Parker-Hannifin (PH) 10-Q 6 May 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Mar. 31, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	128,217,414
Entity Central Index Key	0000076334
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 3,702,432	$ 3,687,518	$ 10,534,917	$ 10,638,857
Cost of sales	2,766,693	2,766,744	7,929,199	7,963,906
Selling, general and administrative expenses	413,460	360,865	1,303,760	1,152,446
Interest expense	80,765	48,209	233,612	140,066
Other (income), net	(12,643)	(17,500)	(73,713)	(37,638)
Income before income taxes	454,157	529,200	1,142,059	1,420,077
Income taxes	86,788	117,819	231,051	320,884
Net income	367,369	411,381	911,008	1,099,193
Less: Noncontrolling interest in subsidiaries' earnings	116	133	383	497
Net income attributable to common shareholders	$ 367,253	$ 411,248	$ 910,625	$ 1,098,696
Earnings per share attributable to common shareholders:
Basic (in USD per share)	$ 2.86	$ 3.20	$ 7.09	$ 8.42
Diluted (in USD per share)	$ 2.83	$ 3.14	$ 7.01	$ 8.29

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 367,369	$ 411,381	$ 911,008	$ 1,099,193
Less: Noncontrolling interests in subsidiaries' earnings	116	133	383	497
Net income attributable to common shareholders	367,253	411,248	910,625	1,098,696
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment and other	(282,815)	42,812	(233,953)	(36,299)
Retirement benefits plan activity	32,125	23,814	96,567	72,214
Other comprehensive income (loss)	(250,690)	66,626	(137,386)	35,915
Less: Other comprehensive income (loss) for noncontrolling interests	(960)	44	(972)	10
Other comprehensive income (loss) attributable to common shareholders	(249,730)	66,582	(136,414)	35,905
Total comprehensive income attributable to common shareholders	$ 117,523	$ 477,830	$ 774,211	$ 1,134,601

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 697,617	$ 3,219,767
Marketable securities and other investments	92,536	150,931
Trade accounts receivable, net	2,174,425	2,131,054
Non-trade and notes receivable	322,187	310,708
Inventories	2,011,367	1,678,132
Prepaid expenses and other	183,294	182,494
Total current assets	5,481,426	7,673,086
Plant and equipment	5,749,736	5,186,730
Less: Accumulated depreciation	3,452,746	3,418,443
Plant and equipment, net	2,296,990	1,768,287
Deferred income taxes	124,515	150,462
Investments and other assets	750,743	747,773
Intangible assets, net	3,881,827	1,783,277
Goodwill	7,829,779	5,453,805
Total assets	20,365,280	17,576,690
Current liabilities:
Notes payable and long-term debt payable within one year	1,035,191	587,014
Accounts payable, trade	1,422,011	1,413,155
Accrued payrolls and other compensation	415,213	426,285
Accrued domestic and foreign taxes	151,029	167,312
Other accrued liabilities	650,165	558,007
Total current liabilities	3,673,609	3,151,773
Long-term debt	8,097,922	6,520,831
Pensions and other postretirement benefits	1,320,167	1,304,379
Deferred income taxes	497,920	193,066
Other liabilities	468,235	438,489
Total liabilities	14,057,853	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 March 31 and June 30	90,523	90,523
Additional capital	452,157	462,086
Retained earnings	13,348,291	12,777,538
Accumulated other comprehensive (loss)	(2,195,462)	(2,059,048)
Treasury shares, at cost; 52,828,714 shares at March 31 and 52,566,086 shares at June 30	(5,399,519)	(5,309,130)
Total shareholders’ equity	6,295,990	5,961,969
Noncontrolling interests	11,437	6,183
Total equity	6,307,427	5,968,152
Total liabilities and equity	$ 20,365,280	$ 17,576,690

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Mar. 31, 2020	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)	52,828,714	52,566,086

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 911,008	$ 1,099,193
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	187,054	170,631
Amortization	203,895	160,170
Share incentive plan compensation	91,857	84,525
Deferred income taxes	9,954	33,279
Foreign currency transaction (gain) loss	(13,040)	5,054
(Gain) loss on plant and equipment and intangible assets	(5,194)	3,993
Loss on sale of businesses	0	623
Loss on marketable securities	434	4,487
Gain on investments	(1,849)	(4,175)
Other	14,303	0
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable, net	173,310	8,144
Inventories	(8,019)	(132,137)
Prepaid expenses and other	21,783	(29,990)
Other assets	(13,268)	(12,579)
Accounts payable, trade	(53,875)	(949)
Accrued payrolls and other compensation	(68,091)	(41,163)
Accrued domestic and foreign taxes	(19,985)	(10,911)
Other accrued liabilities	(82,896)	7,235
Pensions and other postretirement benefits	36,229	(180,893)
Other liabilities	(92,751)	(71,940)
Net cash provided by operating activities	1,290,859	1,092,597
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (net of cash of $82,192 in 2020 and $690 in 2019)	(5,076,064)	(2,042)
Capital expenditures	(182,502)	(145,071)
Proceeds from sale of plant and equipment	25,398	37,158
Proceeds from sale of businesses	0	19,540
Purchases of marketable securities and other investments	(191,277)	(51,736)
Maturities and sales of marketable securities and other investments	249,306	25,103
Other	129,938	953
Net cash used in investing activities	(5,045,201)	(116,095)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	2,459	1,089
Payments for common shares	(194,633)	(770,909)
Proceeds from notes payable, net	362,346	478,952
Proceeds from long-term borrowings	1,721,211	1
Payments for long-term borrowings	(278,347)	(100,311)
Dividends paid	(340,291)	(299,006)
Net cash provided by (used in) financing activities	1,272,745	(690,184)
Effect of exchange rate changes on cash	(40,553)	(9,726)
Net (decrease) increase in cash and cash equivalents	(2,522,150)	276,592
Cash and cash equivalents at beginning of year	3,219,767	822,137
Cash and cash equivalents at end of period	$ 697,617	$ 1,098,729

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 82,912	$ 690

Business Segment Information

Business Segment Information	9 Months Ended
	Mar. 31, 2020
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 Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Net sales Diversified Industrial: North America $ 1,775,578 $ 1,750,554 $ 5,016,035 $ 5,063,657 International 1,182,273 1,284,866 3,408,207 3,742,311 Aerospace Systems 744,581 652,098 2,110,675 1,832,889 Total net sales $ 3,702,432 $ 3,687,518 $ 10,534,917 $ 10,638,857 Segment operating income Diversified Industrial: North America $ 279,628 $ 287,526 $ 766,159 $ 820,411 International 176,954 208,707 499,343 603,886 Aerospace Systems 127,440 134,789 371,459 366,107 Total segment operating income 584,022 631,022 1,636,961 1,790,404 Corporate general and administrative expenses 48,342 32,802 132,904 147,017 Income before interest expense and other expense 535,680 598,220 1,504,057 1,643,387 Interest expense 80,765 48,209 233,612 140,066 Other expense 758 20,811 128,386 83,244 Income before income taxes $ 454,157 $ 529,200 $ 1,142,059 $ 1,420,077

Management representation

Management representation	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , the results of operations for the three and nine months ended March 31, 2020 and 2019 and cash flows for the nine 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 outbreak of novel coronavirus ("COVID-19") around the world has created significant uncertainty in the global economic environment. While the recent outbreak of COVID-19 did not have a material adverse effect on our reported results for our fiscal third quarter, we are actively monitoring the impact of the COVID-19 outbreak, which we expect will negatively impact our business and results of operations for our fiscal fourth quarter and beyond. The ultimate extent to which our business and results of operations will be impacted by the outbreak will depend largely on future developments, which are highly uncertain and cannot be accurately predicted at this time, including among other things, new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the outbreak or mitigate its economic, public health and other impacts. The Company has evaluated subsequent events that occurred through the date these financial statements were issued. There were no other events that occurred that required adjustment to or disclosure in these financial statements.

New accounting pronouncements

New accounting pronouncements	9 Months Ended
	Mar. 31, 2020
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	9 Months Ended
	Mar. 31, 2020
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 Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Motion Systems $ 778,840 $ 899,948 $ 2,297,961 $ 2,615,878 Flow and Process Control 1,015,430 1,105,176 2,969,033 3,181,440 Filtration and Engineered Materials 1,163,581 1,030,296 3,157,248 3,008,650 Total $ 2,957,851 $ 3,035,420 $ 8,424,242 $ 8,805,968 Aerospace Systems Segment revenues by product platform: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Flight Control Actuation $ 175,871 $ 191,664 $ 529,553 $ 544,270 Fuel, Inerting and Engine Motion Control 159,837 165,642 471,525 466,950 Hydraulics 114,763 123,416 333,523 334,806 Engine Components 181,173 71,779 454,572 207,812 Airframe and Engine Fluid Conveyance 83,555 79,299 247,356 218,371 Other 29,382 20,298 74,146 60,680 Total $ 744,581 $ 652,098 $ 2,110,675 $ 1,832,889 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 North America $ 2,507,566 $ 2,398,975 $ 7,107,655 $ 6,893,872 Europe 726,577 786,123 2,018,301 2,226,983 Asia Pacific 430,500 458,122 1,292,054 1,385,736 Latin America 37,789 44,298 116,907 132,266 Total $ 3,702,432 $ 3,687,518 $ 10,534,917 $ 10,638,857 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: March 31, 2020 June 30, 2019 Contract assets, current (included within Prepaid expenses and other) $ 27,793 $ 22,726 Contract assets, noncurrent (included within Investments and other assets) 1,476 1,301 Total contract assets 29,269 24,027 Contract liabilities, current (included within Other accrued liabilities) (66,374 ) (64,668 ) Contract liabilities, noncurrent (included within Other liabilities) (3,438 ) (421 ) Total contract liabilities (69,812 ) (65,089 ) Net contract liabilities $ (40,543 ) $ (41,062 ) At March 31, 2020 , 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 nine months ended March 31, 2020 , approximately $29 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 March 31, 2020 was $5,543 million , of which approximately 87 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.

Acquisitions

Acquisitions	9 Months Ended
	Mar. 31, 2020
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 $3,455 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 and first nine months of fiscal 2020, these revisions, which primarily impacted intangible assets, goodwill, deferred income taxes, other liabilities, and plant and equipment, did not have a material impact on our financial statements. Purchase price allocation by acquisition: Lord Exotic October 29, 2019 September 16, 2019 Assets: Cash and cash equivalents $ 74,013 $ 8,179 Accounts receivable 156,541 81,336 Inventories 248,600 114,661 Prepaid expenses and other 24,160 1,343 Plant and equipment 406,553 178,393 Deferred income taxes — 2,057 Other assets 42,220 1,226 Intangible assets 1,449,860 874,470 Goodwill 1,955,618 503,725 Total assets acquired 4,357,565 1,765,390 Liabilities: Notes payable and long-term debt payable within one year 403 — Accounts payable, trade 56,186 23,176 Accrued payrolls and other compensation 57,433 8,863 Accrued domestic and foreign taxes 4,498 2,123 Other accrued liabilities 87,810 25,662 Long-term debt 221,161 — Pensions and other postretirement benefits 115,265 — Deferred income taxes 299,634 — Other liabilities 53,470 — Noncontrolling interests 6,262 — Total liabilities and noncontrolling interests assumed 902,122 59,824 Net assets acquired $ 3,455,443 $ 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 $502,470 of customer-related intangible assets, $281,400 of patents and technology and $90,600 of trademarks, with weighted average estimated useful lives of 18 , 20 and 20 years , respectively. Similarly, the Lord acquisition includes $872,390 of customer-related intangible assets, $458,030 of patents and technology and $119,440 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 March 31, 2020. Net sales attributable to these acquisitions during this period and included in our consolidated financial statements for the three and nine months ended March 31, 2020 total $343,400 and $650,588 , respectively. Segment operating income (loss) attributable to these acquisitions during this period and included in our consolidated financial statements for the three and nine months ended March 31, 2020 total $15,550 and $(4,270) , respectively. Acquisition-related transaction costs totaled $114,777 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	9 Months Ended
	Mar. 31, 2020
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 nine months ended March 31, 2020 and 2019 . Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Numerator: Net income attributable to common shareholders $ 367,253 $ 411,248 $ 910,625 $ 1,098,696 Denominator: Basic - weighted average common shares 128,289,720 128,706,137 128,383,549 130,476,355 Increase in weighted average common shares from dilutive effect of equity-based awards 1,456,827 2,178,831 1,479,266 2,022,021 Diluted - weighted average common shares, assuming exercise of equity-based awards 129,746,547 130,884,968 129,862,815 132,498,376 Basic earnings per share $ 2.86 $ 3.20 $ 7.09 $ 8.42 Diluted earnings per share $ 2.83 $ 3.14 $ 7.01 $ 8.29 For the three months ended March 31, 2020 and 2019 , 753,028 and 833,239 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 nine months ended March 31, 2020 and 2019 , 516,067 and 925,721

Share repurchase program

Share repurchase program	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , we repurchased 263,200 shares at an average price, including commissions, of $177.69 per share. During the nine months ended March 31, 2020 , we repurchased 818,581 shares at an average price, including commissions, of $179.29 per share. In March 2020, the Company suspended the share repurchase program in response to business uncertainty resulting from the COVID-19 pandemic.

Trade accounts receivable, net

Trade accounts receivable, net	9 Months Ended
	Mar. 31, 2020
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 $11,190 and $8,874 at March 31, 2020 and June 30, 2019 , respectively. The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: March 31, June 30, Notes receivable $ 116,722 $ 147,719 Accounts receivable, other 205,465 162,989 Total $ 322,187 $ 310,708

Non-trade and notes receivable

Non-trade and notes receivable	9 Months Ended
	Mar. 31, 2020
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 $11,190 and $8,874 at March 31, 2020 and June 30, 2019 , respectively. The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: March 31, June 30, Notes receivable $ 116,722 $ 147,719 Accounts receivable, other 205,465 162,989 Total $ 322,187 $ 310,708

Inventories

Inventories	9 Months Ended
	Mar. 31, 2020
Inventory, Net [Abstract]
Inventories	Inventories The inventories caption in the Consolidated Balance Sheet is comprised of the following components: March 31, June 30, Finished products $ 761,834 $ 663,068 Work in process 968,206 850,778 Raw materials 281,327 164,286 Total $ 2,011,367 $ 1,678,132

Leases

Leases	9 Months Ended
	Mar. 31, 2020
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 Nine Months Ended March 31, 2020 March 31, 2020 Operating lease expense $ 13,218 $ 38,048 Short-term lease cost 1,814 6,248 Variable lease cost 999 3,958 Total lease cost $ 16,031 $ 48,254 Supplemental cash flow information related to operating leases are as follows: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 12,522 $ 37,104 Right-of-use assets obtained in exchange for operating lease obligations 3,262 29,209 Supplemental balance sheet information related to operating leases is as follows: March 31, 2020 Operating lease right-of-use assets (included within Investments and other assets) $ 137,665 Current operating lease liabilities (included within Other accrued liabilities) $ 40,866 Long-term operating lease liabilities (included within Other liabilities) 97,317 Total operating lease liabilities $ 138,183 Weighted average remaining lease term 5.3 years Weighted average discount rate 2.1 % Maturities of lease liabilities at March 31, 2020 are as follows: Operating Leases 2020 $ 11,818 2021 40,886 2022 29,494 2023 19,666 2024 12,377 Thereafter 32,548 Total operating lease payments $ 146,789 Less imputed interest 8,606 Total operating lease liabilities $ 138,183 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	9 Months Ended
	Mar. 31, 2020
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 Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Diversified Industrial $ 12,720 $ 4,599 $ 27,112 $ 20,539 Aerospace Systems 613 — 658 — Corporate general and administrative expenses 71 — 193 — Other expense 50 — 50 275 Workforce reductions in connection with business realignment and Clarcor acquisition integration charges in the Business Segment Information are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Diversified Industrial 336 144 1,154 509 Aerospace Systems 34 — 50 — Corporate general and administrative expenses 3 — 8 — The business realignment and Clarcor acquisition integration charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Cost of sales $ 10,201 $ 2,804 $ 21,225 $ 10,872 Selling, general and administrative expenses 3,203 1,795 6,738 9,667 Other (income), net 50 — 50 275 During the first nine months of fiscal 2020 , approximately $25 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 $14 million , a majority of which are expected to be paid by March 31, 2021 , 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 Nine Months Ended March 31, March 31, 2020 2020 Diversified Industrial $ 8,364 $ 18,503 Aerospace Systems 486 1,570 These charges are primarily included in selling, general and administrative expenses within the Consolidated Statement of Income.

Equity

Equity	9 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended March 31, 2020 and 2019 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at December 31, 2019 $ 90,523 $ 455,862 $ 13,094,252 $ (1,945,732 ) $ (5,364,730 ) $ 12,326 $ 6,342,501 Net income 367,253 116 367,369 Other comprehensive income (loss) (249,730 ) (960 ) (250,690 ) Dividends paid ($0.88 per share) (113,214 ) (52 ) (113,266 ) Stock incentive plan activity (3,705 ) 11,978 8,273 Acquisition activity 7 7 Shares purchased at cost (46,767 ) (46,767 ) Balance at March 31, 2020 $ 90,523 $ 452,157 $ 13,348,291 $ (2,195,462 ) $ (5,399,519 ) $ 11,437 $ 6,307,427 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at December 31, 2018 $ 90,523 $ 521,854 $ 12,114,448 $ (1,795,497 ) $ (5,116,119 ) $ 5,957 $ 5,821,166 Net income 411,248 133 411,381 Other comprehensive income (loss) 66,582 44 66,626 Dividends paid ($0.76 per share) (98,484 ) (64 ) (98,548 ) Stock incentive plan activity 7,289 8,134 15,423 Shares purchased at cost (200,000 ) (200,000 ) Balance at March 31, 2019 $ 90,523 $ 529,143 $ 12,427,212 $ (1,728,915 ) $ (5,307,985 ) $ 6,070 $ 6,016,048 Changes in equity for the nine months ended March 31, 2020 and 2019 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 910,625 383 911,008 Other comprehensive income (loss) (136,414 ) (972 ) (137,386 ) Dividends paid ($2.64 per share) (339,872 ) (419 ) (340,291 ) Stock incentive plan activity (9,929 ) 56,378 46,449 Acquisition activity 6,262 6,262 Shares purchased at cost (146,767 ) (146,767 ) Balance at March 31, 2020 $ 90,523 $ 452,157 $ 13,348,291 $ (2,195,462 ) $ (5,399,519 ) $ 11,437 $ 6,307,427 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 1,098,696 497 1,099,193 Other comprehensive income (loss) 35,905 10 35,915 Dividends paid ($2.28 per share) (298,942 ) (64 ) (299,006 ) Stock incentive plan activity 32,551 32,153 64,704 Shares purchased at cost (750,000 ) (750,000 ) Balance at March 31, 2019 $ 90,523 $ 529,143 $ 12,427,212 $ (1,728,915 ) $ (5,307,985 ) $ 6,070 $ 6,016,048 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the nine months ended March 31, 2020 and 2019 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 (loss) before reclassifications (232,981 ) — (232,981 ) Amounts reclassified from accumulated other comprehensive (loss) — 96,567 96,567 Balance at March 31, 2020 $ (1,244,637 ) $ (950,825 ) $ (2,195,462 ) 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 income (loss) before reclassifications (39,887 ) — (39,887 ) Amounts reclassified from accumulated other comprehensive (loss) 3,578 72,214 75,792 Balance at March 31, 2019 $ (981,520 ) $ (747,395 ) $ (1,728,915 ) Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and nine months ended March 31, 2020 and 2019 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 Nine Months Ended March 31, 2020 March 31, 2020 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,385 ) $ (4,152 ) Other (income), net Recognized actuarial loss (41,154 ) (123,342 ) Other (income), net Total before tax (42,539 ) (127,494 ) Tax benefit 10,414 30,927 Net of tax $ (32,125 ) $ (96,567 ) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended Nine Months Ended March 31, 2019 March 31, 2019 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,639 ) $ (4,932 ) Other (income), net Recognized actuarial loss (29,763 ) (89,756 ) Other (income), net Total before tax (31,402 ) (94,688 ) Tax benefit 7,588 22,474 Net of tax $ (23,814 ) $ (72,214 )

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets The changes in the carrying amount of goodwill for the nine months ended March 31, 2020 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2019 $ 5,355,165 $ 98,640 $ 5,453,805 Acquisitions 1,955,561 503,782 2,459,343 Foreign currency translation and other (83,361 ) (8 ) (83,369 ) Balance at March 31, 2020 $ 7,227,365 $ 602,414 $ 7,829,779 The acquisitions line represents the goodwill allocation during the measurement period subsequent to the applicable acquisition date. Refer to Note 4 for further discussion. Goodwill is tested for impairment at the reporting unit level annually and between annual tests whenever events or circumstances indicate that the carrying value of a reporting unit may exceed its fair value. At December 31, 2019, the Company performed its fiscal 2020 annual goodwill impairment test, which indicated no impairment existed. We did not identify any events or circumstances during the third quarter of fiscal 2020 that required performance of an interim impairment test. However, the effects of COVID-19 on the global economy, including further market disruption, lack of economic recovery or lower than anticipated customer demand, may require the performance of an interim impairment test in future periods. 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: March 31, 2020 June 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents and technology $ 990,716 $ 149,247 $ 265,644 $ 130,233 Trademarks 747,536 274,704 542,573 252,388 Customer lists and other 3,785,333 1,217,807 2,435,461 1,077,780 Total $ 5,523,585 $ 1,641,758 $ 3,243,678 $ 1,460,401 Total intangible amortization expense for the nine months ended March 31, 2020 was $203,895 . The estimated amortization expense for the five years ending June 30, 2020 through 2024 is $276,591 , $313,434 , $307,402 , $296,337 and $290,718 , 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 nine months ended March 31, 2020 .

Retirement benefits

Retirement benefits	9 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Retirement benefits	Retirement benefits Net pension benefit expense recognized included the following components: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Service cost $ 20,967 $ 19,126 $ 61,965 $ 57,618 Interest cost 36,389 40,124 106,233 120,541 Expected return on plan assets (68,058 ) (62,844 ) (198,836 ) (188,422 ) Amortization of prior service cost 1,411 1,665 4,229 4,990 Amortization of net actuarial loss 41,200 29,988 123,540 89,973 Amortization of initial net obligation 4 4 13 13 Net pension benefit expense $ 31,913 $ 28,063 $ 97,144 $ 84,713 During the three months ended March 31, 2020 and 2019 , we recognized $169 and $114 , respectively, in expense related to other postretirement benefits. During the nine months ended March 31, 2020 and 2019 , we recognized $1,136 and $1,395 , 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	9 Months Ended
	Mar. 31, 2020
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 October 2022. We used the proceeds to finance a portion of the purchase of the Lord acquisition. At March 31, 2020 , 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 . The amended and extended credit agreement expires in September 2024. Commercial paper notes outstanding at March 31, 2020 and June 30, 2019 were $949 million and $586 million , respectively. Based on the Company’s rating level at March 31, 2020 , the most restrictive financial covenant provides that the ratio of debt to debt-shareholders' equity cannot exceed .65 to 1.0 . At March 31, 2020 , our debt to debt-shareholders' equity ratio was .59 to 1.0 . We are in compliance with all covenants set forth in the credit agreement and indentures.

Income taxes

Income taxes	9 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), a significant tax-and-spending package intended to provide economic stimulus to address the impact of the COVID-19 pandemic. While the Company continues to examine the impacts the CARES Act may have on its business, it does not expect it will have a material impact to its Consolidated Financial Statements. 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 March 31, 2020 , the Company had gross unrecognized tax benefits of $81,717 , all of which, if recognized, would impact the effective tax rate. The accrued interest related to the gross unrecognized tax benefits, excluded from the amount above, is $14,425 . During the current-year quarter, the Company recorded the settlement of an examination with a foreign jurisdiction that resulted in a $74,057 decrease to the unrecognized tax benefit recorded on the Consolidated Balance Sheet. It is reasonably possible that within the next 12 months the amount of gross unrecognized tax benefits could be reduced by up to approximately $40,000 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	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020 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: March 31, June 30, Carrying value of long-term debt $ 8,257,273 $ 6,596,380 Estimated fair value of long-term debt 8,417,616 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 March 31, June 30, Net investment hedges Cross-currency swap contracts Non-trade and notes receivable $ 39,497 $ — Cross-currency swap contracts Investments and other assets — 24,545 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 13,160 13,242 Forward exchange contracts Other accrued liabilities 50,271 2,578 Costless collar contracts Non-trade and notes receivable 6,559 457 Costless collar contracts Other accrued liabilities 1,839 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. Net (losses) of $(48) million and net unrealized gains of $14 million relating to forward exchange contracts were recorded in the Consolidated Statement of Income for the three months ended March 31, 2020 and 2019 , respectively. All other gains or losses on derivative financial instruments that were recorded in the Consolidated Statement of Income for the three and nine months ended March 31, 2020 and 2019 were not material. Gains 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 Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Cross-currency swap contracts $ 5,821 $ 6,748 $ 12,372 $ 14,367 Foreign denominated debt 9,574 13,287 17,898 24,558 No portion of these financial instruments were excluded from the effectiveness testing during the nine months ended March 31, 2020 and 2019 . A summary of financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2020 and June 30, 2019 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,771 $ 7,771 $ — $ — Derivatives 59,216 — 59,216 — Liabilities: Derivatives 52,110 — 52,110 — 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)	9 Months Ended
	Mar. 31, 2020
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)	9 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of segment reporting information	Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Net sales Diversified Industrial: North America $ 1,775,578 $ 1,750,554 $ 5,016,035 $ 5,063,657 International 1,182,273 1,284,866 3,408,207 3,742,311 Aerospace Systems 744,581 652,098 2,110,675 1,832,889 Total net sales $ 3,702,432 $ 3,687,518 $ 10,534,917 $ 10,638,857 Segment operating income Diversified Industrial: North America $ 279,628 $ 287,526 $ 766,159 $ 820,411 International 176,954 208,707 499,343 603,886 Aerospace Systems 127,440 134,789 371,459 366,107 Total segment operating income 584,022 631,022 1,636,961 1,790,404 Corporate general and administrative expenses 48,342 32,802 132,904 147,017 Income before interest expense and other expense 535,680 598,220 1,504,057 1,643,387 Interest expense 80,765 48,209 233,612 140,066 Other expense 758 20,811 128,386 83,244 Income before income taxes $ 454,157 $ 529,200 $ 1,142,059 $ 1,420,077

Revenue recognition (Tables)

Revenue recognition (Tables)	9 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Aerospace Systems Segment revenues by product platform: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Flight Control Actuation $ 175,871 $ 191,664 $ 529,553 $ 544,270 Fuel, Inerting and Engine Motion Control 159,837 165,642 471,525 466,950 Hydraulics 114,763 123,416 333,523 334,806 Engine Components 181,173 71,779 454,572 207,812 Airframe and Engine Fluid Conveyance 83,555 79,299 247,356 218,371 Other 29,382 20,298 74,146 60,680 Total $ 744,581 $ 652,098 $ 2,110,675 $ 1,832,889 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 North America $ 2,507,566 $ 2,398,975 $ 7,107,655 $ 6,893,872 Europe 726,577 786,123 2,018,301 2,226,983 Asia Pacific 430,500 458,122 1,292,054 1,385,736 Latin America 37,789 44,298 116,907 132,266 Total $ 3,702,432 $ 3,687,518 $ 10,534,917 $ 10,638,857 Diversified Industrial Segment revenues by technology platform: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Motion Systems $ 778,840 $ 899,948 $ 2,297,961 $ 2,615,878 Flow and Process Control 1,015,430 1,105,176 2,969,033 3,181,440 Filtration and Engineered Materials 1,163,581 1,030,296 3,157,248 3,008,650 Total $ 2,957,851 $ 3,035,420 $ 8,424,242 $ 8,805,968
Contract assets and liabilities	Total contract assets and contract liabilities are as follows: March 31, 2020 June 30, 2019 Contract assets, current (included within Prepaid expenses and other) $ 27,793 $ 22,726 Contract assets, noncurrent (included within Investments and other assets) 1,476 1,301 Total contract assets 29,269 24,027 Contract liabilities, current (included within Other accrued liabilities) (66,374 ) (64,668 ) Contract liabilities, noncurrent (included within Other liabilities) (3,438 ) (421 ) Total contract liabilities (69,812 ) (65,089 ) Net contract liabilities $ (40,543 ) $ (41,062 )

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Mar. 31, 2020
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 and first nine months of fiscal 2020, these revisions, which primarily impacted intangible assets, goodwill, deferred income taxes, other liabilities, and plant and equipment, did not have a material impact on our financial statements. Purchase price allocation by acquisition: Lord Exotic October 29, 2019 September 16, 2019 Assets: Cash and cash equivalents $ 74,013 $ 8,179 Accounts receivable 156,541 81,336 Inventories 248,600 114,661 Prepaid expenses and other 24,160 1,343 Plant and equipment 406,553 178,393 Deferred income taxes — 2,057 Other assets 42,220 1,226 Intangible assets 1,449,860 874,470 Goodwill 1,955,618 503,725 Total assets acquired 4,357,565 1,765,390 Liabilities: Notes payable and long-term debt payable within one year 403 — Accounts payable, trade 56,186 23,176 Accrued payrolls and other compensation 57,433 8,863 Accrued domestic and foreign taxes 4,498 2,123 Other accrued liabilities 87,810 25,662 Long-term debt 221,161 — Pensions and other postretirement benefits 115,265 — Deferred income taxes 299,634 — Other liabilities 53,470 — Noncontrolling interests 6,262 — Total liabilities and noncontrolling interests assumed 902,122 59,824 Net assets acquired $ 3,455,443 $ 1,705,566

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Mar. 31, 2020
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 nine months ended March 31, 2020 and 2019 . Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Numerator: Net income attributable to common shareholders $ 367,253 $ 411,248 $ 910,625 $ 1,098,696 Denominator: Basic - weighted average common shares 128,289,720 128,706,137 128,383,549 130,476,355 Increase in weighted average common shares from dilutive effect of equity-based awards 1,456,827 2,178,831 1,479,266 2,022,021 Diluted - weighted average common shares, assuming exercise of equity-based awards 129,746,547 130,884,968 129,862,815 132,498,376 Basic earnings per share $ 2.86 $ 3.20 $ 7.09 $ 8.42 Diluted earnings per share $ 2.83 $ 3.14 $ 7.01 $ 8.29

Non-trade and notes receivable

Non-trade and notes receivable (Tables)	9 Months Ended
	Mar. 31, 2020
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: March 31, June 30, Notes receivable $ 116,722 $ 147,719 Accounts receivable, other 205,465 162,989 Total $ 322,187 $ 310,708

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2020
Inventory, Net [Abstract]
Schedule of inventories	The inventories caption in the Consolidated Balance Sheet is comprised of the following components: March 31, June 30, Finished products $ 761,834 $ 663,068 Work in process 968,206 850,778 Raw materials 281,327 164,286 Total $ 2,011,367 $ 1,678,132

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease expense and supplemental cash flow information	The components of lease expense are as follows: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 Operating lease expense $ 13,218 $ 38,048 Short-term lease cost 1,814 6,248 Variable lease cost 999 3,958 Total lease cost $ 16,031 $ 48,254 Supplemental cash flow information related to operating leases are as follows: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 12,522 $ 37,104 Right-of-use assets obtained in exchange for operating lease obligations 3,262 29,209
Supplemental balance sheet information	Supplemental balance sheet information related to operating leases is as follows: March 31, 2020 Operating lease right-of-use assets (included within Investments and other assets) $ 137,665 Current operating lease liabilities (included within Other accrued liabilities) $ 40,866 Long-term operating lease liabilities (included within Other liabilities) 97,317 Total operating lease liabilities $ 138,183 Weighted average remaining lease term 5.3 years Weighted average discount rate 2.1 %
Maturities of lease liabilities	Maturities of lease liabilities at March 31, 2020 are as follows: Operating Leases 2020 $ 11,818 2021 40,886 2022 29,494 2023 19,666 2024 12,377 Thereafter 32,548 Total operating lease payments $ 146,789 Less imputed interest 8,606 Total operating lease liabilities $ 138,183

Business realignment and acqu_2

Business realignment and acquisition integration charges (Tables)	9 Months Ended
	Mar. 31, 2020
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 Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Cost of sales $ 10,201 $ 2,804 $ 21,225 $ 10,872 Selling, general and administrative expenses 3,203 1,795 6,738 9,667 Other (income), net 50 — 50 275 Business realignment and Clarcor acquisition integration charges presented in the Business Segment Information are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Diversified Industrial $ 12,720 $ 4,599 $ 27,112 $ 20,539 Aerospace Systems 613 — 658 — Corporate general and administrative expenses 71 — 193 — Other expense 50 — 50 275 Workforce reductions in connection with business realignment and Clarcor acquisition integration charges in the Business Segment Information are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Diversified Industrial 336 144 1,154 509 Aerospace Systems 34 — 50 — Corporate general and administrative expenses 3 — 8 — We also incurred the following acquisition integration charges related to the Lord and Exotic acquisitions: Three Months Ended Nine Months Ended March 31, March 31, 2020 2020 Diversified Industrial $ 8,364 $ 18,503 Aerospace Systems 486 1,570

Equity (Tables)

Equity (Tables)	9 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of changes in equity	Changes in equity for the three months ended March 31, 2020 and 2019 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at December 31, 2019 $ 90,523 $ 455,862 $ 13,094,252 $ (1,945,732 ) $ (5,364,730 ) $ 12,326 $ 6,342,501 Net income 367,253 116 367,369 Other comprehensive income (loss) (249,730 ) (960 ) (250,690 ) Dividends paid ($0.88 per share) (113,214 ) (52 ) (113,266 ) Stock incentive plan activity (3,705 ) 11,978 8,273 Acquisition activity 7 7 Shares purchased at cost (46,767 ) (46,767 ) Balance at March 31, 2020 $ 90,523 $ 452,157 $ 13,348,291 $ (2,195,462 ) $ (5,399,519 ) $ 11,437 $ 6,307,427 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Interests Total Equity Balance at December 31, 2018 $ 90,523 $ 521,854 $ 12,114,448 $ (1,795,497 ) $ (5,116,119 ) $ 5,957 $ 5,821,166 Net income 411,248 133 411,381 Other comprehensive income (loss) 66,582 44 66,626 Dividends paid ($0.76 per share) (98,484 ) (64 ) (98,548 ) Stock incentive plan activity 7,289 8,134 15,423 Shares purchased at cost (200,000 ) (200,000 ) Balance at March 31, 2019 $ 90,523 $ 529,143 $ 12,427,212 $ (1,728,915 ) $ (5,307,985 ) $ 6,070 $ 6,016,048 Changes in equity for the nine months ended March 31, 2020 and 2019 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 910,625 383 911,008 Other comprehensive income (loss) (136,414 ) (972 ) (137,386 ) Dividends paid ($2.64 per share) (339,872 ) (419 ) (340,291 ) Stock incentive plan activity (9,929 ) 56,378 46,449 Acquisition activity 6,262 6,262 Shares purchased at cost (146,767 ) (146,767 ) Balance at March 31, 2020 $ 90,523 $ 452,157 $ 13,348,291 $ (2,195,462 ) $ (5,399,519 ) $ 11,437 $ 6,307,427 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 1,098,696 497 1,099,193 Other comprehensive income (loss) 35,905 10 35,915 Dividends paid ($2.28 per share) (298,942 ) (64 ) (299,006 ) Stock incentive plan activity 32,551 32,153 64,704 Shares purchased at cost (750,000 ) (750,000 ) Balance at March 31, 2019 $ 90,523 $ 529,143 $ 12,427,212 $ (1,728,915 ) $ (5,307,985 ) $ 6,070 $ 6,016,048
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 nine months ended March 31, 2020 and 2019 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 (loss) before reclassifications (232,981 ) — (232,981 ) Amounts reclassified from accumulated other comprehensive (loss) — 96,567 96,567 Balance at March 31, 2020 $ (1,244,637 ) $ (950,825 ) $ (2,195,462 ) 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 income (loss) before reclassifications (39,887 ) — (39,887 ) Amounts reclassified from accumulated other comprehensive (loss) 3,578 72,214 75,792 Balance at March 31, 2019 $ (981,520 ) $ (747,395 ) $ (1,728,915 )
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 nine months ended March 31, 2020 and 2019 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 Nine Months Ended March 31, 2020 March 31, 2020 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,385 ) $ (4,152 ) Other (income), net Recognized actuarial loss (41,154 ) (123,342 ) Other (income), net Total before tax (42,539 ) (127,494 ) Tax benefit 10,414 30,927 Net of tax $ (32,125 ) $ (96,567 ) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended Nine Months Ended March 31, 2019 March 31, 2019 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,639 ) $ (4,932 ) Other (income), net Recognized actuarial loss (29,763 ) (89,756 ) Other (income), net Total before tax (31,402 ) (94,688 ) Tax benefit 7,588 22,474 Net of tax $ (23,814 ) $ (72,214 )

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill for the nine months ended March 31, 2020 are as follows: Diversified Industrial Segment Aerospace Systems Segment Total Balance at June 30, 2019 $ 5,355,165 $ 98,640 $ 5,453,805 Acquisitions 1,955,561 503,782 2,459,343 Foreign currency translation and other (83,361 ) (8 ) (83,369 ) Balance at March 31, 2020 $ 7,227,365 $ 602,414 $ 7,829,779
Schedule of intangible assets by major category	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: March 31, 2020 June 30, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents and technology $ 990,716 $ 149,247 $ 265,644 $ 130,233 Trademarks 747,536 274,704 542,573 252,388 Customer lists and other 3,785,333 1,217,807 2,435,461 1,077,780 Total $ 5,523,585 $ 1,641,758 $ 3,243,678 $ 1,460,401

Retirement benefits (Tables)

Retirement benefits (Tables)	9 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Schedule of net pension benefit expense	Net pension benefit expense recognized included the following components: Three Months Ended Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Service cost $ 20,967 $ 19,126 $ 61,965 $ 57,618 Interest cost 36,389 40,124 106,233 120,541 Expected return on plan assets (68,058 ) (62,844 ) (198,836 ) (188,422 ) Amortization of prior service cost 1,411 1,665 4,229 4,990 Amortization of net actuarial loss 41,200 29,988 123,540 89,973 Amortization of initial net obligation 4 4 13 13 Net pension benefit expense $ 31,913 $ 28,063 $ 97,144 $ 84,713

Financial instruments (Tables)

Financial instruments (Tables)	9 Months Ended
	Mar. 31, 2020
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: March 31, June 30, Carrying value of long-term debt $ 8,257,273 $ 6,596,380 Estimated fair value of long-term debt 8,417,616 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 March 31, June 30, Net investment hedges Cross-currency swap contracts Non-trade and notes receivable $ 39,497 $ — Cross-currency swap contracts Investments and other assets — 24,545 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 13,160 13,242 Forward exchange contracts Other accrued liabilities 50,271 2,578 Costless collar contracts Non-trade and notes receivable 6,559 457 Costless collar contracts Other accrued liabilities 1,839 1,934
Schedule of derivative and non-derivative financial instruments, gain recorded in accumulated other comprehensive (loss)	Gains 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 Nine Months Ended March 31, March 31, 2020 2019 2020 2019 Cross-currency swap contracts $ 5,821 $ 6,748 $ 12,372 $ 14,367 Foreign denominated debt 9,574 13,287 17,898 24,558
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 March 31, 2020 and June 30, 2019 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,771 $ 7,771 $ — $ — Derivatives 59,216 — 59,216 — Liabilities: Derivatives 52,110 — 52,110 — 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		9 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment			2
Segment Reporting Information [Line Items]
Net sales	$ 3,702,432	$ 3,687,518	$ 10,534,917	$ 10,638,857
Operating income	535,680	598,220	1,504,057	1,643,387
Corporate general and administrative expenses	413,460	360,865	1,303,760	1,152,446
Interest expense	80,765	48,209	233,612	140,066
Other expense	758	20,811	128,386	83,244
Income before income taxes	454,157	529,200	1,142,059	1,420,077
North America
Segment Reporting Information [Line Items]
Net sales	2,507,566	2,398,975	7,107,655	6,893,872
Diversified Industrial
Segment Reporting Information [Line Items]
Net sales	2,957,851	3,035,420	8,424,242	8,805,968
Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	744,581	652,098	2,110,675	1,832,889
Operating Segments
Segment Reporting Information [Line Items]
Net sales	3,702,432	3,687,518	10,534,917	10,638,857
Operating income	584,022	631,022	1,636,961	1,790,404
Operating Segments | Diversified Industrial | North America
Segment Reporting Information [Line Items]
Net sales	1,775,578	1,750,554	5,016,035	5,063,657
Operating income	279,628	287,526	766,159	820,411
Operating Segments | Diversified Industrial | International
Segment Reporting Information [Line Items]
Net sales	1,182,273	1,284,866	3,408,207	3,742,311
Operating income	176,954	208,707	499,343	603,886
Operating Segments | Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	744,581	652,098	2,110,675	1,832,889
Operating income	127,440	134,789	371,459	366,107
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	$ 48,342	$ 32,802	$ 132,904	$ 147,017

New accounting pronouncements_2

New accounting pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jul. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 137,665
Operating lease liability	$ 138,183
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		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 3,702,432	$ 3,687,518	$ 10,534,917	$ 10,638,857
Diversified Industrial Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	2,957,851	3,035,420	8,424,242	8,805,968
Diversified Industrial Segment | Motion Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	778,840	899,948	2,297,961	2,615,878
Diversified Industrial Segment | Flow and Process Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,015,430	1,105,176	2,969,033	3,181,440
Diversified Industrial Segment | Filtration and Engineered Materials
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,163,581	1,030,296	3,157,248	3,008,650
Aerospace Systems Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	744,581	652,098	2,110,675	1,832,889
Aerospace Systems Segment | Flight Control Actuation
Disaggregation of Revenue [Line Items]
Revenues from contracts	175,871	191,664	529,553	544,270
Aerospace Systems Segment | Fuel, Inerting and Engine Motion Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	159,837	165,642	471,525	466,950
Aerospace Systems Segment | Hydraulics
Disaggregation of Revenue [Line Items]
Revenues from contracts	114,763	123,416	333,523	334,806
Aerospace Systems Segment | Engine Components
Disaggregation of Revenue [Line Items]
Revenues from contracts	181,173	71,779	454,572	207,812
Aerospace Systems Segment | Airframe and Engine Fluid Conveyance
Disaggregation of Revenue [Line Items]
Revenues from contracts	83,555	79,299	247,356	218,371
Aerospace Systems Segment | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 29,382	$ 20,298	$ 74,146	$ 60,680

Revenue recognition - Revenue b

Revenue recognition - Revenue by geographic region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 3,702,432	$ 3,687,518	$ 10,534,917	$ 10,638,857
North America
Disaggregation of Revenue [Line Items]
Revenues from contracts	2,507,566	2,398,975	7,107,655	6,893,872
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts	726,577	786,123	2,018,301	2,226,983
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts	430,500	458,122	1,292,054	1,385,736
Latin America
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 37,789	$ 44,298	$ 116,907	$ 132,266

Revenue recognition - Contract

Revenue recognition - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract assets, current (included within Prepaid expenses and other)	$ 27,793	$ 22,726
Contract assets, noncurrent (included within Investments and other assets)	1,476	1,301
Total contract assets	29,269	24,027
Contract liabilities, current (included within Other accrued liabilities)	(66,374)	(64,668)
Contract liabilities, noncurrent (included within Other liabilities)	(3,438)	(421)
Total contract liabilities	(69,812)	(65,089)
Net contract liabilities	$ (40,543)	$ (41,062)

Revenue recognition - Narrative

Revenue recognition - Narrative (Details) $ in Millions	9 Months Ended
	Mar. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 29
Remaining performance obligation, amount	$ 5,543
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	87.00%
Remaining performance obligation, period	12 months

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Oct. 29, 2019	Sep. 16, 2019	Mar. 31, 2020	Mar. 31, 2020
Business Combination Segment Allocation [Line Items]
Acquisition-related transaction costs				$ 114,777
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	$ 3,455,000
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			$ 343,400	650,588
Operating (loss) attributable to acquisitions			$ 15,550	$ (4,270)
Customer- Related Intangible Assets | EMFCO Holdings Incorporated
Business Combination Segment Allocation [Line Items]
Intangible assets acquired		$ 502,470
Weighted average useful life of intangible assets		18 years
Customer- Related Intangible Assets | LORD Corporation
Business Combination Segment Allocation [Line Items]
Intangible assets acquired	$ 872,390
Weighted average useful life of intangible assets	13 years
Patents and Technology | EMFCO Holdings Incorporated
Business Combination Segment Allocation [Line Items]
Intangible assets acquired		$ 281,400
Weighted average useful life of intangible assets		20 years
Patents and Technology | LORD Corporation
Business Combination Segment Allocation [Line Items]
Intangible assets acquired	$ 458,030
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	$ 119,440
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	Mar. 31, 2020	Oct. 29, 2019	Sep. 16, 2019	Jun. 30, 2019
Assets:
Goodwill	$ 7,829,779			$ 5,453,805
Lord
Assets:
Cash and cash equivalents		$ 74,013
Accounts receivable		156,541
Inventories		248,600
Prepaid expenses and other		24,160
Plant and equipment		406,553
Deferred income taxes		0
Other assets		42,220
Intangible assets		1,449,860
Goodwill		1,955,618
Total assets acquired		4,357,565
Liabilities:
Notes payable and long-term debt payable within one year		403
Accounts payable, trade		56,186
Accrued payrolls and other compensation		57,433
Accrued domestic and foreign taxes		4,498
Other accrued liabilities		87,810
Long-term debt		221,161
Pensions and other postretirement benefits		115,265
Deferred income taxes		299,634
Other liabilities		53,470
Noncontrolling interests		6,262
Total liabilities and noncontrolling interests assumed		902,122
Net assets acquired		$ 3,455,443
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			874,470
Goodwill			503,725
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		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income attributable to common shareholders	$ 367,253	$ 411,248	$ 910,625	$ 1,098,696
Denominator:
Basic - weighted average common shares (in shares)	128,289,720	128,706,137	128,383,549	130,476,355
Increase in weighted average common shares from dilutive effect of equity-based awards (in shares)	1,456,827	2,178,831	1,479,266	2,022,021
Diluted - weighted average common shares, assuming exercise of equity-based awards (in shares)	129,746,547	130,884,968	129,862,815	132,498,376
Basic earnings per share (in USD per share)	$ 2.86	$ 3.20	$ 7.09	$ 8.42
Diluted earnings per share (in USD per share)	$ 2.83	$ 3.14	$ 7.01	$ 8.29

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Excluded from the computation of diluted earnings per share since anti-dilutive (in shares)	753,028	833,239	516,067	925,721

Share repurchase program (Detai

Share repurchase program (Details) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Oct. 22, 2014
Equity [Abstract]
Authorized to be repurchased (in shares)			35,000,000
Repurchased (in shares)	263,200	818,581
Repurchased, average price (in USD per share)	$ 177.69	$ 179.29

Trade accounts receivable, net

Trade accounts receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Receivables [Abstract]
Allowance for doubtful accounts	$ 11,190	$ 8,874

Non-trade and notes receivabl_2

Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Receivables [Abstract]
Notes receivable	$ 116,722	$ 147,719
Accounts receivable, other	205,465	162,989
Total	$ 322,187	$ 310,708

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Inventory, Net [Abstract]
Finished products	$ 761,834	$ 663,068
Work in process	968,206	850,778
Raw materials	281,327	164,286
Total	$ 2,011,367	$ 1,678,132

Leases - Lease expense and supp

Leases - Lease expense and supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Leases [Abstract]
Operating lease expense	$ 13,218	$ 38,048
Short-term lease cost	1,814	6,248
Variable lease cost	999	3,958
Total lease cost	16,031	48,254
Cash paid for amounts included in the measurement of operating lease liabilities	12,522	37,104
Right-of-use assets obtained in exchange for operating lease obligations	$ 3,262	$ 29,209

Leases - Supplemental balance s

Leases - Supplemental balance sheet information (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating lease right-of-use assets (included within Investments and other assets)	$ 137,665
Current operating lease liabilities (included within Other accrued liabilities)	40,866
Long-term operating lease liabilities (included within Other liabilities)	97,317
Total operating lease liabilities	$ 138,183
Weighted average remaining lease term	5 years 3 months 18 days
Weighted average discount rate	2.10%

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Leases [Abstract]
2020	$ 11,818
2021	40,886
2022	29,494
2023	19,666
2024	12,377
Thereafter	32,548
Total operating lease payments	146,789
Less imputed interest	8,606
Total operating lease liabilities	$ 138,183
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		9 Months Ended
	Mar. 31, 2020USD ($)employee	Mar. 31, 2019USD ($)employee	Mar. 31, 2020USD ($)employee	Mar. 31, 2019USD ($)employee
Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 71	$ 0	$ 193	$ 0
Number of positions eliminated (employees) | employee	3	0	8	0
Segment Reconciling Items
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 50	$ 0	$ 50	$ 275
Diversified Industrial | Operating Segments
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 12,720	$ 4,599	$ 27,112	$ 20,539
Number of positions eliminated (employees) | employee	336	144	1,154	509
Aerospace Systems | Operating Segments
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 613	$ 0	$ 658	$ 0
Number of positions eliminated (employees) | employee	34	0	50	0

Business realignment and acqu_4

Business realignment and acquisition integration charges - Income statement location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Cost of sales
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 10,201	$ 2,804	$ 21,225	$ 10,872
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	3,203	1,795	6,738	9,667
Other (income), net
Restructuring Cost and Reserve [Line Items]
Realignment charges and acquisition integration costs	$ 50	$ 0	$ 50	$ 275

Business realignment and acqu_5

Business realignment and acquisition integration charges - Narrative (Details) - Employee severance $ in Millions	9 Months Ended
	Mar. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Severance payments made relating to charges incurred during the fiscal year	$ 25
Remaining severance payments related to current-year and prior-year actions	$ 14

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	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 8,364	$ 18,503
Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 486	$ 1,570

Equity - Changes in equity (Det

Equity - Changes in equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Jul. 01, 2018	Jun. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 6,342,501	$ 5,821,166	$ 5,968,152	$ 5,865,493
Impact of adoption of accounting standards					$ (1,734)	$ (251)
Net income	367,369	411,381	911,008	1,099,193
Other comprehensive income (loss)	(250,690)	66,626	(137,386)	35,915
Dividends paid	(113,266)	(98,548)	(340,291)	(299,006)
Stock incentive plan activity	8,273	15,423	46,449	64,704
Acquisition activity	7		6,262
Shares purchased at cost	(46,767)	(200,000)	(146,767)	(750,000)
Ending balance	$ 6,307,427	$ 6,016,048	$ 6,307,427	$ 6,016,048
Cash dividends per common share (in USD per share)	$ 0.88	$ 0.76	$ 2.64	$ 2.28
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	455,862	521,854	462,086	496,592
Stock incentive plan activity	(3,705)	7,289	(9,929)	32,551
Ending balance	452,157	529,143	452,157	529,143
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	13,094,252	12,114,448	12,777,538	11,625,975
Impact of adoption of accounting standards						1,483
Net income	367,253	411,248	910,625	1,098,696
Dividends paid	(113,214)	(98,484)	(339,872)	(298,942)
Ending balance	13,348,291	12,427,212	13,348,291	12,427,212
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,945,732)	(1,795,497)	(2,059,048)	(1,763,086)
Impact of adoption of accounting standards						$ (1,734)
Other comprehensive income (loss)	(249,730)	66,582	(136,414)	35,905
Ending balance	(2,195,462)	(1,728,915)	(2,195,462)	(1,728,915)
Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,364,730)	(5,116,119)	(5,309,130)	(4,590,138)
Stock incentive plan activity	11,978	8,134	56,378	32,153
Shares purchased at cost	(46,767)	(200,000)	(146,767)	(750,000)
Ending balance	(5,399,519)	(5,307,985)	(5,399,519)	(5,307,985)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	12,326	5,957	6,183	5,627
Net income	116	133	383	497
Other comprehensive income (loss)	(960)	44	(972)	10
Dividends paid	(52)	(64)	(419)	(64)
Acquisition activity	7		6,262
Ending balance	$ 11,437	$ 6,070	$ 11,437	$ 6,070

Equity - Changes in accumulated

Equity - Changes in accumulated other comprehensive income (loss) in shareholders' equity by component (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	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			$ (1,734)	$ (251)
Other comprehensive income (loss) before reclassifications	(232,981)	(39,887)
Amounts reclassified from accumulated other comprehensive (loss)	96,567	75,792
Ending balance	6,307,427	6,016,048
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 income (loss) before reclassifications	(232,981)	(39,887)
Amounts reclassified from accumulated other comprehensive (loss)	0	3,578
Ending balance	(1,244,637)	(981,520)
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 income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss)	96,567	72,214
Ending balance	(950,825)	(747,395)
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)
Ending balance	$ (2,195,462)	$ (1,728,915)

Equity - Reclassifications out

Equity - Reclassifications out of accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income), net	$ 12,643	$ 17,500	$ 73,713	$ 37,638
Tax benefit	(86,788)	(117,819)	(231,051)	(320,884)
Net income	367,369	411,381	911,008	1,099,193
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	(1,385)	(1,639)	(4,152)	(4,932)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Recognized actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income), net	(41,154)	(29,763)	(123,342)	(89,756)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	(42,539)	(31,402)	(127,494)	(94,688)
Tax benefit	10,414	7,588	30,927	22,474
Net income	$ (32,125)	$ (23,814)	$ (96,567)	$ (72,214)

Goodwill and intangible asset_2

Goodwill and intangible assets - Changes in carrying amount of goodwill (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 5,453,805
Acquisitions	2,459,343
Foreign currency translation and other	(83,369)
Ending balance	7,829,779
Diversified Industrial Segment
Goodwill [Roll Forward]
Beginning balance	5,355,165
Acquisitions	1,955,561
Foreign currency translation and other	(83,361)
Ending balance	7,227,365
Aerospace Systems Segment
Goodwill [Roll Forward]
Beginning balance	98,640
Acquisitions	503,782
Foreign currency translation and other	(8)
Ending balance	$ 602,414

Goodwill and intangible asset_3

Goodwill and intangible assets - Intangible assets by major category (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Finite-Lived Intangible Asset
Gross Carrying Amount	$ 5,523,585	$ 3,243,678
Accumulated Amortization	1,641,758	1,460,401
Patents and technology
Finite-Lived Intangible Asset
Gross Carrying Amount	990,716	265,644
Accumulated Amortization	149,247	130,233
Trademarks
Finite-Lived Intangible Asset
Gross Carrying Amount	747,536	542,573
Accumulated Amortization	274,704	252,388
Customer lists and other
Finite-Lived Intangible Asset
Gross Carrying Amount	3,785,333	2,435,461
Accumulated Amortization	$ 1,217,807	$ 1,077,780

Goodwill and intangible asset_4

Goodwill and intangible assets - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0
Intangible amortization expense		$ 203,895,000
Estimated amortization expense, year ending June 30, 2020		276,591,000
Estimated amortization expense, year ending June 30, 2021		313,434,000
Estimated amortization expense, year ending June 30, 2022		307,402,000
Estimated amortization expense, year ending June 30, 2023		296,337,000
Estimated amortization expense, year ending June 30, 2024		$ 290,718,000

Retirement benefits - Net pensi

Retirement benefits - Net pension benefit expense (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 20,967	$ 19,126	$ 61,965	$ 57,618
Interest cost	36,389	40,124	106,233	120,541
Expected return on plan assets	(68,058)	(62,844)	(198,836)	(188,422)
Amortization of prior service cost	1,411	1,665	4,229	4,990
Amortization of net actuarial loss	41,200	29,988	123,540	89,973
Amortization of initial net obligation	4	4	13	13
Net pension benefit expense	$ 31,913	$ 28,063	$ 97,144	$ 84,713

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Other Postretirement Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other postretirement benefits expense	$ 169	$ 114	$ 1,136	$ 1,395

Debt (Details)

Debt (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Proceeds from long-term borrowings			$ 1,721,211,000	$ 1,000
Commercial paper outstanding		$ 949,000,000	$ 949,000,000			$ 586,000,000
Debt to debt-shareholders' equity ratio, maximum			0.65
Debt to debt-shareholders' equity ratio			0.59
Term Loan Due September 2023 | Medium-term Notes
Debt Instrument [Line Items]
Loan principle					$ 925,000,000
Term Loan Due October 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 October 2022 | Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%

Income taxes (Details)

Income taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 81,717
Unrecognized tax benefits that would impact effective tax rate if recognized	81,717
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	14,425
Decrease in unrecognized tax benefits resulting from settlements with taxing authorities	74,057
Decrease in unrecognized tax benefits that is reasonably possible (up to)	$ 40,000

Financial instruments - Narrati

Financial instruments - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020EUR (€)
Debt Instrument [Line Items]
Net (losses) and net unrealized gains relating to forward exchange contracts | $	$ (48)	$ 14
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	Mar. 31, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Carrying value of long-term debt	$ 8,257,273	$ 6,596,380
Estimated fair value of long-term debt	$ 8,417,616	$ 7,012,641

Financial instruments - Fair va

Financial instruments - Fair value of derivative instruments reported in consolidated balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Cross-currency swap contracts | Non-trade and notes receivable
Derivatives, Fair Value [Line Items]
Net investment hedge, assets	$ 39,497	$ 0
Cross-currency swap contracts | Investments and other assets
Derivatives, Fair Value [Line Items]
Net investment hedge, assets	0	24,545
Forward exchange contracts | Non-trade and notes receivable
Derivatives, Fair Value [Line Items]
Cash flow hedge, assets	13,160	13,242
Forward exchange contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Cash flow hedge, liability	50,271	2,578
Costless collar contracts | Non-trade and notes receivable
Derivatives, Fair Value [Line Items]
Cash flow hedge, assets	6,559	457
Costless collar contracts | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Cash flow hedge, liability	$ 1,839	$ 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		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Cross-currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 5,821	$ 6,748	$ 12,372	$ 14,367
Foreign denominated debt
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 9,574	$ 13,287	$ 17,898	$ 24,558

Financial instruments - Financi

Financial instruments - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jun. 30, 2019
Assets:
Equity securities	$ 7,771	$ 7,533
Derivatives	59,216	38,244
Liabilities:
Derivatives	52,110	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	7,771	7,533
Derivatives	0	0
Liabilities:
Derivatives	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Equity securities	0	0
Derivatives	59,216	38,244
Liabilities:
Derivatives	52,110	4,512
Significant Unobservable Inputs (Level 3)
Assets:
Equity securities	0	0
Derivatives	0	0
Liabilities:
Derivatives	$ 0	$ 0