Cover Page
| Cover Page | 6 Months Ended |
| Dec. 31, 2019shares | |
| Cover page. | |
| Document Type | 10-Q |
| Document Quarterly Report | true |
| Document Period End Date | Dec. 31, 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, $.50 par value |
| Trading Symbol | PH |
| Security Exchange Name | NYSE |
| Entity Current Reporting Status | Yes |
| Entity Interactive Data Current | Yes |
| Entity Filer Category | Large Accelerated Filer |
| Entity Small Business | false |
| Entity Emerging Growth Company | false |
| Entity Shell Company | false |
| Entity Common Stock, Shares Outstanding | 128,363,097 |
| Entity Central Index Key | 0000076334 |
| Current Fiscal Year End Date | --06-30 |
| Document Fiscal Year Focus | 2020 |
| Document Fiscal Period Focus | Q2 |
| Amendment Flag | false |
Consolidated Statement of Incom
| Consolidated Statement of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Income Statement [Abstract] | ||||
| Net sales | $ 3,497,974 | $ 3,472,045 | $ 6,832,485 | $ 6,951,339 |
| Cost of sales | 2,682,765 | 2,602,339 | 5,162,506 | 5,197,162 |
| Selling, general and administrative expenses | 491,121 | 397,259 | 890,300 | 791,581 |
| Interest expense | 82,891 | 47,518 | 152,847 | 91,857 |
| Other (income), net | (13,549) | (6,225) | (61,070) | (20,138) |
| Income before income taxes | 254,746 | 431,154 | 687,902 | 890,877 |
| Income taxes | 50,148 | 119,241 | 144,263 | 203,065 |
| Net income | 204,598 | 311,913 | 543,639 | 687,812 |
| Less: Noncontrolling interest in subsidiaries' earnings | 124 | 176 | 267 | 364 |
| Net income attributable to common shareholders | $ 204,474 | $ 311,737 | $ 543,372 | $ 687,448 |
| Earnings per share attributable to common shareholders: | ||||
| Basic (in USD per share) | $ 1.59 | $ 2.39 | $ 4.23 | $ 5.23 |
| Diluted (in USD per share) | $ 1.57 | $ 2.36 | $ 4.17 | $ 5.15 |
Consolidated Statement of Compr
| Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 204,598 | $ 311,913 | $ 543,639 | $ 687,812 |
| Less: Noncontrolling interests in subsidiaries' earnings | 124 | 176 | 267 | 364 |
| Net income attributable to common shareholders | 204,474 | 311,737 | 543,372 | 687,448 |
| Other comprehensive income (loss), net of tax | ||||
| Foreign currency translation adjustment and other | 151,583 | (43,986) | 48,862 | (79,111) |
| Retirement benefits plan activity | 33,416 | 24,527 | 64,442 | 48,400 |
| Other comprehensive income (loss) | 184,999 | (19,459) | 113,304 | (30,711) |
| Less: Other comprehensive income (loss) for noncontrolling interests | 137 | 55 | (12) | (34) |
| Other comprehensive income (loss) attributable to common shareholders | 184,862 | (19,514) | 113,316 | (30,677) |
| Total comprehensive income attributable to common shareholders | $ 389,336 | $ 292,223 | $ 656,688 | $ 656,771 |
Consolidated Balance Sheet
| Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Current assets: | ||
| Cash and cash equivalents | $ 948,355 | $ 3,219,767 |
| Marketable securities and other investments | 145,120 | 150,931 |
| Trade accounts receivable, net | 1,973,187 | 2,131,054 |
| Non-trade and notes receivable | 319,126 | 310,708 |
| Inventories | 2,014,260 | 1,678,132 |
| Prepaid expenses and other | 261,103 | 182,494 |
| Total current assets | 5,661,151 | 7,673,086 |
| Plant and equipment | 5,817,798 | 5,186,730 |
| Less: Accumulated depreciation | 3,481,858 | 3,418,443 |
| Plant and equipment, net | 2,335,940 | 1,768,287 |
| Deferred income taxes | 114,032 | 150,462 |
| Investments and other assets | 941,588 | 747,773 |
| Intangible assets, net | 4,036,108 | 1,783,277 |
| Goodwill | 7,955,170 | 5,453,805 |
| Total assets | 21,043,989 | 17,576,690 |
| Current liabilities: | ||
| Notes payable and long-term debt payable within one year | 1,604,318 | 587,014 |
| Accounts payable, trade | 1,311,733 | 1,413,155 |
| Accrued payrolls and other compensation | 372,549 | 426,285 |
| Accrued domestic and foreign taxes | 165,265 | 167,312 |
| Other accrued liabilities | 637,257 | 558,007 |
| Total current liabilities | 4,091,122 | 3,151,773 |
| Long-term debt | 8,141,220 | 6,520,831 |
| Pensions and other postretirement benefits | 1,366,814 | 1,304,379 |
| Deferred income taxes | 569,582 | 193,066 |
| Other liabilities | 532,750 | 438,489 |
| Total liabilities | 14,701,488 | 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 December 31 and June 30 | 90,523 | 90,523 |
| Additional capital | 455,862 | 462,086 |
| Retained earnings | 13,094,252 | 12,777,538 |
| Accumulated other comprehensive (loss) | (1,945,732) | (2,059,048) |
| Treasury shares, at cost; 52,683,031 shares at December 31 and 52,566,086 shares at June 30 | (5,364,730) | (5,309,130) |
| Total shareholders’ equity | 6,330,175 | 5,961,969 |
| Noncontrolling interests | 12,326 | 6,183 |
| Total equity | 6,342,501 | 5,968,152 |
| Total liabilities and equity | $ 21,043,989 | $ 17,576,690 |
Consolidated Balance Sheet (Par
| Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 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) | 52,683,031 | 52,566,086 |
Consolidated Statement of Cash
| Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
| Dec. 31, 2019 | Dec. 31, 2018 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $ 543,639 | $ 687,812 |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation | 119,741 | 115,000 |
| Amortization | 133,559 | 107,543 |
| Share incentive plan compensation | 73,069 | 64,615 |
| Deferred income taxes | 8,608 | 47,401 |
| Foreign currency transaction loss | 6,569 | 2,526 |
| (Gain) loss on plant and equipment and intangible assets | (4,478) | 3,428 |
| Loss on sale of businesses | 0 | 623 |
| (Gain) loss on marketable securities | (1,969) | 5,701 |
| Gain on investments | (1,849) | (3,213) |
| Changes in assets and liabilities, net of effect of acquisitions: | ||
| Accounts receivable, net | 379,536 | 185,638 |
| Inventories | 25,724 | (176,094) |
| Prepaid expenses and other | (50,153) | (40,555) |
| Other assets | (38,747) | 14,214 |
| Accounts payable, trade | (178,013) | (120,253) |
| Accrued payrolls and other compensation | (117,882) | (104,726) |
| Accrued domestic and foreign taxes | (7,699) | (14,758) |
| Other accrued liabilities | (76,616) | 18,960 |
| Pensions and other postretirement benefits | 32,316 | (173,040) |
| Other liabilities | (19,387) | (79,782) |
| Net cash provided by operating activities | 825,968 | 541,040 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisitions (net of cash of $82,192 in 2019 and $690 in 2018) | (5,075,605) | (2,042) |
| Capital expenditures | (118,593) | (94,426) |
| Proceeds from sale of plant and equipment | 20,993 | 34,121 |
| Proceeds from sale of businesses | 0 | 19,540 |
| Purchases of marketable securities and other investments | (190,129) | (2,845) |
| Maturities and sales of marketable securities and other investments | 198,872 | 14,432 |
| Other | 9,374 | (90) |
| Net cash used in investing activities | (5,155,088) | (31,310) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from exercise of stock options | 1,923 | 635 |
| Payments for common shares | (136,815) | (565,970) |
| Proceeds from notes payable, net | 931,546 | 606,019 |
| Proceeds from long-term borrowings | 1,721,181 | 1 |
| Payments for long-term borrowings | (236,505) | (100,209) |
| Dividends paid | (227,025) | (200,459) |
| Net cash provided by (used in) financing activities | 2,054,305 | (259,983) |
| Effect of exchange rate changes on cash | 3,403 | (24,499) |
| Net (decrease) increase in cash and cash equivalents | (2,271,412) | 225,248 |
| Cash and cash equivalents at beginning of year | 3,219,767 | 822,137 |
| Cash and cash equivalents at end of period | $ 948,355 | $ 1,047,385 |
Consolidated Statement of Cas_2
| Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
| Dec. 31, 2019 | Dec. 31, 2018 | |
| Statement of Cash Flows [Abstract] | ||
| Acquisitions, cash acquired | $ 82,912 | $ 690 |
Business Segment Information
| Business Segment Information | 6 Months Ended |
| Dec. 31, 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 Six Months Ended December 31, December 31, 2019 2018 2019 2018 Net sales Diversified Industrial: North America $ 1,615,852 $ 1,632,059 $ 3,240,457 $ 3,313,103 International 1,147,084 1,223,679 2,225,934 2,457,445 Aerospace Systems 735,038 616,307 1,366,094 1,180,791 Total net sales $ 3,497,974 $ 3,472,045 $ 6,832,485 $ 6,951,339 Segment operating income Diversified Industrial: North America $ 211,339 $ 257,774 $ 486,531 $ 532,885 International 153,816 189,085 322,389 395,179 Aerospace Systems 121,039 121,463 244,019 231,318 Total segment operating income 486,194 568,322 1,052,939 1,159,382 Corporate general and administrative expenses 35,660 63,890 84,562 114,215 Income before interest expense and other expense 450,534 504,432 968,377 1,045,167 Interest expense 82,891 47,518 152,847 91,857 Other expense 112,897 25,760 127,628 62,433 Income before income taxes $ 254,746 $ 431,154 $ 687,902 $ 890,877 |
Management representation
| Management representation | 6 Months Ended |
| Dec. 31, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Management representation | 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. 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, 2019 , the results of operations for the three and six months ended December 31, 2019 and 2018 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 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. 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, 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 | 6 Months Ended |
| Dec. 31, 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 Six Months Ended December 31, December 31, 2019 2018 2019 2018 Motion Systems $ 752,306 $ 856,357 $ 1,519,120 $ 1,715,930 Flow and Process Control 942,249 1,015,200 1,953,604 2,076,264 Filtration and Engineered Materials 1,068,381 984,181 1,993,667 1,978,354 Total $ 2,762,936 $ 2,855,738 $ 5,466,391 $ 5,770,548 Aerospace Systems Segment revenues by product platform: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Flight Control Actuation $ 180,423 $ 189,670 $ 353,682 $ 352,606 Fuel, Inerting and Engine Motion Control 159,474 157,262 311,687 301,308 Hydraulics 110,385 108,893 218,760 211,390 Engine Components 179,605 71,647 273,400 136,033 Airframe and Engine Fluid Conveyance 79,123 68,868 163,802 139,072 Other 26,028 19,967 44,763 40,382 Total $ 735,038 $ 616,307 $ 1,366,094 $ 1,180,791 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 North America $ 2,344,338 $ 2,248,806 $ 4,600,089 $ 4,494,897 Europe 652,586 714,550 1,291,724 1,440,860 Asia Pacific 463,840 465,974 861,554 927,614 Latin America 37,210 42,715 79,118 87,968 Total $ 3,497,974 $ 3,472,045 $ 6,832,485 $ 6,951,339 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: December 31, 2019 June 30, 2019 Contract assets, current (included within Prepaid expenses and other) $ 26,981 $ 22,726 Contract assets, noncurrent (included within Investments and other assets) 1,146 1,301 Total contract assets 28,127 24,027 Contract liabilities, current (included within Other accrued liabilities) (58,323 ) (64,668 ) Contract liabilities, noncurrent (included within Other liabilities) (406 ) (421 ) Total contract liabilities (58,729 ) (65,089 ) Net contract liabilities $ (30,602 ) $ (41,062 ) At December 31, 2019 , the change in net contract liabilities was primarily due to timing differences between when revenue was recognized and the receipt of advance payments. During the six months ended December 31, 2019 , approximately $22 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 December 31, 2019 was $5,503 million , of which approximately 89 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter. |
Acquisitions
| Acquisitions | 6 Months Ended |
| Dec. 31, 2019 | |
| Business Combinations [Abstract] | |
| Acquisitions | Acquisitions On October 29, 2019, we completed the acquisition of a 100 percent equity interest in LORD Corporation ("Lord") for approximately $3,453 million in cash, including the assumption of debt. 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. Lord is a diversified technology and manufacturing company developing highly reliable adhesives and coatings, as well as 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 are included in the Diversified Industrial Segment, while the remaining five percent are 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. 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 Lord and Exotic's assets acquired and liabilities assumed on the respective acquisition dates. These preliminary estimates are based on available information and will be revised during the measurement period, not to exceed 12 months from the acquisition date, 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 within the measurement period. During the current-year quarter, these revisions, which primarily impacted intangible assets, goodwill, and plant and equipment, did not have a material impact on our financial statements. Lord Exotic October 29, 2019 September 16, 2019 Assets: Cash and cash equivalents $ 74,013 $ 8,179 Accounts receivable 156,670 81,336 Inventories 251,312 114,661 Prepaid expenses and other 27,624 1,343 Plant and equipment 406,356 178,393 Deferred income taxes — 2,057 Other assets 34,185 1,226 Intangible assets 1,492,960 873,710 Goodwill 1,978,526 504,485 Total assets acquired 4,421,646 1,765,390 Liabilities: Notes payable and long-term debt payable within one year 630 — Accounts payable, trade 56,186 23,176 Accrued payrolls and other compensation 57,371 8,863 Accrued domestic and foreign taxes 4,498 2,123 Other accrued liabilities 91,101 25,662 Long-term debt 223,313 — Pensions and other postretirement benefits 115,265 — Deferred income taxes 383,759 — Other liabilities 30,106 — Noncontrolling interests 6,255 — Total liabilities and noncontrolling interests assumed 968,484 59,824 Net assets acquired $ 3,453,162 $ 1,705,566 Goodwill is calculated as the excess of the purchase price over the net assets acquired. With respect to the Lord and Exotic acquisitions, goodwill represents cost synergies and enhancements to our existing technologies. For tax purposes, Lord's goodwill is not deductible and Exotic's goodwill is deductible. Based upon a preliminary acquisition valuation, intangibles acquired as part of the Exotic acquisition include $501,610 of customer-related intangible assets, $281,500 of patents and technology and $90,600 of trademarks, with weighted average estimated useful lives of 18 , 20 and 20 years , respectively. Similarly, Lord's acquisition includes $917,640 of customer-related intangible assets, $456,680 of patents and technology and $118,640 of trademarks, with weighted average estimated useful lives of 13 , 21 and 20 years , respectively. Our consolidated financial statements include the results of operations of Lord and Exotic from their respective acquisition dates through December 31, 2019. Net sales attributable to these acquisitions during this period and included in our consolidated financial statements for the three and six months ended December 31, 2019 total $285,905 and $307,188 , respectively. Segment operating (loss) attributable to these acquisitions during this period and included in our consolidated financial statements for the three and six months ended December 31, 2019 total $(20,054) and $(19,820) , respectively. Acquisition-related transaction costs totaled $114,672 for fiscal 2020. These costs are included in selling, general and administrative expenses in the Consolidated Statement of Income. |
Earnings per share
| Earnings per share | 6 Months Ended |
| Dec. 31, 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 and six months ended December 31, 2019 and 2018 . Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Numerator: Net income attributable to common shareholders $ 204,474 $ 311,737 $ 543,372 $ 687,448 Denominator: Basic - weighted average common shares 128,396,933 130,361,273 128,430,463 131,361,464 Increase in weighted average common shares from dilutive effect of equity-based awards 2,098,448 1,949,937 1,723,616 2,088,210 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,495,381 132,311,210 130,154,079 133,449,674 Basic earnings per share $ 1.59 $ 2.39 $ 4.23 $ 5.23 Diluted earnings per share $ 1.57 $ 2.36 $ 4.17 $ 5.15 For the three months ended December 31, 2019 and 2018 , 2,718 and 1,335,187 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, 2019 and 2018 , 767,692 and 836,099 |
Share repurchase program
| Share repurchase program | 6 Months Ended |
| Dec. 31, 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 December 31, 2019 , we repurchased 260,287 shares at an average price, including commissions, of $192.10 per share. During the six months ended December 31, 2019 , we repurchased 555,381 shares at an average price, including commissions, of $180.06 per share. |
Trade accounts receivable, net
| Trade accounts receivable, net | 6 Months Ended |
| Dec. 31, 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 $11,352 and $8,874 at December 31, 2019 and June 30, 2019 , respectively. The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Notes receivable $ 141,483 $ 147,719 Accounts receivable, other 177,643 162,989 Total $ 319,126 $ 310,708 |
Non-trade and notes receivable
| Non-trade and notes receivable | 6 Months Ended |
| Dec. 31, 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 $11,352 and $8,874 at December 31, 2019 and June 30, 2019 , respectively. The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Notes receivable $ 141,483 $ 147,719 Accounts receivable, other 177,643 162,989 Total $ 319,126 $ 310,708 |
Inventories
| Inventories | 6 Months Ended |
| Dec. 31, 2019 | |
| Inventory, Net [Abstract] | |
| Inventories | Inventories The inventories caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Finished products $ 786,891 $ 663,068 Work in process 948,968 850,778 Raw materials 278,401 164,286 Total $ 2,014,260 $ 1,678,132 |
Leases
| Leases | 6 Months Ended |
| Dec. 31, 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 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 Six Months Ended December 31, 2019 December 31, 2019 Operating lease expense $ 12,879 $ 24,830 Short-term lease cost 2,109 4,434 Variable lease cost 1,685 2,959 Total lease cost $ 16,673 $ 32,223 Supplemental cash flow information related to operating leases are as follows: Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 12,732 $ 24,582 Right-of-use assets obtained in exchange for operating lease obligations 8,730 25,947 Supplemental balance sheet information related to operating leases is as follows: December 31, 2019 Operating lease right-of-use assets (included within Investments and other assets) $ 155,869 Current operating lease liabilities (included within Other accrued liabilities) $ 42,661 Long-term operating lease liabilities (included within Other liabilities) 112,442 Total operating lease liabilities $ 155,103 Weighted average remaining lease term 6.4 years Weighted average discount rate 2.3 % Maturities of lease liabilities at December 31, 2019 are as follows: Operating Leases 2020 $ 24,277 2021 40,670 2022 29,237 2023 19,609 2024 12,439 Thereafter 43,544 Total operating lease payments $ 169,776 Less imputed interest 14,673 Total operating lease liabilities $ 155,103 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 | 6 Months Ended |
| Dec. 31, 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 and Europe. 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 Six Months Ended December 31, December 31, 2019 2018 2019 2018 Diversified Industrial $ 9,667 $ 7,382 $ 14,392 $ 15,940 Aerospace Systems 52 — 45 — Corporate general and administrative expenses 117 — 122 — Other expense — 220 — 275 Workforce reductions in connection with business realignment and Clarcor acquisition integration charges in the Business Segment Information are as follows: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Diversified Industrial 599 164 818 365 Aerospace Systems 16 — 16 — Corporate general and administrative expenses 4 — 5 — The business realignment and Clarcor acquisition integration charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Cost of sales $ 7,679 $ 3,669 $ 11,024 $ 8,068 Selling, general and administrative expenses 2,157 3,713 3,535 7,872 Other (income), net — 220 — 275 During the first six months of fiscal 2020 , approximately $15 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 , a majority of which are expected to be paid by December 31, 2020 , 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 business realignment described above, the timing and amount of which are not known at this time. We also incurred the following acquisition integration charges related to the Lord and Exotic acquisitions: Three Months Ended Six Months Ended December 31, December 31, 2019 2019 Diversified Industrial $ 6,725 $ 10,139 Aerospace Systems 489 1,084 These charges are primarily included in selling, general and administrative expenses within the Consolidated Statement of Income. |
Equity
| Equity | 6 Months Ended |
| Dec. 31, 2019 | |
| Equity [Abstract] | |
| Equity | Equity Changes in equity for the three months ended December 31, 2019 and 2018 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at September 30, 2019 $ 90,523 $ 464,440 $ 13,003,084 $ (2,130,594 ) $ (5,330,837 ) $ 6,176 $ 6,102,792 Net income 204,474 124 204,598 Other comprehensive income 184,862 137 184,999 Dividends paid ($0.88 per share) (113,306 ) (366 ) (113,672 ) Stock incentive plan activity (8,578 ) 16,107 7,529 Acquisition activity 6,255 6,255 Shares purchased at cost (50,000 ) (50,000 ) Balance at December 31, 2019 $ 90,523 $ 455,862 $ 13,094,252 $ (1,945,732 ) $ (5,364,730 ) $ 12,326 $ 6,342,501 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at September 30, 2018 $ 90,523 $ 503,052 $ 11,902,300 $ (1,775,983 ) $ (4,618,512 ) $ 5,726 $ 6,107,106 Net income 311,737 176 311,913 Other comprehensive income (loss) (19,514 ) 55 (19,459 ) Dividends paid ($0.76 per share) (99,589 ) (99,589 ) Stock incentive plan activity 18,802 2,393 21,195 Shares purchased at cost (500,000 ) (500,000 ) Balance at December 31, 2018 $ 90,523 $ 521,854 $ 12,114,448 $ (1,795,497 ) $ (5,116,119 ) $ 5,957 $ 5,821,166 Changes in equity for the six months ended December 31, 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 543,372 267 543,639 Other comprehensive income (loss) 113,316 (12 ) 113,304 Dividends paid ($1.76 per share) (226,658 ) (367 ) (227,025 ) Stock incentive plan activity (6,224 ) 44,400 38,176 Acquisition activity 6,255 6,255 Shares purchased at cost (100,000 ) (100,000 ) Balance at December 31, 2019 $ 90,523 $ 455,862 $ 13,094,252 $ (1,945,732 ) $ (5,364,730 ) $ 12,326 $ 6,342,501 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 687,448 364 687,812 Other comprehensive (loss) (30,677 ) (34 ) (30,711 ) Dividends paid ($1.52 per share) (200,458 ) (200,458 ) Stock incentive plan activity 25,262 24,019 49,281 Shares purchased at cost (550,000 ) (550,000 ) Balance at December 31, 2018 $ 90,523 $ 521,854 $ 12,114,448 $ (1,795,497 ) $ (5,116,119 ) $ 5,957 $ 5,821,166 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the six months ended December 31, 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 income before reclassifications 48,874 — 48,874 Amounts reclassified from accumulated other comprehensive (loss) — 64,442 64,442 Balance at December 31, 2019 $ (962,782 ) $ (982,950 ) $ (1,945,732 ) 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 (82,655 ) — (82,655 ) Amounts reclassified from accumulated other comprehensive (loss) 3,578 48,400 51,978 Balance at December 31, 2018 $ (1,024,288 ) $ (771,209 ) $ (1,795,497 ) Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and six months ended December 31, 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 Six Months Ended December 31, 2019 December 31, 2019 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,284 ) $ (2,767 ) Other (income), net Recognized actuarial loss (42,703 ) (82,188 ) Other (income), net Total before tax (43,987 ) (84,955 ) Tax benefit 10,571 20,513 Net of tax $ (33,416 ) $ (64,442 ) 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, 2018 December 31, 2018 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,652 ) $ (3,293 ) Other (income), net Recognized actuarial loss (30,696 ) (59,993 ) Other (income), net Total before tax (32,348 ) (63,286 ) Tax benefit 7,821 14,886 Net of tax $ (24,527 ) $ (48,400 ) |
Goodwill and intangible assets
| Goodwill and intangible assets | 6 Months Ended |
| Dec. 31, 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 six months ended December 31, 2019 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2019 $ 5,355,165 $ 98,640 $ 5,453,805 Acquisitions 1,978,234 504,777 2,483,011 Foreign currency translation and other 18,354 — 18,354 Balance at December 31, 2019 $ 7,351,753 $ 603,417 $ 7,955,170 The acquisitions 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: December 31, 2019 June 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents and technology $ 992,729 $ 138,740 $ 265,644 $ 130,233 Trademarks 753,804 269,734 542,573 252,388 Customer lists and other 3,874,382 1,176,333 2,435,461 1,077,780 Total $ 5,620,915 $ 1,584,807 $ 3,243,678 $ 1,460,401 Total intangible amortization expense for the six months ended December 31, 2019 was $128,174 . The estimated amortization expense for the five years ending June 30, 2020 through 2024 is $277,637 , $314,987 , $308,949 , $297,923 and $292,311 , 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 six months ended December 31, 2019 . |
Retirement benefits
| Retirement benefits | 6 Months Ended |
| Dec. 31, 2019 | |
| Retirement Benefits [Abstract] | |
| Retirement benefits | Retirement benefits Net pension benefit expense recognized included the following components: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 21,449 $ 17,983 $ 40,998 $ 38,492 Interest cost 35,851 40,551 69,844 80,417 Expected return on plan assets (66,883 ) (62,701 ) (130,778 ) (125,578 ) Amortization of prior service cost 1,309 1,677 2,818 3,325 Amortization of net actuarial loss 42,779 30,692 82,340 59,985 Amortization of initial net obligation 5 4 9 9 Net pension benefit expense $ 34,510 $ 28,206 $ 65,231 $ 56,650 During the three months ended December 31, 2019 and 2018 , we recognized $510 and $631 , respectively, in expense related to other postretirement benefits. During the six months ended December 31, 2019 and 2018 , we recognized $967 and $1,281 , 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 | 6 Months Ended |
| Dec. 31, 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 mature in its entirety in September 2023. We used the proceeds to finance a portion of the purchase of the Exotic acquisition. In October 2019, we fully drew against the $800 million term loan, which will mature in its entirety in May 2022. We used the proceeds to finance a portion of the purchase of the Lord acquisition. At December 31, 2019 , both term loans had an interest rate of LIBOR plus 112.5 bps. Interest payments are due quarterly. In September 2019, we also amended and extended our existing multi-currency credit agreement, increasing its capacity to $2,500 million . Commercial paper notes outstanding at December 31, 2019 and June 30, 2019 were $1,518 million and $586 million , respectively. Based on the Company’s rating level at December 31, 2019 , the most restrictive financial covenant provides that the ratio of debt to debt-shareholders' equity cannot exceed .65 to 1.0 . At December 31, 2019 , our debt to debt-shareholders' equity ratio was .61 to 1.0 . We are in compliance with all covenants set forth in the credit agreement and indentures. |
Income taxes
| Income taxes | 6 Months Ended |
| Dec. 31, 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 December 31, 2019 , the Company had gross unrecognized tax benefits of $136,103 , 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 $26,617 . 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 | 6 Months Ended |
| Dec. 31, 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 December 31, 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: December 31, June 30, Carrying value of long-term debt $ 8,302,561 $ 6,596,380 Estimated fair value of long-term debt 8,780,550 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 December 31, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 32,485 $ 24,545 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 16,663 13,242 Forward exchange contracts Other accrued liabilities 1,450 2,578 Costless collar contracts Non-trade and notes receivable 1,559 457 Costless collar contracts Other accrued liabilities 2,857 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 and six months ended December 31, 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 Six Months Ended December 31, December 31, 2019 2018 2019 2018 Cross-currency swap contracts $ (3,833 ) $ 5,700 $ 6,551 $ 7,619 Foreign denominated debt (16,600 ) 7,144 8,324 11,271 No portion of these financial instruments were excluded from the effectiveness testing during the six months ended December 31, 2019 and 2018 . A summary of financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2019 and June 30, 2019 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 9,930 $ 9,930 $ — $ — Derivatives 50,707 — 50,707 — Liabilities: Derivatives 4,307 — 4,307 — 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) | 6 Months Ended |
| Dec. 31, 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. 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. 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 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) | 6 Months Ended |
| Dec. 31, 2019 | |
| Segment Reporting [Abstract] | |
| Schedule of segment reporting information | Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Net sales Diversified Industrial: North America $ 1,615,852 $ 1,632,059 $ 3,240,457 $ 3,313,103 International 1,147,084 1,223,679 2,225,934 2,457,445 Aerospace Systems 735,038 616,307 1,366,094 1,180,791 Total net sales $ 3,497,974 $ 3,472,045 $ 6,832,485 $ 6,951,339 Segment operating income Diversified Industrial: North America $ 211,339 $ 257,774 $ 486,531 $ 532,885 International 153,816 189,085 322,389 395,179 Aerospace Systems 121,039 121,463 244,019 231,318 Total segment operating income 486,194 568,322 1,052,939 1,159,382 Corporate general and administrative expenses 35,660 63,890 84,562 114,215 Income before interest expense and other expense 450,534 504,432 968,377 1,045,167 Interest expense 82,891 47,518 152,847 91,857 Other expense 112,897 25,760 127,628 62,433 Income before income taxes $ 254,746 $ 431,154 $ 687,902 $ 890,877 |
Revenue recognition (Tables)
| Revenue recognition (Tables) | 6 Months Ended |
| Dec. 31, 2019 | |
| Revenue from Contract with Customer [Abstract] | |
| Disaggregation of revenue | Diversified Industrial Segment revenues by technology platform: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Motion Systems $ 752,306 $ 856,357 $ 1,519,120 $ 1,715,930 Flow and Process Control 942,249 1,015,200 1,953,604 2,076,264 Filtration and Engineered Materials 1,068,381 984,181 1,993,667 1,978,354 Total $ 2,762,936 $ 2,855,738 $ 5,466,391 $ 5,770,548 Aerospace Systems Segment revenues by product platform: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Flight Control Actuation $ 180,423 $ 189,670 $ 353,682 $ 352,606 Fuel, Inerting and Engine Motion Control 159,474 157,262 311,687 301,308 Hydraulics 110,385 108,893 218,760 211,390 Engine Components 179,605 71,647 273,400 136,033 Airframe and Engine Fluid Conveyance 79,123 68,868 163,802 139,072 Other 26,028 19,967 44,763 40,382 Total $ 735,038 $ 616,307 $ 1,366,094 $ 1,180,791 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 North America $ 2,344,338 $ 2,248,806 $ 4,600,089 $ 4,494,897 Europe 652,586 714,550 1,291,724 1,440,860 Asia Pacific 463,840 465,974 861,554 927,614 Latin America 37,210 42,715 79,118 87,968 Total $ 3,497,974 $ 3,472,045 $ 6,832,485 $ 6,951,339 |
| Contract assets and liabilities | Total contract assets and contract liabilities are as follows: December 31, 2019 June 30, 2019 Contract assets, current (included within Prepaid expenses and other) $ 26,981 $ 22,726 Contract assets, noncurrent (included within Investments and other assets) 1,146 1,301 Total contract assets 28,127 24,027 Contract liabilities, current (included within Other accrued liabilities) (58,323 ) (64,668 ) Contract liabilities, noncurrent (included within Other liabilities) (406 ) (421 ) Total contract liabilities (58,729 ) (65,089 ) Net contract liabilities $ (30,602 ) $ (41,062 ) |
Acquisitions (Tables)
| Acquisitions (Tables) | 6 Months Ended |
| Dec. 31, 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 Lord and Exotic's assets acquired and liabilities assumed on the respective acquisition dates. These preliminary estimates are based on available information and will be revised during the measurement period, not to exceed 12 months from the acquisition date, 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 within the measurement period. During the current-year quarter, these revisions, which primarily impacted intangible assets, goodwill, and plant and equipment, did not have a material impact on our financial statements. Lord Exotic October 29, 2019 September 16, 2019 Assets: Cash and cash equivalents $ 74,013 $ 8,179 Accounts receivable 156,670 81,336 Inventories 251,312 114,661 Prepaid expenses and other 27,624 1,343 Plant and equipment 406,356 178,393 Deferred income taxes — 2,057 Other assets 34,185 1,226 Intangible assets 1,492,960 873,710 Goodwill 1,978,526 504,485 Total assets acquired 4,421,646 1,765,390 Liabilities: Notes payable and long-term debt payable within one year 630 — Accounts payable, trade 56,186 23,176 Accrued payrolls and other compensation 57,371 8,863 Accrued domestic and foreign taxes 4,498 2,123 Other accrued liabilities 91,101 25,662 Long-term debt 223,313 — Pensions and other postretirement benefits 115,265 — Deferred income taxes 383,759 — Other liabilities 30,106 — Noncontrolling interests 6,255 — Total liabilities and noncontrolling interests assumed 968,484 59,824 Net assets acquired $ 3,453,162 $ 1,705,566 |
Earnings per share (Tables)
| Earnings per share (Tables) | 6 Months Ended |
| Dec. 31, 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 and six months ended December 31, 2019 and 2018 . Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Numerator: Net income attributable to common shareholders $ 204,474 $ 311,737 $ 543,372 $ 687,448 Denominator: Basic - weighted average common shares 128,396,933 130,361,273 128,430,463 131,361,464 Increase in weighted average common shares from dilutive effect of equity-based awards 2,098,448 1,949,937 1,723,616 2,088,210 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,495,381 132,311,210 130,154,079 133,449,674 Basic earnings per share $ 1.59 $ 2.39 $ 4.23 $ 5.23 Diluted earnings per share $ 1.57 $ 2.36 $ 4.17 $ 5.15 |
Non-trade and notes receivable
| Non-trade and notes receivable (Tables) | 6 Months Ended |
| Dec. 31, 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: December 31, June 30, Notes receivable $ 141,483 $ 147,719 Accounts receivable, other 177,643 162,989 Total $ 319,126 $ 310,708 |
Inventories (Tables)
| Inventories (Tables) | 6 Months Ended |
| Dec. 31, 2019 | |
| Inventory, Net [Abstract] | |
| Schedule of inventories | The inventories caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Finished products $ 786,891 $ 663,068 Work in process 948,968 850,778 Raw materials 278,401 164,286 Total $ 2,014,260 $ 1,678,132 |
Leases (Tables)
| Leases (Tables) | 6 Months Ended |
| Dec. 31, 2019 | |
| Leases [Abstract] | |
| Lease expense and supplemental cash flow information | The components of lease expense are as follows: Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Operating lease expense $ 12,879 $ 24,830 Short-term lease cost 2,109 4,434 Variable lease cost 1,685 2,959 Total lease cost $ 16,673 $ 32,223 Supplemental cash flow information related to operating leases are as follows: Three Months Ended Six Months Ended December 31, 2019 December 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 12,732 $ 24,582 Right-of-use assets obtained in exchange for operating lease obligations 8,730 25,947 |
| Supplemental balance sheet information | Supplemental balance sheet information related to operating leases is as follows: December 31, 2019 Operating lease right-of-use assets (included within Investments and other assets) $ 155,869 Current operating lease liabilities (included within Other accrued liabilities) $ 42,661 Long-term operating lease liabilities (included within Other liabilities) 112,442 Total operating lease liabilities $ 155,103 Weighted average remaining lease term 6.4 years Weighted average discount rate 2.3 % |
| Maturities of lease liabilities | Maturities of lease liabilities at December 31, 2019 are as follows: Operating Leases 2020 $ 24,277 2021 40,670 2022 29,237 2023 19,609 2024 12,439 Thereafter 43,544 Total operating lease payments $ 169,776 Less imputed interest 14,673 Total operating lease liabilities $ 155,103 |
Business realignment and acqu_2
| Business realignment and acquisition integration charges (Tables) | 6 Months Ended |
| Dec. 31, 2019 | |
| Restructuring and Related Activities [Abstract] | |
| Schedule of business realignment charges and acquisition integration charges | The business realignment and Clarcor acquisition integration charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Cost of sales $ 7,679 $ 3,669 $ 11,024 $ 8,068 Selling, general and administrative expenses 2,157 3,713 3,535 7,872 Other (income), net — 220 — 275 We also incurred the following acquisition integration charges related to the Lord and Exotic acquisitions: Three Months Ended Six Months Ended December 31, December 31, 2019 2019 Diversified Industrial $ 6,725 $ 10,139 Aerospace Systems 489 1,084 Business realignment and Clarcor acquisition integration charges presented in the Business Segment Information are as follows: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Diversified Industrial $ 9,667 $ 7,382 $ 14,392 $ 15,940 Aerospace Systems 52 — 45 — Corporate general and administrative expenses 117 — 122 — Other expense — 220 — 275 Workforce reductions in connection with business realignment and Clarcor acquisition integration charges in the Business Segment Information are as follows: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Diversified Industrial 599 164 818 365 Aerospace Systems 16 — 16 — Corporate general and administrative expenses 4 — 5 — |
Equity (Tables)
| Equity (Tables) | 6 Months Ended |
| Dec. 31, 2019 | |
| Equity [Abstract] | |
| Schedule of changes in equity | Changes in equity for the three months ended December 31, 2019 and 2018 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at September 30, 2019 $ 90,523 $ 464,440 $ 13,003,084 $ (2,130,594 ) $ (5,330,837 ) $ 6,176 $ 6,102,792 Net income 204,474 124 204,598 Other comprehensive income 184,862 137 184,999 Dividends paid ($0.88 per share) (113,306 ) (366 ) (113,672 ) Stock incentive plan activity (8,578 ) 16,107 7,529 Acquisition activity 6,255 6,255 Shares purchased at cost (50,000 ) (50,000 ) Balance at December 31, 2019 $ 90,523 $ 455,862 $ 13,094,252 $ (1,945,732 ) $ (5,364,730 ) $ 12,326 $ 6,342,501 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at September 30, 2018 $ 90,523 $ 503,052 $ 11,902,300 $ (1,775,983 ) $ (4,618,512 ) $ 5,726 $ 6,107,106 Net income 311,737 176 311,913 Other comprehensive income (loss) (19,514 ) 55 (19,459 ) Dividends paid ($0.76 per share) (99,589 ) (99,589 ) Stock incentive plan activity 18,802 2,393 21,195 Shares purchased at cost (500,000 ) (500,000 ) Balance at December 31, 2018 $ 90,523 $ 521,854 $ 12,114,448 $ (1,795,497 ) $ (5,116,119 ) $ 5,957 $ 5,821,166 Changes in equity for the six months ended December 31, 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 543,372 267 543,639 Other comprehensive income (loss) 113,316 (12 ) 113,304 Dividends paid ($1.76 per share) (226,658 ) (367 ) (227,025 ) Stock incentive plan activity (6,224 ) 44,400 38,176 Acquisition activity 6,255 6,255 Shares purchased at cost (100,000 ) (100,000 ) Balance at December 31, 2019 $ 90,523 $ 455,862 $ 13,094,252 $ (1,945,732 ) $ (5,364,730 ) $ 12,326 $ 6,342,501 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 687,448 364 687,812 Other comprehensive (loss) (30,677 ) (34 ) (30,711 ) Dividends paid ($1.52 per share) (200,458 ) (200,458 ) Stock incentive plan activity 25,262 24,019 49,281 Shares purchased at cost (550,000 ) (550,000 ) Balance at December 31, 2018 $ 90,523 $ 521,854 $ 12,114,448 $ (1,795,497 ) $ (5,116,119 ) $ 5,957 $ 5,821,166 |
| 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 six months ended December 31, 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 income before reclassifications 48,874 — 48,874 Amounts reclassified from accumulated other comprehensive (loss) — 64,442 64,442 Balance at December 31, 2019 $ (962,782 ) $ (982,950 ) $ (1,945,732 ) 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 (82,655 ) — (82,655 ) Amounts reclassified from accumulated other comprehensive (loss) 3,578 48,400 51,978 Balance at December 31, 2018 $ (1,024,288 ) $ (771,209 ) $ (1,795,497 ) |
| 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 and six months ended December 31, 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 Six Months Ended December 31, 2019 December 31, 2019 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,284 ) $ (2,767 ) Other (income), net Recognized actuarial loss (42,703 ) (82,188 ) Other (income), net Total before tax (43,987 ) (84,955 ) Tax benefit 10,571 20,513 Net of tax $ (33,416 ) $ (64,442 ) 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, 2018 December 31, 2018 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,652 ) $ (3,293 ) Other (income), net Recognized actuarial loss (30,696 ) (59,993 ) Other (income), net Total before tax (32,348 ) (63,286 ) Tax benefit 7,821 14,886 Net of tax $ (24,527 ) $ (48,400 ) |
Goodwill and intangible assets
| Goodwill and intangible assets (Tables) | 6 Months Ended |
| Dec. 31, 2019 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Schedule of goodwill | The changes in the carrying amount of goodwill for the six months ended December 31, 2019 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2019 $ 5,355,165 $ 98,640 $ 5,453,805 Acquisitions 1,978,234 504,777 2,483,011 Foreign currency translation and other 18,354 — 18,354 Balance at December 31, 2019 $ 7,351,753 $ 603,417 $ 7,955,170 |
| Schedule of intangible assets by major category | The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: December 31, 2019 June 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents and technology $ 992,729 $ 138,740 $ 265,644 $ 130,233 Trademarks 753,804 269,734 542,573 252,388 Customer lists and other 3,874,382 1,176,333 2,435,461 1,077,780 Total $ 5,620,915 $ 1,584,807 $ 3,243,678 $ 1,460,401 |
Retirement benefits (Tables)
| Retirement benefits (Tables) | 6 Months Ended |
| Dec. 31, 2019 | |
| Retirement Benefits [Abstract] | |
| Schedule of net pension benefit expense | Net pension benefit expense recognized included the following components: Three Months Ended Six Months Ended December 31, December 31, 2019 2018 2019 2018 Service cost $ 21,449 $ 17,983 $ 40,998 $ 38,492 Interest cost 35,851 40,551 69,844 80,417 Expected return on plan assets (66,883 ) (62,701 ) (130,778 ) (125,578 ) Amortization of prior service cost 1,309 1,677 2,818 3,325 Amortization of net actuarial loss 42,779 30,692 82,340 59,985 Amortization of initial net obligation 5 4 9 9 Net pension benefit expense $ 34,510 $ 28,206 $ 65,231 $ 56,650 |
Financial instruments (Tables)
| Financial instruments (Tables) | 6 Months Ended |
| Dec. 31, 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: December 31, June 30, Carrying value of long-term debt $ 8,302,561 $ 6,596,380 Estimated fair value of long-term debt 8,780,550 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 December 31, June 30, Net investment hedges Cross-currency swap contracts Other assets $ 32,485 $ 24,545 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 16,663 13,242 Forward exchange contracts Other accrued liabilities 1,450 2,578 Costless collar contracts Non-trade and notes receivable 1,559 457 Costless collar contracts Other accrued liabilities 2,857 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 Six Months Ended December 31, December 31, 2019 2018 2019 2018 Cross-currency swap contracts $ (3,833 ) $ 5,700 $ 6,551 $ 7,619 Foreign denominated debt (16,600 ) 7,144 8,324 11,271 |
| 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 December 31, 2019 and June 30, 2019 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs December 31, 2019 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 9,930 $ 9,930 $ — $ — Derivatives 50,707 — 50,707 — Liabilities: Derivatives 4,307 — 4,307 — 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 | 6 Months Ended | ||
| Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
| Segment Reporting [Abstract] | ||||
| Number of reportable business segments | segment | 2 | |||
| Segment Reporting Information [Line Items] | ||||
| Net sales | $ 3,497,974 | $ 3,472,045 | $ 6,832,485 | $ 6,951,339 |
| Operating income | 450,534 | 504,432 | 968,377 | 1,045,167 |
| Corporate general and administrative expenses | 491,121 | 397,259 | 890,300 | 791,581 |
| Interest expense | 82,891 | 47,518 | 152,847 | 91,857 |
| Other expense | 112,897 | 25,760 | 127,628 | 62,433 |
| Income before income taxes | 254,746 | 431,154 | 687,902 | 890,877 |
| North America | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 2,344,338 | 2,248,806 | 4,600,089 | 4,494,897 |
| Diversified Industrial | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 2,762,936 | 2,855,738 | 5,466,391 | 5,770,548 |
| Aerospace Systems | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 735,038 | 616,307 | 1,366,094 | 1,180,791 |
| Operating Segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 3,497,974 | 3,472,045 | 6,832,485 | 6,951,339 |
| Operating income | 486,194 | 568,322 | 1,052,939 | 1,159,382 |
| Operating Segments | Diversified Industrial | North America | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 1,615,852 | 1,632,059 | 3,240,457 | 3,313,103 |
| Operating income | 211,339 | 257,774 | 486,531 | 532,885 |
| Operating Segments | Diversified Industrial | International | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 1,147,084 | 1,223,679 | 2,225,934 | 2,457,445 |
| Operating income | 153,816 | 189,085 | 322,389 | 395,179 |
| Operating Segments | Aerospace Systems | ||||
| Segment Reporting Information [Line Items] | ||||
| Net sales | 735,038 | 616,307 | 1,366,094 | 1,180,791 |
| Operating income | 121,039 | 121,463 | 244,019 | 231,318 |
| Corporate, Non-Segment | ||||
| Segment Reporting Information [Line Items] | ||||
| Corporate general and administrative expenses | $ 35,660 | $ 63,890 | $ 84,562 | $ 114,215 |
New accounting pronouncements_2
| New accounting pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jul. 01, 2019 |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Operating lease right-of-use asset | $ 155,869 | |
| Operating lease liability | $ 155,103 | |
| 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 | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | $ 3,497,974 | $ 3,472,045 | $ 6,832,485 | $ 6,951,339 |
| Diversified Industrial Segment | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 2,762,936 | 2,855,738 | 5,466,391 | 5,770,548 |
| Diversified Industrial Segment | Motion Systems | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 752,306 | 856,357 | 1,519,120 | 1,715,930 |
| Diversified Industrial Segment | Flow and Process Control | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 942,249 | 1,015,200 | 1,953,604 | 2,076,264 |
| Diversified Industrial Segment | Filtration and Engineered Materials | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 1,068,381 | 984,181 | 1,993,667 | 1,978,354 |
| Aerospace Systems Segment | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 735,038 | 616,307 | 1,366,094 | 1,180,791 |
| Aerospace Systems Segment | Flight Control Actuation | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 180,423 | 189,670 | 353,682 | 352,606 |
| Aerospace Systems Segment | Fuel, Inerting and Engine Motion Control | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 159,474 | 157,262 | 311,687 | 301,308 |
| Aerospace Systems Segment | Hydraulics | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 110,385 | 108,893 | 218,760 | 211,390 |
| Aerospace Systems Segment | Engine Components | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 179,605 | 71,647 | 273,400 | 136,033 |
| Aerospace Systems Segment | Airframe and Engine Fluid Conveyance | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 79,123 | 68,868 | 163,802 | 139,072 |
| Aerospace Systems Segment | Other | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | $ 26,028 | $ 19,967 | $ 44,763 | $ 40,382 |
Revenue recognition - Revenue b
| Revenue recognition - Revenue by geographic region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | $ 3,497,974 | $ 3,472,045 | $ 6,832,485 | $ 6,951,339 |
| North America | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 2,344,338 | 2,248,806 | 4,600,089 | 4,494,897 |
| Europe | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 652,586 | 714,550 | 1,291,724 | 1,440,860 |
| Asia Pacific | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | 463,840 | 465,974 | 861,554 | 927,614 |
| Latin America | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts | $ 37,210 | $ 42,715 | $ 79,118 | $ 87,968 |
Revenue recognition - Contract
| Revenue recognition - Contract assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Revenue from Contract with Customer [Abstract] | ||
| Contract assets, current (included within Prepaid expenses and other) | $ 26,981 | $ 22,726 |
| Contract assets, noncurrent (included within Investments and other assets) | 1,146 | 1,301 |
| Total contract assets | 28,127 | 24,027 |
| Contract liabilities, current (included within Other accrued liabilities) | (58,323) | (64,668) |
| Contract liabilities, noncurrent (included within Other liabilities) | (406) | (421) |
| Total contract liabilities | (58,729) | (65,089) |
| Net contract liabilities | $ (30,602) | $ (41,062) |
Revenue recognition - Narrative
| Revenue recognition - Narrative (Details) $ in Millions | 6 Months Ended |
| Dec. 31, 2019USD ($) | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue recognized | $ 22 |
| Remaining performance obligation, amount | $ 5,503 |
| Remaining performance obligation, percentage, expected to be recognized as revenue within the next 12 months | 89.00% |
Acquisitions - Narrative (Detai
| Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Oct. 29, 2019 | Sep. 16, 2019 | Dec. 31, 2019 | Dec. 31, 2019 |
| Business Combination Segment Allocation [Line Items] | ||||
| Acquisition-related transaction costs | $ 114,672 | |||
| EMFCO Holdings Incorporated | ||||
| Business Combination Segment Allocation [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 Combination Segment Allocation [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 | |||
| LORD Corporation and EMFCO Holdings Incorporated | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Net sales attributable to acquisitions | $ 285,905 | 307,188 | ||
| Operating (loss) attributable to acquisitions | $ (20,054) | $ (19,820) | ||
| Customer Relationships | EMFCO Holdings Incorporated | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Intangible assets acquired | $ 501,610 | |||
| Weighted average useful life of intangible assets | 18 years | |||
| Customer Relationships | LORD Corporation | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Intangible assets acquired | $ 917,640 | |||
| Weighted average useful life of intangible assets | 13 years | |||
| Patents and Technology | EMFCO Holdings Incorporated | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Intangible assets acquired | $ 281,500 | |||
| Weighted average useful life of intangible assets | 20 years | |||
| Patents and Technology | LORD Corporation | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Intangible assets acquired | $ 456,680 | |||
| Weighted average useful life of intangible assets | 21 years | |||
| Trademarks | EMFCO Holdings Incorporated | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Intangible assets acquired | $ 90,600 | |||
| Weighted average useful life of intangible assets | 20 years | |||
| Trademarks | LORD Corporation | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Intangible assets acquired | $ 118,640 | |||
| Weighted average useful life of intangible assets | 20 years | |||
| Diversified Industrial Segment | Revenue, Segment Benchmark | LORD Corporation | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Concentration risk | 95.00% | |||
| Aerospace Systems Segment | Revenue, Segment Benchmark | LORD Corporation | ||||
| Business Combination Segment Allocation [Line Items] | ||||
| Concentration risk | 5.00% |
Acquisitions - Schedule of asse
| Acquisitions - Schedule of assets and liabilities assumed on acquisition date (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 29, 2019 | Sep. 16, 2019 | Jun. 30, 2019 |
| Assets: | ||||
| Goodwill | $ 7,955,170 | $ 5,453,805 | ||
| Lord | ||||
| Assets: | ||||
| Cash and cash equivalents | $ 74,013 | |||
| Accounts receivable | 156,670 | |||
| Inventories | 251,312 | |||
| Prepaid expenses and other | 27,624 | |||
| Plant and equipment | 406,356 | |||
| Deferred income taxes | 0 | |||
| Other assets | 34,185 | |||
| Intangible assets | 1,492,960 | |||
| Goodwill | 1,978,526 | |||
| Total assets acquired | 4,421,646 | |||
| Liabilities: | ||||
| Notes payable and long-term debt payable within one year | 630 | |||
| Accounts payable, trade | 56,186 | |||
| Accrued payrolls and other compensation | 57,371 | |||
| Accrued domestic and foreign taxes | 4,498 | |||
| Other accrued liabilities | 91,101 | |||
| Long-term debt | 223,313 | |||
| Pensions and other postretirement benefits | 115,265 | |||
| Deferred income taxes | 383,759 | |||
| Other liabilities | 30,106 | |||
| Noncontrolling interests | 6,255 | |||
| Total liabilities and noncontrolling interests assumed | 968,484 | |||
| Net assets acquired | $ 3,453,162 | |||
| Exotic | ||||
| Assets: | ||||
| Cash and cash equivalents | $ 8,179 | |||
| Accounts receivable | 81,336 | |||
| Inventories | 114,661 | |||
| Prepaid expenses and other | 1,343 | |||
| Plant and equipment | 178,393 | |||
| Deferred income taxes | 2,057 | |||
| Other assets | 1,226 | |||
| Intangible assets | 873,710 | |||
| Goodwill | 504,485 | |||
| Total assets acquired | 1,765,390 | |||
| Liabilities: | ||||
| Notes payable and long-term debt payable within one year | 0 | |||
| Accounts payable, trade | 23,176 | |||
| Accrued payrolls and other compensation | 8,863 | |||
| Accrued domestic and foreign taxes | 2,123 | |||
| Other accrued liabilities | 25,662 | |||
| Long-term debt | 0 | |||
| Pensions and other postretirement benefits | 0 | |||
| Deferred income taxes | 0 | |||
| Other liabilities | 0 | |||
| Noncontrolling interests | 0 | |||
| Total liabilities and noncontrolling interests assumed | 59,824 | |||
| 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 | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Numerator: | ||||
| Net income attributable to common shareholders | $ 204,474 | $ 311,737 | $ 543,372 | $ 687,448 |
| Denominator: | ||||
| Basic - weighted average common shares (in shares) | 128,396,933 | 130,361,273 | 128,430,463 | 131,361,464 |
| Increase in weighted average common shares from dilutive effect of equity-based awards (in shares) | 2,098,448 | 1,949,937 | 1,723,616 | 2,088,210 |
| Diluted - weighted average common shares, assuming exercise of equity-based awards (in shares) | 130,495,381 | 132,311,210 | 130,154,079 | 133,449,674 |
| Basic earnings per share (in USD per share) | $ 1.59 | $ 2.39 | $ 4.23 | $ 5.23 |
| Diluted earnings per share (in USD per share) | $ 1.57 | $ 2.36 | $ 4.17 | $ 5.15 |
Earnings per share - Narrative
| Earnings per share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Earnings Per Share [Abstract] | ||||
| Excluded from the computation of diluted earnings per share since anti-dilutive (in shares) | 2,718 | 1,335,187 | 767,692 | 836,099 |
Share repurchase program (Detai
| Share repurchase program (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
| Dec. 31, 2019 | Dec. 31, 2019 | Oct. 22, 2014 | |
| Equity [Abstract] | |||
| Authorized to be repurchased (in shares) | 35,000,000 | ||
| Repurchased (in shares) | 260,287 | 555,381 | |
| Repurchased, average price (in USD per share) | $ 192.10 | $ 180.06 |
Trade accounts receivable, net
| Trade accounts receivable, net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Receivables [Abstract] | ||
| Allowance for doubtful accounts | $ 11,352 | $ 8,874 |
Non-trade and notes receivabl_2
| Non-trade and notes receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Receivables [Abstract] | ||
| Notes receivable | $ 141,483 | $ 147,719 |
| Accounts receivable, other | 177,643 | 162,989 |
| Total | $ 319,126 | $ 310,708 |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Inventory, Net [Abstract] | ||
| Finished products | $ 786,891 | $ 663,068 |
| Work in process | 948,968 | 850,778 |
| Raw materials | 278,401 | 164,286 |
| Total | $ 2,014,260 | $ 1,678,132 |
Leases - Lease expense and supp
| Leases - Lease expense and supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
| Dec. 31, 2019 | Dec. 31, 2019 | |
| Leases [Abstract] | ||
| Operating lease expense | $ 12,879 | $ 24,830 |
| Short-term lease cost | 2,109 | 4,434 |
| Variable lease cost | 1,685 | 2,959 |
| Total lease cost | 16,673 | 32,223 |
| Cash paid for amounts included in the measurement of operating lease liabilities | 12,732 | 24,582 |
| Right-of-use assets obtained in exchange for operating lease obligations | $ 8,730 | $ 25,947 |
Leases - Supplemental balance s
| Leases - Supplemental balance sheet information (Details) $ in Thousands | Dec. 31, 2019USD ($) |
| Leases [Abstract] | |
| Operating lease right-of-use assets (included within Investments and other assets) | $ 155,869 |
| Current operating lease liabilities (included within Other accrued liabilities) | 42,661 |
| Long-term operating lease liabilities (included within Other liabilities) | 112,442 |
| Total operating lease liabilities | $ 155,103 |
| Weighted average remaining lease term | 6 years 4 months 24 days |
| Weighted average discount rate | 2.30% |
Leases - Maturities of lease li
| Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Leases [Abstract] | ||
| 2020 | $ 24,277 | |
| 2021 | 40,670 | |
| 2022 | 29,237 | |
| 2023 | 19,609 | |
| 2024 | 12,439 | |
| Thereafter | 43,544 | |
| Total operating lease payments | 169,776 | |
| Less imputed interest | 14,673 | |
| Total operating lease liabilities | $ 155,103 | |
| 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, after 2024 | $ 22,723 |
Business realignment and acqu_3
| Business realignment and acquisition integration charges - Business segment information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019USD ($)employee | Dec. 31, 2018USD ($)employee | Dec. 31, 2019USD ($)employee | Dec. 31, 2018USD ($)employee | |
| Corporate, Non-Segment | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Realignment charges and acquisition integration costs | $ 117 | $ 0 | $ 122 | $ 0 |
| Number of positions eliminated (employees) | employee | 4 | 0 | 5 | 0 |
| Segment Reconciling Items | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Realignment charges and acquisition integration costs | $ 0 | $ 220 | $ 0 | $ 275 |
| Diversified Industrial | Operating Segments | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Realignment charges and acquisition integration costs | $ 9,667 | $ 7,382 | $ 14,392 | $ 15,940 |
| Number of positions eliminated (employees) | employee | 599 | 164 | 818 | 365 |
| Aerospace Systems | Operating Segments | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Realignment charges and acquisition integration costs | $ 52 | $ 0 | $ 45 | $ 0 |
| Number of positions eliminated (employees) | employee | 16 | 0 | 16 | 0 |
Business realignment and acqu_4
| Business realignment and acquisition integration charges - Income statement location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Cost of sales | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Realignment charges and acquisition integration costs | $ 7,679 | $ 3,669 | $ 11,024 | $ 8,068 |
| Selling, general and administrative expenses | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Realignment charges and acquisition integration costs | 2,157 | 3,713 | 3,535 | 7,872 |
| Other (income), net | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Realignment charges and acquisition integration costs | $ 0 | $ 220 | $ 0 | $ 275 |
Business realignment and acqu_5
| Business realignment and acquisition integration charges - Narrative (Details) - Employee severance $ in Millions | 6 Months Ended |
| Dec. 31, 2019USD ($) | |
| Restructuring Cost and Reserve [Line Items] | |
| Severance payments made relating to charges incurred during the fiscal year | $ 15 |
| Remaining severance payments related to current-year and prior-year actions | $ 11 |
Business realignment and acqu_6
| Business realignment and acquisition integration charges - Acquisition integration charges related to the Lord and Exotic acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
| Dec. 31, 2019 | Dec. 31, 2019 | |
| Diversified Industrial | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Acquisition integration charges | $ 6,725 | $ 10,139 |
| Aerospace Systems | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Acquisition integration charges | $ 489 | $ 1,084 |
Equity - Changes in equity (Det
| Equity - Changes in equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Beginning balance | $ 6,102,792 | $ 6,107,106 | $ 5,968,152 | $ 5,865,493 | ||
| Impact of adoption of accounting standards | $ (251) | |||||
| Net income | 204,598 | 311,913 | 543,639 | 687,812 | ||
| Other comprehensive income (loss) | 184,999 | (19,459) | 113,304 | (30,711) | ||
| Dividends paid | (113,672) | (99,589) | (227,025) | (200,458) | ||
| Stock incentive plan activity | 7,529 | 21,195 | 38,176 | 49,281 | ||
| Acquisition activity | 6,255 | 6,255 | ||||
| Shares purchased at cost | (50,000) | (500,000) | (100,000) | (550,000) | ||
| Ending balance | $ 6,342,501 | $ 5,821,166 | $ 6,342,501 | $ 5,821,166 | ||
| Cash dividends per common share (in USD per share) | $ 0.88 | $ 0.76 | $ 1.76 | $ 1.52 | ||
| Common Stock | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Beginning balance | $ 90,523 | $ 90,523 | $ 90,523 | $ 90,523 | ||
| Ending balance | 90,523 | 90,523 | 90,523 | 90,523 | ||
| Additional Capital | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Beginning balance | 464,440 | 503,052 | 462,086 | 496,592 | ||
| Stock incentive plan activity | (8,578) | 18,802 | (6,224) | 25,262 | ||
| Ending balance | 455,862 | 521,854 | 455,862 | 521,854 | ||
| Retained Earnings | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Beginning balance | 13,003,084 | 11,902,300 | 12,777,538 | 11,625,975 | ||
| Impact of adoption of accounting standards | 1,483 | |||||
| Net income | 204,474 | 311,737 | 543,372 | 687,448 | ||
| Dividends paid | (113,306) | (99,589) | (226,658) | (200,458) | ||
| Ending balance | 13,094,252 | 12,114,448 | 13,094,252 | 12,114,448 | ||
| Accumulated Other Comprehensive (Loss) | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Beginning balance | (2,130,594) | (1,775,983) | (2,059,048) | (1,763,086) | ||
| Impact of adoption of accounting standards | $ (1,734) | $ (1,734) | ||||
| Other comprehensive income (loss) | 184,862 | (19,514) | 113,316 | (30,677) | ||
| Ending balance | (1,945,732) | (1,795,497) | (1,945,732) | (1,795,497) | ||
| Treasury Shares | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Beginning balance | (5,330,837) | (4,618,512) | (5,309,130) | (4,590,138) | ||
| Stock incentive plan activity | 16,107 | 2,393 | 44,400 | 24,019 | ||
| Shares purchased at cost | (50,000) | (500,000) | (100,000) | (550,000) | ||
| Ending balance | (5,364,730) | (5,116,119) | (5,364,730) | (5,116,119) | ||
| Noncontrolling Interests | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Beginning balance | 6,176 | 5,726 | 6,183 | 5,627 | ||
| Net income | 124 | 176 | 267 | 364 | ||
| Other comprehensive income (loss) | 137 | 55 | (12) | (34) | ||
| Dividends paid | (366) | (367) | ||||
| Acquisition activity | 6,255 | 6,255 | ||||
| Ending balance | $ 12,326 | $ 5,957 | $ 12,326 | $ 5,957 | ||
Equity - Changes in accumulated
| Equity - Changes in accumulated other comprehensive income (loss) in shareholders' equity by component (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
| Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 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 | 6,342,501 | 5,821,166 | ||
| 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 | 48,874 | (82,655) | ||
| Amounts reclassified from accumulated other comprehensive (loss) | 0 | 3,578 | ||
| Ending balance | (962,782) | (1,024,288) | ||
| 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) | 64,442 | 48,400 | ||
| Ending balance | (982,950) | (771,209) | ||
| 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) | $ (1,734) | ||
| Other comprehensive (loss) before reclassifications | 48,874 | (82,655) | ||
| Amounts reclassified from accumulated other comprehensive (loss) | 64,442 | 51,978 | ||
| Ending balance | $ (1,945,732) | $ (1,795,497) | ||
Equity - Reclassifications out
| Equity - Reclassifications out of accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other (income), net | $ 13,549 | $ 6,225 | $ 61,070 | $ 20,138 |
| Tax benefit | (50,148) | (119,241) | (144,263) | (203,065) |
| Net income | 204,598 | 311,913 | 543,639 | 687,812 |
| 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 | (1,284) | (1,652) | (2,767) | (3,293) |
| Reclassification out of Accumulated Other Comprehensive Income (Loss) | Recognized actuarial loss | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other (income), net | (42,703) | (30,696) | (82,188) | (59,993) |
| Reclassification out of Accumulated Other Comprehensive Income (Loss) | Retirement benefit plans | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total before tax | (43,987) | (32,348) | (84,955) | (63,286) |
| Tax benefit | 10,571 | 7,821 | 20,513 | 14,886 |
| Net income | $ (33,416) | $ (24,527) | $ (64,442) | $ (48,400) |
Goodwill and intangible asset_2
| Goodwill and intangible assets - Changes in carrying amount of goodwill (Details) $ in Thousands | 6 Months Ended |
| Dec. 31, 2019USD ($) | |
| Goodwill [Roll Forward] | |
| Beginning balance | $ 5,453,805 |
| Acquisitions | 2,483,011 |
| Foreign currency translation and other | 18,354 |
| Ending balance | 7,955,170 |
| Diversified Industrial Segment | |
| Goodwill [Roll Forward] | |
| Beginning balance | 5,355,165 |
| Acquisitions | 1,978,234 |
| Foreign currency translation and other | 18,354 |
| Ending balance | 7,351,753 |
| Aerospace Systems Segment | |
| Goodwill [Roll Forward] | |
| Beginning balance | 98,640 |
| Acquisitions | 504,777 |
| Foreign currency translation and other | 0 |
| Ending balance | $ 603,417 |
Goodwill and intangible asset_3
| Goodwill and intangible assets - Intangible assets by major category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Finite-Lived Intangible Asset | ||
| Gross Carrying Amount | $ 5,620,915 | $ 3,243,678 |
| Accumulated Amortization | 1,584,807 | 1,460,401 |
| Patents and technology | ||
| Finite-Lived Intangible Asset | ||
| Gross Carrying Amount | 992,729 | 265,644 |
| Accumulated Amortization | 138,740 | 130,233 |
| Trademarks | ||
| Finite-Lived Intangible Asset | ||
| Gross Carrying Amount | 753,804 | 542,573 |
| Accumulated Amortization | 269,734 | 252,388 |
| Customer lists and other | ||
| Finite-Lived Intangible Asset | ||
| Gross Carrying Amount | 3,874,382 | 2,435,461 |
| Accumulated Amortization | $ 1,176,333 | $ 1,077,780 |
Goodwill and intangible asset_4
| Goodwill and intangible assets - Narrative (Details) $ in Thousands | 6 Months Ended |
| Dec. 31, 2019USD ($) | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Intangible amortization expense | $ 128,174 |
| Estimated amortization expense, year ending June 30, 2020 | 277,637 |
| Estimated amortization expense, year ending June 30, 2021 | 314,987 |
| Estimated amortization expense, year ending June 30, 2022 | 308,949 |
| Estimated amortization expense, year ending June 30, 2023 | 297,923 |
| Estimated amortization expense, year ending June 30, 2024 | $ 292,311 |
Retirement benefits - Net pensi
| Retirement benefits - Net pension benefit expense (Details) - Pension Plans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Service cost | $ 21,449 | $ 17,983 | $ 40,998 | $ 38,492 |
| Interest cost | 35,851 | 40,551 | 69,844 | 80,417 |
| Expected return on plan assets | (66,883) | (62,701) | (130,778) | (125,578) |
| Amortization of prior service cost | 1,309 | 1,677 | 2,818 | 3,325 |
| Amortization of net actuarial loss | 42,779 | 30,692 | 82,340 | 59,985 |
| Amortization of initial net obligation | 5 | 4 | 9 | 9 |
| Net pension benefit expense | $ 34,510 | $ 28,206 | $ 65,231 | $ 56,650 |
Retirement benefits - Narrative
| Retirement benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Other Postretirement Benefit Plans | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Other postretirement benefits expense | $ 510 | $ 631 | $ 967 | $ 1,281 |
Debt (Details)
| Debt (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||
| Oct. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | |
| Debt Instrument [Line Items] | |||||
| Proceeds from long-term borrowings | $ 1,721,181,000 | $ 1,000 | |||
| Commercial paper outstanding | $ 1,518,000,000 | $ 586,000,000 | |||
| Debt to debt-shareholders' equity ratio, maximum | 0.65 | ||||
| Debt to debt-shareholders' equity ratio | 0.61 | ||||
| Term Loan Due September 2023 | Medium-term Notes | |||||
| Debt Instrument [Line Items] | |||||
| Loan principle | $ 925,000,000 | ||||
| Term Loan Due May 2022 | Term Loan | |||||
| Debt Instrument [Line Items] | |||||
| Proceeds from long-term borrowings | $ 800,000,000 | ||||
| Amended And Extended Multi-Currency Credit Agreement | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Maximum borrowing capacity | $ 2,500,000,000 | ||||
| London Interbank Offered Rate (LIBOR) | Term Loan Due September 2023 | Medium-term Notes | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.125% | ||||
| London Interbank Offered Rate (LIBOR) | Term Loan Due May 2022 | Term Loan | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable rate | 1.125% | ||||
Income taxes (Details)
| Income taxes (Details) $ in Thousands | Dec. 31, 2019USD ($) |
| Income Tax Disclosure [Abstract] | |
| Unrecognized tax benefits | $ 136,103 |
| Unrecognized tax benefits that would impact effective tax rate if recognized | 136,103 |
| Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits | 26,617 |
| Decrease in unrecognized tax benefits that is reasonably possible (up to) | $ 100,000 |
Financial instruments - Narrati
| Financial instruments - Narrative (Details) € in Millions | Dec. 31, 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 | Dec. 31, 2019 | Jun. 30, 2019 |
| Fair Value Disclosures [Abstract] | ||
| Carrying value of long-term debt | $ 8,302,561 | $ 6,596,380 |
| Estimated fair value of long-term debt | $ 8,780,550 | $ 7,012,641 |
Financial instruments - Fair va
| Financial instruments - Fair value of derivative instruments reported in consolidated balance sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Cross-currency swap contracts | Other assets | ||
| Derivatives, Fair Value [Line Items] | ||
| Net investment hedge, assets | $ 32,485 | $ 24,545 |
| Forward exchange contracts | Non-trade and notes receivable | ||
| Derivatives, Fair Value [Line Items] | ||
| Cash flow hedge, assets | 16,663 | 13,242 |
| Forward exchange contracts | Other accrued liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Cash flow hedge, liability | 1,450 | 2,578 |
| Costless collar contracts | Non-trade and notes receivable | ||
| Derivatives, Fair Value [Line Items] | ||
| Cash flow hedge, assets | 1,559 | 457 |
| Costless collar contracts | Other accrued liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Cash flow hedge, liability | $ 2,857 | $ 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 | 6 Months Ended | ||
| Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
| Cross-currency swap contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Derivative and non derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss) | $ (3,833) | $ 5,700 | $ 6,551 | $ 7,619 |
| Foreign denominated debt | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Derivative and non derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss) | $ (16,600) | $ 7,144 | $ 8,324 | $ 11,271 |
Financial instruments - Financi
| Financial instruments - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
| Assets: | ||
| Equity securities | $ 9,930 | $ 7,533 |
| Derivatives | 50,707 | 38,244 |
| Liabilities: | ||
| Derivatives | 4,307 | 4,512 |
| Measured at Net Asset Value | ||
| Assets: | ||
| Investments measured at net asset value | 9,728 | |
| Quoted Prices In Active Markets (Level 1) | ||
| Assets: | ||
| Equity securities | 9,930 | 7,533 |
| Derivatives | 0 | 0 |
| Liabilities: | ||
| Derivatives | 0 | 0 |
| Significant Other Observable Inputs (Level 2) | ||
| Assets: | ||
| Equity securities | 0 | 0 |
| Derivatives | 50,707 | 38,244 |
| Liabilities: | ||
| Derivatives | 4,307 | 4,512 |
| Significant Unobservable Inputs (Level 3) | ||
| Assets: | ||
| Equity securities | 0 | 0 |
| Derivatives | 0 | 0 |
| Liabilities: | ||
| Derivatives | $ 0 | $ 0 |