Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Entity Information [Line Items] | ||
Entity Public Float | $11,403,595,331 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PH | |
Entity Registrant Name | PARKER HANNIFIN CORP | |
Entity Central Index Key | 76334 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 142,455,351 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||||
Net sales | $3,134,993 | $3,106,006 | $6,404,925 | $6,332,150 |
Cost of sales | 2,401,584 | 2,419,971 | 4,861,449 | 4,896,380 |
Gross profit | 733,409 | 686,035 | 1,543,476 | 1,435,770 |
Selling, general and administrative expenses | 379,804 | 398,636 | 780,644 | 805,566 |
Goodwill and Intangible Asset Impairment | 0 | 188,870 | 0 | 188,870 |
Interest expense | 27,645 | 20,851 | 48,606 | 41,809 |
Other (income), net | -17,306 | -417,638 | -25,675 | -419,881 |
Income before income taxes | 343,266 | 495,316 | 739,901 | 819,406 |
Income taxes | 75,931 | 241,912 | 192,395 | 321,682 |
Net Income | 267,335 | 253,404 | 547,506 | 497,724 |
Less: Noncontrolling interest in subsidiaries' earnings | 83 | 116 | 165 | 120 |
Net income attributable to common shareholders | $267,252 | $253,288 | $547,341 | $497,604 |
Earnings per Share Attributable to Common Shareholders (Note 4) | ||||
Basic earnings per share (in usd per share) | $1.84 | $1.70 | $3.72 | $3.34 |
Diluted earnings per share (in usd per share) | $1.80 | $1.66 | $3.66 | $3.28 |
Cash dividends per common share (in usd per share) | $0.63 | $0.45 | $1.11 | $0.90 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net income | $267,335 | $253,404 | $547,506 | $497,724 |
Less: Noncontrolling interests in subsidiaries' earnings | 83 | 116 | 165 | 120 |
Net income attributable to common shareholders | 267,252 | 253,288 | 547,341 | 497,604 |
Foreign currency translation adjustment | -216,964 | 22,606 | -519,042 | 179,840 |
Retirement benefits plan activity | 25,064 | 27,129 | 51,922 | 54,622 |
Realized loss | 51 | 51 | 102 | 102 |
Other comprehensive income (loss), net of tax | -191,849 | 49,786 | -467,018 | 234,564 |
Less: Other comprehensive income for noncontrolling interests | -52 | 34 | -153 | -115 |
Other comprehensive income (loss) attributable to common shareholders | -191,797 | 49,752 | -466,865 | 234,679 |
Total comprehensive income attributable to common shareholders | $75,455 | $303,040 | $80,476 | $732,283 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $1,075,307 | $1,613,555 |
Marketable securities | 886,879 | 573,701 |
Trade accounts receivable, net | 1,572,864 | 1,858,176 |
Non-trade and notes receivable | 428,090 | 388,437 |
Inventories | 1,453,996 | 1,371,681 |
Prepaid expenses | 160,335 | 129,837 |
Deferred income taxes | 150,301 | 136,193 |
Total Current Assets | 5,727,772 | 6,071,580 |
Plant and equipment: | ||
Plant and Equipment | 4,962,046 | 5,152,591 |
Less: Accumulated depreciation | 3,245,557 | 3,328,297 |
Plant and Equipment, Net, Total | 1,716,489 | 1,824,294 |
Other assets | 1,021,272 | 1,018,781 |
Intangible assets, net | 1,090,972 | 1,188,282 |
Goodwill | 3,011,894 | 3,171,425 |
Total Assets | 12,568,399 | 13,274,362 |
Current Liabilities | ||
Notes payable and long-term debt payable within one year | 242,043 | 816,622 |
Accounts payable, trade | 1,145,202 | 1,252,040 |
Accrued payrolls and other compensation | 317,113 | 453,321 |
Accrued domestic and foreign taxes | 134,754 | 223,611 |
Other accrued liabilities | 500,039 | 507,202 |
Total Current Liabilities | 2,339,151 | 3,252,796 |
Long-term debt | 2,725,510 | 1,508,142 |
Pensions and other postretirement benefits | 1,309,477 | 1,346,224 |
Deferred income taxes | 86,606 | 94,819 |
Other liabilities | 347,514 | 409,573 |
Total Liabilities | 6,808,258 | 6,611,554 |
Shareholders' Equity | ||
Serial preferred stock, $.50 par value, authorized 3,000,000 shares; none issued | 0 | 0 |
Common stock, $.50 par value; authorized 600,000,000 shares; issued 181,046,128 shares at December 31 and June 30 | 90,523 | 90,523 |
Additional capital | 617,036 | 595,498 |
Retained earnings | 9,556,319 | 9,174,189 |
Accumulated other comprehensive (loss) | -1,290,363 | -823,498 |
Treasury shares, at cost; 38,590,777 share at December 31 and 32,143,315 shares at June 30 | -3,216,766 | -2,377,284 |
Total Shareholders' Equity | 5,756,749 | 6,659,428 |
Noncontrolling interests | 3,392 | 3,380 |
Total Equity | 5,760,141 | 6,662,808 |
Total Liabilities and Equity | $12,568,399 | $13,274,362 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
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 | 38,590,777 | 32,143,315 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows From Operating Activities | ||
Net income | $547,506 | $497,724 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 103,671 | 108,535 |
Amortization | 56,954 | 61,555 |
Share incentive plan compensation | 52,217 | 75,370 |
Deferred income taxes | -35,253 | 42,131 |
Foreign currency transaction loss (gain) | -23,186 | 4,451 |
Loss on sale of plant and equipment | 8,092 | 606 |
(Gain) on Sale of Business | -5,791 | 0 |
Goodwill and Intangible Asset Impairment | 0 | 188,870 |
Deconsolidation, Gain (Loss), Amount | 0 | -412,612 |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable, net | 211,530 | 222,827 |
Inventories | -155,335 | -86,684 |
Prepaid expenses | -33,655 | 18,457 |
Other assets | -4,175 | -39,594 |
Accounts payable, trade | -53,990 | -82,302 |
Accrued payrolls and other compensation | -113,482 | -104,977 |
Accrued domestic and foreign taxes | -81,483 | 33,730 |
Other accrued liabilities | -826 | -105 |
Pensions and other postretirement benefits | 79,332 | 86 |
Other liabilities | -13,629 | 12,041 |
Net cash provided by operating activities | 538,497 | 540,109 |
Cash Flows From Investing Activities | ||
Acquisitions (net of cash of $3,979 in 2014) | -18,640 | 728 |
Capital expenditures | -109,781 | -111,847 |
Proceeds from sale of plant and equipment | 3,902 | 8,790 |
Proceeds from Sale of Businesses | 22,779 | 0 |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 0 | 202,498 |
Purchase of marketable securities and other investments | -971,606 | 0 |
Maturities of marketable securities and other investments | 475,851 | 0 |
Other | -43,239 | -728 |
Net cash (used in) investing activities | -640,734 | 99,441 |
Cash Flows From Financing Activities | ||
Proceeds from exercise of stock options | 2,724 | 4,701 |
Payments for common shares | -871,567 | -103,707 |
Tax benefit from stock incentive plan compensation | 16,319 | 17,222 |
Proceeds from (payments for) notes payable, net | -815,172 | -115,532 |
Proceeds from long-term borrowings | 1,485,505 | 141 |
Payments for long-term borrowings | -358 | -1,443 |
Dividends | -164,758 | -134,718 |
Net cash (used in) financing activities | -347,307 | -333,336 |
Effect of exchange rate changes on cash | -88,704 | 51,896 |
Net (decrease) in cash and cash equivalents | -538,248 | 358,110 |
Cash and cash equivalents at beginning of year | 1,613,555 | 1,781,412 |
Cash and cash equivalents at end of period | $1,075,307 | $2,139,522 |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Cash Flows [Abstract] | ||
Acquisitions, cash acquired | $3,979 | $0 |
Business_Segment_Information
Business Segment Information | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segment Information | The Company operates in two reportable business segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment includes a significant portion of international operations. | ||||||||||||||||
Diversified Industrial - This segment produces a broad range of motion-control and fluid systems and components used in all kinds of manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural and military machinery and equipment and has a significant portion of international operations. Sales are made directly to major original equipment manufacturers (OEMs) and through a broad distribution network to smaller OEMs and the aftermarket. | |||||||||||||||||
Aerospace Systems - This segment designs and manufactures products and provides aftermarket support for commercial, business jet, military and general aviation aircraft, missile and spacecraft markets. The Aerospace Systems Segment provides a full range of systems and components for hydraulic, pneumatic and fuel applications. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 1,389,207 | $ | 1,325,402 | $ | 2,861,019 | $ | 2,713,277 | |||||||||
International | 1,187,400 | 1,276,851 | 2,450,897 | 2,547,646 | |||||||||||||
Aerospace Systems | 558,386 | 503,753 | 1,093,009 | 1,071,227 | |||||||||||||
Total net sales | $ | 3,134,993 | $ | 3,106,006 | $ | 6,404,925 | $ | 6,332,150 | |||||||||
Segment operating income | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 226,888 | $ | 200,628 | $ | 491,124 | $ | 434,826 | |||||||||
International | 136,525 | 134,198 | 326,330 | 307,608 | |||||||||||||
Aerospace Systems | 66,817 | 45,034 | 132,166 | 102,332 | |||||||||||||
Total segment operating income | 430,230 | 379,860 | 949,620 | 844,766 | |||||||||||||
Corporate general and administrative expenses | 51,360 | 46,819 | 106,804 | 94,029 | |||||||||||||
Income before interest expense and other expense | 378,870 | 333,041 | 842,816 | 750,737 | |||||||||||||
Interest expense | 27,645 | 20,851 | 48,606 | 41,809 | |||||||||||||
Other expense (income) | 7,959 | (183,126 | ) | 54,309 | (110,478 | ) | |||||||||||
Income before income taxes | $ | 343,266 | $ | 495,316 | $ | 739,901 | $ | 819,406 | |||||||||
Management_representation
Management representation | 6 Months Ended |
Dec. 31, 2014 | |
Management representation [Abstract] | |
Management representation | Management representation |
In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of December 31, 2014, the results of operations for the six months ended December 31, 2014 and 2013 and cash flows for the six months then ended. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2014 Annual Report on Form 10-K and previously filed fiscal 2015 Form 10-Q. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. | |
The Company has evaluated subsequent events that have occurred through the date these financial statements were issued. No subsequent events have occurred that required adjustment to these financial statements. |
New_accounting_pronouncements
New accounting pronouncements | 6 Months Ended |
Dec. 31, 2014 | |
New accounting pronouncements [Abstract] | |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board issued Accounting 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. |
Product_warranty
Product warranty | 6 Months Ended |
Dec. 31, 2014 | |
Product warranty [Abstract] | |
Product Warranty | Product warranty |
In the ordinary course of business, the Company warrants its products against defects in design, materials and workmanship over various time periods. The warranty accrual as of December 31, 2014 and June 30, 2014 is immaterial to the financial position of the Company and the change in the accrual for the current-year quarter and first six months of fiscal 2015 is immaterial to the Company’s results of operations and cash flows. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | Earnings per share | |||||||||||||||
The following table presents a reconciliation of the numerator and denominator of basic and diluted earnings per share for the three and six months ended December 31, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to common shareholders | $ | 267,252 | $ | 253,288 | $ | 547,341 | $ | 497,604 | ||||||||
Denominator: | ||||||||||||||||
Basic - weighted average common shares | 145,493,247 | 149,153,599 | 147,116,038 | 149,195,452 | ||||||||||||
Increase in weighted average common shares from dilutive effect of equity-based awards | 2,689,530 | 2,997,425 | 2,347,242 | 2,547,937 | ||||||||||||
Diluted - weighted average common shares, assuming exercise of equity-based awards | 148,182,777 | 152,151,024 | 149,463,280 | 151,743,389 | ||||||||||||
Basic earnings per share | $ | 1.84 | $ | 1.7 | $ | 3.72 | $ | 3.34 | ||||||||
Diluted earnings per share | $ | 1.8 | $ | 1.66 | $ | 3.66 | $ | 3.28 | ||||||||
4. Earnings per share, cont'd | ||||||||||||||||
For the three months ended December 31, 2014 and 2013, 873,214 and 350,129 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended December 31, 2014 and 2013, 1,004,789 and 1,188,562 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. |
Share_repurchase_program
Share repurchase program | 6 Months Ended |
Dec. 31, 2014 | |
Share repurchase program [Abstract] | |
Share Repurchase Program | Share repurchase program |
The Company has a program to repurchase its common shares. On October 22, 2014, the Board of Directors of the Company approved an increase in the overall number of shares authorized to repurchase under the program so that, beginning on such date, the aggregate number of shares authorized for repurchase was 35 million. There is no limitation on the number of shares that can be repurchased in a fiscal year. Repurchases may be funded primarily from operating cash flows and commercial paper borrowings and the shares are initially held as treasury stock. During the three-month period ended December 31, 2014, the Company repurchased 6,410,857 shares at an average price, including commissions, of $127.39 per share. Fiscal year-to-date, the Company repurchased 6,833,472 shares at an average price, including commissions, of $126.83 per share. |
Trade_accounts_receivable_net_
Trade accounts receivable, net (Notes) | 6 Months Ended |
Dec. 31, 2014 | |
Trade Accounts Receivable, Net [Abstract] | |
Trade accounts receivable, net | 6. 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 $11,217 and $16,040 at December 31, 2014 and June 30, 2014, respectively. |
Nontrade_and_notes_receivable_
Non-trade and notes receivable Non-trade and notes receivable (Notes) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Non-trade and notes receivable [Abstract] | |||||||||
Non-trade and Notes Receivable | 7. Non-trade and notes receivable | ||||||||
The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
December 31, | June 30, | ||||||||
2014 | 2014 | ||||||||
Notes receivable | $ | 111,180 | $ | 117,400 | |||||
Reverse repurchase agreements | 151,238 | 54,772 | |||||||
Accounts receivable, other | 165,672 | 216,265 | |||||||
Total | $ | 428,090 | $ | 388,437 | |||||
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. |
Inventories_Inventories_Notes
Inventories Inventories (Notes) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
Inventory Disclosure | 8. Inventories | ||||||||
The inventories caption in the Consolidated Balance Sheet is comprised of the following components: | |||||||||
December 31, | June 30, | ||||||||
2014 | 2014 | ||||||||
Finished products | $ | 570,897 | $ | 532,968 | |||||
Work in process | 786,266 | 732,294 | |||||||
Raw materials | 96,833 | 106,419 | |||||||
Total | $ | 1,453,996 | $ | 1,371,681 | |||||
Charges_Related_to_Business_Re
Charges Related to Business Realignment (Notes) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Business Realignment Charges | Business realignment charges | |||||||||||||||
The Company incurred business realignment charges in fiscal 2015 and fiscal 2014. | ||||||||||||||||
Business realignment charges by business segment are as follows:Â | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | $ | 9,084 | $ | 13,215 | $ | 14,933 | $ | 23,838 | ||||||||
Aerospace Systems | — | — | — | 626 | ||||||||||||
Work force reductions in connection with such business realignment charges by business segment are as follows:Â | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | 72 | 312 | 174 | 582 | ||||||||||||
Aerospace Systems | — | — | — | 27 | ||||||||||||
The charges primarily consist of severance costs related to plant closures as well as general work force reductions implemented by various operating units throughout the world, with the majority of the charges relating to realignment initiatives in Europe. In addition, asset write-downs of $1,915 for the six months ended December 31, 2014 and $257 and $1,331 for the three and six months ended December 31, 2013, respectively, were recognized in connection with plant closures in the Diversified Industrial Segment and are reflected in the other expense (income) caption in the Business Segment Information. The Company believes the realignment actions will positively impact future results of operations but will not have a material effect on liquidity and sources and uses of capital. | ||||||||||||||||
The business realignment charges are presented in the Consolidated Statement of Income as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of sales | $ | 5,489 | $ | 9,051 | $ | 10,607 | $ | 15,244 | ||||||||
Selling, general and administrative expenses | 3,595 | 4,164 | 4,326 | 9,220 | ||||||||||||
Other (income), net | — | 257 | 1,915 | 1,331 | ||||||||||||
As of December 31, 2014, approximately $4 million in severance payments have been made relating to charges incurred during fiscal 2015, the remainder of which are expected to be paid by December 31, 2015. All required severance payments relating to prior year actions have been made. Remaining severance payments related to current-year and prior-year actions of approximately $42 million are primarily reflected within the other accrued liabilities caption in the Consolidated Balance Sheet. Additional charges may be recognized in future periods related to the realignment actions described above, the timing and amount of which are not known at this time. |
Equity_Notes
Equity (Notes) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Equity | Equity | |||||||||||||||
Changes in equity for the three months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at September 30, 2014 | $ | 6,579,003 | $ | 3,361 | $ | 6,582,364 | ||||||||||
Net income | 267,252 | 83 | 267,335 | |||||||||||||
Other comprehensive (loss) | (191,797 | ) | (52 | ) | (191,849 | ) | ||||||||||
Dividends paid | (93,151 | ) | — | (93,151 | ) | |||||||||||
Stock incentive plan activity | 12,141 | — | 12,141 | |||||||||||||
Shares purchased at cost | (816,699 | ) | — | (816,699 | ) | |||||||||||
Balance at December 31, 2014 | $ | 5,756,749 | $ | 3,392 | $ | 5,760,141 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at September 30, 2013 | $ | 6,086,861 | $ | 2,910 | $ | 6,089,771 | ||||||||||
Net income | 253,288 | 116 | 253,404 | |||||||||||||
Other comprehensive income | 49,752 | 34 | 49,786 | |||||||||||||
Dividends paid | (67,330 | ) | — | (67,330 | ) | |||||||||||
Stock incentive plan activity | 23,395 | — | 23,395 | |||||||||||||
Shares purchased at cost | (50,740 | ) | — | (50,740 | ) | |||||||||||
Balance at December 31, 2013 | $ | 6,295,226 | $ | 3,060 | $ | 6,298,286 | ||||||||||
Changes in equity for the six months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2014 | $ | 6,659,428 | $ | 3,380 | $ | 6,662,808 | ||||||||||
Net income | 547,341 | 165 | 547,506 | |||||||||||||
Other comprehensive (loss) | (466,865 | ) | (153 | ) | (467,018 | ) | ||||||||||
Dividends paid | (164,758 | ) | — | (164,758 | ) | |||||||||||
Stock incentive plan activity | 48,302 | — | 48,302 | |||||||||||||
Shares purchased at cost | (866,699 | ) | — | (866,699 | ) | |||||||||||
Balance at December 31, 2014 | $ | 5,756,749 | $ | 3,392 | $ | 5,760,141 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2013 | $ | 5,738,426 | $ | 3,055 | $ | 5,741,481 | ||||||||||
Net income | 497,604 | 120 | 497,724 | |||||||||||||
Other comprehensive income (loss) | 234,679 | (115 | ) | 234,564 | ||||||||||||
Dividends paid | (134,718 | ) | — | (134,718 | ) | |||||||||||
Stock incentive plan activity | 59,235 | — | 59,235 | |||||||||||||
Shares purchased at cost | (100,000 | ) | — | (100,000 | ) | |||||||||||
Balance at December 31, 2013 | $ | 6,295,226 | $ | 3,060 | $ | 6,298,286 | ||||||||||
10. Equity, cont'd | ||||||||||||||||
Changes in accumulated other comprehensive (loss) in shareholder's equity by component for the six months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | |||||||||||||
Balance at June 30, 2014 | $ | 124,620 | $ | (947,890 | ) | $ | (228 | ) | $ | (823,498 | ) | |||||
Other comprehensive (loss) before reclassifications | (518,889 | ) | — | — | (518,889 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 51,922 | 102 | 52,024 | ||||||||||||
Balance at December 31, 2014 | $ | (394,269 | ) | $ | (895,968 | ) | $ | (126 | ) | $ | (1,290,363 | ) | ||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | |||||||||||||
Balance at June 30, 2013 | $ | (68,328 | ) | $ | (1,039,072 | ) | $ | (433 | ) | $ | (1,107,833 | ) | ||||
Other comprehensive income before reclassifications | 179,955 | — | — | 179,955 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 54,622 | 102 | 54,724 | ||||||||||||
Balance at December 31, 2013 | $ | 111,627 | $ | (984,450 | ) | $ | (331 | ) | $ | (873,154 | ) | |||||
Reclassifications out of accumulated other comprehensive (loss) in shareholder's equity for the three and six months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
31-Dec-14 | 31-Dec-14 | |||||||||||||||
Retirement benefit plans | ||||||||||||||||
Amortization of prior service cost and initial net obligation | $ | (1,900 | ) | $ | (4,544 | ) | See Note 12 | |||||||||
Recognized actuarial loss | (37,548 | ) | (77,227 | ) | See Note 12 | |||||||||||
Total before tax | (39,448 | ) | (81,771 | ) | ||||||||||||
Tax benefit | 14,384 | 29,849 | Income taxes | |||||||||||||
Net of tax | $ | (25,064 | ) | $ | (51,922 | ) | ||||||||||
Other | ||||||||||||||||
   Realized loss on cash flow hedges | $ | (76 | ) | $ | (152 | ) | Interest expense | |||||||||
   Tax benefit | 25 | 50 | Income taxes | |||||||||||||
   Net of tax | $ | (51 | ) | $ | (102 | ) | ||||||||||
10. Equity, cont'd | ||||||||||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
31-Dec-13 | 31-Dec-13 | |||||||||||||||
Retirement benefit plans | ||||||||||||||||
Amortization of prior service cost and initial net obligation | $ | (2,183 | ) | $ | (5,852 | ) | See Note 12 | |||||||||
Recognized actuarial loss | (40,611 | ) | (80,379 | ) | See Note 12 | |||||||||||
Total before tax | (42,794 | ) | (86,231 | ) | ||||||||||||
Tax benefit | 15,665 | 31,609 | Income taxes | |||||||||||||
Net of tax | $ | (27,129 | ) | $ | (54,622 | ) | ||||||||||
Other | ||||||||||||||||
   Realized loss on cash flow hedges | $ | (76 | ) | $ | (152 | ) | Interest expense | |||||||||
   Tax benefit | 25 | 50 | Income taxes | |||||||||||||
   Net of tax | $ | (51 | ) | $ | (102 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets | |||||||||||||||
The changes in the carrying amount of goodwill for the six months ended December 31, 2014 are as follows: | ||||||||||||||||
Diversified Industrial | Aerospace | Total | ||||||||||||||
Segment | Systems | |||||||||||||||
Segment | ||||||||||||||||
Balance at June 30, 2014 | $ | 3,072,724 | $ | 98,701 | $ | 3,171,425 | ||||||||||
Acquisitions | 8,682 | — | 8,682 | |||||||||||||
Divestitures | (1,905 | ) | — | (1,905 | ) | |||||||||||
Foreign currency translation and other | (166,266 | ) | (42 | ) | (166,308 | ) | ||||||||||
Balance at December 31, 2014 | $ | 2,913,235 | $ | 98,659 | $ | 3,011,894 | ||||||||||
Acquisitions represent the original goodwill allocation and final adjustments to the purchase price allocation for the acquisitions during the measurement period subsequent to the applicable acquisition dates. | ||||||||||||||||
Divestitures primarily represent goodwill associated with the sale of businesses during the first six months of fiscal 2015. | ||||||||||||||||
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 expense (income) 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. | ||||||||||||||||
11. Goodwill and intangible assets, cont'd | ||||||||||||||||
Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: | ||||||||||||||||
31-Dec-14 | 30-Jun-14 | |||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Patents | $ | 153,157 | $ | 86,710 | $ | 160,030 | $ | 86,708 | ||||||||
Trademarks | 367,845 | 170,657 | 391,268 | 174,114 | ||||||||||||
Customer lists and other | 1,418,285 | 590,948 | 1,481,560 | 583,754 | ||||||||||||
Total | $ | 1,939,287 | $ | 848,315 | $ | 2,032,858 | $ | 844,576 | ||||||||
Total intangible amortization expense for the six months ended December 31, 2014 was $55,447. The estimated amortization expense for the five years ending June 30, 2015 through 2019 is $107,789, $104,052, $100,122, $94,759, and $88,470, 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. No such events or circumstances occurred during the six months ended December 31, 2014. | ||||||||||||||||
During the second quarter of fiscal 2014, in connection with the goodwill impairment review of EPD discussed above, the Company determined that certain intangible assets of EPD, primarily trademarks and customer lists, were impaired resulting in a non-cash impairment charge of $43,664. The impairment charge is reflected in the goodwill and intangible asset impairment caption in the Consolidated Statement of Income and in the other expense (income) caption in the Business Segment Information. The fair value of EPD's intangible assets were determined using an income approach for the individual intangible assets. Fair value calculated using an income approach is classified within level 3 of the fair value hierarchy and requires several assumptions including future sales and operating margins expected to be generated from the use of the individual intangible asset. |
Retirement_Benefits_Notes
Retirement Benefits (Notes) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Retirement Benefits | Retirement benefits | |||||||||||||||
Net pension benefit cost recognized included the following components: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 24,583 | $ | 22,457 | $ | 49,657 | $ | 49,686 | ||||||||
Interest cost | 44,305 | 47,465 | 90,798 | 95,009 | ||||||||||||
Expected return on plan assets | (54,961 | ) | (56,574 | ) | (110,189 | ) | (112,962 | ) | ||||||||
Amortization of prior service cost | 1,927 | 2,204 | 4,597 | 5,894 | ||||||||||||
Amortization of net actuarial loss | 37,297 | 40,261 | 76,725 | 79,679 | ||||||||||||
Amortization of initial net obligation | 4 | 5 | 9 | 10 | ||||||||||||
Net pension benefit cost | $ | 53,155 | $ | 55,818 | $ | 111,597 | $ | 117,316 | ||||||||
12. Retirement benefits, cont'd | ||||||||||||||||
Net postretirement benefit cost recognized included the following components: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 156 | $ | 206 | $ | 312 | $ | 412 | ||||||||
Interest cost | 742 | 709 | 1,484 | 1,418 | ||||||||||||
Amortization of prior service benefit | (31 | ) | (26 | ) | (62 | ) | (52 | ) | ||||||||
Amortization of net actuarial loss | 251 | 350 | 502 | 700 | ||||||||||||
Net postretirement benefit cost | $ | 1,118 | $ | 1,239 | $ | 2,236 | $ | 2,478 | ||||||||
Debt_Debt_Notes
Debt Debt (Notes) | 6 Months Ended |
Dec. 31, 2014 | |
Debt [Abstract] | |
Debt | Debt |
During the second quarter of fiscal 2015, the Company issued $500,000 of ten-year medium-term notes, $500,000 of twenty-year medium-term notes and $500,000 of thirty-year medium-term notes. The ten-year medium-term notes are due in a balloon payment in November 2024 and carry an interest rate of 3.30 percent. The twenty-year medium-term notes are due in a balloon payment in November 2034 and carry an interest rate of 4.20 percent. The thirty-year medium-term notes are due in a balloon payment in November 2044 and carry an interest rate of 4.45 percent. Interest payments are due semi-annually. Debt issuance costs for all medium-term notes issued were approximately $12,300 and will be amortized over the term of the notes. The Company used a portion of the net proceeds from the notes issuance to repay outstanding commercial paper borrowings. |
Income_Taxes_Notes
Income Taxes (Notes) | 6 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes |
The effective tax rate for the current-year quarter and the first six months of fiscal 2015 was lower than the comparable prior-year periods due to discrete tax costs that occurred in the prior-year, an increase in estimated foreign earnings in low tax rate jurisdictions, and the re-enactment of the United States (U.S.) Research and Development tax credit. In addition, the current-year quarter tax rate was reduced by the re-enactment of the U.S. treatment of payments between controlled foreign corporations. | |
The Company and its subsidiaries file federal and state income tax returns in the U.S. and in various foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is open to assessment of its federal income tax returns by the U.S. Internal Revenue Service for fiscal years after 2011. The Company is also open to assessment for fiscal years after 2006 for all significant state, local and foreign jurisdictions. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts reflected in the financial statements. | |
As of December 31, 2014, the Company had gross unrecognized tax benefits of $143,830. The total amount of gross unrecognized tax benefits that, if recognized, would affect the effective tax rate was $64,484. If recognized, a significant portion of the gross unrecognized tax benefits would be offset against an asset currently recorded in the Consolidated Balance Sheet. The accrued interest related to the gross unrecognized tax benefits, excluded from the amounts above, is $10,954. It is reasonably possible that within the next 12 months the amount of gross unrecognized tax benefits could be reduced by up to approximately $100,000 as a result of the revaluation of existing uncertain tax positions arising from developments in the examination process or the closure of tax statutes. Any increase in the amount of unrecognized tax benefits within the next 12 months is expected to be insignificant. |
Financial_Instruments_Notes
Financial Instruments (Notes) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Fair Value Measurements And Financial Instruments Disclosure [Text Block] | Financial instruments | |||||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, 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) are as follows: | ||||||||||||||||
December 31, | June 30, | |||||||||||||||
2014 | 2014 | |||||||||||||||
Carrying value of long-term debt (excluding capital leases) | $ | 2,967,468 | $ | 1,508,420 | ||||||||||||
Estimated fair value of long-term debt (excluding capital leases) | 3,242,988 | 1,708,723 | ||||||||||||||
The fair value of long-term debt was determined based on observable market prices in the active market in which the security is traded and is classified within level 2 of the fair value hierarchy. | ||||||||||||||||
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 each been designated as a hedge of the Company’s net investment in certain foreign subsidiaries. The translation of the Euro bonds and Japanese Yen credit facility into U.S. dollars is recorded in accumulated other comprehensive (loss) and remains there until the underlying net investment is sold or substantially liquidated. | ||||||||||||||||
Derivative financial instruments are recognized on the Consolidated Balance Sheet as either assets or liabilities and are measured at fair value. | ||||||||||||||||
The following summarizes the location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet as of December 31, 2014 and June 30, 2014: | ||||||||||||||||
Balance Sheet Caption | December 31, | June 30, | ||||||||||||||
2014 | 2014 | |||||||||||||||
Net investment hedges | ||||||||||||||||
Cross-currency swap contracts | Other liabilities | $ | 9,971 | $ | 45,790 | |||||||||||
Cash flow hedges | ||||||||||||||||
Costless collar contracts | Non-trade and notes receivable | 4,408 | 3,508 | |||||||||||||
Forward exchange contracts | Non-trade and notes receivable | 432 | (41 | ) | ||||||||||||
Costless collar contracts | Other accrued liabilities | 4,772 | 378 | |||||||||||||
The cross-currency swap and costless collar contracts are reflected on a gross basis in the Consolidated Balance Sheet. The presentation of forward exchange 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. | ||||||||||||||||
Gains or losses on derivatives that are not hedges are adjusted to fair value through the cost of sales caption in the Consolidated Statement of Income. Gains or losses on derivatives that are hedges are adjusted to fair value through accumulated other comprehensive (loss) in the Consolidated Balance Sheet until the hedged item is recognized in earnings. | ||||||||||||||||
The cross-currency swap contracts have been designated as hedging instruments. The costless collar contracts and forward exchange contracts have not been designated as hedging instruments and are considered to be economic hedges of forecasted transactions. | ||||||||||||||||
15. Financial instruments, cont'd | ||||||||||||||||
Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Forward exchange contracts | $ | 462 | $ | (595 | ) | $ | 479 | $ | (624 | ) | ||||||
Costless collar contracts | (24 | ) | 3,729 | (1,364 | ) | 6,720 | ||||||||||
Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) in the Consolidated Balance Sheet are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cross-currency swap contracts | $ | 10,233 | $ | (4,852 | ) | $ | 22,128 | $ | (11,488 | ) | ||||||
Foreign denominated debt | 9,255 | (296 | ) | 25,145 | (6,882 | ) | ||||||||||
There was no ineffectiveness of the cross-currency swap contracts or foreign denominated debt, nor was any portion of these financial instruments excluded from the effectiveness testing, during the six months ended December 31, 2014 and 2013. | ||||||||||||||||
A summary of financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2014 and June 30, 2014 are as follows: | ||||||||||||||||
Quoted Prices | Significant Other | Significant | ||||||||||||||
Total | In Active | Observable | Unobservable | |||||||||||||
Value at | Markets | Inputs | Inputs | |||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Fixed income mutual funds | $ | 118,417 | $ | 62,378 | $ | 56,039 | $ | — | ||||||||
Derivatives | 4,840 | — | 4,840 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives | 14,743 | — | 14,743 | — | ||||||||||||
Quoted Prices | Significant Other | Significant | ||||||||||||||
Total | In Active | Observable | Unobservable | |||||||||||||
Value at | Markets | Inputs | Inputs | |||||||||||||
June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Derivatives | $ | 3,508 | $ | — | $ | 3,508 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | 46,209 | — | 46,209 | — | ||||||||||||
15. Financial instruments, cont'd | ||||||||||||||||
Fixed income mutual funds consist of investments in mutual funds with variable net asset values. The fixed income mutual funds' fair values are determined using both the closing market price reported in the active market in which the fund is traded and the market price for similar assets that are traded in an active market. | ||||||||||||||||
Derivatives consist of forward exchange, costless collar and cross-currency swap contracts, the fair values of which are calculated using market observable inputs including both spot and forward prices for the same underlying currencies. The calculation of fair value of the cross-currency swap contracts also utilizes a present value cash flow model that has been adjusted to reflect the credit risk of either the Company or the counterparty. | ||||||||||||||||
There are no other financial assets or financial liabilities that are marked to market on a recurring basis. Fair values are transferred between levels of the fair value hierarchy when facts and circumstances indicate that a change in the method of estimating the fair value of a financial asset or financial liability is warranted. |
Deconsolidation_of_Subsidiary
Deconsolidation of Subsidiary | 6 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Acquisitions, Divestitures, and Deconsolidation Disclosures | During the second quarter of fiscal 2014, the Company and GE Aviation, a non-related party, finalized a joint venture in which the Company sold a 50 percent equity interest in one of its wholly-owned subsidiaries. The sale of the 50 percent equity interest in the wholly-owned subsidiary resulted in a loss of control of the subsidiary, and therefore it was deconsolidated from the Company's financial statements during the second quarter of fiscal 2014. The Company's equity interest in the joint venture with GE Aviation 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 other (income) net caption in the Consolidated Statement of Income and the other expense (income) caption in the Business Segment Information for the three and six months ended December 31, 2013. | |
The fair value of the retained investment in the joint venture with GE Aviation was determined using both a market and income approach. Cash consideration paid was the primary input used for the market approach. The fair value calculated using an income approach required several assumptions including future projected cash flows discounted using a rate approximating the cost of capital of the joint venture and is classified within level 3 of the fair value hierarchy. |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information By Industry | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 1,389,207 | $ | 1,325,402 | $ | 2,861,019 | $ | 2,713,277 | |||||||||
International | 1,187,400 | 1,276,851 | 2,450,897 | 2,547,646 | |||||||||||||
Aerospace Systems | 558,386 | 503,753 | 1,093,009 | 1,071,227 | |||||||||||||
Total net sales | $ | 3,134,993 | $ | 3,106,006 | $ | 6,404,925 | $ | 6,332,150 | |||||||||
Segment operating income | |||||||||||||||||
Diversified Industrial: | |||||||||||||||||
North America | $ | 226,888 | $ | 200,628 | $ | 491,124 | $ | 434,826 | |||||||||
International | 136,525 | 134,198 | 326,330 | 307,608 | |||||||||||||
Aerospace Systems | 66,817 | 45,034 | 132,166 | 102,332 | |||||||||||||
Total segment operating income | 430,230 | 379,860 | 949,620 | 844,766 | |||||||||||||
Corporate general and administrative expenses | 51,360 | 46,819 | 106,804 | 94,029 | |||||||||||||
Income before interest expense and other expense | 378,870 | 333,041 | 842,816 | 750,737 | |||||||||||||
Interest expense | 27,645 | 20,851 | 48,606 | 41,809 | |||||||||||||
Other expense (income) | 7,959 | (183,126 | ) | 54,309 | (110,478 | ) | |||||||||||
Income before income taxes | $ | 343,266 | $ | 495,316 | $ | 739,901 | $ | 819,406 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table presents a reconciliation of the numerator and denominator of basic and diluted earnings per share for the three and six months ended December 31, 2014 and 2013. | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to common shareholders | $ | 267,252 | $ | 253,288 | $ | 547,341 | $ | 497,604 | ||||||||
Denominator: | ||||||||||||||||
Basic - weighted average common shares | 145,493,247 | 149,153,599 | 147,116,038 | 149,195,452 | ||||||||||||
Increase in weighted average common shares from dilutive effect of equity-based awards | 2,689,530 | 2,997,425 | 2,347,242 | 2,547,937 | ||||||||||||
Diluted - weighted average common shares, assuming exercise of equity-based awards | 148,182,777 | 152,151,024 | 149,463,280 | 151,743,389 | ||||||||||||
Basic earnings per share | $ | 1.84 | $ | 1.7 | $ | 3.72 | $ | 3.34 | ||||||||
Diluted earnings per share | $ | 1.8 | $ | 1.66 | $ | 3.66 | $ | 3.28 | ||||||||
Nontrade_and_notes_receivable_1
Non-trade and notes receivable Non-trade and notes receivable (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Non-trade and notes receivable [Abstract] | |||||||||
Schedule of Accounts, Notes, and Loans Receivable | The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: | ||||||||
December 31, | June 30, | ||||||||
2014 | 2014 | ||||||||
Notes receivable | $ | 111,180 | $ | 117,400 | |||||
Reverse repurchase agreements | 151,238 | 54,772 | |||||||
Accounts receivable, other | 165,672 | 216,265 | |||||||
Total | $ | 428,090 | $ | 388,437 | |||||
Inventories_Inventories_Tables
Inventories Inventories (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory, Net [Abstract] | |||||||||
Schedule of Inventory, Current | The inventories caption in the Consolidated Balance Sheet is comprised of the following components: | ||||||||
December 31, | June 30, | ||||||||
2014 | 2014 | ||||||||
Finished products | $ | 570,897 | $ | 532,968 | |||||
Work in process | 786,266 | 732,294 | |||||||
Raw materials | 96,833 | 106,419 | |||||||
Total | $ | 1,453,996 | $ | 1,371,681 | |||||
Business_realignment_charges_T
Business realignment charges (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Schedule of realignment charges | Business realignment charges by business segment are as follows:Â | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | $ | 9,084 | $ | 13,215 | $ | 14,933 | $ | 23,838 | ||||||||
Aerospace Systems | — | — | — | 626 | ||||||||||||
Work force reductions in connection with such business realignment charges by business segment are as follows:Â | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Diversified Industrial | 72 | 312 | 174 | 582 | ||||||||||||
Aerospace Systems | — | — | — | 27 | ||||||||||||
The business realignment charges are presented in the Consolidated Statement of Income as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of sales | $ | 5,489 | $ | 9,051 | $ | 10,607 | $ | 15,244 | ||||||||
Selling, general and administrative expenses | 3,595 | 4,164 | 4,326 | 9,220 | ||||||||||||
Other (income), net | — | 257 | 1,915 | 1,331 | ||||||||||||
Equity_Tables
Equity (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | Changes in equity for the three months ended December 31, 2014 and 2013 are as follows: | |||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at September 30, 2014 | $ | 6,579,003 | $ | 3,361 | $ | 6,582,364 | ||||||||||
Net income | 267,252 | 83 | 267,335 | |||||||||||||
Other comprehensive (loss) | (191,797 | ) | (52 | ) | (191,849 | ) | ||||||||||
Dividends paid | (93,151 | ) | — | (93,151 | ) | |||||||||||
Stock incentive plan activity | 12,141 | — | 12,141 | |||||||||||||
Shares purchased at cost | (816,699 | ) | — | (816,699 | ) | |||||||||||
Balance at December 31, 2014 | $ | 5,756,749 | $ | 3,392 | $ | 5,760,141 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at September 30, 2013 | $ | 6,086,861 | $ | 2,910 | $ | 6,089,771 | ||||||||||
Net income | 253,288 | 116 | 253,404 | |||||||||||||
Other comprehensive income | 49,752 | 34 | 49,786 | |||||||||||||
Dividends paid | (67,330 | ) | — | (67,330 | ) | |||||||||||
Stock incentive plan activity | 23,395 | — | 23,395 | |||||||||||||
Shares purchased at cost | (50,740 | ) | — | (50,740 | ) | |||||||||||
Balance at December 31, 2013 | $ | 6,295,226 | $ | 3,060 | $ | 6,298,286 | ||||||||||
Changes in equity for the six months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2014 | $ | 6,659,428 | $ | 3,380 | $ | 6,662,808 | ||||||||||
Net income | 547,341 | 165 | 547,506 | |||||||||||||
Other comprehensive (loss) | (466,865 | ) | (153 | ) | (467,018 | ) | ||||||||||
Dividends paid | (164,758 | ) | — | (164,758 | ) | |||||||||||
Stock incentive plan activity | 48,302 | — | 48,302 | |||||||||||||
Shares purchased at cost | (866,699 | ) | — | (866,699 | ) | |||||||||||
Balance at December 31, 2014 | $ | 5,756,749 | $ | 3,392 | $ | 5,760,141 | ||||||||||
Shareholders’ | Noncontrolling | Total Equity | ||||||||||||||
Equity | Interests | |||||||||||||||
Balance at June 30, 2013 | $ | 5,738,426 | $ | 3,055 | $ | 5,741,481 | ||||||||||
Net income | 497,604 | 120 | 497,724 | |||||||||||||
Other comprehensive income (loss) | 234,679 | (115 | ) | 234,564 | ||||||||||||
Dividends paid | (134,718 | ) | — | (134,718 | ) | |||||||||||
Stock incentive plan activity | 59,235 | — | 59,235 | |||||||||||||
Shares purchased at cost | (100,000 | ) | — | (100,000 | ) | |||||||||||
Balance at December 31, 2013 | $ | 6,295,226 | $ | 3,060 | $ | 6,298,286 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive (loss) in shareholder's equity by component for the six months ended December 31, 2014 and 2013 are as follows: | |||||||||||||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | |||||||||||||
Balance at June 30, 2014 | $ | 124,620 | $ | (947,890 | ) | $ | (228 | ) | $ | (823,498 | ) | |||||
Other comprehensive (loss) before reclassifications | (518,889 | ) | — | — | (518,889 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 51,922 | 102 | 52,024 | ||||||||||||
Balance at December 31, 2014 | $ | (394,269 | ) | $ | (895,968 | ) | $ | (126 | ) | $ | (1,290,363 | ) | ||||
Foreign Currency Translation Adjustment | Retirement Benefit Plans | Other | Total | |||||||||||||
Balance at June 30, 2013 | $ | (68,328 | ) | $ | (1,039,072 | ) | $ | (433 | ) | $ | (1,107,833 | ) | ||||
Other comprehensive income before reclassifications | 179,955 | — | — | 179,955 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) | — | 54,622 | 102 | 54,724 | ||||||||||||
Balance at December 31, 2013 | $ | 111,627 | $ | (984,450 | ) | $ | (331 | ) | $ | (873,154 | ) | |||||
Schedule of Reclassification out of AOCI | ||||||||||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
31-Dec-14 | 31-Dec-14 | |||||||||||||||
Retirement benefit plans | ||||||||||||||||
Amortization of prior service cost and initial net obligation | $ | (1,900 | ) | $ | (4,544 | ) | See Note 12 | |||||||||
Recognized actuarial loss | (37,548 | ) | (77,227 | ) | See Note 12 | |||||||||||
Total before tax | (39,448 | ) | (81,771 | ) | ||||||||||||
Tax benefit | 14,384 | 29,849 | Income taxes | |||||||||||||
Net of tax | $ | (25,064 | ) | $ | (51,922 | ) | ||||||||||
Other | ||||||||||||||||
   Realized loss on cash flow hedges | $ | (76 | ) | $ | (152 | ) | Interest expense | |||||||||
   Tax benefit | 25 | 50 | Income taxes | |||||||||||||
   Net of tax | $ | (51 | ) | $ | (102 | ) | ||||||||||
10. Equity, cont'd | ||||||||||||||||
Details about Accumulated Other Comprehensive (Loss) Components | Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Consolidated Statement of Income Classification | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
31-Dec-13 | 31-Dec-13 | |||||||||||||||
Retirement benefit plans | ||||||||||||||||
Amortization of prior service cost and initial net obligation | $ | (2,183 | ) | $ | (5,852 | ) | See Note 12 | |||||||||
Recognized actuarial loss | (40,611 | ) | (80,379 | ) | See Note 12 | |||||||||||
Total before tax | (42,794 | ) | (86,231 | ) | ||||||||||||
Tax benefit | 15,665 | 31,609 | Income taxes | |||||||||||||
Net of tax | $ | (27,129 | ) | $ | (54,622 | ) | ||||||||||
Other | ||||||||||||||||
   Realized loss on cash flow hedges | $ | (76 | ) | $ | (152 | ) | Interest expense | |||||||||
   Tax benefit | 25 | 50 | Income taxes | |||||||||||||
   Net of tax | $ | (51 | ) | $ | (102 | ) |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of goodwill | The changes in the carrying amount of goodwill for the six months ended December 31, 2014 are as follows: | |||||||||||||||
Diversified Industrial | Aerospace | Total | ||||||||||||||
Segment | Systems | |||||||||||||||
Segment | ||||||||||||||||
Balance at June 30, 2014 | $ | 3,072,724 | $ | 98,701 | $ | 3,171,425 | ||||||||||
Acquisitions | 8,682 | — | 8,682 | |||||||||||||
Divestitures | (1,905 | ) | — | (1,905 | ) | |||||||||||
Foreign currency translation and other | (166,266 | ) | (42 | ) | (166,308 | ) | ||||||||||
Balance at December 31, 2014 | $ | 2,913,235 | $ | 98,659 | $ | 3,011,894 | ||||||||||
Schedule of finite-lived intangible assets by major class | The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: | |||||||||||||||
31-Dec-14 | 30-Jun-14 | |||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Patents | $ | 153,157 | $ | 86,710 | $ | 160,030 | $ | 86,708 | ||||||||
Trademarks | 367,845 | 170,657 | 391,268 | 174,114 | ||||||||||||
Customer lists and other | 1,418,285 | 590,948 | 1,481,560 | 583,754 | ||||||||||||
Total | $ | 1,939,287 | $ | 848,315 | $ | 2,032,858 | $ | 844,576 | ||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Pension Plans, Defined Benefit | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | Net pension benefit cost recognized included the following components: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 24,583 | $ | 22,457 | $ | 49,657 | $ | 49,686 | ||||||||
Interest cost | 44,305 | 47,465 | 90,798 | 95,009 | ||||||||||||
Expected return on plan assets | (54,961 | ) | (56,574 | ) | (110,189 | ) | (112,962 | ) | ||||||||
Amortization of prior service cost | 1,927 | 2,204 | 4,597 | 5,894 | ||||||||||||
Amortization of net actuarial loss | 37,297 | 40,261 | 76,725 | 79,679 | ||||||||||||
Amortization of initial net obligation | 4 | 5 | 9 | 10 | ||||||||||||
Net pension benefit cost | $ | 53,155 | $ | 55,818 | $ | 111,597 | $ | 117,316 | ||||||||
Other Postretirement Benefit Plans, Defined Benefit | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | Net postretirement benefit cost recognized included the following components: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 156 | $ | 206 | $ | 312 | $ | 412 | ||||||||
Interest cost | 742 | 709 | 1,484 | 1,418 | ||||||||||||
Amortization of prior service benefit | (31 | ) | (26 | ) | (62 | ) | (52 | ) | ||||||||
Amortization of net actuarial loss | 251 | 350 | 502 | 700 | ||||||||||||
Net postretirement benefit cost | $ | 1,118 | $ | 1,239 | $ | 2,236 | $ | 2,478 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying value of long-term debt (excluding capital leases) and estimated fair value of long-term debt (excluding capital leases) are as follows: | |||||||||||||||
December 31, | June 30, | |||||||||||||||
2014 | 2014 | |||||||||||||||
Carrying value of long-term debt (excluding capital leases) | $ | 2,967,468 | $ | 1,508,420 | ||||||||||||
Estimated fair value of long-term debt (excluding capital leases) | 3,242,988 | 1,708,723 | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following summarizes the location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet as of December 31, 2014 and June 30, 2014: | |||||||||||||||
Balance Sheet Caption | December 31, | June 30, | ||||||||||||||
2014 | 2014 | |||||||||||||||
Net investment hedges | ||||||||||||||||
Cross-currency swap contracts | Other liabilities | $ | 9,971 | $ | 45,790 | |||||||||||
Cash flow hedges | ||||||||||||||||
Costless collar contracts | Non-trade and notes receivable | 4,408 | 3,508 | |||||||||||||
Forward exchange contracts | Non-trade and notes receivable | 432 | (41 | ) | ||||||||||||
Costless collar contracts | Other accrued liabilities | 4,772 | 378 | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income are as follows: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Forward exchange contracts | $ | 462 | $ | (595 | ) | $ | 479 | $ | (624 | ) | ||||||
Costless collar contracts | (24 | ) | 3,729 | (1,364 | ) | 6,720 | ||||||||||
Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) in the Consolidated Balance Sheet are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cross-currency swap contracts | $ | 10,233 | $ | (4,852 | ) | $ | 22,128 | $ | (11,488 | ) | ||||||
Foreign denominated debt | 9,255 | (296 | ) | 25,145 | (6,882 | ) | ||||||||||
Schedule of Financial Assets & Liabilities Measured at Fair Value | A summary of financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2014 and June 30, 2014 are as follows: | |||||||||||||||
Quoted Prices | Significant Other | Significant | ||||||||||||||
Total | In Active | Observable | Unobservable | |||||||||||||
Value at | Markets | Inputs | Inputs | |||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Fixed income mutual funds | $ | 118,417 | $ | 62,378 | $ | 56,039 | $ | — | ||||||||
Derivatives | 4,840 | — | 4,840 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Derivatives | 14,743 | — | 14,743 | — | ||||||||||||
Quoted Prices | Significant Other | Significant | ||||||||||||||
Total | In Active | Observable | Unobservable | |||||||||||||
Value at | Markets | Inputs | Inputs | |||||||||||||
June 30, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Derivatives | $ | 3,508 | $ | — | $ | 3,508 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | 46,209 | — | 46,209 | — | ||||||||||||
Business_Segment_Information_D
Business Segment Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information | ||||
Net sales | $3,134,993 | $3,106,006 | $6,404,925 | $6,332,150 |
Segment Operating Income | 430,230 | 379,860 | 949,620 | 844,766 |
Corporate general and administrative expenses | 51,360 | 46,819 | 106,804 | 94,029 |
Income before interest expense and other expense | 378,870 | 333,041 | 842,816 | 750,737 |
Interest expense | 27,645 | 20,851 | 48,606 | 41,809 |
Other expense | 7,959 | -183,126 | 54,309 | -110,478 |
Income before income taxes | 343,266 | 495,316 | 739,901 | 819,406 |
Industrial segment | North America | ||||
Segment Reporting Information | ||||
Net sales | 1,389,207 | 1,325,402 | 2,861,019 | 2,713,277 |
Segment Operating Income | 226,888 | 200,628 | 491,124 | 434,826 |
Industrial segment | International | ||||
Segment Reporting Information | ||||
Net sales | 1,187,400 | 1,276,851 | 2,450,897 | 2,547,646 |
Segment Operating Income | 136,525 | 134,198 | 326,330 | 307,608 |
Aerospace Segment | ||||
Segment Reporting Information | ||||
Net sales | 558,386 | 503,753 | 1,093,009 | 1,071,227 |
Segment Operating Income | $66,817 | $45,034 | $132,166 | $102,332 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share - Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator: | ||||
Net income attributable to common shareholders | $267,252 | $253,288 | $547,341 | $497,604 |
Denominator: | ||||
Basic - weighted average common shares | 145,493,247 | 149,153,599 | 147,116,038 | 149,195,452 |
Increase in weighted average common shares from dilutive effect of equity-based awards | 2,689,530 | 2,997,425 | 2,347,242 | 2,547,937 |
Diluted - weighted average common shares, assuming exercise of equity-based awards | 148,182,777 | 152,151,024 | 149,463,280 | 151,743,389 |
Basic earnings per share (in usd per share) | $1.84 | $1.70 | $3.72 | $3.34 |
Diluted earnings per share (in usd per share) | $1.80 | $1.66 | $3.66 | $3.28 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Anti-dilutive (Details) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Number of common shares subject to equity-based awards that were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive | 873,214 | 350,129 | 1,004,789 | 1,188,562 |
Share_repurchase_program_Share
Share repurchase program Share repurchase program (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Oct. 22, 2014 | |
Equity, Class of Treasury Stock | |||
Share repurchased (in shares) | 6,410,857 | 6,833,472 | |
Treasury Stock Acquired, Average Cost Per Share | $127.39 | $126.83 | |
Subsequent Event | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 35,000,000 |
Trade_accounts_receivable_net_1
Trade accounts receivable, net (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Trade Accounts Receivable, Net [Abstract] | ||
Allowance for doubtful accounts | ($11,217) | ($16,040) |
Nontrade_and_notes_receivable_2
Non-trade and notes receivable Non-trade and notes receivable (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, and Loans Receivable | ||
Notes Receivable | $111,180 | $117,400 |
Reverse repurchase agreements | 151,238 | 54,772 |
Accounts receivable, other | 165,672 | 216,265 |
Total | $428,090 | $388,437 |
Inventories_Inventories_Detail
Inventories Inventories (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory | ||
Finished products | $570,897 | $532,968 |
Work in process | 786,266 | 732,294 |
Raw materials | 96,833 | 106,419 |
Inventory, Net | $1,453,996 | $1,371,681 |
Business_realignment_charges_S
Business realignment charges - Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
employee | employee | employee | employee | |
Industrial segment | ||||
Realignment charges | ||||
Realignment charges | $9,084 | $13,215 | $14,933 | $23,838 |
Realignment charges, number of positions eliminated | 72 | 312 | 174 | 582 |
Aerospace Segment | ||||
Realignment charges | ||||
Realignment charges | 0 | 0 | 0 | 626 |
Realignment charges, number of positions eliminated | 0 | 0 | 0 | 27 |
Other Expense | ||||
Realignment charges | ||||
Realignment charges | $257 | $1,915 | $1,331 |
Business_Realignment_Charges_I
Business Realignment Charges - Income Statement Location (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Cost of sales | ||||
Realignment charges | ||||
Realignment charges | $5,489 | $9,051 | $10,607 | $15,244 |
Selling, general and administrative expenses | ||||
Realignment charges | ||||
Realignment charges | 3,595 | 4,164 | 4,326 | 9,220 |
Other (Income), Net | ||||
Realignment charges | ||||
Realignment charges | $0 | $257 | $1,915 | $1,331 |
Business_realignment_charges_B
Business realignment charges Business Realignment Charges - Other (Details) (Employee severance, USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Employee severance | |
Realignment charges | |
Payments for Restructuring | $4 |
Restructuring Reserve, Current | $42 |
Equity_Changes_in_Equity_Detai
Equity Changes in Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Increase (Decrease) in Stockholders' Equity | ||||
Beginning balance | $6,582,364 | $6,089,771 | $6,662,808 | $5,741,481 |
Net income | 267,335 | 253,404 | 547,506 | 497,724 |
Other Comprehensive Income (Loss), Net of Tax | -191,849 | 49,786 | -467,018 | 234,564 |
Dividends paid | -93,151 | -67,330 | -164,758 | -134,718 |
Stock incentive plan activity | 12,141 | 23,395 | 48,302 | 59,235 |
Shares purchased at cost | -816,699 | -50,740 | -866,699 | -100,000 |
Ending balance | 5,760,141 | 6,298,286 | 5,760,141 | 6,298,286 |
Shareholders' Equity | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Beginning balance | 6,579,003 | 6,086,861 | 6,659,428 | 5,738,426 |
Net income | 267,252 | 253,288 | 547,341 | 497,604 |
Other Comprehensive Income (Loss), Net of Tax | -191,797 | 49,752 | -466,865 | 234,679 |
Dividends paid | -93,151 | -67,330 | -164,758 | -134,718 |
Stock incentive plan activity | 12,141 | 23,395 | 48,302 | 59,235 |
Shares purchased at cost | -816,699 | -50,740 | -866,699 | -100,000 |
Ending balance | 5,756,749 | 6,295,226 | 5,756,749 | 6,295,226 |
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Beginning balance | 3,361 | 2,910 | 3,380 | 3,055 |
Net income | 83 | 116 | 165 | 120 |
Other Comprehensive Income (Loss), Net of Tax | -52 | 34 | -153 | -115 |
Dividends paid | 0 | 0 | 0 | 0 |
Stock incentive plan activity | 0 | 0 | 0 | 0 |
Shares purchased at cost | 0 | 0 | 0 | 0 |
Ending balance | $3,392 | $3,060 | $3,392 | $3,060 |
Equity_Accumulated_Other_Compr
Equity Accumulated Other Comprehensive Income (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | ($823,498) | ||
Ending Balance | -1,290,363 | -823,498 | |
Foreign currency translation adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | 124,620 | -68,328 | |
Other comprehensive income before reclassifications | -518,889 | 179,955 | |
Amounts reclassified from other comprehensive (loss) | 0 | 0 | |
Ending Balance | -394,269 | 111,627 | |
Retirement benefit plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | -947,890 | -1,039,072 | |
Other comprehensive income before reclassifications | 0 | 0 | |
Amounts reclassified from other comprehensive (loss) | 51,922 | 54,622 | |
Ending Balance | -895,968 | -984,450 | |
Other | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | -228 | -433 | |
Other comprehensive income before reclassifications | 0 | 0 | |
Amounts reclassified from other comprehensive (loss) | 102 | 102 | |
Ending Balance | -126 | -331 | |
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | -823,498 | -1,107,833 | |
Other comprehensive income before reclassifications | -518,889 | 179,955 | |
Amounts reclassified from other comprehensive (loss) | 52,024 | 54,724 | |
Ending Balance | ($1,290,363) | ($873,154) |
Equity_Reclassifications_out_o
Equity Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Amortization of prior service cost and initial obligation | ($1,900) | ($2,183) | ($4,544) | ($5,852) |
Recognized actuarial loss | -37,548 | -40,611 | -77,227 | -80,379 |
Total before tax | -39,448 | -42,794 | -81,771 | -86,231 |
Tax benefit | 14,384 | 15,665 | 29,849 | 31,609 |
Net of tax | -25,064 | -27,129 | -51,922 | -54,622 |
Realized loss on cash flow hedges | -76 | -76 | -152 | -152 |
Tax benefit | 25 | 25 | 50 | 50 |
Net of tax | ($51) | ($51) | ($102) | ($102) |
Goodwill_Detail
Goodwill (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill | ||
Beginning balance | $3,171,425 | |
Acquisitions | 8,682 | |
Divestiture | -1,905 | |
Impairment Loss | -140,334 | |
Foreign currency translation and other | -166,308 | |
Ending balance | 3,011,894 | |
Goodwill, Impairment Charge | 140,334 | |
Industrial | ||
Goodwill | ||
Beginning balance | 3,072,724 | |
Acquisitions | 8,682 | |
Divestiture | -1,905 | |
Foreign currency translation and other | -166,266 | |
Ending balance | 2,913,235 | |
Aerospace Segment | ||
Goodwill | ||
Beginning balance | 98,701 | |
Acquisitions | 0 | |
Divestiture | 0 | |
Foreign currency translation and other | -42 | |
Ending balance | $98,659 |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Finite-Lived Intangible Asset | |||
Finite-lived intangible assets, gross carrying amount | $1,939,287 | $2,032,858 | |
Finite-lived intangible assets, accumulated amortization | 848,315 | 844,576 | |
Intangible amortization expense | 55,447 | ||
Estimated amortization expense, year ending June 30, 2015 | 107,789 | ||
Estimated amortization expense, year ending June 30, 2016 | 104,052 | ||
Estimated amortization expense, year ending June 30, 2017 | 100,122 | ||
Estimated amortization expense, year ending June 30, 2018 | 94,759 | ||
Estimated amortization expense, year ending June 30, 2019 | 88,470 | ||
Impairment of Intangible Assets, Finite-lived | 43,664 | ||
Patents | |||
Finite-Lived Intangible Asset | |||
Finite-lived intangible assets, gross carrying amount | 153,157 | 160,030 | |
Finite-lived intangible assets, accumulated amortization | 86,710 | 86,708 | |
Trademarks | |||
Finite-Lived Intangible Asset | |||
Finite-lived intangible assets, gross carrying amount | 367,845 | 391,268 | |
Finite-lived intangible assets, accumulated amortization | 170,657 | 174,114 | |
Customer lists and other | |||
Finite-Lived Intangible Asset | |||
Finite-lived intangible assets, gross carrying amount | 1,418,285 | 1,481,560 | |
Finite-lived intangible assets, accumulated amortization | $590,948 | $583,754 |
Retirement_Benefits_Detail
Retirement Benefits (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plans Disclosure | ||||
Defined Benefit Plan, Service Cost | $24,583 | $22,457 | $49,657 | $49,686 |
Defined Benefit Plan, Interest Cost | 44,305 | 47,465 | 90,798 | 95,009 |
Defined Benefit Plan, Expected Return on Plan Assets | -54,961 | -56,574 | -110,189 | -112,962 |
Defined Benefit Plan, Amortization of Prior Service Cost | 1,927 | 2,204 | 4,597 | 5,894 |
Defined Benefit Plan, Amortization of Net Actuarial Loss | 37,297 | 40,261 | 76,725 | 79,679 |
Defined Benefit Plan, Amortization of initial net obligations (assets) | 4 | 5 | 9 | 10 |
Defined Benefit Plan, Net pension benefit cost | 53,155 | 55,818 | 111,597 | 117,316 |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plans Disclosure | ||||
Defined Benefit Plan, Service Cost | 156 | 206 | 312 | 412 |
Defined Benefit Plan, Interest Cost | 742 | 709 | 1,484 | 1,418 |
Defined Benefit Plan, Amortization of Prior Service Cost | -31 | -26 | -62 | -52 |
Defined Benefit Plan, Amortization of Net Actuarial Loss | 251 | 350 | 502 | 700 |
Defined Benefit Plan, Net pension benefit cost | $1,118 | $1,239 | $2,236 | $2,478 |
Debt_Debt_Details
Debt Debt (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Debt Instrument [Line Items] | |
Debt Issuance Cost | $12,300 |
Ten-Year Medium Term Notes | |
Debt Instrument [Line Items] | |
Long-term Debt Issued | 500,000 |
Debt Instrument Maturity Period | 2024-11 |
Interest Rate | 3.30% |
Twenty-Year Medium Term Notes | |
Debt Instrument [Line Items] | |
Long-term Debt Issued | 500,000 |
Debt Instrument Maturity Period | 2034-11 |
Interest Rate | 4.20% |
Thirty-Year Medium Term Notes | |
Debt Instrument [Line Items] | |
Long-term Debt Issued | $500,000 |
Debt Instrument Maturity Period | 2044-11 |
Interest Rate | 4.45% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $143,830 |
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | 64,484 |
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits | 10,954 |
Significant Decrease in Unrecognized Tax Benefits that is Reasonably Possible | $100,000 |
Financial_Instruments_Estimate
Financial Instruments - Estimated Fair Value of Long Term Debt (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Other Disclosures [Abstract] | ||
Carrying value of long-term debt, excluding leases | $2,967,468 | $1,508,420 |
Fair value of long-term debt, excluding leases | $3,242,988 | $1,708,723 |
Summary_of_the_Location_and_Fa
Summary of the Location and Fair Value of Derivative Financial Instruments Reported in the Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Cross currency swap | Other liabilities | ||
Derivatives, Fair Value | ||
Net investment hedge | $9,971 | $45,790 |
Costless collar contracts | Non-trade and Notes Receivable | ||
Derivatives, Fair Value | ||
Cash flow hedge | 4,408 | 3,508 |
Costless collar contracts | Other accrued liabilities | ||
Derivatives, Fair Value | ||
Cash flow hedge | 4,772 | 378 |
Forward exchange contract | Non-trade and Notes Receivable | ||
Derivatives, Fair Value | ||
Cash flow hedge | $432 | ($41) |
Gain_Losses_on_Derivative_Fina
Gain (Losses) on Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Not Designated as Hedging Instrument [Member] | Forward exchange contract | ||||
Derivative Instruments, Gain (Loss) | ||||
Gains (losses) on derivative financial instruments that were recorded in the consolidated statement of income | $462 | ($595) | $479 | ($624) |
Not Designated as Hedging Instrument [Member] | Costless collar contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
Gains (losses) on derivative financial instruments that were recorded in the consolidated statement of income | -24 | 3,729 | -1,364 | 6,720 |
Designated as Hedging Instrument [Member] | Cross currency swap | ||||
Derivative Instruments, Gain (Loss) | ||||
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss) | 10,233 | -4,852 | 22,128 | -11,488 |
Designated as Hedging Instrument [Member] | Foreign denominated debt | ||||
Derivative Instruments, Gain (Loss) | ||||
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss) | $9,255 | ($296) | $25,145 | ($6,882) |
Financial_instruments_and_fair
Financial instruments and fair value measurement Financial Assets & Liabilities Measured at Fair Value (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $14,743 | $46,209 |
Derivatives | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 14,743 | 46,209 |
Derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Fixed Income Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 118,417 | |
Fixed Income Mutual Funds [Member] | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 62,378 | |
Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 56,039 | |
Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 4,840 | 3,508 |
Derivatives | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 4,840 | 3,508 |
Derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $0 | $0 |
Deconsolidation_of_Subsidiary_
Deconsolidation of Subsidiary Deconsolidation (Details) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Deconsolidation [Abstract] | ||
Equity Interest Sold | 50.00% | |
Deconsolidation, Gain (Loss), Amount | $0 | $412,612,000 |
Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount | $186,000,000 |