Parker-Hannifin (PH) 10-Q 3 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Entity Information [Line Items]
Entity Public Float		$ 18,161,893,495
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	PH
Entity Registrant Name	PARKER HANNIFIN CORP
Entity Central Index Key	76,334
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	135,980,028

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net sales	$ 2,869,348	$ 3,269,932
Cost of sales	2,200,904	2,459,865
Gross profit	668,444	810,067
Selling, general and administrative expenses	370,214	400,840
Interest expense	35,760	20,961
Other (income), net	(13,179)	(8,369)
Income before income taxes	275,649	396,635
Income taxes	80,623	116,464
Net Income	195,026	280,171
Less: Noncontrolling interest in subsidiaries' earnings	48	82
Net income attributable to common shareholders	$ 194,978	$ 280,089
Earnings per Share Attributable to Common Shareholders
Basic earnings per share (in usd per share)	$ 1.42	$ 1.88
Diluted earnings per share (in usd per share)	1.41	1.85
Cash dividends per common share (in usd per share)	$ 0.63	$ 0.48

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 195,026	$ 280,171
Less: Noncontrolling interests in subsidiaries' earnings	48	82
Net income attributable to common shareholders	194,978	280,089
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustment and other	(112,180)	(302,027)
Retirement benefits plan activity	28,896	26,858
Other comprehensive income (loss), net of tax	(83,284)	(275,169)
Less: Other comprehensive (loss) for noncontrolling interests	(97)	(101)
Other comprehensive (loss) attributable to common shareholders	(83,187)	(275,068)
Total comprehensive income attributable to common shareholders	$ 111,791	$ 5,021

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Current Assets
Cash and cash equivalents	$ 974,268	$ 1,180,584
Marketable securities and other investments	815,483	733,490
Trade accounts receivable, net	1,561,054	1,620,194
Non-trade and notes receivable	315,943	364,534
Inventories	1,320,204	1,300,459
Prepaid expenses	196,917	241,684
Deferred income taxes	144,033	142,147
Total Current Assets	5,327,902	5,583,092
Plant and equipment:
Plant and Equipment	4,834,556	4,862,611
Less: Accumulated depreciation	3,201,753	3,198,589
Plant and Equipment, Net, Total	1,632,803	1,664,022
Other assets	1,089,508	1,091,805
Intangible assets, net	1,003,386	1,013,439
Goodwill	2,947,955	2,942,679
Total Assets	12,001,554	12,295,037
Current Liabilities
Notes payable and long-term debt payable within one year	630,650	223,142
Accounts payable, trade	1,014,265	1,092,138
Accrued payrolls and other compensation	293,683	409,762
Accrued domestic and foreign taxes	130,981	140,295
Other accrued liabilities	480,462	484,793
Total Current Liabilities	2,550,041	2,350,130
Long-term debt	2,725,409	2,723,960
Pensions and other postretirement benefits	1,480,466	1,699,197
Deferred income taxes	78,019	77,967
Other liabilities	312,868	336,214
Total Liabilities	7,146,803	7,187,468
Shareholders' Equity
Serial preferred stock, $.50 par value, authorized 3,000,000 shares; none issued	0	0
Common stock, $.50 par value; authorized 600,000,000 shares; issued 181,046,128 shares at September 30 and June 30	90,523	90,523
Additional capital	637,787	622,729
Retained earnings	9,950,458	9,841,885
Accumulated other comprehensive (loss)	(1,821,805)	(1,738,618)
Treasury shares, at cost; 45,066,100 share at September 30 and 42,487,389 shares at June 30	(4,005,445)	(3,712,232)
Total Shareholders' Equity	4,851,518	5,104,287
Noncontrolling interests	3,233	3,282
Total Equity	4,854,751	5,107,569
Total Liabilities and Equity	$ 12,001,554	$ 12,295,037

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Sep. 30, 2015	Jun. 30, 2015
Serial preferred stock, par value	$ 0.50	$ 0.50
Serial preferred stock, authorized	3,000,000	3,000,000
Serial preferred stock, issued	0	0
Common stock, par value	$ 0.50	$ 0.50
Common stock, authorized	600,000,000	600,000,000
Common stock, issued	181,046,128	181,046,128
Treasury shares, shares	45,066,100	42,487,389

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities
Net income	$ 195,026	$ 280,171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	48,534	52,773
Amortization	29,688	28,995
Share incentive plan compensation	35,381	40,559
Deferred income taxes	2,970	47,166
Foreign currency transaction gain	(5,254)	(12,725)
(Gain) loss on sale of plant and equipment	(1,071)	7,262
Gain on Sale of Businesses	0	(5,782)
Gain on sale of marketable securities	(54)	0
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net	66,355	77,908
Inventories	(25,696)	(112,962)
Prepaid expenses	44,517	10,130
Other assets	18,301	(471)
Accounts payable, trade	(75,822)	(24,964)
Accrued payrolls and other compensation	(113,071)	(107,459)
Accrued domestic and foreign taxes	(11,264)	(60,241)
Other accrued liabilities	(10,765)	439
Pensions and other postretirement benefits	(167,457)	45,815
Other liabilities	(25,350)	(5,740)
Net cash provided by operating activities	4,968	260,874
Cash Flows From Investing Activities
Acquisitions (net of cash of $3,814 in 2015)	(67,552)	0
Capital expenditures	(38,681)	(54,709)
Proceeds from sale of plant and equipment	3,847	2,736
Proceeds from Sale of Businesses	0	22,770
Purchase of marketable securities and other investments	(430,533)	(497,192)
Maturities of marketable securities and other investments	371,766	50,528
Other	(40,273)	(5,060)
Net cash (used in) investing activities	(201,426)	(480,927)
Cash Flows From Financing Activities
Proceeds from exercise of stock options	56	987
Payments for common shares	(310,000)	(54,793)
Tax benefit from stock incentive plan compensation	5,480	9,312
Proceeds from (payments for) notes payable, net	406,799	(113,272)
Proceeds from long-term borrowings	395	1
Payments for long-term borrowings	(2,407)	(294)
Dividends	(85,987)	(71,607)
Net cash provided by (used in) financing activities	14,336	(229,666)
Effect of exchange rate changes on cash	(24,194)	(71,699)
Net (decrease) in cash and cash equivalents	(206,316)	(521,418)
Cash and cash equivalents at beginning of year	1,180,584	1,613,555
Cash and cash equivalents at end of period	$ 974,268	$ 1,092,137

Consolidated Statement of Cash7

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 3,814	$ 0

Business Segment Information

Business Segment Information	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segment Information	The Company operates in two reportable business segments: Diversified Industrial and Aerospace Systems. Diversified Industrial - This segment produces a broad range of motion-control and fluid systems and components used in all kinds of manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural and military machinery and equipment and has a significant portion of international operations. Sales are made directly to major original equipment manufacturers (OEMs) and through a broad distribution network to smaller OEMs and the aftermarket. Aerospace Systems - This segment designs and manufactures products and provides aftermarket support for commercial, business jet, military and general aviation aircraft, missile and spacecraft markets. The Aerospace Systems Segment provides a full range of systems and components for hydraulic, pneumatic and fuel applications. Three Months Ended September 30, 2015 2014 Net sales Diversified Industrial: North America $ 1,286,330 $ 1,471,812 International 1,038,447 1,263,497 Aerospace Systems 544,571 534,623 Total net sales $ 2,869,348 $ 3,269,932 Segment operating income Diversified Industrial: North America $ 212,748 $ 264,236 International 129,295 189,805 Aerospace Systems 74,003 65,349 Total segment operating income 416,046 519,390 Corporate general and administrative expenses 53,051 55,444 Income before interest expense and other expense 362,995 463,946 Interest expense 35,760 20,961 Other expense 51,586 46,350 Income before income taxes $ 275,649 $ 396,635

Management representation

Management representation	3 Months Ended
	Sep. 30, 2015
Management representation [Abstract]
Management representation	Management representation In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of September 30, 2015 , the results of operations for the three months ended September 30, 2015 and 2014 and cash flows for the three months then ended. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2015 Annual Report on Form 10-K. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. The Company has evaluated subsequent events that have occurred through the date these financial statements were issued. No subsequent events have occurred that required adjustment to these financial statements.

New accounting pronouncements

New accounting pronouncements	3 Months Ended
	Sep. 30, 2015
New accounting pronouncements [Abstract]
New Accounting Pronouncements	In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires the recognition of adjustments to provisional amounts, that are identified during the measurement period, in the reporting period in which the adjustments are determined. The effects of the adjustments to provisional amounts on depreciation, amortization or other income effects should be recognized in current-period earnings as if the accounting had been completed at the acquisition date. Disclosure of the portion of the adjustment recorded in current-period earnings that would have been reported in prior reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date is also required. During the first quarter of fiscal 2016, the Company adopted ASU 2015-16. The adoption of ASU 2015-16 did not materially affect the Company's results of operations, statement of financial position or financial statement disclosures. In July 2015, the FASB issued ASU 2015-11, "Inventory - Simplifying the Measurement of Inventory." ASU 2015-11 requires companies to measure inventory (valued using first-in, first-out or average cost methods) at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The measurement of inventory valued using the last-in, first-out method is unchanged. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company has not yet determined the effect that ASU 2015-11 will have on its results of operations, statement of financial position or financial statement disclosures. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in the ASU. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company does not expect ASU 2015-03 will have a material impact on its statement of financial position or financial statement disclosures. In May 2014, the FASB issued ASU 2014-09, "Revenue from 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 obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company has not yet determined the effect that ASU 2014-09 will have on its results of operations, statement of financial position or financial statement disclosures.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	3 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share The following table presents a reconciliation of the numerator and denominator of basic and diluted earnings per share for the three months ended September 30, 2015 and 2014 . Three Months Ended September 30, 2015 2014 Numerator: Net income attributable to common shareholders $ 194,978 $ 280,089 Denominator: Basic - weighted average common shares 136,844,504 148,738,828 Increase in weighted average common shares from dilutive effect of equity-based awards 1,730,404 2,334,807 Diluted - weighted average common shares, assuming exercise of equity-based awards 138,574,908 151,073,635 Basic earnings per share $ 1.42 $ 1.88 Diluted earnings per share $ 1.41 $ 1.85 For the three months ended September 30, 2015 and 2014 , 2,350,730 and 873,214 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

Share repurchase program

Share repurchase program	3 Months Ended
	Sep. 30, 2015
Share repurchase program [Abstract]
Share Repurchase Program	Share repurchase program The Company has a program to repurchase its common shares. On October 22, 2014, the Board of Directors of the Company approved an increase in the overall number of shares authorized to repurchase under the program so that, beginning on such date, the aggregate number of shares authorized for repurchase was 35 million . There is no limitation on the number of shares that can be repurchased in a fiscal year. Repurchases may be funded primarily from operating cash flows and commercial paper borrowings and the shares are initially held as treasury stock. During the three-month period ended September 30, 2015 , the Company repurchased 2,770,624 shares at an average price, including commissions, of $111.89 per share.

Trade accounts receivable, net

Trade accounts receivable, net (Notes)	3 Months Ended
	Sep. 30, 2015
Trade Accounts Receivable, Net [Abstract]
Trade accounts receivable, net	5. Trade accounts receivable, net Trade accounts receivable are initially recorded at their net collectible amount and are generally recorded at the time the revenue from the sales transaction is recorded. Receivables are written off to bad debt primarily when, in the judgment of the Company, the receivable is deemed to be uncollectible due to the insolvency of the debtor. Allowance for doubtful accounts was $8,842 and $9,284 at September 30, 2015 and June 30, 2015 , respectively.

Non-trade and notes receivable

Non-trade and notes receivable Non-trade and notes receivable (Notes)	3 Months Ended
	Sep. 30, 2015
Non-trade and notes receivable [Abstract]
Non-trade and Notes Receivable	6. Non-trade and notes receivable The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Notes receivable $ 79,166 $ 90,470 Reverse repurchase agreements 83,835 113,558 Accounts receivable, other 152,942 160,506 Total $ 315,943 $ 364,534 Reverse repurchase agreements are collateralized lending arrangements and have a maturity longer than three months from the date of purchase. The Company does not record an asset or liability for the collateral associated with the reverse repurchase agreements.

Inventories Inventories (Notes)

Inventories Inventories (Notes)	3 Months Ended
	Sep. 30, 2015
Inventory, Net [Abstract]
Inventory Disclosure	7. Inventories The inventories caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Finished products $ 525,215 $ 526,708 Work in process 708,634 688,727 Raw materials 86,355 85,024 Total $ 1,320,204 $ 1,300,459

Charges Related to Business Rea

Charges Related to Business Realignment (Notes)	3 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Business Realignment Charges	Business realignment charges The Company incurred business realignment charges in fiscal 2016 and fiscal 2015 . Business realignment charges by business segment are as follows: Three Months Ended September 30, 2015 2014 Diversified Industrial $ 20,043 $ 5,849 Aerospace Systems 1,745 — Work force reductions in connection with such business realignment charges by business segment are as follows: Three Months Ended September 30, 2015 2014 Diversified Industrial 1,164 102 Aerospace Systems 57 — The charges primarily consist of severance costs related to actions taken under the Company's Simplification initiative aimed at reducing organizational and process complexity, as well as plant closures, with the majority of the charges incurred in Europe and North America. In addition, asset write-downs of $116 and $1,915 for the three months ended September 30, 2015 and 2014 , respectively, were recognized in connection with plant closures in the Diversified Industrial Segment and are reflected in the other expense caption in the Business Segment Information. The Company believes the realignment actions will positively impact future results of operations but will not have a material effect on liquidity and sources and uses of capital. The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended September 30, 2015 2014 Cost of sales $ 14,673 $ 5,118 Selling, general and administrative expenses 7,115 731 Other (income), net 116 1,915 As of September 30, 2015 , approximately $12 million in severance payments have been made relating to charges incurred during fiscal 2016 , the remainder of which are expected to be paid by September 30, 2016 . Severance payments relating to prior year actions are being made as required. Remaining severance payments related to current-year and prior-year actions of approximately $32 million are primarily reflected within the other accrued liabilities caption in the Consolidated Balance Sheet. Additional charges may be recognized in future periods related to the realignment actions described above, the timing and amount of which are not known at this time.

Equity (Notes)

Equity (Notes)	3 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended September 30, 2015 and 2014 are as follows: Shareholders’ Equity Noncontrolling Interests Total Equity Balance at June 30, 2015 $ 5,104,287 $ 3,282 $ 5,107,569 Net income 194,978 48 195,026 Other comprehensive (loss) (83,187 ) (97 ) (83,284 ) Dividends paid (85,987 ) — (85,987 ) Stock incentive plan activity 31,427 — 31,427 Shares purchased at cost (310,000 ) — (310,000 ) Balance at September 30, 2015 $ 4,851,518 $ 3,233 $ 4,854,751 Shareholders’ Equity Noncontrolling Interests Total Equity Balance at June 30, 2014 $ 6,659,428 $ 3,380 $ 6,662,808 Net income 280,089 82 280,171 Other comprehensive (loss) (275,068 ) (101 ) (275,169 ) Dividends paid (71,607 ) — (71,607 ) Stock incentive plan activity 36,161 — 36,161 Shares purchased at cost (50,000 ) — (50,000 ) Balance at September 30, 2014 $ 6,579,003 $ 3,361 $ 6,582,364 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the three months ended September 30, 2015 and 2014 are as follows: Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2015 $ (641,018 ) $ (1,097,600 ) $ (1,738,618 ) Other comprehensive (loss) before reclassifications (112,077 ) — (112,077 ) Amounts reclassified from accumulated other comprehensive (loss) (6 ) 28,896 28,890 Balance at September 30, 2015 $ (753,101 ) $ (1,068,704 ) $ (1,821,805 ) Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2014 $ 124,392 $ (947,890 ) $ (823,498 ) Other comprehensive (loss) before reclassifications (301,977 ) — (301,977 ) Amounts reclassified from accumulated other comprehensive (loss) 51 26,858 26,909 Balance at September 30, 2014 $ (177,534 ) $ (921,032 ) $ (1,098,566 ) 9. Equity, cont'd Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three months ended September 30, 2015 and 2014 are as follows: Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended September 30, 2015 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (2,043 ) See Note 11 Recognized actuarial loss (43,247 ) See Note 11 Total before tax (45,290 ) Tax benefit 16,394 Income taxes Net of tax $ (28,896 ) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended September 30, 2014 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (2,644 ) See Note 11 Recognized actuarial loss (39,679 ) See Note 11 Total before tax (42,323 ) Tax benefit 15,465 Income taxes Net of tax $ (26,858 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Notes)	3 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets The changes in the carrying amount of goodwill for the three months ended September 30, 2015 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2015 $ 2,844,045 $ 98,634 $ 2,942,679 Acquisitions 31,134 — 31,134 Foreign currency translation and other (25,860 ) 2 (25,858 ) Balance at September 30, 2015 $ 2,849,319 $ 98,636 $ 2,947,955 Acquisitions represent the original goodwill allocation and final adjustments to purchase price allocations during the measurement period subsequent to the applicable acquisition dates. The impact of final purchase price allocation adjustments on the Company's results of operations and financial position were immaterial. 10. Goodwill and intangible assets cont'd Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: September 30, 2015 June 30, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents $ 150,520 $ 90,077 $ 149,066 $ 88,540 Trademarks 346,655 169,624 355,108 172,187 Customer lists and other 1,368,703 602,791 1,369,380 599,388 Total $ 1,865,878 $ 862,492 $ 1,873,554 $ 860,115 Total intangible amortization expense for the three months ended September 30, 2015 was $27,472 . The estimated amortization expense for the five years ending June 30, 2016 through 2020 is $101,960 , $97,463 , $92,625 , $85,037 and $77,393 , respectively. Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. No such events or circumstances occurred during the three months ended September 30, 2015 .

Retirement Benefits (Notes)

Retirement Benefits (Notes)	3 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement Benefits	Retirement benefits Net pension benefit cost recognized included the following components: Three Months Ended September 30, 2015 2014 Service cost $ 24,113 $ 25,074 Interest cost 46,071 46,493 Expected return on plan assets (55,649 ) (55,228 ) Amortization of prior service cost 2,069 2,670 Amortization of net actuarial loss 42,969 39,428 Amortization of initial net obligation 4 5 Net pension benefit cost $ 59,577 $ 58,442 During the three months ended September 30, 2015 and 2014 , the Company recognized $1,087 and $1,118 , respectively, in expense related to other postretirement benefits.

Income Taxes (Notes)

Income Taxes (Notes)	3 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The Company and its subsidiaries file federal and state income tax returns in the U.S. and in various foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is open to assessment of its federal income tax returns by the U.S. Internal Revenue Service for fiscal years after 2011. The Company is also open to assessment for all significant state, local and foreign jurisdictions for fiscal years after 2006. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts reflected in the financial statements. As of September 30, 2015 , the Company had gross unrecognized tax benefits of $138,281 . The total amount of gross unrecognized tax benefits that, if recognized, would affect the effective tax rate was $77,922 . If recognized, a significant portion of the gross unrecognized tax benefits would be offset against an asset currently recorded in the Consolidated Balance Sheet. The accrued interest related to the gross unrecognized tax benefits, excluded from the amounts above, is $10,325 . It is reasonably possible that within the next 12 months the amount of gross unrecognized tax benefits could be reduced by up to approximately $100,000 as a result of the revaluation of existing uncertain tax positions arising from developments in the examination process or the closure of tax statutes. Any increase in the amount of gross unrecognized tax benefits within the next 12 months is expected to be insignificant.

Financial Instruments (Notes)

Financial Instruments (Notes)	3 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurements And Financial Instruments Disclosure [Text Block]	Financial instruments The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities and other investments, accounts receivable and long-term investments as well as obligations under accounts payable, trade, notes payable and long-term debt. Due to their short-term nature, the carrying values for cash and cash equivalents, accounts receivable, accounts payable, trade and notes payable approximate fair value. Marketable securities and other investments include deposits, which are recorded at cost, and investments classified as available-for-sale, which are recorded at fair value with unrealized gains and losses recorded in accumulated other comprehensive (loss). Gross unrealized gains and losses were not material as of September 30, 2015 and June 30, 2015 . All available-for-sale investments in an unrealized loss position have been in that position for less than twelve months. There were no facts or circumstances that indicated the unrealized losses were other than temporary. The contractual maturities of available-for-sale investments at September 30, 2015 and June 30, 2015 are as follows: September 30, 2015 June 30, 2015 Amortized Cost Fair Value Amortized Fair Less than one year $ 6,264 $ 6,256 $ 13,561 $ 13,555 One to three years 189,401 188,472 188,539 188,057 Above three years 22,990 22,829 15,673 15,587 Actual maturities of available-for-sale investments may differ from their contractual maturities as the Company has the ability to liquidate the available-for-sale investments after giving appropriate notice to the issuer. The carrying value of long-term debt and estimated fair value of long-term debt are as follows: September 30, June 30, Carrying value of long-term debt $ 2,949,259 $ 2,947,102 Estimated fair value of long-term debt 3,144,010 3,107,735 The fair value of long-term debt was determined based on observable market prices in the active market in which the security is traded and is classified within level 2 of the fair value hierarchy. 13. Financial instruments cont'd The Company utilizes derivative and non-derivative financial instruments, including, forward exchange contracts, costless collar contracts, cross-currency swap contracts and certain foreign denominated debt designated as net investment hedges, to manage foreign currency transaction and translation risk. The derivative financial instrument contracts are with major investment grade financial institutions and the Company does not anticipate any material non-performance by any of the counterparties. The Company does not hold or issue derivative financial instruments for trading purposes. The Company’s Euro bonds and Japanese Yen credit facility have each been designated as a hedge of the Company’s net investment in certain foreign subsidiaries. The translation of the Euro bonds and Japanese Yen credit facility into U.S. dollars is recorded in accumulated other comprehensive (loss) and remains there until the underlying net investment is sold or substantially liquidated. Derivative financial instruments are recognized on the Consolidated Balance Sheet as either assets or liabilities and are measured at fair value. The following summarizes the location and fair value of significant derivative financial instruments reported in the Consolidated Balance Sheet as of September 30, 2015 and June 30, 2015 : Balance Sheet Caption September 30, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 21,064 $ 17,994 Cash flow hedges Costless collar contracts Non-trade and notes receivable 5,989 5,627 Costless collar contracts Other accrued liabilities 2,199 1,970 The cross-currency swap and costless collar contracts are reflected on a gross basis in the Consolidated Balance Sheet. The Company has not entered into any master netting arrangements. Gains or losses on derivatives that are not hedges are adjusted to fair value through the cost of sales caption in the Consolidated Statement of Income. Gains or losses on derivatives that are hedges are adjusted to fair value through accumulated other comprehensive (loss) in the Consolidated Balance Sheet until the hedged item is recognized in earnings. Cross-currency swap contracts have been designated as hedging instruments. Costless collar contracts and forward exchange contracts have not been designated as hedging instruments and are considered to be economic hedges of forecasted transactions. Gains (losses) on derivative financial instruments that were recorded in the Consolidated Statement of Income for the three months ended September 30, 2015 and 2014 were not material. Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) in the Consolidated Balance Sheet are as follows: Three Months Ended September 30, 2015 2014 Cross-currency swap contracts $ 3,163 $ 11,895 Foreign denominated debt (1,134 ) 15,890 There was no ineffectiveness of the cross-currency swap contracts or foreign denominated debt, nor was any portion of these financial instruments excluded from the effectiveness testing, during the three months ended September 30, 2015 and 2014 . 13. Financial instruments cont'd A summary of financial assets and liabilities that were measured at fair value on a recurring basis at September 30, 2015 and June 30, 2015 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs September 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Government bonds $ 15,782 $ 15,782 $ — $ — Corporate bonds 191,135 191,135 — — Asset-backed and mortgage-backed securities 10,640 — 10,640 — Derivatives 27,037 — 27,037 — Investments measured at net asset value 225,498 Liabilities: Derivatives 2,592 — 2,592 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Government bonds $ 60,512 $ 60,512 $ — $ — Corporate bonds 145,717 145,717 — — Asset-backed and mortgage-backed securities 10,970 — 10,970 — Derivatives 23,598 — 23,598 — Investments measured at net asset value 187,534 Liabilities: Derivatives 1,970 — 1,970 — The fair values of the government bonds, corporate bonds and asset-backed and mortgage-backed securities are determined using the closing market price reported in the active market in which the fund is traded or the market price for similar assets that are traded in an active market. Derivatives consist of forward exchange, costless collar and cross-currency swap contracts, the fair values of which are calculated using market observable inputs including both spot and forward prices for the same underlying currencies. The calculation of fair value of the cross-currency swap contracts also utilizes a present value cash flow model that has been adjusted to reflect the credit risk of either the Company or the counterparty. Investments measured at net asset value primarily consist of investments in fixed income mutual funds, which are measured at fair value using the net asset value per share practical expedient. These investments have not been categorized in the fair value hierarchy. The Company has the ability to liquidate these investments after giving appropriate notice to the issuer. The primary investment objective for all investments is the preservation of principal and liquidity while earning income. There are no other financial assets or financial liabilities that are marked to market on a recurring basis. Fair values are transferred between levels of the fair value hierarchy when facts and circumstances indicate that a change in the method of estimating the fair value of a financial asset or financial liability is warranted.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended September 30, 2015 2014 Net sales Diversified Industrial: North America $ 1,286,330 $ 1,471,812 International 1,038,447 1,263,497 Aerospace Systems 544,571 534,623 Total net sales $ 2,869,348 $ 3,269,932 Segment operating income Diversified Industrial: North America $ 212,748 $ 264,236 International 129,295 189,805 Aerospace Systems 74,003 65,349 Total segment operating income 416,046 519,390 Corporate general and administrative expenses 53,051 55,444 Income before interest expense and other expense 362,995 463,946 Interest expense 35,760 20,961 Other expense 51,586 46,350 Income before income taxes $ 275,649 $ 396,635

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	The following table presents a reconciliation of the numerator and denominator of basic and diluted earnings per share for the three months ended September 30, 2015 and 2014 . Three Months Ended September 30, 2015 2014 Numerator: Net income attributable to common shareholders $ 194,978 $ 280,089 Denominator: Basic - weighted average common shares 136,844,504 148,738,828 Increase in weighted average common shares from dilutive effect of equity-based awards 1,730,404 2,334,807 Diluted - weighted average common shares, assuming exercise of equity-based awards 138,574,908 151,073,635 Basic earnings per share $ 1.42 $ 1.88 Diluted earnings per share $ 1.41 $ 1.85

Non-trade and notes receivabl24

Non-trade and notes receivable Non-trade and notes receivable (Tables)	3 Months Ended
	Sep. 30, 2015
Non-trade and notes receivable [Abstract]
Schedule of Non-trade and Notes Receivable	The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Notes receivable $ 79,166 $ 90,470 Reverse repurchase agreements 83,835 113,558 Accounts receivable, other 152,942 160,506 Total $ 315,943 $ 364,534

Inventories Inventories (Tables

Inventories Inventories (Tables)	3 Months Ended
	Sep. 30, 2015
Inventory, Net [Abstract]
Schedule of Inventory	The inventories caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Finished products $ 525,215 $ 526,708 Work in process 708,634 688,727 Raw materials 86,355 85,024 Total $ 1,320,204 $ 1,300,459

Business realignment charges (T

Business realignment charges (Tables)	3 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of business realignment charges	The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended September 30, 2015 2014 Cost of sales $ 14,673 $ 5,118 Selling, general and administrative expenses 7,115 731 Other (income), net 116 1,915 Business realignment charges by business segment are as follows: Three Months Ended September 30, 2015 2014 Diversified Industrial $ 20,043 $ 5,849 Aerospace Systems 1,745 — Work force reductions in connection with such business realignment charges by business segment are as follows: Three Months Ended September 30, 2015 2014 Diversified Industrial 1,164 102 Aerospace Systems 57 —

Equity (Tables)

Equity (Tables)	3 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of Stockholders Equity	Changes in equity for the three months ended September 30, 2015 and 2014 are as follows: Shareholders’ Equity Noncontrolling Interests Total Equity Balance at June 30, 2015 $ 5,104,287 $ 3,282 $ 5,107,569 Net income 194,978 48 195,026 Other comprehensive (loss) (83,187 ) (97 ) (83,284 ) Dividends paid (85,987 ) — (85,987 ) Stock incentive plan activity 31,427 — 31,427 Shares purchased at cost (310,000 ) — (310,000 ) Balance at September 30, 2015 $ 4,851,518 $ 3,233 $ 4,854,751 Shareholders’ Equity Noncontrolling Interests Total Equity Balance at June 30, 2014 $ 6,659,428 $ 3,380 $ 6,662,808 Net income 280,089 82 280,171 Other comprehensive (loss) (275,068 ) (101 ) (275,169 ) Dividends paid (71,607 ) — (71,607 ) Stock incentive plan activity 36,161 — 36,161 Shares purchased at cost (50,000 ) — (50,000 ) Balance at September 30, 2014 $ 6,579,003 $ 3,361 $ 6,582,364
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the three months ended September 30, 2015 and 2014 are as follows: Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2015 $ (641,018 ) $ (1,097,600 ) $ (1,738,618 ) Other comprehensive (loss) before reclassifications (112,077 ) — (112,077 ) Amounts reclassified from accumulated other comprehensive (loss) (6 ) 28,896 28,890 Balance at September 30, 2015 $ (753,101 ) $ (1,068,704 ) $ (1,821,805 ) Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2014 $ 124,392 $ (947,890 ) $ (823,498 ) Other comprehensive (loss) before reclassifications (301,977 ) — (301,977 ) Amounts reclassified from accumulated other comprehensive (loss) 51 26,858 26,909 Balance at September 30, 2014 $ (177,534 ) $ (921,032 ) $ (1,098,566 )
Schedule of Reclassification out of AOCI	Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended September 30, 2015 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (2,043 ) See Note 11 Recognized actuarial loss (43,247 ) See Note 11 Total before tax (45,290 ) Tax benefit 16,394 Income taxes Net of tax $ (28,896 ) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended September 30, 2014 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (2,644 ) See Note 11 Recognized actuarial loss (39,679 ) See Note 11 Total before tax (42,323 ) Tax benefit 15,465 Income taxes Net of tax $ (26,858 )

Goodwill and Intangible Asset28

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill for the three months ended September 30, 2015 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2015 $ 2,844,045 $ 98,634 $ 2,942,679 Acquisitions 31,134 — 31,134 Foreign currency translation and other (25,860 ) 2 (25,858 ) Balance at September 30, 2015 $ 2,849,319 $ 98,636 $ 2,947,955
Schedule of finite-lived intangible assets by major class	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: September 30, 2015 June 30, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents $ 150,520 $ 90,077 $ 149,066 $ 88,540 Trademarks 346,655 169,624 355,108 172,187 Customer lists and other 1,368,703 602,791 1,369,380 599,388 Total $ 1,865,878 $ 862,492 $ 1,873,554 $ 860,115

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Sep. 30, 2015
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Defined Benefit Plans Disclosures	Net pension benefit cost recognized included the following components: Three Months Ended September 30, 2015 2014 Service cost $ 24,113 $ 25,074 Interest cost 46,071 46,493 Expected return on plan assets (55,649 ) (55,228 ) Amortization of prior service cost 2,069 2,670 Amortization of net actuarial loss 42,969 39,428 Amortization of initial net obligation 4 5 Net pension benefit cost $ 59,577 $ 58,442

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investments Classified by Contractual Maturity Date	The contractual maturities of available-for-sale investments at September 30, 2015 and June 30, 2015 are as follows: September 30, 2015 June 30, 2015 Amortized Cost Fair Value Amortized Fair Less than one year $ 6,264 $ 6,256 $ 13,561 $ 13,555 One to three years 189,401 188,472 188,539 188,057 Above three years 22,990 22,829 15,673 15,587
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	he carrying value of long-term debt and estimated fair value of long-term debt are as follows: September 30, June 30, Carrying value of long-term debt $ 2,949,259 $ 2,947,102 Estimated fair value of long-term debt 3,144,010 3,107,735
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following summarizes the location and fair value of significant derivative financial instruments reported in the Consolidated Balance Sheet as of September 30, 2015 and June 30, 2015 : Balance Sheet Caption September 30, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 21,064 $ 17,994 Cash flow hedges Costless collar contracts Non-trade and notes receivable 5,989 5,627 Costless collar contracts Other accrued liabilities 2,199 1,970
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) in the Consolidated Balance Sheet are as follows: Three Months Ended September 30, 2015 2014 Cross-currency swap contracts $ 3,163 $ 11,895 Foreign denominated debt (1,134 ) 15,890
Schedule of Financial Assets & Liabilities Measured at Fair Value	A summary of financial assets and liabilities that were measured at fair value on a recurring basis at September 30, 2015 and June 30, 2015 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs September 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Government bonds $ 15,782 $ 15,782 $ — $ — Corporate bonds 191,135 191,135 — — Asset-backed and mortgage-backed securities 10,640 — 10,640 — Derivatives 27,037 — 27,037 — Investments measured at net asset value 225,498 Liabilities: Derivatives 2,592 — 2,592 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Government bonds $ 60,512 $ 60,512 $ — $ — Corporate bonds 145,717 145,717 — — Asset-backed and mortgage-backed securities 10,970 — 10,970 — Derivatives 23,598 — 23,598 — Investments measured at net asset value 187,534 Liabilities: Derivatives 1,970 — 1,970 —

Business Segment Information (D

Business Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information
Net sales	$ 2,869,348	$ 3,269,932
Segment Operating Income	416,046	519,390
Corporate general and administrative expenses	53,051	55,444
Income before interest expense and other expense	362,995	463,946
Interest expense	35,760	20,961
Other expense	51,586	46,350
Income before income taxes	275,649	396,635
Industrial segment | North America
Segment Reporting Information
Net sales	1,286,330	1,471,812
Segment Operating Income	212,748	264,236
Industrial segment | International
Segment Reporting Information
Net sales	1,038,447	1,263,497
Segment Operating Income	129,295	189,805
Aerospace Segment
Segment Reporting Information
Net sales	544,571	534,623
Segment Operating Income	$ 74,003	$ 65,349

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share - Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income attributable to common shareholders	$ 194,978	$ 280,089
Denominator:
Basic - weighted average common shares	136,844,504	148,738,828
Increase in weighted average common shares from dilutive effect of equity-based awards	1,730,404	2,334,807
Diluted - weighted average common shares, assuming exercise of equity-based awards	138,574,908	151,073,635
Basic earnings per share (in usd per share)	$ 1.42	$ 1.88
Diluted earnings per share (in usd per share)	$ 1.41	$ 1.85

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive (Details) - shares	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Number of common shares subject to equity-based awards that were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive	2,350,730	873,214

Share repurchase program Share

Share repurchase program Share repurchase program (Details) - $ / shares	3 Months Ended
	Sep. 30, 2015	Oct. 22, 2014
Equity, Class of Treasury Stock
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		35,000,000
Shares repurchased (in shares)	2,770,624
Treasury Stock Acquired, Average Cost Per Share	$ 111.89

Trade accounts receivable, ne35

Trade accounts receivable, net (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Trade Accounts Receivable, Net [Abstract]
Allowance for doubtful accounts	$ (8,842)	$ (9,284)

Non-trade and notes receivabl36

Non-trade and notes receivable Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Non-trade and Notes Receivable
Notes Receivable	$ 79,166	$ 90,470
Reverse repurchase agreements	83,835	113,558
Accounts receivable, other	152,942	160,506
Total	$ 315,943	$ 364,534

Inventories Inventories (Detail

Inventories Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Inventory
Finished products	$ 525,215	$ 526,708
Work in process	708,634	688,727
Raw materials	86,355	85,024
Inventory, Net	$ 1,320,204	$ 1,300,459

Business realignment charges -

Business realignment charges - Segments (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)employee	Sep. 30, 2014USD ($)employee
Industrial segment
Realignment charges
Realignment charges	$ 20,043	$ 5,849
Realignment charges, number of positions eliminated | employee	1,164	102
Aerospace Segment
Realignment charges
Realignment charges	$ 1,745	$ 0
Realignment charges, number of positions eliminated | employee	57	0
Other Expense
Realignment charges
Realignment charges	$ 116	$ 1,915

Business Realignment Charges 39

Business Realignment Charges - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cost of sales
Realignment charges
Realignment charges	$ 14,673	$ 5,118
Selling, general and administrative expenses
Realignment charges
Realignment charges	7,115	731
Other (Income), Net
Realignment charges
Realignment charges	$ 116	$ 1,915

Business realignment charges Bu

Business realignment charges Business Realignment Charges - Other (Details) - Employee severance $ in Millions	3 Months Ended
	Sep. 30, 2015USD ($)
Realignment charges
Severance payments made relating to charges incurred during the fiscal year	$ 12
Remaining severance payments related to current-year and prior-year actions	$ 32

Equity Changes in Equity (Detai

Equity Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Changes in equity
Beginning balance	$ 5,107,569	$ 6,662,808
Net income	195,026	280,171
Other Comprehensive Income (Loss), Net of Tax	(83,284)	(275,169)
Dividends paid	(85,987)	(71,607)
Stock incentive plan activity	31,427	36,161
Shares purchased at cost	(310,000)	(50,000)
Ending balance	4,854,751	6,582,364
Shareholders' Equity
Changes in equity
Beginning balance	5,104,287	6,659,428
Net income	194,978	280,089
Other Comprehensive Income (Loss), Net of Tax	(83,187)	(275,068)
Dividends paid	(85,987)	(71,607)
Stock incentive plan activity	31,427	36,161
Shares purchased at cost	(310,000)	(50,000)
Ending balance	4,851,518	6,579,003
Noncontrolling Interests
Changes in equity
Beginning balance	3,282	3,380
Net income	48	82
Other Comprehensive Income (Loss), Net of Tax	(97)	(101)
Dividends paid	0	0
Stock incentive plan activity	0	0
Shares purchased at cost	0	0
Ending balance	$ 3,233	$ 3,361

Equity Accumulated Other Compre

Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning Balance	$ (1,738,618)
Ending Balance	(1,821,805)
Foreign Currency Translation Adjustment and Other
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning Balance	(641,018)	$ 124,392
Other comprehensive income before reclassifications	(112,077)	(301,977)
Amounts reclassified from other comprehensive (loss)	(6)	51
Ending Balance	(753,101)	(177,534)
Retirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning Balance	(1,097,600)	(947,890)
Other comprehensive income before reclassifications	0	0
Amounts reclassified from other comprehensive (loss)	28,896	26,858
Ending Balance	(1,068,704)	(921,032)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning Balance	(1,738,618)	(823,498)
Other comprehensive income before reclassifications	(112,077)	(301,977)
Amounts reclassified from other comprehensive (loss)	28,890	26,909
Ending Balance	$ (1,821,805)	$ (1,098,566)

Equity Reclassifications out of

Equity Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Pension and Other Postretirement Benefit Plans
Amortization of prior service cost and initial obligation	$ (2,043)	$ (2,644)
Recognized actuarial loss	(43,247)	(39,679)
Total before tax	(45,290)	(42,323)
Tax benefit	16,394	15,465
Net of tax	$ (28,896)	$ (26,858)

Goodwill (Detail)

Goodwill (Detail) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)
Goodwill
Beginning balance	$ 2,942,679
Acquisitions	31,134
Foreign currency translation and other	(25,858)
Ending balance	2,947,955
Industrial
Goodwill
Beginning balance	2,844,045
Acquisitions	31,134
Foreign currency translation and other	(25,860)
Ending balance	2,849,319
Aerospace Segment
Goodwill
Beginning balance	98,634
Acquisitions	0
Foreign currency translation and other	2
Ending balance	$ 98,636

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Finite-Lived Intangible Asset
Gross Carrying Amount	$ 1,865,878	$ 1,873,554
Accumulated Amortization	862,492	860,115
Intangible amortization expense	27,472
Estimated amortization expense, year ending June 30, 2016	101,960
Estimated amortization expense, year ending June 30, 2017	97,463
Estimated amortization expense, year ending June 30, 2018	92,625
Estimated amortization expense, year ending June 30, 2019	85,037
Estimated amortization expense, year ending June 30, 2020	77,393
Patents
Finite-Lived Intangible Asset
Gross Carrying Amount	150,520	149,066
Accumulated Amortization	90,077	88,540
Trademarks
Finite-Lived Intangible Asset
Gross Carrying Amount	346,655	355,108
Accumulated Amortization	169,624	172,187
Customer lists and other
Finite-Lived Intangible Asset
Gross Carrying Amount	1,368,703	1,369,380
Accumulated Amortization	$ 602,791	$ 599,388

Retirement Benefits (Detail)

Retirement Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Pension Plans
Defined Benefit Plans Disclosure
Service Cost	$ 24,113	$ 25,074
Interest Cost	46,071	46,493
Expected Return on Plan Assets	(55,649)	(55,228)
Amortization of Prior Service Cost	2,069	2,670
Amortization of Net Actuarial Loss	42,969	39,428
Amortization of initial net obligations (assets)	4	5
Net pension benefit cost	59,577	58,442
Other Postretirement Benefit Plans
Defined Benefit Plans Disclosure
Net pension benefit cost	$ 1,087	$ 1,118

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 138,281
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	77,922
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	10,325
Significant Decrease in Unrecognized Tax Benefits that is Reasonably Possible	$ 100,000

Financial instruments and fair

Financial instruments and fair value measurement Available-for-Sale Investments - Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Available-for-Sale Investments - Contractual Maturity [Abstract]
Less than one year, Amortized Cost	$ 6,264	$ 13,561
Less than one year, Fair Value	6,256	13,555
One to three years, Amortized Cost	189,401	188,539
One to three years, Fair Value	188,472	188,057
Above three years, Amortized Cost	22,990	15,673
Above three years, Fair Value	$ 22,829	$ 15,587

Financial Instruments - Estimat

Financial Instruments - Estimated Fair Value of Long Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Long-term Debt, Other Disclosures [Abstract]
Carrying value of long-term debt	$ 2,949,259	$ 2,947,102
Fair value of long-term debt	$ 3,144,010	$ 3,107,735

Summary of the Location and Fai

Summary of the Location and Fair Value of Derivative Financial Instruments Reported in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Cross currency swap | Other Assets
Derivatives, Fair Value
Net investment hedge	$ 21,064	$ 17,994
Costless collar contracts | Non-trade and Notes Receivable
Derivatives, Fair Value
Cash flow hedge	5,989	5,627
Costless collar contracts | Other accrued liabilities
Derivatives, Fair Value
Cash flow hedge	$ 2,199	$ 1,970

Gain (Losses) on Derivative Fin

Gain (Losses) on Derivative Financial Instruments (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cross currency swap
Derivative Instruments, Gain (Loss)
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss)	$ 3,163	$ 11,895
Foreign denominated debt
Derivative Instruments, Gain (Loss)
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss)	$ (1,134)	$ 15,890

Financial instruments and fai52

Financial instruments and fair value measurement Financial Assets & Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Derivatives
Liabilities:
Derivative Liability	$ 2,592	$ 1,970
Derivatives | Quoted Prices In Active Markets (Level 1)
Liabilities:
Derivative Liability	0	0
Derivatives | Significant Other Observable Inputs (Level 2)
Liabilities:
Derivative Liability	2,592	1,970
Derivatives | Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative Liability	0	0
Government bonds
Assets:
Investments	15,782	60,512
Government bonds | Quoted Prices In Active Markets (Level 1)
Assets:
Investments	15,782	60,512
Government bonds | Significant Other Observable Inputs (Level 2)
Assets:
Investments	0	0
Government bonds | Significant Unobservable Inputs (Level 3)
Assets:
Investments	0	0
Corporate Bonds
Assets:
Investments	191,135	145,717
Corporate Bonds | Quoted Prices In Active Markets (Level 1)
Assets:
Investments	191,135	145,717
Corporate Bonds | Significant Other Observable Inputs (Level 2)
Assets:
Investments	0	0
Corporate Bonds | Significant Unobservable Inputs (Level 3)
Assets:
Investments	0	0
Asset backed and mortgage backed securities
Assets:
Investments	10,640	10,970
Asset backed and mortgage backed securities | Quoted Prices In Active Markets (Level 1)
Assets:
Investments	0	0
Asset backed and mortgage backed securities | Significant Other Observable Inputs (Level 2)
Assets:
Investments	10,640	10,970
Asset backed and mortgage backed securities | Significant Unobservable Inputs (Level 3)
Assets:
Investments	0	0
Derivatives
Assets:
Derivative Asset	27,037	23,598
Derivatives | Quoted Prices In Active Markets (Level 1)
Assets:
Derivative Asset	0	0
Derivatives | Significant Other Observable Inputs (Level 2)
Assets:
Derivative Asset	27,037	23,598
Derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Derivative Asset	0	0
Fixed income mutual funds
Assets:
Investments	$ 225,498	$ 187,534