Parker-Hannifin (PH) 10-Q 7 Feb 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Dec. 31, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 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	128,266,030
Entity Central Index Key	0000076334
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021	[1]
Income Statement [Abstract]
Net sales	$ 4,674,811	$ 3,824,580	[1]	$ 8,907,586	$ 7,587,389	[2]
Cost of sales	3,236,812	2,567,595	[1],[2]	6,032,268	5,071,977	[2]
Selling, general and administrative expenses	814,966	585,858	[1],[2]	1,650,770	1,212,607	[2]
Interest expense	146,931	61,360	[1],[2]	264,725	120,710
Other (income) expense, net	(40,641)	119,443	[1],[2]	(60,265)	120,026	[2]
Income before income taxes	516,743	490,324	[1],[2]	1,020,088	1,062,069
Income taxes	121,282	102,595	[1],[2]	236,590	222,877	[2]
Net income	395,461	387,729	[1]	783,498	839,192	[2]
Less: Noncontrolling interest in subsidiaries' earnings	224	129	[1],[2]	407	435	[2]
Net income attributable to common shareholders	$ 395,237	$ 387,600	[2]	$ 783,091	$ 838,757	[2]
Earnings per share attributable to common shareholders:
Basic (in USD per share)	$ 3.08	$ 3.02	[1],[2]	$ 6.10	$ 6.52	[2]
Diluted (in USD per share)	$ 3.04	$ 2.97	[1],[2]	$ 6.03	$ 6.42	[2]
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021	[1],[2]
Statement of Comprehensive Income [Abstract]
Net income	$ 395,461	$ 387,729	[1]	$ 783,498	$ 839,192
Less: Noncontrolling interests in subsidiaries' earnings	224	129	[1],[2]	407	435
Net income attributable to common shareholders	395,237	387,600	[2]	783,091	838,757
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	360,374	28,491		53,891	(39,833)
Retirement benefits plan activity	4,990	31,859		9,761	60,881
Other comprehensive income	365,364	60,350		63,652	21,048
Less: Other comprehensive income (loss) for noncontrolling interests	1,253	(47)		123	(586)
Other comprehensive income attributable to common shareholders	364,111	60,397		63,529	21,634
Total comprehensive income attributable to common shareholders	$ 759,348	$ 447,997		$ 846,620	$ 860,391
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 756,055	$ 535,799
Marketable securities and other investments	21,611	27,862
Trade accounts receivable, net	2,578,045	2,341,504
Non-trade and notes receivable	371,474	543,757
Inventories	3,095,722	2,214,553
Prepaid expenses and other	462,093	6,383,169
Total current assets	7,285,000	12,046,644
Property, plant and equipment	6,730,223	5,897,955
Less: Accumulated depreciation	3,890,699	3,775,197
Property, plant and equipment, net	2,839,524	2,122,758
Deferred income taxes	133,348	110,585
Investments and other assets	1,206,194	788,057
Intangible assets, net	8,387,917	3,135,817
Goodwill	10,668,904	7,740,082
Total assets	30,520,887	25,943,943
Current liabilities:
Notes payable and long-term debt payable within one year	1,994,333	1,724,310
Accounts payable, trade	1,966,757	1,731,925
Accrued payrolls and other compensation	453,037	470,132
Accrued domestic and foreign taxes	236,227	250,292
Other accrued liabilities	1,053,049	1,682,659
Total current liabilities	5,703,403	5,859,318
Long-term debt	12,025,860	9,755,825
Pensions and other postretirement benefits	807,124	639,939
Deferred income taxes	1,751,321	307,044
Other liabilities	898,703	521,897
Total liabilities	21,186,411	17,084,023
Shareholders’ equity:
Serial preferred stock, $.50 par value; authorized 3,000,000 shares; none issued	0	0
Common stock, $.50 par value; authorized 600,000,000 shares; issued 181,046,128 shares at December 31 and June 30	90,523	90,523
Additional capital	377,871	327,307
Retained earnings	16,102,883	15,661,808
Accumulated other comprehensive (loss)	(1,479,669)	(1,543,198)
Treasury shares, at cost; 52,780,098 shares at December 31 and 52,594,956 shares at June 30	(5,769,228)	(5,688,429)
Total shareholders’ equity	9,322,380	8,848,011
Noncontrolling interests	12,096	11,909
Total equity	9,334,476	8,859,920
Total liabilities and equity	$ 30,520,887	$ 25,943,943

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2022	Jun. 30, 2022
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)	52,780,098	52,594,956

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 783,498	$ 839,192	[1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	154,455	131,113
Amortization	229,270	158,512
Share incentive plan compensation	89,709	79,385
Deferred income taxes	131,479	(60,928)
Foreign currency transaction loss (gain)	59,083	(17,487)
Gain on disposal of property, plant and equipment	(2,551)	(7,880)
Gain on sale of businesses	(377,251)	(1,520)
Gain on marketable securities	(1,354)	(4,948)
Gain on investments	(2,929)	(1,487)
Other	12,575	55,496
Changes in assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable, net	159,576	149,155
Inventories	(56,464)	(243,309)
Prepaid expenses and other	(150,547)	(21,509)
Other assets	(166,192)	(22,934)
Accounts payable, trade	9,104	(53,327)
Accrued payrolls and other compensation	(112,899)	(165,581)
Accrued domestic and foreign taxes	3,214	62,905
Other accrued liabilities	247,574	139,773
Pensions and other postretirement benefits	74,654	(8,759)
Other liabilities	(7,870)	(393)
Net cash provided by operating activities	1,076,134	1,005,469
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (net of cash of $89,704 in 2022)	(7,146,110)	0
Capital expenditures	(185,704)	(105,606)
Proceeds from sale of property, plant and equipment	11,632	22,392
Proceeds from sale of businesses	447,300	2,466
Purchases of marketable securities and other investments	(25,198)	(10,150)
Maturities and sales of marketable securities and other investments	30,594	13,742
Payments of deal-contingent forward contracts	(1,405,418)	0
Other	251,174	2,789
Net cash used in investing activities	(8,021,730)	(74,367)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	1,124	2,201
Payments for common shares	(121,068)	(319,713)
Proceeds from notes payable, net	235,052	1,899,247
Proceeds from long-term borrowings	2,011,948	10,666
Payments for long-term borrowings	(710,789)	(9,069)
Financing fees paid	(8,911)	(52,108)
Dividends paid	(342,360)	(265,556)
Net cash provided by financing activities	1,064,996	1,265,668
Effect of exchange rate changes on cash	(11,221)	6,978
Net (decrease) increase in cash, cash equivalents and restricted cash	(5,891,821)	2,203,748
Cash, cash equivalents and restricted cash at beginning of year	6,647,876	733,117
Cash, cash equivalents and restricted cash at end of period	$ 756,055	$ 2,936,865
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) $ in Thousands	6 Months Ended
	Dec. 31, 2022 USD ($)
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 89,704

Management representation

Management representation	6 Months Ended
	Dec. 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 December 31, 2022, the results of operations for the three and six months ended December 31, 2022 and 2021 and cash flows for the six months then ended. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2022 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. Reclassification Certain prior-year amounts in the Consolidated Statement of Income have been reclassified to conform to the current-year presentation. Effective July 1, 2022, we began classifying certain expenses, previously classified as cost of sales, as selling, general and administrative expenses ("SG&A") or within other (income) expense, net. During the integration of recently acquired businesses, the Company has seen diversity in practice of the classification of certain expenses, and the reclassification was made to better align the presentation of expenses on the Consolidated Statement of Income with management’s internal reporting. The expenses reclassified from cost of sales to SG&A relate to certain administrative activities conducted in production facilities and research and development. Foreign currency transaction expense was also reclassified from cost of sales to other (income) expense, net on the Consolidated Statement of Income. These reclassifications had no impact on net income, earnings per share, cash flows, segment reporting or the financial position of the Company. During the three months ended December 31, 2021, the reclassifications resulted in a $197 million decrease to cost of sales, a $205 million increase to SG&A and a $8 million decrease to other (income) expense, net. During the six months ended December 31, 2021, the reclassifications resulted in a $407 million decrease to cost of sales, a $424 million increase to SG&A and a $17 million decrease to other (income) expense, net. 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	6 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance", which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021; however, early adoption is permitted. The guidance may be applied either prospectively to all in-scope transactions that are reflected in the financial statements at the date of initial application and to new transactions that are entered into after the date of initial application, or retrospectively. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and does not expect it to be material.In September 2022, the FASB issued ASU 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations", which requires a buyer in a supplier finance program to disclose information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs, including the outstanding amount under the program, the balance sheet presentation of the outstanding amount, and a rollforward of the obligations in the program. This ASU should be adopted retrospectively for each balance sheet period presented; however, the rollforward information should be provided prospectively. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and does not expect it to be material.

Revenue recognition

Revenue recognition	6 Months Ended
	Dec. 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 Six Months Ended December 31, December 31, 2022 2021 2022 2021 Motion Systems $ 913,415 $ 843,655 $ 1,819,429 $ 1,672,327 Flow and Process Control 1,173,260 1,103,404 2,377,724 2,188,827 Filtration and Engineered Materials 1,451,709 1,259,144 2,828,004 2,515,200 Total $ 3,538,384 $ 3,206,203 $ 7,025,157 $ 6,376,354 Aerospace Systems Segment revenues by primary market: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Commercial original equipment manufacturer ("OEM") $ 383,038 $ 213,095 $ 647,348 $ 422,655 Commercial aftermarket 351,606 125,768 556,246 239,044 Military OEM 234,057 181,126 404,728 355,106 Military aftermarket 167,726 98,388 274,107 194,230 Total $ 1,136,427 $ 618,377 $ 1,882,429 $ 1,211,035 Upon completing the acquisition ("Acquisition") of Meggitt plc ("Meggitt"), we reviewed the disaggregation of revenue disclosure for the Aerospace Systems Segment and believe that disaggregation by primary market provides more meaningful information than disaggregation by product platform. Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 North America $ 3,079,738 $ 2,421,073 $ 5,914,658 $ 4,806,047 Europe 942,070 753,171 1,696,002 1,515,141 Asia Pacific 599,135 607,190 1,187,533 1,175,324 Latin America 53,868 43,146 109,393 90,877 Total $ 4,674,811 $ 3,824,580 $ 8,907,586 $ 7,587,389 The majority of revenues from the Aerospace Systems Segment are generated from sales to customers within North America. Contract balances Contract assets and contract liabilities are reported on a contract-by-contract basis. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payments from customers are received based on the terms established in the contract with the customer. Total contract assets and contract liabilities are as follows: December 31, June 30, Contract assets, current (included within Prepaid expenses and other) $ 115,698 $ 28,546 Contract assets, noncurrent (included within Investments and other assets) 26,813 794 Total contract assets 142,511 29,340 Contract liabilities, current (included within Other accrued liabilities) (228,462) (60,472) Contract liabilities, noncurrent (included within Other liabilities) (111,405) (2,225) Total contract liabilities (339,867) (62,697) Net contract liabilities $ (197,356) $ (33,357) Net contract liabilities at December 31, 2022 increased from the June 30, 2022 amount primarily due to acquiring Meggitt's contract liabilities in excess of Meggitt's contract assets. During the six months ended December 31, 2022, approximately $29 million of revenue was recognized that was included in the contract liabilities at June 30, 2022. Remaining performance obligations Our backlog represents written firm orders from a customer to deliver products and, in the case of blanket purchase orders, only includes the portion of the order for which a schedule or release has been agreed to with the customer. We believe our backlog represents our unsatisfied or partially unsatisfied performance obligations. Backlog at December 31, 2022 was $10.6 billion, of which approximately 84 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.

Acquisitions and divestitures

Acquisitions and divestitures	6 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and divestitures	Acquisitions and divestitures Acquisitions On September 12, 2022, we completed the Acquisition of all the outstanding ordinary shares of Meggitt for 800 pence per share, resulting in an aggregate cash purchase price of $7.2 billion, including the assumption of debt. 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. For segment reporting purposes, approximately 82 percent of Meggitt's sales are included in the Aerospace Systems Segment, while the remaining 18 percent are included in the Diversified Industrial Segment. Assets acquired and liabilities assumed are recognized at their respective fair values as of the Acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The following table presents the preliminary estimated fair values of Meggitt's assets acquired and liabilities assumed on the Acquisition date. These preliminary estimates are based on available information and will be revised during the measurement period, not to exceed 12 months from the Acquisition date, as third-party valuations are finalized, additional information becomes available and as additional analysis is performed. Such revisions may have a material impact on our results of operations and financial position within the measurement period. During the current-year quarter and six months ended December 31, 2022, these revisions did not have a material impact on the Consolidated Statement of Income. September 12, 2022 (previously reported) Measurement Period Adjustments September 12, 2022 (revised) Assets: Cash and cash equivalents $ 89,704 $ — $ 89,704 Accounts receivable 427,255 (4,530) 422,725 Inventories 833,602 (20,008) 813,594 Prepaid expenses and other 125,763 — 125,763 Property, plant and equipment 675,232 — 675,232 Deferred income taxes 5,720 — 5,720 Other assets 219,472 18,652 238,124 Intangible assets 5,418,795 — 5,418,795 Goodwill 2,830,845 60,374 2,891,219 Total assets acquired $ 10,626,388 $ 54,488 $ 10,680,876 Liabilities: Notes payable and long-term debt payable within one year $ 306,266 $ 3,052 $ 309,318 Accounts payable, trade 219,780 — 219,780 Accrued payrolls and other compensation 89,226 — 89,226 Other accrued liabilities 367,605 (222) 367,383 Long-term debt 669,321 38,483 707,804 Pensions and other postretirement benefits 85,899 12,116 98,015 Deferred income taxes 1,274,726 685 1,275,411 Other liabilities 377,751 374 378,125 Total liabilities assumed 3,390,574 54,488 3,445,062 Net assets acquired $ 7,235,814 $ — $ 7,235,814 Goodwill is calculated as the excess of the purchase price over the net assets acquired and represents cost synergies and enhancements to our existing technologies. For tax purposes, Meggitt's goodwill is not deductible. Based upon a preliminary acquisition valuation, we acquired $3.2 billion of customer-related intangible assets, $1.7 billion of patents and technology and $490 million of trademarks, each with estimated useful lives of 20 years. The fair value of the assets acquired includes $161 million and $76 million of operating lease right-of-use assets and finance lease right-of-use assets, respectively. The fair value of liabilities assumed includes $150 million and $87 million of operating lease liabilities and finance lease liabilities, respectively, of which, $17 million and $2 million of operating lease liabilities and finance lease liabilities, respectively, are current liabilities. Long-term debt assumed includes $900 million aggregate principal amount of private placement notes with fixed interest rates ranging from 2.78 percent to 3.60 percent, and maturity dates ranging from July 2023 to July 2026. In October 2022, we paid off $300 million aggregate principal amount of private placement notes in two tranches pursuant to an offer to noteholders according to change in control provisions. These notes carried fixed interest rates of 2.78 percent and 3.00 percent and had maturity dates of November 2023 and November 2025, respectively. Upon acquiring Meggitt, we also assumed $113 million of liabilities associated with environmental matters. Our consolidated financial statements for the three and six months ended December 31, 2022 include the results of operations of Meggitt from the date of acquisition through December 31, 2022. Net sales and segment operating loss attributable to Meggitt during the three months ended December 31, 2022 was $629 million and $89 million, respectively. Net sales and segment operating loss attributable to Meggitt during the six months ended December 31, 2022 was $772 million and $116 million, respectively. Segment operating loss attributable to Meggitt includes estimated amortization and depreciation expense associated with the preliminary fair value estimates of intangible assets, plant and equipment, and inventory, as well as acquisition integration charges. Refer to Note 10 for further discussion of acquisition integration charges. Acquisition-related transaction costs totaled $111 million for the six months ended December 31, 2022. These costs are included in SG&A in the Consolidated Statement of Income. Divestitures During September 2022, we divested our aircraft wheel and brake business, which was part of the Aerospace Systems Segment, for proceeds of $441 million. The resulting pre-tax gain of $373 million is included in other (income) expense, net in the Consolidated Statement of Income. The operating results and net assets of the aircraft wheel and brake business were immaterial to the Company's consolidated results of operations and financial position. As of June 30, 2022, the aggregate carrying amount of aircraft wheel and brake assets held for sale was $66 million. These assets primarily included goodwill and inventory and were recorded within prepaid expenses and other assets in the Consolidated Balance Sheet. Goodwill was allocated to the aircraft wheel and brake business using the relative fair value method. Restricted Cash At June 30, 2022, prepaid expenses and other in the Consolidated Balance Sheet included a $6.1 billion balance in an escrow account restricted to payments for the Acquisition. These funds were used to finance a portion of the Acquisition, and there was no restricted cash at December 31, 2022.

Earnings per share

Earnings per share	6 Months Ended
	Dec. 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 six months ended December 31, 2022 and 2021. Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Numerator: Net income attributable to common shareholders $ 395,237 $ 387,600 $ 783,091 $ 838,757 Denominator: Basic - weighted average common shares 128,313,322 128,493,725 128,369,162 128,610,223 Increase in weighted average common shares from dilutive effect of equity-based awards 1,731,691 2,087,940 1,592,534 1,974,989 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,045,013 130,581,665 129,961,696 130,585,212 Basic earnings per share $ 3.08 $ 3.02 $ 6.10 $ 6.52 Diluted earnings per share $ 3.04 $ 2.97 $ 6.03 $ 6.42 For the three months ended December 31, 2022 and 2021, 1,075,737 and 440,106 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended December 31, 2022 and 2021, 983,648 and 330,977 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	6 Months Ended
	Dec. 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 December 31, 2022, we repurchased 176,458 shares at an average price, including commissions, of $283.35 per share. During the six months ended December 31, 2022, we repurchased 362,224 shares at an average price, including commissions, of $276.07 per share.

Trade accounts receivable, net

Trade accounts receivable, net	6 Months Ended
	Dec. 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 $32 million and $10 million at December 31, 2022 and June 30, 2022, respectively. The increase in the allowance for credit losses from the June 30, 2022 amount is primarily due to the Acquisition.Non-trade and notes receivable The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Notes receivable $ 129,877 $ 103,558 Cash collateral receivable (a) — 250,000 Accounts receivable, other 241,597 190,199 Total $ 371,474 $ 543,757 (a) The cash collateral receivable at June 30, 2022 related to the deal-contingent forward contracts settled in the first three months of fiscal 2023.

Non-trade and notes receivable

Non-trade and notes receivable	6 Months Ended
	Dec. 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 $32 million and $10 million at December 31, 2022 and June 30, 2022, respectively. The increase in the allowance for credit losses from the June 30, 2022 amount is primarily due to the Acquisition.Non-trade and notes receivable The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Notes receivable $ 129,877 $ 103,558 Cash collateral receivable (a) — 250,000 Accounts receivable, other 241,597 190,199 Total $ 371,474 $ 543,757 (a) The cash collateral receivable at June 30, 2022 related to the deal-contingent forward contracts settled in the first three months of fiscal 2023.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2022
Inventory, Net [Abstract]
Inventories	Inventories The inventories caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Finished products $ 867,470 $ 811,702 Work in process 1,561,760 1,128,501 Raw materials 666,492 274,350 Total $ 3,095,722 $ 2,214,553

Business realignment and acquis

Business realignment and acquisition integration charges	6 Months Ended
	Dec. 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 six months of fiscal 2023 and 2022. In both the first six months of fiscal 2023 and 2022, 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. In fiscal 2023, a majority of the business realignment charges were incurred in Europe. In fiscal 2022, 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 by business segment are as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Diversified Industrial $ 4,377 $ 3,047 $ 6,389 $ 6,064 Aerospace Systems 1,001 598 2,850 595 Reductions to our workforce made in connection with such business realignment charges by business segment are as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Diversified Industrial 166 48 217 83 Aerospace Systems 4 5 16 5 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021* 2022 2021* Cost of sales $ 3,214 $ 946 $ 5,713 $ 1,133 Selling, general and administrative expenses 2,164 2,699 3,526 5,526 *Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1. During the first six months of fiscal 2023, approximately $9 million in payments were made relating to business realignment charges. Remaining payments related to business realignment actions of approximately $8 million, a majority of which are expected to be paid by June 30, 2023, are primarily reflected within the other accrued liabilities caption in the Consolidated Balance Sheet. Additional charges may be recognized in future periods related to the business realignment actions described above, the timing and amount of which are not known at this time. We also incurred the following acquisition integration charges: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Diversified Industrial $ 1,695 $ 807 $ 1,881 $ 2,009 Aerospace Systems 31,723 — 43,528 — Charges incurred in fiscal 2023 and 2022 relate to the acquisitions of Meggitt and LORD Corporation, respectively. In both fiscal 2023 and 2022, these charges were primarily included in SG&A within the Consolidated Statement of Income.

Equity

Equity	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended December 31, 2022 and 2021 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at September 30, 2022 $ 90,523 $ 360,443 $ 15,878,565 $ (1,843,780) $ (5,723,230) $ 10,883 $ 8,773,404 Net income 395,237 224 395,461 Other comprehensive income 364,111 1,253 365,364 Dividends paid ($1.33 per share) (170,919) (264) (171,183) Stock incentive plan activity 17,428 4,002 21,430 Shares purchased at cost (50,000) (50,000) Balance at December 31, 2022 $ 90,523 $ 377,871 $ 16,102,883 $ (1,479,669) $ (5,769,228) $ 12,096 $ 9,334,476 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at September 30, 2021 $ 90,523 $ 358,677 $ 15,233,799 $ (1,605,490) $ (5,586,728) $ 15,064 $ 8,505,845 Net income 387,600 129 387,729 Other comprehensive income (loss) 60,397 (47) 60,350 Dividends paid ($1.03 per share) (132,635) (132,635) Stock incentive plan activity (14,365) 13,304 (1,061) Liquidation activity (1,948) (1,948) Shares purchased at cost (50,000) (50,000) Balance at December 31, 2021 $ 90,523 $ 344,312 $ 15,488,764 $ (1,545,093) $ (5,623,424) $ 13,198 $ 8,768,280 Changes in equity for the six months ended December 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, 2022 $ 90,523 $ 327,307 $ 15,661,808 $ (1,543,198) $ (5,688,429) $ 11,909 $ 8,859,920 Net income 783,091 407 783,498 Other comprehensive income 63,529 123 63,652 Dividends paid ($2.66 per share) (342,016) (343) (342,359) Stock incentive plan activity 50,564 19,201 69,765 Shares purchased at cost (100,000) (100,000) Balance at December 31, 2022 $ 90,523 $ 377,871 $ 16,102,883 $ (1,479,669) $ (5,769,228) $ 12,096 $ 9,334,476 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 838,757 435 839,192 Other comprehensive income (loss) 21,634 (586) 21,048 Dividends paid ($2.06 per share) (265,490) (66) (265,556) Stock incentive plan activity 14,693 27,515 42,208 Liquidation activity (1,948) (1,948) Shares purchased at cost (280,334) (280,334) Balance at December 31, 2021 $ 90,523 $ 344,312 $ 15,488,764 $ (1,545,093) $ (5,623,424) $ 13,198 $ 8,768,280 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the six months ended December 31, 2022 and 2021 are as follows: Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2022 $ (1,149,071) $ (394,127) $ (1,543,198) Other comprehensive income before reclassifications 53,768 — 53,768 Amounts reclassified from accumulated other comprehensive (loss) — 9,761 9,761 Balance at December 31, 2022 $ (1,095,303) $ (384,366) $ (1,479,669) Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2021 $ (865,865) $ (700,862) $ (1,566,727) Other comprehensive (loss) before reclassifications (39,247) — (39,247) Amounts reclassified from accumulated other comprehensive (loss) — 60,881 60,881 Balance at December 31, 2021 $ (905,112) $ (639,981) $ (1,545,093) Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and six months ended December 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 Six Months Ended December 31, 2022 December 31, 2022 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (242) $ (452) Other (income) expense, net Recognized actuarial loss (6,369) (12,479) Other (income) expense, net Total before tax (6,611) (12,931) Tax benefit 1,621 3,170 Net of tax $ (4,990) $ (9,761) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,124) $ (2,060) Other (income) expense, net Recognized actuarial loss (41,057) (78,560) Other (income) expense, net Total before tax (42,181) (80,620) Tax benefit 10,322 19,739 Net of tax $ (31,859) $ (60,881)

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Dec. 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 six months ended December 31, 2022 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2022 $ 7,185,981 $ 554,101 $ 7,740,082 Acquisition 56,587 2,834,632 2,891,219 Divestiture (1,064) — (1,064) Foreign currency translation 173 38,494 38,667 Balance at December 31, 2022 $ 7,241,677 $ 3,427,227 $ 10,668,904 Acquisition represents goodwill resulting from the preliminary purchase price allocation for the Acquisition during the measurement period. Refer to Note 4 for further discussion. Divestiture represents goodwill associated with a sale of a business during the current-year quarter. 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: December 31, 2022 June 30, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 2,739,656 $ 312,435 $ 990,775 $ 259,587 Trademarks 1,225,622 364,368 727,820 339,244 Customer lists and other 6,975,403 1,875,961 3,735,042 1,718,989 Total $ 10,940,681 $ 2,552,764 $ 5,453,637 $ 2,317,820 Total intangible amortization expense for the six months ended December 31, 2022 and 2021 was $229 million and $159 million, respectively. The estimated amortization expense for the five years ending June 30, 2023 through 2027 is $520 million, $559 million, $551 million, $546 million and $540 million, respectively.

Retirement benefits

Retirement benefits	6 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement benefits	Retirement benefits Net pension benefit expense recognized included the following components: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Service cost $ 13,682 $ 18,699 $ 27,935 $ 39,361 Interest cost 61,084 27,559 107,435 54,988 Expected return on plan assets (82,213) (67,135) (148,558) (134,463) Amortization of prior service cost 242 1,122 452 2,056 Amortization of net actuarial loss 6,839 41,085 13,282 78,616 Amortization of initial net obligation — 2 — 4 Net pension benefit expense $ (366) $ 21,332 $ 546 $ 40,562 We recognized $0.5 million and $0.3 million in expense related to other postretirement benefits during the three months ended December 31, 2022 and 2021, respectively. During the six months ended December 31, 2022 and 2021, we recognized $0.7 million and $0.6 million, respectively, in expense related to other postretirement benefits. Components of retirement benefits expense, other than service cost, are included in other (income) expense, net in the Consolidated Statement of Income.

Debt

Debt	6 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt In connection with the 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 £6.5 billion at August 2, 2021. In July 2022, after consideration of the escrow balance and funds available under the delayed-draw term loan facility (the “Term Loan Facility”), we reduced the aggregate committed principal amount of the Bridge Credit Agreement to zero, and the Bridge Credit Agreement was terminated. In September 2022, the Company fully drew against the $2.0 billion delayed-draw Term Loan Facility, which will mature in its entirety in September 2025. We used the proceeds of the Term Loan Facility to finance a portion of the Acquisition. At December 31, 2022, the Term Loan Facility had an interest rate of LIBOR plus 112.5 bps. Interest payments are made at the interest reset dates, which are either one three In September 2022, $300 million aggregate principal amount of medium-term notes matured. We also assumed debt associated with the Acquisition. Refer to Note 4 for further discussion of assumed debt. Commercial paper notes outstanding at December 31, 2022 and June 30, 2022 were $1.7 billion and $1.4 billion, respectively. Based on the Company’s rating level at December 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 December 31, 2022, our debt to debt-shareholders' equity ratio was 0.60 to 1.0. We are in compliance, and expect to remain in compliance, with all covenants set forth in the credit agreement and indentures.

Income taxes

Income taxes	6 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income taxesOn August 16, 2022, the U.S. federal government enacted the Inflation Reduction Act of 2022. The bill includes numerous tax provisions, including a 15 percent corporate minimum tax as well as a one percent excise tax on share repurchases. The income tax provisions are effective for fiscal years beginning after December 31, 2022. The one percent excise tax on share repurchases is effective as of January 1, 2023. Based on our current analysis of the provisions, the legislation will not have a material impact on our consolidated financial statements. We file income tax returns in the United States and in various foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. We are open to assessment on our U.S. federal income tax returns by the Internal Revenue Service for fiscal years after 2013, and our state and local returns for fiscal years after 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 December 31, 2022, we had gross unrecognized tax benefits of $111 million, all of which, if recognized, would impact the effective tax rate. The accrued interest and accrued penalties related to the gross unrecognized tax benefits, excluded from the amount above, is $21 million and $7 million, respectively. It is reasonably possible that within the next 12 months the amount of gross unrecognized tax benefits could be reduced by up to approximately $50 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	6 Months Ended
	Dec. 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 December 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: December 31, June 30, Carrying value of long-term debt $ 12,437,722 $ 10,145,077 Estimated fair value of long-term debt 11,746,087 9,709,407 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 currency denominated debt designated as net investment hedges, to manage foreign currency transaction and translation risk. Additionally, we acquired forward exchange contracts and cross-currency swap contracts in connection with the Acquisition. 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 closing the Acquisition, the Company settled its deal-contingent forward contracts, which had an aggregate notional amount of £6.4 billion, during September 2022. In July 2022, the Company received, and subsequently deposited into the escrow account, the $250 million cash collateral previously posted in accordance with the credit support annex attached to the deal-contingent forward contracts. The cash flows associated with this activity are reflected within cash flows from investing activities on the Consolidated Statement of Cash Flows. Derivative financial instruments are recognized on the Consolidated Balance Sheet as either assets or liabilities and are measured at fair value. The location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: Balance Sheet Caption December 31, June 30, Net investment hedges Cross-currency swap contracts Investments and other assets $ 22,615 $ 21,444 Cross-currency swap contracts Other liabilities 43 — Other derivative contracts Forward exchange contracts Non-trade and notes receivable 16,494 20,976 Forward exchange contracts Investments and other assets 48 — Forward exchange contracts Other accrued liabilities 43,611 5,651 Forward exchange contracts Other liabilities 2,815 — Deal-contingent forward contracts Other accrued liabilities — 1,015,426 Costless collar contracts Non-trade and notes receivable 5,395 351 Costless collar contracts Other accrued liabilities 2,123 1,578 Cross-currency swap contracts Non-trade and notes receivable 17,327 — 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 €69 million, €290 million and ¥2,149 million of cross-currency swap contracts have been designated as hedging instruments. The forward exchange, deal-contingent forward and costless collar contracts, as well as cross-currency swap contracts acquired as part of the Acquisition, have not been designated as hedging instruments and are considered to be economic hedges of forecasted transactions. The forward exchange, costless collar contracts, and deal-contingent forward contracts, as well as cross-currency swap contracts acquired as part of the Acquisition, are adjusted to fair value by recording gains and losses through the other (income) expense, 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 of cross-currency swap contracts designated as hedging instruments using the spot method. Under this method, the periodic interest settlements are recognized directly in earnings through interest expense. Gains (losses) on derivative financial instruments were recorded in the Consolidated Statement of Income as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Deal-contingent forward contracts $ — $ (149,382) $ (389,992) $ (149,382) Forward exchange contracts (13,439) 18,410 (14,803) 22,752 Costless collar contracts (65) (553) 5,324 (2,874) Cross-currency swap contracts (20,422) — (15,763) — 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 Six Months Ended December 31, December 31, 2022 2021 2022 2021 Cross-currency swap contracts $ (25,708) $ 16,945 $ 1,111 $ 29,317 Foreign currency denominated debt (47,628) 10,785 (11,489) 25,649 During the six months ended December 31, 2022 and 2021, the periodic interest settlements related to the cross-currency swap contracts were not material. A summary of financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2022 and June 30, 2022 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Derivatives $ 61,879 $ — $ 61,879 $ — Liabilities: Derivatives 48,592 — 48,592 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 13,038 $ 13,038 $ — $ — Derivatives 42,771 — 42,771 — Liabilities: Derivatives 1,022,655 — 1,022,655 — 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.

Business segment information

Business segment information	6 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business segment information	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 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 and regional transport, business jet, military, and helicopter markets. The Aerospace Systems Segment provides a full range of systems and components for hydraulic, pneumatic, fuel, oil, actuation, sensing, braking, thermal management, and electric power applications. Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Net sales Diversified Industrial: North America $ 2,140,685 $ 1,807,024 $ 4,272,445 $ 3,600,739 International 1,397,699 1,399,179 2,752,712 2,775,615 Aerospace Systems 1,136,427 618,377 1,882,429 1,211,035 Total net sales $ 4,674,811 $ 3,824,580 $ 8,907,586 $ 7,587,389 Segment operating income Diversified Industrial: North America $ 419,921 $ 337,417 $ 872,907 $ 671,119 International 285,520 291,555 579,460 582,731 Aerospace Systems 8,793 114,796 100,944 233,047 Total segment operating income 714,234 743,768 1,553,311 1,486,897 Corporate general and administrative expenses 48,901 42,587 100,561 91,659 Income before interest expense and other expense 665,333 701,181 1,452,750 1,395,238 Interest expense 146,931 61,360 264,725 120,710 Other expense 1,659 149,497 167,937 212,459 Income before income taxes $ 516,743 $ 490,324 $ 1,020,088 $ 1,062,069

New accounting pronouncements (

New accounting pronouncements (Policies)	6 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance", which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021; however, early adoption is permitted. The guidance may be applied either prospectively to all in-scope transactions that are reflected in the financial statements at the date of initial application and to new transactions that are entered into after the date of initial application, or retrospectively. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and does not expect it to be material.In September 2022, the FASB issued ASU 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations", which requires a buyer in a supplier finance program to disclose information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs, including the outstanding amount under the program, the balance sheet presentation of the outstanding amount, and a rollforward of the obligations in the program. This ASU should be adopted retrospectively for each balance sheet period presented; however, the rollforward information should be provided prospectively. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and does not expect it to be material.
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.

Revenue recognition (Tables)

Revenue recognition (Tables)	6 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Diversified Industrial Segment revenues by technology platform: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Motion Systems $ 913,415 $ 843,655 $ 1,819,429 $ 1,672,327 Flow and Process Control 1,173,260 1,103,404 2,377,724 2,188,827 Filtration and Engineered Materials 1,451,709 1,259,144 2,828,004 2,515,200 Total $ 3,538,384 $ 3,206,203 $ 7,025,157 $ 6,376,354 Aerospace Systems Segment revenues by primary market: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Commercial original equipment manufacturer ("OEM") $ 383,038 $ 213,095 $ 647,348 $ 422,655 Commercial aftermarket 351,606 125,768 556,246 239,044 Military OEM 234,057 181,126 404,728 355,106 Military aftermarket 167,726 98,388 274,107 194,230 Total $ 1,136,427 $ 618,377 $ 1,882,429 $ 1,211,035 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 North America $ 3,079,738 $ 2,421,073 $ 5,914,658 $ 4,806,047 Europe 942,070 753,171 1,696,002 1,515,141 Asia Pacific 599,135 607,190 1,187,533 1,175,324 Latin America 53,868 43,146 109,393 90,877 Total $ 4,674,811 $ 3,824,580 $ 8,907,586 $ 7,587,389
Contract assets and liabilities	Total contract assets and contract liabilities are as follows: December 31, June 30, Contract assets, current (included within Prepaid expenses and other) $ 115,698 $ 28,546 Contract assets, noncurrent (included within Investments and other assets) 26,813 794 Total contract assets 142,511 29,340 Contract liabilities, current (included within Other accrued liabilities) (228,462) (60,472) Contract liabilities, noncurrent (included within Other liabilities) (111,405) (2,225) Total contract liabilities (339,867) (62,697) Net contract liabilities $ (197,356) $ (33,357)

Acquisitions and divestitures (

Acquisitions and divestitures (Tables)	6 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of preliminary estimated fair values of assets acquired and liabilities assumed on the acquisition date	The following table presents the preliminary estimated fair values of Meggitt's assets acquired and liabilities assumed on the Acquisition date. These preliminary estimates are based on available information and will be revised during the measurement period, not to exceed 12 months from the Acquisition date, as third-party valuations are finalized, additional information becomes available and as additional analysis is performed. Such revisions may have a material impact on our results of operations and financial position within the measurement period. During the current-year quarter and six months ended December 31, 2022, these revisions did not have a material impact on the Consolidated Statement of Income. September 12, 2022 (previously reported) Measurement Period Adjustments September 12, 2022 (revised) Assets: Cash and cash equivalents $ 89,704 $ — $ 89,704 Accounts receivable 427,255 (4,530) 422,725 Inventories 833,602 (20,008) 813,594 Prepaid expenses and other 125,763 — 125,763 Property, plant and equipment 675,232 — 675,232 Deferred income taxes 5,720 — 5,720 Other assets 219,472 18,652 238,124 Intangible assets 5,418,795 — 5,418,795 Goodwill 2,830,845 60,374 2,891,219 Total assets acquired $ 10,626,388 $ 54,488 $ 10,680,876 Liabilities: Notes payable and long-term debt payable within one year $ 306,266 $ 3,052 $ 309,318 Accounts payable, trade 219,780 — 219,780 Accrued payrolls and other compensation 89,226 — 89,226 Other accrued liabilities 367,605 (222) 367,383 Long-term debt 669,321 38,483 707,804 Pensions and other postretirement benefits 85,899 12,116 98,015 Deferred income taxes 1,274,726 685 1,275,411 Other liabilities 377,751 374 378,125 Total liabilities assumed 3,390,574 54,488 3,445,062 Net assets acquired $ 7,235,814 $ — $ 7,235,814

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Dec. 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 six months ended December 31, 2022 and 2021. Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Numerator: Net income attributable to common shareholders $ 395,237 $ 387,600 $ 783,091 $ 838,757 Denominator: Basic - weighted average common shares 128,313,322 128,493,725 128,369,162 128,610,223 Increase in weighted average common shares from dilutive effect of equity-based awards 1,731,691 2,087,940 1,592,534 1,974,989 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,045,013 130,581,665 129,961,696 130,585,212 Basic earnings per share $ 3.08 $ 3.02 $ 6.10 $ 6.52 Diluted earnings per share $ 3.04 $ 2.97 $ 6.03 $ 6.42

Non-trade and notes receivable

Non-trade and notes receivable (Tables)	6 Months Ended
	Dec. 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: December 31, June 30, Notes receivable $ 129,877 $ 103,558 Cash collateral receivable (a) — 250,000 Accounts receivable, other 241,597 190,199 Total $ 371,474 $ 543,757 (a) The cash collateral receivable at June 30, 2022 related to the deal-contingent forward contracts settled in the first three months of fiscal 2023.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2022
Inventory, Net [Abstract]
Inventories	The inventories caption in the Consolidated Balance Sheet is comprised of the following components: December 31, June 30, Finished products $ 867,470 $ 811,702 Work in process 1,561,760 1,128,501 Raw materials 666,492 274,350 Total $ 3,095,722 $ 2,214,553

Business realignment and acqu_2

Business realignment and acquisition integration charges (Tables)	6 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Business realignment charges and acquisition integration charges	Business realignment charges by business segment are as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Diversified Industrial $ 4,377 $ 3,047 $ 6,389 $ 6,064 Aerospace Systems 1,001 598 2,850 595 Reductions to our workforce made in connection with such business realignment charges by business segment are as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Diversified Industrial 166 48 217 83 Aerospace Systems 4 5 16 5 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021* 2022 2021* Cost of sales $ 3,214 $ 946 $ 5,713 $ 1,133 Selling, general and administrative expenses 2,164 2,699 3,526 5,526 *Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1. We also incurred the following acquisition integration charges: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Diversified Industrial $ 1,695 $ 807 $ 1,881 $ 2,009 Aerospace Systems 31,723 — 43,528 —

Equity (Tables)

Equity (Tables)	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Changes in equity	Changes in equity for the three months ended December 31, 2022 and 2021 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at September 30, 2022 $ 90,523 $ 360,443 $ 15,878,565 $ (1,843,780) $ (5,723,230) $ 10,883 $ 8,773,404 Net income 395,237 224 395,461 Other comprehensive income 364,111 1,253 365,364 Dividends paid ($1.33 per share) (170,919) (264) (171,183) Stock incentive plan activity 17,428 4,002 21,430 Shares purchased at cost (50,000) (50,000) Balance at December 31, 2022 $ 90,523 $ 377,871 $ 16,102,883 $ (1,479,669) $ (5,769,228) $ 12,096 $ 9,334,476 Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at September 30, 2021 $ 90,523 $ 358,677 $ 15,233,799 $ (1,605,490) $ (5,586,728) $ 15,064 $ 8,505,845 Net income 387,600 129 387,729 Other comprehensive income (loss) 60,397 (47) 60,350 Dividends paid ($1.03 per share) (132,635) (132,635) Stock incentive plan activity (14,365) 13,304 (1,061) Liquidation activity (1,948) (1,948) Shares purchased at cost (50,000) (50,000) Balance at December 31, 2021 $ 90,523 $ 344,312 $ 15,488,764 $ (1,545,093) $ (5,623,424) $ 13,198 $ 8,768,280 Changes in equity for the six months ended December 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, 2022 $ 90,523 $ 327,307 $ 15,661,808 $ (1,543,198) $ (5,688,429) $ 11,909 $ 8,859,920 Net income 783,091 407 783,498 Other comprehensive income 63,529 123 63,652 Dividends paid ($2.66 per share) (342,016) (343) (342,359) Stock incentive plan activity 50,564 19,201 69,765 Shares purchased at cost (100,000) (100,000) Balance at December 31, 2022 $ 90,523 $ 377,871 $ 16,102,883 $ (1,479,669) $ (5,769,228) $ 12,096 $ 9,334,476 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 838,757 435 839,192 Other comprehensive income (loss) 21,634 (586) 21,048 Dividends paid ($2.06 per share) (265,490) (66) (265,556) Stock incentive plan activity 14,693 27,515 42,208 Liquidation activity (1,948) (1,948) Shares purchased at cost (280,334) (280,334) Balance at December 31, 2021 $ 90,523 $ 344,312 $ 15,488,764 $ (1,545,093) $ (5,623,424) $ 13,198 $ 8,768,280
Changes in accumulated other comprehensive income (loss) in shareholders' equity by component	Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the six months ended December 31, 2022 and 2021 are as follows: Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2022 $ (1,149,071) $ (394,127) $ (1,543,198) Other comprehensive income before reclassifications 53,768 — 53,768 Amounts reclassified from accumulated other comprehensive (loss) — 9,761 9,761 Balance at December 31, 2022 $ (1,095,303) $ (384,366) $ (1,479,669) Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2021 $ (865,865) $ (700,862) $ (1,566,727) Other comprehensive (loss) before reclassifications (39,247) — (39,247) Amounts reclassified from accumulated other comprehensive (loss) — 60,881 60,881 Balance at December 31, 2021 $ (905,112) $ (639,981) $ (1,545,093)
Reclassifications out of accumulated other comprehensive income (loss) in shareholders' equity	Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and six months ended December 31, 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 Six Months Ended December 31, 2022 December 31, 2022 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (242) $ (452) Other (income) expense, net Recognized actuarial loss (6,369) (12,479) Other (income) expense, net Total before tax (6,611) (12,931) Tax benefit 1,621 3,170 Net of tax $ (4,990) $ (9,761) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended Six Months Ended December 31, 2021 December 31, 2021 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (1,124) $ (2,060) Other (income) expense, net Recognized actuarial loss (41,057) (78,560) Other (income) expense, net Total before tax (42,181) (80,620) Tax benefit 10,322 19,739 Net of tax $ (31,859) $ (60,881)

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in carrying amount of goodwill	The changes in the carrying amount of goodwill for the six months ended December 31, 2022 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2022 $ 7,185,981 $ 554,101 $ 7,740,082 Acquisition 56,587 2,834,632 2,891,219 Divestiture (1,064) — (1,064) Foreign currency translation 173 38,494 38,667 Balance at December 31, 2022 $ 7,241,677 $ 3,427,227 $ 10,668,904
Intangible assets by major category	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: December 31, 2022 June 30, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 2,739,656 $ 312,435 $ 990,775 $ 259,587 Trademarks 1,225,622 364,368 727,820 339,244 Customer lists and other 6,975,403 1,875,961 3,735,042 1,718,989 Total $ 10,940,681 $ 2,552,764 $ 5,453,637 $ 2,317,820

Retirement benefits (Tables)

Retirement benefits (Tables)	6 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Net pension benefit expense	Net pension benefit expense recognized included the following components: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Service cost $ 13,682 $ 18,699 $ 27,935 $ 39,361 Interest cost 61,084 27,559 107,435 54,988 Expected return on plan assets (82,213) (67,135) (148,558) (134,463) Amortization of prior service cost 242 1,122 452 2,056 Amortization of net actuarial loss 6,839 41,085 13,282 78,616 Amortization of initial net obligation — 2 — 4 Net pension benefit expense $ (366) $ 21,332 $ 546 $ 40,562

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Dec. 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: December 31, June 30, Carrying value of long-term debt $ 12,437,722 $ 10,145,077 Estimated fair value of long-term debt 11,746,087 9,709,407
Fair value derivative instruments reported in consolidated balance sheet	The location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: Balance Sheet Caption December 31, June 30, Net investment hedges Cross-currency swap contracts Investments and other assets $ 22,615 $ 21,444 Cross-currency swap contracts Other liabilities 43 — Other derivative contracts Forward exchange contracts Non-trade and notes receivable 16,494 20,976 Forward exchange contracts Investments and other assets 48 — Forward exchange contracts Other accrued liabilities 43,611 5,651 Forward exchange contracts Other liabilities 2,815 — Deal-contingent forward contracts Other accrued liabilities — 1,015,426 Costless collar contracts Non-trade and notes receivable 5,395 351 Costless collar contracts Other accrued liabilities 2,123 1,578 Cross-currency swap contracts Non-trade and notes receivable 17,327 —
Gain (losses) on derivative financial instruments recorded in consolidated statement if income	Gains (losses) on derivative financial instruments were recorded in the Consolidated Statement of Income as follows: Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Deal-contingent forward contracts $ — $ (149,382) $ (389,992) $ (149,382) Forward exchange contracts (13,439) 18,410 (14,803) 22,752 Costless collar contracts (65) (553) 5,324 (2,874) Cross-currency swap contracts (20,422) — (15,763) —
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 Six Months Ended December 31, December 31, 2022 2021 2022 2021 Cross-currency swap contracts $ (25,708) $ 16,945 $ 1,111 $ 29,317 Foreign currency denominated debt (47,628) 10,785 (11,489) 25,649
Financial assets and liabilities measured at fair value on a recurring basis	A summary of financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2022 and June 30, 2022 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Derivatives $ 61,879 $ — $ 61,879 $ — Liabilities: Derivatives 48,592 — 48,592 — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 13,038 $ 13,038 $ — $ — Derivatives 42,771 — 42,771 — Liabilities: Derivatives 1,022,655 — 1,022,655 —

Business segment information (T

Business segment information (Tables)	6 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment reporting information	Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Net sales Diversified Industrial: North America $ 2,140,685 $ 1,807,024 $ 4,272,445 $ 3,600,739 International 1,397,699 1,399,179 2,752,712 2,775,615 Aerospace Systems 1,136,427 618,377 1,882,429 1,211,035 Total net sales $ 4,674,811 $ 3,824,580 $ 8,907,586 $ 7,587,389 Segment operating income Diversified Industrial: North America $ 419,921 $ 337,417 $ 872,907 $ 671,119 International 285,520 291,555 579,460 582,731 Aerospace Systems 8,793 114,796 100,944 233,047 Total segment operating income 714,234 743,768 1,553,311 1,486,897 Corporate general and administrative expenses 48,901 42,587 100,561 91,659 Income before interest expense and other expense 665,333 701,181 1,452,750 1,395,238 Interest expense 146,931 61,360 264,725 120,710 Other expense 1,659 149,497 167,937 212,459 Income before income taxes $ 516,743 $ 490,324 $ 1,020,088 $ 1,062,069

Management representation (Deta

Management representation (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to cost of sales	$ (3,236,812)	$ (2,567,595)	[1],[2]	$ (6,032,268)	$ (5,071,977)	[1],[2]
Increase to selling, general and administrative expenses	814,966	585,858	[1],[2]	1,650,770	1,212,607	[1],[2]
Decrease to other (income) expense, net	$ (40,641)	119,443	[1],[2]	$ (60,265)	120,026	[1],[2]
Revision of Prior Period, Reclassification, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to cost of sales		197,000			407,000
Increase to selling, general and administrative expenses		205,000			424,000
Decrease to other (income) expense, net		$ 8,000			$ 17,000
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Revenue recognition - Revenues

Revenue recognition - Revenues by segment and by platform (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,674,811	$ 3,824,580	[1]	$ 8,907,586	$ 7,587,389	[1],[2]
Diversified Industrial Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	3,538,384	3,206,203		7,025,157	6,376,354
Diversified Industrial Segment | Motion Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	913,415	843,655		1,819,429	1,672,327
Diversified Industrial Segment | Flow and Process Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,173,260	1,103,404		2,377,724	2,188,827
Diversified Industrial Segment | Filtration and Engineered Materials
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 1,451,709	$ 1,259,144		$ 2,828,004	$ 2,515,200
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Revenue recognition - Revenue_2

Revenue recognition - Revenues by segment and primary market (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,674,811	$ 3,824,580	[1]	$ 8,907,586	$ 7,587,389	[1],[2]
Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,136,427	618,377		1,882,429	1,211,035
Commercial original equipment manufacturer ("OEM") | Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	383,038	213,095		647,348	422,655
Commercial aftermarket | Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	351,606	125,768		556,246	239,044
Military OEM | Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	234,057	181,126		404,728	355,106
Military aftermarket | Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 167,726	$ 98,388		$ 274,107	$ 194,230
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Revenue recognition - Revenue b

Revenue recognition - Revenue by geographic region (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,674,811	$ 3,824,580	[1]	$ 8,907,586	$ 7,587,389	[1],[2]
North America
Disaggregation of Revenue [Line Items]
Revenues from contracts	3,079,738	2,421,073		5,914,658	4,806,047
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts	942,070	753,171		1,696,002	1,515,141
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts	599,135	607,190		1,187,533	1,175,324
Latin America
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 53,868	$ 43,146		$ 109,393	$ 90,877
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Revenue recognition - Contract

Revenue recognition - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets, current (included within Prepaid expenses and other)	$ 115,698	$ 28,546
Contract assets, noncurrent (included within Investments and other assets)	26,813	794
Total contract assets	142,511	29,340
Contract liabilities, current (included within Other accrued liabilities)	(228,462)	(60,472)
Contract liabilities, noncurrent (included within Other liabilities)	(111,405)	(2,225)
Total contract liabilities	(339,867)	(62,697)
Net contract liabilities	$ (197,356)	$ (33,357)

Revenue recognition - Narrative

Revenue recognition - Narrative (Details) $ in Millions	6 Months Ended
	Dec. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 29
Remaining performance obligation, amount	$ 10,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	84%
Remaining performance obligation, period	12 months

Acquisitions and divestitures -

Acquisitions and divestitures - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended	6 Months Ended
	Sep. 12, 2022 USD ($)	Oct. 31, 2022 USD ($) tranche	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 12, 2022 £ / shares	Sep. 12, 2022 USD ($)	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Proceeds from sale of businesses					$ 447,300	$ 2,466
Aircraft Wheel And Brake Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Pre-tax gain related to divestiture			$ 373,000
Proceeds from sale of businesses			$ 441,000
Aircraft Wheel And Brake Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Aggregate carrying amount of assets sold									$ 66,000
Meggitt plc
Business Acquisition [Line Items]
Price per share of stock acquired (in pounds per share) | £ / shares							£ 8
Purchase price to acquire business	$ 7,200,000
Aggregate annual sales for business, to be acquired, for their most recent fiscal year prior to acquisition	$ 2,100,000
Operating lease right of use assets								$ 161,000
Finance lease right-of-use assets								76,000
Operating lease liability								150,000
Finance lease liability								87,000
Operating lease liability, current								17,000
Finance lease liability, current								2,000
Liabilities assumed, environmental matters								113,000
Net sales, from date of acquisition				$ 629,000	772,000
Operating loss, from date of acquisition				89,000	116,000
Acquisition-related transaction costs					111,000
Restricted cash				$ 0	$ 0				$ 6,100,000
Meggitt plc | Private Placement Notes
Business Acquisition [Line Items]
Debt assumed, private placement notes								$ 900,000
Repayments of debt		$ 300,000
Number of tranches, debt repaid | tranche		2
Meggitt plc | Aerospace Systems
Business Acquisition [Line Items]
Percentage of revenue per segment								82%
Meggitt plc | Diversified Industrial
Business Acquisition [Line Items]
Percentage of revenue per segment								18%
Meggitt plc | Minimum | Private Placement Notes
Business Acquisition [Line Items]
Debt assumed, private placement notes, stated percentage		2.78%						2.78%
Meggitt plc | Maximum | Private Placement Notes
Business Acquisition [Line Items]
Debt assumed, private placement notes, stated percentage		3%						3.60%
Meggitt plc | Customer- Related Intangible Assets
Business Acquisition [Line Items]
Intangible assets acquired								$ 3,200,000
Weighted average useful life of intangible assets	20 years
Meggitt plc | Patents and technology
Business Acquisition [Line Items]
Intangible assets acquired								1,700,000
Weighted average useful life of intangible assets	20 years
Meggitt plc | Trademarks
Business Acquisition [Line Items]
Intangible assets acquired								$ 490,000
Weighted average useful life of intangible assets	20 years

Acquisitions and divestitures_2

Acquisitions and divestitures - Schedule of assets and liabilities assumed on acquisition date (Details) - USD ($) $ in Thousands	Sep. 12, 2022	Dec. 31, 2022	Jun. 30, 2022
Assets:
Goodwill		$ 10,668,904	$ 7,740,082
Meggitt plc
Assets:
Cash and cash equivalents	$ 89,704
Measurement period adjustments, accounts receivable	(4,530)
Accounts receivable	422,725
Inventories	813,594
Measurement period adjustments, inventory	(20,008)
Prepaid expenses and other	125,763
Property, plant and equipment	675,232
Deferred income taxes	5,720
Other assets	238,124
Measurement period adjustments, other assets	18,652
Intangible assets	5,418,795
Goodwill	2,891,219
Measurement period adjustments, goodwill	60,374
Total assets acquired	10,680,876
Measurement period adjustments, total assets acquired	54,488
Liabilities:
Notes payable and long-term debt payable within one year	309,318
Measurement period adjustments, notes payable and long-term debt payable within one year	3,052
Accounts payable, trade	219,780
Accrued payrolls and other compensation	89,226
Other accrued liabilities	367,383
Measurement period adjustments, other accrued liabilities	(222)
Long-term debt	707,804
Measurement period adjustments, long-term debt	38,483
Pensions and other postretirement benefits	98,015
Measurement period adjustments, pensions and other postretirement benefits	12,116
Deferred income taxes	1,275,411
Measurement period adjustments, deferred income taxes	685
Other liabilities	378,125
Measurement period adjustments, other liabilities	374
Total liabilities assumed	3,445,062
Measurement period adjustments, total liabilities assumed	54,488
Net assets acquired	7,235,814
Measurement period adjustments, net assets acquired	0
Meggitt plc | Previously Reported
Assets:
Cash and cash equivalents	89,704
Accounts receivable	427,255
Inventories	833,602
Prepaid expenses and other	125,763
Property, plant and equipment	675,232
Deferred income taxes	5,720
Other assets	219,472
Intangible assets	5,418,795
Goodwill	2,830,845
Total assets acquired	10,626,388
Liabilities:
Notes payable and long-term debt payable within one year	306,266
Accounts payable, trade	219,780
Accrued payrolls and other compensation	89,226
Other accrued liabilities	367,605
Long-term debt	669,321
Pensions and other postretirement benefits	85,899
Deferred income taxes	1,274,726
Other liabilities	377,751
Total liabilities assumed	3,390,574
Net assets acquired	$ 7,235,814

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			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021	[1],[2]
Numerator:
Net income attributable to common shareholders, basic	$ 395,237	$ 387,600	[1]	$ 783,091	$ 838,757
Net income attributable to common shareholders, diluted	$ 395,237	$ 387,600		$ 783,091	$ 838,757
Denominator:
Basic - weighted average common shares (in shares)	128,313,322	128,493,725		128,369,162	128,610,223
Increase in weighted average common shares from dilutive effect of equity-based awards (in shares)	1,731,691	2,087,940		1,592,534	1,974,989
Diluted - weighted average common shares, assuming exercise of equity-based awards (in shares)	130,045,013	130,581,665		129,961,696	130,585,212
Basic earnings per share (in USD per share)	$ 3.08	$ 3.02	[1],[2]	$ 6.10	$ 6.52
Diluted earnings per share (in USD per share)	$ 3.04	$ 2.97	[1],[2]	$ 6.03	$ 6.42
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Excluded from the computation of diluted earnings per share since anti-dilutive (in shares)	1,075,737	440,106	983,648	330,977

Share repurchase program (Detai

Share repurchase program (Details) - $ / shares	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Oct. 22, 2014
Equity [Abstract]
Authorized to be repurchased (in shares)			35,000,000
Repurchased (in shares)	176,458	362,224
Repurchased, average price (in USD per share)	$ 283.35	$ 276.07

Trade accounts receivable, net

Trade accounts receivable, net (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Receivables [Abstract]
Allowance for credit losses	$ 32	$ 10

Non-trade and notes receivabl_2

Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Receivables [Abstract]
Notes receivable	$ 129,877	$ 103,558
Cash collateral receivable	0	250,000
Accounts receivable, other	241,597	190,199
Total	$ 371,474	$ 543,757

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Inventory, Net [Abstract]
Finished products	$ 867,470	$ 811,702
Work in process	1,561,760	1,128,501
Raw materials	666,492	274,350
Total	$ 3,095,722	$ 2,214,553

Business realignment and acqu_3

Business realignment and acquisition integration charges - Business segment information (Details) - Operating Segments $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($) employee
Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Business realignment charges | $	$ 4,377	$ 3,047	$ 6,389	$ 6,064
Number of positions eliminated (employees) | employee	166	48	217	83
Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Business realignment charges | $	$ 1,001	$ 598	$ 2,850	$ 595
Number of positions eliminated (employees) | employee	4	5	16	5

Business realignment and acqu_4

Business realignment and acquisition integration charges - Income statement location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Cost of sales
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 3,214	$ 946	$ 5,713	$ 1,133
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 2,164	$ 2,699	$ 3,526	$ 5,526

Business realignment and acqu_5

Business realignment and acquisition integration charges - Narrative (Details) $ in Millions	6 Months Ended
	Dec. 31, 2022 USD ($)
Restructuring and Related Activities [Abstract]
Payments made relating to business realignment charges	$ 9
Remaining payments related to business realignment actions	$ 8

Business realignment and acqu_6

Business realignment and acquisition integration charges - Acquisition integration charges related to the Lord and Exotic acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 1,695	$ 807	$ 1,881	$ 2,009
Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 31,723	$ 0	$ 43,528	$ 0

Equity - Changes in equity (Det

Equity - Changes in equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 8,773,404	$ 8,505,845		$ 8,859,920	$ 8,413,670	[1],[2]
Net income	395,461	387,729	[1]	783,498	839,192	[1],[2]
Other comprehensive income (loss)	365,364	60,350		63,652	21,048	[1],[2]
Dividends paid	$ (171,183)	$ (132,635)		$ (342,359)	$ (265,556)	[1],[2]
Dividends paid (in USD per share)	$ 1.33	$ 1.03		$ 2.66	$ 2.06
Stock incentive plan activity	$ 21,430	$ (1,061)		$ 69,765	$ 42,208	[1],[2]
Liquidation activity		(1,948)			(1,948)
Shares purchased at cost	(50,000)	(50,000)		(100,000)	(280,334)	[1],[2]
Ending balance	9,334,476	8,768,280	[1]	9,334,476	8,768,280	[1]
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	360,443	358,677		327,307	329,619
Stock incentive plan activity	17,428	(14,365)		50,564	14,693
Ending balance	377,871	344,312		377,871	344,312
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	15,878,565	15,233,799		15,661,808	14,915,497
Net income	395,237	387,600		783,091	838,757
Dividends paid	(170,919)	(132,635)		(342,016)	(265,490)
Ending balance	16,102,883	15,488,764		16,102,883	15,488,764
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,843,780)	(1,605,490)		(1,543,198)	(1,566,727)
Other comprehensive income (loss)	364,111	60,397		63,529	21,634
Ending balance	(1,479,669)	(1,545,093)		(1,479,669)	(1,545,093)
Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,723,230)	(5,586,728)		(5,688,429)	(5,370,605)
Stock incentive plan activity	4,002	13,304		19,201	27,515
Shares purchased at cost	(50,000)	(50,000)		(100,000)	(280,334)
Ending balance	(5,769,228)	(5,623,424)		(5,769,228)	(5,623,424)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	10,883	15,064		11,909	15,363
Net income	224	129		407	435
Other comprehensive income (loss)	1,253	(47)		123	(586)
Dividends paid	(264)			(343)	(66)
Liquidation activity		(1,948)			(1,948)
Ending balance	$ 12,096	$ 13,198		$ 12,096	$ 13,198
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Equity - Changes in accumulated

Equity - Changes in accumulated other comprehensive income (loss) in shareholders' equity by component (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,859,920	$ 8,413,670	[1],[2]
Ending balance	9,334,476	8,768,280	[1]
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,149,071)	(865,865)
Other comprehensive income (loss) before reclassifications	53,768	(39,247)
Amounts reclassified from accumulated other comprehensive (loss)	0	0
Ending balance	(1,095,303)	(905,112)
Retirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(394,127)	(700,862)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss)	9,761	60,881
Ending balance	(384,366)	(639,981)
Accumulated Other Comprehensive (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,543,198)	(1,566,727)
Other comprehensive income (loss) before reclassifications	53,768	(39,247)
Amounts reclassified from accumulated other comprehensive (loss)	9,761	60,881
Ending balance	$ (1,479,669)	$ (1,545,093)
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Equity - Reclassifications out

Equity - Reclassifications out of accumulated other comprehensive income (loss) in shareholders' equity (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income) expense, net	$ 40,641	$ (119,443)	[1],[2]	$ 60,265	$ (120,026)	[1],[2]
Income before income taxes	516,743	490,324	[1],[2]	1,020,088	1,062,069	[1]
Tax benefit	(121,282)	(102,595)	[1],[2]	(236,590)	(222,877)	[1],[2]
Net income	395,461	387,729	[1]	783,498	839,192	[1],[2]
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 (income) expense, net	(242)	(1,124)		(452)	(2,060)
Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Recognized actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income) expense, net	(6,369)	(41,057)		(12,479)	(78,560)
Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) | Retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	(6,611)	(42,181)		(12,931)	(80,620)
Tax benefit	1,621	10,322		3,170	19,739
Net income	$ (4,990)	$ (31,859)		$ (9,761)	$ (60,881)
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.

Goodwill and intangible asset_2

Goodwill and intangible assets - Changes in carrying amount of goodwill (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 7,740,082
Acquisition	2,891,219
Divestiture	(1,064)
Foreign currency translation	38,667
Ending balance	10,668,904
Diversified Industrial Segment
Goodwill [Roll Forward]
Beginning balance	7,185,981
Acquisition	56,587
Divestiture	(1,064)
Foreign currency translation	173
Ending balance	7,241,677
Aerospace Systems Segment
Goodwill [Roll Forward]
Beginning balance	554,101
Acquisition	2,834,632
Divestiture	0
Foreign currency translation	38,494
Ending balance	$ 3,427,227

Goodwill and intangible asset_3

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$ 229	$ 159
Estimated amortization expense, year ending June 30, 2023	520
Estimated amortization expense, year ending June 30, 2024	559
Estimated amortization expense, year ending June 30, 2025	551
Estimated amortization expense, year ending June 30, 2026	546
Estimated amortization expense, year ending June 30, 2027	$ 540

Goodwill and intangible asset_4

Goodwill and intangible assets - Intangible assets by major category (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 10,940,681	$ 5,453,637
Accumulated Amortization	2,552,764	2,317,820
Patents and technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,739,656	990,775
Accumulated Amortization	312,435	259,587
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,225,622	727,820
Accumulated Amortization	364,368	339,244
Customer lists and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,975,403	3,735,042
Accumulated Amortization	$ 1,875,961	$ 1,718,989

Retirement benefits - Net pensi

Retirement benefits - Net pension benefit expense (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 13,682	$ 18,699	$ 27,935	$ 39,361
Interest cost	61,084	27,559	107,435	54,988
Expected return on plan assets	(82,213)	(67,135)	(148,558)	(134,463)
Amortization of prior service cost	242	1,122	452	2,056
Amortization of net actuarial loss	6,839	41,085	13,282	78,616
Amortization of initial net obligation	0	2	0	4
Net pension benefit expense	$ (366)	$ 21,332	$ 546	$ 40,562

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Other Postretirement Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other postretirement benefits expense	$ 0.5	$ 0.3	$ 0.7	$ 0.6

Debt (Details)

Debt (Details) $ in Thousands, £ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2022 GBP (£)	Jun. 30, 2022 USD ($)	Aug. 02, 2021 GBP (£)
Line of Credit Facility [Line Items]
Proceeds from long-term borrowings			$ 2,011,948	$ 10,666
Payments for long-term borrowings			710,789	$ 9,069
Commercial paper		$ 1,700,000	$ 1,700,000			$ 1,400,000
Debt to debt-shareholders' equity ratio			0.60
Maximum
Line of Credit Facility [Line Items]
Debt to debt-shareholders' equity ratio, covenant, maximum			0.65
Medium-Term Note, $300 Million | Medium-term Notes
Line of Credit Facility [Line Items]
Debt matured amount	$ 300,000
Line of Credit | Bridge Credit Agreement | Bridge Loan
Line of Credit Facility [Line Items]
Aggregate principal amount | £					£ 0		£ 6,500
Line of Credit | Term Loan Facility | Loans Payable
Line of Credit Facility [Line Items]
Proceeds from long-term borrowings	$ 2,000,000
Payments for long-term borrowings		$ 100,000
Line of Credit | Term Loan Facility | Loans Payable | Debt Instrument, Periodic Payment, Interest, Period One
Line of Credit Facility [Line Items]
Periodic payment, interest, period	1 month
Line of Credit | Term Loan Facility | Loans Payable | Debt Instrument, Periodic Payment, Interest, Period Two
Line of Credit Facility [Line Items]
Periodic payment, interest, period	3 months
Line of Credit | Term Loan Facility | Loans Payable | Debt Instrument, Periodic Payment, Interest, Period Three
Line of Credit Facility [Line Items]
Periodic payment, interest, period	6 months
Line of Credit | Term Loan Facility | Loans Payable | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.125%

Income taxes (Details)

Income taxes (Details) $ in Millions	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 111
Unrecognized tax benefits that would impact effective tax rate if recognized	111
Accrued interest related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	21
Accrued penalties related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	7
Decrease in unrecognized tax benefits that is reasonably possible (up to)	$ 50

Financial instruments - Carryin

Financial instruments - Carrying values and estimated fair values of long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Carrying value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 12,437,722	$ 10,145,077
Estimated fair value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 11,746,087	$ 9,709,407

Financial instruments - Narrati

Financial instruments - Narrative (Details) € in Millions, ¥ in Millions, $ in Millions, £ in Billions	1 Months Ended
	Jul. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 JPY (¥)
Deal-contingent forward contracts
Debt Instrument [Line Items]
Notional amount of settled derivative | £			£ 6.4
Decrease in cash collateral held in credit support annex related to deal-contingent forward contracts | $	$ 250
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
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	Dec. 31, 2022	Jun. 30, 2022
Cross-currency swap contracts | Investments and other assets
Net investment hedges
Cross-currency swap contracts, assets	$ 22,615	$ 21,444
Cross-currency swap contracts | Non-trade and notes receivable
Other derivative contracts
Other derivative contracts, assets	17,327	0
Cross-currency swap contracts | Other liabilities
Net investment hedges
Cross-currency swap contracts, liability	43	0
Forward exchange contracts | Investments and other assets
Other derivative contracts
Other derivative contracts, assets	48	0
Forward exchange contracts | Non-trade and notes receivable
Other derivative contracts
Other derivative contracts, assets	16,494	20,976
Forward exchange contracts | Other accrued liabilities
Other derivative contracts
Other derivative contracts, liabilities	43,611	5,651
Forward exchange contracts | Other liabilities
Other derivative contracts
Other derivative contracts, liabilities	2,815	0
Deal-contingent forward contracts | Other accrued liabilities
Other derivative contracts
Other derivative contracts, liabilities	0	1,015,426
Costless collar contracts | Non-trade and notes receivable
Other derivative contracts
Other derivative contracts, assets	5,395	351
Costless collar contracts | Other accrued liabilities
Other derivative contracts
Other derivative contracts, liabilities	$ 2,123	$ 1,578

Financial instruments - Gain (l

Financial instruments - Gain (losses) on derivative financial instruments recorded in consolidated statement if income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Deal-contingent forward contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	$ 0	$ (149,382)	$ (389,992)	$ (149,382)
Forward exchange contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	(13,439)	18,410	(14,803)	22,752
Costless collar contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	(65)	(553)	5,324	(2,874)
Cross-currency swap contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	$ (20,422)	$ 0	$ (15,763)	$ 0

Financial instruments - Gain _2

Financial instruments - Gain (losses) on derivative and non-derivative financial instruments recorded in accumulated other comprehensive (loss) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 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)	$ (25,708)	$ 16,945	$ 1,111	$ 29,317
Foreign currency denominated debt
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ (47,628)	$ 10,785	$ (11,489)	$ 25,649

Financial instruments - Financi

Financial instruments - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Assets:
Equity securities		$ 13,038
Derivatives	$ 61,879	42,771
Liabilities:
Derivatives	48,592	1,022,655
Quoted Prices In Active Markets (Level 1)
Assets:
Equity securities		13,038
Derivatives	0	0
Liabilities:
Derivatives	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Equity securities		0
Derivatives	61,879	42,771
Liabilities:
Derivatives	48,592	1,022,655
Significant Unobservable Inputs (Level 3)
Assets:
Equity securities		0
Derivatives	0	0
Liabilities:
Derivatives	$ 0	$ 0

Business segment information (D

Business segment information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)		Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment				2
Segment Reporting Information [Line Items]
Net sales	$ 4,674,811	$ 3,824,580	[1]	$ 8,907,586	$ 7,587,389	[1],[2]
Operating income	665,333	701,181		1,452,750	1,395,238
Selling, general and administrative expenses	814,966	585,858	[1],[2]	1,650,770	1,212,607	[1],[2]
Interest expense	146,931	61,360	[1],[2]	264,725	120,710	[1]
Other expense	1,659	149,497		167,937	212,459
Income before income taxes	516,743	490,324	[1],[2]	1,020,088	1,062,069	[1]
North America
Segment Reporting Information [Line Items]
Net sales	3,079,738	2,421,073		5,914,658	4,806,047
Diversified Industrial
Segment Reporting Information [Line Items]
Net sales	3,538,384	3,206,203		7,025,157	6,376,354
Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	1,136,427	618,377		1,882,429	1,211,035
Operating Segments
Segment Reporting Information [Line Items]
Net sales	4,674,811	3,824,580		8,907,586	7,587,389
Operating income	714,234	743,768		1,553,311	1,486,897
Operating Segments | Diversified Industrial | North America
Segment Reporting Information [Line Items]
Net sales	2,140,685	1,807,024		4,272,445	3,600,739
Operating income	419,921	337,417		872,907	671,119
Operating Segments | Diversified Industrial | International
Segment Reporting Information [Line Items]
Net sales	1,397,699	1,399,179		2,752,712	2,775,615
Operating income	285,520	291,555		579,460	582,731
Operating Segments | Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	1,136,427	618,377		1,882,429	1,211,035
Operating income	8,793	114,796		100,944	233,047
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Selling, general and administrative expenses	$ 48,901	$ 42,587		$ 100,561	$ 91,659
[1]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.[2]*Prior period amounts have been reclassified to reflect the income statement reclassification as described in Note 1.