Parker-Hannifin (PH) 10-Q 6 May 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	128,372,008
Entity Central Index Key	0000076334
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
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, 2022	Mar. 31, 2021	[1]	Mar. 31, 2022	Mar. 31, 2021	[2]
Income Statement [Abstract]
Net sales	$ 4,086,387	$ 3,746,326		$ 11,673,776	$ 10,388,771
Cost of sales	2,927,991	2,712,785	[2],[3],[4],[5],[6],[7]	8,406,613	7,617,399	[1],[3],[4],[5],[6],[7]
Selling, general and administrative expenses	412,431	386,831	[2],[3],[4],[5],[6],[7]	1,200,906	1,113,254	[1],[3],[4],[5],[6],[7]
Interest expense	63,272	60,830	[2],[3],[4],[5],[6],[7]	183,982	189,778	[1],[3],[4],[5],[6],[7]
Other expense (income), net	248,704	(13,460)	[2],[3],[4],[5],[6],[7]	386,217	(122,066)	[1],[3],[4],[5],[6],[7]
Income before income taxes	433,989	599,340	[2],[3],[4],[5],[6],[7]	1,496,058	1,590,406	[1],[3],[4],[5],[6],[7]
Income taxes	85,901	126,101	[2],[3],[4],[5],[6],[7]	308,778	348,514	[1],[3],[4],[5],[6],[7]
Net income	348,088	473,239	[2],[3],[4],[5],[6],[7]	1,187,280	1,241,892	[1],[3],[4],[5],[6],[7]
Less: Noncontrolling interest in subsidiaries' earnings	71	86	[2],[3],[4],[5],[6],[7]	506	585	[1],[3],[4],[5],[6],[7]
Net income attributable to common shareholders	$ 348,017	$ 473,153	[2],[3],[4],[5],[6],[7]	$ 1,186,774	$ 1,241,307	[1],[3],[4],[5],[6],[7]
Earnings per share attributable to common shareholders:
Basic (in USD per share)	$ 2.71	$ 3.67	[2],[3],[4],[5],[6],[7]	$ 9.23	$ 9.63	[1],[3],[4],[5],[6],[7]
Diluted (in USD per share)	$ 2.67	$ 3.60	[2],[3],[4],[5],[6],[7]	$ 9.10	$ 9.50	[1],[3],[4],[5],[6],[7]
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	[1],[2],[3],[4],[5],[6],[7]	Mar. 31, 2022	Mar. 31, 2021	[1],[2],[3],[4],[5],[6],[7]
Statement of Comprehensive Income [Abstract]
Net income	$ 348,088	$ 473,239		$ 1,187,280	$ 1,241,892
Less: Noncontrolling interests in subsidiaries' earnings	71	86		506	585
Net income attributable to common shareholders	348,017	473,153		1,186,774	1,241,307
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	(16,898)	(65,970)		(56,730)	282,539
Retirement benefits plan activity	30,455	39,723		91,335	120,859
Other comprehensive income (loss)	13,557	(26,247)		34,605	403,398
Less: Other comprehensive (loss) income for noncontrolling interests	(276)	(463)		(862)	813
Other comprehensive income (loss) attributable to common shareholders	13,833	(25,784)		35,467	402,585
Total comprehensive income attributable to common shareholders	$ 361,850	$ 447,369		$ 1,222,241	$ 1,643,892
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 467,711	$ 733,117
Marketable securities and other investments	38,561	39,116
Trade accounts receivable, net	2,357,244	2,183,594
Non-trade and notes receivable	327,186	326,315
Inventories	2,330,242	2,090,642
Prepaid expenses and other	2,708,750	243,966
Total current assets	8,229,694	5,616,750
Property, plant and equipment	6,019,745	6,040,220
Less: Accumulated depreciation	3,845,508	3,773,744
Property, plant and equipment, net	2,174,237	2,266,476
Deferred income taxes	144,506	104,251
Investments and other assets	787,986	774,239
Intangible assets, net	3,254,062	3,519,797
Goodwill	7,954,835	8,059,687
Total assets	22,545,320	20,341,200
Current liabilities:
Notes payable and long-term debt payable within one year	1,923,860	2,824
Accounts payable, trade	1,732,421	1,667,878
Accrued payrolls and other compensation	418,876	507,027
Accrued domestic and foreign taxes	276,159	236,384
Other accrued liabilities	1,055,348	682,390
Total current liabilities	5,406,664	3,096,503
Long-term debt	6,229,654	6,582,053
Pensions and other postretirement benefits	904,332	1,055,638
Deferred income taxes	448,583	553,981
Other liabilities	583,228	639,355
Total liabilities	13,572,461	11,927,530
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	363,367	329,619
Retained earnings	15,704,238	14,915,497
Accumulated other comprehensive (loss)	(1,531,260)	(1,566,727)
Treasury shares, at cost; 52,674,120 shares at March 31 and 51,900,460 shares at June 30	(5,667,002)	(5,370,605)
Total shareholders’ equity	8,959,866	8,398,307
Noncontrolling interests	12,993	15,363
Total equity	8,972,859	8,413,670
Total liabilities and equity	$ 22,545,320	$ 20,341,200

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Mar. 31, 2022	Jun. 30, 2021
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)	52,674,120	51,900,460

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	[1],[2],[3],[4],[5],[6],[7]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,187,280	$ 1,241,892
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	194,945	204,615
Amortization	237,377	244,193
Share incentive plan compensation	109,781	101,907
Deferred income taxes	(174,270)	(11,824)
Foreign currency transaction gain	(26,970)	(8,239)
Gain on disposal of property, plant and equipment	(6,782)	(108,449)
Gain on sale of business	(1,472)	0
Loss (gain) on marketable securities	2,280	(8,489)
Gain on investments	(2,024)	(6,008)
Other	66,386	11,149
Changes in assets and liabilities:
Accounts receivable, net	(163,900)	(238,882)
Inventories	(274,717)	(52,398)
Prepaid expenses and other	24,061	24,757
Other assets	(17,317)	(22,191)
Accounts payable, trade	91,531	417,196
Accrued payrolls and other compensation	(80,483)	(2,645)
Accrued domestic and foreign taxes	44,266	4,768
Other accrued liabilities	372,491	17,396
Pensions and other postretirement benefits	(20,460)	32,418
Other liabilities	(13,565)	40,239
Net cash provided by operating activities	1,548,438	1,881,405
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(158,864)	(136,064)
Proceeds from sale of property, plant and equipment	29,320	132,740
Proceeds from sale of businesses	3,366	0
Purchases of marketable securities and other investments	(20,012)	(30,608)
Maturities and sales of marketable securities and other investments	17,662	71,225
Other	2,766	14,120
Net cash (used in) provided by investing activities	(125,762)	51,413
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	2,566	4,012
Payments for common shares	(374,996)	(129,531)
Proceeds from (payments for) notes payable, net	1,621,483	(539,500)
Proceeds from long-term borrowings	10,667	2,016
Payments for long-term borrowings	(9,708)	(1,211,334)
Financing fees paid	(52,655)	0
Dividends paid	(398,099)	(341,333)
Net cash provided by (used in) financing activities	799,258	(2,215,670)
Effect of exchange rate changes on cash	106	86,938
Net increase (decrease) in cash, cash equivalents and restricted cash	2,222,040	(195,914)
Cash, cash equivalents and restricted cash at beginning of year	733,117	685,514
Cash, cash equivalents and restricted cash at end of period	$ 2,955,157	$ 489,600
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Business Segment Information

Business Segment Information	9 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segment Information	The Company operates in two reportable business segments: Diversified Industrial and Aerospace Systems. Both segments utilize eight core technologies, including hydraulics, pneumatics, electromechanical, filtration, fluid and gas handling, process control, engineered materials and climate control, to drive superior customer problem solving and value creation. 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 significant 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, 2022 2021* 2022 2021* Net sales Diversified Industrial: North America $ 2,014,715 $ 1,758,383 $ 5,615,454 $ 4,853,371 International 1,439,357 1,388,999 4,214,972 3,777,875 Aerospace Systems 632,315 598,944 1,843,350 1,757,525 Total net sales $ 4,086,387 $ 3,746,326 $ 11,673,776 $ 10,388,771 Segment operating income Diversified Industrial: North America $ 413,998 $ 336,589 $ 1,085,117 $ 887,041 International 298,475 274,427 881,206 681,541 Aerospace Systems 119,016 102,303 352,063 279,798 Total segment operating income 831,489 713,319 2,318,386 1,848,380 Corporate general and administrative expenses 57,405 48,089 149,064 123,544 Income before interest expense and other expense 774,084 665,230 2,169,322 1,724,836 Interest expense 63,272 60,830 183,982 189,778 Other expense (income) 276,823 5,060 489,282 (55,348) Income before income taxes $ 433,989 $ 599,340 $ 1,496,058 $ 1,590,406 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Management representation

Management representation	9 Months Ended
	Mar. 31, 2022
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, 2022, the results of operations for the three and nine months ended March 31, 2022 and 2021 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 2021 Annual Report on Form 10-K. The future impacts of the Russia-Ukraine war and the novel coronavirus ("COVID-19") pandemic and their residual effects, including economic uncertainty, inflationary environment and disruption within the global supply chain, labor markets and aerospace industry, on our business remain uncertain. Therefore, accounting estimates and assumptions may change over time in response to these impacts. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. Subsequent Events 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, 2022
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 as if the acquirer had originated the contracts. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt this standard in the second quarter of fiscal 2022. The impact of the new standard on our consolidated financial statements and related disclosures will depend on the magnitude of future acquisitions.

Revenue recognition

Revenue recognition	9 Months Ended
	Mar. 31, 2022
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, 2022 2021 2022 2021 Motion Systems $ 895,839 $ 820,514 $ 2,568,166 $ 2,197,971 Flow and Process Control 1,197,590 1,081,570 3,386,417 2,955,643 Filtration and Engineered Materials 1,360,643 1,245,298 3,875,843 3,477,632 Total $ 3,454,072 $ 3,147,382 $ 9,830,426 $ 8,631,246 Aerospace Systems Segment revenues by product platform: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Flight Control Actuation $ 189,162 $ 174,067 $ 555,657 $ 499,432 Fuel, Inerting and Engine Motion Control 132,990 129,866 393,554 384,937 Hydraulics 77,519 75,430 222,435 222,193 Engine Components 149,269 145,819 430,346 436,119 Airframe and Engine Fluid Conveyance 55,617 49,190 161,993 141,737 Other 27,758 24,572 79,365 73,107 Total $ 632,315 $ 598,944 $ 1,843,350 $ 1,757,525 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, 2022 2021 2022 2021 North America $ 2,645,106 $ 2,354,251 $ 7,451,153 $ 6,598,238 Europe 829,392 788,498 2,344,533 2,087,030 Asia Pacific 560,250 561,274 1,735,574 1,586,375 Latin America 51,639 42,303 142,516 117,128 Total $ 4,086,387 $ 3,746,326 $ 11,673,776 $ 10,388,771 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) $ 25,132 $ 34,190 Contract assets, noncurrent (included within Investments and other assets) 551 1,884 Total contract assets 25,683 36,074 Contract liabilities, current (included within Other accrued liabilities) (52,479) (51,211) Contract liabilities, noncurrent (included within Other liabilities) (1,848) (3,080) Total contract liabilities (54,327) (54,291) Net contract liabilities $ (28,644) $ (18,217) Net contract liabilities at March 31, 2022 increased from the June 30, 2021 amount primarily due to a decrease in contract assets resulting from customer billings. During the nine months ended March 31, 2022, approximately $38 million of revenue was recognized that was included in the contract liabilities at June 30, 2021. 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, 2022 was $7,761 million, of which approximately 88 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.

Proposed Acquisition

Proposed Acquisition	9 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Proposed Acquisition	Proposed Acquisition On August 2, 2021, the Company announced that it reached an agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Meggitt plc ("Meggitt") for 800 pence per share (the "Acquisition"), which is approximately £6,263 million based on issued share capital at March 31, 2022. Meggitt is a leader in design, manufacturing and aftermarket support of technologically differentiated systems and equipment in aerospace, defense and selected energy markets with annual sales of approximately $2.1 billion for the year ended December 31, 2021. We intend to fund the proposed Acquisition with cash and new debt. Refer to Note 14 for further discussion. The proposed Acquisition received the European Commission's clearance on April 11, 2022, conditional on full compliance with commitments offered by the Company, including a commitment to divest its wheel and brake business within the Aerospace Systems Segment. The proposed Acquisition remains subject to customary closing conditions, including further regulatory clearances. Acquisition-related transaction costs totaled $34 million for the nine months ended March 31, 2022. These costs are included in selling, general and administrative expenses in the Consolidated Statement of Income. Restricted Cash

Earnings per share

Earnings per share	9 Months Ended
	Mar. 31, 2022
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, 2022 and 2021. Three Months Ended Nine Months Ended March 31, March 31, 2022 2021* 2022 2021* Numerator: Net income attributable to common shareholders $ 348,017 $ 473,153 $ 1,186,774 $ 1,241,307 Denominator: Basic - weighted average common shares 128,426,675 129,085,563 128,549,040 128,935,696 Increase in weighted average common shares from dilutive effect of equity-based awards 1,916,906 2,292,370 1,889,553 1,690,904 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,343,581 131,377,933 130,438,593 130,626,600 Basic earnings per share $ 2.71 $ 3.67 $ 9.23 $ 9.63 Diluted earnings per share $ 2.67 $ 3.60 $ 9.10 $ 9.50 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K. For the three months ended March 31, 2022 and 2021, 493,609 and 133 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, 2022 and 2021, 384,955 and 589,364 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, 2022
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. During the three months ended March 31, 2022, we repurchased 165,622 shares at an average price, including commissions, of $301.89 per share. During the nine months ended March 31, 2022, we repurchased 1,095,430 shares at an average price, including commissions, of $301.56 per share.

Trade accounts receivable, net

Trade accounts receivable, net	9 Months Ended
	Mar. 31, 2022
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 $10 million and $12 million at March 31, 2022 and June 30, 2021, 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 $ 128,145 $ 144,441 Accounts receivable, other 199,041 181,874 Total $ 327,186 $ 326,315

Non-trade and notes receivable

Non-trade and notes receivable	9 Months Ended
	Mar. 31, 2022
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 $10 million and $12 million at March 31, 2022 and June 30, 2021, 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 $ 128,145 $ 144,441 Accounts receivable, other 199,041 181,874 Total $ 327,186 $ 326,315

Inventories

Inventories	9 Months Ended
	Mar. 31, 2022
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 $ 827,464 $ 733,744 Work in process 1,214,415 1,089,976 Raw materials 288,363 266,922 Total $ 2,330,242 $ 2,090,642

Business realignment and acquis

Business realignment and acquisition integration charges	9 Months Ended
	Mar. 31, 2022
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 2022 and 2021. In both the first nine months of fiscal 2022 and 2021, 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. During fiscal 2021, business realignment charges primarily consisted of actions taken to address the impact of COVID-19 on our business. 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, 2022 2021 2022 2021 Diversified Industrial $ 2,771 $ 4,139 $ 8,835 $ 31,247 Aerospace Systems 318 1,306 913 6,643 Corporate general and administrative expenses — 156 — 954 Other expense 63 1 63 1,226 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, 2022 2021 2022 2021 Diversified Industrial 50 65 133 741 Aerospace Systems 4 41 9 326 Corporate general and administrative expenses — 1 — 19 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Cost of sales $ 1,757 $ 3,056 $ 4,468 $ 29,389 Selling, general and administrative expenses 1,332 2,545 5,280 9,455 Other expense (income), net 63 1 63 1,226 During the first nine months of fiscal 2022, approximately $17 million in payments were made relating to business realignment charges. Remaining payments related to business realignment actions of approximately $7 million, a majority of which are expected to be paid by December 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. In addition to the business realignment charges discussed above, we also incurred $20 million of expense as a result of our exit of business operations in Russia. These charges primarily consist of write-downs of inventory and other working capital items and $8 million of foreign currency translation expense reclassified from accumulated other comprehensive income. Within the Business Segment Information, $7 million of expense was recorded in the other expense (income) caption, while the remainder of the charge was split evenly between the Aerospace Systems Segment and the Diversified Industrial International businesses. 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, 2022 2021 2022 2021 Diversified Industrial $ 933 $ 2,631 $ 2,942 $ 9,495 Aerospace Systems — 24 — 699 In the first nine months of fiscal 2022, these charges were recorded in both cost of sales and selling, general and administrative expenses within the Consolidated Statement of Income. In fiscal 2021, these charges were primarily included in selling, general and administrative expenses within the Consolidated Statement of Income.

Equity

Equity	9 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended March 31, 2022 and 2021 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at December 31, 2021 $ 90,523 $ 344,312 $ 15,488,764 $ (1,545,093) $ (5,623,424) $ 13,198 $ 8,768,280 Net income 348,017 71 348,088 Other comprehensive income (loss) 13,833 (276) 13,557 Dividends paid ($1.03 per share) (132,543) (132,543) Stock incentive plan activity 19,055 6,422 25,477 Shares purchased at cost (50,000) (50,000) Balance at March 31, 2022 $ 90,523 $ 363,367 $ 15,704,238 $ (1,531,260) $ (5,667,002) $ 12,993 $ 8,972,859 Common Stock Additional Capital Retained Earnings* Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity* Balance at December 31, 2020 $ 90,523 $ 385,049 $ 14,184,833 $ (2,130,506) $ (5,311,236) $ 16,322 $ 7,234,985 Net income 473,153 86 473,239 Other comprehensive income (25,784) (463) (26,247) Dividends paid ($0.88 per share) (113,888) (218) (114,106) 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 $ 14,544,098 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,522,115 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K. Changes in equity for the nine months ended March 31, 2022 and 2021 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at June 30, 2021 $ 90,523 $ 329,619 $ 14,915,497 $ (1,566,727) $ (5,370,605) $ 15,363 $ 8,413,670 Net income 1,186,774 506 1,187,280 Other comprehensive income (loss) 35,467 (862) 34,605 Dividends paid ($3.09 per share) (398,033) (66) (398,099) Stock incentive plan activity 33,748 33,937 67,685 Liquidation activity (1,948) (1,948) Shares purchased at cost (330,334) (330,334) Balance at March 31, 2022 $ 90,523 $ 363,367 $ 15,704,238 $ (1,531,260) $ (5,667,002) $ 12,993 $ 8,972,859 Common Stock Additional Capital Retained Earnings* Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity* Balance at June 30, 2020 $ 90,523 $ 416,585 $ 13,643,907 $ (2,558,875) $ (5,364,916) $ 14,546 $ 6,241,770 Net income 1,241,307 585 1,241,892 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 $ 14,544,098 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,522,115 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K. Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the nine months ended March 31, 2022 and 2021 are as follows: Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2021 $ (865,865) $ (700,862) $ (1,566,727) Other comprehensive (loss) before reclassifications (63,515) — (63,515) Amounts reclassified from accumulated other comprehensive (loss) 7,647 91,335 98,982 Balance at March 31, 2022 $ (921,733) $ (609,527) $ (1,531,260) 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) Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and nine months ended March 31, 2022 and 2021 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, 2022 March 31, 2022 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,030) $ (3,090) Other expense (income), net Recognized actuarial loss (39,292) (117,852) Other expense (income), net Total before tax (40,322) (120,942) Tax benefit 9,867 29,607 Net of tax $ (30,455) $ (91,335) 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 expense (income), net Recognized actuarial loss (51,212) (156,240) Other expense (income), net Total before tax (52,516) (159,782) Tax benefit 12,793 38,923 Net of tax $ (39,723) $ (120,859)

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Mar. 31, 2022
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, 2022 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2021 $ 7,457,309 $ 602,378 $ 8,059,687 Divestitures (164) — (164) Foreign currency translation and other (104,668) (20) (104,688) Balance at March 31, 2022 $ 7,352,477 $ 602,358 $ 7,954,835 Divestitures represent goodwill associated with the sale of a business during the current-year quarter. 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, 2021, the Company performed its fiscal 2022 annual goodwill impairment test, which indicated no impairment existed. 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, 2022 June 30, 2021 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 995,313 $ 250,377 $ 999,952 $ 216,314 Trademarks 752,259 352,223 762,130 331,905 Customer lists and other 3,823,435 1,714,345 3,869,772 1,563,838 Total $ 5,571,007 $ 2,316,945 $ 5,631,854 $ 2,112,057 Total intangible amortization expense for the nine months ended March 31, 2022 and 2021 was $237 million and $244 million, respectively. The estimated amortization expense for the five years ending June 30, 2022 through 2026 is $315 million, $304 million, $297 million, $286 million and $281 million, 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, 2022 and 2021.

Retirement benefits

Retirement benefits	9 Months Ended
	Mar. 31, 2022
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, 2022 2021 2022 2021 Service cost $ 18,238 $ 21,016 $ 57,599 $ 63,215 Interest cost 27,953 25,661 82,941 76,833 Expected return on plan assets (67,024) (67,201) (201,487) (200,410) Amortization of prior service cost 1,028 1,294 3,084 3,583 Amortization of net actuarial loss 39,570 51,094 118,186 156,254 Amortization of initial net obligation 2 4 6 13 Net pension benefit expense $ 19,767 $ 31,868 $ 60,329 $ 99,488 We recognized $0.1 million in expense related to other postretirement benefits during both the three months ended March 31, 2022 and 2021. During the nine months ended March 31, 2022 and 2021, we recognized $0.7 million and $0.9 million, respectively, in expense related to other postretirement benefits. Components of retirement benefits expense, other than service cost, are included in other expense (income), net in the Consolidated Statement of Income.

Debt

Debt	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt In connection with the proposed Acquisition, the Company entered into a bridge credit agreement on August 2, 2021 (the "Bridge Credit Agreement"). Under the Bridge Credit Agreement, the lenders committed to provide senior, unsecured financing in the aggregate principal amount of £6,524 million at August 2, 2021. As permanent financing for the proposed Acquisition is secured, the principal amount of the Bridge Credit Agreement is reduced. At March 31, 2022, the aggregate principal amount was £3,200 million. Any borrowings made under the Bridge Credit Agreement would mature 364 days from the initial funding date. The commitments are intended to be drawn to finance the proposed Acquisition only to the extent that we do not arrange for alternative financing prior to closing. During the nine months ended March 31, 2022, we incurred $51 million in financing fees related to the Bridge Credit Agreement, all of which was included in other expense (income), net within the Consolidated Statement of Income. On August 27, 2021, the Company entered into a credit agreement, which provides for a senior, unsecured delayed-draw term loan facility in an aggregate principal amount of $2,000 million (the “Term Loan Facility”). The proceeds of the Term Loan Facility, if drawn, will be used solely by the Company to finance a portion of the consideration of its proposed Acquisition and would mature in its entirety three years after the initial draw. Additionally, the provisions of the Term Loan Facility allow for prepayments at the Company's discretion. During the first nine months of fiscal 2022, we amended our existing multi-currency credit agreement, increasing its capacity to $3,000 million. During October 2021, we issued $2,126 million of commercial paper to finance the proposed Acquisition. Commercial paper notes outstanding at March 31, 2022 were $1,621 million. There were no outstanding commercial paper notes as of June 30, 2021. Based on the Company’s rating level at March 31, 2022, the most restrictive financial covenant provides that the ratio of debt to debt-shareholders' equity cannot exceed 0.65 to 1.0. At March 31, 2022, our debt to debt-shareholders' equity ratio was 0.48 to 1.0. We are in compliance, and expect to remain in compliance, with all covenants set forth in the credit agreements and indentures.

Income taxes

Income taxes	9 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income taxesWe 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 2016. We are also open to assessment for significant foreign jurisdictions for fiscal years after 2011. 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, 2022, we had gross unrecognized tax benefits of $95 million, 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 $19 million. It is reasonably possible that within the next 12 months the amount of gross unrecognized tax benefits could be reduced by up to approximately $30 million 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, 2022
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, 2022 and 2021. 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 $ 6,588,048 $ 6,646,029 Estimated fair value of long-term debt 6,680,555 7,527,268 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. In connection with the proposed Acquisition, the Company entered into deal-contingent forward contracts during October 2021 to mitigate the risk of appreciation in the GBP-denominated purchase price. The deal-contingent forward contracts have an aggregate notional amount of £6,415 million, and settlement is contingent upon closing the proposed Acquisition. 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 29,299 71,798 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 30,355 5,376 Forward exchange contracts Other accrued liabilities 9,540 9,435 Deal-contingent forward contracts Other accrued liabilities 396,365 — Costless collar contracts Non-trade and notes receivable 279 110 Costless collar contracts Other accrued liabilities 3,662 901 The cross-currency swap, forward exchange, deal-contingent forward 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, deal-contingent forward and costless collar contracts have not been designated as hedging instruments and are considered to be economic hedges of forecasted transactions. The forward exchange and costless collar contracts are adjusted to fair value by recording gains and losses through the cost of sales caption in the Consolidated Statement of Income. The deal-contingent forward contracts are adjusted to fair value by recording gains and losses through the other expense (income), net 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 €69 million, €290 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 gains (losses) of $24 million and $(3) million relating to forward exchange contracts were recorded during the three months ended March 31, 2022 and 2021, respectively. Net gains of $47 million and $21 million relating to forward exchange contracts were recorded during the nine months ended March 31, 2022 and 2021, respectively. Net (losses) of $(247) million and $(396) million relating to the deal-contingent forward contracts were recorded during the three and nine months ended March 31, 2022, respectively. All other gains or losses on derivative financial instruments recorded in the Consolidated Statement of Income for the three and nine months ended March 31, 2022 and 2021 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, 2022 2021 2022 2021 Cross-currency swap contracts $ 887 $ 5,188 $ 30,205 $ (33,675) Foreign denominated debt 16,194 25,636 41,843 (26,200) During the nine months ended March 31, 2022 and 2021, the periodic interest settlements related to the cross-currency swaps were not material. A summary of financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2022 and June 30, 2021 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs March 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 17,057 $ 17,057 $ — $ — Derivatives 30,634 — 30,634 — Liabilities: Derivatives 438,866 — 438,866 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2021 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 20,517 $ 20,517 $ — $ — Derivatives 5,486 — 5,486 — Liabilities: Derivatives 82,134 — 82,134 — 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, deal-contingent forward, 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, 2022
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 as if the acquirer had originated the contracts. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt this standard in the second quarter of fiscal 2022. The impact of the new standard on our consolidated financial statements and related disclosures will depend on the magnitude of future acquisitions.
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, 2022
Segment Reporting [Abstract]
Segment reporting information	Three Months Ended Nine Months Ended March 31, March 31, 2022 2021* 2022 2021* Net sales Diversified Industrial: North America $ 2,014,715 $ 1,758,383 $ 5,615,454 $ 4,853,371 International 1,439,357 1,388,999 4,214,972 3,777,875 Aerospace Systems 632,315 598,944 1,843,350 1,757,525 Total net sales $ 4,086,387 $ 3,746,326 $ 11,673,776 $ 10,388,771 Segment operating income Diversified Industrial: North America $ 413,998 $ 336,589 $ 1,085,117 $ 887,041 International 298,475 274,427 881,206 681,541 Aerospace Systems 119,016 102,303 352,063 279,798 Total segment operating income 831,489 713,319 2,318,386 1,848,380 Corporate general and administrative expenses 57,405 48,089 149,064 123,544 Income before interest expense and other expense 774,084 665,230 2,169,322 1,724,836 Interest expense 63,272 60,830 183,982 189,778 Other expense (income) 276,823 5,060 489,282 (55,348) Income before income taxes $ 433,989 $ 599,340 $ 1,496,058 $ 1,590,406 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Revenue recognition (Tables)

Revenue recognition (Tables)	9 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Diversified Industrial Segment revenues by technology platform: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Motion Systems $ 895,839 $ 820,514 $ 2,568,166 $ 2,197,971 Flow and Process Control 1,197,590 1,081,570 3,386,417 2,955,643 Filtration and Engineered Materials 1,360,643 1,245,298 3,875,843 3,477,632 Total $ 3,454,072 $ 3,147,382 $ 9,830,426 $ 8,631,246 Aerospace Systems Segment revenues by product platform: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Flight Control Actuation $ 189,162 $ 174,067 $ 555,657 $ 499,432 Fuel, Inerting and Engine Motion Control 132,990 129,866 393,554 384,937 Hydraulics 77,519 75,430 222,435 222,193 Engine Components 149,269 145,819 430,346 436,119 Airframe and Engine Fluid Conveyance 55,617 49,190 161,993 141,737 Other 27,758 24,572 79,365 73,107 Total $ 632,315 $ 598,944 $ 1,843,350 $ 1,757,525 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, 2022 2021 2022 2021 North America $ 2,645,106 $ 2,354,251 $ 7,451,153 $ 6,598,238 Europe 829,392 788,498 2,344,533 2,087,030 Asia Pacific 560,250 561,274 1,735,574 1,586,375 Latin America 51,639 42,303 142,516 117,128 Total $ 4,086,387 $ 3,746,326 $ 11,673,776 $ 10,388,771
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) $ 25,132 $ 34,190 Contract assets, noncurrent (included within Investments and other assets) 551 1,884 Total contract assets 25,683 36,074 Contract liabilities, current (included within Other accrued liabilities) (52,479) (51,211) Contract liabilities, noncurrent (included within Other liabilities) (1,848) (3,080) Total contract liabilities (54,327) (54,291) Net contract liabilities $ (28,644) $ (18,217)

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
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, 2022 and 2021. Three Months Ended Nine Months Ended March 31, March 31, 2022 2021* 2022 2021* Numerator: Net income attributable to common shareholders $ 348,017 $ 473,153 $ 1,186,774 $ 1,241,307 Denominator: Basic - weighted average common shares 128,426,675 129,085,563 128,549,040 128,935,696 Increase in weighted average common shares from dilutive effect of equity-based awards 1,916,906 2,292,370 1,889,553 1,690,904 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,343,581 131,377,933 130,438,593 130,626,600 Basic earnings per share $ 2.71 $ 3.67 $ 9.23 $ 9.63 Diluted earnings per share $ 2.67 $ 3.60 $ 9.10 $ 9.50 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Non-trade and notes receivable

Non-trade and notes receivable (Tables)	9 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
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 $ 128,145 $ 144,441 Accounts receivable, other 199,041 181,874 Total $ 327,186 $ 326,315

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Mar. 31, 2022
Inventory, Net [Abstract]
Inventories	The inventories caption in the Consolidated Balance Sheet is comprised of the following components: March 31, June 30, Finished products $ 827,464 $ 733,744 Work in process 1,214,415 1,089,976 Raw materials 288,363 266,922 Total $ 2,330,242 $ 2,090,642

Business realignment and acqu_2

Business realignment and acquisition integration charges (Tables)	9 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
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, 2022 2021 2022 2021 Diversified Industrial $ 2,771 $ 4,139 $ 8,835 $ 31,247 Aerospace Systems 318 1,306 913 6,643 Corporate general and administrative expenses — 156 — 954 Other expense 63 1 63 1,226 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, 2022 2021 2022 2021 Diversified Industrial 50 65 133 741 Aerospace Systems 4 41 9 326 Corporate general and administrative expenses — 1 — 19 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Cost of sales $ 1,757 $ 3,056 $ 4,468 $ 29,389 Selling, general and administrative expenses 1,332 2,545 5,280 9,455 Other expense (income), net 63 1 63 1,226 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, 2022 2021 2022 2021 Diversified Industrial $ 933 $ 2,631 $ 2,942 $ 9,495 Aerospace Systems — 24 — 699

Equity (Tables)

Equity (Tables)	9 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Changes in equity	Changes in equity for the three months ended March 31, 2022 and 2021 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at December 31, 2021 $ 90,523 $ 344,312 $ 15,488,764 $ (1,545,093) $ (5,623,424) $ 13,198 $ 8,768,280 Net income 348,017 71 348,088 Other comprehensive income (loss) 13,833 (276) 13,557 Dividends paid ($1.03 per share) (132,543) (132,543) Stock incentive plan activity 19,055 6,422 25,477 Shares purchased at cost (50,000) (50,000) Balance at March 31, 2022 $ 90,523 $ 363,367 $ 15,704,238 $ (1,531,260) $ (5,667,002) $ 12,993 $ 8,972,859 Common Stock Additional Capital Retained Earnings* Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity* Balance at December 31, 2020 $ 90,523 $ 385,049 $ 14,184,833 $ (2,130,506) $ (5,311,236) $ 16,322 $ 7,234,985 Net income 473,153 86 473,239 Other comprehensive income (25,784) (463) (26,247) Dividends paid ($0.88 per share) (113,888) (218) (114,106) 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 $ 14,544,098 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,522,115 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K. Changes in equity for the nine months ended March 31, 2022 and 2021 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at June 30, 2021 $ 90,523 $ 329,619 $ 14,915,497 $ (1,566,727) $ (5,370,605) $ 15,363 $ 8,413,670 Net income 1,186,774 506 1,187,280 Other comprehensive income (loss) 35,467 (862) 34,605 Dividends paid ($3.09 per share) (398,033) (66) (398,099) Stock incentive plan activity 33,748 33,937 67,685 Liquidation activity (1,948) (1,948) Shares purchased at cost (330,334) (330,334) Balance at March 31, 2022 $ 90,523 $ 363,367 $ 15,704,238 $ (1,531,260) $ (5,667,002) $ 12,993 $ 8,972,859 Common Stock Additional Capital Retained Earnings* Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity* Balance at June 30, 2020 $ 90,523 $ 416,585 $ 13,643,907 $ (2,558,875) $ (5,364,916) $ 14,546 $ 6,241,770 Net income 1,241,307 585 1,241,892 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 $ 14,544,098 $ (2,156,290) $ (5,346,440) $ 15,727 $ 7,522,115 *Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
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, 2022 and 2021 are as follows: Foreign Currency Translation Adjustment and Other Retirement Benefit Plans Total Balance at June 30, 2021 $ (865,865) $ (700,862) $ (1,566,727) Other comprehensive (loss) before reclassifications (63,515) — (63,515) Amounts reclassified from accumulated other comprehensive (loss) 7,647 91,335 98,982 Balance at March 31, 2022 $ (921,733) $ (609,527) $ (1,531,260) 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)
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, 2022 and 2021 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, 2022 March 31, 2022 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,030) $ (3,090) Other expense (income), net Recognized actuarial loss (39,292) (117,852) Other expense (income), net Total before tax (40,322) (120,942) Tax benefit 9,867 29,607 Net of tax $ (30,455) $ (91,335) 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 expense (income), net Recognized actuarial loss (51,212) (156,240) Other expense (income), net Total before tax (52,516) (159,782) Tax benefit 12,793 38,923 Net of tax $ (39,723) $ (120,859)

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in carrying amount of goodwill	The changes in the carrying amount of goodwill for the nine months ended March 31, 2022 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2021 $ 7,457,309 $ 602,378 $ 8,059,687 Divestitures (164) — (164) Foreign currency translation and other (104,668) (20) (104,688) Balance at March 31, 2022 $ 7,352,477 $ 602,358 $ 7,954,835
Intangible assets by major category	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: March 31, 2022 June 30, 2021 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 995,313 $ 250,377 $ 999,952 $ 216,314 Trademarks 752,259 352,223 762,130 331,905 Customer lists and other 3,823,435 1,714,345 3,869,772 1,563,838 Total $ 5,571,007 $ 2,316,945 $ 5,631,854 $ 2,112,057

Retirement benefits (Tables)

Retirement benefits (Tables)	9 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Net pension benefit expense	Net pension benefit expense recognized included the following components: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Service cost $ 18,238 $ 21,016 $ 57,599 $ 63,215 Interest cost 27,953 25,661 82,941 76,833 Expected return on plan assets (67,024) (67,201) (201,487) (200,410) Amortization of prior service cost 1,028 1,294 3,084 3,583 Amortization of net actuarial loss 39,570 51,094 118,186 156,254 Amortization of initial net obligation 2 4 6 13 Net pension benefit expense $ 19,767 $ 31,868 $ 60,329 $ 99,488

Financial instruments (Tables)

Financial instruments (Tables)	9 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
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 $ 6,588,048 $ 6,646,029 Estimated fair value of long-term debt 6,680,555 7,527,268
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 29,299 71,798 Cash flow hedges Forward exchange contracts Non-trade and notes receivable 30,355 5,376 Forward exchange contracts Other accrued liabilities 9,540 9,435 Deal-contingent forward contracts Other accrued liabilities 396,365 — Costless collar contracts Non-trade and notes receivable 279 110 Costless collar contracts Other accrued liabilities 3,662 901
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, 2022 2021 2022 2021 Cross-currency swap contracts $ 887 $ 5,188 $ 30,205 $ (33,675) Foreign denominated debt 16,194 25,636 41,843 (26,200)
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, 2022 and June 30, 2021 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs March 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 17,057 $ 17,057 $ — $ — Derivatives 30,634 — 30,634 — Liabilities: Derivatives 438,866 — 438,866 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2021 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 20,517 $ 20,517 $ — $ — Derivatives 5,486 — 5,486 — Liabilities: Derivatives 82,134 — 82,134 —

Business Segment Information (D

Business Segment Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)		Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment				2
Segment Reporting Information [Line Items]
Net sales	$ 4,086,387	$ 3,746,326	[1]	$ 11,673,776	$ 10,388,771	[2]
Operating income	774,084	665,230	[1],[2],[3],[4],[5],[6],[7]	2,169,322	1,724,836	[1],[2],[3],[4],[5],[6],[7]
Corporate general and administrative expenses	412,431	386,831	[1],[2],[3],[4],[5],[6],[7]	1,200,906	1,113,254	[1],[2],[3],[4],[5],[6],[7]
Interest expense	63,272	60,830	[1],[2],[3],[4],[5],[6],[7]	183,982	189,778	[1],[2],[3],[4],[5],[6],[7]
Other expense (income)	276,823	5,060	[1],[2],[3],[4],[5],[6],[7]	489,282	(55,348)	[1],[2],[3],[4],[5],[6],[7]
Income before income taxes	433,989	599,340	[1],[2],[3],[4],[5],[6],[7]	1,496,058	1,590,406	[1],[2],[3],[4],[5],[6],[7]
North America
Segment Reporting Information [Line Items]
Net sales	2,645,106	2,354,251		7,451,153	6,598,238
Diversified Industrial
Segment Reporting Information [Line Items]
Net sales	3,454,072	3,147,382		9,830,426	8,631,246
Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	632,315	598,944		1,843,350	1,757,525
Operating Segments
Segment Reporting Information [Line Items]
Net sales	4,086,387	3,746,326	[1],[2],[3],[4],[5],[6],[7]	11,673,776	10,388,771	[1],[2],[3],[4],[5],[6],[7]
Operating income	831,489	713,319	[1],[2],[3],[4],[5],[6],[7]	2,318,386	1,848,380	[1],[2],[3],[4],[5],[6],[7]
Operating Segments | Diversified Industrial | North America
Segment Reporting Information [Line Items]
Net sales	2,014,715	1,758,383	[1],[2],[3],[4],[5],[6],[7]	5,615,454	4,853,371	[1],[2],[3],[4],[5],[6],[7]
Operating income	413,998	336,589	[1],[2],[3],[4],[5],[6],[7]	1,085,117	887,041	[1],[2],[3],[4],[5],[6],[7]
Operating Segments | Diversified Industrial | International
Segment Reporting Information [Line Items]
Net sales	1,439,357	1,388,999	[1],[2],[3],[4],[5],[6],[7]	4,214,972	3,777,875	[1],[2],[3],[4],[5],[6],[7]
Operating income	298,475	274,427	[1],[2],[3],[4],[5],[6],[7]	881,206	681,541	[1],[2],[3],[4],[5],[6],[7]
Operating Segments | Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	632,315	598,944	[1],[2],[3],[4],[5],[6],[7]	1,843,350	1,757,525	[1],[2],[3],[4],[5],[6],[7]
Operating income	119,016	102,303	[1],[2],[3],[4],[5],[6],[7]	352,063	279,798	[1],[2],[3],[4],[5],[6],[7]
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	$ 57,405	$ 48,089	[1],[2],[3],[4],[5],[6],[7]	$ 149,064	$ 123,544	[1],[2],[3],[4],[5],[6],[7]
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Revenue recognition - Revenues

Revenue recognition - Revenues by segment and by platform (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021		Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,086,387	$ 3,746,326	[1]	$ 11,673,776	$ 10,388,771	[2]
Diversified Industrial Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	3,454,072	3,147,382		9,830,426	8,631,246
Diversified Industrial Segment | Motion Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	895,839	820,514		2,568,166	2,197,971
Diversified Industrial Segment | Flow and Process Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,197,590	1,081,570		3,386,417	2,955,643
Diversified Industrial Segment | Filtration and Engineered Materials
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,360,643	1,245,298		3,875,843	3,477,632
Aerospace Systems Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	632,315	598,944		1,843,350	1,757,525
Aerospace Systems Segment | Flight Control Actuation
Disaggregation of Revenue [Line Items]
Revenues from contracts	189,162	174,067		555,657	499,432
Aerospace Systems Segment | Fuel, Inerting and Engine Motion Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	132,990	129,866		393,554	384,937
Aerospace Systems Segment | Hydraulics
Disaggregation of Revenue [Line Items]
Revenues from contracts	77,519	75,430		222,435	222,193
Aerospace Systems Segment | Engine Components
Disaggregation of Revenue [Line Items]
Revenues from contracts	149,269	145,819		430,346	436,119
Aerospace Systems Segment | Airframe and Engine Fluid Conveyance
Disaggregation of Revenue [Line Items]
Revenues from contracts	55,617	49,190		161,993	141,737
Aerospace Systems Segment | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 27,758	$ 24,572		$ 79,365	$ 73,107
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Revenue recognition - Revenue b

Revenue recognition - Revenue by geographic region (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021		Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,086,387	$ 3,746,326	[1]	$ 11,673,776	$ 10,388,771	[2]
North America
Disaggregation of Revenue [Line Items]
Revenues from contracts	2,645,106	2,354,251		7,451,153	6,598,238
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts	829,392	788,498		2,344,533	2,087,030
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts	560,250	561,274		1,735,574	1,586,375
Latin America
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 51,639	$ 42,303		$ 142,516	$ 117,128
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Revenue recognition - Contract

Revenue recognition - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract assets, current (included within Prepaid expenses and other)	$ 25,132	$ 34,190
Contract assets, noncurrent (included within Investments and other assets)	551	1,884
Total contract assets	25,683	36,074
Contract liabilities, current (included within Other accrued liabilities)	(52,479)	(51,211)
Contract liabilities, noncurrent (included within Other liabilities)	(1,848)	(3,080)
Total contract liabilities	(54,327)	(54,291)
Net contract liabilities	$ (28,644)	$ (18,217)

Revenue recognition - Narrative

Revenue recognition - Narrative (Details) $ in Millions	9 Months Ended
	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 38
Remaining performance obligation, amount	$ 7,761
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	88.00%
Remaining performance obligation, period	12 months

Proposed Acquisition (Details)

Proposed Acquisition (Details) £ / shares in Units, £ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022GBP (£)£ / shares	Jun. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Business Acquisition [Line Items]
Escrow deposit				$ 2,272
Meggitt plc
Business Acquisition [Line Items]
Acquisition-related transaction costs			$ 34
Restricted cash			$ 2,487
Meggitt plc | Forecast
Business Acquisition [Line Items]
Price per share of stock acquired (in pounds per share) | £ / shares	£ 8
Meggitt plc | Forecast | Subsequent Event
Business Acquisition [Line Items]
Purchase price to acquire business (in pounds) | £	£ 6,263
Aggregate annual sales for business, to be acquired, for their most recent fiscal year prior to acquisition		$ 2,100

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, 2022	Mar. 31, 2021	[1],[2],[3],[4],[5],[6],[7]	Mar. 31, 2022	Mar. 31, 2021	[1],[2],[3],[4],[5],[6],[7]
Numerator:
Net income attributable to common shareholders, basic	$ 348,017	$ 473,153		$ 1,186,774	$ 1,241,307
Net income attributable to common shareholders, diluted	$ 348,017	$ 473,153		$ 1,186,774	$ 1,241,307
Denominator:
Basic - weighted average common shares (in shares)	128,426,675	129,085,563		128,549,040	128,935,696
Increase in weighted average common shares from dilutive effect of equity-based awards (in shares)	1,916,906	2,292,370		1,889,553	1,690,904
Diluted - weighted average common shares, assuming exercise of equity-based awards (in shares)	130,343,581	131,377,933		130,438,593	130,626,600
Basic earnings per share (in USD per share)	$ 2.71	$ 3.67		$ 9.23	$ 9.63
Diluted earnings per share (in USD per share)	$ 2.67	$ 3.60		$ 9.10	$ 9.50
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Excluded from the computation of diluted earnings per share since anti-dilutive (in shares)	493,609	133	384,955	589,364

Share repurchase program (Detai

Share repurchase program (Details) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Oct. 22, 2014
Equity [Abstract]
Authorized to be repurchased (in shares)			35,000,000
Repurchased (in shares)	165,622	1,095,430
Repurchased, average price (in USD per share)	$ 301.89	$ 301.56

Trade accounts receivable, net

Trade accounts receivable, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jun. 30, 2021
Receivables [Abstract]
Allowance for credit losses	$ 10	$ 12

Non-trade and notes receivabl_2

Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Receivables [Abstract]
Notes receivable	$ 128,145	$ 144,441
Accounts receivable, other	199,041	181,874
Total	$ 327,186	$ 326,315

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Inventory, Net [Abstract]
Finished products	$ 827,464	$ 733,744
Work in process	1,214,415	1,089,976
Raw materials	288,363	266,922
Total	$ 2,330,242	$ 2,090,642

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, 2022USD ($)employee	Mar. 31, 2021USD ($)employee	Mar. 31, 2022USD ($)employee	Mar. 31, 2021USD ($)employee
Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 0	$ 156	$ 0	$ 954
Number of positions eliminated (employees) | employee	0	1	0	19
Segment Reconciling Items
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 63	$ 1	$ 63	$ 1,226
Diversified Industrial | Operating Segments
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 2,771	$ 4,139	$ 8,835	$ 31,247
Number of positions eliminated (employees) | employee	50	65	133	741
Aerospace Systems | Operating Segments
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 318	$ 1,306	$ 913	$ 6,643
Number of positions eliminated (employees) | employee	4	41	9	326

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, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Cost of sales
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 1,757	$ 3,056	$ 4,468	$ 29,389
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Business realignment charges	1,332	2,545	5,280	9,455
Other expense (income), net
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 63	$ 1	$ 63	$ 1,226

Business realignment and acqu_5

Business realignment and acquisition integration charges - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022USD ($)
Restructuring Cost and Reserve [Line Items]
Expense from exit of business operations in Russia	$ 20
Foreign currency translation expense	8
Nonoperating Income (Expense)
Restructuring Cost and Reserve [Line Items]
Expense from exit of business operations in Russia	7
Employee severance
Restructuring Cost and Reserve [Line Items]
Payments made relating to business realignment charges		$ 17
Remaining payments related to business realignment actions	$ 7	$ 7

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, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 933	$ 2,631	$ 2,942	$ 9,495
Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 0	$ 24	$ 0	$ 699

Equity - Changes in equity (Det

Equity - Changes in equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021		Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 8,768,280	$ 7,234,985	[1],[2],[3],[4],[5],[6],[7]	$ 8,413,670	$ 6,241,770	[1],[2],[3],[4],[5],[6],[7]
Net income	348,088	473,239	[1],[2],[3],[4],[5],[6],[7]	1,187,280	1,241,892	[1],[2],[3],[4],[5],[6],[7]
Other comprehensive income (loss)	13,557	(26,247)	[1],[2],[3],[4],[5],[6],[7]	34,605	403,398	[1],[2],[3],[4],[5],[6],[7]
Dividends paid	$ (132,543)	$ (114,106)	[1],[2],[3],[4],[5],[6],[7]	$ (398,099)	$ (341,333)	[1],[2],[3],[4],[5],[6],[7]
Dividends paid (in USD per share)	$ 1.03	$ 0.88		$ 3.09	$ 2.64
Stock incentive plan activity	$ 25,477	$ 4,244	[1],[2],[3],[4],[5],[6],[7]	$ 67,685	$ 26,388	[1],[2],[3],[4],[5],[6],[7]
Liquidation activity				(1,948)
Shares purchased at cost	(50,000)	(50,000)	[1],[2],[3],[4],[5],[6],[7]	(330,334)	(50,000)	[1],[2],[3],[4],[5],[6],[7]
Ending balance	8,972,859	7,522,115	[1],[2],[3],[4],[5],[6],[7]	8,972,859	7,522,115	[1],[2],[3],[4],[5],[6],[7]
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	344,312	385,049		329,619	416,585
Stock incentive plan activity	19,055	(10,552)		33,748	(42,088)
Ending balance	363,367	374,497		363,367	374,497
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	15,488,764	14,184,833		14,915,497	13,643,907
Net income	348,017	473,153		1,186,774	1,241,307
Dividends paid	(132,543)	(113,888)		(398,033)	(341,116)
Ending balance	15,704,238	14,544,098		15,704,238	14,544,098
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,545,093)	(2,130,506)		(1,566,727)	(2,558,875)
Other comprehensive income (loss)	13,833	(25,784)		35,467	402,585
Ending balance	(1,531,260)	(2,156,290)		(1,531,260)	(2,156,290)
Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,623,424)	(5,311,236)		(5,370,605)	(5,364,916)
Stock incentive plan activity	6,422	14,796		33,937	68,476
Shares purchased at cost	(50,000)	(50,000)		(330,334)	(50,000)
Ending balance	(5,667,002)	(5,346,440)		(5,667,002)	(5,346,440)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	13,198	16,322		15,363	14,546
Net income	71	86		506	585
Other comprehensive income (loss)	(276)	(463)		(862)	813
Dividends paid		(218)		(66)	(217)
Liquidation activity				(1,948)
Ending balance	$ 12,993	$ 15,727		$ 12,993	$ 15,727
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

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, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,413,670	$ 6,241,770	[1],[2],[3],[4],[5],[6],[7]
Ending balance	8,972,859	7,522,115	[1],[2],[3],[4],[5],[6],[7]
Foreign Currency Translation Adjustment and Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(865,865)
Other comprehensive income (loss) before reclassifications	(63,515)
Amounts reclassified from accumulated other comprehensive (loss)	7,647
Ending balance	(921,733)
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(1,193,937)
Other comprehensive income (loss) before reclassifications		281,726
Amounts reclassified from accumulated other comprehensive (loss)		0
Ending balance		(912,211)
Retirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(700,862)	(1,364,938)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss)	91,335	120,859
Ending balance	(609,527)	(1,244,079)
Accumulated Other Comprehensive (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,566,727)	(2,558,875)
Other comprehensive income (loss) before reclassifications	(63,515)	281,726
Amounts reclassified from accumulated other comprehensive (loss)	98,982	120,859
Ending balance	$ (1,531,260)	$ (2,156,290)
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

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, 2022	Mar. 31, 2021		Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expense (income), net	$ (248,704)	$ 13,460	[1],[2],[3],[4],[5],[6],[7]	$ (386,217)	$ 122,066	[1],[2],[3],[4],[5],[6],[7]
Income before income taxes	433,989	599,340	[1],[2],[3],[4],[5],[6],[7]	1,496,058	1,590,406	[1],[2],[3],[4],[5],[6],[7]
Tax benefit	(85,901)	(126,101)	[1],[2],[3],[4],[5],[6],[7]	(308,778)	(348,514)	[1],[2],[3],[4],[5],[6],[7]
Net income	348,088	473,239	[1],[2],[3],[4],[5],[6],[7]	1,187,280	1,241,892	[1],[2],[3],[4],[5],[6],[7]
Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Amortization of prior service cost and initial net obligation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expense (income), net	(1,030)	(1,304)		(3,090)	(3,542)
Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Recognized actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other expense (income), net	(39,292)	(51,212)		(117,852)	(156,240)
Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	(40,322)	(52,516)		(120,942)	(159,782)
Tax benefit	9,867	12,793		29,607	38,923
Net income	$ (30,455)	$ (39,723)		$ (91,335)	$ (120,859)
[1]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[2]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[3]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[4]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[5]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[6]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
[7]	*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

Goodwill and intangible asset_2

Goodwill and intangible assets - Changes in carrying amount of goodwill (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 8,059,687
Divestitures	(164)
Foreign currency translation and other	(104,688)
Ending balance	7,954,835
Diversified Industrial Segment
Goodwill [Roll Forward]
Beginning balance	7,457,309
Divestitures	(164)
Foreign currency translation and other	(104,668)
Ending balance	7,352,477
Aerospace Systems Segment
Goodwill [Roll Forward]
Beginning balance	602,378
Divestitures	0
Foreign currency translation and other	(20)
Ending balance	$ 602,358

Goodwill and intangible asset_3

Goodwill and intangible assets - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment	$ 0
Intangible amortization expense		$ 237,000,000	$ 244,000,000
Estimated amortization expense, year ending June 30, 2022		315,000,000
Estimated amortization expense, year ending June 30, 2023		304,000,000
Estimated amortization expense, year ending June 30, 2024		297,000,000
Estimated amortization expense, year ending June 30, 2025		286,000,000
Estimated amortization expense, year ending June 30, 2026		$ 281,000,000

Goodwill and intangible asset_4

Goodwill and intangible assets - Intangible assets by major category (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,571,007	$ 5,631,854
Accumulated Amortization	2,316,945	2,112,057
Patents and technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	995,313	999,952
Accumulated Amortization	250,377	216,314
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	752,259	762,130
Accumulated Amortization	352,223	331,905
Customer lists and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,823,435	3,869,772
Accumulated Amortization	$ 1,714,345	$ 1,563,838

Retirement benefits - Net pensi

Retirement benefits - Net pension benefit expense (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 18,238	$ 21,016	$ 57,599	$ 63,215
Interest cost	27,953	25,661	82,941	76,833
Expected return on plan assets	(67,024)	(67,201)	(201,487)	(200,410)
Amortization of prior service cost	1,028	1,294	3,084	3,583
Amortization of net actuarial loss	39,570	51,094	118,186	156,254
Amortization of initial net obligation	2	4	6	13
Net pension benefit expense	$ 19,767	$ 31,868	$ 60,329	$ 99,488

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Other Postretirement Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other postretirement benefits expense	$ 0.1	$ 0.1	$ 0.7	$ 0.9

Debt (Details)

Debt (Details) £ in Millions, $ in Millions	Aug. 27, 2021USD ($)	Aug. 02, 2021GBP (£)	Mar. 31, 2022GBP (£)	Mar. 31, 2022USD ($)	Oct. 31, 2021USD ($)	Jun. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Commercial paper				$ 1,621		$ 0
Debt to debt-shareholders' equity ratio			0.48
Maximum
Line of Credit Facility [Line Items]
Debt to debt-shareholders' equity ratio, covenant, maximum			0.65
Commercial Paper
Line of Credit Facility [Line Items]
Short-term debt					$ 2,126
Multi-Currency Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Aggregate principal amount				3,000
Line of Credit | Bridge Credit Agreement | Bridge Loan
Line of Credit Facility [Line Items]
Aggregate principal amount | £		£ 6,524	£ 3,200
Expiration period		364 days
Financing fee				$ 51
Line of Credit | Term Loan Facility | Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 2,000
Debt term	3 years

Income taxes (Details)

Income taxes (Details) $ in Millions	Mar. 31, 2022USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 95
Unrecognized tax benefits that would impact effective tax rate if recognized	95
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	19
Decrease in unrecognized tax benefits that is reasonably possible (up to)	$ 30

Financial instruments - Carryin

Financial instruments - Carrying values and estimated fair values of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Carrying value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,588,048	$ 6,646,029
Estimated fair value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,680,555	$ 7,527,268

Financial instruments - Narrati

Financial instruments - Narrative (Details) € in Millions, ¥ in Millions, £ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2022GBP (£)	Mar. 31, 2022EUR (€)	Mar. 31, 2022JPY (¥)
Currency Swap, Due November 2034
Debt Instrument [Line Items]
Notional amount of derivative						€ 69	¥ 2,149
Currency Swap, Due May 2038
Debt Instrument [Line Items]
Notional amount of derivative | €						290
Forward exchange contracts
Debt Instrument [Line Items]
Net gains (loss) relating to forward exchange contracts | $	$ 24	$ (3)	$ 47	$ 21
Deal-contingent forward contracts
Debt Instrument [Line Items]
Net gains (loss) relating to forward exchange contracts | $	$ (247)		$ (396)
Deal-contingent forward contracts | Forecast
Debt Instrument [Line Items]
Notional amount of derivative | £					£ 6,415
Senior Notes | Senior Notes Due 2025
Debt Instrument [Line Items]
Aggregate principal amount (in EUR) | €						€ 700

Financial instruments - Fair va

Financial instruments - Fair value of derivative instruments reported in consolidated balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Cross-currency swap contracts | Other liabilities
Net investment hedges
Cross-currency swap contracts, liability	$ 29,299	$ 71,798
Forward exchange contracts | Non-trade and notes receivable
Cash flow hedges
Cash flow hedge, assets	30,355	5,376
Forward exchange contracts | Other accrued liabilities
Cash flow hedges
Cash flow hedge, liability	9,540	9,435
Deal-contingent forward contracts | Other accrued liabilities
Cash flow hedges
Cash flow hedge, liability	396,365	0
Costless collar contracts | Non-trade and notes receivable
Cash flow hedges
Cash flow hedge, assets	279	110
Costless collar contracts | Other accrued liabilities
Cash flow hedges
Cash flow hedge, liability	$ 3,662	$ 901

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, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Cross-currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 887	$ 5,188	$ 30,205	$ (33,675)
Foreign denominated debt
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 16,194	$ 25,636	$ 41,843	$ (26,200)

Financial instruments - Financi

Financial instruments - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Assets:
Equity securities	$ 17,057	$ 20,517
Derivatives	30,634	5,486
Liabilities:
Derivatives	438,866	82,134
Quoted Prices In Active Markets (Level 1)
Assets:
Equity securities	17,057	20,517
Derivatives	0	0
Liabilities:
Derivatives	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Equity securities	0	0
Derivatives	30,634	5,486
Liabilities:
Derivatives	438,866	82,134
Significant Unobservable Inputs (Level 3)
Assets:
Equity securities	0	0
Derivatives	0	0
Liabilities:
Derivatives	$ 0	$ 0