Parker-Hannifin (PH) 10-Q 6 May 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	129,055,945
Entity Central Index Key	0000076334
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
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, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 3,746,326	$ 3,702,432	$ 10,388,771	$ 10,534,917
Cost of sales	2,714,773	2,766,693	7,618,646	7,929,199
Selling, general and administrative expenses	386,831	413,460	1,113,254	1,303,760
Interest expense	60,830	80,765	189,778	233,612
Other (income), net	(13,460)	(12,643)	(122,066)	(73,713)
Income before income taxes	597,352	454,157	1,589,159	1,142,059
Income taxes	125,619	86,788	348,212	231,051
Net income	471,733	367,369	1,240,947	911,008
Less: Noncontrolling interest in subsidiaries' earnings	86	116	585	383
Net income attributable to common shareholders	$ 471,647	$ 367,253	$ 1,240,362	$ 910,625
Earnings per share attributable to common shareholders:
Basic (in USD per share)	$ 3.65	$ 2.86	$ 9.62	$ 7.09
Diluted (in USD per share)	$ 3.59	$ 2.83	$ 9.50	$ 7.01

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 471,733	$ 367,369	$ 1,240,947	$ 911,008
Less: Noncontrolling interests in subsidiaries' earnings	86	116	585	383
Net income attributable to common shareholders	471,647	367,253	1,240,362	910,625
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment	(65,970)	(282,815)	282,539	(233,953)
Retirement benefits plan activity	39,723	32,125	120,859	96,567
Other comprehensive (loss) income	(26,247)	(250,690)	403,398	(137,386)
Less: Other comprehensive (loss) income for noncontrolling interests	(463)	(960)	813	(972)
Other comprehensive (loss) income attributable to common shareholders	(25,784)	(249,730)	402,585	(136,414)
Total comprehensive income attributable to common shareholders	$ 445,863	$ 117,523	$ 1,642,947	$ 774,211

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 489,600	$ 685,514
Marketable securities and other investments	40,270	70,805
Trade accounts receivable, net	2,118,437	1,854,398
Non-trade and notes receivable	309,568	244,870
Inventories	1,898,159	1,814,631
Prepaid expenses and other	193,019	214,986
Total current assets	5,049,053	4,885,204
Property, plant and equipment	5,989,920	5,810,681
Less: Accumulated depreciation	3,740,798	3,517,946
Property, plant and equipment, net	2,249,122	2,292,735
Deferred income taxes	125,382	126,839
Investments and other assets	791,221	764,563
Intangible assets, net	3,595,182	3,798,913
Goodwill	8,031,586	7,869,935
Total assets	19,841,546	19,738,189
Current liabilities:
Notes payable and long-term debt payable within one year	186,388	809,529
Accounts payable, trade	1,551,460	1,111,759
Accrued payrolls and other compensation	430,008	424,231
Accrued domestic and foreign taxes	204,241	195,314
Other accrued liabilities	664,550	607,540
Total current liabilities	3,036,647	3,148,373
Long-term debt	6,571,908	7,652,256
Pensions and other postretirement benefits	1,777,137	1,887,414
Deferred income taxes	416,223	382,528
Other liabilities	631,702	539,089
Total liabilities	12,433,617	13,609,660
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	374,497	416,585
Retained earnings	14,429,912	13,530,666
Accumulated other comprehensive (loss)	(2,156,290)	(2,558,875)
Treasury shares, at cost; 51,990,183 shares at March 31 and 52,490,165 shares at June 30	(5,346,440)	(5,364,916)
Total shareholders’ equity	7,392,202	6,113,983
Noncontrolling interests	15,727	14,546
Total equity	7,407,929	6,128,529
Total liabilities and equity	$ 19,841,546	$ 19,738,189

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Mar. 31, 2021	Jun. 30, 2020
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)	51,990,183	52,490,165

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,240,947	$ 911,008
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	204,615	187,054
Amortization	244,193	203,895
Share incentive plan compensation	101,907	91,857
Deferred income taxes	(12,127)	9,954
Foreign currency transaction gain	(8,239)	(13,040)
Gain on property, plant and equipment	(108,449)	(5,194)
(Gain) loss on marketable securities	(8,489)	434
Gain on investments	(6,008)	(1,849)
Other	11,149	14,303
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net	(238,882)	173,310
Inventories	(51,150)	(8,019)
Prepaid expenses and other	24,757	21,783
Other assets	(22,191)	(13,268)
Accounts payable, trade	417,196	(53,875)
Accrued payrolls and other compensation	(2,645)	(68,091)
Accrued domestic and foreign taxes	4,768	(19,985)
Other accrued liabilities	17,396	(82,896)
Pensions and other postretirement benefits	32,418	36,229
Other liabilities	40,239	(92,751)
Net cash provided by operating activities	1,881,405	1,290,859
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (net of cash of $82,192 in 2020)	0	(5,076,064)
Capital expenditures	(136,064)	(182,502)
Proceeds from sale of property, plant and equipment	132,740	25,398
Purchases of marketable securities and other investments	(30,608)	(191,277)
Maturities and sales of marketable securities and other investments	71,225	249,306
Other	14,120	129,938
Net cash provided by (used in) investing activities	51,413	(5,045,201)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	4,012	2,459
Payments for common shares	(129,531)	(194,633)
(Payments for) proceeds from notes payable, net	(539,500)	362,346
Proceeds from long-term borrowings	2,016	1,721,211
Payments for long-term borrowings	(1,211,334)	(278,347)
Dividends paid	(341,333)	(340,291)
Net cash (used in) provided by financing activities	(2,215,670)	1,272,745
Effect of exchange rate changes on cash	86,938	(40,553)
Net decrease in cash and cash equivalents	(195,914)	(2,522,150)
Cash and cash equivalents at beginning of year	685,514	3,219,767
Cash and cash equivalents at end of period	$ 489,600	$ 697,617

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) $ in Thousands	9 Months Ended
	Mar. 31, 2020USD ($)
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 82,192

Business Segment Information

Business Segment Information	9 Months Ended
	Mar. 31, 2021
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, 2021 2020 2021 2020 Net sales Diversified Industrial: North America $ 1,758,383 $ 1,775,578 $ 4,853,371 $ 5,016,035 International 1,388,999 1,182,273 3,777,875 3,408,207 Aerospace Systems 598,944 744,581 1,757,525 2,110,675 Total net sales $ 3,746,326 $ 3,702,432 $ 10,388,771 $ 10,534,917 Segment operating income Diversified Industrial: North America $ 336,589 $ 279,628 $ 887,041 $ 766,159 International 274,427 176,954 681,541 499,343 Aerospace Systems 102,303 127,440 279,798 371,459 Total segment operating income 713,319 584,022 1,848,380 1,636,961 Corporate general and administrative expenses 48,089 48,342 123,544 132,904 Income before interest expense and other expense 665,230 535,680 1,724,836 1,504,057 Interest expense 60,830 80,765 189,778 233,612 Other expense (income) 7,048 758 (54,101) 128,386 Income before income taxes $ 597,352 $ 454,157 $ 1,589,159 $ 1,142,059

Management representation

Management representation	9 Months Ended
	Mar. 31, 2021
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.Management representation In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of March 31, 2021, the results of operations for the three and nine months ended March 31, 2021 and 2020 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 2020 Annual Report on Form 10-K. The novel coronavirus ("COVID-19") pandemic is having, and will likely continue to have, an adverse effect on our business, and its future impacts remain unpredictable. Therefore, accounting estimates and assumptions may change over time in response to the impacts of COVID-19. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. The Company has evaluated subsequent events that occurred through the date these financial statements were issued. No subsequent events have occurred that required adjustment to or disclosure in these financial statements.

New accounting pronouncements

New accounting pronouncements	9 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn 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. We adopted ASU 2016-13 on July 1, 2020. The adoption of this guidance, using the modified retrospective method, did not result in a cumulative-effect adjustment to retained earnings and did not have a material impact on the consolidated financial statements or related disclosures.

Revenue recognition

Revenue recognition	9 Months Ended
	Mar. 31, 2021
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, 2021 2020 2021 2020 Motion Systems $ 820,514 $ 778,840 $ 2,197,971 $ 2,297,961 Flow and Process Control 1,081,570 1,015,430 2,955,643 2,969,033 Filtration and Engineered Materials 1,245,298 1,163,581 3,477,632 3,157,248 Total $ 3,147,382 $ 2,957,851 $ 8,631,246 $ 8,424,242 Aerospace Systems Segment revenues by product platform: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Flight Control Actuation $ 174,067 $ 175,871 $ 499,432 $ 529,553 Fuel, Inerting and Engine Motion Control 129,866 159,837 384,937 471,525 Hydraulics 75,430 114,763 222,193 333,523 Engine Components 145,819 181,173 436,119 454,572 Airframe and Engine Fluid Conveyance 49,190 83,555 141,737 247,356 Other 24,572 29,382 73,107 74,146 Total $ 598,944 $ 744,581 $ 1,757,525 $ 2,110,675 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, 2021 2020 2021 2020 North America $ 2,354,251 $ 2,507,566 $ 6,598,238 $ 7,107,655 Europe 788,498 726,577 2,087,030 2,018,301 Asia Pacific 561,274 430,500 1,586,375 1,292,054 Latin America 42,303 37,789 117,128 116,907 Total $ 3,746,326 $ 3,702,432 $ 10,388,771 $ 10,534,917 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, June 30, Contract assets, current (included within Prepaid expenses and other) $ 35,616 $ 30,827 Contract assets, noncurrent (included within Investments and other assets) 2,089 1,497 Total contract assets 37,705 32,324 Contract liabilities, current (included within Other accrued liabilities) (52,834) (51,278) Contract liabilities, noncurrent (included within Other liabilities) (3,910) (3,232) Total contract liabilities (56,744) (54,510) Net contract liabilities $ (19,039) $ (22,186) At March 31, 2021, 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, 2021, approximately $29 million of revenue was recognized that was included in the contract liabilities at June 30, 2020. 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, 2021 was $6,185 million, of which approximately 87 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.

Earnings per share

Earnings per share	9 Months Ended
	Mar. 31, 2021
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, 2021 and 2020. Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Numerator: Net income attributable to common shareholders $ 471,647 $ 367,253 $ 1,240,362 $ 910,625 Denominator: Basic - weighted average common shares 129,085,563 128,289,720 128,935,696 128,383,549 Increase in weighted average common shares from dilutive effect of equity-based awards 2,292,370 1,456,827 1,690,904 1,479,266 Diluted - weighted average common shares, assuming exercise of equity-based awards 131,377,933 129,746,547 130,626,600 129,862,815 Basic earnings per share $ 3.65 $ 2.86 $ 9.62 $ 7.09 Diluted earnings per share $ 3.59 $ 2.83 $ 9.50 $ 7.01 For the three months ended March 31, 2021 and 2020, 133 and 753,028 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, 2021 and 2020, 589,364 and 516,067 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

Share repurchase program

Share repurchase program	9 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Share repurchase program	Share repurchase programThe 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. In March 2020, the Company suspended the share repurchase program in response to business uncertainty resulting from the COVID-19 pandemic. During fiscal 2021, the Company reinitiated the share repurchase program and began repurchasing shares under the program in February 2021. During the three and nine months ended March 31, 2021, we repurchased 169,814 shares at an average price, including commissions, of $294.44 per share.

Trade accounts receivable, net

Trade accounts receivable, net	9 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Trade accounts receivable, net	Trade accounts receivable, netTrade 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. We evaluate the collectibility of our receivables based on historical experience and current and forecasted economic conditions based on management's judgment. Additionally, receivables are written off to bad debt when management makes a final determination of uncollectibility. Allowance for credit losses was $12,734 and $11,644 at March 31, 2021 and June 30, 2020, respectively.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 $ 141,333 $ 97,370 Accounts receivable, other 168,235 147,500 Total $ 309,568 $ 244,870

Non-trade and notes receivable

Non-trade and notes receivable	9 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Non-trade and notes receivable	Trade accounts receivable, netTrade 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. We evaluate the collectibility of our receivables based on historical experience and current and forecasted economic conditions based on management's judgment. Additionally, receivables are written off to bad debt when management makes a final determination of uncollectibility. Allowance for credit losses was $12,734 and $11,644 at March 31, 2021 and June 30, 2020, respectively.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 $ 141,333 $ 97,370 Accounts receivable, other 168,235 147,500 Total $ 309,568 $ 244,870

Inventories

Inventories	9 Months Ended
	Mar. 31, 2021
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 $ 715,218 $ 694,577 Work in process 944,378 881,104 Raw materials 238,563 238,950 Total $ 1,898,159 $ 1,814,631

Business realignment and acquis

Business realignment and acquisition integration charges	9 Months Ended
	Mar. 31, 2021
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 the first nine months of fiscal 2021 and 2020. During fiscal 2021, business realignment charges primarily consisted of actions taken to address the impact of COVID-19 on our business. In both fiscal 2021 and 2020, business realignment charges included severance costs related to actions taken under the Company's simplification initiative aimed at reducing organizational and process complexity as well as plant closures. 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 charges presented in the Business Segment Information are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Diversified Industrial $ 4,139 $ 12,720 $ 31,247 $ 27,112 Aerospace Systems 1,306 613 6,643 658 Corporate general and administrative expenses 156 71 954 193 Other expense 1 50 1,226 50 Workforce reductions in connection with business realignment charges in the Business Segment Information are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Diversified Industrial 65 336 741 1,154 Aerospace Systems 41 34 326 50 Corporate general and administrative expenses 1 3 19 8 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Cost of sales $ 3,056 $ 10,201 $ 29,389 $ 21,225 Selling, general and administrative expenses 2,545 3,203 9,455 6,738 Other (income), net 1 50 1,226 50 During the first nine months of fiscal 2021, approximately $43 million in payments were made relating to business realignment charges. Remaining payments related to business realignment actions of approximately $19 million, a majority of which are expected to be paid by March 31, 2022, 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 actions 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 fiscal 2020 acquisitions of LORD Corporation ("Lord") and Exotic Metals Forming Company ("Exotic"): Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Diversified Industrial $ 2,631 $ 8,364 $ 9,495 $ 18,503 Aerospace Systems 24 486 699 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, 2021
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended March 31, 2021 and 2020 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at December 31, 2020 $ 90,523 $ 385,049 $ 14,072,152 $ (2,130,506) $ (5,311,236) $ 16,322 $ 7,122,304 Net income 471,647 86 471,733 Other comprehensive (loss) (25,784) (463) (26,247) Dividends paid ($0.88 per share) (113,887) (218) (114,105) Stock incentive plan activity (10,552) 14,796 4,244 Shares purchased at cost (50,000) (50,000) Balance at March 31, 2021 $ 90,523 $ 374,497 $ 14,429,912 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,407,929 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling 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 (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 Changes in equity for the nine months ended March 31, 2021 and 2020 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at June 30, 2020 $ 90,523 $ 416,585 $ 13,530,666 $ (2,558,875) $ (5,364,916) $ 14,546 $ 6,128,529 Net income 1,240,362 585 1,240,947 Other comprehensive income 402,585 813 403,398 Dividends paid ($2.64 per share) (341,116) (217) (341,333) Stock incentive plan activity (42,088) 68,476 26,388 Shares purchased at cost (50,000) (50,000) Balance at March 31, 2021 $ 90,523 $ 374,497 $ 14,429,912 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,407,929 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling 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 (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 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the nine months ended March 31, 2021 and 2020 are as follows: Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2020 $ (1,193,937) $ (1,364,938) $ (2,558,875) Other comprehensive income before reclassifications 281,726 — 281,726 Amounts reclassified from accumulated other comprehensive (loss) — 120,859 120,859 Balance at March 31, 2021 $ (912,211) $ (1,244,079) $ (2,156,290) Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2019 $ (1,011,656) $ (1,047,392) $ (2,059,048) Other comprehensive (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) Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and nine months ended March 31, 2021 and 2020 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, 2021 March 31, 2021 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,304) $ (3,542) Other (income), net Recognized actuarial loss (51,212) (156,240) Other (income), net Total before tax (52,516) (159,782) Tax benefit 12,793 38,923 Net of tax $ (39,723) $ (120,859) 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)

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Mar. 31, 2021
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, 2021 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2020 $ 7,267,573 $ 602,362 $ 7,869,935 Acquisitions 3,738 — 3,738 Foreign currency translation and other 157,900 13 157,913 Balance at March 31, 2021 $ 7,429,211 $ 602,375 $ 8,031,586 The acquisitions line represents adjustments to the Lord goodwill allocation during the measurement period subsequent to its acquisition date. The impact of these adjustments during the first six months of fiscal 2021 was immaterial to our results of operations and financial position. At December 31, 2020, purchase price allocations for both Lord and Exotic were complete. 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, 2020, the Company performed its fiscal 2021 annual goodwill impairment test, which indicated no impairment existed. We did not identify any events or circumstances during the first nine months of fiscal 2021 that required performance of an interim goodwill impairment test. Intangible assets are amortized using 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, 2021 June 30, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 999,364 $ 203,391 $ 991,596 $ 162,528 Trademarks 760,437 321,399 748,326 285,197 Customer lists and other 3,857,368 1,497,197 3,791,505 1,284,789 Total $ 5,617,169 $ 2,021,987 $ 5,531,427 $ 1,732,514 Total intangible amortization expense for the nine months ended March 31, 2021 was $244,193. The estimated amortization expense for the five years ending June 30, 2021 through 2025 is $323,846, $307,704, $297,652, $288,337 and $274,208, 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, 2021.

Retirement benefits

Retirement benefits	9 Months Ended
	Mar. 31, 2021
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, 2021 2020 2021 2020 Service cost $ 21,016 $ 20,967 $ 63,215 $ 61,965 Interest cost 25,661 36,389 76,833 106,233 Expected return on plan assets (67,201) (68,058) (200,410) (198,836) Amortization of prior service cost 1,294 1,411 3,583 4,229 Amortization of net actuarial loss 51,094 41,200 156,254 123,540 Amortization of initial net obligation 4 4 13 13 Net pension benefit expense $ 31,868 $ 31,913 $ 99,488 $ 97,144 During the three months ended March 31, 2021 and 2020, we recognized $141 and $169, respectively, in expense related to other postretirement benefits. During the nine months ended March 31, 2021 and 2020, we recognized $911 and $1,136, 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, 2021
Debt Disclosure [Abstract]
Debt	DebtDuring the first nine months of fiscal 2021, we repaid the remaining $890 million and $320 million balances related to the $925 million and $800 million term loans, respectively.

Income taxes

Income taxes	9 Months Ended
	Mar. 31, 2021
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. The CARES Act did not result in a material impact on our effective tax rate. On December 27, 2020, the Consolidated Appropriations Act, 2021, was signed into law. In addition to providing funding for the government, this law provides further COVID-19 economic relief, and extends certain expiring tax provisions. This act did not result in a material impact on our effective tax rate. We file income tax returns in the United States and in various foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. We are open to assessment on our U.S. federal income tax returns by the Internal Revenue Service for fiscal years after 2013, and our state and local returns for fiscal years after 2013. We are also open to assessment for significant foreign jurisdictions for fiscal years after 2008. 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, 2021, we had gross unrecognized tax benefits of $102,739, 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 $17,215. 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, 2021
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. Unrealized gains and losses related to equity investments were not material as of March 31, 2021 and 2020. The carrying value of long-term debt, which excludes the impact of net unamortized debt issuance costs, and estimated fair value of long-term debt are as follows: March 31, June 30, Carrying value of long-term debt $ 6,637,164 $ 7,809,541 Estimated fair value of long-term debt 7,307,181 8,574,401 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 Other liabilities $ 73,144 $ 30,860 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 8,042 5,311 Forward exchange contracts Other accrued liabilities 4,364 3,474 Costless collar contracts Non-trade and notes receivable 490 2,250 Costless collar contracts Other accrued liabilities 1,916 661 The cross-currency swap, forward exchange, and costless collar contracts are reflected on a gross basis in the Consolidated Balance Sheet. We have not entered into any master netting arrangements. 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. Derivatives not designated as hedges are adjusted to fair value by recording gains and losses through the cost of sales caption in the Consolidated Statement of Income. Derivatives designated as hedges are adjusted to fair value by recording gains and losses through accumulated other comprehensive (loss) on the Consolidated Balance Sheet until the hedged item is recognized in earnings. We assess the effectiveness of the €359 million and ¥2,149 million cross-currency swap hedging instruments using the spot method. Under this method, the periodic interest settlements are recognized directly in earnings through interest expense. Net (losses) of $(3) million and $(48) million relating to forward exchange contracts were recorded within cost of sales in the Consolidated Statement of Income for the three months ended March 31, 2021 and 2020, respectively. Net gains (losses) of $21 million and $(41) million relating to forward exchange contracts were recorded within cost of sales in the Consolidated Statement of Income for the nine months ended March 31, 2021 and 2020, 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, 2021 and 2020 were not material. Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) on the Consolidated Balance Sheet are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Cross-currency swap contracts $ 5,188 $ 5,821 $ (33,675) $ 12,372 Foreign denominated debt 25,636 9,574 (26,200) 17,898 During the first nine months of fiscal 2021, the periodic interest settlements related to the cross-currency swaps were not material. No portion of these financial instruments were excluded from the effectiveness testing during the nine months ended March 31, 2020. A summary of financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2021 and June 30, 2020 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs March 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 17,358 $ 17,358 $ — $ — Derivatives 8,532 — 8,532 — Liabilities: Derivatives 79,424 — 79,424 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2020 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,901 $ 7,901 $ — $ — Derivatives 7,561 — 7,561 — Liabilities: Derivatives 34,995 — 34,995 — 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. 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, 2021
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn 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. We adopted ASU 2016-13 on July 1, 2020. The adoption of this guidance, using the modified retrospective method, did not result in a cumulative-effect adjustment to retained earnings and did not have a material impact on the consolidated financial statements or related disclosures.
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. 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.

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of segment reporting information	Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Net sales Diversified Industrial: North America $ 1,758,383 $ 1,775,578 $ 4,853,371 $ 5,016,035 International 1,388,999 1,182,273 3,777,875 3,408,207 Aerospace Systems 598,944 744,581 1,757,525 2,110,675 Total net sales $ 3,746,326 $ 3,702,432 $ 10,388,771 $ 10,534,917 Segment operating income Diversified Industrial: North America $ 336,589 $ 279,628 $ 887,041 $ 766,159 International 274,427 176,954 681,541 499,343 Aerospace Systems 102,303 127,440 279,798 371,459 Total segment operating income 713,319 584,022 1,848,380 1,636,961 Corporate general and administrative expenses 48,089 48,342 123,544 132,904 Income before interest expense and other expense 665,230 535,680 1,724,836 1,504,057 Interest expense 60,830 80,765 189,778 233,612 Other expense (income) 7,048 758 (54,101) 128,386 Income before income taxes $ 597,352 $ 454,157 $ 1,589,159 $ 1,142,059

Revenue recognition (Tables)

Revenue recognition (Tables)	9 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Diversified Industrial Segment revenues by technology platform: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Motion Systems $ 820,514 $ 778,840 $ 2,197,971 $ 2,297,961 Flow and Process Control 1,081,570 1,015,430 2,955,643 2,969,033 Filtration and Engineered Materials 1,245,298 1,163,581 3,477,632 3,157,248 Total $ 3,147,382 $ 2,957,851 $ 8,631,246 $ 8,424,242 Aerospace Systems Segment revenues by product platform: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Flight Control Actuation $ 174,067 $ 175,871 $ 499,432 $ 529,553 Fuel, Inerting and Engine Motion Control 129,866 159,837 384,937 471,525 Hydraulics 75,430 114,763 222,193 333,523 Engine Components 145,819 181,173 436,119 454,572 Airframe and Engine Fluid Conveyance 49,190 83,555 141,737 247,356 Other 24,572 29,382 73,107 74,146 Total $ 598,944 $ 744,581 $ 1,757,525 $ 2,110,675 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, 2021 2020 2021 2020 North America $ 2,354,251 $ 2,507,566 $ 6,598,238 $ 7,107,655 Europe 788,498 726,577 2,087,030 2,018,301 Asia Pacific 561,274 430,500 1,586,375 1,292,054 Latin America 42,303 37,789 117,128 116,907 Total $ 3,746,326 $ 3,702,432 $ 10,388,771 $ 10,534,917
Schedule of contract assets and liabilities	Total contract assets and contract liabilities are as follows: March 31, June 30, Contract assets, current (included within Prepaid expenses and other) $ 35,616 $ 30,827 Contract assets, noncurrent (included within Investments and other assets) 2,089 1,497 Total contract assets 37,705 32,324 Contract liabilities, current (included within Other accrued liabilities) (52,834) (51,278) Contract liabilities, noncurrent (included within Other liabilities) (3,910) (3,232) Total contract liabilities (56,744) (54,510) Net contract liabilities $ (19,039) $ (22,186)

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Mar. 31, 2021
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, 2021 and 2020. Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Numerator: Net income attributable to common shareholders $ 471,647 $ 367,253 $ 1,240,362 $ 910,625 Denominator: Basic - weighted average common shares 129,085,563 128,289,720 128,935,696 128,383,549 Increase in weighted average common shares from dilutive effect of equity-based awards 2,292,370 1,456,827 1,690,904 1,479,266 Diluted - weighted average common shares, assuming exercise of equity-based awards 131,377,933 129,746,547 130,626,600 129,862,815 Basic earnings per share $ 3.65 $ 2.86 $ 9.62 $ 7.09 Diluted earnings per share $ 3.59 $ 2.83 $ 9.50 $ 7.01

Non-trade and notes receivable

Non-trade and notes receivable (Tables)	9 Months Ended
	Mar. 31, 2021
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 $ 141,333 $ 97,370 Accounts receivable, other 168,235 147,500 Total $ 309,568 $ 244,870

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2021
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 $ 715,218 $ 694,577 Work in process 944,378 881,104 Raw materials 238,563 238,950 Total $ 1,898,159 $ 1,814,631

Business realignment and acqu_2

Business realignment and acquisition integration charges (Tables)	9 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of business realignment charges and acquisition integration charges	Business realignment charges presented in the Business Segment Information are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Diversified Industrial $ 4,139 $ 12,720 $ 31,247 $ 27,112 Aerospace Systems 1,306 613 6,643 658 Corporate general and administrative expenses 156 71 954 193 Other expense 1 50 1,226 50 Workforce reductions in connection with business realignment charges in the Business Segment Information are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Diversified Industrial 65 336 741 1,154 Aerospace Systems 41 34 326 50 Corporate general and administrative expenses 1 3 19 8 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Cost of sales $ 3,056 $ 10,201 $ 29,389 $ 21,225 Selling, general and administrative expenses 2,545 3,203 9,455 6,738 Other (income), net 1 50 1,226 50 We also incurred the following acquisition integration charges related to the fiscal 2020 acquisitions of LORD Corporation ("Lord") and Exotic Metals Forming Company ("Exotic"): Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Diversified Industrial $ 2,631 $ 8,364 $ 9,495 $ 18,503 Aerospace Systems 24 486 699 1,570

Equity (Tables)

Equity (Tables)	9 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of changes in equity	Changes in equity for the three months ended March 31, 2021 and 2020 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at December 31, 2020 $ 90,523 $ 385,049 $ 14,072,152 $ (2,130,506) $ (5,311,236) $ 16,322 $ 7,122,304 Net income 471,647 86 471,733 Other comprehensive (loss) (25,784) (463) (26,247) Dividends paid ($0.88 per share) (113,887) (218) (114,105) Stock incentive plan activity (10,552) 14,796 4,244 Shares purchased at cost (50,000) (50,000) Balance at March 31, 2021 $ 90,523 $ 374,497 $ 14,429,912 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,407,929 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling 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 (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 Changes in equity for the nine months ended March 31, 2021 and 2020 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at June 30, 2020 $ 90,523 $ 416,585 $ 13,530,666 $ (2,558,875) $ (5,364,916) $ 14,546 $ 6,128,529 Net income 1,240,362 585 1,240,947 Other comprehensive income 402,585 813 403,398 Dividends paid ($2.64 per share) (341,116) (217) (341,333) Stock incentive plan activity (42,088) 68,476 26,388 Shares purchased at cost (50,000) (50,000) Balance at March 31, 2021 $ 90,523 $ 374,497 $ 14,429,912 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,407,929 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling 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 (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
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, 2021 and 2020 are as follows: Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2020 $ (1,193,937) $ (1,364,938) $ (2,558,875) Other comprehensive income before reclassifications 281,726 — 281,726 Amounts reclassified from accumulated other comprehensive (loss) — 120,859 120,859 Balance at March 31, 2021 $ (912,211) $ (1,244,079) $ (2,156,290) Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2019 $ (1,011,656) $ (1,047,392) $ (2,059,048) Other comprehensive (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)
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, 2021 and 2020 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, 2021 March 31, 2021 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,304) $ (3,542) Other (income), net Recognized actuarial loss (51,212) (156,240) Other (income), net Total before tax (52,516) (159,782) Tax benefit 12,793 38,923 Net of tax $ (39,723) $ (120,859) 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)

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in carrying amount of goodwill	The changes in the carrying amount of goodwill for the nine months ended March 31, 2021 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2020 $ 7,267,573 $ 602,362 $ 7,869,935 Acquisitions 3,738 — 3,738 Foreign currency translation and other 157,900 13 157,913 Balance at March 31, 2021 $ 7,429,211 $ 602,375 $ 8,031,586
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, 2021 June 30, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 999,364 $ 203,391 $ 991,596 $ 162,528 Trademarks 760,437 321,399 748,326 285,197 Customer lists and other 3,857,368 1,497,197 3,791,505 1,284,789 Total $ 5,617,169 $ 2,021,987 $ 5,531,427 $ 1,732,514

Retirement benefits (Tables)

Retirement benefits (Tables)	9 Months Ended
	Mar. 31, 2021
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, 2021 2020 2021 2020 Service cost $ 21,016 $ 20,967 $ 63,215 $ 61,965 Interest cost 25,661 36,389 76,833 106,233 Expected return on plan assets (67,201) (68,058) (200,410) (198,836) Amortization of prior service cost 1,294 1,411 3,583 4,229 Amortization of net actuarial loss 51,094 41,200 156,254 123,540 Amortization of initial net obligation 4 4 13 13 Net pension benefit expense $ 31,868 $ 31,913 $ 99,488 $ 97,144

Financial instruments (Tables)

Financial instruments (Tables)	9 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of carrying values and estimated fair values of long-term debt	The carrying value of long-term debt, which excludes the impact of net unamortized debt issuance costs, and estimated fair value of long-term debt are as follows: March 31, June 30, Carrying value of long-term debt $ 6,637,164 $ 7,809,541 Estimated fair value of long-term debt 7,307,181 8,574,401
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 Other liabilities $ 73,144 $ 30,860 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 8,042 5,311 Forward exchange contracts Other accrued liabilities 4,364 3,474 Costless collar contracts Non-trade and notes receivable 490 2,250 Costless collar contracts Other accrued liabilities 1,916 661
Schedule of derivative and non-derivative financial instruments, gain (losses) recorded in accumulated other comprehensive (loss)	Gains (losses) on derivative and non-derivative financial instruments that were recorded in accumulated other comprehensive (loss) on the Consolidated Balance Sheet are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Cross-currency swap contracts $ 5,188 $ 5,821 $ (33,675) $ 12,372 Foreign denominated debt 25,636 9,574 (26,200) 17,898
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, 2021 and June 30, 2020 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs March 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 17,358 $ 17,358 $ — $ — Derivatives 8,532 — 8,532 — Liabilities: Derivatives 79,424 — 79,424 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2020 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 7,901 $ 7,901 $ — $ — Derivatives 7,561 — 7,561 — Liabilities: Derivatives 34,995 — 34,995 —

Business Segment Information (D

Business Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment			2
Segment Reporting Information [Line Items]
Net sales	$ 3,746,326	$ 3,702,432	$ 10,388,771	$ 10,534,917
Operating income	665,230	535,680	1,724,836	1,504,057
Corporate general and administrative expenses	386,831	413,460	1,113,254	1,303,760
Interest expense	60,830	80,765	189,778	233,612
Other expense (income)	7,048	758	(54,101)	128,386
Income before income taxes	597,352	454,157	1,589,159	1,142,059
North America
Segment Reporting Information [Line Items]
Net sales	2,354,251	2,507,566	6,598,238	7,107,655
Diversified Industrial
Segment Reporting Information [Line Items]
Net sales	3,147,382	2,957,851	8,631,246	8,424,242
Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	598,944	744,581	1,757,525	2,110,675
Operating Segments
Segment Reporting Information [Line Items]
Net sales	3,746,326	3,702,432	10,388,771	10,534,917
Operating income	713,319	584,022	1,848,380	1,636,961
Operating Segments | Diversified Industrial | North America
Segment Reporting Information [Line Items]
Net sales	1,758,383	1,775,578	4,853,371	5,016,035
Operating income	336,589	279,628	887,041	766,159
Operating Segments | Diversified Industrial | International
Segment Reporting Information [Line Items]
Net sales	1,388,999	1,182,273	3,777,875	3,408,207
Operating income	274,427	176,954	681,541	499,343
Operating Segments | Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	598,944	744,581	1,757,525	2,110,675
Operating income	102,303	127,440	279,798	371,459
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	$ 48,089	$ 48,342	$ 123,544	$ 132,904

Revenue recognition - Revenues

Revenue recognition - Revenues by segment and by platform (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 3,746,326	$ 3,702,432	$ 10,388,771	$ 10,534,917
Diversified Industrial Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	3,147,382	2,957,851	8,631,246	8,424,242
Diversified Industrial Segment | Motion Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	820,514	778,840	2,197,971	2,297,961
Diversified Industrial Segment | Flow and Process Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,081,570	1,015,430	2,955,643	2,969,033
Diversified Industrial Segment | Filtration and Engineered Materials
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,245,298	1,163,581	3,477,632	3,157,248
Aerospace Systems Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	598,944	744,581	1,757,525	2,110,675
Aerospace Systems Segment | Flight Control Actuation
Disaggregation of Revenue [Line Items]
Revenues from contracts	174,067	175,871	499,432	529,553
Aerospace Systems Segment | Fuel, Inerting and Engine Motion Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	129,866	159,837	384,937	471,525
Aerospace Systems Segment | Hydraulics
Disaggregation of Revenue [Line Items]
Revenues from contracts	75,430	114,763	222,193	333,523
Aerospace Systems Segment | Engine Components
Disaggregation of Revenue [Line Items]
Revenues from contracts	145,819	181,173	436,119	454,572
Aerospace Systems Segment | Airframe and Engine Fluid Conveyance
Disaggregation of Revenue [Line Items]
Revenues from contracts	49,190	83,555	141,737	247,356
Aerospace Systems Segment | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 24,572	$ 29,382	$ 73,107	$ 74,146

Revenue recognition - Revenue b

Revenue recognition - Revenue by geographic region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 3,746,326	$ 3,702,432	$ 10,388,771	$ 10,534,917
North America
Disaggregation of Revenue [Line Items]
Revenues from contracts	2,354,251	2,507,566	6,598,238	7,107,655
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts	788,498	726,577	2,087,030	2,018,301
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts	561,274	430,500	1,586,375	1,292,054
Latin America
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 42,303	$ 37,789	$ 117,128	$ 116,907

Revenue recognition - Contract

Revenue recognition - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract assets, current (included within Prepaid expenses and other)	$ 35,616	$ 30,827
Contract assets, noncurrent (included within Investments and other assets)	2,089	1,497
Total contract assets	37,705	32,324
Contract liabilities, current (included within Other accrued liabilities)	(52,834)	(51,278)
Contract liabilities, noncurrent (included within Other liabilities)	(3,910)	(3,232)
Total contract liabilities	(56,744)	(54,510)
Net contract liabilities	$ (19,039)	$ (22,186)

Revenue recognition - Narrative

Revenue recognition - Narrative (Details) $ in Millions	9 Months Ended
	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 29
Remaining performance obligation, amount	$ 6,185
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	87.00%
Remaining performance obligation, period	12 months

Earnings per share - Computatio

Earnings per share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to common shareholders	$ 471,647	$ 367,253	$ 1,240,362	$ 910,625
Denominator:
Basic - weighted average common shares (in shares)	129,085,563	128,289,720	128,935,696	128,383,549
Increase in weighted average common shares from dilutive effect of equity-based awards (in shares)	2,292,370	1,456,827	1,690,904	1,479,266
Diluted - weighted average common shares, assuming exercise of equity-based awards (in shares)	131,377,933	129,746,547	130,626,600	129,862,815
Basic earnings per share (in USD per share)	$ 3.65	$ 2.86	$ 9.62	$ 7.09
Diluted earnings per share (in USD per share)	$ 3.59	$ 2.83	$ 9.50	$ 7.01

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Excluded from the computation of diluted earnings per share since anti-dilutive (in shares)	133	753,028	589,364	516,067

Share repurchase program (Detai

Share repurchase program (Details) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Oct. 22, 2014
Equity [Abstract]
Authorized to be repurchased (in shares)			35,000,000
Repurchased (in shares)	169,814	169,814
Repurchased, average price (in USD per share)	$ 294.44	$ 294.44

Trade accounts receivable, net

Trade accounts receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Receivables [Abstract]
Allowance for credit losses	$ 12,734	$ 11,644

Non-trade and notes receivabl_2

Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Receivables [Abstract]
Notes receivable	$ 141,333	$ 97,370
Accounts receivable, other	168,235	147,500
Total	$ 309,568	$ 244,870

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Inventory, Net [Abstract]
Finished products	$ 715,218	$ 694,577
Work in process	944,378	881,104
Raw materials	238,563	238,950
Total	$ 1,898,159	$ 1,814,631

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, 2021USD ($)employee	Mar. 31, 2020USD ($)employee	Mar. 31, 2021USD ($)employee	Mar. 31, 2020USD ($)employee
Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 156	$ 71	$ 954	$ 193
Number of positions eliminated (employees) | employee	1	3	19	8
Segment Reconciling Items
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 1	$ 50	$ 1,226	$ 50
Diversified Industrial | Operating Segments
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 4,139	$ 12,720	$ 31,247	$ 27,112
Number of positions eliminated (employees) | employee	65	336	741	1,154
Aerospace Systems | Operating Segments
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 1,306	$ 613	$ 6,643	$ 658
Number of positions eliminated (employees) | employee	41	34	326	50

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, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Cost of sales
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 3,056	$ 10,201	$ 29,389	$ 21,225
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Business realignment charges	2,545	3,203	9,455	6,738
Other (income), net
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 1	$ 50	$ 1,226	$ 50

Business realignment and acqu_5

Business realignment and acquisition integration charges - Narrative (Details) - Employee severance $ in Millions	9 Months Ended
	Mar. 31, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Payments made relating to business realignment charges	$ 43
Remaining payments related to business realignment actions	$ 19

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, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 2,631	$ 8,364	$ 9,495	$ 18,503
Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 24	$ 486	$ 699	$ 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, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 7,122,304	$ 6,342,501	$ 6,128,529	$ 5,968,152
Net income	471,733	367,369	1,240,947	911,008
Other comprehensive income (loss)	(26,247)	(250,690)	403,398	(137,386)
Dividends paid	$ (114,105)	$ (113,266)	$ (341,333)	$ (340,291)
Dividends paid (in USD per share)	$ 0.88	$ 0.88	$ 2.64	$ 2.64
Stock incentive plan activity	$ 4,244	$ 8,273	$ 26,388	$ 46,449
Acquisition activity		7		6,262
Shares purchased at cost	(50,000)	(46,767)	(50,000)	(146,767)
Ending balance	7,407,929	6,307,427	7,407,929	6,307,427
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	385,049	455,862	416,585	462,086
Stock incentive plan activity	(10,552)	(3,705)	(42,088)	(9,929)
Ending balance	374,497	452,157	374,497	452,157
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	14,072,152	13,094,252	13,530,666	12,777,538
Net income	471,647	367,253	1,240,362	910,625
Dividends paid	(113,887)	(113,214)	(341,116)	(339,872)
Ending balance	14,429,912	13,348,291	14,429,912	13,348,291
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,130,506)	(1,945,732)	(2,558,875)	(2,059,048)
Other comprehensive income (loss)	(25,784)	(249,730)	402,585	(136,414)
Ending balance	(2,156,290)	(2,195,462)	(2,156,290)	(2,195,462)
Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,311,236)	(5,364,730)	(5,364,916)	(5,309,130)
Stock incentive plan activity	14,796	11,978	68,476	56,378
Shares purchased at cost	(50,000)	(46,767)	(50,000)	(146,767)
Ending balance	(5,346,440)	(5,399,519)	(5,346,440)	(5,399,519)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	16,322	12,326	14,546	6,183
Net income	86	116	585	383
Other comprehensive income (loss)	(463)	(960)	813	(972)
Dividends paid	(218)	(52)	(217)	(419)
Acquisition activity		7		6,262
Ending balance	$ 15,727	$ 11,437	$ 15,727	$ 11,437

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, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 6,128,529	$ 5,968,152
Ending balance	7,407,929	6,307,427
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,193,937)	(1,011,656)
Other comprehensive income (loss) before reclassifications	281,726	(232,981)
Amounts reclassified from accumulated other comprehensive (loss)	0	0
Ending balance	(912,211)	(1,244,637)
Retirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,364,938)	(1,047,392)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss)	120,859	96,567
Ending balance	(1,244,079)	(950,825)
Accumulated Other Comprehensive (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,558,875)	(2,059,048)
Other comprehensive income (loss) before reclassifications	281,726	(232,981)
Amounts reclassified from accumulated other comprehensive (loss)	120,859	96,567
Ending balance	$ (2,156,290)	$ (2,195,462)

Equity - Reclassifications out

Equity - Reclassifications out of accumulated other comprehensive income (loss) in shareholders' equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income), net	$ 13,460	$ 12,643	$ 122,066	$ 73,713
Income before income taxes	597,352	454,157	1,589,159	1,142,059
Tax benefit	(125,619)	(86,788)	(348,212)	(231,051)
Net income	471,733	367,369	1,240,947	911,008
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	(1,304)	(1,385)	(3,542)	(4,152)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Recognized actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income), net	(51,212)	(41,154)	(156,240)	(123,342)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	(52,516)	(42,539)	(159,782)	(127,494)
Tax benefit	12,793	10,414	38,923	30,927
Net income	$ (39,723)	$ (32,125)	$ (120,859)	$ (96,567)

Goodwill and intangible asset_2

Goodwill and intangible assets - Changes in carrying amount of goodwill (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 7,869,935
Acquisitions	3,738
Foreign currency translation and other	157,913
Ending balance	8,031,586
Diversified Industrial Segment
Goodwill [Roll Forward]
Beginning balance	7,267,573
Acquisitions	3,738
Foreign currency translation and other	157,900
Ending balance	7,429,211
Aerospace Systems Segment
Goodwill [Roll Forward]
Beginning balance	602,362
Acquisitions	0
Foreign currency translation and other	13
Ending balance	$ 602,375

Goodwill and intangible asset_3

Goodwill and intangible assets - Intangible assets by major category (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,617,169	$ 5,531,427
Accumulated Amortization	2,021,987	1,732,514
Patents and technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	999,364	991,596
Accumulated Amortization	203,391	162,528
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	760,437	748,326
Accumulated Amortization	321,399	285,197
Customer lists and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,857,368	3,791,505
Accumulated Amortization	$ 1,497,197	$ 1,284,789

Goodwill and intangible asset_4

Goodwill and intangible assets - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment	$ 0
Intangible amortization expense		$ 244,193,000
Estimated amortization expense, year ending June 30, 2021		323,846,000
Estimated amortization expense, year ending June 30, 2022		307,704,000
Estimated amortization expense, year ending June 30, 2023		297,652,000
Estimated amortization expense, year ending June 30, 2024		288,337,000
Estimated amortization expense, year ending June 30, 2025		$ 274,208,000

Retirement benefits - Net pensi

Retirement benefits - Net pension benefit expense (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 21,016	$ 20,967	$ 63,215	$ 61,965
Interest cost	25,661	36,389	76,833	106,233
Expected return on plan assets	(67,201)	(68,058)	(200,410)	(198,836)
Amortization of prior service cost	1,294	1,411	3,583	4,229
Amortization of net actuarial loss	51,094	41,200	156,254	123,540
Amortization of initial net obligation	4	4	13	13
Net pension benefit expense	$ 31,868	$ 31,913	$ 99,488	$ 97,144

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Other Postretirement Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other postretirement benefits expense	$ 141	$ 169	$ 911	$ 1,136

Debt (Details)

Debt (Details) - Term Loan	9 Months Ended
	Mar. 31, 2021USD ($)
Term Loan Due September 2023
Debt Instrument [Line Items]
Repayments of debt	$ 890,000,000
Debt maximum borrowing capacity	925,000,000
Term Loan Due October 2022
Debt Instrument [Line Items]
Repayments of debt	320,000,000
Debt maximum borrowing capacity	$ 800,000,000

Income taxes (Details)

Income taxes (Details) $ in Thousands	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 102,739
Unrecognized tax benefits that would impact effective tax rate if recognized	102,739
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	17,215
Decrease in unrecognized tax benefits that is reasonably possible (up to)	$ 40,000

Financial instruments - Carryin

Financial instruments - Carrying values and estimated fair values of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Carrying value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,637,164	$ 7,809,541
Estimated fair value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 7,307,181	$ 8,574,401

Financial instruments - Narrati

Financial instruments - Narrative (Details) € in Millions, ¥ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021EUR (€)	Mar. 31, 2021JPY (¥)
Debt Instrument [Line Items]
Net (losses) and net unrealized gains relating to forward exchange contracts | $	$ (3)	$ (48)	$ 21	$ (41)
Senior Notes | Senior Notes Due 2025
Debt Instrument [Line Items]
Aggregate principal amount (in EUR) | €					€ 700
Cross-currency swap contracts
Debt Instrument [Line Items]
Notional amount of derivative					€ 359	¥ 2,149

Financial instruments - Fair va

Financial instruments - Fair value of derivative instruments reported in consolidated balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Cross-currency swap contracts | Other liabilities
Net investment hedges
Cross-currency swap contracts	$ 73,144	$ 30,860
Forward exchange contracts | Non-trade and notes receivable
Cash flow hedges
Cash flow hedge, assets	8,042	5,311
Forward exchange contracts | Other accrued liabilities
Cash flow hedges
Cash flow hedge, liability	4,364	3,474
Costless collar contracts | Non-trade and notes receivable
Cash flow hedges
Cash flow hedge, assets	490	2,250
Costless collar contracts | Other accrued liabilities
Cash flow hedges
Cash flow hedge, liability	$ 1,916	$ 661

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, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Cross-currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 5,188	$ 5,821	$ (33,675)	$ 12,372
Foreign denominated debt
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 25,636	$ 9,574	$ (26,200)	$ 17,898

Financial instruments - Financi

Financial instruments - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Assets:
Equity securities	$ 17,358	$ 7,901
Derivatives	8,532	7,561
Liabilities:
Derivatives	79,424	34,995
Quoted Prices In Active Markets (Level 1)
Assets:
Equity securities	17,358	7,901
Derivatives	0	0
Liabilities:
Derivatives	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Equity securities	0	0
Derivatives	8,532	7,561
Liabilities:
Derivatives	79,424	34,995
Significant Unobservable Inputs (Level 3)
Assets:
Equity securities	0	0
Derivatives	0	0
Liabilities:
Derivatives	$ 0	$ 0