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Acquisitions and Divestitures (Tables)
12 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Initial purchase price allocation and subsequent purchase price adjustments for acquisitions
The initial purchase price allocation for acquisitions in 2017 and 2016 are as follows:
 
 
2017

 
2016

Assets:
 
 
 
 
Accounts receivable
 
$
263,616

 
$
6,793

Inventories
 
302,422

 
12,041

Prepaid expenses
 
18,342

 
1,350

Deferred income taxes
 
4,658

 

Plant and equipment
 
376,826

 
5,647

Intangible and other assets
 
1,526,909

 
26,849

Goodwill
 
2,677,489

 
31,134

 
 
5,170,262

 
83,814

Liabilities:
 
 
 
 
Notes payable
 
20,162

 
720

Accounts payable, trade
 
84,753

 
2,536

Accrued payrolls and other compensation
 
45,942

 
1,310

Accrued domestic and foreign taxes
 
5,435

 
604

Other accrued liabilities
 
80,515

 
1,804

Long-term debt
 
296,240

 
1,743

Pensions and other postretirement benefits
 
33,929

 

Deferred income taxes
 
520,389

 
7,545

Other liabilities
 
11,878

 

Noncontrolling interests
 
1,822

 

 
 
1,101,065

 
16,262

Net assets acquired
 
$
4,069,197

 
$
67,552

Business acquisition, pro forma information
The following unaudited pro forma information gives effect to the Company's acquisition of Clarcor as if the acquisition had occurred on July 1, 2015, and Clarcor had been included in the Company's results of operations for 2017 and 2016.

 
2017

 
2016

Net sales
$
12,935,834

 
$
12,772,097

Net income attributable to common shareholders
1,027,693

 
748,634

Diluted earnings per share
7.58

 
5.47