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Assets Held-for-Sale and Sale of Business | 3 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held-for-Sale and Sale of Business | Assets Held-for-Sale and Sale of Business In the fourth quarter of fiscal 2025, management entered into non-binding agreements to sell several entities. As a result of classifying these entities as held-for-sale, the Company recorded non-cash impairment charges of $85 million within the Industrial segment. These charges were recognized in Impairment of assets held-for-sale in our Condensed Consolidated Statements of Earnings (Loss) in the fourth quarter of fiscal 2025 to reduce the carrying values of the entities to their estimated fair value. On September 2, 2025, the Company completed the sale of its aerospace and defense business, which was part of the Industrial segment, for approximately $400 million, subject to customary post-closing adjustments. In connection with the sale, the Company recorded a gain of $115 million and incurred approximately $9 million in transaction related costs which were recorded in in Gain on sale of business and SG&A expenses, respectively, in the Condensed Consolidated Statements of Earnings (Loss) for the first quarter of fiscal 2026. The Company recorded an additional non-cash impairment charge of $9 million within the Industrial segment related to entities that continued to be classified as held-for-sale at September 30, 2025. The charge was recorded in Impairment of assets held-for-sale in the Condensed Consolidated Statements of Earnings (Loss) for the first quarter of fiscal 2026 to reduce the carrying value of entities classified as held-for-sale to their estimated fair value. Current assets and current liabilities held for sale are recorded in Prepaid and other current assets and Other accrued liabilities, respectively, in our Consolidated Balance Sheet. Noncurrent assets and noncurrent liabilities held for sale are recorded in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheet. Assets and liabilities held-for-sale are in the Industrial segment. Current and noncurrent assets and liabilities classified as held-for-sale as of September 30, 2025 and June 30, 2025 are as follows ($000):
|  | September 30, 2025 |  | June 30, 2025 |
Accounts receivable |  | $ | 9,686 |  |  | $ | 43,353 |  |  |  |  |
Inventories |  | 32,523 |  |  | 97,236 |  |  |
Prepaid and refundable income taxes |  | 8,844 |  |  | 9,023 |  |  |  |  |
Prepaid and other current assets |  | 1,130 |  |  | 3,067 |  |  |
Total current assets held-for-sale |  | $ | 52,183 |  |  | $ | 152,679 |  |  |  |  |
Property, plant & equipment, net |  | $ | 31,502 |  |  | $ | 103,863 |  |  |
Goodwill |  | 22,325 |  |  | 174,373 |  |  |  |  |
Intangible assets |  | 99,099 |  |  | 141,647 |  |  |
Other assets |  | 19 |  |  | 32 |  |  |  |  |
Less: Impairment of assets held-for-sale |  | (97,728) |  |  | (84,988) |  |  |  |  |
Total noncurrent assets held-for-sale |  | $ | 55,217 |  |  | $ | 334,927 |  |  |  |  |
Accounts payable |  | $ | 5,561 |  |  | $ | 19,209 |  |  |  |  |
Accrued compensation and benefits |  | 3,732 |  |  | 16,768 |  |  |  |  |
Operating lease current liabilities |  | 19 |  |  | 2,441 |  |  |  |  |
Accrued income taxes payable |  | (1,032) |  |  | (226) |  |  |  |  |
Other accrued liabilities |  | 7,248 |  |  | 19,202 |  |  |
Total current liabilities held-for-sale |  | $ | 15,528 |  |  | $ | 57,394 |  |  |  |  |
Deferred income taxes |  | $ | 11,464 |  |  | $ | 14,785 |  |  |  |  |
Operating lease liabilities |  | — |  |  | 5,980 |  |  |  |  |
Other liabilities |  | 6,104 |  |  | 7,870 |  |  |  |  |
Total noncurrent liabilities held-for-sale |  | $ | 17,568 |  |  | $ | 28,635 |  |  |  |  |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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