Business Segment Information

12 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

(Dollars in thousands)	2021		2020*		2019*
Net Sales:
Diversified Industrial:
North America	$	6,676,449	$	6,456,298	$	6,808,948
International	5,283,710		4,504,587		5,000,599
Aerospace Systems	2,387,481		2,734,635		2,510,777
	$	14,347,640	$	13,695,520	$	14,320,324
Segment Operating Income:
Diversified Industrial:
North America	$	1,247,419	$	985,944	$	1,138,586
International	988,054		674,763		804,890
Aerospace Systems	402,895		476,900		487,757
Total segment operating income	2,638,368		2,137,607		2,431,233
Corporate administration	178,427		170,903		194,994
Income before interest expense and other expense	2,459,941		1,966,704		2,236,239
Interest expense	250,036		308,161		190,138
Other (income) expense	(37,052)		151,689		96,626
Income before income taxes	$	2,246,957	$	1,506,854	$	1,949,475
Assets:
Diversified Industrial	$	16,518,688	$	15,973,576	$	13,189,204
Aerospace Systems(a)	3,077,395		3,251,522		1,546,053
Corporate	745,117		662,655		2,996,771
	$	20,341,200	$	19,887,753	$	17,732,028
Property Additions:
Diversified Industrial	$	186,233	$	183,981	$	172,348
Aerospace Systems	20,705		44,546		20,748
Corporate	3,019		4,064		1,993
	$	209,957	$	232,591	$	195,089
Depreciation:
Diversified Industrial	$	229,891	$	218,092	$	203,144
Aerospace Systems	32,151		27,749		16,268
Corporate	7,901		7,058		6,263
	$	269,943	$	252,899	$	225,675
Amortization:
Diversified Industrial	$	274,368	$	243,714	$	196,680
Aerospace Systems	51,079		40,918		3,072
	$	325,447	$	284,632	$	199,752

(Dollars in thousands)	2021		2020		2019
By Geographic Area(b)
Net Sales:
North America	$	9,046,162	$	9,166,773	$	9,318,195
International	5,301,478		4,528,747		5,002,129
	$	14,347,640	$	13,695,520	$	14,320,324
Long-Lived Assets:
North America	$	1,448,109	$	1,494,858	$	1,052,263
International	818,367		797,877		716,024
	$	2,266,476	$	2,292,735	$	1,768,287

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 (2021 - $219,081; 2020 - $237,911; 2019 - $234,703).

(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 property, plant and equipment based on physical location.

*Years ended June 30, 2020 and 2019 amounts have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 7 to the Consolidated Financial Statements.