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Business Segment Information
 12 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Business Segment Information
BUSINESS SEGMENT INFORMATION

(Dollars in thousands)
 
2019

 
2018

 
2017

Net Sales:
 
 
 
 
 
 
Diversified Industrial:
 
 
 
 
 
 
North America
 
$
6,808,948

 
$
6,726,900

 
$
5,366,809

International
 
5,000,599

 
5,259,793

 
4,377,776

Aerospace Systems
 
2,510,777

 
2,315,699

 
2,284,727

 
 
$
14,320,324

 
$
14,302,392

 
$
12,029,312

Segment Operating Income:
 
 
 
 
 
 
Diversified Industrial:
 
 
 
 
 
 
North America
 
$
1,138,586

 
$
1,076,021

 
$
873,552

International
 
804,890

 
765,188

 
579,207

Aerospace Systems
 
487,757

 
397,970

 
337,496

Total segment operating income
 
2,431,233

 
2,239,179

 
1,790,255

Corporate administration
 
194,994

 
200,901

 
172,632

Income before interest expense and other expense
 
2,236,239

 
2,038,278

 
1,617,623

Interest expense
 
190,138

 
213,873

 
162,436

Other expense
 
112,676

 
122,128

 
126,546

Income before income taxes
 
$
1,933,425

 
$
1,702,277

 
$
1,328,641

 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Diversified Industrial
 
$
13,189,204

 
$
13,368,619

 
$
13,366,981

Aerospace Systems (a)
 
1,546,053

 
1,446,745

 
1,412,707

Corporate
 
2,841,433

 
504,723

 
710,216

 
 
$
17,576,690

 
$
15,320,087

 
$
15,489,904

 
 
 
 
 
 
 
Property Additions:
 
 
 
 
 
 
Diversified Industrial
 
$
172,348

 
$
196,469

 
$
148,765

Aerospace Systems
 
20,748

 
15,225

 
16,929

Corporate
 
1,993

 
35,973

 
38,054

 
 
$
195,089

 
$
247,667

 
$
203,748

 
 
 
 
 
 
 
Depreciation:
 
 
 
 
 
 
Diversified Industrial
 
$
203,144

 
$
211,648

 
$
176,823

Aerospace Systems
 
16,268

 
16,737

 
17,484

Corporate
 
6,263

 
9,421

 
8,561

 
 
$
225,675

 
$
237,806

 
$
202,868






(Dollars in thousands)
 
2019

 
2018

 
2017

By Geographic Area (b)
 
 
 
 
 
 
Net Sales:
 
 
 
 
 
 
North America
 
$
9,318,195

 
$
8,978,490

 
$
7,585,689

International
 
5,002,129

 
5,323,902

 
4,443,623

 
 
$
14,320,324

 
$
14,302,392

 
$
12,029,312

Long-Lived Assets:
 
 
 
 
 
 
North America
 
$
1,052,263

 
$
1,103,308

 
$
1,145,127

International
 
716,024

 
752,929

 
792,165

 
 
$
1,768,287

 
$
1,856,237

 
$
1,937,292


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 (2019 - $234,703; 2018 - $235,665; 2017 - $240,182).
(b)
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.