$PH
PARKER HANNIFIN CORP Stock $ph

$ph Overview Financials Valuation SEC Filings Company Website

2018 Q3 Form 10-Q Financial Statement

#000007633418000119 Filed on November 07, 2018

Income Statement

Concept	2018 Q3	2017 Q3
Revenue	$3.479B	$3.365B
YoY Change	3.41%	22.66%
Cost Of Revenue	$2.595B	$2.523B
YoY Change	2.83%	19.81%
Gross Profit	$884.5M	$841.4M
YoY Change	5.12%	32.06%
Gross Profit Margin	25.42%	25.01%
Selling, General & Admin	$394.3M	$397.0M
YoY Change	-0.67%	22.92%
% of Gross Profit	44.58%	47.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$57.79M	$59.96M
YoY Change	-3.61%	27.58%
% of Gross Profit	6.53%	7.13%
Operating Expenses	$394.3M	$397.0M
YoY Change	-0.67%	22.92%
Operating Profit	$540.7M	$525.3M
YoY Change	2.95%	38.2%
Interest Expense	$44.34M	$53.56M
YoY Change	-17.21%	56.83%
% of Operating Profit	8.2%	10.2%
Other Income/Expense, Net	-$36.67M	-$56.05M
YoY Change	-34.57%	4.44%
Pretax Income	$459.7M	$374.3M
YoY Change	22.82%	28.08%
Income Tax	$83.82M	$88.77M
% Of Pretax Income	18.23%	23.72%
Net Earnings	$375.7M	$285.4M
YoY Change	31.65%	35.82%
Net Earnings / Revenue	10.8%	8.48%
Basic Earnings Per Share	$2.84	$2.14
Diluted Earnings Per Share	$2.79	$2.10
COMMON SHARES
Basic Shares Outstanding	132.4M shares	133.2M shares
Diluted Shares Outstanding	134.7M shares	135.8M shares

Balance Sheet

Concept	2018 Q3	2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$993.0M	$975.0M
YoY Change	1.85%	-54.46%
Cash & Equivalents	$952.1M	$874.8M
Short-Term Investments	$41.00M	$100.0M
Other Short-Term Assets	$165.0M	$134.0M
YoY Change	23.13%	-6.94%
Inventory	$1.645B	$1.707B
Prepaid Expenses		$134.4M
Receivables	$2.146B	$1.922B
Other Receivables	$312.0M	$267.0M
Total Short-Term Assets	$5.298B	$5.005B
YoY Change	5.86%	-5.25%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.828B	$1.963B
YoY Change	-6.87%	25.59%
Goodwill	$5.485B	$5.679B
YoY Change	-3.42%	95.11%
Intangibles	$1.956B	$2.215B
YoY Change	-11.7%	145.61%
Long-Term Investments
YoY Change
Other Assets	$858.0M	$869.0M
YoY Change	-1.27%	-33.82%
Total Long-Term Assets	$10.13B	$10.73B
YoY Change	-5.59%	60.36%
TOTAL ASSETS
Total Short-Term Assets	$5.298B	$5.005B
Total Long-Term Assets	$10.13B	$10.73B
Total Assets	$15.43B	$15.73B
YoY Change	-1.95%	31.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.405B	$1.304B
YoY Change	7.7%	28.13%
Accrued Expenses	$866.0M	$844.0M
YoY Change	2.61%	11.05%
Deferred Revenue	$62.52M
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$796.9M	$1.144B
YoY Change	-30.35%	91.97%
Total Short-Term Liabilities	$3.309B	$3.467B
YoY Change	-4.57%	39.01%
LONG-TERM LIABILITIES
Long-Term Debt	$4.313B	$4.788B
YoY Change	-9.92%	80.48%
Other Long-Term Liabilities	$531.2M	$341.2M
YoY Change	55.7%	9.49%
Total Long-Term Liabilities	$4.844B	$5.129B
YoY Change	-5.55%	73.02%
TOTAL LIABILITIES
Total Short-Term Liabilities	$3.309B	$3.467B
Total Long-Term Liabilities	$4.844B	$5.129B
Total Liabilities	$9.318B	$10.20B
YoY Change	-8.65%	39.35%
SHAREHOLDERS EQUITY
Retained Earnings	$11.63B	$11.13B
YoY Change	4.52%	6.72%
Common Stock	$593.6M	$619.5M
YoY Change	-4.18%	-12.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$4.619B	$4.398B
YoY Change	5.02%	2.19%
Treasury Stock Shares	48.70M shares	47.82M shares
Shareholders Equity	$6.101B	$5.525B
YoY Change
Total Liabilities & Shareholders Equity	$15.43B	$15.73B
YoY Change	-1.95%	31.41%

Cashflow Statement

Concept	2018 Q3	2017 Q3
OPERATING ACTIVITIES
Net Income	$375.7M	$285.4M
YoY Change	31.65%	35.82%
Depreciation, Depletion And Amortization	$57.79M	$59.96M
YoY Change	-3.61%	27.58%
Cash From Operating Activities	$159.4M	$238.0M
YoY Change	-33.03%	108.9%
INVESTING ACTIVITIES
Capital Expenditures	$42.11M	$79.34M
YoY Change	-46.93%	143.92%
Acquisitions	$2.042M	$0.00
YoY Change		-100.0%
Other Investing Activities	-$2.318M	-$7.329M
YoY Change	-68.37%	405.45%
Cash From Investing Activities	-$15.06M	-$117.3M
YoY Change	-87.16%	-359.47%
FINANCING ACTIVITIES
Cash Dividend Paid	$100.9M	$88.10M
YoY Change	14.49%	3.96%
Common Stock Issuance & Retirement, Net	$65.35M	$78.71M
YoY Change	-16.97%	-40.61%
Debt Paid & Issued, Net	$100.1M	$6.522M
YoY Change	1434.91%	481.28%
Cash From Financing Activities	-$7.247M	-$135.4M
YoY Change	-94.65%	-975.84%
NET CHANGE
Cash From Operating Activities	$159.4M	$238.0M
Cash From Investing Activities	-$15.06M	-$117.3M
Cash From Financing Activities	-$7.247M	-$135.4M
Net Change In Cash	$130.0M	-$14.73M
YoY Change	-982.69%	-108.43%
FREE CASH FLOW
Cash From Operating Activities	$159.4M	$238.0M
Capital Expenditures	$42.11M	$79.34M
Free Cash Flow	$117.3M	$158.7M
YoY Change	-26.08%	94.9%

Facts In Submission

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CY2018Q3	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2019
CY2018Q3	dei	Document Period End Date DocumentPeriodEndDate	2018-09-30
CY2018Q3	dei	Document Type DocumentType	10-Q
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CY2018Q3	us-gaap	Inventory Work In Process Net Of Reserves InventoryWorkInProcessNetOfReserves	861279000	USD
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CY2018Q3	us-gaap	Liabilities Liabilities	9317936000	USD
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CY2018Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	15425042000	USD
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CY2018Q3	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	4313221000	USD
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CY2018Q3	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	65351000	USD
CY2017Q3	us-gaap	Payments Of Dividends PaymentsOfDividends	88104000	USD
CY2018Q3	us-gaap	Payments Of Dividends PaymentsOfDividends	100869000	USD
CY2017Q3	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	USD
CY2018Q3	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	2042000	USD
CY2017Q3	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	70253000	USD
CY2018Q3	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	2844000	USD
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CY2018Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	42106000	USD
CY2018Q2	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	1177605000	USD
CY2018Q3	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	958937000	USD
CY2018Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.50
CY2018Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.50
CY2018Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	3000000	shares
CY2018Q3	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	3000000	shares
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CY2018Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
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CY2018Q3	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2018Q2	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	134886000	USD
CY2018Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	165213000	USD
CY2018Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	149461000	USD
CY2017Q3	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	0	USD
CY2018Q3	us-gaap	Proceeds From Divestiture Of Businesses Net Of Cash Divested ProceedsFromDivestitureOfBusinessesNetOfCashDivested	4515000	USD
CY2017Q3	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	928000	USD
CY2018Q3	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	44000	USD
CY2017Q3	us-gaap	Proceeds From Repayments Of Notes Payable ProceedsFromRepaymentsOfNotesPayable	35200000	USD
CY2018Q3	us-gaap	Proceeds From Repayments Of Notes Payable ProceedsFromRepaymentsOfNotesPayable	258540000	USD
CY2017Q3	us-gaap	Proceeds From Sale Maturity And Collections Of Investments ProceedsFromSaleMaturityAndCollectionsOfInvestments	12499000	USD
CY2018Q3	us-gaap	Proceeds From Sale Maturity And Collections Of Investments ProceedsFromSaleMaturityAndCollectionsOfInvestments	14127000	USD
CY2017Q3	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	12448000	USD
CY2018Q3	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	10969000	USD
CY2017Q3	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	1795000	USD
CY2018Q3	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	496000	USD
CY2017Q3	us-gaap	Profit Loss ProfitLoss	285535000	USD
CY2018Q3	us-gaap	Profit Loss ProfitLoss	375899000	USD
CY2018Q2	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	5215253000	USD
CY2018Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	5207867000	USD
CY2018Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1856237000	USD
CY2018Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1828034000	USD
CY2018Q3	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	100107000	USD
CY2017Q3	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	6522000	USD
CY2018Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	11625975000	USD
CY2018Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	11902300000	USD
CY2018Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	11630756000	USD
CY2017Q3	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3364651000	USD
CY2018Q3	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3479294000	USD
CY2018Q3	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	4090000000	USD
CY2018Q3	us-gaap	Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1 RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1	P1Y
CY2018Q3	us-gaap	Revenue Remaining Performance Obligation Percentage RevenueRemainingPerformanceObligationPercentage	0.92
CY2017Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	396984000	USD
CY2018Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	394322000	USD
CY2017Q3	us-gaap	Share Based Compensation ShareBasedCompensation	43211000	USD
CY2018Q3	us-gaap	Share Based Compensation ShareBasedCompensation	42941000	USD
CY2018Q2	us-gaap	Short Term Investments ShortTermInvestments	32995000	USD
CY2018Q3	us-gaap	Short Term Investments ShortTermInvestments	40787000	USD
CY2017Q3	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	16297000	USD
CY2018Q3	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	28086000	USD
CY2014Q4	us-gaap	Stock Repurchase Program Number Of Shares Authorized To Be Repurchased StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased	35000000	shares
CY2018Q2	us-gaap	Stockholders Equity StockholdersEquity	5859866000	USD
CY2018Q3	us-gaap	Stockholders Equity StockholdersEquity	6101380000	USD
CY2017Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5267346000	USD
CY2017Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5530659000	USD
CY2018Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	5865493000	USD
CY2018Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	6107106000	USD
CY2018Q3	us-gaap	Treasury Stock Acquired Average Cost Per Share TreasuryStockAcquiredAverageCostPerShare	170.10
CY2018Q2	us-gaap	Treasury Stock Shares TreasuryStockShares	48632105	shares
CY2018Q3	us-gaap	Treasury Stock Shares TreasuryStockShares	48697274	shares
CY2018Q3	us-gaap	Treasury Stock Shares Acquired TreasuryStockSharesAcquired	293941	shares
CY2018Q2	us-gaap	Treasury Stock Value TreasuryStockValue	4590138000	USD
CY2018Q3	us-gaap	Treasury Stock Value TreasuryStockValue	4618512000	USD
CY2017Q3	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	50000000	USD
CY2018Q3	us-gaap	Treasury Stock Value Acquired Cost Method TreasuryStockValueAcquiredCostMethod	50000000	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	151098000	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits Interest On Income Taxes Accrued UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued	22618000	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	151098000	USD
CY2017Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	135794270	shares
CY2018Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	134664496	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	133176964	shares
CY2018Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	132361654	shares
CY2018Q3	us-gaap	Description Of New Accounting Pronouncements Not Yet Adopted DescriptionOfNewAccountingPronouncementsNotYetAdopted	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New accounting pronouncements</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-14, "Compensation--Retirement Benefits--Defined Benefit Plans--General." ASU 2018-14 aims to improve disclosure effectiveness by adding, removing or clarifying certain disclosure requirements related to defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company has not yet determined the effect that ASU 2018-14 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement." ASU 2018-13 aims to improve disclosure effectiveness by adding, modifying or removing certain disclosure requirements for both recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted upon issuance of the ASU for any removed or modified disclosure. Adoption of additional disclosures may be delayed until their effective dates. The Company has not yet determined the effect that ASU 2018-13 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU 2018-02 allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (TCJ Act) reduction of the U.S. federal corporate income tax rate. The amendments also require certain disclosures about stranded tax effects. ASU 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted in any period after the issuance of the update. The amendments in this update should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJ Act is recognized. The Company has not yet determined the effect that ASU 2018-02 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities." ASU 2017-12 provides targeted improvements to Topic 815 accounting for hedging activities by expanding an entity’s ability to hedge non-financial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. ASU 2017-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early application is permitted in any interim period after issuance of the update. ASU 2017-12 should be applied using a modified retrospective approach for cash flow and net investment hedge relationships that exist on the date of adoption and prospectively for presentation and disclosure requirements. The Company has not yet determined the effect that ASU 2017-12 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." ASU 2017-07 requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. ASU 2017-07 also provides that only the service cost component is eligible for capitalization, when applicable. ASU 2017-07 should be applied retrospectively for the income statement presentation of net periodic pension cost and net periodic postretirement benefit cost and prospectively, on or after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit cost. On July 1, 2018, the Company retrospectively adopted ASU 2017-07 and reclassified prior-year amounts using a practical expedient that permits the usage of amounts previously disclosed in the retirement benefits note. As a result, </font><font style="font-family:inherit;font-size:10pt;">$9,584</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$4,687</font><font style="font-family:inherit;font-size:10pt;"> of expense was reclassified from cost of sales and selling, general and administrative expenses, respectively, to other (income) expense for the prior-year quarter.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory." ASU 2016-16 provides that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in ASU 2016-16 eliminate the exception for an intra-entity transfer of an asset other than inventory. The Company adopted ASU 2016-16 on July 1, 2018 and recorded a cumulative effect adjustment of approximately </font><font style="font-family:inherit;font-size:10pt;">$19 million</font><font style="font-family:inherit;font-size:10pt;"> to reduce retained earnings.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides specific guidance on several cash flow classification issues to reduce diversity in practice in how certain transactions are classified within the statement of cash flows. On July 1, 2018, the Company adopted ASU 2016-15 and retrospectively adjusted its Statement of Cash Flows. These retrospective adjustments were not material.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company has not yet determined the effect that ASU 2016-13 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases with terms greater than 12 months on their balance sheet by recognizing a liability to make lease payments and an asset representing their right to use the asset during the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election, by class of underlying asset, not to recognize the corresponding assets and lease liabilities. Lessee recognition, measurement, and presentation of expenses and cash flows will not change significantly from existing guidance and lessor accounting is largely unchanged. ASU 2016-02 also changes the definition of a lease and requires qualitative and quantitative disclosures that provide information about the amount, timing, and uncertainty of cash flows arising from leases.  ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018.  Early adoption is permitted. Adoption of this ASU is planned for the beginning of the first quarter of fiscal 2020. The Company has not yet determined the effect that ASU 2016-02 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Liabilities." ASU 2016-01 requires equity investments (excluding equity method investments and investments that are consolidated) to be measured at fair value with changes in fair value recognized in net income. Equity investments that do not have a readily determinable fair value may be measured at cost, adjusted for impairment and observable price changes. ASU 2016-01 also simplifies the impairment assessment of equity investments, eliminates the disclosure of the assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at cost on the balance sheet and requires the exit price to be used when measuring fair value of financial instruments for disclosure purposes. Under ASU 2016-01, changes in fair value (resulting from instrument-specific credit risk) are presented separately in other comprehensive income for liabilities measured using the fair value option. Financial assets and liabilities are presented separately by measurement category and type, either on the balance sheet or in the financial statement disclosures. The Company adopted ASU 2016-01 on July 1, 2018 and reclassified approximately </font><font style="font-family:inherit;font-size:10pt;">$2 million</font><font style="font-family:inherit;font-size:10pt;"> of unrealized gains from accumulated other comprehensive (loss) to retained earnings.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, “Revenues with Contracts with Customers.” ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligation. The Company adopted ASU 2014-09 on July 1, 2018 using the modified retrospective method and recorded a cumulative effect adjustment to increase retained earnings by approximately </font><font style="font-family:inherit;font-size:10pt;">$5 million</font><font style="font-family:inherit;font-size:10pt;">. See Note 3 for further discussion.</font></div></div>

Files In Submission

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$PH
PARKER HANNIFIN CORP Stock $ph

2018 Q3 Form 10-Q Financial Statement

#000007633418000119 Filed on November 07, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PH PARKER HANNIFIN CORP Stock $ph

2018 Q3 Form 10-Q Financial Statement

#000007633418000119 Filed on November 07, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PH
PARKER HANNIFIN CORP Stock $ph