Parker-Hannifin (PH) 10-Q 3 Feb 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Dec. 31, 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	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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	135,102,576

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Net sales	$ 2,705,590	$ 3,134,993	$ 5,574,938	$ 6,404,925
Cost of sales	2,140,624	2,401,584	4,341,528	4,861,449
Gross profit	564,966	733,409	1,233,410	1,543,476
Selling, general and administrative expenses	314,666	379,804	684,880	780,644
Interest expense	34,297	27,645	70,057	48,606
Other (income), net	(13,877)	(17,306)	(27,056)	(25,675)
Income before income taxes	229,880	343,266	505,529	739,901
Income taxes	46,743	75,931	127,366	192,395
Net Income	183,137	267,335	378,163	547,506
Less: Noncontrolling interest in subsidiaries' earnings	155	83	203	165
Net income attributable to common shareholders	$ 182,982	$ 267,252	$ 377,960	$ 547,341
Earnings per Share Attributable to Common Shareholders
Basic earnings per share (in usd per share)	$ 1.35	$ 1.84	$ 2.78	$ 3.72
Diluted earnings per share (in usd per share)	1.33	1.80	2.74	3.66
Cash dividends per common share (in usd per share)	$ 0.63	$ 0.63	$ 1.26	$ 1.11

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 183,137	$ 267,335	$ 378,163	$ 547,506
Less: Noncontrolling interests in subsidiaries' earnings	155	83	203	165
Net income attributable to common shareholders	182,982	267,252	377,960	547,341
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustment and other	(91,177)	(216,913)	(203,357)	(518,940)
Retirement benefits plan activity	28,221	25,064	57,117	51,922
Other comprehensive income (loss), net of tax	(62,956)	(191,849)	(146,240)	(467,018)
Less: Other comprehensive (loss) for noncontrolling interests	(34)	(52)	(131)	(153)
Other comprehensive (loss) attributable to common shareholders	(62,922)	(191,797)	(146,109)	(466,865)
Total comprehensive income attributable to common shareholders	$ 120,060	$ 75,455	$ 231,851	$ 80,476

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Current Assets
Cash and cash equivalents	$ 1,047,494	$ 1,180,584
Marketable securities and other investments	820,682	733,490
Trade accounts receivable, net	1,419,934	1,620,194
Non-trade and notes receivable	293,913	364,534
Inventories	1,279,760	1,300,459
Prepaid expenses	141,030	241,684
Deferred income taxes	148,198	142,147
Total Current Assets	5,151,011	5,583,092
Plant and equipment:
Plant and Equipment	4,775,462	4,862,611
Less: Accumulated depreciation	3,177,277	3,198,589
Plant and Equipment, Net, Total	1,598,185	1,664,022
Other assets	1,116,315	1,091,805
Intangible assets, net	975,515	1,013,439
Goodwill	2,913,065	2,942,679
Total Assets	11,754,091	12,295,037
Current Liabilities
Notes payable and long-term debt payable within one year	574,302	223,142
Accounts payable, trade	948,157	1,092,138
Accrued payrolls and other compensation	279,119	409,762
Accrued domestic and foreign taxes	109,495	140,295
Other accrued liabilities	457,026	484,793
Total Current Liabilities	2,368,099	2,350,130
Long-term debt	2,724,860	2,723,960
Pensions and other postretirement benefits	1,475,351	1,699,197
Deferred income taxes	76,405	77,967
Other liabilities	306,655	336,214
Total Liabilities	6,951,370	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 December 31 and June 30	90,523	90,523
Additional capital	639,921	622,729
Retained earnings	10,047,759	9,841,885
Accumulated other comprehensive (loss)	(1,884,727)	(1,738,618)
Treasury shares, at cost; 45,943,552 share at December 31 and 42,487,389 shares at June 30	(4,094,070)	(3,712,232)
Total Shareholders' Equity	4,799,406	5,104,287
Noncontrolling interests	3,315	3,282
Total Equity	4,802,721	5,107,569
Total Liabilities and Equity	$ 11,754,091	$ 12,295,037

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 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	45,943,552	42,487,389

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows From Operating Activities
Net income	$ 378,163	$ 547,506
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	96,675	103,671
Amortization	59,418	56,954
Share incentive plan compensation	39,026	52,217
Deferred income taxes	(20,899)	(35,253)
Foreign currency transaction gain	8,169	(23,186)
(Gain) loss on sale of plant and equipment	(336)	8,092
Gain on Sale of Businesses	0	(5,791)
Gain on sale of marketable securities	(158)	0
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net	173,590	211,530
Inventories	3,346	(155,335)
Prepaid expenses	99,511	(33,655)
Other assets	(20,673)	(4,175)
Accounts payable, trade	(135,070)	(53,990)
Accrued payrolls and other compensation	(124,866)	(113,482)
Accrued domestic and foreign taxes	(31,962)	(81,483)
Other accrued liabilities	(31,669)	(826)
Pensions and other postretirement benefits	(120,488)	79,332
Other liabilities	(25,149)	(13,629)
Net cash provided by operating activities	346,628	538,497
Cash Flows From Investing Activities
Acquisitions (net of cash of $3,814 in 2015 and $3,979 in 2014)	(67,552)	(18,640)
Capital expenditures	(75,419)	(109,781)
Proceeds from sale of plant and equipment	8,506	3,902
Proceeds from Sale of Businesses	0	22,779
Purchase of marketable securities and other investments	(575,183)	(971,606)
Maturities of marketable securities and other investments	527,819	475,851
Other	(41,450)	(43,239)
Net cash (used in) investing activities	(223,279)	(640,734)
Cash Flows From Financing Activities
Proceeds from exercise of stock options	80	2,724
Payments for common shares	(400,070)	(871,567)
Tax benefit from stock incentive plan compensation	5,960	16,319
Proceeds from (payments for) notes payable, net	574,299	(815,172)
Proceeds from long-term borrowings	1,689	1,485,505
Payments for long-term borrowings	(219,397)	(358)
Dividends	(171,707)	(164,758)
Net cash provided by (used in) financing activities	(209,146)	(347,307)
Effect of exchange rate changes on cash	(47,293)	(88,704)
Net (decrease) in cash and cash equivalents	(133,090)	(538,248)
Cash and cash equivalents at beginning of year	1,180,584	1,613,555
Cash and cash equivalents at end of period	$ 1,047,494	$ 1,075,307

Consolidated Statement of Cash7

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 3,814	$ 3,979

Business Segment Information

Business Segment Information	6 Months Ended
	Dec. 31, 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Net sales Diversified Industrial: North America $ 1,160,774 $ 1,389,207 $ 2,447,104 $ 2,861,019 International 992,464 1,187,400 2,030,911 2,450,897 Aerospace Systems 552,352 558,386 1,096,923 1,093,009 Total net sales $ 2,705,590 $ 3,134,993 $ 5,574,938 $ 6,404,925 Segment operating income Diversified Industrial: North America $ 153,581 $ 226,888 $ 366,329 $ 491,124 International 95,367 136,525 224,662 326,330 Aerospace Systems 81,764 66,817 155,767 132,166 Total segment operating income 330,712 430,230 746,758 949,620 Corporate general and administrative expenses 31,210 51,360 84,261 106,804 Income before interest expense and other expense 299,502 378,870 662,497 842,816 Interest expense 34,297 27,645 70,057 48,606 Other expense 35,325 7,959 86,911 54,309 Income before income taxes $ 229,880 $ 343,266 $ 505,529 $ 739,901

Management representation

Management representation	6 Months Ended
	Dec. 31, 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 December 31, 2015 , the results of operations for the three and six months ended December 31, 2015 and 2014 and cash flows for the six 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 and its previously filed fiscal 2016 Form 10-Q. 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	6 Months Ended
	Dec. 31, 2015
New accounting pronouncements [Abstract]
New Accounting Pronouncements	In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The ASU 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) will be presented separately in other comprehensive income for liabilities measured using the fair value option and financial assets and liabilities will be presented separately by measurement category and type either on the balance sheet or in the financial statement disclosures. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company has not yet determined the effect that ASU 2016-01 will have on its results of operations, statement of financial position or financial statement disclosures. In November 2015, the FASB issued ASU 2015-17, "Income Taxes - Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires companies to present deferred tax assets and deferred tax liabilities as noncurrent in the statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted at the beginning of an interim or annual reporting period. The Company has not yet determined the effect that ASU 2015-17 will have on its 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 2. New accounting pronouncements, cont'd 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. In September 2015, the FASB issued 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.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	6 Months Ended
	Dec. 31, 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 and six months ended December 31, 2015 and 2014 . Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Numerator: Net income attributable to common shareholders $ 182,982 $ 267,252 $ 377,960 $ 547,341 Denominator: Basic - weighted average common shares 135,373,356 145,493,247 136,108,930 147,116,038 Increase in weighted average common shares from dilutive effect of equity-based awards 1,692,091 2,689,530 1,679,289 2,347,242 Diluted - weighted average common shares, assuming exercise of equity-based awards 137,065,447 148,182,777 137,788,219 149,463,280 Basic earnings per share $ 1.35 $ 1.84 $ 2.78 $ 3.72 Diluted earnings per share $ 1.33 $ 1.80 $ 2.74 $ 3.66 For the three months ended December 31, 2015 and 2014 , 3,534,042 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. For the six months ended December 31, 2015 and 2014 , 2,894,106 and 1,004,789 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	6 Months Ended
	Dec. 31, 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 for 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 December 31, 2015 , the Company repurchased 893,010 shares at an average price, including commissions, of $100.78 per share. During the six -month period ended December 31, 2015 , the Company repurchased 3,663,634 shares at an average price, including commissions, of $109.18 per share.

Trade accounts receivable, net

Trade accounts receivable, net (Notes)	6 Months Ended
	Dec. 31, 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 $8,269 and $9,284 at December 31, 2015 and June 30, 2015 , respectively.

Non-trade and notes receivable

Non-trade and notes receivable Non-trade and notes receivable (Notes)	6 Months Ended
	Dec. 31, 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: December 31, June 30, Notes receivable $ 101,675 $ 90,470 Reverse repurchase agreements 48,874 113,558 Accounts receivable, other 143,364 160,506 Total $ 293,913 $ 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)	6 Months Ended
	Dec. 31, 2015
Inventory, Net [Abstract]
Inventory Disclosure	7. Inventories The inventories caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Finished products $ 514,415 $ 526,708 Work in process 681,699 688,727 Raw materials 83,646 85,024 Total $ 1,279,760 $ 1,300,459

Charges Related to Business Rea

Charges Related to Business Realignment (Notes)	6 Months Ended
	Dec. 31, 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Diversified Industrial $ 22,956 $ 9,084 $ 42,999 $ 14,933 Aerospace Systems 235 — 1,980 — Work force reductions in connection with such business realignment charges by business segment are as follows: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Diversified Industrial 890 72 2,054 174 Aerospace Systems 9 — 66 — 8. Business realignment charges, cont'd 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. Also, during the current-year quarter, $80 of severance costs for two people were included in the corporate general and administrative expenses caption in the Business Segment Information. In addition, asset write-downs of $116 and $1,915 for the six months ended December 31, 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. In connection with a plant closure, the Company recognized an expense associated with enhanced retirement benefits (refer to Note 11 for further discussion). 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Cost of sales $ 18,258 $ 5,489 $ 32,931 $ 10,607 Selling, general and administrative expenses 5,013 3,595 12,128 4,326 Other (income), net — — 116 1,915 As of December 31, 2015 , approximately $23 million in severance payments had been made relating to charges incurred during fiscal 2016 , the remainder of which are expected to be paid by December 31, 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 $36 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)	6 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended December 31, 2015 and 2014 are as follows: Shareholders’ Equity Noncontrolling Interests Total Equity September 30, 2015 $ 4,851,518 $ 3,233 $ 4,854,751 Net income 182,982 155 183,137 Other comprehensive (loss) (62,922 ) (34 ) (62,956 ) Dividends paid (85,681 ) (39 ) (85,720 ) Stock incentive plan activity 3,509 — 3,509 Shares purchased at cost (90,000 ) — (90,000 ) Balance at December 31, 2015 $ 4,799,406 $ 3,315 $ 4,802,721 Shareholders’ Equity Noncontrolling Interests Total Equity September 30, 2014 $ 6,579,003 $ 3,361 $ 6,582,364 Net income 267,252 83 267,335 Other comprehensive (loss) (191,797 ) (52 ) (191,849 ) Dividends paid (93,151 ) — (93,151 ) Stock incentive plan activity 12,141 — 12,141 Shares purchased at cost (816,699 ) — (816,699 ) Balance at December 31, 2014 $ 5,756,749 $ 3,392 $ 5,760,141 9. Equity, cont'd Changes in equity for the six months ended December 31, 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 377,960 203 378,163 Other comprehensive (loss) (146,109 ) (131 ) (146,240 ) Dividends paid (171,668 ) (39 ) (171,707 ) Stock incentive plan activity 34,936 — 34,936 Shares purchased at cost (400,000 ) — (400,000 ) Balance at December 31, 2015 $ 4,799,406 $ 3,315 $ 4,802,721 Shareholders’ Equity Noncontrolling Interests Total Equity Balance at June 30, 2014 $ 6,659,428 $ 3,380 $ 6,662,808 Net income 547,341 165 547,506 Other comprehensive income (loss) (466,865 ) (153 ) (467,018 ) Dividends paid (164,758 ) — (164,758 ) Stock incentive plan activity 48,302 — 48,302 Shares purchased at cost (866,699 ) — (866,699 ) Balance at December 31, 2014 $ 5,756,749 $ 3,392 $ 5,760,141 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the six months ended December 31, 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) income before reclassifications (203,133 ) — (203,133 ) Amounts reclassified from accumulated other comprehensive (loss) (93 ) 57,117 57,024 Balance at December 31, 2015 $ (844,244 ) $ (1,040,483 ) $ (1,884,727 ) 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 (518,889 ) — (518,889 ) Amounts reclassified from accumulated other comprehensive (loss) 102 51,922 52,024 Balance at December 31, 2014 $ (394,395 ) $ (895,968 ) $ (1,290,363 ) 9. Equity, cont'd Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and six months ended December 31, 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 Six Months Ended December 31, 2015 December 31, 2015 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,643 ) $ (3,686 ) See Note 11 Recognized actuarial loss (42,577 ) (85,824 ) See Note 11 Total before tax (44,220 ) (89,510 ) Tax benefit 15,999 32,393 Income taxes Net of tax $ (28,221 ) $ (57,117 ) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended Six Months Ended December 31, 2014 December 31, 2014 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,900 ) $ (4,544 ) See Note 11 Recognized actuarial loss (37,548 ) (77,227 ) See Note 11 Total before tax (39,448 ) (81,771 ) Tax benefit 14,384 29,849 Income taxes Net of tax $ (25,064 ) $ (51,922 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Notes)	6 Months Ended
	Dec. 31, 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 six months ended December 31, 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 (60,741 ) (7 ) (60,748 ) Balance at December 31, 2015 $ 2,814,438 $ 98,627 $ 2,913,065 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: December 31, 2015 June 30, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents $ 150,579 $ 91,131 $ 149,066 $ 88,540 Trademarks 341,997 171,325 355,108 172,187 Customer lists and other 1,361,048 615,653 1,369,380 599,388 Total $ 1,853,624 $ 878,109 $ 1,873,554 $ 860,115 Total intangible amortization expense for the six months ended December 31, 2015 was $55,024 . The estimated amortization expense for the five years ending June 30, 2016 through 2020 is $101,542 , $97,228 , $92,425 , $84,899 and $77,274 , 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 six months ended December 31, 2015 .

Retirement Benefits (Notes)

Retirement Benefits (Notes)	6 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement Benefits	Retirement benefits Net pension benefit cost recognized included the following components: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Service cost $ 23,406 $ 24,583 $ 47,519 $ 49,657 Interest cost 45,663 44,305 91,734 90,798 Special termination cost 7,088 — 7,088 — Expected return on plan assets (55,566 ) (54,961 ) (111,215 ) (110,189 ) Amortization of prior service cost 1,669 1,927 3,738 4,597 Amortization of net actuarial loss 42,299 37,297 85,268 76,725 Amortization of initial net obligation 4 4 8 9 Net pension benefit cost $ 64,563 $ 53,155 $ 124,140 $ 111,597 During the three months ended December 31, 2015 and 2014 , the Company recognized $5,608 and $1,118 , respectively, in expense related to other postretirement benefits. During the six months ended December 31, 2015 and 2014 , the Company recognized $6,695 and $2,236 , respectively, in expense related to other postretirement benefits. During the current-year quarter, the Company provided enhanced retirement benefits in connection with a plant closure, which resulted in an increase in net pension benefit cost of $7,088 and an increase in expense related to other postretirement benefits of $4,521 .

Income Taxes (Notes)

Income Taxes (Notes)	6 Months Ended
	Dec. 31, 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. 12. Income taxes, cont'd As of December 31, 2015 , the Company had gross unrecognized tax benefits of $130,830 . The total amount of gross unrecognized tax benefits that, if recognized, would affect the effective tax rate was $74,195 . 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 $10,375 . 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)	6 Months Ended
	Dec. 31, 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 December 31, 2015 and June 30, 2015 . All available-for-sale investments in an unrealized loss position have been in that position for less than 12 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 December 31, 2015 and June 30, 2015 are as follows: December 31, 2015 June 30, 2015 Amortized Cost Fair Value Amortized Fair Less than one year $ 14,141 $ 14,141 $ 13,561 $ 13,555 One to three years 184,281 184,115 188,539 188,057 Above three years 11,696 11,598 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: December 31, June 30, Carrying value of long-term debt $ 2,724,862 $ 2,947,102 Estimated fair value of long-term debt 2,892,998 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. 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. 13. Financial instruments cont'd The Company’s Euro bonds, which matured in November 2015, 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 December 31, 2015 and June 30, 2015 : Balance Sheet Caption December 31, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 25,695 $ 17,994 Cash flow hedges Costless collar contracts Non-trade and notes receivable 4,354 5,627 Costless collar contracts Other accrued liabilities 2,887 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 and six months ended December 31, 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Cross-currency swap contracts $ 4,630 $ 10,233 $ 7,793 $ 22,128 Foreign denominated debt 5,407 9,255 4,273 25,145 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 six months ended December 31, 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 December 31, 2015 and June 30, 2015 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 1,618 $ 1,618 $ — $ — Government bonds 16,667 16,667 — — Corporate bonds 185,837 185,837 — — Asset-backed and mortgage-backed securities 7,350 — 7,350 — Derivatives 28,886 — 28,886 — Investments measured at net asset value 246,042 Liabilities: Derivatives 2,887 — 2,887 — 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 equity securities, 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)	6 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Net sales Diversified Industrial: North America $ 1,160,774 $ 1,389,207 $ 2,447,104 $ 2,861,019 International 992,464 1,187,400 2,030,911 2,450,897 Aerospace Systems 552,352 558,386 1,096,923 1,093,009 Total net sales $ 2,705,590 $ 3,134,993 $ 5,574,938 $ 6,404,925 Segment operating income Diversified Industrial: North America $ 153,581 $ 226,888 $ 366,329 $ 491,124 International 95,367 136,525 224,662 326,330 Aerospace Systems 81,764 66,817 155,767 132,166 Total segment operating income 330,712 430,230 746,758 949,620 Corporate general and administrative expenses 31,210 51,360 84,261 106,804 Income before interest expense and other expense 299,502 378,870 662,497 842,816 Interest expense 34,297 27,645 70,057 48,606 Other expense 35,325 7,959 86,911 54,309 Income before income taxes $ 229,880 $ 343,266 $ 505,529 $ 739,901

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 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 and six months ended December 31, 2015 and 2014 . Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Numerator: Net income attributable to common shareholders $ 182,982 $ 267,252 $ 377,960 $ 547,341 Denominator: Basic - weighted average common shares 135,373,356 145,493,247 136,108,930 147,116,038 Increase in weighted average common shares from dilutive effect of equity-based awards 1,692,091 2,689,530 1,679,289 2,347,242 Diluted - weighted average common shares, assuming exercise of equity-based awards 137,065,447 148,182,777 137,788,219 149,463,280 Basic earnings per share $ 1.35 $ 1.84 $ 2.78 $ 3.72 Diluted earnings per share $ 1.33 $ 1.80 $ 2.74 $ 3.66

Non-trade and notes receivabl24

Non-trade and notes receivable Non-trade and notes receivable (Tables)	6 Months Ended
	Dec. 31, 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: December 31, June 30, Notes receivable $ 101,675 $ 90,470 Reverse repurchase agreements 48,874 113,558 Accounts receivable, other 143,364 160,506 Total $ 293,913 $ 364,534

Inventories Inventories (Tables

Inventories Inventories (Tables)	6 Months Ended
	Dec. 31, 2015
Inventory, Net [Abstract]
Schedule of Inventory	The inventories caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Finished products $ 514,415 $ 526,708 Work in process 681,699 688,727 Raw materials 83,646 85,024 Total $ 1,279,760 $ 1,300,459

Business realignment charges (T

Business realignment charges (Tables)	6 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Schedule of business realignment charges	Business realignment charges by business segment are as follows: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Diversified Industrial $ 22,956 $ 9,084 $ 42,999 $ 14,933 Aerospace Systems 235 — 1,980 — Work force reductions in connection with such business realignment charges by business segment are as follows: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Diversified Industrial 890 72 2,054 174 Aerospace Systems 9 — 66 — The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Cost of sales $ 18,258 $ 5,489 $ 32,931 $ 10,607 Selling, general and administrative expenses 5,013 3,595 12,128 4,326 Other (income), net — — 116 1,915

Equity (Tables)

Equity (Tables)	6 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Stockholders Equity	Changes in equity for the three months ended December 31, 2015 and 2014 are as follows: Shareholders’ Equity Noncontrolling Interests Total Equity September 30, 2015 $ 4,851,518 $ 3,233 $ 4,854,751 Net income 182,982 155 183,137 Other comprehensive (loss) (62,922 ) (34 ) (62,956 ) Dividends paid (85,681 ) (39 ) (85,720 ) Stock incentive plan activity 3,509 — 3,509 Shares purchased at cost (90,000 ) — (90,000 ) Balance at December 31, 2015 $ 4,799,406 $ 3,315 $ 4,802,721 Shareholders’ Equity Noncontrolling Interests Total Equity September 30, 2014 $ 6,579,003 $ 3,361 $ 6,582,364 Net income 267,252 83 267,335 Other comprehensive (loss) (191,797 ) (52 ) (191,849 ) Dividends paid (93,151 ) — (93,151 ) Stock incentive plan activity 12,141 — 12,141 Shares purchased at cost (816,699 ) — (816,699 ) Balance at December 31, 2014 $ 5,756,749 $ 3,392 $ 5,760,141 9. Equity, cont'd Changes in equity for the six months ended December 31, 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 377,960 203 378,163 Other comprehensive (loss) (146,109 ) (131 ) (146,240 ) Dividends paid (171,668 ) (39 ) (171,707 ) Stock incentive plan activity 34,936 — 34,936 Shares purchased at cost (400,000 ) — (400,000 ) Balance at December 31, 2015 $ 4,799,406 $ 3,315 $ 4,802,721 Shareholders’ Equity Noncontrolling Interests Total Equity Balance at June 30, 2014 $ 6,659,428 $ 3,380 $ 6,662,808 Net income 547,341 165 547,506 Other comprehensive income (loss) (466,865 ) (153 ) (467,018 ) Dividends paid (164,758 ) — (164,758 ) Stock incentive plan activity 48,302 — 48,302 Shares purchased at cost (866,699 ) — (866,699 ) Balance at December 31, 2014 $ 5,756,749 $ 3,392 $ 5,760,141
Schedule of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the six months ended December 31, 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) income before reclassifications (203,133 ) — (203,133 ) Amounts reclassified from accumulated other comprehensive (loss) (93 ) 57,117 57,024 Balance at December 31, 2015 $ (844,244 ) $ (1,040,483 ) $ (1,884,727 ) 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 (518,889 ) — (518,889 ) Amounts reclassified from accumulated other comprehensive (loss) 102 51,922 52,024 Balance at December 31, 2014 $ (394,395 ) $ (895,968 ) $ (1,290,363 )
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 Six Months Ended December 31, 2015 December 31, 2015 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,643 ) $ (3,686 ) See Note 11 Recognized actuarial loss (42,577 ) (85,824 ) See Note 11 Total before tax (44,220 ) (89,510 ) Tax benefit 15,999 32,393 Income taxes Net of tax $ (28,221 ) $ (57,117 ) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended Six Months Ended December 31, 2014 December 31, 2014 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,900 ) $ (4,544 ) See Note 11 Recognized actuarial loss (37,548 ) (77,227 ) See Note 11 Total before tax (39,448 ) (81,771 ) Tax benefit 14,384 29,849 Income taxes Net of tax $ (25,064 ) $ (51,922 )

Goodwill and Intangible Asset28

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill for the six months ended December 31, 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 (60,741 ) (7 ) (60,748 ) Balance at December 31, 2015 $ 2,814,438 $ 98,627 $ 2,913,065
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: December 31, 2015 June 30, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents $ 150,579 $ 91,131 $ 149,066 $ 88,540 Trademarks 341,997 171,325 355,108 172,187 Customer lists and other 1,361,048 615,653 1,369,380 599,388 Total $ 1,853,624 $ 878,109 $ 1,873,554 $ 860,115

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Dec. 31, 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Service cost $ 23,406 $ 24,583 $ 47,519 $ 49,657 Interest cost 45,663 44,305 91,734 90,798 Special termination cost 7,088 — 7,088 — Expected return on plan assets (55,566 ) (54,961 ) (111,215 ) (110,189 ) Amortization of prior service cost 1,669 1,927 3,738 4,597 Amortization of net actuarial loss 42,299 37,297 85,268 76,725 Amortization of initial net obligation 4 4 8 9 Net pension benefit cost $ 64,563 $ 53,155 $ 124,140 $ 111,597

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investments Classified by Contractual Maturity Date	The contractual maturities of available-for-sale investments at December 31, 2015 and June 30, 2015 are as follows: December 31, 2015 June 30, 2015 Amortized Cost Fair Value Amortized Fair Less than one year $ 14,141 $ 14,141 $ 13,561 $ 13,555 One to three years 184,281 184,115 188,539 188,057 Above three years 11,696 11,598 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: December 31, June 30, Carrying value of long-term debt $ 2,724,862 $ 2,947,102 Estimated fair value of long-term debt 2,892,998 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 December 31, 2015 and June 30, 2015 : Balance Sheet Caption December 31, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 25,695 $ 17,994 Cash flow hedges Costless collar contracts Non-trade and notes receivable 4,354 5,627 Costless collar contracts Other accrued liabilities 2,887 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Cross-currency swap contracts $ 4,630 $ 10,233 $ 7,793 $ 22,128 Foreign denominated debt 5,407 9,255 4,273 25,145
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 December 31, 2015 and June 30, 2015 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 1,618 $ 1,618 $ — $ — Government bonds 16,667 16,667 — — Corporate bonds 185,837 185,837 — — Asset-backed and mortgage-backed securities 7,350 — 7,350 — Derivatives 28,886 — 28,886 — Investments measured at net asset value 246,042 Liabilities: Derivatives 2,887 — 2,887 — 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		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information
Net sales	$ 2,705,590	$ 3,134,993	$ 5,574,938	$ 6,404,925
Segment Operating Income	330,712	430,230	746,758	949,620
Corporate general and administrative expenses	31,210	51,360	84,261	106,804
Income before interest expense and other expense	299,502	378,870	662,497	842,816
Interest expense	34,297	27,645	70,057	48,606
Other expense	35,325	7,959	86,911	54,309
Income before income taxes	229,880	343,266	505,529	739,901
Diversified Industrial | North America
Segment Reporting Information
Net sales	1,160,774	1,389,207	2,447,104	2,861,019
Segment Operating Income	153,581	226,888	366,329	491,124
Diversified Industrial | International
Segment Reporting Information
Net sales	992,464	1,187,400	2,030,911	2,450,897
Segment Operating Income	95,367	136,525	224,662	326,330
Aerospace Systems
Segment Reporting Information
Net sales	552,352	558,386	1,096,923	1,093,009
Segment Operating Income	$ 81,764	$ 66,817	$ 155,767	$ 132,166

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		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income attributable to common shareholders	$ 182,982	$ 267,252	$ 377,960	$ 547,341
Denominator:
Basic - weighted average common shares	135,373,356	145,493,247	136,108,930	147,116,038
Increase in weighted average common shares from dilutive effect of equity-based awards	1,692,091	2,689,530	1,679,289	2,347,242
Diluted - weighted average common shares, assuming exercise of equity-based awards	137,065,447	148,182,777	137,788,219	149,463,280
Basic earnings per share (in usd per share)	$ 1.35	$ 1.84	$ 2.78	$ 3.72
Diluted earnings per share (in usd per share)	$ 1.33	$ 1.80	$ 2.74	$ 3.66

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 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	3,534,042	873,214	2,894,106	1,004,789

Share repurchase program Share

Share repurchase program Share repurchase program (Details) - $ / shares	3 Months Ended	6 Months Ended
	Dec. 31, 2015	Dec. 31, 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)	893,010	3,663,634
Treasury Stock Acquired, Average Cost Per Share	$ 100.78	$ 109.18

Trade accounts receivable, ne35

Trade accounts receivable, net (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Trade Accounts Receivable, Net [Abstract]
Allowance for doubtful accounts	$ (8,269)	$ (9,284)

Non-trade and notes receivabl36

Non-trade and notes receivable Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Non-trade and Notes Receivable
Notes Receivable	$ 101,675	$ 90,470
Reverse repurchase agreements	48,874	113,558
Accounts receivable, other	143,364	160,506
Total	$ 293,913	$ 364,534

Inventories Inventories (Detail

Inventories Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Inventory
Finished products	$ 514,415	$ 526,708
Work in process	681,699	688,727
Raw materials	83,646	85,024
Inventory, Net	$ 1,279,760	$ 1,300,459

Business realignment charges -

Business realignment charges - Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015USD ($)employee	Dec. 31, 2014USD ($)employee	Dec. 31, 2015USD ($)employee	Dec. 31, 2014USD ($)employee
Diversified Industrial
Realignment charges
Realignment charges	$ 22,956	$ 9,084	$ 42,999	$ 14,933
Realignment charges, number of positions eliminated | employee	890	72	2,054	174
Aerospace Systems
Realignment charges
Realignment charges	$ 235	$ 0	$ 1,980	$ 0
Realignment charges, number of positions eliminated | employee	9	0	66	0
Corporate
Realignment charges
Realignment charges	$ 80
Realignment charges, number of positions eliminated | employee	2
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		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Cost of sales
Realignment charges
Realignment charges	$ 18,258	$ 5,489	$ 32,931	$ 10,607
Selling, general and administrative expenses
Realignment charges
Realignment charges	5,013	3,595	12,128	4,326
Other (Income), Net
Realignment charges
Realignment charges	$ 0	$ 0	$ 116	$ 1,915

Business realignment charges Bu

Business realignment charges Business Realignment Charges - Other (Details) - Employee severance $ in Millions	6 Months Ended
	Dec. 31, 2015USD ($)
Realignment charges
Severance payments made relating to charges incurred during the fiscal year	$ 23
Remaining severance payments related to current-year and prior-year actions	$ 36

Equity Changes in Equity (Detai

Equity Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Changes in equity
Beginning balance	$ 4,854,751	$ 6,582,364	$ 5,107,569	$ 6,662,808
Net income	183,137	267,335	378,163	547,506
Other Comprehensive Income (Loss), Net of Tax	(62,956)	(191,849)	(146,240)	(467,018)
Dividends paid	(85,720)	(93,151)	(171,707)	(164,758)
Stock incentive plan activity	3,509	12,141	34,936	48,302
Shares purchased at cost	(90,000)	(816,699)	(400,000)	(866,699)
Ending balance	4,802,721	5,760,141	4,802,721	5,760,141
Shareholders' Equity
Changes in equity
Beginning balance	4,851,518	6,579,003	5,104,287	6,659,428
Net income	182,982	267,252	377,960	547,341
Other Comprehensive Income (Loss), Net of Tax	(62,922)	(191,797)	(146,109)	(466,865)
Dividends paid	(85,681)	(93,151)	(171,668)	(164,758)
Stock incentive plan activity	3,509	12,141	34,936	48,302
Shares purchased at cost	(90,000)	(816,699)	(400,000)	(866,699)
Ending balance	4,799,406	5,756,749	4,799,406	5,756,749
Noncontrolling Interests
Changes in equity
Beginning balance	3,233	3,361	3,282	3,380
Net income	155	83	203	165
Other Comprehensive Income (Loss), Net of Tax	(34)	(52)	(131)	(153)
Dividends paid	(39)	0	(39)	0
Stock incentive plan activity	0	0	0	0
Shares purchased at cost	0	0	0	0
Ending balance	$ 3,315	$ 3,392	$ 3,315	$ 3,392

Equity Accumulated Other Compre

Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning Balance	$ (1,738,618)
Ending Balance	(1,884,727)
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	(203,133)	(518,889)
Amounts reclassified from other comprehensive (loss)	(93)	102
Ending Balance	(844,244)	(394,395)
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)	57,117	51,922
Ending Balance	(1,040,483)	(895,968)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax
Beginning Balance	(1,738,618)	(823,498)
Other comprehensive income before reclassifications	(203,133)	(518,889)
Amounts reclassified from other comprehensive (loss)	57,024	52,024
Ending Balance	$ (1,884,727)	$ (1,290,363)

Equity Reclassifications out of

Equity Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Pension and Other Postretirement Benefit Plans
Amortization of prior service cost and initial obligation	$ (1,643)	$ (1,900)	$ (3,686)	$ (4,544)
Recognized actuarial loss	(42,577)	(37,548)	(85,824)	(77,227)
Total before tax	(44,220)	(39,448)	(89,510)	(81,771)
Tax benefit	15,999	14,384	32,393	29,849
Net of tax	$ (28,221)	$ (25,064)	$ (57,117)	$ (51,922)

Goodwill (Detail)

Goodwill (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
Goodwill
Beginning balance	$ 2,942,679
Acquisitions	31,134
Foreign currency translation and other	(60,748)
Ending balance	2,913,065
Diversified Industrial
Goodwill
Beginning balance	2,844,045
Acquisitions	31,134
Foreign currency translation and other	(60,741)
Ending balance	2,814,438
Aerospace Systems
Goodwill
Beginning balance	98,634
Acquisitions	0
Foreign currency translation and other	(7)
Ending balance	$ 98,627

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Finite-Lived Intangible Asset
Gross Carrying Amount	$ 1,853,624	$ 1,873,554
Accumulated Amortization	878,109	860,115
Intangible amortization expense	55,024
Estimated amortization expense, year ending June 30, 2016	101,542
Estimated amortization expense, year ending June 30, 2017	97,228
Estimated amortization expense, year ending June 30, 2018	92,425
Estimated amortization expense, year ending June 30, 2019	84,899
Estimated amortization expense, year ending June 30, 2020	77,274
Patents
Finite-Lived Intangible Asset
Gross Carrying Amount	150,579	149,066
Accumulated Amortization	91,131	88,540
Trademarks
Finite-Lived Intangible Asset
Gross Carrying Amount	341,997	355,108
Accumulated Amortization	171,325	172,187
Customer lists and other
Finite-Lived Intangible Asset
Gross Carrying Amount	1,361,048	1,369,380
Accumulated Amortization	$ 615,653	$ 599,388

Retirement Benefits (Detail)

Retirement Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Pension Plans
Defined Benefit Plans Disclosure
Service Cost	$ 23,406	$ 24,583	$ 47,519	$ 49,657
Interest Cost	45,663	44,305	91,734	90,798
Special Termination Cost	7,088	0	7,088	0
Expected Return on Plan Assets	(55,566)	(54,961)	(111,215)	(110,189)
Amortization of Prior Service Cost	1,669	1,927	3,738	4,597
Amortization of Net Actuarial Loss	42,299	37,297	85,268	76,725
Amortization of initial net obligations (assets)	4	4	8	9
Net pension benefit cost	64,563	53,155	124,140	111,597
Other Postretirement Benefit Plans
Defined Benefit Plans Disclosure
Special Termination Cost	4,521
Net pension benefit cost	$ 5,608	$ 1,118	$ 6,695	$ 2,236

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 130,830
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	74,195
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	10,375
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	Dec. 31, 2015	Jun. 30, 2015
Available-for-Sale Investments - Contractual Maturity [Abstract]
Less than one year, Amortized Cost	$ 14,141	$ 13,561
Less than one year, Fair Value	14,141	13,555
One to three years, Amortized Cost	184,281	188,539
One to three years, Fair Value	184,115	188,057
Above three years, Amortized Cost	11,696	15,673
Above three years, Fair Value	$ 11,598	$ 15,587

Financial Instruments - Estimat

Financial Instruments - Estimated Fair Value of Long Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Long-term Debt, Other Disclosures [Abstract]
Carrying value of long-term debt	$ 2,724,862	$ 2,947,102
Fair value of long-term debt	$ 2,892,998	$ 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	Dec. 31, 2015	Jun. 30, 2015
Cross currency swap | Other Assets
Derivatives, Fair Value
Net Investment Hedge	$ 25,695	$ 17,994
Costless collar contracts | Non-trade and Notes Receivable
Derivatives, Fair Value
Cash flow hedge	4,354	5,627
Costless collar contracts | Other accrued liabilities
Derivatives, Fair Value
Cash flow hedge	$ 2,887	$ 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		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Cross currency swap
Derivative Instruments, Gain (Loss)
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss)	$ 4,630	$ 10,233	$ 7,793	$ 22,128
Foreign denominated debt
Derivative Instruments, Gain (Loss)
Derivative and non derivative instruments gain (loss) recognized in accumulated oher comprehensive income (loss)	$ 5,407	$ 9,255	$ 4,273	$ 25,145

Financial instruments and fai52

Financial instruments and fair value measurement Financial Assets & Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Derivatives
Liabilities:
Derivative Liability	$ 2,887	$ 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	2,887	1,970
Derivatives | Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative Liability	0	0
Equity Securities
Assets:
Investments	1,618
Equity Securities | Quoted Prices In Active Markets (Level 1)
Assets:
Investments	1,618
Equity Securities | Significant Other Observable Inputs (Level 2)
Assets:
Investments	0
Equity Securities | Significant Unobservable Inputs (Level 3)
Assets:
Investments	0
Government bonds
Assets:
Investments	16,667	60,512
Government bonds | Quoted Prices In Active Markets (Level 1)
Assets:
Investments	16,667	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	185,837	145,717
Corporate Bonds | Quoted Prices In Active Markets (Level 1)
Assets:
Investments	185,837	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	7,350	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	7,350	10,970
Asset backed and mortgage backed securities | Significant Unobservable Inputs (Level 3)
Assets:
Investments	0	0
Derivatives
Assets:
Derivative Asset	28,886	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	28,886	23,598
Derivatives | Significant Unobservable Inputs (Level 3)
Assets:
Derivative Asset	0	0
Fixed income mutual funds
Assets:
Investments	$ 246,042	$ 187,534