Parker-Hannifin (PH) 10-Q 5 Feb 20 2020 Q2 Quarterly report Financial data

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