Acquisitions and Deconsolidation of Subsidiary Acquisitions (Notes)

12 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Acquisitions and Deconsolidation of Subsidiary

Acquisitions and Deconsolidation of Subsidiary

Acquisitions - During 2016, the Company completed two acquisitions whose aggregate sales for their most recent fiscal year prior to acquisition were approximately $48 million. Total purchase price for the two acquisitions was approximately $71 million in cash and $2 million in assumed debt.

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.

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 2016, 2015 and 2014 are presented below. Some of the 2016 acquisitions are still subject to purchase price adjustments.

	2016		2015		2014
Assets:
Accounts receivable	$	6,793	$	7,656	$	954
Inventories	12,041		3,099		2,184
Prepaid expenses	1,350		91		57
Deferred income taxes	—		5		189
Plant and equipment	5,647		1,123		11,211
Intangible and other assets	26,849		7,794		5,646
Goodwill	31,134		10,430		3,195
	83,814		30,198		23,436
Liabilities:
Notes payable	720		—		—
Accounts payable, trade	2,536		2,689		915
Accrued payrolls and other compensation	1,310		243		263
Accrued domestic and foreign taxes	604		777		1
Other accrued liabilities	1,804		5,267		3,864
Long-term debt	1,743		—		—
Deferred income taxes	7,545		2,604		—
Other liabilities	—		—		800
	16,262		11,580		5,843
Net assets acquired	$	67,552	$	18,618	$	17,593

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 (gain)loss on disposal of assets caption in the Consolidated Statement of Income and the other expense (income) caption in the Business Segment Information.