Parker-Hannifin (PH) 10-Q 6 Nov 19 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Sep. 30, 2019shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-4982
Entity Registrant Name	PARKER-HANNIFIN CORPORATION
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0451060
Entity Address, Address Line One	6035 Parkland Boulevard,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44124-4141
City Area Code	216
Local Phone Number	896-3000
Title of 12(b) Security	Common Shares, $.50 par value
Trading Symbol	PH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	128,464,710
Entity Central Index Key	0000076334
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 3,334,511	$ 3,479,294
Cost of sales	2,479,741	2,594,823
Selling, general and administrative expenses	399,179	394,322
Interest expense	69,956	44,339
Other (income), net	(47,521)	(13,913)
Income before income taxes	433,156	459,723
Income taxes	94,115	83,824
Net income	339,041	375,899
Less: Noncontrolling interest in subsidiaries' earnings	143	188
Net income attributable to common shareholders	$ 338,898	$ 375,711
Earnings per share attributable to common shareholders:
Basic (in USD per share)	$ 2.64	$ 2.84
Diluted (in USD per share)	$ 2.60	$ 2.79

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 339,041	$ 375,899
Less: Noncontrolling interests in subsidiaries' earnings	143	188
Net income attributable to common shareholders	338,898	375,711
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment and other	(102,722)	(35,125)
Retirement benefits plan activity	31,026	23,873
Other comprehensive loss	(71,696)	(11,252)
Less: Other comprehensive loss for noncontrolling interests	(150)	(89)
Other comprehensive loss attributable to common shareholders	(71,546)	(11,163)
Total comprehensive income attributable to common shareholders	$ 267,352	$ 364,548

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 3,627,393	$ 3,219,767
Marketable securities and other investments	282,102	150,931
Trade accounts receivable, net	1,983,242	2,131,054
Non-trade and notes receivable	288,762	310,708
Inventories	1,790,044	1,678,132
Prepaid expenses and other	166,536	182,494
Total current assets	8,138,079	7,673,086
Plant and equipment	5,270,756	5,186,730
Less: Accumulated depreciation	3,390,599	3,418,443
Plant and equipment, net	1,880,157	1,768,287
Deferred income taxes	145,476	150,462
Investments and other assets	892,508	747,773
Intangible assets, net	2,693,756	1,783,277
Goodwill	5,818,613	5,453,805
Total assets	19,568,589	17,576,690
Current liabilities:
Notes payable and long-term debt payable within one year	1,736,779	587,014
Accounts payable, trade	1,287,420	1,413,155
Accrued payrolls and other compensation	310,417	426,285
Accrued domestic and foreign taxes	188,571	167,312
Other accrued liabilities	634,141	558,007
Total current liabilities	4,157,328	3,151,773
Long-term debt	7,366,912	6,520,831
Pensions and other postretirement benefits	1,261,493	1,304,379
Deferred income taxes	178,454	193,066
Other liabilities	501,610	438,489
Total liabilities	13,465,797	11,608,538
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	464,440	462,086
Retained earnings	13,003,084	12,777,538
Accumulated other comprehensive (loss)	(2,130,594)	(2,059,048)
Treasury shares, at cost; 52,581,418 shares at September 30 and 52,566,086 shares at June 30	(5,330,837)	(5,309,130)
Total shareholders’ equity	6,096,616	5,961,969
Noncontrolling interests	6,176	6,183
Total equity	6,102,792	5,968,152
Total liabilities and equity	$ 19,568,589	$ 17,576,690

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Sep. 30, 2019	Jun. 30, 2019
Statement of Financial Position [Abstract]
Serial preferred stock, par value (in USD per share)	$ 0.50	$ 0.50
Serial preferred stock, authorized (in shares)	3,000,000	3,000,000
Serial preferred stock, issued (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.50	$ 0.50
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	181,046,128	181,046,128
Treasury shares (in shares)	52,581,418	52,566,086

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 339,041	$ 375,899
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	54,856	57,793
Amortization	54,215	54,698
Share incentive plan compensation	52,633	42,941
Deferred income taxes	(15,548)	31,765
Foreign currency transaction (gain) loss	(1,232)	3,528
Gain on plant and equipment and intangible assets	(10,269)	(3,826)
Loss on sale of businesses	0	3,029
Loss (gain) on marketable securities	201	(3,204)
Gain on investments	(498)	(2,536)
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable, net	213,203	78,369
Inventories	(24,108)	(124,995)
Prepaid expenses and other	15,617	(16,801)
Other assets	(10,902)	(19,144)
Accounts payable, trade	(135,569)	(24,347)
Accrued payrolls and other compensation	(118,326)	(106,992)
Accrued domestic and foreign taxes	23,233	40,670
Other accrued liabilities	19,939	18,974
Pensions and other postretirement benefits	9,738	(187,663)
Other liabilities	(17,093)	(58,770)
Net cash provided by operating activities	449,131	159,388
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (net of cash of $8,179 in 2019 and $690 in 2018)	(1,696,456)	(2,042)
Capital expenditures	(50,345)	(42,106)
Proceeds from sale of plant and equipment	19,284	10,969
Proceeds from sale of businesses	0	4,515
Purchases of marketable securities and other investments	(159,984)	(2,844)
Maturities and sales of marketable securities and other investments	26,477	14,127
Other	8,070	2,318
Net cash used in investing activities	(1,852,954)	(15,063)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	912	496
Payments for common shares	(72,897)	(65,351)
Proceeds from notes payable, net	1,104,246	258,540
Proceeds from long-term borrowings	922,934	44
Payments for long-term borrowings	(3,466)	(100,107)
Dividends paid	(113,352)	(100,869)
Net cash provided by (used in) financing activities	1,838,377	(7,247)
Effect of exchange rate changes on cash	(26,928)	(7,093)
Net increase in cash and cash equivalents	407,626	129,985
Cash and cash equivalents at beginning of year	3,219,767	822,137
Cash and cash equivalents at end of period	$ 3,627,393	$ 952,122

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 8,179	$ 690

Business Segment Information

Business Segment Information	3 Months Ended
	Sep. 30, 2019
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, 2019 2018 Net sales Diversified Industrial: North America $ 1,624,605 $ 1,681,044 International 1,078,850 1,233,766 Aerospace Systems 631,056 564,484 Total net sales $ 3,334,511 $ 3,479,294 Segment operating income Diversified Industrial: North America $ 275,192 $ 275,111 International 168,573 206,094 Aerospace Systems 122,980 109,855 Total segment operating income 566,745 591,060 Corporate general and administrative expenses 48,902 50,325 Income before interest expense and other expense 517,843 540,735 Interest expense 69,956 44,339 Other expense 14,731 36,673 Income before income taxes $ 433,156 $ 459,723

Management representation

Management representation	3 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [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, 2019 , the results of operations for the three months ended September 30, 2019 and 2018 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 2019 Annual Report on Form 10-K. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. Certain prior-year amounts have been reclassified to conform to current-year presentation. The Company has evaluated subsequent events that have occurred through the date these financial statements were issued. On October 29, 2019, we completed the acquisition of LORD Corporation ("Lord") for approximately $3,453 million in cash, including the assumption of debt. Refer to Note 4 for further discussion. Additionally, we fully drew against the $800 million term loan, which will fully mature in May 2022, and used the proceeds to finance a portion of the purchase price for the Lord acquisition. As used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms "Company", "Parker", "we" or "us" refer to Parker-Hannifin Corporation and its subsidiaries.

New accounting pronouncements

New accounting pronouncements	3 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. We have not yet determined the effect that ASU 2016-13 will have on our financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases with terms greater than 12 months on their balance sheet by recognizing a liability to make lease payments and an asset representing their right to use the asset during the lease term. We adopted ASU 2016-02 on July 1, 2019 using the optional transition method and have not restated prior periods. We elected to use the package of practical expedients permitted under the transition guidance, which allows the carry forward of historical lease classification of existing leases. Upon adoption, we recorded a right-of-use asset and lease liability of approximately $126 million . The adoption of the standard did not have a material impact on the Consolidated Statement of Income or Cash Flows.

Revenue recognition

Revenue recognition	3 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition Revenue is derived primarily from the sale of products in a variety of mobile, industrial and aerospace markets. A majority of the Company’s revenues are recognized at a point in time. However, a portion of the Company’s revenues are recognized over time. Diversified Industrial Segment revenues by technology platform: Three Months Ended September 30, 2019 2018 Motion Systems $ 766,815 $ 859,573 Flow and Process Control 1,011,354 1,061,064 Filtration and Engineered Materials 925,286 994,173 Total $ 2,703,455 $ 2,914,810 Aerospace Systems Segment revenues by product platform: Three Months Ended September 30, 2019 2018 Flight Control Actuation $ 173,259 $ 162,936 Fuel, Inerting and Engine Motion Control 152,214 144,046 Hydraulics 108,375 102,497 Engine Components 93,794 64,386 Airframe and Engine Fluid Conveyance 84,678 70,204 Other 18,736 20,415 Total $ 631,056 $ 564,484 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended September 30, 2019 2018 North America $ 2,255,751 $ 2,246,091 Europe 639,138 726,310 Asia Pacific 397,714 461,640 Latin America 41,908 45,253 Total $ 3,334,511 $ 3,479,294 The majority of revenues from the Aerospace Systems Segment are generated from sales to customers within North America. Contract balances Contract assets and contract liabilities are reported on a contract-by-contract basis. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payments from customers are received based on the terms established in the contract with the customer. Total contract assets and contract liabilities are as follows: September 30, 2019 June 30, 2019 Contract assets, current (included within Prepaid expenses and other) $ 25,427 $ 22,726 Contract assets, noncurrent (included within Investments and other assets) 1,095 1,301 Total contract assets 26,522 24,027 Contract liabilities, current (included within Other accrued liabilities) (60,839 ) (64,668 ) Contract liabilities, noncurrent (included within Other liabilities) (411 ) (421 ) Total contract liabilities (61,250 ) (65,089 ) Net contract liabilities $ (34,728 ) $ (41,062 ) During the three months ended September 30, 2019 , the change in net contract liabilities was due to timing differences between when revenue was recognized and advance payments were received. During the three months ended September 30, 2019 , approximately $18 million of revenue was recognized that was included in the contract liabilities at June 30, 2019 . Remaining performance obligations Our backlog represents written firm orders from a customer to deliver products and, in the case of blanket purchase orders, only includes the portion of the order for which a schedule or release has been agreed to with the customer. We believe our backlog represents our unsatisfied or partially unsatisfied performance obligations. Backlog at September 30, 2019 was $5,022 million , of which approximately 87 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.

Acquisitions

Acquisitions	3 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions On September 16, 2019, we completed the acquisition of a 100 percent equity interest in EMFCO Holdings Incorporated, parent company of Exotic Metals Forming Company LLC ("Exotic") for approximately $1,706 million in cash. Exotic designs and manufactures innovative and technically demanding, high temperature, high pressure air and exhaust management solutions for aircraft and engines. Exotic had annual sales of approximately $409 million for its fiscal 2019. For segment reporting purposes, Exotic is included in the Aerospace Systems Segment. We believe Exotic's products and proprietary manufacturing capabilities are complementary to our portfolio of flight control, fuel and inerting, hydraulics, fluid conveyance and engine components. Assets acquired and liabilities assumed are recognized at their respective fair values as of the acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The following presents the preliminary estimated fair values of Exotic's assets acquired and liabilities assumed on the acquisition date. These preliminary estimates are based on available information and will be revised during the measurement period, not to exceed 12 months, as third-party valuations are finalized, additional information becomes available and as additional analysis is performed. Such revisions may have a material impact on our results of operations and financial position. Exotic September 16, 2019 Assets: Cash and cash equivalents $ 8,179 Accounts receivable 82,118 Inventories 112,150 Prepaid expenses 1,343 Plant and equipment 156,802 Other assets 108 Intangible assets 977,060 Goodwill 428,488 Total assets acquired 1,766,248 Liabilities: Accounts payable, trade 25,727 Accrued payrolls and other compensation 8,863 Accrued domestic and foreign taxes 722 Other accrued liabilities 25,370 Total liabilities assumed 60,682 Net assets acquired $ 1,705,566 Goodwill is calculated as the excess of the purchase price over the net assets acquired and is deductible for tax purposes. With respect to the Exotic acquisition, goodwill represents cost synergies and enhancements to our existing technologies. Based upon a preliminary acquisition valuation, we acquired $548,860 of customer-related intangible assets, $337,600 of patents and technology and $90,600 of trademarks, with weighted average estimated useful lives of 19 , 20 and 20 years , respectively. Acquisition-related transaction costs totaled $14,930 for the current-year quarter. These costs are included in selling, general and administrative expenses in the Consolidated Statement of Income. Subsequent Acquisition of Lord On October 29, 2019, we completed the acquisition of a 100 percent equity interest in Lord for approximately $3,453 million in cash, including the assumption of debt. Lord is a diversified technology and manufacturing company developing highly reliable adhesives, coatings, and vibration and motion control technologies that significantly reduce risk and improve product performance. Lord’s products are used in mission-critical applications in the aerospace, automotive and industrial markets. Lord had annual sales of approximately $1,025 million for its fiscal 2018. For segment reporting purposes, approximately 95 percent of Lord's sales will be included in the Diversified Industrial Segment, while the remaining five percent will be included in the Aerospace Systems Segment. Lord’s unique and proprietary products, solutions and technologies for mission-critical applications are expected to increase the Company's overall engineered materials product and solutions offerings to enable a stronger value proposition for customers. Assets acquired and liabilities assumed will be recognized at their respective fair values as of the acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. Due to the limited time since the acquisition date, the preliminary acquisition valuation is incomplete at this time. As a result, we are unable to provide the amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed, including the information required for valuation of intangible assets and goodwill. The unaudited pro forma net sales of the combined entity for the three months ended September 30, 2019 and 2018 are $3,581 million and $3,737 million , respectively. The unaudited pro forma net sales of the combined entity are based on the historical financial net sales of Parker and Lord as if the acquisition had been completed as of the beginning of fiscal year 2019. The unaudited pro forma net sales are not indicative of the results that actually would have been obtained if the acquisition had occurred as of the beginning of fiscal year 2019 or that may be obtained in the future. Because the initial accounting for the acquisition is incomplete at this time, we are unable to provide the pro forma net earnings of the combined entity.

Earnings per share

Earnings per share	3 Months Ended
	Sep. 30, 2019
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, 2019 and 2018 . Three Months Ended September 30, 2019 2018 Numerator: Net income attributable to common shareholders $ 338,898 $ 375,711 Denominator: Basic - weighted average common shares 128,463,992 132,361,654 Increase in weighted average common shares from dilutive effect of equity-based awards 1,666,084 2,302,842 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,130,076 134,664,496 Basic earnings per share $ 2.64 $ 2.84 Diluted earnings per share $ 2.60 $ 2.79 For the three months ended September 30, 2019 and 2018 , 1,097,639 and 732,095

Share repurchase program

Share repurchase program	3 Months Ended
	Sep. 30, 2019
Equity [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. There is no expiration date for this program. Repurchases may be funded primarily from operating cash flows and commercial paper borrowings and the shares are initially held as treasury shares. During the three months ended September 30, 2019 , we repurchased 295,094 shares at an average price, including commissions, of $169.44

Trade accounts receivable, net

Trade accounts receivable, net	3 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Trade accounts receivable, net	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 $9,218 and $8,874 at September 30, 2019 and June 30, 2019 , respectively. The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Notes receivable $ 121,995 $ 147,719 Accounts receivable, other 166,767 162,989 Total $ 288,762 $ 310,708

Non-trade and notes receivable

Non-trade and notes receivable	3 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Non-trade and notes receivable	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 $9,218 and $8,874 at September 30, 2019 and June 30, 2019 , respectively. The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Notes receivable $ 121,995 $ 147,719 Accounts receivable, other 166,767 162,989 Total $ 288,762 $ 310,708

Inventories

Inventories	3 Months Ended
	Sep. 30, 2019
Inventory, Net [Abstract]
Inventories	Inventories The inventories caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Finished products $ 691,010 $ 663,068 Work in process 891,985 850,778 Raw materials 207,049 164,286 Total $ 1,790,044 $ 1,678,132

Leases

Leases	3 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases We primarily enter into lease agreements for office space, distribution centers, certain manufacturing facilities and equipment. The majority of our leases are operating leases. Finance leases are immaterial to our Consolidated Financial Statements. In addition, leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheet. Certain leases contain options that provide us with the ability to extend the lease term. Such options are included in the lease term when it is reasonably certain that the option will be exercised. When accounting for leases, we combine payments for leased assets, related services and other components of a lease. Payments within certain lease agreements are adjusted periodically for changes in an index or rate. The discount rate implicit within our leases is generally not determinable and therefore we determine the discount rate based on our incremental borrowing rate. The incremental borrowing rate for our leases is determined based on lease term and the currency in which lease payments are made. The components of lease expense are as follows: Three Months Ended September 30, 2019 Operating lease expense $ 11,951 Short-term lease cost 2,325 Variable lease cost 1,274 Total lease cost $ 15,550 Supplemental cash flow information related to operating leases are as follows: Three Months Ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 11,850 Right-of-use assets obtained in exchange for operating lease obligations 17,217 Supplemental balance sheet information related to operating leases is as follows: September 30, 2019 Operating lease right-of-use assets (included within Investments and other assets) $ 136,769 Current operating lease liabilities (included within Other accrued liabilities) $ 38,658 Long-term operating lease liabilities (included within Other liabilities) 97,339 Total operating lease liabilities $ 135,997 Weighted average remaining lease term 5.52 years Weighted average discount rate 2.12 % Maturities of lease liabilities at September 30, 2019 are as follows: Operating Leases 2020 $ 31,967 2021 33,334 2022 24,173 2023 15,877 2024 10,442 2025 7,958 Thereafter 21,946 Total operating lease payments $ 145,697 Less imputed interest 9,700 Total operating lease liabilities $ 135,997 Future minimum rental commitments as of June 30, 2019 , under non-cancelable operating leases, which expire at various dates, are as follows: 2020 - $45,920 ; 2021 - $31,115 ; 2022 - $21,625 ; 2023 - $13,228 ; 2024 - $7,591 and after 2024 - $22,723 .

Business realignment and acquis

Business realignment and acquisition integration charges	3 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Business realignment and acquisition integration charges	Business realignment and acquisition integration charges We incurred business realignment and acquisition integration charges in fiscal 2020 and 2019 . The business realignment 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. The prior-year acquisition integration charges relate to the fiscal 2017 acquisition of CLARCOR, Inc. ("Clarcor") and primarily consist of severance costs and expenses related to plant closures and relocations. A majority of the business realignment charges were incurred in North America during the current-year quarter, while a significant portion of the expense was incurred both in North America and Europe during the prior-year quarter. We believe 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. Business realignment and Clarcor acquisition integration charges presented in the Business Segment Information are as follows: Three Months Ended September 30, 2019 2018 Diversified Industrial $ 4,725 $ 8,558 Aerospace Systems (7 ) — Corporate general and administrative expenses 5 — Other expense — 55 Workforce reductions in connection with business realignment and Clarcor acquisition integration charges in the Business Segment Information are as follows: Three Months Ended September 30, 2019 2018 Diversified Industrial 219 201 Corporate general and administrative expenses 1 — The business realignment and Clarcor acquisition integration charges are presented in the Consolidated Statement of Income as follows: Three Months Ended September 30, 2019 2018 Cost of sales $ 3,345 $ 4,399 Selling, general and administrative expenses 1,378 4,159 Other (income), net — 55 During the current-year quarter, approximately $5 million in payments were made relating to business realignment and Clarcor acquisition integration charges. Remaining payments related to current-year and prior-year business realignment and acquisition integration actions of approximately $11 million are primarily reflected within the other accrued liabilities caption in the Consolidated Balance Sheet, a majority of which are expected to be paid by September 30, 2020 . Additional charges may be recognized in future periods related to the business realignment described above, the timing and amount of which are not known at this time. During the current-year quarter, we also incurred acquisition integration charges of $4,009 related to Exotic and the subsequent acquisition of Lord, of which $3,414 and $595 are included in the Diversified Industrial and Aerospace Systems Segments, respectively. These charges are primarily included in selling, general and administrative expenses within the Consolidated Statement of Income.

Equity

Equity	3 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended September 30, 2019 and 2018 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at June 30, 2019 $ 90,523 $ 462,086 $ 12,777,538 $ (2,059,048 ) $ (5,309,130 ) $ 6,183 $ 5,968,152 Net income 338,898 143 339,041 Other comprehensive loss (71,546 ) (150 ) (71,696 ) Dividends paid ($0.88 per share) (113,352 ) (113,352 ) Stock incentive plan activity 2,354 28,293 30,647 Shares purchased at cost (50,000 ) (50,000 ) Balance at September 30, 2019 $ 90,523 $ 464,440 $ 13,003,084 $ (2,130,594 ) $ (5,330,837 ) $ 6,176 $ 6,102,792 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at June 30, 2018 $ 90,523 $ 496,592 $ 11,625,975 $ (1,763,086 ) $ (4,590,138 ) $ 5,627 $ 5,865,493 Impact of adoption of accounting standards 1,483 (1,734 ) (251 ) Net income 375,711 188 375,899 Other comprehensive loss (11,163 ) (89 ) (11,252 ) Dividends paid ($0.76 per share) (100,869 ) (100,869 ) Stock incentive plan activity 6,460 21,626 28,086 Shares purchased at cost (50,000 ) (50,000 ) Balance at September 30, 2018 $ 90,523 $ 503,052 $ 11,902,300 $ (1,775,983 ) $ (4,618,512 ) $ 5,726 $ 6,107,106 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the three months ended September 30, 2019 and 2018 are as follows: Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2019 $ (1,011,656 ) $ (1,047,392 ) $ (2,059,048 ) Other comprehensive loss before reclassifications (102,572 ) — (102,572 ) Amounts reclassified from accumulated other comprehensive (loss) — 31,026 31,026 Balance at September 30, 2019 $ (1,114,228 ) $ (1,016,366 ) $ (2,130,594 ) Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2018 $ (943,477 ) $ (819,609 ) $ (1,763,086 ) Impact of adoption of ASU 2016-01 (1,734 ) — (1,734 ) Other comprehensive loss before reclassifications (38,614 ) — (38,614 ) Amounts reclassified from accumulated other comprehensive (loss) 3,578 23,873 27,451 Balance at September 30, 2018 $ (980,247 ) $ (795,736 ) $ (1,775,983 ) Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three months ended September 30, 2019 and 2018 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, 2019 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,483 ) Other (income), net Recognized actuarial loss (39,485 ) Other (income), net Total before tax (40,968 ) Tax benefit 9,942 Net of tax $ (31,026 ) 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, 2018 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,641 ) Other (income), net Recognized actuarial loss (29,297 ) Other (income), net Total before tax (30,938 ) Tax benefit 7,065 Net of tax $ (23,873 )

Goodwill and intangible assets

Goodwill and intangible assets	3 Months Ended
	Sep. 30, 2019
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, 2019 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2019 $ 5,355,165 $ 98,640 $ 5,453,805 Acquisition — 428,488 428,488 Foreign currency translation and other (63,668 ) (12 ) (63,680 ) Balance at September 30, 2019 $ 5,291,497 $ 527,116 $ 5,818,613 The acquisition line represents the goodwill allocation during the measurement period subsequent to the applicable acquisition date. Refer to Note 4 for further discussion. 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, 2019 June 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents and technology $ 600,411 $ 132,896 $ 265,644 $ 130,233 Trademarks 627,253 255,674 542,573 252,388 Customer lists and other 2,957,091 1,102,429 2,435,461 1,077,780 Total $ 4,184,755 $ 1,490,999 $ 3,243,678 $ 1,460,401 Total intangible amortization expense for the three months ended September 30, 2019 was $51,106 . The estimated amortization expense for the five years ending June 30, 2020 through 2024 is $215,970 , $222,107 , $216,099 , $205,156 and $199,597 , 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 material intangible asset impairments occurred during the three months ended September 30, 2019 .

Retirement benefits

Retirement benefits	3 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Retirement benefits	Retirement benefits Net pension benefit expense recognized included the following components: Three Months Ended September 30, 2019 2018 Service cost $ 19,549 $ 20,509 Interest cost 33,993 39,866 Expected return on plan assets (63,895 ) (62,877 ) Amortization of prior service cost 1,509 1,648 Amortization of net actuarial loss 39,561 29,293 Amortization of initial net obligation 4 4 Net pension benefit expense $ 30,721 $ 28,443 During the three months ended September 30, 2019 and 2018 , we recognized $457 and $650 , respectively, in expense related to other postretirement benefits. Components of retirement benefits expense, other than service cost, are included in other (income), net in the Consolidated Statement of Income.

Debt

Debt	3 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt In September 2019, the Company entered into and fully drew against a term loan with an aggregate principal amount of $925 million , which will fully mature in September 2023. We used the proceeds to finance a portion of the purchase price for the acquisition of Exotic. At September 30, 2019 , the term loan had an interest rate of LIBOR plus 100 bps. Interest payments are due quarterly. In addition, we amended and extended our existing multi-currency credit agreement, increasing its capacity to $2,500 million . Commercial paper notes outstanding at September 30, 2019 and June 30, 2019 were $1,691 million and $586 million , respectively. Based on the Company’s rating level at September 30, 2019 , the most restrictive financial covenant provides that the ratio of debt to debt-shareholders' equity cannot exceed .65 to 1.0 . At September 30, 2019 , our debt to debt-shareholders' equity ratio was .60 to 1.0 . We are in compliance with all covenants set forth in the credit agreement and indentures.

Income taxes

Income taxes	3 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company and its subsidiaries file income tax returns in the United States 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 2013, and its state and local returns for fiscal years after 2013. The Company is also open to assessment for foreign jurisdictions for fiscal years after 2009. 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, 2019 , the Company had gross unrecognized tax benefits of $134,531 , all of which, if recognized, would impact the effective tax rate. The accrued interest related to the gross unrecognized tax benefits, excluded from the amounts above, is $25,287 . 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

Financial instruments	3 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Financial instruments	Financial instruments Our 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 and equity investments. Deposits are recorded at cost, and equity investments are recorded at fair value. Changes in fair value related to equity investments are recorded in net income. Gross unrealized gains and losses related to equity investments were not material as of September 30, 2019 and June 30, 2019 . There were no facts or circumstances that indicated the unrealized losses were other than temporary. 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 $ 7,488,226 $ 6,596,380 Estimated fair value of long-term debt 8,031,347 7,012,641 The fair value of long-term debt is classified within level 2 of the fair value hierarchy. We utilize 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 we do not anticipate any material non-performance by any of the counterparties. We do not hold or issue derivative financial instruments for trading purposes. The Company’s € 700 million aggregate principal amount of Senior Notes due 2025 have been designated as a hedge of the Company’s net investment in certain foreign subsidiaries. The translation of the Senior Notes due 2025 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 location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: Balance Sheet Caption September 30, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 37,547 $ 24,545 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 15,481 13,242 Forward exchange contracts Other accrued liabilities 4,990 2,578 Costless collar contracts Non-trade and notes receivable 352 457 Costless collar contracts Other accrued liabilities 1,292 1,934 The cross-currency swap, forward exchange contracts and costless collar contracts are reflected on a gross basis in the Consolidated Balance Sheet. We have 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. The cross-currency swap contracts have been designated as hedging instruments. The forward exchange and costless collar contracts have not been designated as hedging instruments and are considered to be economic hedges of forecasted transactions. Gains or losses on derivative financial instruments that were recorded in the Consolidated Statement of Income for the three months ended September 30, 2019 and 2018 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, 2019 2018 Cross-currency swap contracts $ 10,384 $ 1,920 Foreign denominated debt 24,925 4,127 No portion of these financial instruments were excluded from the effectiveness testing during the three months ended September 30, 2019 and 2018 . A summary of financial assets and liabilities that were measured at fair value on a recurring basis at September 30, 2019 and June 30, 2019 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,133 $ 7,133 $ — $ — Derivatives 53,380 — 53,380 — Investments measured at net asset value 2,612 Liabilities: Derivatives 6,282 — 6,282 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,533 $ 7,533 $ — $ — Derivatives 38,244 — 38,244 — Investments measured at net asset value 9,728 Liabilities: Derivatives 4,512 — 4,512 — The fair values of the equity securities are determined using the closing market price reported in the active market in which the fund is traded. 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 the 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. We have 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.

New accounting pronouncements (

New accounting pronouncements (Policies)	3 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. We have not yet determined the effect that ASU 2016-13 will have on our financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases with terms greater than 12 months on their balance sheet by recognizing a liability to make lease payments and an asset representing their right to use the asset during the lease term. We adopted ASU 2016-02 on July 1, 2019 using the optional transition method and have not restated prior periods. We elected to use the package of practical expedients permitted under the transition guidance, which allows the carry forward of historical lease classification of existing leases. Upon adoption, we recorded a right-of-use asset and lease liability of approximately $126 million . The adoption of the standard did not have a material impact on the Consolidated Statement of Income or Cash Flows.
Revenue recognition	Contract balances Contract assets and contract liabilities are reported on a contract-by-contract basis. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payments from customers are received based on the terms established in the contract with the customer. Remaining performance obligations
Leases	We primarily enter into lease agreements for office space, distribution centers, certain manufacturing facilities and equipment. The majority of our leases are operating leases. Finance leases are immaterial to our Consolidated Financial Statements. In addition, leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheet. Certain leases contain options that provide us with the ability to extend the lease term. Such options are included in the lease term when it is reasonably certain that the option will be exercised. When accounting for leases, we combine payments for leased assets, related services and other components of a lease. Payments within certain lease agreements are adjusted periodically for changes in an index or rate. The discount rate implicit within our leases is generally not determinable and therefore we determine the discount rate based on our incremental borrowing rate. The incremental borrowing rate for our leases is determined based on lease term and the currency in which lease payments are made.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of segment reporting information	Three Months Ended September 30, 2019 2018 Net sales Diversified Industrial: North America $ 1,624,605 $ 1,681,044 International 1,078,850 1,233,766 Aerospace Systems 631,056 564,484 Total net sales $ 3,334,511 $ 3,479,294 Segment operating income Diversified Industrial: North America $ 275,192 $ 275,111 International 168,573 206,094 Aerospace Systems 122,980 109,855 Total segment operating income 566,745 591,060 Corporate general and administrative expenses 48,902 50,325 Income before interest expense and other expense 517,843 540,735 Interest expense 69,956 44,339 Other expense 14,731 36,673 Income before income taxes $ 433,156 $ 459,723

Revenue recognition (Tables)

Revenue recognition (Tables)	3 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Diversified Industrial Segment revenues by technology platform: Three Months Ended September 30, 2019 2018 Motion Systems $ 766,815 $ 859,573 Flow and Process Control 1,011,354 1,061,064 Filtration and Engineered Materials 925,286 994,173 Total $ 2,703,455 $ 2,914,810 Aerospace Systems Segment revenues by product platform: Three Months Ended September 30, 2019 2018 Flight Control Actuation $ 173,259 $ 162,936 Fuel, Inerting and Engine Motion Control 152,214 144,046 Hydraulics 108,375 102,497 Engine Components 93,794 64,386 Airframe and Engine Fluid Conveyance 84,678 70,204 Other 18,736 20,415 Total $ 631,056 $ 564,484 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended September 30, 2019 2018 North America $ 2,255,751 $ 2,246,091 Europe 639,138 726,310 Asia Pacific 397,714 461,640 Latin America 41,908 45,253 Total $ 3,334,511 $ 3,479,294
Contract assets and liabilities	Total contract assets and contract liabilities are as follows: September 30, 2019 June 30, 2019 Contract assets, current (included within Prepaid expenses and other) $ 25,427 $ 22,726 Contract assets, noncurrent (included within Investments and other assets) 1,095 1,301 Total contract assets 26,522 24,027 Contract liabilities, current (included within Other accrued liabilities) (60,839 ) (64,668 ) Contract liabilities, noncurrent (included within Other liabilities) (411 ) (421 ) Total contract liabilities (61,250 ) (65,089 ) Net contract liabilities $ (34,728 ) $ (41,062 )

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Schedule of preliminary estimated fair values of assets acquired and liabilities assumed on the acquisition date	The following presents the preliminary estimated fair values of Exotic's assets acquired and liabilities assumed on the acquisition date. These preliminary estimates are based on available information and will be revised during the measurement period, not to exceed 12 months, as third-party valuations are finalized, additional information becomes available and as additional analysis is performed. Such revisions may have a material impact on our results of operations and financial position. Exotic September 16, 2019 Assets: Cash and cash equivalents $ 8,179 Accounts receivable 82,118 Inventories 112,150 Prepaid expenses 1,343 Plant and equipment 156,802 Other assets 108 Intangible assets 977,060 Goodwill 428,488 Total assets acquired 1,766,248 Liabilities: Accounts payable, trade 25,727 Accrued payrolls and other compensation 8,863 Accrued domestic and foreign taxes 722 Other accrued liabilities 25,370 Total liabilities assumed 60,682 Net assets acquired $ 1,705,566

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Sep. 30, 2019
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, 2019 and 2018 . Three Months Ended September 30, 2019 2018 Numerator: Net income attributable to common shareholders $ 338,898 $ 375,711 Denominator: Basic - weighted average common shares 128,463,992 132,361,654 Increase in weighted average common shares from dilutive effect of equity-based awards 1,666,084 2,302,842 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,130,076 134,664,496 Basic earnings per share $ 2.64 $ 2.84 Diluted earnings per share $ 2.60 $ 2.79

Non-trade and notes receivable

Non-trade and notes receivable (Tables)	3 Months Ended
	Sep. 30, 2019
Receivables [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 $ 121,995 $ 147,719 Accounts receivable, other 166,767 162,989 Total $ 288,762 $ 310,708

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2019
Inventory, Net [Abstract]
Schedule of inventories	The inventories caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Finished products $ 691,010 $ 663,068 Work in process 891,985 850,778 Raw materials 207,049 164,286 Total $ 1,790,044 $ 1,678,132

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease expense and supplemental cash flow information	The components of lease expense are as follows: Three Months Ended September 30, 2019 Operating lease expense $ 11,951 Short-term lease cost 2,325 Variable lease cost 1,274 Total lease cost $ 15,550 Supplemental cash flow information related to operating leases are as follows: Three Months Ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 11,850 Right-of-use assets obtained in exchange for operating lease obligations 17,217
Supplemental balance sheet information	Supplemental balance sheet information related to operating leases is as follows: September 30, 2019 Operating lease right-of-use assets (included within Investments and other assets) $ 136,769 Current operating lease liabilities (included within Other accrued liabilities) $ 38,658 Long-term operating lease liabilities (included within Other liabilities) 97,339 Total operating lease liabilities $ 135,997 Weighted average remaining lease term 5.52 years Weighted average discount rate 2.12 %
Maturities of lease liabilities	Maturities of lease liabilities at September 30, 2019 are as follows: Operating Leases 2020 $ 31,967 2021 33,334 2022 24,173 2023 15,877 2024 10,442 2025 7,958 Thereafter 21,946 Total operating lease payments $ 145,697 Less imputed interest 9,700 Total operating lease liabilities $ 135,997

Business realignment and acqu_2

Business realignment and acquisition integration charges (Tables)	3 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Schedule of business realignment charges and acquisition integration charges	Business realignment and Clarcor acquisition integration charges presented in the Business Segment Information are as follows: Three Months Ended September 30, 2019 2018 Diversified Industrial $ 4,725 $ 8,558 Aerospace Systems (7 ) — Corporate general and administrative expenses 5 — Other expense — 55 Workforce reductions in connection with business realignment and Clarcor acquisition integration charges in the Business Segment Information are as follows: Three Months Ended September 30, 2019 2018 Diversified Industrial 219 201 Corporate general and administrative expenses 1 — The business realignment and Clarcor acquisition integration charges are presented in the Consolidated Statement of Income as follows: Three Months Ended September 30, 2019 2018 Cost of sales $ 3,345 $ 4,399 Selling, general and administrative expenses 1,378 4,159 Other (income), net — 55

Equity (Tables)

Equity (Tables)	3 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of changes in equity	Changes in equity for the three months ended September 30, 2019 and 2018 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at June 30, 2019 $ 90,523 $ 462,086 $ 12,777,538 $ (2,059,048 ) $ (5,309,130 ) $ 6,183 $ 5,968,152 Net income 338,898 143 339,041 Other comprehensive loss (71,546 ) (150 ) (71,696 ) Dividends paid ($0.88 per share) (113,352 ) (113,352 ) Stock incentive plan activity 2,354 28,293 30,647 Shares purchased at cost (50,000 ) (50,000 ) Balance at September 30, 2019 $ 90,523 $ 464,440 $ 13,003,084 $ (2,130,594 ) $ (5,330,837 ) $ 6,176 $ 6,102,792 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at June 30, 2018 $ 90,523 $ 496,592 $ 11,625,975 $ (1,763,086 ) $ (4,590,138 ) $ 5,627 $ 5,865,493 Impact of adoption of accounting standards 1,483 (1,734 ) (251 ) Net income 375,711 188 375,899 Other comprehensive loss (11,163 ) (89 ) (11,252 ) Dividends paid ($0.76 per share) (100,869 ) (100,869 ) Stock incentive plan activity 6,460 21,626 28,086 Shares purchased at cost (50,000 ) (50,000 ) Balance at September 30, 2018 $ 90,523 $ 503,052 $ 11,902,300 $ (1,775,983 ) $ (4,618,512 ) $ 5,726 $ 6,107,106
Schedule of changes in accumulated other comprehensive income (loss) in shareholders' equity by component	Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the three months ended September 30, 2019 and 2018 are as follows: Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2019 $ (1,011,656 ) $ (1,047,392 ) $ (2,059,048 ) Other comprehensive loss before reclassifications (102,572 ) — (102,572 ) Amounts reclassified from accumulated other comprehensive (loss) — 31,026 31,026 Balance at September 30, 2019 $ (1,114,228 ) $ (1,016,366 ) $ (2,130,594 ) Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2018 $ (943,477 ) $ (819,609 ) $ (1,763,086 ) Impact of adoption of ASU 2016-01 (1,734 ) — (1,734 ) Other comprehensive loss before reclassifications (38,614 ) — (38,614 ) Amounts reclassified from accumulated other comprehensive (loss) 3,578 23,873 27,451 Balance at September 30, 2018 $ (980,247 ) $ (795,736 ) $ (1,775,983 )
Schedule of reclassifications out of accumulated other comprehensive income (loss) in shareholders' equity	Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three months ended September 30, 2019 and 2018 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, 2019 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,483 ) Other (income), net Recognized actuarial loss (39,485 ) Other (income), net Total before tax (40,968 ) Tax benefit 9,942 Net of tax $ (31,026 ) 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, 2018 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,641 ) Other (income), net Recognized actuarial loss (29,297 ) Other (income), net Total before tax (30,938 ) Tax benefit 7,065 Net of tax $ (23,873 )

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	3 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill for the three months ended September 30, 2019 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2019 $ 5,355,165 $ 98,640 $ 5,453,805 Acquisition — 428,488 428,488 Foreign currency translation and other (63,668 ) (12 ) (63,680 ) Balance at September 30, 2019 $ 5,291,497 $ 527,116 $ 5,818,613
Schedule of intangible assets by major category	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: September 30, 2019 June 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents and technology $ 600,411 $ 132,896 $ 265,644 $ 130,233 Trademarks 627,253 255,674 542,573 252,388 Customer lists and other 2,957,091 1,102,429 2,435,461 1,077,780 Total $ 4,184,755 $ 1,490,999 $ 3,243,678 $ 1,460,401

Retirement benefits (Tables)

Retirement benefits (Tables)	3 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Schedule of net pension benefit expense	Net pension benefit expense recognized included the following components: Three Months Ended September 30, 2019 2018 Service cost $ 19,549 $ 20,509 Interest cost 33,993 39,866 Expected return on plan assets (63,895 ) (62,877 ) Amortization of prior service cost 1,509 1,648 Amortization of net actuarial loss 39,561 29,293 Amortization of initial net obligation 4 4 Net pension benefit expense $ 30,721 $ 28,443

Financial instruments (Tables)

Financial instruments (Tables)	3 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of carrying values and estimated fair values of long-term debt	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 $ 7,488,226 $ 6,596,380 Estimated fair value of long-term debt 8,031,347 7,012,641
Schedule of fair value derivative instruments reported in consolidated balance sheet	The location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: Balance Sheet Caption September 30, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 37,547 $ 24,545 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 15,481 13,242 Forward exchange contracts Other accrued liabilities 4,990 2,578 Costless collar contracts Non-trade and notes receivable 352 457 Costless collar contracts Other accrued liabilities 1,292 1,934
Schedule of derivative and non-derivative financial instruments, gain (losses) recorded in accumulated other comprehensive (loss)	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, 2019 2018 Cross-currency swap contracts $ 10,384 $ 1,920 Foreign denominated debt 24,925 4,127
Schedule of financial assets and liabilities measured at fair value on a recurring basis	A summary of financial assets and liabilities that were measured at fair value on a recurring basis at September 30, 2019 and June 30, 2019 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,133 $ 7,133 $ — $ — Derivatives 53,380 — 53,380 — Investments measured at net asset value 2,612 Liabilities: Derivatives 6,282 — 6,282 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,533 $ 7,533 $ — $ — Derivatives 38,244 — 38,244 — Investments measured at net asset value 9,728 Liabilities: Derivatives 4,512 — 4,512 —

Business Segment Information (D

Business Segment Information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment	2
Segment Reporting Information
Net sales	$ 3,334,511	$ 3,479,294
Operating income	517,843	540,735
Corporate general and administrative expenses	399,179	394,322
Interest expense	69,956	44,339
Other expense	14,731	36,673
Income before income taxes	433,156	459,723
North America
Segment Reporting Information
Net sales	2,255,751	2,246,091
Diversified Industrial
Segment Reporting Information
Net sales	2,703,455	2,914,810
Diversified Industrial | North America
Segment Reporting Information
Net sales	1,624,605	1,681,044
Diversified Industrial | International
Segment Reporting Information
Net sales	1,078,850	1,233,766
Aerospace Systems
Segment Reporting Information
Net sales	631,056	564,484
Operating Segments
Segment Reporting Information
Operating income	566,745	591,060
Operating Segments | Diversified Industrial | North America
Segment Reporting Information
Operating income	275,192	275,111
Operating Segments | Diversified Industrial | International
Segment Reporting Information
Operating income	168,573	206,094
Operating Segments | Aerospace Systems
Segment Reporting Information
Operating income	122,980	109,855
Corporate, Non-Segment
Segment Reporting Information
Corporate general and administrative expenses	$ 48,902	$ 50,325

Management representation (Deta

Management representation (Details) - USD ($) $ in Thousands	Oct. 29, 2019	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Proceeds from long-term borrowings		$ 922,934	$ 44
Subsequent Event | LORD Corporation
Business Acquisition [Line Items]
Purchase price to acquire business	$ 3,453,000
Delayed-Draw Term Loan | Term Loan | Subsequent Event
Business Acquisition [Line Items]
Proceeds from long-term borrowings	$ 800,000

New accounting pronouncements_2

New accounting pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jul. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 136,769
Operating lease liability	$ 135,997
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset		$ 126,000
Operating lease liability		$ 126,000

Revenue recognition - Revenues

Revenue recognition - Revenues by segment and by platform (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 3,334,511	$ 3,479,294
Diversified Industrial Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	2,703,455	2,914,810
Diversified Industrial Segment | Motion Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	766,815	859,573
Diversified Industrial Segment | Flow and Process Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,011,354	1,061,064
Diversified Industrial Segment | Filtration and Engineered Materials
Disaggregation of Revenue [Line Items]
Revenues from contracts	925,286	994,173
Aerospace Systems Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	631,056	564,484
Aerospace Systems Segment | Flight Control Actuation
Disaggregation of Revenue [Line Items]
Revenues from contracts	173,259	162,936
Aerospace Systems Segment | Fuel, Inerting and Engine Motion Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	152,214	144,046
Aerospace Systems Segment | Hydraulics
Disaggregation of Revenue [Line Items]
Revenues from contracts	108,375	102,497
Aerospace Systems Segment | Engine Components
Disaggregation of Revenue [Line Items]
Revenues from contracts	93,794	64,386
Aerospace Systems Segment | Airframe and Engine Fluid Conveyance
Disaggregation of Revenue [Line Items]
Revenues from contracts	84,678	70,204
Aerospace Systems Segment | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 18,736	$ 20,415

Revenue recognition - Revenue b

Revenue recognition - Revenue by geographic region (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 3,334,511	$ 3,479,294
North America
Disaggregation of Revenue [Line Items]
Revenues from contracts	2,255,751	2,246,091
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts	639,138	726,310
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts	397,714	461,640
Latin America
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 41,908	$ 45,253

Revenue recognition - Contract

Revenue recognition - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract assets, current (included within Prepaid expenses and other)	$ 25,427	$ 22,726
Contract assets, noncurrent (included within Investments and other assets)	1,095	1,301
Total contract assets	26,522	24,027
Contract liabilities, current (included within Other accrued liabilities)	(60,839)	(64,668)
Contract liabilities, noncurrent (included within Other liabilities)	(411)	(421)
Total contract liabilities	(61,250)	(65,089)
Net contract liabilities	$ (34,728)	$ (41,062)

Revenue recognition - Contrac_2

Revenue recognition - Contract balances (Details) $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 18

Revenue recognition - Remaining

Revenue recognition - Remaining performance obligations (Details) $ in Millions	Sep. 30, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 5,022
Remaining performance obligation, percentage, expected to be recognized as revenue within the next 12 months	87.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Oct. 29, 2019	Sep. 16, 2019	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition-related transaction costs			$ 14,930
EMFCO Holdings Incorporated
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Equity interest		100.00%
Purchase price to acquire business		$ 1,706,000
Aggregate annual sales for businesses acquired for their most recent fiscal year prior to acquisition			409,000
LORD Corporation
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma net sales			$ 3,581,000	$ 3,737,000
Customer Relationships | EMFCO Holdings Incorporated
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Intangible assets acquired		$ 548,860
Weighted average useful life of intangible assets		19 years
Patents and Technology | EMFCO Holdings Incorporated
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Intangible assets acquired		$ 337,600
Weighted average useful life of intangible assets		20 years
Trademarks | EMFCO Holdings Incorporated
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Intangible assets acquired		$ 90,600
Weighted average useful life of intangible assets		20 years
Subsequent Event | LORD Corporation
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Equity interest	100.00%
Purchase price to acquire business	$ 3,453,000
Aggregate annual sales for businesses acquired for their most recent fiscal year prior to acquisition	$ 1,025,000
Diversified Industrial Segment | Revenue, Segment Benchmark | Subsequent Event | LORD Corporation
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Concentration risk	95.00%
Aerospace Systems Segment | Revenue, Segment Benchmark | Subsequent Event | LORD Corporation
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Concentration risk	5.00%

Acquisitions - Schedule of asse

Acquisitions - Schedule of assets and liabilities assumed on acquisition date (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 16, 2019	Jun. 30, 2019
Assets:
Goodwill	$ 5,818,613		$ 5,453,805
EMFCO Holdings Incorporated
Assets:
Cash and cash equivalents		$ 8,179
Accounts receivable		82,118
Inventories		112,150
Prepaid expenses		1,343
Plant and equipment		156,802
Other assets		108
Intangible assets		977,060
Goodwill		428,488
Total assets acquired		1,766,248
Liabilities:
Accounts payable, trade		25,727
Accrued payrolls and other compensation		8,863
Accrued domestic and foreign taxes		722
Other accrued liabilities		25,370
Total liabilities assumed		60,682
Net assets acquired		$ 1,705,566

Earnings per share - Computatio

Earnings per share - Computation of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to common shareholders	$ 338,898	$ 375,711
Denominator:
Basic - weighted average common shares (in shares)	128,463,992	132,361,654
Increase in weighted average common shares from dilutive effect of equity-based awards (in shares)	1,666,084	2,302,842
Diluted - weighted average common shares, assuming exercise of equity-based awards (in shares)	130,130,076	134,664,496
Basic earnings per share (in USD per share)	$ 2.64	$ 2.84
Diluted earnings per share (in USD per share)	$ 2.60	$ 2.79

Earnings per share - Additional

Earnings per share - Additional information (Details) - shares	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Excluded from the computation of diluted earnings per share since anti-dilutive (in shares)	1,097,639	732,095

Share repurchase program (Detai

Share repurchase program (Details) - $ / shares	3 Months Ended
	Sep. 30, 2019	Oct. 22, 2014
Equity [Abstract]
Authorized to be repurchased (in shares)		35,000,000
Repurchased (in shares)	295,094
Repurchased, average price (in USD per share)	$ 169.44

Trade accounts receivable, net

Trade accounts receivable, net (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Receivables [Abstract]
Allowance for doubtful accounts	$ 9,218	$ 8,874

Non-trade and notes receivabl_2

Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Receivables [Abstract]
Notes receivable	$ 121,995	$ 147,719
Accounts receivable, other	166,767	162,989
Total	$ 288,762	$ 310,708

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Inventory, Net [Abstract]
Finished products	$ 691,010	$ 663,068
Work in process	891,985	850,778
Raw materials	207,049	164,286
Total	$ 1,790,044	$ 1,678,132

Leases Lease expense and supple

Leases Lease expense and supplemental cash flow information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease expense	$ 11,951
Short-term lease cost	2,325
Variable lease cost	1,274
Total lease cost	15,550
Cash paid for amounts included in the measurement of operating lease liabilities	11,850
Right-of-use assets obtained in exchange for operating lease obligations	$ 17,217

Leases Supplemental balance she

Leases Supplemental balance sheet information (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease right-of-use assets (included within Investments and other assets)	$ 136,769
Current operating lease liabilities (included within Other accrued liabilities)	38,658
Long-term operating lease liabilities (included within Other liabilities)	97,339
Total operating lease liabilities	$ 135,997
Weighted average remaining lease term (in years)	5 years 6 months 7 days
Weighted average discount rate	2.12%

Leases Maturities of lease liab

Leases Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Leases [Abstract]
2020	$ 31,967
2021	33,334
2022	24,173
2023	15,877
2024	10,442
2025	7,958
Thereafter	21,946
Total operating lease payments	145,697
Less imputed interest	9,700
Total operating lease liabilities	$ 135,997
Future minimum rental commitments, 2020		$ 45,920
Future minimum rental commitments, 2021		31,115
Future minimum rental commitments, 2022		21,625
Future minimum rental commitments, 2023		13,228
Future minimum rental commitments, 2024		7,591
Future minimum rental commitments, thereafter		$ 22,723

Business realignment and acqu_3

Business realignment and acquisition integration charges - Business segment information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)employee	Sep. 30, 2018USD ($)employee
Corporate general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 5	$ 0
Number of positions eliminated (employees) | employee	1	0
Other expense
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 0	$ 55
Diversified Industrial | Operating Segments
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 4,725	$ 8,558
Number of positions eliminated (employees) | employee	219	201
Aerospace Systems | Operating Segments
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ (7)	$ 0

Business realignment and acqu_4

Business realignment and acquisition integration charges - Income statement location (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cost of sales
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 3,345	$ 4,399
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	1,378	4,159
Other (income), net
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 0	$ 55

Business realignment and acqu_5

Business realignment and acquisition integration charges - Additional information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Employee severance
Restructuring Cost and Reserve [Line Items]
Severance payments made relating to charges incurred during the fiscal year	$ 5,000
Remaining severance payments related to current-year and prior-year actions	11,000
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	4,009
Selling, general and administrative expenses | Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	3,414
Selling, general and administrative expenses | Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 595

Equity - Changes in equity (Det

Equity - Changes in equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 5,968,152	$ 5,865,493
Impact of adoption of accounting standards			$ (251)
Net income	339,041	375,899
Other comprehensive income (loss)	(71,696)	(11,252)
Dividends paid	(113,352)	(100,869)
Stock incentive plan activity	30,647	28,086
Shares purchased at cost	(50,000)	(50,000)
Ending balance	$ 6,102,792	$ 6,107,106
Cash dividends per common share (in USD per share)	$ 0.88	$ 0.76
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 90,523	$ 90,523
Ending balance	90,523	90,523
Additional Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	462,086	496,592
Stock incentive plan activity	2,354	6,460
Ending balance	464,440	503,052
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	12,777,538	11,625,975
Impact of adoption of accounting standards			1,483
Net income	338,898	375,711
Dividends paid	(113,352)	(100,869)
Ending balance	13,003,084	11,902,300
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,059,048)	(1,763,086)
Impact of adoption of accounting standards			$ (1,734)
Other comprehensive income (loss)	(71,546)	(11,163)
Ending balance	(2,130,594)	(1,775,983)
Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,309,130)	(4,590,138)
Stock incentive plan activity	28,293	21,626
Shares purchased at cost	(50,000)	(50,000)
Ending balance	(5,330,837)	(4,618,512)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	6,183	5,627
Net income	143	188
Other comprehensive income (loss)	(150)	(89)
Ending balance	$ 6,176	$ 5,726

Equity - Changes in accumulated

Equity - Changes in accumulated other comprehensive income (loss) in shareholders' equity by component (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 5,968,152	$ 5,865,493
Impact of adoption of ASU 2016-01			$ (251)
Ending balance	6,102,792	6,107,106
Foreign Currency Translation Adjustment and Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,011,656)	(943,477)
Impact of adoption of ASU 2016-01			(1,734)
Other comprehensive loss before reclassifications	(102,572)	(38,614)
Amounts reclassified from accumulated other comprehensive (loss)	0	3,578
Ending balance	(1,114,228)	(980,247)
Retirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,047,392)	(819,609)
Impact of adoption of ASU 2016-01			0
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss)	31,026	23,873
Ending balance	(1,016,366)	(795,736)
Accumulated Other Comprehensive (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,059,048)	(1,763,086)
Impact of adoption of ASU 2016-01			$ (1,734)
Other comprehensive loss before reclassifications	(102,572)	(38,614)
Amounts reclassified from accumulated other comprehensive (loss)	31,026	27,451
Ending balance	$ (2,130,594)	$ (1,775,983)

Equity - Reclassifications out

Equity - Reclassifications out of accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income), net	$ 47,521	$ 13,913
Tax benefit	(94,115)	(83,824)
Net income	339,041	375,899
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of prior service cost and initial net obligation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income), net	(1,483)	(1,641)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Recognized actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income), net	(39,485)	(29,297)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	(40,968)	(30,938)
Tax benefit	9,942	7,065
Net income	$ (31,026)	$ (23,873)

Goodwill and intangible asset_2

Goodwill and intangible assets - Changes in carrying amount of goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 5,453,805
Acquisition	428,488
Foreign currency translation and other	(63,680)
Ending balance	5,818,613
Diversified Industrial Segment
Goodwill [Roll Forward]
Beginning balance	5,355,165
Acquisition	0
Foreign currency translation and other	(63,668)
Ending balance	5,291,497
Aerospace Systems Segment
Goodwill [Roll Forward]
Beginning balance	98,640
Acquisition	428,488
Foreign currency translation and other	(12)
Ending balance	$ 527,116

Goodwill and intangible asset_3

Goodwill and intangible assets - Intangible assets by major category (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Finite-Lived Intangible Asset
Gross Carrying Amount	$ 4,184,755	$ 3,243,678
Accumulated Amortization	1,490,999	1,460,401
Patents and technology
Finite-Lived Intangible Asset
Gross Carrying Amount	600,411	265,644
Accumulated Amortization	132,896	130,233
Trademarks
Finite-Lived Intangible Asset
Gross Carrying Amount	627,253	542,573
Accumulated Amortization	255,674	252,388
Customer lists and other
Finite-Lived Intangible Asset
Gross Carrying Amount	2,957,091	2,435,461
Accumulated Amortization	$ 1,102,429	$ 1,077,780

Goodwill and intangible asset_4

Goodwill and intangible assets - Additional information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$ 51,106
Estimated amortization expense, year ending June 30, 2019	215,970
Estimated amortization expense, year ending June 30, 2020	222,107
Estimated amortization expense, year ending June 30, 2021	216,099
Estimated amortization expense, year ending June 30, 2022	205,156
Estimated amortization expense, year ending June 30, 2023	$ 199,597

Retirement benefits - Net pensi

Retirement benefits - Net pension benefit cost (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plans Disclosure
Service cost	$ 19,549	$ 20,509
Interest cost	33,993	39,866
Expected return on plan assets	(63,895)	(62,877)
Amortization of prior service cost	1,509	1,648
Amortization of net actuarial loss	39,561	29,293
Amortization of initial net obligation	4	4
Net pension benefit expense	$ 30,721	$ 28,443

Retirement benefits - Additiona

Retirement benefits - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Other Postretirement Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans
Net pension benefit cost	$ 457	$ 650

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Term Loan Due September 2023 | Medium-term Notes
Debt Instrument [Line Items]
Loan principle	$ 925,000,000
Amended And Extended Multi-Currency Credit Agreement
Debt Instrument [Line Items]
Commercial paper outstanding	1,691,000,000	$ 586,000,000
Amended And Extended Multi-Currency Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Debt to debt-shareholders' equity ratio, maximum	0.65
Debt to debt-shareholders' equity ratio	0.60
London Interbank Offered Rate (LIBOR) | Term Loan Due September 2023 | Medium-term Notes
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Income taxes (Details)

Income taxes (Details) $ in Thousands	Sep. 30, 2019USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 134,531
Unrecognized tax benefits that would impact effective tax rate if recognized	134,531
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	25,287
Decrease in unrecognized tax benefits that is reasonably possible (up to)	$ 100,000

Financial instruments - Additio

Financial instruments - Additional information (Details) € in Millions	Sep. 30, 2019EUR (€)
Senior Notes | Senior Notes Due 2025
Debt Instrument [Line Items]
Aggregate principal amount (in EUR)	€ 700

Financial instruments - Carryin

Financial instruments - Carrying values and estimated fair values of long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Carrying value of long-term debt	$ 7,488,226	$ 6,596,380
Estimated fair value of long-term debt	$ 8,031,347	$ 7,012,641

Financial instruments - Fair va

Financial instruments - Fair value of derivative instruments reported in consolidated balance sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Cross-currency swap contracts | Other assets
Derivatives, Fair Value
Net investment hedge, assets	$ 37,547	$ 24,545
Forward exchange contracts | Non-trade and notes receivable
Derivatives, Fair Value
Cash flow hedge, assets	15,481	13,242
Forward exchange contracts | Other accrued liabilities
Derivatives, Fair Value
Cash flow hedge, liability	4,990	2,578
Costless collar contracts | Non-trade and notes receivable
Derivatives, Fair Value
Cash flow hedge, assets	352	457
Costless collar contracts | Other accrued liabilities
Derivatives, Fair Value
Cash flow hedge, liability	$ 1,292	$ 1,934

Financial instruments - Gain (l

Financial instruments - Gain (losses) on derivative and non-derivative financial instruments recorded in accumulated other comprehensive (loss) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cross-currency swap contracts
Derivative Instruments, Gain (Loss)
Derivative and non derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 10,384	$ 1,920
Foreign denominated debt
Derivative Instruments, Gain (Loss)
Derivative and non derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 24,925	$ 4,127

Financial instruments - Financi

Financial instruments - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Assets:
Equity securities	$ 7,133	$ 7,533
Derivatives	53,380	38,244
Liabilities:
Derivatives	6,282	4,512
Measured at Net Asset Value
Assets:
Investments measured at net asset value	2,612	9,728
Quoted Prices In Active Markets (Level 1)
Assets:
Equity securities	7,133	7,533
Derivatives	0	0
Liabilities:
Derivatives	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Equity securities	0	0
Derivatives	53,380	38,244
Liabilities:
Derivatives	6,282	4,512
Significant Unobservable Inputs (Level 3)
Assets:
Equity securities	0	0
Derivatives	0	0
Liabilities:
Derivatives	$ 0	$ 0