Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jul. 31, 2015 | Dec. 31, 2014 | |
Document Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PH | ||
Entity Registrant Name | PARKER HANNIFIN CORP | ||
Entity Central Index Key | 76,334 | ||
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 | 138,418,792 | ||
Entity Public Float | $ 18,161,893,495 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 12,711,744 | $ 13,215,971 | $ 13,015,704 |
Cost of sales | 9,655,245 | 10,188,227 | 10,086,675 |
Gross profit | 3,056,499 | 3,027,744 | 2,929,029 |
Selling, general and administrative expenses | 1,544,746 | 1,633,992 | 1,554,973 |
Goodwill and Intangible Asset Impairment | 0 | 188,870 | 0 |
Interest expense | 118,406 | 82,566 | 91,552 |
Other (income), net | (43,374) | (25,513) | (18,198) |
Loss (gain) on disposal of assets | 4,481 | (408,891) | (10,299) |
Income before income taxes | 1,432,240 | 1,556,720 | 1,311,001 |
Income taxes (Note 4) | 419,687 | 515,302 | 362,217 |
Net Income | 1,012,553 | 1,041,418 | 948,784 |
Less: Noncontrolling interest in subsidiaries' earnings | 413 | 370 | 357 |
Net Income Attributable to Common Shareholders | $ 1,012,140 | $ 1,041,048 | $ 948,427 |
Earnings per Share Attributable to Common Shareholders (Note 5) | |||
Basic earnings per share | $ 7.08 | $ 6.98 | $ 6.36 |
Diluted earnings per share | $ 6.97 | $ 6.87 | $ 6.26 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net income | $ 1,012,553 | $ 1,041,418 | $ 948,784 |
Less: Noncontrolling interest in subsidiaries' earnings | 413 | 370 | 357 |
Net Income Attributable to Common Shareholders | 1,012,140 | 1,041,048 | 948,427 |
Foreign Currency Translation Adjustment (net of tax of $(30,923), $4,692, and $1,239 in 2015, 2014 and 2013) | (765,356) | 192,925 | (18,974) |
Retirement benefits plan activity (net of tax of $88,547, $(54,473), and $(195,884) in 2015, 2014 and 2013) | (149,710) | 91,182 | 325,066 |
Other (net of tax of $(101) in 2015, 2014, and 2013) | (303) | 205 | 204 |
Other Comprehensive Income (Loss) | (915,369) | 284,312 | 306,296 |
Less: Other comprehensive (loss) for noncontrolling interests | (249) | (23) | (1,771) |
Other comprehensive income (loss) attributable to common shareholders | (915,120) | 284,335 | 308,067 |
Total Comprehensive Income Attributable to Common Shareholders | $ 97,020 | $ 1,325,383 | $ 1,256,494 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income (Paranthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Other Comprehensive Income (Paranthetical) [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ (30,923) | $ 4,692 | $ 1,239 |
Other Comprehensive Income (Loss), Retirement benefits plan activity, Tax | 88,547 | (54,473) | (195,884) |
Other comprehensive income (loss), other, tax | $ (101) | $ (101) | $ (101) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 1,180,584 | $ 1,613,555 |
Marketable securities and other investments | 733,490 | 573,701 |
Trade accounts receivable, net | 1,620,194 | 1,858,176 |
Non-trade and notes receivable | 364,534 | 388,437 |
Inventories | 1,300,459 | 1,371,681 |
Prepaid expenses | 241,684 | 129,837 |
Deferred income taxes (Notes 1 and 4) | 142,147 | 136,193 |
Total Current Assets | 5,583,092 | 6,071,580 |
Plant and equipment (Note 1) | 4,862,611 | 5,152,591 |
Less: Accumulated depreciation | 3,198,589 | 3,328,297 |
Plant and Equipment, Net | 1,664,022 | 1,824,294 |
Investments and other assets (Note 1) | 1,091,805 | 1,018,781 |
Intangible assets, net (Notes 1 and 7) | 1,013,439 | 1,188,282 |
Goodwill (Notes 1 and 7) | 2,942,679 | 3,171,425 |
Total Assets | 12,295,037 | 13,274,362 |
Current Liabilities | ||
Notes payable and long-term debt payable within one year (Notes 8 and 9) | 223,142 | 816,622 |
Accounts payable, trade | 1,092,138 | 1,252,040 |
Accrued payrolls and other compensation | 409,762 | 453,321 |
Accrued domestic and foreign taxes | 140,295 | 223,611 |
Other accrued liabilities | 484,793 | 507,202 |
Total Current Liabilities | 2,350,130 | 3,252,796 |
Long-term debt (Note 9) | 2,723,960 | 1,508,142 |
Pensions and other postretirement benefits (Note 10) | 1,699,197 | 1,346,224 |
Deferred income taxes (Notes 1 and 4) | 77,967 | 94,819 |
Other liabilities | 336,214 | 409,573 |
Total Liabilities | 7,187,468 | 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 in 2015 and 2014 | 90,523 | 90,523 |
Additional capital | 622,729 | 595,498 |
Retained earnings | 9,841,885 | 9,174,189 |
Accumulated other comprehensive (loss) | (1,738,618) | (823,498) |
Treasury shares at cost: 42,487,389 in 2015 and 32,143,315 in 2014 | (3,712,232) | (2,377,284) |
Total Shareholders' Equity | 5,104,287 | 6,659,428 |
Noncontrolling interests | 3,282 | 3,380 |
Total Equity | 5,107,569 | 6,662,808 |
Total Liabilities and Equity | $ 12,295,037 | $ 13,274,362 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
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 | 42,487,389 | 32,143,315 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows From Operating Activities | |||
Net income | $ 1,012,553 | $ 1,041,418 | $ 948,784 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 202,776 | 214,965 | 213,722 |
Amortization | 114,715 | 121,737 | 121,902 |
Goodwill and Intangible Asset Impairment | 0 | 188,870 | 0 |
Stock incentive plan compensation | 96,093 | 103,161 | 84,996 |
Deferred income taxes | 18,865 | (74,139) | (1,368) |
Foreign currency transaction (gain) loss | (77,784) | 5,398 | 19,497 |
Loss on disposal of assets | 14,953 | 2,997 | 2,746 |
Gain on Sale of Business | (6,420) | 0 | (14,637) |
Net gain on deconsolidation | 0 | (412,612) | 0 |
Loss on sale of marketable securities | 3,817 | 0 | 0 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | 143,179 | (99,144) | (21,206) |
Inventories | (70,377) | (3,816) | 98,518 |
Prepaid expenses | (116,561) | 58,117 | (47,451) |
Other assets | 20,976 | (79,158) | (16,007) |
Accounts payable, trade | (86,750) | 92,927 | (66,082) |
Accrued payrolls and other compensation | (12,657) | 20,840 | (45,771) |
Accrued domestic and foreign taxes | (66,870) | 86,745 | (17,054) |
Other accrued liabilities | (46,633) | (23,480) | (62,728) |
Pensions and other postretirement benefits | 156,859 | 99,569 | (16,691) |
Other liabilities | 1,207 | 43,498 | 9,765 |
Net cash provided by operating activities | 1,301,941 | 1,387,893 | 1,190,935 |
Cash Flows From Investing Activities | |||
Acquisitions (less cash acquired of $8,322 in 2015, $1,780 in 2014 and $33,932 in 2013 | (18,618) | (17,593) | (621,144) |
Capital expenditures | (215,527) | (216,340) | (265,896) |
Proceeds from disposal of assets | 19,655 | 14,368 | 25,047 |
Proceeds from sale of businesses | 37,265 | 0 | 73,515 |
Net proceeds from deconsolidation | 0 | 202,498 | 0 |
Purchase of marketable securities and other investments | (1,747,333) | (624,880) | 0 |
Maturities and sales of marketable securities and other investments | 1,391,396 | 0 | 0 |
Other | (46,001) | (4,454) | (21,367) |
Net cash (used in) investing activities | (579,163) | (646,401) | (809,845) |
Cash Flows From Financing Activities | |||
Proceeds from exercise of stock options | 3,355 | 8,013 | 32,204 |
Payments for common shares | (1,398,446) | (204,043) | (258,007) |
Tax benefit from stock incentive plan compensation | 23,429 | 33,732 | 66,030 |
Acquisition of noncontrolling interests | 0 | 0 | (1,091) |
(Payments for) proceeds from notes payable, net | (815,171) | (515,387) | 1,319,524 |
Proceeds from long-term borrowings | 1,483,015 | 748 | 3,768 |
Payments for long-term borrowings | (537) | (2,934) | (331,245) |
Dividends paid | (340,389) | (278,244) | (255,009) |
Net cash (used in) provided by financing activities | (1,044,744) | (958,115) | 576,174 |
Effect of exchange rate changes on cash | (111,005) | 48,766 | (14,169) |
Net (decrease) increase in cash and cash equivalents | (432,971) | (167,857) | 943,095 |
Cash and cash equivalents at beginning of year | 1,613,555 | 1,781,412 | 838,317 |
Cash and cash equivalents at end of year | 1,180,584 | 1,613,555 | 1,781,412 |
Cash paid during the year for: | |||
Interest | 105,202 | 77,144 | 88,084 |
Income taxes | $ 515,350 | $ 472,369 | $ 311,988 |
Consolidated Statement of Cash8
Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Cash Flows [Abstract] | |||
Acquisitions, cash acquired | $ 8,332 | $ 1,780 | $ 33,932 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Shares | Noncontrolling Interests |
Beginning 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) | 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) | 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 |
Net income | 1,012,553 | 1,012,140 | 413 | ||||
Other Comprehensive Income (Loss) | (915,369) | (915,120) | (249) | ||||
Dividends paid | (340,389) | (340,132) | (257) | ||||
Stock incentive plan activity | 81,549 | 27,231 | (4,312) | 58,630 | |||
Liquidation activity | (5) | (5) | |||||
Shares purchased at cost | (1,393,578) | (1,393,578) | |||||
Ending Balance at Jun. 30, 2015 | $ 5,107,569 | $ 90,523 | $ 622,729 | $ 9,841,885 | $ (1,738,618) | $ (3,712,232) | $ 3,282 |
Business Segment Information Bu
Business Segment Information Business Segment Information (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Business Segment Information [Abstract] | |
Business Segment Information | Business Segment Information (Dollars in thousands) 2015 2014 2013 Net Sales: Diversified Industrial: North America $ 5,715,742 $ 5,693,527 $ 5,637,657 International 4,741,376 5,287,916 5,110,332 Aerospace Systems 2,254,626 2,234,528 2,267,715 $ 12,711,744 $ 13,215,971 $ 13,015,704 Segment Operating Income: Diversified Industrial: North America $ 955,501 $ 946,493 $ 908,719 International 583,937 572,476 602,480 Aerospace Systems 298,994 271,238 280,286 Total segment operating income 1,838,432 1,790,207 1,791,485 Corporate administration 215,396 181,926 185,767 Income before interest expense and other 1,623,036 1,608,281 1,605,718 Interest expense 118,406 82,566 91,552 Other expense (income) 72,390 (31,005 ) 203,165 Income before income taxes $ 1,432,240 $ 1,556,720 $ 1,311,001 Assets: Diversified Industrial $ 8,765,468 $ 9,501,837 $ 9,388,027 Aerospace Systems (a) 1,375,913 1,359,130 1,139,967 Corporate (b) 2,153,656 2,413,395 2,012,904 $ 12,295,037 $ 13,274,362 $ 12,540,898 Property Additions (c): Diversified Industrial $ 190,580 $ 189,832 $ 312,392 Aerospace Systems 18,427 23,261 20,838 Corporate 6,520 3,247 7,105 $ 215,527 $ 216,340 $ 340,335 Depreciation: Diversified Industrial $ 174,102 $ 187,347 $ 187,014 Aerospace Systems 19,509 19,193 19,498 Corporate 9,165 8,425 7,210 $ 202,776 $ 214,965 $ 213,722 (Dollars in thousands) 2015 2014 2013 By Geographic Area (d) Net Sales: North America $ 7,891,571 $ 7,853,603 $ 7,844,552 International 4,820,173 5,362,368 5,171,152 $ 12,711,744 $ 13,215,971 $ 13,015,704 Long-Lived Assets: North America $ 856,947 $ 861,300 $ 871,958 International 807,075 962,994 936,282 $ 1,664,022 $ 1,824,294 $ 1,808,240 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 an investment in a joint venture in which ownership is 50 percent or less and in which the Company does not have operating control ( 2015 - $251,365 ; 2014 - $263,246 ). (b) Corporate assets are principally cash and cash equivalents, marketable securities and other investments, domestic deferred income taxes, deferred compensation 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 ). (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. |
Significant Accounting Policies
Significant Accounting Policies Significant Accounting Policies (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 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 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 four 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. Taxes collected from customers and remitted to governmental authorities are excluded from revenue. 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 and Other Investments - 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, and investments classified as available-for-sale, which are carried at fair value with unrealized gains and losses recorded in accumulated other comprehensive (loss). Gains and losses on available-for-sale investments are calculated based on the first-in, first-out method. The Company has the ability to liquidate the available-for-sale investments after giving appropriate notice to the issuer. 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 $9,284 and $16,040 at June 30, 2015 and June 30, 2014 , 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, 2015 2014 Notes receivable $ 90,470 $ 117,400 Reverse repurchase agreements 113,558 54,772 Accounts receivable, other 160,506 216,265 Total $ 364,534 $ 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. 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, 2015 2014 Land and land improvements $ 294,537 $ 326,008 Buildings and building equipment 1,457,650 1,535,634 Machinery and equipment 3,017,011 3,210,172 Construction in progress 93,413 80,777 Total $ 4,862,611 $ 5,152,591 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 $315,989 and $324,610 at June 30, 2015 and June 30, 2014 , respectively. A significant portion of the underlying net assets of the joint ventures are related to goodwill. 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, 2015 and 2014 is immaterial to the financial position of the Company and the change in the accrual during 2015 , 2014 and 2013 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) losses from transactions in a currency other than the local currency of the entity involved are included within cost of goods sold caption in the Consolidated Statement of Income and were $(77,784) , $5,398 and $22,380 , in 2015, 2014 and 2013, respectively. 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, 2015 . No subsequent events occurred that required adjustment to or disclosure in these financial statements. Recent Accounting Pronouncements - In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to categorize all investments within the fair value hierarchy for which the fair value is measured using the net asset value per share practical expedient and to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. During the fourth quarter of 2015, the Company adopted ASU 2015-07. The changes resulting from the adoption of ASU 2015-07, including revising the prior year presentation, are reflected in the retirement benefits and financial instruments disclosures within Note 10 and Note 15 to the Consolidated Financial Statements, respectively. The adoption of ASU 2015-07 did not affect the Company's results of operations, statement of financial position or statement of cash flows. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in the ASU. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect ASU 2015-03 will have a material impact on its statement of financial position or financial statement disclosures. In May 2014, the FASB issued 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, 2017. 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, Deconsolidation o
Acquisitions, Deconsolidation of Subsidiary and Divestitures Acquisitions (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions, Deconsolidation of Subsidiary and Divestitures | Acquisitions, Deconsolidation of Subsidiary and Divestitures Acquisitions - During 2015 , the Company completed four acquisitions whose aggregate sales for their most recent fiscal year prior to acquisition were approximately $27 million . Total purchase price for the four acquisitions was approximately $27 million in cash. 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. 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 2015 , 2014 and 2013 are presented below. Some of the 2015 acquisitions are still subject to purchase price adjustments. 2015 2014 2013 Assets: Accounts receivable $ 7,656 $ 954 $ 91,668 Inventories 3,099 2,184 93,915 Prepaid expenses 91 57 4,672 Deferred income taxes 5 189 (1,713 ) Plant and equipment 1,123 11,211 74,439 Intangible and other assets 7,794 5,646 280,001 Goodwill 10,430 3,195 317,879 30,198 23,436 860,861 Liabilities and equity: Notes payable — — 11,920 Accounts payable, trade 2,689 915 46,596 Accrued payrolls and other compensation 243 263 12,099 Accrued domestic and foreign taxes 777 1 7,073 Other accrued liabilities 5,267 3,864 16,805 Long-term debt — — 102,122 Pensions and other postretirement benefits — — 2,125 Deferred income taxes 2,604 — 39,214 Other liabilities — 800 689 Noncontrolling interests — — 1,074 11,580 5,843 239,717 Net assets acquired $ 18,618 $ 17,593 $ 621,144 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 2014. 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 loss (gain) on disposal of assets caption in the Consolidated Statement of Income and the other expense (income) caption in the Business Segment Information. 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. The Company recorded a net pre-tax gain during 2013 of approximately $18 million related to these divestitures. The gain is reflected in the loss (gain) on disposal of assets caption in the Consolidated Statement of Income. |
Charges Related to Business Rea
Charges Related to Business Realignment (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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 2015 , 2014 and 2013 . Business realignment charges by business segment are as follows: 2015 2014 2013 Diversified Industrial $ 30,882 $ 101,524 $ 12,234 Aerospace Systems 967 925 — Work force reductions by business segment are as follows: 2015 2014 2013 Diversified Industrial 668 1,581 725 Aerospace Systems 21 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. Also in 2015, $458 of severance costs for 18 people were included in the Corporate administration caption in the Business Segment Information. In addition, $2,399 and $1,331 of fixed asset write-downs were recognized during 2015 and 2014, respectively, in connection with plant closures in the Diversified Industrial Segment and are reflected in the other expense (income) caption in the Business Segment Information. 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 expense (income) caption in the Business Segment Information. 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: 2015 2014 2013 Cost of sales $ 19,419 $ 63,575 $ 8,354 Selling, general and administrative expenses 12,888 38,874 3,880 Loss (gain) on disposal of assets 2,399 1,331 1,918 As of June 30, 2015 , approximately $17 million in severance payments have been made relating to charges incurred during 2015 , the remainder of which are expected to be paid by June 30, 2016 . Severance payments relating to prior-year actions are being made as required. Remaining severance payments related to current-year and prior-year actions of approximately $34 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. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes was derived from the following sources: 2015 2014 2013 United States $ 779,782 $ 1,115,010 $ 653,622 Foreign 652,458 441,710 657,379 $ 1,432,240 $ 1,556,720 $ 1,311,001 Income taxes include the following: 2015 2014 2013 Federal Current $ 185,761 $ 377,404 $ 167,350 Deferred 28,108 (45,643 ) 26,523 Foreign Current 189,826 168,177 176,739 Deferred (11,208 ) (28,016 ) (28,472 ) State and local Current 25,235 43,860 19,496 Deferred 1,965 (480 ) 581 $ 419,687 $ 515,302 $ 362,217 A reconciliation of the Company's effective income tax rate to the statutory Federal rate follows: 2015 2014 2013 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 1.1 1.8 1.0 Goodwill and intangible asset impairment — 4.5 — Tax related to international activities (4.5 ) (5.6 ) (5.8 ) Cash surrender value of life insurance (0.1 ) (0.9 ) (0.7 ) Federal manufacturing deduction (1.6 ) (1.0 ) (1.0 ) Research tax credit (0.8 ) (0.3 ) (1.1 ) Other 0.2 (0.4 ) 0.2 Effective income tax rate 29.3 % 33.1 % 27.6 % 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: 2015 2014 Retirement benefits $ 614,127 $ 550,034 Other liabilities and reserves 127,838 128,848 Long-term contracts 49,929 46,006 Stock-based incentive compensation 66,015 64,267 Loss carryforwards 316,994 340,676 Unrealized currency exchange gains and losses (17,218 ) 25,182 Inventory 16,659 18,668 Foreign tax credit carryforward 29,965 51,875 Depreciation and amortization (531,258 ) (571,107 ) Valuation allowance (330,006 ) (348,837 ) Net deferred tax asset $ 343,045 $ 305,612 Change in net deferred tax asset: Provision for deferred tax $ (18,865 ) $ 74,139 Items of other comprehensive (loss) 57,523 (49,882 ) Acquisitions and other (1,225 ) 6,539 Total change in net deferred tax $ 37,433 $ 30,796 As of June 30, 2015 , the Company has recorded deferred tax assets of $316,994 resulting from $1,112,078 in loss carryforwards. A valuation allowance of $305,825 related to the loss carryforwards has been established due to the uncertainty of their realization. Of this valuation allowance, $279,850 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 $24,181 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 $3,000,000 at June 30, 2015 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 Balance July 1 $ 164,813 $ 107,440 $ 109,735 Additions for tax positions related to current year 6,090 7,752 10,285 Additions for tax positions of prior years 14,989 55,136 10,719 Reductions for tax positions of prior years (6,945 ) (1,359 ) (20,683 ) Reductions for settlements — (1,856 ) (4,266 ) Reductions for expiration of statute of limitations (6,251 ) (5,005 ) (437 ) Effect of foreign currency translation (27,008 ) 2,705 2,087 Balance June 30 $ 145,688 $ 164,813 $ 107,440 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $83,471 , $71,898 and $60,876 as of June 30, 2015 , 2014 and 2013 , respectively. If recognized, a significant portion of the gross unrecognized tax benefits as of June 30, 2015 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 $9,514 , $8,198 and $5,184 as of June 30, 2015 , 2014 and 2013 , respectively. 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. The Company and its subsidiaries file income tax returns in the United States and in various foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is 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 all significant state, local and foreign jurisdictions for fiscal years after 2006. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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: 2015 2014 2013 Numerator: Net income attributable to common shareholders $ 1,012,140 $ 1,041,048 $ 948,427 Denominator: Basic - weighted-average common shares 142,925,327 149,099,448 149,218,257 Increase in weighted-average common shares from dilutive effect of stock-based awards 2,186,823 2,344,655 2,369,774 Diluted - weighted-average common shares, assuming exercise of stock-based awards 145,112,150 151,444,103 151,588,031 Basic earnings per share $ 7.08 $ 6.98 $ 6.36 Diluted earnings per share $ 6.97 $ 6.87 $ 6.26 For 2015 , 2014 and 2013 , 1.1 million , 1.2 million and 1.3 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 (Notes)
Inventories (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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 32 percent of total inventories in 2015 and 30 percent of total inventories in 2014 . The current cost of these inventories exceeds their valuation determined on the LIFO basis by $206,233 in 2015 and $208,291 in 2014 . Progress payments of $34,820 in 2015 and $61,958 in 2014 are netted against inventories. The inventories caption in the Consolidated Balance Sheet is comprised of the following components: June 30, 2015 2014 Finished products $ 526,708 $ 532,968 Work in process 688,727 732,294 Raw materials 85,024 106,419 Total $ 1,300,459 $ 1,371,681 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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, 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 10,430 — 10,430 Divestitures (4,757 ) — (4,757 ) Foreign currency translation and other (234,352 ) (67 ) (234,419 ) Balance June 30, 2015 $ 2,844,045 $ 98,634 $ 2,942,679 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 2015 and 2014 been reflected in the same reporting period that the initial purchase price allocations for those acquisitions were made. In 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. The Company's annual impairment tests performed in 2015 , 2014 and 2013 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: 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents $ 149,066 $ 88,540 $ 160,030 $ 86,708 Trademarks 355,108 172,187 391,268 174,114 Customer lists and other 1,369,380 599,388 1,481,560 583,754 Total $ 1,873,554 $ 860,115 $ 2,032,858 $ 844,576 During 2015 , 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 $ 2,642 12 years Trademarks 1,093 14 years Customer lists and other 11,797 16 years Total $ 15,532 15 years Total intangible amortization expense in 2015 , 2014 and 2013 was $109,887 , $118,782 and $118,516 , respectively. Estimated intangible amortization expense for the five years ending June 30, 2016 through 2020 is $100,289 , $95,756 , $90,872 , $83,257 and $75,588 , 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 2014 , in connection with the goodwill impairment review of EPD, 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 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. |
Financing Arrangements (Notes)
Financing Arrangements (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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, all of which was available at June 30, 2015 . 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. No commercial paper notes were outstanding at June 30, 2015 and $816,100 were outstanding at June 30, 2014. In addition to commercial paper notes, notes payable includes short-term lines of credit and borrowings from foreign banks. At June 30, 2015 , the Company had $62,548 in lines of credit from various foreign banks, none of which was outstanding at June 30, 2015 . Most of these agreements are renewed annually. The weighted-average interest rate on notes payable during both 2015 and 2014 was 0.2 percent . 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, 2015 , the Company does not have any secured debt outstanding. The Company is in compliance with all covenants. |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt June 30, 2015 2014 Domestic: Fixed rate medium-term notes 3.30% to 6.55%, due 2018-2045 $ 2,675,000 $ 1,175,000 Foreign: Bank loans, including revolving credit 1% to 11.75%, due 2016 322 322 Euro bonds 4.125%, due 2016 222,820 273,860 Japanese Yen credit facility JPY Libor plus 55 bps, due 2017 48,960 59,220 Other long-term debt, including capitalized leases — 236 Total long-term debt 2,947,102 1,508,638 Less: Long-term debt payable within one year 223,142 496 Long-term debt, net $ 2,723,960 $ 1,508,142 Principal amounts of long-term debt payable in the five years ending June 30, 2016 through 2020 are $223,142 , $48,960 , $450,000 , $100,000 and $0 , respectively. During 2015, the Company issued $500,000 aggregate principal amount of ten-year medium-term notes, $500,000 aggregate principal amount of twenty-year medium-term notes and $500,000 aggregate principal amount 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 $15,018 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. Lease Commitments - Future minimum rental commitments as of June 30, 2015 , under non-cancelable operating leases, which expire at various dates, are as follows: 2016 - $76,433 ; 2017 - $53,066 ; 2018 - $32,781 ; 2019 - $17,935 ; 2020 - $12,976 and after 2020 - $42,851 . Rental expense in 2015 , 2014 and 2013 was $125,657 , $131,948 and $133,478 , respectively. |
Retirement Benefits (Notes)
Retirement Benefits (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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: 2015 2014 2013 Benefit cost Service cost $ 97,960 $ 99,929 $ 107,519 Interest cost 176,556 190,999 174,152 Special termination cost 21,174 — — Expected return on plan assets (218,938 ) (226,884 ) (211,694 ) Amortization of prior service cost 9,437 14,644 14,472 Amortization of unrecognized actuarial loss 152,664 159,584 200,849 Amortization of initial net obligation 17 19 22 Net periodic benefit cost $ 238,870 $ 238,291 $ 285,320 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 4,749,447 $ 4,382,563 Service cost 97,960 99,929 Interest cost 176,556 190,999 Special termination cost 21,174 — Actuarial loss 237,896 277,098 Benefits paid (261,473 ) (286,066 ) Plan amendments 3,033 (3,503 ) Foreign currency translation and other (156,890 ) 88,427 Benefit obligation at end of year $ 4,867,703 $ 4,749,447 Change in plan assets Fair value of plan assets at beginning of year $ 3,499,274 $ 3,096,616 Actual gain on plan assets 51,514 469,984 Employer contributions 62,852 146,237 Benefits paid (261,473 ) (286,066 ) Foreign currency translation and other (113,860 ) 72,503 Fair value of plan assets at end of year $ 3,238,307 $ 3,499,274 Funded status $ (1,629,396 ) $ (1,250,173 ) Amounts recognized on the Consolidated Balance Sheet Other accrued liabilities $ (31,206 ) $ (11,333 ) Pensions and other postretirement benefits (1,598,190 ) (1,238,840 ) Net amount recognized $ (1,629,396 ) $ (1,250,173 ) Amounts recognized in Accumulated Other Comprehensive (Loss) Net actuarial loss $ 1,639,010 $ 1,434,645 Prior service cost 32,126 37,137 Transition obligation 103 143 Net amount recognized $ 1,671,239 $ 1,471,925 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 the fourth quarter of 2015, the Company initiated a voluntary retirement program under which certain participants in its U.S. qualified defined benefit pension plan were offered enhanced retirement benefits. As a result of the program, the Company incurred an increase in its net pension benefit cost of $21,174 . During 2015 and 2014, the Company offered lump-sum distributions to certain participants in its U.S. qualified defined benefit plan. Included in benefits paid in 2015 and 2014 is $81,496 and $110,000 , respectively, related to participants who elected to receive lump-sum distributions. No settlement charges were required to be recognized for the lump-sum distribution offerings. 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 2016 is $166,683 , $7,176 and $16 , respectively. The accumulated benefit obligation for all defined benefit plans was $4,451,047 and $4,258,743 at June 30, 2015 and 2014 , 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 $4,761,438 , $4,352,369 and $3,129,803 , respectively, at June 30, 2015 , and $4,691,350 , $4,206,557 and $3,443,515 , respectively, at June 30, 2014 . The projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were $4,821,675 and $3,188,293 , respectively, at June 30, 2015 , and $4,709,493 and $3,459,097 , respectively, at June 30, 2014 . The Company expects to make cash contributions of approximately $278 million to its defined benefit pension plans in 2016 , the majority of which relate to its U.S. qualified defined benefit plan. Estimated future benefit payments in the five years ending June 30, 2016 through 2020 are $225,953 , $244,912 , $209,742 , $241,699 and $258,332 , respectively and $1,325,348 in the aggregate for the five years ending June 30, 2021 through June 30, 2025. The assumptions used to measure net periodic benefit cost for the Company's significant defined benefit plans are: 2015 2014 2013 U.S. defined benefit plans Discount rate 4.05 % 4.52 % 3.91 % Average increase in compensation 5.12 % 5.13 % 5.21 % Expected return on plan assets 7.5 % 8.0 % 8.0 % Non-U.S. defined benefit plans Discount rate 0.9 to 4.2% 1.5 to 4.59% 1.75 to 4.7% Average increase in compensation 2.0 to 5.0% 2.0 to 6.0% 2.0 to 6.0% Expected return on plan assets 1.0 to 6.25% 1.0 to 6.25% 1.0 to 6.4% The assumptions used to measure the benefit obligation for the Company's significant defined benefit plans are: 2015 2014 U.S. defined benefit plans Discount rate 4.19 % 4.05 % Average increase in compensation 5.14 % 5.12 % Non-U.S. defined benefit plans Discount rate 0.7 to 6.0% 0.9 to 4.2% Average increase in compensation 2.0 to 5.5% 2.0 to 5.0% 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: 2015 2014 Equity securities 41 % 42 % Debt securities 47 % 48 % Other investments 12 % 10 % 100 % 100 % The weighted-average target asset allocation as of June 30, 2015 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 71 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, 2015 and at June 30, 2014 , by asset class, are as follows: June 30, 2015 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 75,015 $ 75,015 $ — $ — Equity securities U.S. based companies 299,321 299,321 — — Non-U.S. based companies 203,199 203,199 — — Fixed income securities Corporate bonds 165,226 77,224 88,002 — Government issued securities 143,697 90,785 52,912 — Mutual funds Equity funds 149,383 149,383 — — Fixed income funds 135,949 135,949 — — Mutual funds measured at net asset value 5,564 Common/Collective trusts Equity funds 77,429 77,429 — — Fixed income funds 46,184 46,184 — — Common/Collective trusts measured at net asset value 1,635,135 Limited Partnerships measured at net asset value 290,904 Miscellaneous 11,301 — 11,301 — Total at June 30, 2015 $ 3,238,307 $ 1,154,489 $ 152,215 $ — June 30, 2014 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable 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 191,301 191,301 — — Fixed income funds 189,375 189,375 — — Mutual funds measured at net asset value 35,279 Common/Collective trusts Equity funds 85,461 85,461 — — Fixed income funds 48,649 48,649 — — Common/Collective trusts measured at net asset value 1,630,292 Limited Partnerships 777 777 — — Limited Partnerships measured at net asset value 288,236 Miscellaneous 20,701 — 20,701 — Total at June 30, 2014 $ 3,499,274 $ 1,330,905 $ 214,562 $ — 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 $154,660 as of June 30, 2015 and $167,157 as of June 30, 2014 . 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 the closing market price reported on the active market on which the fund is traded or at net asset value per share 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. Mutual funds measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the Consolidated Balance Sheet. Common/Collective trusts primarily consist of equity and fixed income funds and are valued using the closing market price reported on the active market on which the fund is traded or at 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. Common/Collective trusts measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the Consolidated Balance Sheet. 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. Limited Partnerships measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the Consolidated Balance Sheet. 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 matching contributions, up to a maximum of four percent of an employee's annual compensation, are recorded as compensation expense. Prior to August 1, 2014, Company stock was used to match employee contributions. Effective August 1, 2014, participants may direct company matching contributions to any investment option within the savings and investment 401(k) plan. 2015 2014 2013 Shares held by ESOP 8,407,858 8,944,697 9,686,238 Company matching contributions $ 63,914 $ 63,441 $ 61,067 In addition to shares within the ESOP, as of June 30, 2015 , employees have elected to invest in 2,408,854 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 cash 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 $29,570 , $25,247 and $22,046 in expense related to the RIA in 2015 , 2014 and 2013 , 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. The Company recognized $4,340 , $4,478 and $4,930 in expense related to other postretirement benefits in 2015 , 2014 and 2013 , respectively. 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 76,207 $ 75,544 Service cost 632 623 Interest cost 2,723 2,971 Actuarial loss 655 1,963 Benefits paid (4,264 ) (4,894 ) Benefit obligation at end of year $ 75,953 $ 76,207 Funded status $ (75,953 ) $ (76,207 ) 2015 2014 Amounts recognized on the Consolidated Balance Sheet Other accrued liabilities $ (5,629 ) $ (5,874 ) Pensions and other postretirement benefits (70,324 ) (70,333 ) Net amount recognized $ (75,953 ) $ (76,207 ) Amounts recognized in Accumulated Other Comprehensive (Loss) Net actuarial loss $ 13,626 $ 14,074 Prior service credit (676 ) (797 ) Net amount recognized $ 12,950 $ 13,277 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 2016 is $1,128 and $(121) , respectively. The assumptions used to measure the net periodic benefit cost for postretirement benefit obligations are: 2015 2014 2013 Discount rate 3.74 % 4.1 % 3.62 % Current medical cost trend rate 7.75 % 7.75 % 8.0 % Ultimate medical cost trend rate (Pre-65 participants) 5.6 % 5.0 % 5.0 % Ultimate medical cost trend rate (Post-65 participants) 6.2 % 5.0 % 5.0 % Medical cost trend rate decreases to ultimate in year (Pre-65 participants) 2041 2021 2019 Medical cost trend rate decreases to ultimate in year (Post-65 participants) 2045 2021 2019 The discount rate assumption used to measure the benefit obligation was 3.96 percent in 2015 and 3.74 percent in 2014 . Estimated future benefit payments for other postretirement benefits in the five years ending June 30, 2016 through 2020 are $5,644 , $5,770 , $5,751 , $5,598 and $5,176 , respectively, and $22,449 in the aggregate for the five years ending June 30, 2021 through June 30, 2025. A one percentage point change in assumed health care cost trend rates would not have a material effect on the benefit cost or benefit obligation. 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 2015 , 2014 and 2013 , the Company recorded expense relating to deferred compensation of $5,676 , $24,549 and $19,182 , 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. |
Equity Equity (Notes)
Equity Equity (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Equity | Equity 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 (loss) 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 ) Other comprehensive (loss) before reclassifications (765,107 ) (253,206 ) (4,324 ) (1,022,637 ) Amounts reclassified from accumulated other comprehensive (loss) — 103,496 4,021 107,517 Balance June 30, 2015 $ (640,487 ) $ (1,097,600 ) $ (531 ) $ (1,738,618 ) Reclassifications out of accumulated other comprehensive (loss) in shareholders' equity during 2015 : 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 $ (9,333 ) See Note 10 Recognized actuarial loss (153,770 ) See Note 10 Total before tax (163,103 ) Tax benefit 59,607 Income taxes Net of tax $ (103,496 ) Other Realized loss on cash flow hedges $ (305 ) Interest expense Realized loss on available-for-sale investments (3,817 ) Other (income), net Total before tax (4,122 ) Tax benefit 101 Income taxes Net of tax $ (4,021 ) 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 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 shares. The number of common shares repurchased at the average purchase price follows: 2015 2014 2013 Shares repurchased 11,091,759 1,741,143 3,006,005 Average price per share $ 125.64 $ 114.87 $ 85.55 |
Stock Incentive Plans (Notes)
Stock Incentive Plans (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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 2015 , 2014 and 2013 was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: 2015 2014 2013 Risk-free interest rate 2.0 % 1.55 % 0.8 % Expected life of award 5.4 yrs 5.1 yrs 4.9 yrs Expected dividend yield of stock 1.8 % 1.9 % 1.7 % Expected volatility of stock 32.3 % 39.1 % 39.0 % Weighted-average fair value $ 30.50 $ 32.57 $ 24.76 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 2015 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, 2014 8,208,699 $ 72.87 Granted 1,128,279 113.92 Exercised (1,159,101 ) 62.82 Canceled (43,671 ) 101.10 Outstanding June 30, 2015 8,134,206 $ 79.84 5.2 years $ 298.0 Exercisable June 30, 2015 5,824,117 $ 69.43 4.0 years $ 273.9 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, 2014 2,484,971 $ 28.89 Granted 1,128,279 30.50 Vested (1,264,918 ) 26.93 Canceled (38,243 ) 31.00 Nonvested June 30, 2015 2,310,089 $ 30.71 At June 30, 2015 , $19,061 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 20 months . The total fair value of shares vested during 2015 , 2014 and 2013 was $34,064 , $42,363 and $29,777 , respectively. Information related to stock options and SAR awards exercised during 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Net cash proceeds $ 3,355 $ 8,013 $ 32,204 Intrinsic value 72,140 155,903 208,426 Income tax benefit 17,355 37,993 47,659 During 2015 , 2014 and 2013 , the Company recognized stock-based compensation expense of $34,617 , $49,998 and $33,018 , 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: 2015 - 243,799 ; 2014 - 775,163 ; 2013 - 1,947,148 . 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 2015 , 2014 and 2013 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, 2014 471,530 $ 94.59 Granted 211,088 113.02 Vested (213,986 ) 88.57 Canceled (19,344 ) 105.91 Nonvested June 30, 2015 449,288 $ 105.63 During 2015 , 2014 and 2013 , the Company recognized stock-based compensation expense of $ 22,547 , $ 21,475 and $17,852 respectively, relating to RSU awards. At June 30, 2015 , $18,395 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 19 months . The total fair value of RSU awards vested during 2015 , 2014 and 2013 was $ 18,953 , $ 18,007 and $12,488 , respectively. The Company recognized a tax benefit of $ 704 , $2,509 and $976 relating to the issuance of common stock for RSU awards that vested during 2015 , 2014 and 2013 , 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. Stock issued for LTIP 2015 2014 2013 LTIP 3-year plan 2012-13-14 2011-12-13 2010-11-12 Number of shares issued 185,063 298,813 792,428 Average share value on date of issuance $ 119.06 $ 126.17 $ 83.64 Total value $ 22,034 $ 37,701 $ 66,278 Under the Company's 2013-14-15 LTIP, a payout of unrestricted stock will be issued in April 2016. The fair value of each LTIP award granted in 2015 , 2014 and 2013 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, 2014 920,096 $ 94.83 Granted 297,728 120.21 Vested (333,239 ) 79.46 Canceled (8,414 ) 96.98 Nonvested June 30, 2015 876,171 $ 109.27 During 2015 , 2014 and 2013 , the Company recorded stock-based compensation expense of $38,929 , $31,688 and $34,127 , respectively, relating to the LTIP. Shares surrendered in connection with the LTIP: 2015 - 42,394 ; 2014 - 140,406 ; 2013 - 311,110 . In 2015 , 2014 and 2013 , 12,716 , 12,353 and 14,580 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 2015 , 2014 and 2013 was based on the fair market value of the Company's common stock on the date of grant. During 2015 , 2014 and 2013 , the Company recognized expense of $1,401 , $1,304 and $1,137 , respectively, related to restricted shares. During 2015 , 2014 and 2013 , the Company recognized a tax benefit (cost) of $5,370 , $(6,770) and $17,395 , respectively, relating to the LTIP and restricted shares issued to non-employee members of the Board of Directors. At June 30, 2015 , the Company had approximately 6 million common shares reserved for issuance in connection with its stock incentive plans. |
Shareholders' Protection Rights
Shareholders' Protection Rights Agreement (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Shareholders Protection Rights Agreement [Abstract] | |
Shareholders' Protection Rights Agreement Disclosure [Text Block] | 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, 2015 , 138,558,739 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. |
Research and Development
Research and Development | 12 Months Ended |
Jun. 30, 2015 | |
Research and Development [Abstract] | |
Research and Development | Research and Development Research and development costs amounted to $403,085 in 2015 , $410,132 in 2014 and $406,613 in 2013 . 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 $57,799 in 2015 , $55,916 in 2014 and $58,916 in 2013 . These costs are included in the total research and development cost for each of the respective years. |
Financial Instruments (Notes)
Financial Instruments (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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 investments, accounts receivable and long-term investments as well as obligations under accounts payable, trade, notes payable and long-term debt. Due to their short-term nature, the carrying values for cash and cash equivalents, accounts receivable, accounts payable, trade and notes payable approximate fair value. Marketable securities and other investments include deposits, which are recorded at cost, and investments classified as available-for-sale, which are recorded at fair value with unrealized gains and losses recorded in accumulated other comprehensive (loss). The amortized cost and fair value of available-for-sale investments at June 30, 2015 are as follows: Amortized Cost Gross Unrealized Gains Gross Fair Value Fixed income mutual funds $ 187,467 $ 101 $ 34 $ 187,534 Government bonds 60,543 12 43 60,512 Corporate bonds 146,202 2 487 145,717 Asset-backed and mortgage-backed securities 11,028 — 58 10,970 At June 30, 2015 , there were no facts or circumstances that indicated the unrealized losses were other than temporary. All available-for-sale investments in an unrealized loss position have been in that position for less than 12 months. The contractual maturities of available-for-sale investments at June 30, 2015 are as follows: Amortized Cost Fair Value Less than one year $ 13,561 $ 13,555 One to three years 188,539 188,057 Over three years 15,673 15,587 Actual maturities of available-for-sale investments may differ from their contractual maturities as the Company has the ability to liquidate the available-for-sale investments after giving appropriate notice to the issuer. During 2015 , the Company recognized $3,817 of net realized losses on its available-for sale investments related to sales and maturities, which are reflected in the other (income), net caption within the Consolidated Statement of Income. 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: 2015 2014 Carrying value of long-term debt (excluding capital leases) $ 2,947,102 $ 1,508,420 Estimated fair value of long-term debt (excluding capital leases) 3,107,735 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 location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: Balance Sheet Caption 2015 2014 Net investment hedges Cross-currency swap contracts Other assets $ 17,994 $ — Cross-currency swap contracts Other liabilities — 45,790 Cash flow hedges Costless collar contracts Non-trade and notes receivable 5,627 3,508 Forward exchange contracts Non-trade and notes receivable (23 ) (41 ) Costless collar contracts Other accrued liabilities 1,970 378 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. Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income are as follows: 2015 2014 2013 Forward exchange contracts $ 59 $ (81 ) $ (1,821 ) Costless collar contracts (1,865 ) 7,052 502 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: 2015 2014 Cross-currency swap contracts $ 39,406 $ (14,426 ) Foreign denominated debt 37,871 7,611 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 2015 , 2014 and 2013 . A summary of financial assets and liabilities that were measured at fair value on a recurring basis at June 30, 2015 and 2014 are as follows: June 30, 2015 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Government bonds $ 60,512 $ 60,512 $ — $ — Corporate bonds 145,717 145,717 — — Asset-backed and mortgage-backed securities 10,970 — 10,970 — Derivatives 23,598 — 23,598 — Investments measured at net asset value 187,534 Liabilities: Derivatives 1,970 — 1,970 — June 30, 2014 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivatives $ 3,467 $ — $ 3,467 $ — Liabilities: Derivatives 46,168 — 46,168 — The fair values of the government bonds, corporate bonds and asset-backed and mortgage-backed securities are determined using the closing market price reported in the active market in which the fund is traded or 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. Investments measured at net asset value primarily consist of investments in fixed income mutual funds, which are measured at fair value using the net asset value per share practical expedient. These investments have not been categorized in the fair value hierarchy and are presented in the table above is to permit reconciliation of the fair value hierarchy to the Consolidated Balance Sheet. The Company has the ability to liquidate these investments after giving appropriate notice to the issuer. The primary investment objective for all investments is the preservation of principal and liquidity while earning income. 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. |
Contingencies (Notes)
Contingencies (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 , the Company had an accrual of $16,957 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 $17.0 million to a maximum of $80.2 million . The largest range for any one site is approximately $8.4 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) (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Quarterly Information (Unaudited) 2015 1st 2nd 3rd 4th Total Net sales $ 3,269,932 $ 3,134,993 $ 3,162,311 $ 3,144,508 $ 12,711,744 Gross profit 810,067 733,409 789,295 723,728 3,056,499 Net income attributable to common shareholders 280,089 267,252 285,345 179,454 1,012,140 Diluted earnings per share 1.85 1.80 2.02 1.27 6.97 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 1.60 1.98 6.87 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) (Notes) | 12 Months Ended |
Jun. 30, 2015 | |
Stock Prices and Dividends [Abstract] | |
Stock Prices and Dividends (Unaudited) | Stock Prices and Dividends (Unaudited) (In dollars) 1st 2nd 3rd 4th Fiscal Year 2015 High $ 127.60 $ 133.41 $ 129.54 $ 125.33 $ 133.41 Low 105.91 99.82 115.86 115.65 99.82 Dividends 0.48 0.63 0.63 0.63 2.37 2014 High $ 110.21 $ 129.77 $ 129.40 $ 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 75.80 86.51 84.50 70.42 Dividends 0.41 0.41 0.43 0.45 1.70 Common Stock Listing: New York Stock Exchange, Stock Symbol PH |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
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 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 four 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 and Other Investments | Marketable Securities and Other Investments - Consist of short-term highly liquid investments, with stated maturities of greater than three months from the date of purchase, |
Trade Accounts Receivable, Net | 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 $9,284 and $16,040 at June 30, 2015 and June 30, 2014 , 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, 2015 2014 Notes receivable $ 90,470 $ 117,400 Reverse repurchase agreements 113,558 54,772 Accounts receivable, other 160,506 216,265 Total $ 364,534 $ 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. |
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, 2015 2014 Land and land improvements $ 294,537 $ 326,008 Buildings and building equipment 1,457,650 1,535,634 Machinery and equipment 3,017,011 3,210,172 Construction in progress 93,413 80,777 Total $ 4,862,611 $ 5,152,591 |
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 $315,989 and $324,610 at June 30, 2015 and June 30, 2014 , respectively. A significant portion of the underlying net assets of the joint ventures are related to goodwill. 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, 2015 and 2014 is immaterial to the financial position of the Company and the change in the accrual during 2015 , 2014 and 2013 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) losses from transactions in a currency other than the local currency of the entity involved are included within cost of goods sold caption in the Consolidated Statement of Income and were $(77,784) , $5,398 and $22,380 , in 2015, 2014 and 2013, respectively. |
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, 2015 . No subsequent events occurred that required adjustment to or disclosure in these financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements - In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to categorize all investments within the fair value hierarchy for which the fair value is measured using the net asset value per share practical expedient and to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. During the fourth quarter of 2015, the Company adopted ASU 2015-07. The changes resulting from the adoption of ASU 2015-07, including revising the prior year presentation, are reflected in the retirement benefits and financial instruments disclosures within Note 10 and Note 15 to the Consolidated Financial Statements, respectively. The adoption of ASU 2015-07 did not affect the Company's results of operations, statement of financial position or statement of cash flows. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in the ASU. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect ASU 2015-03 will have a material impact on its statement of financial position or financial statement disclosures. In May 2014, the FASB issued 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, 2017. 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. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Business Segment Information [Abstract] | |
Business Segment Information | (Dollars in thousands) 2015 2014 2013 Net Sales: Diversified Industrial: North America $ 5,715,742 $ 5,693,527 $ 5,637,657 International 4,741,376 5,287,916 5,110,332 Aerospace Systems 2,254,626 2,234,528 2,267,715 $ 12,711,744 $ 13,215,971 $ 13,015,704 Segment Operating Income: Diversified Industrial: North America $ 955,501 $ 946,493 $ 908,719 International 583,937 572,476 602,480 Aerospace Systems 298,994 271,238 280,286 Total segment operating income 1,838,432 1,790,207 1,791,485 Corporate administration 215,396 181,926 185,767 Income before interest expense and other 1,623,036 1,608,281 1,605,718 Interest expense 118,406 82,566 91,552 Other expense (income) 72,390 (31,005 ) 203,165 Income before income taxes $ 1,432,240 $ 1,556,720 $ 1,311,001 Assets: Diversified Industrial $ 8,765,468 $ 9,501,837 $ 9,388,027 Aerospace Systems (a) 1,375,913 1,359,130 1,139,967 Corporate (b) 2,153,656 2,413,395 2,012,904 $ 12,295,037 $ 13,274,362 $ 12,540,898 Property Additions (c): Diversified Industrial $ 190,580 $ 189,832 $ 312,392 Aerospace Systems 18,427 23,261 20,838 Corporate 6,520 3,247 7,105 $ 215,527 $ 216,340 $ 340,335 Depreciation: Diversified Industrial $ 174,102 $ 187,347 $ 187,014 Aerospace Systems 19,509 19,193 19,498 Corporate 9,165 8,425 7,210 $ 202,776 $ 214,965 $ 213,722 (Dollars in thousands) 2015 2014 2013 By Geographic Area (d) Net Sales: North America $ 7,891,571 $ 7,853,603 $ 7,844,552 International 4,820,173 5,362,368 5,171,152 $ 12,711,744 $ 13,215,971 $ 13,015,704 Long-Lived Assets: North America $ 856,947 $ 861,300 $ 871,958 International 807,075 962,994 936,282 $ 1,664,022 $ 1,824,294 $ 1,808,240 |
Significant Accounting Polici31
Significant Accounting Policies Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
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, 2015 2014 Notes receivable $ 90,470 $ 117,400 Reverse repurchase agreements 113,558 54,772 Accounts receivable, other 160,506 216,265 Total $ 364,534 $ 388,437 |
Plant and equipment | The plant and equipment caption in the Consolidated Balance Sheet is comprised of the following components: June 30, 2015 2014 Land and land improvements $ 294,537 $ 326,008 Buildings and building equipment 1,457,650 1,535,634 Machinery and equipment 3,017,011 3,210,172 Construction in progress 93,413 80,777 Total $ 4,862,611 $ 5,152,591 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | 2015 2014 2013 Assets: Accounts receivable $ 7,656 $ 954 $ 91,668 Inventories 3,099 2,184 93,915 Prepaid expenses 91 57 4,672 Deferred income taxes 5 189 (1,713 ) Plant and equipment 1,123 11,211 74,439 Intangible and other assets 7,794 5,646 280,001 Goodwill 10,430 3,195 317,879 30,198 23,436 860,861 Liabilities and equity: Notes payable — — 11,920 Accounts payable, trade 2,689 915 46,596 Accrued payrolls and other compensation 243 263 12,099 Accrued domestic and foreign taxes 777 1 7,073 Other accrued liabilities 5,267 3,864 16,805 Long-term debt — — 102,122 Pensions and other postretirement benefits — — 2,125 Deferred income taxes 2,604 — 39,214 Other liabilities — 800 689 Noncontrolling interests — — 1,074 11,580 5,843 239,717 Net assets acquired $ 18,618 $ 17,593 $ 621,144 |
Charges Related to Business R33
Charges Related to Business Realignment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | Business realignment charges by business segment are as follows: 2015 2014 2013 Diversified Industrial $ 30,882 $ 101,524 $ 12,234 Aerospace Systems 967 925 — Work force reductions by business segment are as follows: 2015 2014 2013 Diversified Industrial 668 1,581 725 Aerospace Systems 21 44 — The business realignment charges are presented in the Consolidated Statement of Income as follows: 2015 2014 2013 Cost of sales $ 19,419 $ 63,575 $ 8,354 Selling, general and administrative expenses 12,888 38,874 3,880 Loss (gain) on disposal of assets 2,399 1,331 1,918 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income before income taxes was derived from the following sources: 2015 2014 2013 United States $ 779,782 $ 1,115,010 $ 653,622 Foreign 652,458 441,710 657,379 $ 1,432,240 $ 1,556,720 $ 1,311,001 |
Schedule of Components of Income Tax Expense (Benefit) | Income taxes include the following: 2015 2014 2013 Federal Current $ 185,761 $ 377,404 $ 167,350 Deferred 28,108 (45,643 ) 26,523 Foreign Current 189,826 168,177 176,739 Deferred (11,208 ) (28,016 ) (28,472 ) State and local Current 25,235 43,860 19,496 Deferred 1,965 (480 ) 581 $ 419,687 $ 515,302 $ 362,217 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company's effective income tax rate to the statutory Federal rate follows: 2015 2014 2013 Statutory Federal income tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 1.1 1.8 1.0 Goodwill and intangible asset impairment — 4.5 — Tax related to international activities (4.5 ) (5.6 ) (5.8 ) Cash surrender value of life insurance (0.1 ) (0.9 ) (0.7 ) Federal manufacturing deduction (1.6 ) (1.0 ) (1.0 ) Research tax credit (0.8 ) (0.3 ) (1.1 ) Other 0.2 (0.4 ) 0.2 Effective income tax rate 29.3 % 33.1 % 27.6 % |
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: 2015 2014 Retirement benefits $ 614,127 $ 550,034 Other liabilities and reserves 127,838 128,848 Long-term contracts 49,929 46,006 Stock-based incentive compensation 66,015 64,267 Loss carryforwards 316,994 340,676 Unrealized currency exchange gains and losses (17,218 ) 25,182 Inventory 16,659 18,668 Foreign tax credit carryforward 29,965 51,875 Depreciation and amortization (531,258 ) (571,107 ) Valuation allowance (330,006 ) (348,837 ) Net deferred tax asset $ 343,045 $ 305,612 Change in net deferred tax asset: Provision for deferred tax $ (18,865 ) $ 74,139 Items of other comprehensive (loss) 57,523 (49,882 ) Acquisitions and other (1,225 ) 6,539 Total change in net deferred tax $ 37,433 $ 30,796 |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 Balance July 1 $ 164,813 $ 107,440 $ 109,735 Additions for tax positions related to current year 6,090 7,752 10,285 Additions for tax positions of prior years 14,989 55,136 10,719 Reductions for tax positions of prior years (6,945 ) (1,359 ) (20,683 ) Reductions for settlements — (1,856 ) (4,266 ) Reductions for expiration of statute of limitations (6,251 ) (5,005 ) (437 ) Effect of foreign currency translation (27,008 ) 2,705 2,087 Balance June 30 $ 145,688 $ 164,813 $ 107,440 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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: 2015 2014 2013 Numerator: Net income attributable to common shareholders $ 1,012,140 $ 1,041,048 $ 948,427 Denominator: Basic - weighted-average common shares 142,925,327 149,099,448 149,218,257 Increase in weighted-average common shares from dilutive effect of stock-based awards 2,186,823 2,344,655 2,369,774 Diluted - weighted-average common shares, assuming exercise of stock-based awards 145,112,150 151,444,103 151,588,031 Basic earnings per share $ 7.08 $ 6.98 $ 6.36 Diluted earnings per share $ 6.97 $ 6.87 $ 6.26 |
Inventories Inventories (Tables
Inventories Inventories (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Inventory Detail Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The inventories caption in the Consolidated Balance Sheet is comprised of the following components: June 30, 2015 2014 Finished products $ 526,708 $ 532,968 Work in process 688,727 732,294 Raw materials 85,024 106,419 Total $ 1,300,459 $ 1,371,681 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 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 10,430 — 10,430 Divestitures (4,757 ) — (4,757 ) Foreign currency translation and other (234,352 ) (67 ) (234,419 ) Balance June 30, 2015 $ 2,844,045 $ 98,634 $ 2,942,679 |
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: 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents $ 149,066 $ 88,540 $ 160,030 $ 86,708 Trademarks 355,108 172,187 391,268 174,114 Customer lists and other 1,369,380 599,388 1,481,560 583,754 Total $ 1,873,554 $ 860,115 $ 2,032,858 $ 844,576 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | During 2015 , 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 $ 2,642 12 years Trademarks 1,093 14 years Customer lists and other 11,797 16 years Total $ 15,532 15 years |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | June 30, 2015 2014 Domestic: Fixed rate medium-term notes 3.30% to 6.55%, due 2018-2045 $ 2,675,000 $ 1,175,000 Foreign: Bank loans, including revolving credit 1% to 11.75%, due 2016 322 322 Euro bonds 4.125%, due 2016 222,820 273,860 Japanese Yen credit facility JPY Libor plus 55 bps, due 2017 48,960 59,220 Other long-term debt, including capitalized leases — 236 Total long-term debt 2,947,102 1,508,638 Less: Long-term debt payable within one year 223,142 496 Long-term debt, net $ 2,723,960 $ 1,508,142 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures | 2015 2014 2013 Shares held by ESOP 8,407,858 8,944,697 9,686,238 Company matching contributions $ 63,914 $ 63,441 $ 61,067 |
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: 2015 2014 2013 Benefit cost Service cost $ 97,960 $ 99,929 $ 107,519 Interest cost 176,556 190,999 174,152 Special termination cost 21,174 — — Expected return on plan assets (218,938 ) (226,884 ) (211,694 ) Amortization of prior service cost 9,437 14,644 14,472 Amortization of unrecognized actuarial loss 152,664 159,584 200,849 Amortization of initial net obligation 17 19 22 Net periodic benefit cost $ 238,870 $ 238,291 $ 285,320 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 4,749,447 $ 4,382,563 Service cost 97,960 99,929 Interest cost 176,556 190,999 Special termination cost 21,174 — Actuarial loss 237,896 277,098 Benefits paid (261,473 ) (286,066 ) Plan amendments 3,033 (3,503 ) Foreign currency translation and other (156,890 ) 88,427 Benefit obligation at end of year $ 4,867,703 $ 4,749,447 Change in plan assets Fair value of plan assets at beginning of year $ 3,499,274 $ 3,096,616 Actual gain on plan assets 51,514 469,984 Employer contributions 62,852 146,237 Benefits paid (261,473 ) (286,066 ) Foreign currency translation and other (113,860 ) 72,503 Fair value of plan assets at end of year $ 3,238,307 $ 3,499,274 Funded status $ (1,629,396 ) $ (1,250,173 ) Amounts recognized on the Consolidated Balance Sheet Other accrued liabilities $ (31,206 ) $ (11,333 ) Pensions and other postretirement benefits (1,598,190 ) (1,238,840 ) Net amount recognized $ (1,629,396 ) $ (1,250,173 ) Amounts recognized in Accumulated Other Comprehensive (Loss) Net actuarial loss $ 1,639,010 $ 1,434,645 Prior service cost 32,126 37,137 Transition obligation 103 143 Net amount recognized $ 1,671,239 $ 1,471,925 |
Schedule of Assumptions Used | The assumptions used to measure net periodic benefit cost for the Company's significant defined benefit plans are: 2015 2014 2013 U.S. defined benefit plans Discount rate 4.05 % 4.52 % 3.91 % Average increase in compensation 5.12 % 5.13 % 5.21 % Expected return on plan assets 7.5 % 8.0 % 8.0 % Non-U.S. defined benefit plans Discount rate 0.9 to 4.2% 1.5 to 4.59% 1.75 to 4.7% Average increase in compensation 2.0 to 5.0% 2.0 to 6.0% 2.0 to 6.0% Expected return on plan assets 1.0 to 6.25% 1.0 to 6.25% 1.0 to 6.4% The assumptions used to measure the benefit obligation for the Company's significant defined benefit plans are: 2015 2014 U.S. defined benefit plans Discount rate 4.19 % 4.05 % Average increase in compensation 5.14 % 5.12 % Non-U.S. defined benefit plans Discount rate 0.7 to 6.0% 0.9 to 4.2% Average increase in compensation 2.0 to 5.5% 2.0 to 5.0% |
Schedule of Allocation of Plan Assets and Fair Values | The weighted-average allocation of the majority of the assets related to defined benefit plans is as follows: 2015 2014 Equity securities 41 % 42 % Debt securities 47 % 48 % Other investments 12 % 10 % 100 % 100 % June 30, 2015 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 75,015 $ 75,015 $ — $ — Equity securities U.S. based companies 299,321 299,321 — — Non-U.S. based companies 203,199 203,199 — — Fixed income securities Corporate bonds 165,226 77,224 88,002 — Government issued securities 143,697 90,785 52,912 — Mutual funds Equity funds 149,383 149,383 — — Fixed income funds 135,949 135,949 — — Mutual funds measured at net asset value 5,564 Common/Collective trusts Equity funds 77,429 77,429 — — Fixed income funds 46,184 46,184 — — Common/Collective trusts measured at net asset value 1,635,135 Limited Partnerships measured at net asset value 290,904 Miscellaneous 11,301 — 11,301 — Total at June 30, 2015 $ 3,238,307 $ 1,154,489 $ 152,215 $ — June 30, 2014 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable 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 191,301 191,301 — — Fixed income funds 189,375 189,375 — — Mutual funds measured at net asset value 35,279 Common/Collective trusts Equity funds 85,461 85,461 — — Fixed income funds 48,649 48,649 — — Common/Collective trusts measured at net asset value 1,630,292 Limited Partnerships 777 777 — — Limited Partnerships measured at net asset value 288,236 Miscellaneous 20,701 — 20,701 — Total at June 30, 2014 $ 3,499,274 $ 1,330,905 $ 214,562 $ — |
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 | The Company recognized $4,340 , $4,478 and $4,930 in expense related to other postretirement benefits in 2015 , 2014 and 2013 , respectively. 2015 2014 Change in benefit obligation Benefit obligation at beginning of year $ 76,207 $ 75,544 Service cost 632 623 Interest cost 2,723 2,971 Actuarial loss 655 1,963 Benefits paid (4,264 ) (4,894 ) Benefit obligation at end of year $ 75,953 $ 76,207 Funded status $ (75,953 ) $ (76,207 ) 2015 2014 Amounts recognized on the Consolidated Balance Sheet Other accrued liabilities $ (5,629 ) $ (5,874 ) Pensions and other postretirement benefits (70,324 ) (70,333 ) Net amount recognized $ (75,953 ) $ (76,207 ) Amounts recognized in Accumulated Other Comprehensive (Loss) Net actuarial loss $ 13,626 $ 14,074 Prior service credit (676 ) (797 ) Net amount recognized $ 12,950 $ 13,277 |
Schedule of Assumptions Used | The assumptions used to measure the net periodic benefit cost for postretirement benefit obligations are: 2015 2014 2013 Discount rate 3.74 % 4.1 % 3.62 % Current medical cost trend rate 7.75 % 7.75 % 8.0 % Ultimate medical cost trend rate (Pre-65 participants) 5.6 % 5.0 % 5.0 % Ultimate medical cost trend rate (Post-65 participants) 6.2 % 5.0 % 5.0 % Medical cost trend rate decreases to ultimate in year (Pre-65 participants) 2041 2021 2019 Medical cost trend rate decreases to ultimate in year (Post-65 participants) 2045 2021 2019 |
Equity Equity (Tables)
Equity Equity (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 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 (loss) 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 ) Other comprehensive (loss) before reclassifications (765,107 ) (253,206 ) (4,324 ) (1,022,637 ) Amounts reclassified from accumulated other comprehensive (loss) — 103,496 4,021 107,517 Balance June 30, 2015 $ (640,487 ) $ (1,097,600 ) $ (531 ) $ (1,738,618 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications out of accumulated other comprehensive (loss) in shareholders' equity during 2015 : 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 $ (9,333 ) See Note 10 Recognized actuarial loss (153,770 ) See Note 10 Total before tax (163,103 ) Tax benefit 59,607 Income taxes Net of tax $ (103,496 ) Other Realized loss on cash flow hedges $ (305 ) Interest expense Realized loss on available-for-sale investments (3,817 ) Other (income), net Total before tax (4,122 ) Tax benefit 101 Income taxes Net of tax $ (4,021 ) 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 ) |
Schedule of Treasury Stock by Class | The number of common shares repurchased at the average purchase price follows: 2015 2014 2013 Shares repurchased 11,091,759 1,741,143 3,006,005 Average price per share $ 125.64 $ 114.87 $ 85.55 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each stock option and SAR award granted in 2015 , 2014 and 2013 was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: 2015 2014 2013 Risk-free interest rate 2.0 % 1.55 % 0.8 % Expected life of award 5.4 yrs 5.1 yrs 4.9 yrs Expected dividend yield of stock 1.8 % 1.9 % 1.7 % Expected volatility of stock 32.3 % 39.1 % 39.0 % Weighted-average fair value $ 30.50 $ 32.57 $ 24.76 |
Schedule of Share-based Compensation, Stock Options, Activity | Stock option and SAR activity during 2015 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, 2014 8,208,699 $ 72.87 Granted 1,128,279 113.92 Exercised (1,159,101 ) 62.82 Canceled (43,671 ) 101.10 Outstanding June 30, 2015 8,134,206 $ 79.84 5.2 years $ 298.0 Exercisable June 30, 2015 5,824,117 $ 69.43 4.0 years $ 273.9 |
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, 2014 2,484,971 $ 28.89 Granted 1,128,279 30.50 Vested (1,264,918 ) 26.93 Canceled (38,243 ) 31.00 Nonvested June 30, 2015 2,310,089 $ 30.71 |
Stock-Based Awards Exercised Disclosure | Information related to stock options and SAR awards exercised during 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Net cash proceeds $ 3,355 $ 8,013 $ 32,204 Intrinsic value 72,140 155,903 208,426 Income tax benefit 17,355 37,993 47,659 |
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, 2014 471,530 $ 94.59 Granted 211,088 113.02 Vested (213,986 ) 88.57 Canceled (19,344 ) 105.91 Nonvested June 30, 2015 449,288 $ 105.63 |
Schedule of Nonvested Restricted Stock Units Activity | Stock issued for LTIP 2015 2014 2013 LTIP 3-year plan 2012-13-14 2011-12-13 2010-11-12 Number of shares issued 185,063 298,813 792,428 Average share value on date of issuance $ 119.06 $ 126.17 $ 83.64 Total value $ 22,034 $ 37,701 $ 66,278 |
Schedule of status and changes of LTIP shares and related average purchase price | Number of Shares Weighted-Average Grant Date Fair Value Nonvested June 30, 2014 920,096 $ 94.83 Granted 297,728 120.21 Vested (333,239 ) 79.46 Canceled (8,414 ) 96.98 Nonvested June 30, 2015 876,171 $ 109.27 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Available-for-sale Securities [Table Text Block] | The amortized cost and fair value of available-for-sale investments at June 30, 2015 are as follows: Amortized Cost Gross Unrealized Gains Gross Fair Value Fixed income mutual funds $ 187,467 $ 101 $ 34 $ 187,534 Government bonds 60,543 12 43 60,512 Corporate bonds 146,202 2 487 145,717 Asset-backed and mortgage-backed securities 11,028 — 58 10,970 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The contractual maturities of available-for-sale investments at June 30, 2015 are as follows: Amortized Cost Fair Value Less than one year $ 13,561 $ 13,555 One to three years 188,539 188,057 Over three years 15,673 15,587 |
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: 2015 2014 Carrying value of long-term debt (excluding capital leases) $ 2,947,102 $ 1,508,420 Estimated fair value of long-term debt (excluding capital leases) 3,107,735 1,708,723 |
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 2015 2014 Net investment hedges Cross-currency swap contracts Other assets $ 17,994 $ — Cross-currency swap contracts Other liabilities — 45,790 Cash flow hedges Costless collar contracts Non-trade and notes receivable 5,627 3,508 Forward exchange contracts Non-trade and notes receivable (23 ) (41 ) Costless collar contracts Other accrued liabilities 1,970 378 |
Schedule of Derivative Instruments, Gain (Loss) | Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income are as follows: 2015 2014 2013 Forward exchange contracts $ 59 $ (81 ) $ (1,821 ) Costless collar contracts (1,865 ) 7,052 502 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: 2015 2014 Cross-currency swap contracts $ 39,406 $ (14,426 ) Foreign denominated debt 37,871 7,611 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | A summary of financial assets and liabilities that were measured at fair value on a recurring basis at June 30, 2015 and 2014 are as follows: June 30, 2015 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Government bonds $ 60,512 $ 60,512 $ — $ — Corporate bonds 145,717 145,717 — — Asset-backed and mortgage-backed securities 10,970 — 10,970 — Derivatives 23,598 — 23,598 — Investments measured at net asset value 187,534 Liabilities: Derivatives 1,970 — 1,970 — June 30, 2014 Quoted Prices In Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivatives $ 3,467 $ — $ 3,467 $ — Liabilities: Derivatives 46,168 — 46,168 — |
Quarterly Information (Unaudi43
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2015 1st 2nd 3rd 4th Total Net sales $ 3,269,932 $ 3,134,993 $ 3,162,311 $ 3,144,508 $ 12,711,744 Gross profit 810,067 733,409 789,295 723,728 3,056,499 Net income attributable to common shareholders 280,089 267,252 285,345 179,454 1,012,140 Diluted earnings per share 1.85 1.80 2.02 1.27 6.97 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 1.60 1.98 6.87 |
Stock Prices and Dividends (U44
Stock Prices and Dividends (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Stock Prices and Dividends [Abstract] | |
Stock Prices and Dividends Table Disclosure | (In dollars) 1st 2nd 3rd 4th Fiscal Year 2015 High $ 127.60 $ 133.41 $ 129.54 $ 125.33 $ 133.41 Low 105.91 99.82 115.86 115.65 99.82 Dividends 0.48 0.63 0.63 0.63 2.37 2014 High $ 110.21 $ 129.77 $ 129.40 $ 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 75.80 86.51 84.50 70.42 Dividends 0.41 0.41 0.43 0.45 1.70 |
Business Segment Information (D
Business Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 3,144,508 | $ 3,162,311 | $ 3,134,993 | $ 3,269,932 | $ 3,525,415 | $ 3,358,406 | $ 3,106,006 | $ 3,226,144 | $ 12,711,744 | $ 13,215,971 | $ 13,015,704 | |
Segment Operating Income | 1,838,432 | 1,790,207 | 1,791,485 | |||||||||
Corporate administration | 215,396 | 181,926 | 185,767 | |||||||||
Income before interest expense and other | 1,623,036 | 1,608,281 | 1,605,718 | |||||||||
Interest expense | 118,406 | 82,566 | 91,552 | |||||||||
Other expense (income) | 72,390 | (31,005) | 203,165 | |||||||||
Income before income taxes | 1,432,240 | 1,556,720 | 1,311,001 | |||||||||
Assets | 12,295,037 | 13,274,362 | 12,295,037 | 13,274,362 | 12,540,898 | |||||||
Property Additions | [1] | 215,527 | 216,340 | 340,335 | ||||||||
Depreciation | 202,776 | 214,965 | 213,722 | |||||||||
Net Sales | [2] | $ 12,711,744 | $ 13,215,971 | $ 13,015,704 | ||||||||
Long-Lived Assets | 1,664,022 | 1,824,294 | 1,808,240 | |||||||||
North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | [2] | $ 7,891,571 | $ 7,853,603 | $ 7,844,552 | ||||||||
Long-Lived Assets | 856,947 | 861,300 | 871,958 | |||||||||
International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | [2] | $ 4,820,173 | $ 5,362,368 | $ 5,171,152 | ||||||||
Long-Lived Assets | 807,075 | 962,994 | 936,282 | |||||||||
Diversified Industrial | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Assets | 8,765,468 | 9,501,837 | $ 8,765,468 | $ 9,501,837 | $ 9,388,027 | |||||||
Property Additions | [1] | 190,580 | 189,832 | 312,392 | ||||||||
Depreciation | 174,102 | 187,347 | 187,014 | |||||||||
Diversified Industrial | North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 5,715,742 | 5,693,527 | 5,637,657 | |||||||||
Segment Operating Income | 955,501 | 946,493 | 908,719 | |||||||||
Diversified Industrial | International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 4,741,376 | 5,287,916 | 5,110,332 | |||||||||
Segment Operating Income | 583,937 | 572,476 | 602,480 | |||||||||
Aerospace Systems | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 2,254,626 | 2,234,528 | 2,267,715 | |||||||||
Segment Operating Income | 298,994 | 271,238 | 280,286 | |||||||||
Assets | [3] | 1,375,913 | 1,359,130 | 1,375,913 | 1,359,130 | 1,139,967 | ||||||
Property Additions | [1] | 18,427 | 23,261 | 20,838 | ||||||||
Depreciation | 19,509 | 19,193 | 19,498 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Assets | [4] | $ 2,153,656 | $ 2,413,395 | 2,153,656 | 2,413,395 | 2,012,904 | ||||||
Property Additions | [1] | 6,520 | 3,247 | 7,105 | ||||||||
Depreciation | $ 9,165 | $ 8,425 | $ 7,210 | |||||||||
[1] | Includes the value of net plant and equipment at the date of acquisition of acquired companies (2013 - $74,439) | |||||||||||
[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] | Includes an investment in a joint venture in which ownership is 50 percent or less and in which the Company does not have operating control (2015 - $251,365; 2014 - $263,246). | |||||||||||
[4] | Corporate assets are principally cash and cash equivalents, marketable securities and other investments, domestic deferred income taxes, deferred compensation plan assets, headquarters facilities and the major portion of the Company’s domestic data processing equipment. |
Business Segment Information -
Business Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | |||
Equity Method Investments | $ 315,989 | $ 324,610 | |
Value of net plant and equipment at the date of acquisition of acquired companies | 1,123 | 11,211 | $ 74,439 |
Aerospace Systems | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investments | $ 251,365 | $ 263,246 | |
Maximum | |||
Segment Reporting Information [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Significant Accounting Polici47
Significant Accounting Policies Nature of operations (Details) - Jun. 30, 2015 | Total |
Sales level from major customers | 4.00% |
Diversified Industrial | |
Number of countries that the Industrial International operations provide Parker products and services to | 47 |
Significant Accounting Polici48
Significant Accounting Policies Trade accounts receivable, net (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Trade Accounts Receivable, Net [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 9,284 | $ 16,040 |
Non-trade and notes receivable
Non-trade and notes receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Receivable, Current | $ 90,470 | $ 117,400 |
Receivable under reverse repurchase agreement | 113,558 | 54,772 |
Non-trade accounts receivable | 160,506 | 216,265 |
Non-trade and notes receivable | $ 364,534 | $ 388,437 |
Significant Accounting Polici50
Significant Accounting Policies Plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Land and land improvements | $ 294,537 | $ 326,008 |
Buildings and building equipment | 1,457,650 | 1,535,634 |
Machinery and Equipment, Gross | 3,017,011 | 3,210,172 |
Construction in Progress, Gross | 93,413 | 80,777 |
Plant and equipment | $ 4,862,611 | $ 5,152,591 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Minimum | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Minimum | Vehicles and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum | Vehicles and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 8 years |
Significant Accounting Polici51
Significant Accounting Policies Investment and other assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 315,989 | $ 324,610 |
Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Significant Accounting Polici52
Significant Accounting Policies Foreign currency translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Foreign Currency Translation [Abstract] | |||
Exchange (gains) and losses from transactions in a currency other than the local currency of the entity | $ (77,784) | $ 5,398 | $ 22,380 |
Acquisitions (Detail)
Acquisitions (Detail) - Series of Individually Immaterial Business Acquisitions [Member] $ in Millions | 12 Months Ended | ||
Jun. 30, 2015USD ($)acquisition | Jun. 30, 2014USD ($)acquisition | Jun. 30, 2013USD ($)acquisition | |
Significant Acquisitions and Disposals [Line Items] | |||
Aggregate annual sales for businesses acquired, for their most recent fiscal year prior to acquisition | $ 27 | $ 14 | $ 484 |
Payments to Acquire Businesses, Gross | $ 27 | $ 19 | 621 |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 114 | ||
Number of Businesses Acquired | acquisition | 4 | 3 | 8 |
Initial Purchase Price Allocati
Initial Purchase Price Allocation and Subsequent Purchase Price Adjustments for Acquisitions (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Assets: | |||
Accounts receivable | $ 7,656 | $ 954 | $ 91,668 |
Inventories | 3,099 | 2,184 | 93,915 |
Prepaid expenses | 91 | 57 | 4,672 |
Deferred income taxes | 5 | 189 | (1,713) |
Plant and equipment | 1,123 | 11,211 | 74,439 |
Intangible and other assets | 7,794 | 5,646 | 280,001 |
Goodwill | 10,430 | 3,195 | 317,879 |
Total | 30,198 | 23,436 | 860,861 |
Liabilities and equity: | |||
Notes payable | 11,920 | ||
Accounts payable, trade | 2,689 | 915 | 46,596 |
Accrued payrolls and other compensation | 243 | 263 | 12,099 |
Accrued domestic and foreign taxes | 777 | 1 | 7,073 |
Other accrued liabilities | 5,267 | 3,864 | 16,805 |
Long-term debt | 102,122 | ||
Pensions and other postretirement benefits | 2,125 | ||
Deferred income taxes | 2,604 | 39,214 | |
Other liabilities | 800 | 689 | |
Noncontrolling interests | 0 | 0 | 1,074 |
Total | 11,580 | 5,843 | 239,717 |
Net assets acquired | $ 18,618 | $ 17,593 | $ 621,144 |
Acquisitions, Deconsolidation55
Acquisitions, Deconsolidation of Subsidiary and Divestitures Deconsolidation of subsidiary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Deconsolidation of Subsidiary [Abstract] | |||
Equity interest sold | 50.00% | ||
Net gain on deconsolidation | $ 0 | $ 412,612 | $ 0 |
Amount of gain attributable to the remeasurement of the retained investment in the former subsidiary to its current fair value. | $ 186,000 |
Acquisitions, Deconsolidation56
Acquisitions, Deconsolidation of Subsidiary and Divestitures Divestitures (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2013USD ($) | |
Business Divestitures [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Gain on Divestiture | $ 18 |
Business Realignment Charges (D
Business Realignment Charges (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($)employee | Jun. 30, 2014USD ($)employee | Jun. 30, 2013USD ($)employee | |
Cost of Sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Charges related to business realignment | $ 19,419 | $ 63,575 | $ 8,354 |
Selling, General and Administrative Expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Charges related to business realignment | 12,888 | 38,874 | 3,880 |
Loss (Gain) on Disposal of Assets | |||
Restructuring Cost and Reserve [Line Items] | |||
Charges related to business realignment | 2,399 | 1,331 | 1,918 |
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance payments relating to charges incurred during the current fiscal year | 17,000 | ||
Remaining severance payments related to current-year and prior-year actions | 34,000 | ||
Diversified Industrial | |||
Restructuring Cost and Reserve [Line Items] | |||
Charges related to business realignment | $ 30,882 | $ 101,524 | $ 12,234 |
Work force reduction | employee | 668 | 1,581 | 725 |
Aerospace Systems | |||
Restructuring Cost and Reserve [Line Items] | |||
Charges related to business realignment | $ 967 | $ 925 | $ 0 |
Work force reduction | employee | 21 | 44 | 0 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Charges related to business realignment | $ 458 | ||
Work force reduction | employee | 18 | ||
Other Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Charges related to business realignment | $ 2,399 | $ 1,331 | $ 1,918 |
Work force reduction | employee | 98 |
Income Before Income Taxes Deri
Income Before Income Taxes Derived from Sources (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 779,782 | $ 1,115,010 | $ 653,622 |
Foreign | 652,458 | 441,710 | 657,379 |
Income before income taxes | $ 1,432,240 | $ 1,556,720 | $ 1,311,001 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 185,761 | $ 377,404 | $ 167,350 |
Deferred | 28,108 | (45,643) | 26,523 |
Current | 189,826 | 168,177 | 176,739 |
Deferred | (11,208) | (28,016) | (28,472) |
Current | 25,235 | 43,860 | 19,496 |
Deferred | 1,965 | (480) | 581 |
Income taxes | $ 419,687 | $ 515,302 | $ 362,217 |
Reconciliation of Effective Inc
Reconciliation of Effective Income Tax Rate to the Statutory Federal Rate (Detail) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 1.10% | 1.80% | 1.00% |
Goodwill and intangible asset impairment | 0.00% | 4.50% | 0.00% |
Tax related to international activities | (4.50%) | (5.60%) | (5.80%) |
Cash surrender of life insurance | (0.10%) | (0.90%) | (0.70%) |
Federal manufacturing deduction | (1.60%) | (1.00%) | (1.00%) |
Research tax credit | (0.80%) | (0.30%) | (1.10%) |
Other | 0.20% | (0.40%) | 0.20% |
Effective income tax rate | 29.30% | 33.10% | 27.60% |
Deferred Income Taxes (Detail)
Deferred Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Retirement benefits | $ 614,127 | $ 550,034 | |
Other liabilities and reserves | 127,838 | 128,848 | |
Long-term contracts | 49,929 | 46,006 | |
Stock-based incentive compensation | 66,015 | 64,267 | |
Loss carryforwards | 316,994 | 340,676 | |
Unrealized currency exchange gains | (17,218) | ||
Unrealized currency exchange losses | 25,182 | ||
Inventory | 16,659 | 18,668 | |
Foreign tax credit carryforward | 29,965 | 51,875 | |
Depreciation and amortization | (531,258) | (571,107) | |
Valuation allowance | (330,006) | (348,837) | |
Net deferred tax asset | 343,045 | 305,612 | |
Change in net deferred tax asset: | |||
Provision for deferred tax | (18,865) | 74,139 | $ 1,368 |
Items of other comprehensive (loss) income | 57,523 | (49,882) | |
Acquisitions and other | (1,225) | 6,539 | |
Total change in net deferred tax | $ 37,433 | $ 30,796 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Deferred tax assets resulting from loss carryforwards | $ 316,994 | $ 340,676 | |
Loss carryforwards | 1,112,078 | ||
Valuation allowance related to the loss carryforwards | 305,825 | ||
Amount of valuation allowance relating to non-operating entity whose loss carryforward utilization is considered to be remote | $ 279,850 | ||
Operating loss carryforward minimum period before expiration | 3 years | ||
Operating loss carryforward maximum period before expiration | 20 years | ||
Valuation allowance related to future deductible items | $ 24,181 | ||
Accumulated undistributed earnings reinvested in international operations | 3,000,000 | ||
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | 83,471 | 71,898 | $ 60,876 |
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits | 9,514 | $ 8,198 | $ 5,184 |
Amount of gross unrecognized tax benefits could be reduced by as a result of the revaluation of existing uncertain tax positions | $ 100,000 |
Reconciliation of the Beginning
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Beginning Balance | $ 164,813 | $ 107,440 | $ 109,735 |
Additions for tax positions related to current year | 6,090 | 7,752 | 10,285 |
Additions for tax positions of prior years | 14,989 | 55,136 | 10,719 |
Reductions for tax positions of prior years | (6,945) | (1,359) | (20,683) |
Reductions for settlements | 0 | (1,856) | (4,266) |
Reductions for expiration of statute of limitations | (6,251) | (5,005) | (437) |
Effect of foreign currency translation - decrease | (27,008) | ||
Effect of foreign currency translation - increase | 2,705 | 2,087 | |
Ending Balance | $ 145,688 | $ 164,813 | $ 107,440 |
Computation of Earnings Per Sha
Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Numerator: | |||||||||||
Net income attributable to common shareholders | $ 1,012,140 | $ 1,041,048 | $ 948,427 | ||||||||
Denominator: | |||||||||||
Basic - weighted-average common shares | 142,925,327 | 149,099,448 | 149,218,257 | ||||||||
Increase in weighted-average common shares from dilutive effect of stock-based awards | 2,186,823 | 2,344,655 | 2,369,774 | ||||||||
Diluted - weighted-average common shares, assuming exercise of stock-based awards | 145,112,150 | 151,444,103 | 151,588,031 | ||||||||
Basic earnings per share | $ 7.08 | $ 6.98 | $ 6.36 | ||||||||
Diluted earnings per share | $ 1.27 | $ 2.02 | $ 1.80 | $ 1.85 | $ 1.98 | $ 1.60 | $ 1.66 | $ 1.61 | $ 6.97 | $ 6.87 | $ 6.26 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 1.1 | 1.2 | 1.3 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO (last in first out) inventory to total inventory | 32.00% | 30.00% |
Current cost of inventories exceeds their valuation determined on the LIFO basis, amount | $ 206,233 | $ 208,291 |
Progress payments netted against inventories | 34,820 | 61,958 |
Inventory, Net [Abstract] | ||
Finished products | 526,708 | 532,968 |
Work in process | 688,727 | 732,294 |
Raw materials | 85,024 | 106,419 |
Total | $ 1,300,459 | $ 1,371,681 |
Changes in the Carrying Amount
Changes in the Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 3,171,425 | $ 3,223,515 |
Acquisitions | 10,430 | 3,195 |
Impairment | (140,334) | |
Divestitures | (4,757) | |
Foreign currency translation and other | (234,419) | 85,049 |
Ending Balance | 2,942,679 | 3,171,425 |
Diversified Industrial | ||
Goodwill [Line Items] | ||
Beginning Balance | 3,072,724 | 3,125,175 |
Acquisitions | 10,430 | 3,195 |
Impairment | (140,334) | |
Divestitures | (4,757) | |
Foreign currency translation and other | (234,352) | 84,688 |
Ending Balance | 2,844,045 | 3,072,724 |
Aerospace Systems | ||
Goodwill [Line Items] | ||
Beginning Balance | 98,701 | 98,340 |
Acquisitions | 0 | 0 |
Impairment | 0 | |
Divestitures | 0 | |
Foreign currency translation and other | (67) | 361 |
Ending Balance | $ 98,634 | $ 98,701 |
Gross Carrying Value and Accumu
Gross Carrying Value and Accumulated Amortization for Each Major Category of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,873,554 | $ 2,032,858 |
Accumulated Amortization | 860,115 | 844,576 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 149,066 | 160,030 |
Accumulated Amortization | 88,540 | 86,708 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 355,108 | 391,268 |
Accumulated Amortization | 172,187 | 174,114 |
Customer lists and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,369,380 | 1,481,560 |
Accumulated Amortization | $ 599,388 | $ 583,754 |
Acquired Intangible Assets with
Acquired Intangible Assets with an Initial Purchase Price Allocation and Weighted-Average Life (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Price Allocation | $ 15,532 |
Weighted- Average Life | 15 years |
Patents | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Price Allocation | $ 2,642 |
Weighted- Average Life | 12 years |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Price Allocation | $ 1,093 |
Weighted- Average Life | 14 years |
Customer lists and other | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Price Allocation | $ 11,797 |
Weighted- Average Life | 16 years |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment charge | $ 140,334 | ||
Intangible amortization expense | $ 109,887 | 118,782 | $ 118,516 |
Estimated amortization expense, year ending June 30, 2016 | 100,289 | ||
Estimated amortization expense, year ending June 30, 2017 | 95,756 | ||
Estimated amortization expense, year ending June 30, 2018 | 90,872 | ||
Estimated amortization expense, year ending June 30, 2019 | 83,257 | ||
Estimated amortization expense, year ending June 30, 2020 | $ 75,588 | ||
Intangible asset impairment charge | $ 43,664 |
Financing Arrangements (Detail)
Financing Arrangements (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||
Commercial Paper | $ 0 | $ 816,100 |
Commercial Paper | ||
Debt Instrument [Line Items] | ||
Amount of short-term commercial paper notes authorized to sell | $ 1,850,000 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Ratio of Secured Debt to Net Tangible Assets | 10.00% | |
Domestic Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 2,000,000 | |
Foreign Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit | 62,548 | |
Line of credit outstanding | $ 0 | |
Weighted-average interest rate of notes payable | 0.20% |
Schedule of Debt Instruments (D
Schedule of Debt Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,947,102 | $ 1,508,420 |
Total long-term debt | 2,947,102 | 1,508,638 |
Less long-term debt payable within one year | 223,142 | 496 |
Long-term debt, net | 2,723,960 | 1,508,142 |
Other long-term debt, including capitalized leases | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 236 |
Domestic | Fixed rate medium-term notes 3.30% to 6.55%, due 2018-2044 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,675,000 | 1,175,000 |
Foreign | Bank loans, including revolving credit 1% to 11.75%, due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 322 | 322 |
Foreign | Euro Bonds 4.125%, due 2016 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 222,820 | 273,860 |
Foreign | Japanese Yen credit facility Libor plus 55 bps, due 2017 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 48,960 | $ 59,220 |
Debt Long-term debt payable in
Debt Long-term debt payable in the next five years (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Long-term debt payable in the next five years [Abstract] | |
Long-term debt payable in 2016 | $ 223,142 |
Long-term debt payable in 2017 | 48,960 |
Long-term debt payable in 2018 | 450,000 |
Long-term debt payable in 2019 | 100,000 |
Long-term debt payable in 2020 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Jun. 30, 2015 - Long-term Debt, Type [Domain] - USD ($) $ in Thousands | Total |
Debt Instrument [Line Items] | |
Debt Issuance Cost | $ 15,018 |
Ten-Year Medium Term Notes [Member] | |
Debt Instrument [Line Items] | |
Long-term debt issued | $ 500,000 |
Interest rate | 3.30% |
Twenty-Year Medium Term Notes [Member] | |
Debt Instrument [Line Items] | |
Long-term debt issued | $ 500,000 |
Interest rate | 4.20% |
Thirty-Year Medium Term Notes [Member] | |
Debt Instrument [Line Items] | |
Long-term debt issued | $ 500,000 |
Interest rate | 4.45% |
Debt Lease Commitments (Details
Debt Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Lease Commitments [Abstract] | |||
Future minimum rental commitments due in 2016 | $ 76,433 | ||
Future minimum rental commitments due in 2017 | 53,066 | ||
Future minimum rental commitments due in 2018 | 32,781 | ||
Future minimum rental commitments due in 2019 | 17,935 | ||
Future minimum rental commitments due in 2020 | 12,976 | ||
Future minimum rental commitments due after 2020 | 42,851 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Rental expense | $ 125,657 | $ 131,948 | $ 133,478 |
Debt Debt table phantom (Detail
Debt Debt table phantom (Details) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Ten-Year Medium Term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.30% | |
Debt Instrument Maturity Period | 2024-11 | |
Twenty-Year Medium Term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.20% | |
Debt Instrument Maturity Period | 2034-11 | |
Thirty-Year Medium Term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.45% | |
Debt Instrument Maturity Period | 2044-11 | |
Domestic | Fixed rate medium-term notes 3.30% to 6.55%, due 2018-2044 | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 3.30% | 3.50% |
Interest rate, maximum | 6.55% | 6.55% |
Foreign | Bank loans, including revolving credit 1% to 11.75%, due 2016 | ||
Debt Instrument [Line Items] | ||
Interest rate, minimum | 1.00% | 1.00% |
Interest rate, maximum | 11.75% | 11.75% |
Foreign | Euro Bonds 4.125%, due 2016 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.125% | 4.125% |
Foreign | Japanese Yen credit facility Libor plus 55 bps, due 2017 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.55% | 0.55% |
Net Periodic Pension Cost Recog
Net Periodic Pension Cost Recognized (Detail) - Pension Plans, Defined Benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 97,960 | $ 99,929 | $ 107,519 |
Interest cost | 176,556 | 190,999 | 174,152 |
Special termination cost | 21,174 | 0 | 0 |
Expected return on plan assets | (218,938) | (226,884) | (211,694) |
Amortization of prior service cost | 9,437 | 14,644 | 14,472 |
Amortization of unrecognized actuarial loss | 152,664 | 159,584 | 200,849 |
Amortization of initial net obligation | 17 | 19 | 22 |
Net periodic benefit cost | $ 238,870 | $ 238,291 | $ 285,320 |
Summary of Defined Benefit Pens
Summary of Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 3,499,274 | ||
Fair value of plan assets at end of year | 3,238,307 | $ 3,499,274 | |
Amounts recognized on the Consolidated Balance Sheet | |||
Pensions and other postretirement benefits | (1,699,197) | (1,346,224) | |
Pension Plans, Defined Benefit | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 4,749,447 | 4,382,563 | |
Service cost | 97,960 | 99,929 | $ 107,519 |
Interest cost | 176,556 | 190,999 | 174,152 |
Special termination cost | 21,174 | 0 | 0 |
Actuarial loss | 237,896 | 277,098 | |
Benefits paid | (261,473) | (286,066) | |
Plan amendments | 3,033 | (3,503) | |
Foreign currency translation and other | (156,890) | 88,427 | |
Benefit obligation at end of year | 4,867,703 | 4,749,447 | 4,382,563 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 3,499,274 | 3,096,616 | |
Actual gain on plan assets | 51,514 | 469,984 | |
Employer contributions | 62,852 | 146,237 | |
Benefits paid | (261,473) | (286,066) | |
Foreign currency translation and other | (113,860) | 72,503 | |
Fair value of plan assets at end of year | 3,238,307 | 3,499,274 | $ 3,096,616 |
Funded status | (1,629,396) | (1,250,173) | |
Amounts recognized on the Consolidated Balance Sheet | |||
Other accrued liabilities | (31,206) | (11,333) | |
Pensions and other postretirement benefits | (1,598,190) | (1,238,840) | |
Net amount recognized | (1,629,396) | (1,250,173) | |
Amounts recognized in Accumulated Other Comprehensive (Loss) | |||
Net actuarial loss | 1,639,010 | 1,434,645 | |
Prior service cost | 32,126 | 37,137 | |
Transition obligation | 103 | 143 | |
Net amount recognized | $ 1,671,239 | $ 1,471,925 |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Pension Plans, Defined Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Special termination cost | $ 21,174 | $ 0 | $ 0 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | 166,683 | ||
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | 7,176 | ||
Estimated amount of transition asset that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | 16 | ||
Accumulated benefit obligation for all defined benefit plans | 4,451,047 | 4,258,743 | |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets | 4,761,438 | 4,691,350 | |
Accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets | 4,352,369 | 4,206,557 | |
Fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets | 3,129,803 | 3,443,515 | |
Projected benefit obligation for pension plans with projected benefit obligations in excess of plan assets | 4,821,675 | 4,709,493 | |
Fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets | 3,188,293 | 3,459,097 | |
Expected cash contributions to defined benefit pension plans in 2012 | 278,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Estimated future benefit payments in the year ending June 30, 2016 | 225,953 | ||
Estimated future benefit payments in the year ending June 30, 2017 | 244,912 | ||
Estimated future benefit payments in the year ending June 30, 2018 | 209,742 | ||
Estimated future benefit payments in the year ending June 30, 2019 | 241,699 | ||
Estimated future benefit payments in the year ending June 30, 2020 | 258,332 | ||
Estimated future benefit payments in the aggregate for the five years ending June 30, 2021 through June 30, 2025 | 1,325,348 | ||
Domestic Defined Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Lump-sum distribution | 81,496 | $ 110,000 | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | 1,128 | ||
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | (121) | ||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Estimated future benefit payments in the year ending June 30, 2016 | 5,644 | ||
Estimated future benefit payments in the year ending June 30, 2017 | 5,770 | ||
Estimated future benefit payments in the year ending June 30, 2018 | 5,751 | ||
Estimated future benefit payments in the year ending June 30, 2019 | 5,598 | ||
Estimated future benefit payments in the year ending June 30, 2020 | 5,176 | ||
Estimated future benefit payments in the aggregate for the five years ending June 30, 2021 through June 30, 2025 | $ 22,449 |
Assumptions Used to Measure Net
Assumptions Used to Measure Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Domestic Defined Benefit Plan | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate used to measure net periodic benefit cost | 4.05% | 4.52% | 3.91% |
Average increase in compensation | 5.12% | 5.13% | 5.21% |
Expected return on plan assets | 7.50% | 8.00% | 8.00% |
Minimum | Non-U.S. defined benefit plans | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate used to measure net periodic benefit cost | 0.90% | 1.50% | 1.75% |
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 used to measure net periodic benefit cost | 5.50% | 4.59% | 4.70% |
Average increase in compensation | 5.50% | 6.00% | 6.00% |
Expected return on plan assets | 6.25% | 6.25% | 6.40% |
Assumptions Used to Measure Ben
Assumptions Used to Measure Benefit Obligations (Detail) | Jun. 30, 2015 | Jun. 30, 2014 |
Domestic Defined Benefit Plan | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Discount rate used to measure benefit obligation | 4.19% | 4.05% |
Average increase in compensation | 5.14% | 5.12% |
Minimum | Non-U.S. defined benefit plans | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Discount rate used to measure benefit obligation | 0.70% | 0.90% |
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 used to measure benefit obligation | 6.00% | 4.20% |
Average increase in compensation | 5.50% | 5.00% |
Weighted-Average Allocation of
Weighted-Average Allocation of the Majority of the Assets Related to Defined Benefit Plans (Detail) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 41.00% | 42.00% |
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 | 47.00% | 48.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 47.00% | |
Other investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 12.00% | 10.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 12.00% | |
Domestic Defined Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent of assets held in the U.S. defined benefit plan | 71.00% |
Fair Values of Pension Plan Ass
Fair Values of Pension Plan Assets by Asset Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | $ 3,238,307 | $ 3,499,274 | |
Cash and cash equivalents | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 75,015 | 46,297 | |
Equity Securities [Member] | US Based Companies | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 299,321 | 346,145 | |
Equity Securities [Member] | Non US Based Companies | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 203,199 | 220,911 | |
Fixed income securities | Corporate Bond Securities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 165,226 | 234,719 | |
Fixed income securities | Government issued securities | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 143,697 | 161,131 | |
Mutual funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 5,564 | ||
Mutual funds | Equity funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 149,383 | 191,301 | |
Mutual funds | Fixed income funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 135,949 | 189,375 | |
Common/Collective trusts | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | $ 1,635,135 | ||
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 | ||
Common/Collective trusts | Equity funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | $ 77,429 | 85,461 | |
Common/Collective trusts | Fixed income funds | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 46,184 | 48,649 | |
Limited Partnership | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | $ 290,904 | 777 | |
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 | ||
Miscellaneous | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | $ 11,301 | 20,701 | |
Quoted Prices In Active Markets (Level 1) | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 1,154,489 | 1,330,905 | |
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 | 75,015 | 45,976 | |
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 | 299,321 | 346,145 | |
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 | 203,199 | 220,911 | |
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 | 77,224 | 101,227 | |
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 | 90,785 | 101,083 | |
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 | 149,383 | 191,301 | |
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 | 135,949 | 189,375 | |
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 | 77,429 | 85,461 | |
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 | 46,184 | 48,649 | |
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 | ||
Significant Other Observable Inputs (Level 2) | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 152,215 | 214,562 | |
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 | ||
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 | 88,002 | 133,492 | |
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 | 52,912 | 60,048 | |
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 | 0 | ||
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 | 0 | ||
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 | 0 | ||
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 | 0 | ||
Significant Other Observable Inputs (Level 2) | Limited Partnership | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Miscellaneous | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 11,301 | 20,701 | |
Significant Unobservable Inputs (Level 3) | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 0 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | ||
Significant Unobservable Inputs (Level 3) | Limited Partnership | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Miscellaneous | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Pension plan assets | 0 | ||
Pension Plans, Defined Benefit | |||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | |||
Company stock included in U.S. based company equity securities | 154,660 | 167,157 | |
Pension plan assets | $ 3,238,307 | $ 3,499,274 | $ 3,096,616 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (ESOP) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Shares held by ESOP | 8,407,858 | 8,944,697 | 9,686,238 |
Company contributions to ESOP | $ 63,914 | $ 63,441 | $ 61,067 |
Number of Shares Invested By Employees In Company Stock | 2,408,854 | ||
RIA expense | $ 29,570 | $ 25,247 | $ 22,046 |
Maximum | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Maximum percentage of employer 401K matching contribution | 4.00% |
Summary of Other Postretirement
Summary of Other Postretirement Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Amounts recognized on the Consolidated Balance Sheet | |||
Pensions and other postretirement benefits | $ (1,699,197) | $ (1,346,224) | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expense related to other postretirement benefits | 4,340 | 4,478 | $ 4,930 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 76,207 | 75,544 | |
Service cost | 632 | 623 | |
Interest cost | 2,723 | 2,971 | |
Actuarial (gain) loss | 655 | 1,963 | |
Benefits paid | (4,264) | (4,894) | |
Benefit obligation at end of year | 75,953 | 76,207 | $ 75,544 |
Funded status | (75,953) | (76,207) | |
Amounts recognized on the Consolidated Balance Sheet | |||
Other accrued liabilities | (5,629) | (5,874) | |
Pensions and other postretirement benefits | (70,324) | (70,333) | |
Net amount recognized | (75,953) | (76,207) | |
Amounts recognized in Accumulated Other Comprehensive (Loss) | |||
Net actuarial loss | 13,626 | 14,074 | |
Prior service (credit) | (676) | (797) | |
Net amount recognized | 12,950 | $ 13,277 | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | 1,128 | ||
Estimated amount of net actuarial loss that will be amortized from accumulated other comprehensive (loss) income into net periodic benefit pension cost | $ (121) |
Assumptions Used to Measure N86
Assumptions Used to Measure Net Periodic Benefit Cost for Postretirement Benefit Obligations (Detail) - Other Postretirement Benefit Plans, Defined Benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Discount rate used to measure net periodic benefit cost | 3.74% | 4.10% | 3.62% |
Current medical cost trend rate | 7.75% | 7.75% | 8.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate used to measure benefit obligation | 3.96% | 3.74% | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Estimated future benefit payments in the year ending June 30, 2016 | $ 5,644 | ||
Estimated future benefit payments in the year ending June 30, 2017 | 5,770 | ||
Estimated future benefit payments in the year ending June 30, 2018 | 5,751 | ||
Estimated future benefit payments in the year ending June 30, 2019 | 5,598 | ||
Estimated future benefit payments in the year ending June 30, 2020 | 5,176 | ||
Estimated future benefit payments in the aggregate for the five years ending June 30, 2021 through June 30, 2025 | $ 22,449 | ||
Defined benefit plan, participant age range, Pre-65 [Member] | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Ultimate medical cost trend rate | 5.60% | 5.00% | 5.00% |
Medical cost trend rate decreases to ultimate in year | 2,041 | 2,021 | 2,019 |
Defined benefit plan, participant age range, Post-65 [Member] [Member] | |||
Schedule of Net Periodic Benefit Costs Weighted Average Assumptions [Line Items] | |||
Ultimate medical cost trend rate | 6.20% | 5.00% | 5.00% |
Medical cost trend rate decreases to ultimate in year | 2,045 | 2,021 | 2,019 |
Retirement Benefits Other - Non
Retirement Benefits Other - Nonqualified Deferred Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other - Nonqualified deferred compensation [Abstract] | |||
Deferred compensation expense | $ 5,676 | $ 24,549 | $ 19,182 |
Equity - Balance of Accumulated
Equity - Balance of Accumulated Other Comprehensive (Loss) in Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,738,618) | $ (823,498) | $ (1,107,833) |
Other comprehensive income before reclassifications | (1,022,637) | 172,312 | |
Amounts reclassified from accumulated other comprehensive (loss) | 107,517 | 112,023 | |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (640,487) | 124,620 | (68,328) |
Other comprehensive income before reclassifications | (765,107) | 192,948 | |
Amounts reclassified from accumulated other comprehensive (loss) | 0 | 0 | |
Retirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,097,600) | (947,890) | (1,039,072) |
Other comprehensive income before reclassifications | (253,206) | (20,636) | |
Amounts reclassified from accumulated other comprehensive (loss) | 103,496 | 111,818 | |
Other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (531) | (228) | $ (433) |
Other comprehensive income before reclassifications | (4,324) | 0 | |
Amounts reclassified from accumulated other comprehensive (loss) | $ 4,021 | $ 205 |
Equity Reclassifications out of
Equity Reclassifications out of accumulated other comprehensive (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Amortization of prior service cost and initial net obligation | $ (9,333) | $ (14,535) |
Recognized actuarial loss | (153,770) | (160,596) |
Total before tax | (163,103) | (175,131) |
Realized loss on cash flow hedge | (305) | 306 |
Realized gain (loss) on available-for-sale investments | (3,817) | |
Total before tax | 4,122 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Tax benefit, retirement benefit plans | 59,607 | 63,313 |
Tax benefit, other | 101 | |
Tax benefit, realized loss on cash flow hedge | 101 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net of tax, retirement benefit plans | (103,496) | (111,818) |
Net of tax, other | $ 4,021 | |
Net of tax, realized loss on cash flow hedge | $ 205 |
Equity - Share Repurchase Progr
Equity - Share Repurchase Program (Detail) - $ / shares | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 24, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Shares repurchased | 11,091,759 | 1,741,143 | 3,006,005 | |
Average price per share | $ 125.64 | $ 114.87 | $ 85.55 | |
Maximum | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 35,000,000 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - Jun. 30, 2015 - shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares reserved for issuance in connection with its stock incentive plans | 6,000,000 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options and SARs exercisable period after the date of grant (in years) | 3 years |
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 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 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) - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.00% | 1.55% | 0.80% |
Expected life of award (in years) | 5 years 4 months 24 days | 5 years 1 month 6 days | 4 years 10 months 24 days |
Expected dividend yield of stock | 1.80% | 1.90% | 1.70% |
Expected volatility of stock | 32.30% | 39.10% | 39.00% |
Weighted-average fair value | $ 30.50 | $ 32.57 | $ 24.76 |
Stock Option and SAR Activity (
Stock Option and SAR Activity (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Millions | Total |
Number of Shares | |
Outstanding June 30, 2014 (in shares) | 8,208,699 |
Granted (in shares) | 1,128,279 |
Exercised (in shares) | (1,159,101) |
Canceled (in shares) | (43,671) |
Outstanding June 30, 2015 (in shares) | 8,134,206 |
Exercisable June 30, 2015 (in shares) | 5,824,117 |
Weighted-Average Exercise Price | |
Outstanding June 30, 2014 | $ 72.87 |
Granted | 113.92 |
Exercised | 62.82 |
Canceled | 101.10 |
Outstanding June 30, 2015 | 79.84 |
Exercisable June 30, 2015 | $ 69.43 |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | |
Outstanding June 30, 2015 (in years) | 5 years 2 months 12 days |
Exercisable June 30, 2015 (in years) | 4 years |
Outstanding June 30, 2015 | $ 298 |
Exercisable June 30, 2015 | $ 273.9 |
Summary of the Status and Chang
Summary of the Status and Changes of Shares Subject to Stock Option and SAR Awards and the Related Average Price Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested June 30, 2014 (in shares) | 2,484,971 | ||
Granted (in shares) | 1,128,279 | ||
Vested (in shares) | (1,264,918) | ||
Canceled (in shares) | (38,243) | ||
Nonvested June 30, 2015 (in shares) | 2,310,089 | 2,484,971 | |
Weighted-Average Grant Date Fair Value | |||
Nonvested June 30, 2014 | $ 28.89 | ||
Granted | 30.50 | $ 32.57 | $ 24.76 |
Vested | 26.93 | ||
Canceled | 31 | ||
Nonvested June 30, 2015 | $ 30.71 | $ 28.89 | |
Employee Stock Option | |||
Stock Options and SARs - Additional Information | |||
Expense for nonvested stock-based awards has yet to be recognized | $ 19,061 | ||
Expense for nonvested stock-based awards has yet to be recognized, amortized over a weighted-average period (in months) | 20 months | ||
Total fair value of shares vested | $ 34,064 | $ 42,363 | $ 29,777 |
Information Related to Stock Op
Information Related to Stock Options and SAR Awards Exercised (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Net cash proceeds | $ 3,355 | $ 8,013 | $ 32,204 |
Intrinsic value | 72,140 | 155,903 | 208,426 |
Income tax benefit | 17,355 | 37,993 | 47,659 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 34,617 | $ 49,998 | $ 33,018 |
Shares surrendered upon exercise of stock | 243,799 | 775,163 | 1,947,148 |
Summary of the Status and Cha96
Summary of the Status and Changes of Shares Subject to RSU Awards and the Related Average Price Per Share (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
RSU graded vesting period | 3 years | ||
Number of Shares | |||
Nonvested June 30, 2014 (in shares) | 471,530 | ||
Granted (in shares) | 211,088 | ||
Vested (in shares) | (213,986) | ||
Canceled (in shares) | (19,344) | ||
Nonvested June 30, 2015 (in shares) | 449,288 | 471,530 | |
Weighted-Average Grant Date Fair Value | |||
Nonvested June 30, 2014 | $ 94.59 | ||
Granted | 113.02 | ||
Vested | 88.57 | ||
Canceled | 105.91 | ||
Nonvested June 30, 2015 | $ 105.63 | $ 94.59 | |
RSUs - Additional Disclosures | |||
Stock-based compensation expense | $ 22,547 | $ 21,475 | $ 17,852 |
Total fair value of shares vested | 18,953 | 18,007 | 12,488 |
Expense for nonvested stock-based awards has yet to be recognized | $ 18,395 | ||
Expense for nonvested stock-based awards has yet to be recognized, amortized over a weighted-average period (in months) | 19 months | ||
Tax benefit relating to issuance of common stock for RSU awards | $ 704 | $ 2,509 | $ 976 |
Long Term Incentive Plans (Deta
Long Term Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
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] | |||
LTIP 3-year plan | . 14, 2012 | Dec. 13, 2011 | Nov. 12, 2010 |
Number of shares issued | 185,063 | 298,813 | 792,428 |
Average share value on date of issuance | $ 119.06 | $ 126.17 | $ 83.64 |
Total value | $ 22,034 | $ 37,701 | $ 66,278 |
Summary of the Status and Cha98
Summary of the Status and Changes of Shares Relating to LTIP and the Related Average Price Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Long Term Incentive Plans | |||
Number of Shares | |||
Nonvested June 30, 2014 (in shares) | 920,096 | ||
Granted (in shares) | 297,728 | ||
Vested (in shares) | (333,239) | ||
Canceled (in shares) | (8,414) | ||
Nonvested June 30, 2015 (in shares) | 876,171 | 920,096 | |
Weighted-Average Grant Date Fair Value | |||
Nonvested June 30, 2014 | $ 94.83 | ||
Granted | 120.21 | ||
Vested | 79.46 | ||
Canceled | 96.98 | ||
Nonvested June 30, 2015 | $ 109.27 | $ 94.83 | |
LTIP - Additional Disclosures | |||
Stock-based compensation expense | $ 38,929 | $ 31,688 | $ 34,127 |
Shares surrendered upon exercise of stock | 42,394 | 140,406 | 311,110 |
Restricted stock issued to certain non-employee members of the Board of Directors (in shares) | 185,063 | 298,813 | 792,428 |
Long Term Incentive Plans and Restricted Shares Issued to non-employee members of the Board of Directors [Member] | |||
LTIP - Additional Disclosures | |||
Tax benefit (cost), relating to LTIP and restricted shares issued to directors | $ 5,370 | $ (6,770) | $ 17,395 |
Director [Member] | |||
LTIP - Additional Disclosures | |||
Stock-based compensation expense | $ 1,401 | $ 1,304 | $ 1,137 |
Restricted stock issued to certain non-employee members of the Board of Directors (in shares) | 12,716 | 12,353 | 14,580 |
Shareholders' Protection Righ99
Shareholders' Protection Rights Agreement Shareholders' Protection Rights Agreement (Details) - Jun. 30, 2015 - $ / shares | Total |
Shareholders' Protection Rights Agreement [Line Items] | |
Common shares reserved for future issuance | 6,000,000 |
Percent of common shares acquired entitling all holders of Shareholders' Right to purchase one common share | 15.00% |
Shareholders' Protection Rights Agreement [Member] | |
Shareholders' Protection Rights Agreement [Line Items] | |
Common shares reserved for future issuance | 138,558,739 |
Holders of Shareholders' Rights would be entitled to purchase one common share, exercise price | $ 160 |
Research and Development (Detai
Research and Development (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Research and Development [Abstract] | |||
Research and development costs | $ 403,085 | $ 410,132 | $ 406,613 |
Costs incurred in connection with research and development contracts | $ 57,799 | $ 55,916 | $ 58,916 |
Financial Instruments Available
Financial Instruments Available-for-Sale Investments (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Fixed income funds | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 187,467 |
Gross Unrealized Gains | 101 |
Gross Unrealized Losses | 34 |
Fair Value | 187,534 |
Government bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 60,543 |
Gross Unrealized Gains | 12 |
Gross Unrealized Losses | 43 |
Fair Value | 60,512 |
Corporate Debt Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 146,202 |
Gross Unrealized Gains | 2 |
Gross Unrealized Losses | 487 |
Fair Value | 145,717 |
Asset-backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 11,028 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 58 |
Fair Value | $ 10,970 |
Financial Instruments Availa102
Financial Instruments Available-for-Sale Investments - Contractual Maturities (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Available-for-sale Securities, Debt Maturities [Abstract] | |
Less than one year, amortized cost | $ 13,561 |
Less than one year, fair value | 13,555 |
One to three years, amortized cost | 188,539 |
One to three years, fair value | 188,057 |
Over three years, amortized cost | 15,673 |
Over three years, fair value | $ 15,587 |
Financial Instruments Availa103
Financial Instruments Available-for-Sale Investments - Realized Gains and Losses (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Available-for-Sale Investments [Abstract] | |
Net realized loss | $ 3,817 |
Carrying Value and Fair Value o
Carrying Value and Fair Value of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying value of long-term debt, excluding leases | $ 2,947,102 | $ 1,508,420 |
Fair value of long-term debt, excluding leases | $ 3,107,735 | $ 1,708,723 |
Summary of the Location and Fai
Summary of the Location and Fair Value of Derivative Financial Instruments Reported in the Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Currency Swap [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net investment hedges | $ 17,994 | $ 0 |
Currency Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net investment hedges | 0 | 45,790 |
Costless Collar Contracts | Non-trade and Notes Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash flows hedges | 5,627 | 3,508 |
Costless Collar Contracts | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash flows hedges | 1,970 | 378 |
Foreign Exchange Contract | Non-trade and Notes Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash flows hedges | $ (23) | $ (41) |
Gains (Losses) on Derivative Fi
Gains (Losses) on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative And Non Derivative Instruments, Gain (Loss) Recognized In Accumulated Other Comprehensive (Loss) | $ 39,406 | $ (14,426) | |
Designated as Hedging Instrument [Member] | Foreign Denominated Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative And Non Derivative Instruments, Gain (Loss) Recognized In Accumulated Other Comprehensive (Loss) | 37,871 | 7,611 | |
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 | 59 | (81) | $ (1,821) |
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 | $ (1,865) | $ 7,052 | $ 502 |
Financial Instruments Financial
Financial Instruments Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 1,970 | $ 46,168 |
Derivative Financial Instruments, Liabilities [Member] | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 1,970 | 46,168 |
Derivative Financial Instruments, Liabilities [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Government bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 60,512 | |
Government bonds [Member] | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 60,512 | |
Government bonds [Member] | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Government bonds [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Corporate Bond Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 145,717 | |
Corporate Bond Securities | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 145,717 | |
Corporate Bond Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Corporate Bond Securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 10,970 | |
Asset-backed Securities [Member] | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 10,970 | |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | |
Fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 187,534 | |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 23,598 | 3,467 |
Derivative Financial Instruments, Assets [Member] | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 23,598 | 3,467 |
Derivative Financial Instruments, Assets [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Contingencies (Detail)
Contingencies (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Loss Contingencies [Line Items] | |
Reserve for environmental matters | $ 16,957 |
Environmental Issue | |
Loss Contingencies [Line Items] | |
Estimated total liability for environmental sites range, minimum | 17,000 |
Estimated total liability for environmental sites range, maximum | 80,200 |
Estimated total liability for environmental sites range, largest | $ 8,400 |
Quarterly Information (Detail)
Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 3,144,508 | $ 3,162,311 | $ 3,134,993 | $ 3,269,932 | $ 3,525,415 | $ 3,358,406 | $ 3,106,006 | $ 3,226,144 | $ 12,711,744 | $ 13,215,971 | $ 13,015,704 |
Gross Profit | 723,728 | 789,295 | 733,409 | 810,067 | 839,461 | 752,513 | 686,035 | 749,735 | 3,056,499 | 3,027,744 | 2,929,029 |
Net Income Attributable to Common Shareholders | $ 179,454 | $ 285,345 | $ 267,252 | $ 280,089 | $ 301,038 | $ 242,406 | $ 253,288 | $ 244,316 | $ 1,012,140 | $ 1,041,048 | $ 948,427 |
Diluted earnings per share | $ 1.27 | $ 2.02 | $ 1.80 | $ 1.85 | $ 1.98 | $ 1.60 | $ 1.66 | $ 1.61 | $ 6.97 | $ 6.87 | $ 6.26 |
Stock Prices and Dividends (Det
Stock Prices and Dividends (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | 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, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Prices and Dividends [Abstract] | |||||||||||||||
High | $ 125.33 | $ 129.54 | $ 133.41 | $ 127.60 | $ 130.44 | $ 129.40 | $ 129.77 | $ 110.21 | $ 101.88 | $ 98.15 | $ 87.04 | $ 87.71 | $ 133.41 | $ 130.44 | $ 101.88 |
Low | 115.65 | 115.86 | 99.82 | 105.91 | 118.46 | 108.66 | 103.36 | 94.81 | 84.50 | 86.51 | 75.80 | 70.42 | 99.82 | 94.81 | 70.42 |
Dividends | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.48 | $ 0.48 | $ 0.48 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.43 | $ 0.41 | $ 0.41 | $ 2.37 | $ 1.86 | $ 1.70 |