $ | 107,519 | $ | 84,663 | ||||||||||
Interest cost | 190,999 | 174,152 | 185,550 | |||||||||||||
Expected return on plan assets | (226,884 | ) | (211,694 | ) | (201,845 | ) | ||||||||||
Amortization of prior service cost | 14,644 | 14,472 | 14,016 | |||||||||||||
Amortization of unrecognized actuarial loss | 159,584 | 200,849 | 105,788 | |||||||||||||
Amortization of initial net obligation (asset) | 19 | 22 | (60 | ) | ||||||||||||
Net periodic benefit cost | $ | 238,291 | $ | 285,320 | $ | 188,112 | ||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 4,382,563 | $ | 4,506,521 | ||||||||||||
Service cost | 99,929 | 107,519 | ||||||||||||||
Interest cost | 190,999 | 174,152 | ||||||||||||||
Actuarial loss (gain) | 277,098 | (241,674 | ) | |||||||||||||
Benefits paid | (286,066 | ) | (157,838 | ) | ||||||||||||
Plan amendments | (3,503 | ) | 11,236 | |||||||||||||
Acquisitions | — | 1,283 | ||||||||||||||
Foreign currency translation and other | 88,427 | (18,636 | ) | |||||||||||||
Benefit obligation at end of year | $ | 4,749,447 | $ | 4,382,563 | ||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,096,616 | $ | 2,700,050 | ||||||||||||
Actual gain on plan assets | 469,984 | 278,862 | ||||||||||||||
Employer contributions | 146,237 | 291,018 | ||||||||||||||
Benefits paid | (286,066 | ) | (157,838 | ) | ||||||||||||
Acquisitions | — | 285 | ||||||||||||||
Foreign currency translation and other | 72,503 | (15,761 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 3,499,274 | $ | 3,096,616 | ||||||||||||
Funded status | $ | (1,250,173 | ) | $ | (1,285,947 | ) | ||||||||||
Amounts recognized on the Consolidated Balance Sheet | ||||||||||||||||
Other accrued liabilities | $ | (11,333 | ) | $ | (20,643 | ) | ||||||||||
Pensions and other postretirement benefits | (1,238,840 | ) | (1,265,304 | ) | ||||||||||||
Net amount recognized | $ | (1,250,173 | ) | $ | (1,285,947 | ) | ||||||||||
Amounts recognized in Accumulated Other Comprehensive (Loss) | ||||||||||||||||
Net actuarial loss | $ | 1,434,645 | $ | 1,537,549 | ||||||||||||
Prior service cost | 37,137 | 54,630 | ||||||||||||||
Transition obligation | 143 | 166 | ||||||||||||||
Net amount recognized | $ | 1,471,925 | $ | 1,592,345 | ||||||||||||
Benefit Obligations | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||
The assumptions used to measure net periodic benefit cost for the Company's significant defined benefit plans are: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. defined benefit plans | ||||||||||||||||
Discount rate | 4.52 | % | 3.91 | % | 5.45 | % | ||||||||||
Average increase in compensation | 5.13 | % | 5.21 | % | 5.21 | % | ||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | ||||||||||
Non-U.S. defined benefit plans | ||||||||||||||||
Discount rate | 1.5 to 4.59% | 1.75 to 4.7% | 2.0 to 5.87% | |||||||||||||
Average increase in compensation | 2.0 to 6.0% | 2.0 to 6.0% | 2.0 to 5.0% | |||||||||||||
Expected return on plan assets | 1.0 to 6.25% | 1.0 to 6.4% | 1.0 to 7.5% | |||||||||||||
Benefit Costs | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||
The assumptions used to measure the benefit obligation for the Company's significant defined benefit plans are: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. defined benefit plans | ||||||||||||||||
Discount rate | 4.05 | % | 4.52 | % | ||||||||||||
Average increase in compensation | 5.12 | % | 5.13 | % | ||||||||||||
Non-U.S. defined benefit plans | ||||||||||||||||
Discount rate | 0.9 to 4.2% | 1.5 to 4.59% | ||||||||||||||
Average increase in compensation | 2.0 to 5.0% | 2.0 to 6.0% | ||||||||||||||
Equity
Equity | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Equity | ' | |||||||||||||||
Equity | ||||||||||||||||
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 2014 in the table below. | ||||||||||||||||
Changes in accumulated other comprehensive (loss) in shareholders' equity by component: | ||||||||||||||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | |||||||||||||
Balance June 30, 2013 | $ | (68,328 | ) | $ | (1,039,072 | ) | $ | (433 | ) | $ | (1,107,833 | ) | ||||
Other comprehensive income before reclassifications | 192,948 | (20,636 | ) | — | 172,312 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 111,818 | 205 | 112,023 | ||||||||||||
Balance June 30, 2014 | $ | 124,620 | $ | (947,890 | ) | $ | (228 | ) | $ | (823,498 | ) | |||||
Reclassifications out of accumulated other comprehensive (loss) in shareholders' equity during 2014: | ||||||||||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||||
Retirement benefit plans | ||||||||||||||||
Amortization of prior service cost and initial net obligation | $ | (14,535 | ) | See Note 10 | ||||||||||||
Recognized actuarial loss | (160,596 | ) | See Note 10 | |||||||||||||
Total before tax | (175,131 | ) | ||||||||||||||
Tax benefit | 63,313 | Income taxes | ||||||||||||||
Net of tax | $ | (111,818 | ) | |||||||||||||
Other | ||||||||||||||||
Realized loss on cash flow hedges | $ | (306 | ) | Interest expense | ||||||||||||
Tax benefit | 101 | Income taxes | ||||||||||||||
Net of tax | $ | (205 | ) | |||||||||||||
Share Repurchases - The Company has a program to repurchase its common shares. On August 14, 2014, the Board of Directors of the Company approved an increase in the overall maximum number of shares authorized for repurchase under the program so that, beginning on such date, the aggregate number of shares authorized for repurchase was 15 million. Subject to this limitation, the Company is authorized to repurchase, in any single fiscal year, an amount of common shares 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. The number of common shares repurchased at the average purchase price follows: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Shares repurchased | 1,741,143 | 3,006,005 | 6,395,866 | |||||||||||||
Average price per share | $ | 114.87 | $ | 85.55 | $ | 71.2 | ||||||||||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
The fair value of each stock option and SAR award granted in 2014, 2013 and 2012 was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.55 | % | 0.8 | % | 0.9 | % | |||||||
Expected life of award | 5.1 yrs | 4.9 yrs | 5.2 yrs | ||||||||||
Expected dividend yield of stock | 1.9 | % | 1.7 | % | 1.6 | % | |||||||
Expected volatility of stock | 39.1 | % | 39 | % | 37.3 | % | |||||||
Weighted-average fair value | $ | 32.57 | $ | 24.76 | $ | 20.3 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
Stock option and SAR activity during 2014 is as follows (aggregate intrinsic value in millions): | |||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
Outstanding June 30, 2013 | 9,435,173 | $ | 63.48 | ||||||||||
Granted | 1,478,731 | 107.53 | |||||||||||
Exercised | (2,664,061 | ) | 56.43 | ||||||||||
Canceled | (41,144 | ) | 69.36 | ||||||||||
Outstanding June 30, 2014 | 8,208,699 | $ | 72.87 | 5.3 years | $ | 434 | |||||||
Exercisable June 30, 2014 | 5,723,728 | $ | 63.1 | 4.1 years | $ | 358.5 | |||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||
A summary of the status and changes of shares subject to stock option and SAR awards and the related average price per share follows: | |||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Nonvested June 30, 2013 | 2,933,202 | $ | 22.91 | ||||||||||
Granted | 1,478,731 | 32.57 | |||||||||||
Vested | (1,885,703 | ) | 22.47 | ||||||||||
Canceled | (41,259 | ) | 29.47 | ||||||||||
Nonvested June 30, 2014 | 2,484,971 | $ | 28.89 | ||||||||||
Stock-Based Awards Exercised Disclosure | ' | ||||||||||||
Information related to stock options and SAR awards exercised during 2014, 2013 and 2012 is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net cash proceeds | $ | 8,013 | $ | 32,204 | $ | 10,599 | |||||||
Intrinsic value | 155,903 | 208,426 | 57,567 | ||||||||||
Income tax benefit | 37,993 | 47,659 | 14,008 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||||||||
A summary of the status and changes of shares subject to RSU awards and the related average price per share follows: | |||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||
Nonvested June 30, 2013 | 466,241 | $ | 73.55 | ||||||||||
Granted | 282,565 | 106.15 | |||||||||||
Vested | (259,307 | ) | 69.44 | ||||||||||
Canceled | (17,969 | ) | 93.42 | ||||||||||
Nonvested June 30, 2014 | 471,530 | $ | 94.59 | ||||||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | ||||||||||||
Stock issued for LTIP | 2014 | 2013 | 2012 | ||||||||||
LTIP 3-year plan | 12/13/11 | 11/12/10 | 10/11/09 | ||||||||||
Number of shares issued | 298,813 | 792,428 | 243,266 | ||||||||||
Average share value on date of issuance | $ | 126.17 | $ | 83.64 | $ | 69.1 | |||||||
Total value | $ | 37,701 | $ | 66,278 | $ | 16,810 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | |||||||||||
The carrying value of long-term debt (excluding capital leases) and estimated fair value of long-term debt (excluding capital leases) at June 30 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Carrying value of long-term debt (excluding capital leases) | $ | 1,508,420 | $ | 1,498,025 | ||||||||
Estimated fair value of long-term debt (excluding capital leases) | 1,708,723 | 1,654,886 | ||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||
The location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: | ||||||||||||
Balance Sheet Caption | 2014 | 2013 | ||||||||||
Net investment hedges | ||||||||||||
Cross-currency swap contracts | Other liabilities | $ | 45,790 | $ | 22,438 | |||||||
Cash flow hedges | ||||||||||||
Costless collar contracts | Non-trade and notes receivable | 3,508 | 1,422 | |||||||||
Forward exchange contracts | Non-trade and notes receivable | (41 | ) | 41 | ||||||||
Costless collar contracts | Other accrued liabilities | 378 | 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Forward exchange contracts | $ | (81 | ) | $ | (1,821 | ) | $ | (4,156 | ) | |||
Costless collar contracts | 7,052 | 502 | 5,111 | |||||||||
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: | ||||||||||||
2014 | 2013 | |||||||||||
Cross-currency swap contracts | $ | (14,426 | ) | $ | (12,622 | ) | ||||||
Foreign denominated debt | 7,611 | 4,743 | ||||||||||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
2014 | 1st | 2nd | 3rd | 4th | Total | ||||||||||||||||
Net sales | $ | 3,226,144 | $ | 3,106,006 | $ | 3,358,406 | $ | 3,525,415 | $ | 13,215,971 | |||||||||||
Gross profit | 749,735 | 686,035 | 752,513 | 839,461 | 3,027,744 | ||||||||||||||||
Net income attributable to common shareholders | 244,316 | 253,288 | 242,406 | 301,038 | 1,041,048 | ||||||||||||||||
Diluted earnings per share | 1.61 | 1.66 | 1.6 | 1.98 | 6.87 | ||||||||||||||||
2013 | 1st | 2nd | 3rd | 4th | Total | ||||||||||||||||
Net sales | $ | 3,214,935 | $ | 3,065,495 | $ | 3,307,041 | $ | 3,428,233 | $ | 13,015,704 | |||||||||||
Gross profit | 737,488 | 643,523 | 737,852 | 810,166 | 2,929,029 | ||||||||||||||||
Net income attributable to common shareholders | 239,741 | 180,962 | 256,560 | 271,164 | 948,427 | ||||||||||||||||
Diluted earnings per share | 1.57 | 1.19 | 1.68 | 1.78 | 6.26 | ||||||||||||||||
Stock_Prices_and_Dividends_Una1
Stock Prices and Dividends (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Stock Prices and Dividends [Abstract] | ' | ||||||||||||||||||||
Stock Prices and Dividends Table Disclosure | ' | ||||||||||||||||||||
(In dollars) | 1st | 2nd | 3rd | 4th | Fiscal Year | ||||||||||||||||
2014 | High | $ | 110.21 | $ | 129.77 | $ | 129.4 | $ | 130.44 | $ | 130.44 | ||||||||||
Low | 94.81 | 103.36 | 108.66 | 118.46 | 94.81 | ||||||||||||||||
Dividends | 0.45 | 0.45 | 0.48 | 0.48 | 1.86 | ||||||||||||||||
2013 | High | $ | 87.71 | $ | 87.04 | $ | 98.15 | $ | 101.88 | $ | 101.88 | ||||||||||
Low | 70.42 | 75.8 | 86.51 | 84.5 | 70.42 | ||||||||||||||||
Dividends | 0.41 | 0.41 | 0.43 | 0.45 | 1.7 | ||||||||||||||||
2012 | High | $ | 92.01 | $ | 85.84 | $ | 91.47 | $ | 89.45 | $ | 92.01 | ||||||||||
Low | 60.36 | 59.26 | 76.92 | 71.9 | 59.26 | ||||||||||||||||
Dividends | 0.37 | 0.37 | 0.39 | 0.41 | 1.54 | ||||||||||||||||
Business_Segment_Information_D
Business Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | $3,525,415 | $3,358,406 | $3,106,006 | $3,226,144 | $3,428,233 | $3,307,041 | $3,065,495 | $3,214,935 | $13,215,971 | $13,015,704 | $13,145,942 | |||||
Segment Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,790,207 | 1,791,485 | 2,002,542 | |||||
Corporate administration | ' | ' | ' | ' | ' | ' | ' | ' | 181,926 | 185,767 | 193,367 | |||||
Income before interest expense and other | ' | ' | ' | ' | ' | ' | ' | ' | 1,608,281 | 1,605,718 | 1,809,175 | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 82,566 | 91,552 | 92,790 | |||||
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -31,005 | 203,165 | 139,687 | |||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,556,720 | 1,311,001 | 1,576,698 | |||||
Assets | 13,274,362 | ' | ' | ' | 12,540,898 | ' | ' | ' | 13,274,362 | 12,540,898 | 11,170,282 | |||||
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 216,340 | [1] | 340,335 | [1] | 247,746 | [1] | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 214,965 | 213,722 | 210,508 | |||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 13,215,971 | [2] | 13,015,704 | [2] | 13,145,942 | [2] | ||
Disclosure on Geographic Areas, Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | '1824294 | '1808240 | '1719968 | |||||
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,853,603 | [2] | 7,844,552 | [2] | 7,830,517 | [2] | ||
Disclosure on Geographic Areas, Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | '861300 | '871958 | '867159 | |||||
International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,362,368 | [2] | 5,171,152 | [2] | 5,315,425 | [2] | ||
Disclosure on Geographic Areas, Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | '962994 | '936282 | '852809 | |||||
Industrial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Assets | 9,501,837 | ' | ' | ' | 9,388,027 | ' | ' | ' | 9,501,837 | 9,388,027 | 8,696,094 | |||||
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 189,832 | [1] | 312,392 | [1] | 219,872 | [1] | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 187,347 | 187,014 | 182,853 | |||||
Industrial | North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,693,527 | 5,637,657 | 5,708,057 | |||||
Segment Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 946,493 | 908,719 | 960,252 | |||||
Industrial | International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,287,916 | 5,110,332 | 5,335,138 | |||||
Segment Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 572,476 | 602,480 | 752,155 | |||||
Aerospace Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,234,528 | 2,267,715 | 2,102,747 | |||||
Segment Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 271,238 | 280,286 | 290,135 | |||||
Assets | 1,359,130 | ' | ' | ' | 1,139,967 | ' | ' | ' | 1,359,130 | 1,139,967 | 1,033,449 | |||||
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 23,261 | [1] | 20,838 | [1] | 19,651 | [1] | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 19,193 | 19,498 | 19,395 | |||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Assets | 2,413,395 | [3] | ' | ' | ' | 2,012,904 | [3] | ' | ' | ' | 2,413,395 | [3] | 2,012,904 | [3] | 1,440,739 | [3] |
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 3,247 | [1] | 7,105 | [1] | 8,223 | [1] | ||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | $8,425 | $7,210 | $8,260 | |||||
[1] | Includes the value of net plant and equipment at the date of acquisition of acquired companies (2013 - $74,439; 2012B - $28,929) | |||||||||||||||
[2] | Net sales are attributed to countries based on the location of the selling unit. North America includes the United States, Canada and Mexico. No country other than the United States represents greater than 10 percent of consolidated sales. Long-lived assets are comprised of plant and equipment based on physical location. | |||||||||||||||
[3] | Corporate assets are principally cash and cash equivalents, marketable securities, domestic deferred income taxes, investments, benefit plan assets, headquarters facilities and the major portion of the Companybs domestic data processing equipment. |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Segment Reporting [Abstract] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $11,211 | $74,439 | $28,929 |
Aerospace Segment [Member] | ' | ' | ' |
Segment Reporting [Abstract] | ' | ' | ' |
Equity Method Investments | $263,246 | ' | ' |
Maximum | ' | ' | ' |
Segment Reporting [Abstract] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Accounts_Receivable_Net_Detail
Accounts Receivable, Net (Detail) (USD $) | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||
Disclosure Accounts Receivable Net [Abstract] | ' | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | ' | ||||||||
Non-Trade and Notes Receivable - The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: | ||||||||||
June 30, | 2014 | 2013 | ||||||||
Notes receivable | $ | 117,400 | $ | 111,531 | ||||||
Reverse repurchase agreements | 54,772 | — | ||||||||
Accounts receivable, other | 216,265 | 110,394 | ||||||||
Total | $ | 388,437 | $ | 221,925 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||||||||
Allowance for Doubtful Accounts Receivable, Current | $16,040 | $14,824 | ||||||||
Notes Receivable, Current | 117,400 | 111,531 | ||||||||
Receivable under reverse repurchase agreement | 54,772 | 0 | ||||||||
Non-trade accounts receivable | 216,265 | 110,394 | ||||||||
Non-trade and notes receivable | $388,437 | $221,925 |
Significant_Accounting_Policie1
Significant Accounting Policies Plant and equipment (Details) (USD $) | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ' | ||||||||
The plant and equipment caption in the Consolidated Balance Sheet is comprised of the following components: | ||||||||||
June 30, | 2014 | 2013 | ||||||||
Land and land improvements | $ | 326,008 | $ | 316,360 | ||||||
Buildings and building equipment | 1,535,634 | 1,431,358 | ||||||||
Machinery and equipment | 3,210,172 | 3,131,077 | ||||||||
Construction in progress | 80,777 | 120,506 | ||||||||
Total | $ | 5,152,591 | $ | 4,999,301 | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ||||||||
Land and land improvements | $326,008 | $316,360 | ||||||||
Buildings and building equipment | 1,535,634 | 1,431,358 | ||||||||
Machinery and Equipment, Gross | 3,210,172 | 3,131,077 | ||||||||
Construction in Progress, Gross | 80,777 | 120,506 | ||||||||
Property, Plant and Equipment, Gross | $5,152,591 | $4,999,301 |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Significant Accounting Policies [Line Items] | ' | ' |
Sales level from major customers | 3.00% | ' |
Non-current deferred income taxes | $324,610 | $61,117 |
Maximum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' |
Building | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Estimated useful lives (in years) | '40 years | ' |
Land Improvements | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Estimated useful lives (in years) | '15 years | ' |
Machinery and Equipment | Minimum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Estimated useful lives (in years) | '7 years | ' |
Machinery and Equipment | Maximum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Estimated useful lives (in years) | '10 years | ' |
Vehicles and Office Equipment | Minimum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Estimated useful lives (in years) | '3 years | ' |
Vehicles and Office Equipment | Maximum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Estimated useful lives (in years) | '8 years | ' |
Industrial | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Number of countries that the Industrial International operations provide Parker products and services to | 47 | ' |
Acquisitions_Deconsolidation_o
Acquisitions Deconsolidation of subsidiary (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
equity interest sold | 50.00% | ' | ' |
Deconsolidation, Gain (Loss), Amount | $412,612,000 | $0 | $0 |
Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount | 186,000,000 | ' | ' |
Aerospace Segment [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investments | $263,246,000 | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
acquisition | |||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Minority Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Proceeds from (Payments to) Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $147,000,000 |
Net sales | 3,525,415,000 | 3,358,406,000 | 3,106,006,000 | 3,226,144,000 | 3,428,233,000 | 3,307,041,000 | 3,065,495,000 | 3,214,935,000 | 13,215,971,000 | 13,015,704,000 | 13,145,942,000 |
Business Divestitures [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,000,000 |
Gain on Divestiture | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' |
Series of Individually Immaterial Business Acquisitions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Businesses Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 8 | 4 |
Aggregate annual sales for businesses acquired, for their most recent fiscal year prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | 484,000,000 | 141,000,000 |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | 621,000,000 | 156,000,000 |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | $114,000,000 | ' |
Initial_Purchase_Price_Allocat
Initial Purchase Price Allocation and Subsequent Purchase Price Adjustments for Acquisitions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
acquisition | |||
Business Acquisition, Purchase Price Allocation, Assets [Abstract] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $24,833 | $954 | $91,668 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 29,102 | 2,184 | 93,915 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1,541 | 57 | 4,672 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets, Current | 5,679 | 189 | -1,713 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 28,929 | 11,211 | 74,439 |
Business Acquisition, Minority Interests Acquired | 2 | ' | ' |
business combination, recognized identifiable assets acquired and liabilities assumed, intangible and other assets | 59,576 | 5,646 | 280,001 |
Business Combination, Initial Goodwill Allocation | 68,144 | 3,195 | 317,879 |
business combination, recognized identifiable assets acquired and liabilities assumed, assets and goodwill | 217,804 | 23,436 | 860,861 |
Liabilities assumed: | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 1,887 | ' | 11,920 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 7,189 | 915 | 46,596 |
Accrued payrolls and other compensation | 3,672 | 263 | 12,099 |
Accrued domestic and foreign taxes | 2,882 | 1 | 7,073 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 5,984 | 3,864 | 16,805 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 4,365 | ' | 102,122 |
Pensions and other postretirement benefits | 11,396 | ' | 2,125 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 24,062 | ' | 39,214 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 111 | 800 | 689 |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 0 | 0 | 1,074 |
business combination, recognized identifiable assets acquired and liabilities assumed, liabilities less noncontrolling interest | 61,548 | 5,843 | 239,717 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $156,256 | $17,593 | $621,144 |
Business_Realignment_Charges_A
Business Realignment Charges - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Cost of Sales | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges related to business realignment | $63,575,000 | $8,354,000 | $12,669,000 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges related to business realignment | 38,874,000 | 3,880,000 | 1,020,000 |
Loss (Gain) on Disposal of Assets [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges related to business realignment | 1,331,000 | 1,918,000 | 632,000 |
Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance payments | 31,000,000 | ' | ' |
Restructuring Reserve, Current | 62,000,000 | ' | ' |
Industrial | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges related to business realignment | 101,524,000 | 12,234,000 | 14,321,000 |
Number of employees used for severance costs | 1,581 | 725 | 521 |
Aerospace Segment [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges related to business realignment | 925,000 | 0 | 0 |
Number of employees used for severance costs | 44 | 0 | 0 |
Other Expense [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Charges related to business realignment | $1,331,000 | $1,918,000 | ' |
Number of employees used for severance costs | 98 | ' | ' |
Income_Before_Income_Taxes_Der
Income Before Income Taxes Derived from Sources (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $1,115,010 | $653,622 | $810,150 |
Foreign | 441,710 | 657,379 | 766,548 |
Income before income taxes | $1,556,720 | $1,311,001 | $1,576,698 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $377,404 | $167,350 | $255,991 |
Deferred | -45,643 | 26,523 | -48,252 |
Current | 168,177 | 176,739 | 191,167 |
Deferred | -28,016 | -28,472 | -29 |
Current | 43,860 | 19,496 | 30,500 |
Deferred | -480 | 581 | -8,171 |
Income taxes (Note 4) | $515,302 | $362,217 | $421,206 |
Reconciliation_of_Effective_In
Reconciliation of Effective Income Tax Rate to the Statutory Federal Rate (Detail) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 1.80% | 1.00% | 0.90% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 4.50% | 0.00% | 0.00% |
Foreign tax rate difference | -5.60% | -5.80% | -5.80% |
Cash surrender of life insurance | -0.90% | -0.70% | 0.10% |
Federal manufacturing deduction | -1.00% | -1.00% | -1.60% |
Research tax credit | -0.30% | -1.10% | -0.40% |
Other | -0.40% | 0.20% | -1.50% |
Effective income tax rate | 33.10% | 27.60% | 26.70% |
Deferred_Income_Taxes_Detail
Deferred Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Retirement benefits | $550,034 | $535,260 | ' |
Other liabilities and reserves | 128,848 | 113,257 | ' |
Long-term contracts | 46,006 | 26,714 | ' |
Stock-based incentive compensation | 64,267 | 59,274 | ' |
Loss carryforwards | 340,676 | 286,180 | ' |
Unrealized currency exchange gains and losses | 25,182 | 14,639 | ' |
Inventory | 18,668 | 15,570 | ' |
Foreign tax credit carryforward | 51,875 | 25,195 | ' |
Depreciation and amortization | -571,107 | -527,860 | ' |
Valuation allowance | -348,837 | -273,413 | ' |
Net deferred tax asset | 305,612 | 274,816 | ' |
Change in net deferred tax asset: | ' | ' | ' |
Provision for deferred tax | 74,139 | 1,368 | 56,452 |
Items of other comprehensive (loss) income | -49,882 | -194,746 | ' |
Acquisitions and other | 6,539 | -81,067 | ' |
Total change in net deferred tax | $30,796 | ($274,445) | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
Deferred tax assets resulting from loss carryforwards | $340,676 | $286,180 | ' |
Loss carryforwards | 1,212,459 | ' | ' |
Valuation allowance related to the loss carryforwards | 323,358 | ' | ' |
non operating entity, valuation allowance | 296,598 | ' | ' |
Operating loss carryforward minimum period before expiration | '3 years | ' | ' |
Operating loss carryforward maximum period before expiration | '20 years | ' | ' |
Valuation Allowance, Future Deductible Items | 25,479 | ' | ' |
Accumulated undistributed earnings of foreign operations reinvested in operations | 2,800,000 | ' | ' |
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | 71,898 | 60,876 | 61,601 |
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits | $8,198 | $5,184 | $3,676 |
Reconciliation_of_the_Beginnin
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning Balance | $107,440 | $109,735 | $81,156 |
Additions for tax positions related to current year | 7,752 | 10,285 | 66,500 |
Additions for tax positions of prior years | 55,136 | 10,719 | 11,047 |
Reductions for tax positions of prior years | -1,359 | -20,683 | -23,456 |
Reductions for settlements | -1,856 | -4,266 | -23,434 |
Reductions for expiration of statute of limitations | -5,005 | -437 | -1,636 |
Effect of foreign currency translation | 2,705 | 2,087 | -442 |
Ending Balance | $164,813 | $107,440 | $109,735 |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $1,041,048 | $948,427 | $1,151,823 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic - weighted-average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 149,099,448 | 149,218,257 | 151,222,033 |
Increase in weighted-average common shares from dilutive effect of stock-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 2,344,655 | 2,369,774 | 3,442,477 |
Diluted - weighted-average common shares, assuming exercise of stock-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 151,444,103 | 151,588,031 | 154,664,510 |
Basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $6.98 | $6.36 | $7.62 |
Diluted earnings per share | $1.98 | $1.60 | $1.66 | $1.61 | $1.78 | $1.68 | $1.19 | $1.57 | $6.87 | $6.26 | $7.45 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' |
Number of common shares subject to stock-based awards that were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive | 1.2 | 1.3 | 0.7 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percentage of LIFO (last in first out) inventory to total inventory | 30.00% | 29.00% |
Current cost of inventories exceeds their valuation determined on the LIFO basis, amount | $208,291 | $207,277 |
Progress payments netted against inventories | $61,958 | $42,446 |
Inventories_Inventory_Details
Inventories Inventory (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory, Finished Goods, Net of Reserves | $532,968 | $531,897 |
Inventory, Work in Process, Net of Reserves | 732,294 | 733,025 |
Inventory, Raw Materials, Net of Reserves | 106,419 | 112,483 |
Inventory, Net | $1,371,681 | $1,377,405 |
Changes_in_the_Carrying_Amount
Changes in the Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $3,223,515 | $2,925,856 |
Acquisitions | 3,195 | 316,857 |
Goodwill, Written off Related to Sale of Business Unit | ' | -20,105 |
Goodwill, Impairment Loss | -140,334 | ' |
Foreign currency translation | 85,049 | 907 |
Ending Balance | 3,171,425 | 3,223,515 |
Industrial | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 3,125,175 | 2,827,182 |
Acquisitions | 3,195 | 316,857 |
Goodwill, Written off Related to Sale of Business Unit | ' | -20,105 |
Goodwill, Impairment Loss | -140,334 | ' |
Foreign currency translation | 84,688 | 1,241 |
Ending Balance | 3,072,724 | 3,125,175 |
Aerospace Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 98,340 | 98,674 |
Acquisitions | 0 | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | 0 |
Goodwill, Impairment Loss | 0 | ' |
Foreign currency translation | 361 | -334 |
Ending Balance | $98,701 | $98,340 |
Gross_Carrying_Value_and_Accum
Gross Carrying Value and Accumulated Amortization for Each Major Category of Intangible Assets (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $2,032,858 | $1,996,022 |
Accumulated Amortization | 844,576 | 705,523 |
Patents | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 160,030 | 141,160 |
Accumulated Amortization | 86,708 | 75,175 |
Trademarks | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 391,268 | 386,619 |
Accumulated Amortization | 174,114 | 148,319 |
Customer lists and other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,481,560 | 1,468,243 |
Accumulated Amortization | $583,754 | $482,029 |
Acquired_Intangible_Assets_wit
Acquired Intangible Assets with an Initial Purchase Price Allocation and Weighted-Average Life (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $22,573 |
Weighted- Average Life | '10 years |
Patents | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,727 |
Weighted- Average Life | '10 years |
Trademarks | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 160 |
Weighted- Average Life | '5 years |
Customer lists and other | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $6,686 |
Weighted- Average Life | '11 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill, Impairment Loss | $140,334 | ' | ' |
Intangible amortization expense | 118,782 | 118,516 | 107,086 |
Estimated amortization expense, year ending June 30, 2013 | 113,785 | ' | ' |
Estimated amortization expense, year ending June 30, 2014 | 109,360 | ' | ' |
Estimated amortization expense, year ending June 30, 2015 | 105,222 | ' | ' |
Estimated amortization expense, year ending June 30, 2016 | 99,406 | ' | ' |
Estimated amortization expense, year ending June 30, 2017 | 92,579 | ' | ' |
Impairment of Intangible Assets, Finite-lived | $43,664 | ' | ' |
Financing_Arrangements_Additio
Financing Arrangements - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Commercial Paper | $816,100 | $1,331,445 |
Commercial Paper | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount of short-term commercial paper notes authorized to sell | 1,850,000 | ' |
Domestic Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit | 2,000,000 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 1,183,900 | ' |
Foreign Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit | 69,949 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | $69,924 | ' |
Weighted-average interest rate of notes payable | 0.20% | 0.30% |
Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Ratio of Secured Debt to Net Tangible Assets | 10.00% | ' |
Debt_Detail
Debt (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,508,420 | $1,498,025 |
Total long-term debt | 1,508,638 | 1,498,341 |
Less long-term debt payable within one year | 496 | 2,381 |
Long-term debt, net | 1,508,142 | 1,495,960 |
Other long-term debt, including capitalized leases | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 236 | 556 |
Domestic | Fixed rate medium-term notes 3.50% to 6.55%, due 2018-2038 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,175,000 | 1,175,000 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.50% | 3.50% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.55% | 6.55% |
Foreign | Bank loans, including revolving credit 1% to 7.2%, due 2011-2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 322 | 2,045 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | 1.00% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 11.75% | 11.75% |
Foreign | Euro Bonds 4.125%, due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 273,860 | 260,200 |
Debt Instrument, Interest Rate, Stated Percentage | 4.13% | 4.13% |
Foreign | Japanese Yen credit facility Libor plus 55 bps, due 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $59,220 | $60,540 |
Debt Instrument, Basis Spread on Variable Rate | 0.55% | 0.55% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Principal amounts of Long-term debt payable in the year ending June 30, 2012 | $496 | ' | ' |
Principal amounts of Long-term debt payable in the year ending June 30, 2013 | 273,891 | ' | ' |
Principal amounts of Long-term debt payable in the year ending June 30, 2014 | 59,236 | ' | ' |
Principal amounts of Long-term debt payable in the year ending June 30, 2015 | 450,014 | ' | ' |
Principal amounts of Long-term debt payable in the year ending June 30, 2016 | 100,000 | ' | ' |
Future minimum rental commitments as of June 30, 2011, under non-cancelable operating leases, which expire in the year ending June 30, 2012 | 91,435 | ' | ' |
Future minimum rental commitments as of June 30, 2011, under non-cancelable operating leases, which expire in the year ending June 30, 2013 | 60,672 | ' | ' |
Future minimum rental commitments as of June 30, 2011, under non-cancelable operating leases, which expire in the year ending June 30, 2014 | 40,591 | ' | ' |
Future minimum rental commitments as of June 30, 2011, under non-cancelable operating leases, which expire in the year ending June 30, 2015 | 22,126 | ' | ' |
Future minimum rental commitments as of June 30, 2011, under non-cancelable operating leases, which expire in the year ending June 30, 2016 | 14,967 | ' | ' |
Future minimum rental commitments as of June 30, 2011, under non-cancelable operating leases, which expire in the year ending June 30, after 2016 | 61,810 | ' | ' |
Rental expense | $131,948 | $133,478 | $124,546 |
Net_Periodic_Pension_Cost_Reco
Net Periodic Pension Cost Recognized (Detail) (Pension Plans, Defined Benefit, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $99,929 | $107,519 | $84,663 |
Interest cost | 190,999 | 174,152 | 185,550 |
Expected return on plan assets | -226,884 | -211,694 | -201,845 |
Amortization of prior service cost | 14,644 | 14,472 | 14,016 |
Amortization of unrecognized actuarial loss | 159,584 | 200,849 | 105,788 |
Amortization of initial net (asset) | 19 | 22 | -60 |
Net periodic benefit cost | $238,291 | $285,320 | $188,112 |
Summary_of_Defined_Benefit_Pen
Summary of Defined Benefit Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | $3,499,274 | $3,096,616 | ' |
Amounts recognized on the Consolidated Balance Sheet | ' | ' | ' |
Pensions and other postretirement benefits | -1,346,224 | -1,372,437 | ' |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 4,382,563 | 4,506,521 | ' |
Service cost | 99,929 | 107,519 | 84,663 |
Interest cost | 190,999 | 174,152 | 185,550 |
Actuarial (gain) loss | 277,098 | -241,674 | ' |
Benefits paid | -286,066 | -157,838 | ' |
Plan amendments | -3,503 | 11,236 | ' |
Acquisitions | 0 | 1,283 | ' |
Foreign currency translation and other | 88,427 | -18,636 | ' |
Benefit obligation at end of year | 4,749,447 | 4,382,563 | 4,506,521 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 3,096,616 | 2,700,050 | ' |
Actual gain on plan assets | 469,984 | 278,862 | ' |
Employer contributions | 146,237 | 291,018 | ' |
Acquisitions | 0 | 285 | ' |
Foreign currency translation and other | 72,503 | -15,761 | ' |
Fair value of plan assets at end of year | 3,499,274 | 3,096,616 | 2,700,050 |
Funded status | -1,250,173 | -1,285,947 | ' |
Amounts recognized on the Consolidated Balance Sheet | ' | ' | ' |
Other accrued liabilities | -11,333 | -20,643 | ' |
Pensions and other postretirement benefits | -1,238,840 | -1,265,304 | ' |
Net amount recognized | -1,250,173 | -1,285,947 | ' |
Amounts recognized in Accumulated Other Comprehensive (Loss) | ' | ' | ' |
Net actuarial loss | 1,434,645 | 1,537,549 | ' |
Prior service cost | 37,137 | 54,630 | ' |
Transition obligation | 143 | 166 | ' |
Net amount recognized | $1,471,925 | $1,592,345 | ' |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Compensation Expense | $24,549,000 | $19,182,000 | $4,499,000 |
Projected benefit obligation for pension plans with projected benefit obligations in excess of plan assets | 4,709,493,000 | 4,381,914,000 | ' |
Fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets | 3,459,097,000 | 3,095,942,000 | ' |
Number of shares employees have elected to invest within the Company Stock Fund of the Parker Retirement Savings Plan | 2,510,535 | ' | ' |
Defined Contribution Plan, Cost Recognized | 25,247,000 | 22,046,000 | 19,372,000 |
Defined Benefit Plan, Asset Categories, Other [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Weighted-average target asset allocation, Equity securities | 12.00% | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Weighted-average target asset allocation, Equity securities | 41.00% | ' | ' |
Common/Collective trusts | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Investments valued using a net asset value per share, redemption frequency | 'daily | ' | ' |
Investments valued using a net asset value per share, redemption notice period | '30 days | ' | ' |
Limited Partnership | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Investments valued using a net asset value per share, redemption frequency | 'daily | ' | ' |
Investments valued using a net asset value per share, redemption notice period | '30 days | ' | ' |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | 286,066,000 | 157,838,000 | ' |
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive -loss) income into net periodic benefit pension cost | 158,471,000 | ' | ' |
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | 7,668,000 | ' | ' |
Estimated amount of transition asset that will be amortized from accumulated other comprehensive -loss) income into net periodic benefit pension cost | 19,000 | ' | ' |
Accumulated benefit obligation for all defined benefit plans | 4,258,743,000 | 3,944,921,000 | ' |
Projected benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets | 4,691,350,000 | 4,351,955,000 | ' |
Accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets | 4,206,557,000 | 3,920,218,000 | ' |
Fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets | 3,443,515,000 | 3,070,157,000 | ' |
Plans' assets included Company stock with market values | 167,157,000 | 126,834,000 | ' |
Expected cash contributions to defined benefit pension plans in 2012 | 63,000,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2012 | 189,307,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2013 | 235,993,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2014 | 219,266,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2015 | 225,421,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2016 | 251,678,000 | ' | ' |
Estimated future benefit payments in the aggregate for the five years ending June 30, 2017 through June 30, 2021 | 1,391,819,000 | ' | ' |
Lump Sum Distribution [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | 110,000,000 | ' | ' |
Domestic Defined Benefit Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Percentage of assets held in the U.S. defined benefit plans to total defined benefit plan assets | 72.00% | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | 4,894,000 | 5,009,000 | ' |
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive -loss) income into net periodic benefit pension cost | 1,141,000 | ' | ' |
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | -121,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2012 | 5,903,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2013 | 5,991,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2014 | 6,076,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2015 | 6,044,000 | ' | ' |
Estimated future benefit payments in the year ending June 30, 2016 | 5,672,000 | ' | ' |
Estimated future benefit payments in the aggregate for the five years ending June 30, 2017 through June 30, 2021 | $24,941,000 | ' | ' |
Discount rate assumption used to measure the benefit obligation | 3.74% | 4.10% | ' |
Maximum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Maximum percentage of employer 401K matching contribution | 4.00% | ' | ' |
Assumptions_Used_to_Measure_Ne
Assumptions Used to Measure Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
U.S. defined benefit plans | ' | ' | ' |
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ' | ' | ' |
Discount rate | 4.52% | 3.91% | 5.45% |
Average increase in compensation | 5.13% | 5.21% | 5.21% |
Expected return on plan assets | 8.00% | 8.00% | 8.00% |
Minimum | Non-U.S. defined benefit plans | ' | ' | ' |
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ' | ' | ' |
Discount rate | 1.50% | 1.75% | 2.00% |
Average increase in compensation | 2.00% | 2.00% | 2.00% |
Expected return on plan assets | 1.00% | 1.00% | 1.00% |
Maximum | Non-U.S. defined benefit plans | ' | ' | ' |
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | ' | ' | ' |
Discount rate | 4.59% | 4.70% | 5.87% |
Average increase in compensation | 6.00% | 6.00% | 5.00% |
Expected return on plan assets | 6.25% | 6.40% | 7.50% |
Assumptions_Used_to_Measure_Be
Assumptions Used to Measure Benefit Obligations (Detail) | Jun. 30, 2014 | Jun. 30, 2013 |
U.S. defined benefit plans | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' |
Discount rate | 4.05% | 4.52% |
Average increase in compensation | 5.12% | 5.13% |
Minimum | Non-U.S. defined benefit plans | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' |
Discount rate | 0.90% | 1.50% |
Average increase in compensation | 2.00% | 2.00% |
Maximum | Non-U.S. defined benefit plans | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' |
Discount rate | 4.20% | 4.59% |
Average increase in compensation | 5.00% | 6.00% |
WeightedAverage_Allocation_of_
Weighted-Average Allocation of the Majority of the Assets Related to Defined Benefit Plans (Detail) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 42.00% | 57.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 41.00% | ' |
Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 48.00% | 30.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 47.00% | ' |
Defined Benefit Plan, Asset Categories, Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 10.00% | 13.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 12.00% | ' |
Fair_Values_of_Pension_Plan_As
Fair Values of Pension Plan Assets by Asset Class (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | $3,499,274 | $3,096,616 |
Cash and cash equivalents | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 46,297 | 65,170 |
Equity Securities [Member] | US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 346,145 | 366,692 |
Equity Securities [Member] | Non US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 220,911 | 223,764 |
Fixed income securities | Corporate Bond Securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 234,719 | 191,266 |
Fixed income securities | Government issued securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 161,131 | 108,212 |
Mutual funds | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 192,293 | 334,370 |
Mutual funds | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 223,662 | 57,109 |
Common/Collective trusts | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 695,195 | 826,654 |
Common/Collective trusts | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 1,069,207 | 587,023 |
Limited Partnership | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 289,013 | 302,913 |
Miscellaneous | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 20,701 | 33,443 |
Quoted Prices In Active Markets (Level 1) | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 1,330,905 | 1,166,016 |
Quoted Prices In Active Markets (Level 1) | Cash and cash equivalents | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 45,976 | 64,208 |
Quoted Prices In Active Markets (Level 1) | Equity Securities [Member] | US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 346,145 | 366,692 |
Quoted Prices In Active Markets (Level 1) | Equity Securities [Member] | Non US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 220,911 | 223,764 |
Quoted Prices In Active Markets (Level 1) | Fixed income securities | Corporate Bond Securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 101,227 | 80,959 |
Quoted Prices In Active Markets (Level 1) | Fixed income securities | Government issued securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 101,083 | 57,278 |
Quoted Prices In Active Markets (Level 1) | Mutual funds | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 191,301 | 333,695 |
Quoted Prices In Active Markets (Level 1) | Mutual funds | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 189,375 | 32,926 |
Quoted Prices In Active Markets (Level 1) | Common/Collective trusts | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 85,461 | 2,743 |
Quoted Prices In Active Markets (Level 1) | Common/Collective trusts | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 48,649 | 2,979 |
Quoted Prices In Active Markets (Level 1) | Limited Partnership | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 777 | ' |
Quoted Prices In Active Markets (Level 1) | Miscellaneous | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 772 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 2,168,369 | 1,930,600 |
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 321 | 962 |
Significant Other Observable Inputs (Level 2) | Equity Securities [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | ' | ' |
Significant Other Observable Inputs (Level 2) | Equity Securities [Member] | US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | ' | ' |
Significant Other Observable Inputs (Level 2) | Equity Securities [Member] | Non US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | ' | ' |
Significant Other Observable Inputs (Level 2) | Fixed income securities | Corporate Bond Securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 133,492 | 110,307 |
Significant Other Observable Inputs (Level 2) | Fixed income securities | Government issued securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 60,048 | 50,934 |
Significant Other Observable Inputs (Level 2) | Mutual funds | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 992 | 675 |
Significant Other Observable Inputs (Level 2) | Mutual funds | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 34,287 | 24,183 |
Significant Other Observable Inputs (Level 2) | Common/Collective trusts | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 609,734 | 823,911 |
Significant Other Observable Inputs (Level 2) | Common/Collective trusts | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 1,020,558 | 584,044 |
Significant Other Observable Inputs (Level 2) | Limited Partnership | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 288,236 | 302,913 |
Significant Other Observable Inputs (Level 2) | Miscellaneous | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 20,701 | 32,671 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | ' | 0 |
Significant Unobservable Inputs (Level 3) | Equity Securities [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | ' | ' |
Significant Unobservable Inputs (Level 3) | Equity Securities [Member] | US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | ' | ' |
Significant Unobservable Inputs (Level 3) | Equity Securities [Member] | Non US Based Companies | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | ' | ' |
Significant Unobservable Inputs (Level 3) | Fixed income securities | Corporate Bond Securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fixed income securities | Government issued securities | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mutual funds | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mutual funds | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Common/Collective trusts | Equity funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Common/Collective trusts | Fixed income funds | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Limited Partnership | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Miscellaneous | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Pension plan assets | $0 | $0 |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (ESOP) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Shares held by ESOP | 8,944,697 | 9,686,238 | 10,216,738 |
Company contributions to ESOP | $63,441 | $61,067 | $58,067 |
Summary_of_Other_Postretiremen
Summary of Other Postretirement Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Amounts recognized on the Consolidated Balance Sheet | ' | ' | ' |
Pensions and other postretirement benefits | ($1,346,224) | ($1,372,437) | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 75,544 | 83,654 | ' |
Service cost | 623 | 825 | 728 |
Interest cost | 2,971 | 2,826 | 3,482 |
Actuarial (gain) loss | 1,963 | -6,752 | ' |
Benefits paid | -4,894 | -5,009 | ' |
Benefit obligation at end of year | 76,207 | 75,544 | 83,654 |
Amortization of unrecognized actuarial loss | 884 | 1,279 | 480 |
Net periodic benefit cost | 4,478 | 4,930 | 4,690 |
Funded status | -76,207 | -75,544 | ' |
Amounts recognized on the Consolidated Balance Sheet | ' | ' | ' |
Other accrued liabilities | -5,874 | -6,068 | ' |
Pensions and other postretirement benefits | -70,333 | -69,476 | ' |
Net amount recognized | -76,207 | -75,544 | ' |
Amounts recognized in Accumulated Other Comprehensive (Loss) | ' | ' | ' |
Net actuarial loss | 14,074 | 13,115 | ' |
Prior service (credit) | -797 | -920 | ' |
Net amount recognized | $13,277 | $12,195 | ' |
Assumptions_Used_to_Measure_Ne1
Assumptions Used to Measure Net Periodic Benefit Cost for Postretirement Benefit Obligations (Detail) (Other Postretirement Benefit Plans, Defined Benefit) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' | ' |
Discount rate | 4.10% | 3.62% | 5.00% |
Current medical cost trend rate | 7.75% | 8.00% | 8.00% |
Ultimate medical cost trend rate | 5.00% | 5.00% | 5.00% |
Medical cost trend rate decreases to ultimate in year | '2021 | '2019 | '2019 |
Effect_of_a_One_Percentage_Poi
Effect of a One Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' |
Effect on total of service and interest cost components, 1% increase | $83 |
Effect on total of service and interest cost components, 1% decrease | -72 |
Effect on postretirement benefit obligation, 1% increase | 2,011 |
Effect on postretirement benefit obligation, 1% decrease | ($1,753) |
Equity_Balance_of_Accumulated_
Equity - Balance of Accumulated Other Comprehensive (Loss) in Shareholders' Equity (Detail) (USD $) | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||
Equity [Abstract] | ' | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ' | |||||||||||||||
: | |||||||||||||||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | ||||||||||||||
Balance June 30, 2013 | $ | (68,328 | ) | $ | (1,039,072 | ) | $ | (433 | ) | $ | (1,107,833 | ) | |||||
Other comprehensive income before reclassifications | 192,948 | (20,636 | ) | — | 172,312 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 111,818 | 205 | 112,023 | |||||||||||||
Balance June 30, 2014 | $ | 124,620 | $ | (947,890 | ) | $ | (228 | ) | $ | (823,498 | ) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($823,498) | ($1,107,833) | |||||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 172,312 | ' | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 112,023 | ' | |||||||||||||||
Accumulated Translation Adjustment [Member] | ' | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 124,620 | -68,328 | |||||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 192,948 | ' | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' | |||||||||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -947,890 | -1,039,072 | |||||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -20,636 | ' | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 111,818 | ' | |||||||||||||||
Accumulated other comprehensive income (loss), other [Domain] | ' | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -228 | -433 | |||||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ' | |||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $205 | ' |
Equity_Reclassifications_out_o
Equity Reclassifications out of accumulated other comprehensive (loss) (Details) (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||
Reclassifications out of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ' | ' | ||||||
Reclassifications out of accumulated other comprehensive (loss) in shareholders' equity during 2014: | |||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | |||||||
Retirement benefit plans | |||||||||
Amortization of prior service cost and initial net obligation | $ | (14,535 | ) | See Note 10 | |||||
Recognized actuarial loss | (160,596 | ) | See Note 10 | ||||||
Total before tax | (175,131 | ) | |||||||
Tax benefit | 63,313 | Income taxes | |||||||
Net of tax | $ | (111,818 | ) | ||||||
Other | |||||||||
Realized loss on cash flow hedges | $ | (306 | ) | Interest expense | |||||
Tax benefit | 101 | Income taxes | |||||||
Net of tax | $ | (205 | ) | ||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost and Initial Obligation, before tax | ($14,535) | ' | ' | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -160,596 | ' | ' | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | -175,131 | ' | ' | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 63,313 | ' | ' | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | -111,818 | ' | ' | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | -306 | ' | ' | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 101 | 101 | 102 | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | ($205) | ($204) | ($204) |
Equity_Share_Repurchase_Progra
Equity - Share Repurchase Program (Detail) (USD $) | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jan. 24, 2013 | ||||||||||||
Maximum | |||||||||||||||
Equity [Abstract] | ' | ' | ' | ' | |||||||||||
Schedule of Treasury Stock by Class | ' | ' | ' | ' | |||||||||||
The number of common shares repurchased at the average purchase price follows: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Shares repurchased | 1,741,143 | 3,006,005 | 6,395,866 | ||||||||||||
Average price per share | $ | 114.87 | $ | 85.55 | $ | 71.2 | |||||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | |||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | 15,000,000 | |||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased Each Fiscal Year | 7,500,000 | ' | ' | ' | |||||||||||
Stock Repurchase Program, Percentage of Shares Outstanding Authorized to be Repurchased Each Fiscal Year | 5.00% | ' | ' | ' | |||||||||||
Shares repurchased | 1,741,143 | 3,006,005 | 6,395,866 | ' | |||||||||||
Average price per share | $114.87 | $85.55 | $71.20 | ' |
Stock_Incentive_Plans_Addition
Stock Incentive Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common shares reserved for issuance in connection with its stock incentive plans | 14,000,000 | ' | ' |
Income tax benefit | $37,993 | $47,659 | $14,008 |
Director [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 1,304 | 1,137 | 1,200 |
Restricted stock issued to certain non-employee members of the Board of Directors (in shares) | 12,353 | 14,580 | 15,010 |
Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expense for nonvested stock-based awards has yet to be recognized | 20,602 | ' | ' |
Expense for nonvested stock-based awards has yet to be recognized, amortized over a weighted-average period (in months) | '17 months | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 42,363 | 29,777 | 37,885 |
Stock-based compensation expense | 49,998 | 33,018 | 26,585 |
Shares surrendered upon exercise of stock | 775,163 | 1,947,148 | 321,266 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options and SARs exercisable minimum period after the date of grant (in years) | '3 years | ' | ' |
Expense for nonvested stock-based awards has yet to be recognized | 18,615 | ' | ' |
Expense for nonvested stock-based awards has yet to be recognized, amortized over a weighted-average period (in months) | '21 months | ' | ' |
Stock-based compensation expense | 21,475 | 17,852 | 12,393 |
Total fair value of shares vested | 18,007 | 12,488 | 8,642 |
Income tax benefit | 2,509 | 976 | 1,673 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock awards, recognized tax benefit (cost) | -6,770 | 17,395 | 426 |
Long Term Incentive Plans | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $31,688 | $34,127 | $41,886 |
Shares surrendered upon exercise of stock | 140,406 | 311,110 | 76,427 |
Restricted stock issued to certain non-employee members of the Board of Directors (in shares) | 298,813 | 792,428 | 243,266 |
Minimum | Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Purchase price of common stock under stock options | 100.00% | ' | ' |
Stock options and SARs exercisable minimum period after the date of grant (in years) | '1 year | ' | ' |
Maximum | Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options and SARs exercisable minimum period after the date of grant (in years) | '3 years | ' | ' |
Stock options and SARs expiration period (in years) | '10 years | ' | ' |
Omnibus Stock Incentive Plan 2009 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate number of shares authorized for issuance under stock incentive plan | 14,700,000 | ' | ' |
Fair_Value_of_Stock_Option_and
Fair Value of Stock Option and SAR Award Weighted-Average Assumptions (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.55% | 0.80% | 0.90% |
Expected life of award (in years) | '5 years 1 month 6 days | '4 years 10 months 24 days | '5 years 2 months 12 days |
Expected dividend yield of stock | 1.90% | 1.70% | 1.60% |
Expected volatility of stock | 39.10% | 39.00% | 37.30% |
Weighted-average fair value | $32.57 | $24.76 | $20.30 |
Stock_Option_and_SAR_Activity_
Stock Option and SAR Activity (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Number of Shares | ' |
Outstanding June 30, 2013 (in shares) | 9,435,173 |
Granted (in shares) | 1,478,731 |
Exercised (in shares) | -2,664,061 |
Canceled (in shares) | -41,144 |
Outstanding June 30, 2014 (in shares) | 8,208,699 |
Exercisable June 30, 2014 (in shares) | 5,723,728 |
Weighted-Average Exercise Price | ' |
Outstanding June 30, 2013 | $63.48 |
Granted | $107.53 |
Exercised | $56.43 |
Canceled | $69.36 |
Outstanding June 30, 2014 | $72.87 |
Exercisable June 30, 2014 | $63.10 |
Weighted-Average Remaining Contractual Term | ' |
Outstanding June 30, 2014 (in years) | '5 years 3 months 18 days |
Exercisable June 30, 2014 (in years) | '4 years 1 month 6 days |
Aggregate Intrinsic Value | ' |
Outstanding June 30, 2014 | $434 |
Exercisable June 30, 2014 | $358.50 |
Summary_of_the_Status_and_Chan
Summary of the Status and Changes of Shares Subject to Stock Option and SAR Awards and the Related Average Price Per Share (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 2,484,971 | 2,933,202 | ' |
Granted (in shares) | 1,478,731 | ' | ' |
Vested (in shares) | -1,885,703 | ' | ' |
Canceled (in shares) | -41,259 | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $28.89 | $22.91 | ' |
Granted | $32.57 | $24.76 | $20.30 |
Vested | $22.47 | ' | ' |
Canceled | $29.47 | ' | ' |
Information_Related_to_Stock_O
Information Related to Stock Options and SAR Awards Exercised (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Net cash proceeds | $8,013 | $32,204 | $10,599 |
Intrinsic value | 155,903 | 208,426 | 57,567 |
Income tax benefit | $37,993 | $47,659 | $14,008 |
Summary_of_the_Status_and_Chan1
Summary of the Status and Changes of Shares Subject to RSU Awards and the Related Average Price Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Income tax benefit | $37,993 | $47,659 | $14,008 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Number of Shares | ' | ' | ' |
Nonvested June 30, 2013 (in shares) | 466,241 | ' | ' |
Granted (in shares) | 282,565 | ' | ' |
Vested (in shares) | -259,307 | ' | ' |
Canceled (in shares) | -17,969 | ' | ' |
Nonvested June 30, 2014 (in shares) | 471,530 | 466,241 | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Nonvested June 30, 2013 | $73.55 | ' | ' |
Granted | $106.15 | ' | ' |
Vested | $69.44 | ' | ' |
Canceled | $93.42 | ' | ' |
Nonvested June 30, 2014 | $94.59 | $73.55 | ' |
Stock-based compensation expense | 21,475 | 17,852 | 12,393 |
Total fair value of shares vested | 18,007 | 12,488 | 8,642 |
Income tax benefit | $2,509 | $976 | $1,673 |
Restricted_Shares_for_Long_Ter
Restricted Shares for Long Term Incentive Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation arrangement by share-based payment, performance period of plan | '3 years | ' | ' |
Long Term Incentive Plans | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
restriction on transferability | '3 years | ' | ' |
LTIP 3-year plan | '2011-12-13 | '2010-11-12 | '2009-10-11 |
Number of shares issued | 298,813 | 792,428 | 243,266 |
Average share value on date of issuance | $126.17 | $83.64 | $69.10 |
Total value | $37,701 | $66,278 | $16,810 |
Stock-based compensation expense | 31,688 | 34,127 | 41,886 |
Director [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares issued | 12,353 | 14,580 | 15,010 |
Stock-based compensation expense | $1,304 | $1,137 | $1,200 |
Summary_of_the_Status_and_Chan2
Summary of the Status and Changes of Shares Relating to LTIP and the Related Average Price Per Share (Detail) (Long Term Incentive Plans, USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Long Term Incentive Plans | ' |
Number of Shares | ' |
Nonvested June 30, 2013 (in shares) | 1,001,393 |
Granted (in shares) | 305,247 |
Vested (in shares) | -375,176 |
Canceled (in shares) | -11,368 |
Nonvested June 30, 2014 (in shares) | 920,096 |
Weighted-Average Grant Date Fair Value | ' |
Nonvested June 30, 2013 | $83.59 |
Granted | $113.07 |
Vested | $79.86 |
Canceled | $89.18 |
Nonvested June 30, 2014 | $94.83 |
Shareholders_Protection_Rights
Shareholders' Protection Rights Agreement Shareholders' Protection Rights Agreement (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Shareholders' Protection Rights [Abstract] | ' |
Shareholders' Protection Rights Agreement | ' |
Shareholders' Protection Rights Agreement | |
On January 25, 2007, the Board of Directors of the Company declared a dividend of one Shareholders' Right for each common share outstanding on February 17, 2007 in relation to the Company's Shareholders Protection Rights Agreement. As of June 30, 2014, 148,902,813 common shares were reserved for issuance under this Agreement. Under certain conditions involving acquisition of, or an offer for, 15 percent or more of the Company's common shares, all holders of Shareholders' Rights would be entitled to purchase one common share at an exercise price currently set at $160. In addition, in certain circumstances, all holders of Shareholders' Rights (other than the acquiring entity) would be entitled to purchase a number of common shares equal to twice the exercise price, or at the option of the Board of Directors, to exchange each Shareholders' Right for one common share. The Shareholders' Rights remain in existence until February 17, 2017, unless extended by the Board of Directors or earlier redeemed (at one cent per Shareholders' Right), exercised or exchanged under the terms of the agreement. In the event of an unfriendly business combination attempt, the Shareholders' Rights will cause substantial dilution to the person attempting the business combination. The Shareholders' Rights should not interfere with any merger or other business combination that is in the best interest of the Company and its shareholders since the Shareholders' Rights may be redeemed. | |
Shareholders' Protection Rights Agreement [Line Items] | ' |
Common shares reserved for issuance in connection with its stock incentive plans | 14,000,000 |
Business Acquisition, Percentage of Voting Interests Acquired | 15.00% |
Shareholders' Protection Rights Agreement [Member] | ' |
Shareholders' Protection Rights Agreement [Line Items] | ' |
Common shares reserved for issuance in connection with its stock incentive plans | 148,902,813 |
Holders of Shareholders' Rights would be entitled to purchase one common share, exercise price | 160 |
Research_and_Development_Addit
Research and Development - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Research and Development [Abstract] | ' | ' | ' |
Research and development costs | $410,132 | $406,613 | $365,703 |
Costs incurred in connection with research and development contracts | $55,916 | $58,916 | $43,658 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Carrying value of long-term debt, excluding leases | $1,508,420 | $1,498,025 |
Fair value of long-term debt, excluding leases | $1,708,723 | $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 (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Cross-Currency Swap Contracts | Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net investment hedges | $45,790 | $22,438 |
Costless Collar Contracts | Non-trade and Notes Receivable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash flows hedges | 3,508 | 1,422 |
Costless Collar Contracts | Other accrued liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash flows hedges | 378 | 953 |
Foreign Exchange Contract | Non-trade and Notes Receivable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash flows hedges | ($41) | $41 |
Gains_Losses_on_Derivative_Fin
Gains (Losses) on Derivative Financial Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Nondesignated | Foreign Exchange Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income | ($81) | ($1,821) | ($4,156) |
Nondesignated | Costless Collar Contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income | 7,052 | 502 | 5,111 |
Derivatives Designated as Hedging Instruments | Cross Currency Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative And Non Derivative Instruments Gain Loss Recognized In Accumulated Other Comprehensive Income Loss | -14,426 | -12,622 | ' |
Derivatives Designated as Hedging Instruments | Non Derivative Financial Instruments | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative And Non Derivative Instruments Gain Loss Recognized In Accumulated Other Comprehensive Income Loss | $7,611 | $4,743 | ' |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Jun. 30, 2014 |
Loss Contingencies [Line Items] | ' |
Reserve for environmental matters | $13,625,000 |
Environmental Issue | ' |
Loss Contingencies [Line Items] | ' |
Estimated total liability for environmental sites range, minimum | 13,600,000 |
Estimated total liability for environmental sites range, maximum | 82,700,000 |
Estimated total liability for environmental sites range, largest | $14,600,000 |
Quarterly_Information_Detail
Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $3,525,415 | $3,358,406 | $3,106,006 | $3,226,144 | $3,428,233 | $3,307,041 | $3,065,495 | $3,214,935 | $13,215,971 | $13,015,704 | $13,145,942 |
Gross Profit | 839,461 | 752,513 | 686,035 | 749,735 | 810,166 | 737,852 | 643,523 | 737,488 | 3,027,744 | 2,929,029 | 3,187,605 |
Net Income Attributable to Common Shareholders | $301,038 | $242,406 | $253,288 | $244,316 | $271,164 | $256,560 | $180,962 | $239,741 | $1,041,048 | $948,427 | $1,151,823 |
Diluted earnings per share | $1.98 | $1.60 | $1.66 | $1.61 | $1.78 | $1.68 | $1.19 | $1.57 | $6.87 | $6.26 | $7.45 |
Stock_Prices_and_Dividends_Det
Stock Prices and Dividends (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Stock Prices and Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High | $130.44 | $129.40 | $129.77 | $110.21 | $101.88 | $98.15 | $87.04 | $87.71 | $89.45 | $91.47 | $85.84 | $92.01 | $130.44 | $101.88 | $92.01 |
Low | $118.46 | $108.66 | $103.36 | $94.81 | $84.50 | $86.51 | $75.80 | $70.42 | $71.90 | $76.92 | $59.26 | $60.36 | $94.81 | $70.42 | $59.26 |
Dividends | $0.48 | $0.48 | $0.45 | $0.45 | $0.45 | $0.43 | $0.41 | $0.41 | $0.41 | $0.39 | $0.37 | $0.37 | $1.86 | $1.70 | $1.54 |