Parker-Hannifin (PH) 10-Q7 Nov 232024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	3 Months Ended
Cover Page	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	128,475,824
Entity Central Index Key	0000076334
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statement of Income - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 4,847,488	$ 4,232,775
Cost of sales	3,097,349	2,795,456
Selling, general and administrative expenses	873,691	835,804
Interest expense	134,468	117,794
Other income, net	(78,455)	(19,624)
Income before income taxes	820,435	503,345
Income taxes	169,363	115,308
Net income	651,072	388,037
Less: Noncontrolling interest in subsidiaries' earnings	245	183
Net income attributable to common shareholders	$ 650,827	$ 387,854
Earnings per share attributable to common shareholders:
Basic (in USD per share)	$ 5.07	$ 3.02
Diluted (in USD per share)	$ 4.99	$ 2.98

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 651,072	$ 388,037
Less: Noncontrolling interests in subsidiaries' earnings	245	183
Net income attributable to common shareholders	650,827	387,854
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	(222,532)	(306,483)
Retirement benefits plan activity	818	4,771
Other comprehensive (loss)	(221,714)	(301,712)
Less: Other comprehensive income (loss) for noncontrolling interests	361	(1,130)
Other comprehensive (loss) attributable to common shareholders	(222,075)	(300,582)
Total comprehensive income attributable to common shareholders	$ 428,752	$ 87,272

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 448,926	$ 475,182
Marketable securities and other investments	7,930	8,390
Trade accounts receivable, net	2,740,420	2,827,297
Non-trade and notes receivable	296,097	309,167
Inventories	3,028,748	2,907,879
Prepaid expenses and other	307,474	306,314
Total current assets	6,829,595	6,834,229
Property, plant and equipment	6,870,015	6,865,545
Less: Accumulated depreciation	4,029,507	4,000,515
Property, plant and equipment, net	2,840,508	2,865,030
Deferred income taxes	72,457	81,429
Investments and other assets	1,135,070	1,104,576
Intangible assets, net	8,191,958	8,450,614
Goodwill	10,523,129	10,628,594
Total assets	29,592,717	29,964,472
Current liabilities:
Notes payable and long-term debt payable within one year	3,594,425	3,763,175
Accounts payable, trade	2,036,752	2,050,934
Accrued payrolls and other compensation	424,537	651,319
Accrued domestic and foreign taxes	505,018	374,571
Other accrued liabilities	1,106,324	895,371
Total current liabilities	7,667,056	7,735,370
Long-term debt	8,596,063	8,796,284
Pensions and other postretirement benefits	493,278	551,510
Deferred income taxes	1,589,833	1,649,674
Other liabilities	671,537	893,355
Total liabilities	19,017,767	19,626,193
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 September 30 and June 30	90,523	90,523
Additional capital	337,162	305,522
Retained earnings	17,501,909	17,041,502
Accumulated other comprehensive (loss)	(1,514,947)	(1,292,872)
Treasury shares, at cost; 52,570,304 shares at September 30 and 52,613,046 shares at June 30	(5,849,265)	(5,817,787)
Total shareholders’ equity	10,565,382	10,326,888
Noncontrolling interests	9,568	11,391
Total equity	10,574,950	10,338,279
Total liabilities and equity	$ 29,592,717	$ 29,964,472

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
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)	52,570,304	52,613,046

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 651,072	$ 388,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	84,867	66,967
Amortization	155,520	87,014
Stock incentive plan compensation	77,894	65,018
Deferred income taxes	(56,027)	193,620
Foreign currency transaction (gain) loss	(2,011)	36,221
Loss (gain) on disposal of property, plant and equipment	1,333	(4,287)
Gain on sale of businesses	(13,260)	(372,930)
Gain on marketable securities	(18)	(1,361)
Gain on investments	(1,384)	(1,957)
Other	6,944	7,437
Changes in assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable, net	63,947	(1,228)
Inventories	(137,995)	(137,143)
Prepaid expenses and other	16,915	(186,579)
Other assets	(38,589)	(95,135)
Accounts payable, trade	4,768	107,579
Accrued payrolls and other compensation	(220,336)	(89,455)
Accrued domestic and foreign taxes	136,916	8,047
Other accrued liabilities	51,443	336,444
Pensions and other postretirement benefits	(53,086)	49,378
Other liabilities	(78,954)	1,671
Net cash provided by operating activities	649,959	457,358
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (net of cash of $89,704 in 2022)	0	(7,146,110)
Capital expenditures	(97,746)	(83,555)
Proceeds from sale of property, plant and equipment	710	11,107
Proceeds from sale of businesses	36,691	441,340
Purchases of marketable securities and other investments	(4,477)	(7,687)
Maturities and sales of marketable securities and other investments	4,027	16,467
Payments of deal-contingent forward contracts	0	(1,405,418)
Other	4,801	246,438
Net cash used in investing activities	(55,994)	(7,927,418)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	1,182	559
Payments for common shares	(79,330)	(67,241)
Acquisition of noncontrolling interests	(2,883)	0
Payments for notes payable, net	(169,785)	(112,430)
Proceeds from long-term borrowings	0	2,000,000
Payments for long-term borrowings	(176,626)	(301,389)
Financing fees paid	0	(8,754)
Dividends paid	(190,420)	(171,176)
Net cash (used in) provided by financing activities	(617,862)	1,339,569
Effect of exchange rate changes on cash	(2,359)	(15,078)
Net decrease in cash, cash equivalents and restricted cash	(26,256)	(6,145,569)
Cash, cash equivalents and restricted cash at beginning of year	475,182	6,647,876
Cash and cash equivalents at end of period	$ 448,926	$ 502,307

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Statement of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 89,704

Management representation

Management representation	3 Months Ended
Management representation	Sep. 30, 2023
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 September 30, 2023, the results of operations for the three months ended September 30, 2023 and 2022 and cash flows for the three months then ended. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2023 Annual Report on Form 10-K. 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	3 Months Ended
New accounting pronouncements	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the guidance on July 1, 2023, except for the rollforward requirement, which becomes effective July 1, 2024. The adoption did not have a material impact on the Company's consolidated financial statements.

Revenue recognition

Revenue recognition	3 Months Ended
Revenue recognition	Sep. 30, 2023
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 September 30, 2023 2022 Motion Systems $ 942,314 $ 906,014 Flow and Process Control 1,181,461 1,204,464 Filtration and Engineered Materials 1,494,753 1,376,295 Total $ 3,618,528 $ 3,486,773 Aerospace Systems Segment revenues by primary market: Three Months Ended September 30, 2023 2022 Commercial original equipment manufacturer ("OEM") $ 418,616 $ 264,310 Commercial aftermarket 391,206 204,640 Military OEM 263,065 170,671 Military aftermarket 156,073 106,381 Total $ 1,228,960 $ 746,002 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended September 30, 2023 2022 North America $ 3,293,091 $ 2,834,920 Europe 941,715 753,932 Asia Pacific 554,405 588,398 Latin America 58,277 55,525 Total $ 4,847,488 $ 4,232,775 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: September 30, June 30, Contract assets, current (included within Prepaid expenses and other) $ 110,055 $ 123,705 Contract assets, noncurrent (included within Investments and other assets) 24,334 23,708 Total contract assets 134,389 147,413 Contract liabilities, current (included within Other accrued liabilities) (222,759) (244,799) Contract liabilities, noncurrent (included within Other liabilities) (53,854) (78,239) Total contract liabilities (276,613) (323,038) Net contract liabilities $ (142,224) $ (175,625) Net contract liabilities at September 30, 2023 decreased from the June 30, 2023 amount primarily due to timing differences between when revenue was recognized and the receipt of advance payments. During the three months ended September 30, 2023, approximately $56 million of revenue was recognized that was included in the contract liabilities at June 30, 2023. 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 September 30, 2023 was $10.8 billion, of which approximately 81 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.

Acquisitions and divestitures

Acquisitions and divestitures	3 Months Ended
Acquisitions and divestitures	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and divestitures	Acquisitions and divestitures Acquisitions On September 12, 2022, we completed the acquisition (the "Acquisition") of all the outstanding ordinary shares of Meggitt plc ("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. During the three months ended September 30, 2023, measurement period adjustments did not have a material impact on the Consolidated Statement of Income. The following table presents the final estimated fair values of Meggitt's assets acquired and liabilities assumed on the Acquisition date. June 30, 2023 (previously reported) Measurement Period Adjustments September 12, 2022 (Final) Assets: Cash and cash equivalents $ 89,704 $ — $ 89,704 Accounts receivable 409,642 1,181 410,823 Inventories 739,304 13,580 752,884 Prepaid expenses and other 102,032 20,673 122,705 Property, plant and equipment 658,997 (1,428) 657,569 Deferred income taxes 34,198 (18,730) 15,468 Other assets 180,991 (647) 180,344 Intangible assets 5,679,200 (28,000) 5,651,200 Goodwill 2,789,080 10,891 2,799,971 Total assets acquired $ 10,683,148 $ (2,480) $ 10,680,668 Liabilities: Notes payable and long-term debt payable within one year $ 308,176 $ — $ 308,176 Accounts payable, trade 219,842 (705) 219,137 Accrued payrolls and other compensation 87,074 (1) 87,073 Accrued domestic and foreign taxes 21,068 (818) 20,250 Other accrued liabilities 322,040 158,137 480,177 Long-term debt 711,703 — 711,703 Pensions and other postretirement benefits 99,553 (2,028) 97,525 Deferred income taxes 1,259,417 (19,700) 1,239,717 Other liabilities 418,461 (137,365) 281,096 Total liabilities assumed 3,447,334 (2,480) 3,444,854 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 final acquisition valuation, we acquired $4.2 billion of customer-related intangible assets, $1.1 billion of technology and $303 million of trade names, each with weighted average estimated useful lives of 21, 22, and 18 years, respectively. These intangible assets were valued using the income approach, which includes significant assumptions around future revenue growth, earnings before interest, taxes, depreciation and amortization, royalty rates and discount rates. Such assumptions are classified as level 3 inputs within the fair value hierarchy. The following table presents unaudited pro forma information for the three months ended September 30, 2022 as if the Acquisition had occurred on July 1, 2021. (Unaudited) Three Months Ended September 30, 2022 Net sales $ 4,614,105 Net income attributable to common shareholders 498,375 The historical consolidated financial information of Parker and Meggitt has been adjusted in the pro forma information in the table above to give effect to events that are directly attributable to the Acquisition and factually supportable. To reflect the occurrence of the Acquisition on July 1, 2021, the unaudited pro forma information includes adjustments for the amortization of the step-up of inventory to fair value and incremental depreciation and amortization expense resulting from the fair value adjustments to property, plant and equipment and intangible assets. These adjustments were based upon a preliminary purchase price allocation. Additionally, adjustments to financing costs and income tax expense were also made to reflect the capital structure and anticipated effective tax rate of the combined entity. Additionally, the pro forma information includes adjustments for nonrecurring transactions directly related to the Acquisition, including the gain on the divestiture of the aircraft wheel and brake business, loss on deal-contingent forward contracts, and transaction costs. These non-recurring adjustments totaled $196 million during the three months ended September 30, 2022. The resulting pro forma amounts are not necessarily indicative of the results that would have been obtained if the Acquisition had occurred as of the beginning of the period presented or that may occur in the future, and do not reflect future synergies, integration costs or other such costs or savings. Divestitures During September 2023, we divested the MicroStrain sensing systems business, which was part of the Diversified Industrial Segment, for proceeds of $37 million. The resulting pre-tax gain of $13 million is included in other income, net in the Consolidated Statement of Income. The operating results and net assets of the MicroStrain sensing systems business were immaterial to the Company's consolidated results of operations and financial position.

Earnings per share

Earnings per share	3 Months Ended
Earnings per share	Sep. 30, 2023
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 months ended September 30, 2023 and 2022. Three Months Ended September 30, 2023 2022 Numerator: Net income attributable to common shareholders $ 650,827 $ 387,854 Denominator: Basic - weighted average common shares 128,472,550 128,425,002 Increase in weighted average common shares from dilutive effect of equity-based awards 1,890,891 1,517,406 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,363,441 129,942,408 Basic earnings per share $ 5.07 $ 3.02 Diluted earnings per share $ 4.99 $ 2.98

Share repurchase program

Share repurchase program	3 Months Ended
Share repurchase program	Sep. 30, 2023
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 September 30, 2023, we repurchased 124,496 shares at an average price, including commissions, of $401.62 per share.

Trade accounts receivable, net

Trade accounts receivable, net	3 Months Ended
Trade accounts receivable, net	Sep. 30, 2023
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 at September 30, 2023 and June 30, 2023.Non-trade and notes receivable The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Notes receivable $ 99,259 $ 102,288 Accounts receivable, other 196,838 206,879 Total $ 296,097 $ 309,167

Non-trade and notes receivable

Non-trade and notes receivable	3 Months Ended
Non-trade and notes receivable	Sep. 30, 2023
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 at September 30, 2023 and June 30, 2023.Non-trade and notes receivable The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Notes receivable $ 99,259 $ 102,288 Accounts receivable, other 196,838 206,879 Total $ 296,097 $ 309,167

Inventories

Inventories	3 Months Ended
Inventories	Sep. 30, 2023
Inventory, Net [Abstract]
Inventories	Inventories The inventories caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Finished products $ 800,236 $ 794,128 Work in process 1,571,430 1,488,665 Raw materials 657,082 625,086 Total $ 3,028,748 $ 2,907,879

Supply chain financing

Supply chain financing	3 Months Ended
Supply chain financing	Sep. 30, 2023
Payables and Accruals [Abstract]
Supply chain financing	Supply chain financingWe have supply chain financing ("SCF") programs with financial intermediaries, which provide certain suppliers the option to be paid by the financial intermediaries earlier than the due date on the applicable invoice. We are not a party to the agreements between the participating financial intermediaries and the suppliers in connection with the programs. The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the programs. We do not reimburse suppliers for any costs they incur for participation in the programs and their participation is voluntary. Amounts due to our suppliers that elected to participate in the SCF programs are included in accounts payable, trade on the Consolidated Balance Sheet and payments made under the programs are included within operating activities on the Consolidated Statement of Cash Flows. Accounts payable, trade included approximately $85 million payable to suppliers who have elected to participate in the SCF programs as of September 30, 2023 and June 30, 2023. The amounts settled through the SCF programs and paid to the participating financial intermediaries totaled $72 million and $37 million during the first three months of fiscal 2024 and 2023, respectively.

Business realignment and acquis

Business realignment and acquisition integration charges	3 Months Ended
Business realignment and acquisition integration charges	Sep. 30, 2023
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 three months of fiscal 2024 and 2023. In both the first three months of fiscal 2024 and 2023, 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 2024 and 2023, a majority of the business realignment charges were incurred in 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 September 30, 2023 2022 Diversified Industrial $ 12,639 $ 2,012 Aerospace Systems 453 1,849 Reductions to our workforce made in connection with such business realignment charges by business segment are as follows: Three Months Ended September 30, 2023 2022 Diversified Industrial 325 51 Aerospace Systems 2 12 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended September 30, 2023 2022 Cost of sales $ 6,984 $ 2,499 Selling, general and administrative expenses 6,108 1,362 During the first three months of fiscal 2024, approximately $11 million in payments were made relating to business realignment charges. Remaining payments related to business realignment actions of approximately $16 million, a majority of which are expected to be paid by December 31, 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 September 30, 2023 2022 Diversified Industrial $ 1,139 $ 186 Aerospace Systems 5,267 11,805

Equity

Equity	3 Months Ended
Equity	Sep. 30, 2023
Equity [Abstract]
Equity	Equity Changes in equity for the three months ended September 30, 2023 and 2022 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at June 30, 2023 $ 90,523 $ 305,522 $ 17,041,502 $ (1,292,872) $ (5,817,787) $ 11,391 $ 10,338,279 Net income 650,827 245 651,072 Other comprehensive (loss) income (222,075) 361 (221,714) Dividends paid ($1.48 per share) (190,420) (190,420) Stock incentive plan activity 31,225 18,522 49,747 Acquisition activity 415 (2,429) (2,014) Shares purchased at cost (50,000) (50,000) Balance at September 30, 2023 $ 90,523 $ 337,162 $ 17,501,909 $ (1,514,947) $ (5,849,265) $ 9,568 $ 10,574,950 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 387,854 183 388,037 Other comprehensive (loss) (300,582) (1,130) (301,712) Dividends paid ($1.33 per share) (171,097) (79) (171,176) Stock incentive plan activity 33,136 15,199 48,335 Shares purchased at cost (50,000) (50,000) Balance at September 30, 2022 $ 90,523 $ 360,443 $ 15,878,565 $ (1,843,780) $ (5,723,230) $ 10,883 $ 8,773,404 Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the three months ended September 30, 2023 and 2022 are as follows: Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2023 $ (962,044) $ (330,828) $ (1,292,872) Other comprehensive (loss) before reclassifications (222,893) — (222,893) Amounts reclassified from accumulated other comprehensive (loss) — 818 818 Balance at September 30, 2023 $ (1,184,937) $ (330,010) $ (1,514,947) Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2022 $ (1,149,071) $ (394,127) $ (1,543,198) Other comprehensive (loss) before reclassifications (305,353) — (305,353) Amounts reclassified from accumulated other comprehensive (loss) — 4,771 4,771 Balance at September 30, 2022 $ (1,454,424) $ (389,356) $ (1,843,780) Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three months ended September 30, 2023 and 2022 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 September 30, 2023 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (302) Other income, net Recognized actuarial loss (792) Other income, net Total before tax (1,094) Tax benefit 276 Net of tax $ (818) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended September 30, 2022 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (210) Other income, net Recognized actuarial loss (6,110) Other income, net Total before tax (6,320) Tax benefit 1,549 Net of tax $ (4,771)

Goodwill and intangible assets

Goodwill and intangible assets	3 Months Ended
Goodwill and intangible assets	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Goodwill and intangible assets The changes in the carrying amount of goodwill for the three months ended September 30, 2023 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2023 $ 7,682,755 $ 2,945,839 $ 10,628,594 Acquisition 1,113 9,778 10,891 Divestiture (10,520) — (10,520) Foreign currency translation (83,232) (22,604) (105,836) Balance at September 30, 2023 $ 7,590,116 $ 2,933,013 $ 10,523,129 Acquisition represents goodwill resulting from the purchase price allocation for the Acquisition during the measurement period. Divestiture represents goodwill associated with the sale of the business. Refer to Note 4 for further discussion. 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: September 30, 2023 June 30, 2023 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 2,104,195 $ 374,104 $ 2,128,847 $ 352,040 Trade names 1,036,723 399,105 1,047,678 390,737 Customer relationships and other 8,015,606 2,191,357 8,109,063 2,092,197 Total $ 11,156,524 $ 2,964,566 $ 11,285,588 $ 2,834,974 Total intangible amortization expense for the three months ended September 30, 2023 and 2022 was $156 million and $87 million, respectively. The estimated amortization expense for the five years ending June 30, 2024 through 2028 is $565 million, $543 million, $539 million, $533 million and $524 million, respectively. Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. No material intangible asset impairments occurred during the three months ended September 30, 2023 and 2022.

Retirement benefits

Retirement benefits	3 Months Ended
Retirement benefits	Sep. 30, 2023
Retirement Benefits [Abstract]
Retirement benefits	Retirement benefits Net pension (benefit) expense recognized included the following components: Three Months Ended September 30, 2023 2022 Service cost $ 13,527 $ 14,253 Interest cost 66,881 46,351 Expected return on plan assets (88,248) (66,345) Amortization of prior service cost 302 210 Amortization of net actuarial loss 1,182 6,443 Amortization of initial net obligation — — Net pension (benefit) expense $ (6,356) $ 912 We recognized $0.6 million and $0.2 million in expense related to other postretirement benefits during the three months ended September 30, 2023 and 2022, respectively. Components of retirement benefits expense, other than service cost, are included in other income, net in the Consolidated Statement of Income.

Debt

Debt	3 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Our debt portfolio includes a term loan facility (the “Term Loan Facility”). Interest rates reset every one three Commercial paper notes outstanding at September 30, 2023 and June 30, 2023 were $1.6 billion and $1.8 billion, respectively. Based on the Company’s rating level at September 30, 2023, the most restrictive financial covenant provides that the ratio of debt to debt-shareholders' equity cannot exceed 0.65 to 1.0. At September 30, 2023, our debt to debt-shareholders' equity ratio was 0.54 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	3 Months Ended
Income taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxesWe file income tax returns in the United States and in various foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. We are open to assessment on our U.S. federal income tax returns by the Internal Revenue Service for fiscal years after 2013, and our state and local returns for fiscal years after 2016. We are also open to assessment for significant foreign jurisdictions for fiscal years after 2011. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts reflected in the financial statements. As of September 30, 2023, 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 $24 million and $2 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 $40 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	3 Months Ended
Financial instruments	Sep. 30, 2023
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. 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: September 30, June 30, Carrying value of long-term debt $ 10,641,866 $ 10,845,359 Estimated fair value of long-term debt 9,814,002 10,221,563 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, cross-currency swap contracts and certain foreign currency denominated debt designated as net investment hedges, to manage foreign currency transaction and translation risk. The derivative financial instrument contracts are with major investment grade financial institutions, and we do not anticipate any material non-performance by any of the counterparties. We do not hold or issue derivative financial instruments for trading purposes. The Company’s €700 million aggregate principal amount of Senior Notes due 2025 have been designated as a hedge of the Company’s net investment in certain foreign subsidiaries. The translation of the Senior Notes due 2025 into U.S. dollars is recorded in accumulated other comprehensive (loss) and remains there until the underlying net investment is sold or substantially liquidated. Derivative financial instruments are recognized on the Consolidated Balance Sheet as either assets or liabilities and are measured at fair value. The location and fair value of derivative financial instruments reported in the Consolidated Balance Sheet are as follows: Balance Sheet Caption September 30, June 30, Net investment hedges Cross-currency swap contracts Investments and other assets $ 26,725 $ 21,578 Other derivative contracts Forward exchange contracts Non-trade and notes receivable 418 — The cross-currency swap and forward exchange 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 contracts 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 in other income, net 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 September 30, 2023 2022 Deal-contingent forward contracts $ — $ (389,992) Forward exchange contracts 436 (1,364) Costless collar contracts — 5,389 Cross-currency swap contracts — 4,659 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 September 30, 2023 2022 Cross-currency swap contracts $ 2,583 $ 26,819 Foreign currency denominated debt 17,879 36,139 During the three months ended September 30, 2023 and 2022, 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 September 30, 2023 and June 30, 2023 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Derivatives $ 27,143 $ — $ 27,143 $ — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Derivatives $ 21,578 $ — $ 21,578 $ — 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 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. The primary investment objective for all investments is the preservation of principal and liquidity while earning income.

Business segment information

Business segment information	3 Months Ended
Business segment information	Sep. 30, 2023
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 September 30, 2023 2022 Net sales Diversified Industrial: North America $ 2,229,906 $ 2,131,760 International 1,388,622 1,355,013 Aerospace Systems 1,228,960 746,002 Total net sales $ 4,847,488 $ 4,232,775 Segment operating income Diversified Industrial: North America $ 506,053 $ 452,986 International 300,701 293,940 Aerospace Systems 226,260 92,151 Total segment operating income 1,033,014 839,077 Corporate general and administrative expenses 55,656 51,660 Income before interest expense and other expense 977,358 787,417 Interest expense 134,468 117,794 Other expense, net 22,455 166,278 Income before income taxes $ 820,435 $ 503,345

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New accounting pronouncements (

New accounting pronouncements (Policies)	3 Months Ended
New accounting pronouncements (Policies)	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
New accounting pronouncements	New accounting pronouncementsIn September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the guidance on July 1, 2023, except for the rollforward requirement, which becomes effective July 1, 2024. The adoption did not have a material impact on the Company's consolidated financial statements.
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)	3 Months Ended
Revenue recognition (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Diversified Industrial Segment revenues by technology platform: Three Months Ended September 30, 2023 2022 Motion Systems $ 942,314 $ 906,014 Flow and Process Control 1,181,461 1,204,464 Filtration and Engineered Materials 1,494,753 1,376,295 Total $ 3,618,528 $ 3,486,773 Aerospace Systems Segment revenues by primary market: Three Months Ended September 30, 2023 2022 Commercial original equipment manufacturer ("OEM") $ 418,616 $ 264,310 Commercial aftermarket 391,206 204,640 Military OEM 263,065 170,671 Military aftermarket 156,073 106,381 Total $ 1,228,960 $ 746,002 Total Company revenues by geographic region based on the Company's selling operation's location: Three Months Ended September 30, 2023 2022 North America $ 3,293,091 $ 2,834,920 Europe 941,715 753,932 Asia Pacific 554,405 588,398 Latin America 58,277 55,525 Total $ 4,847,488 $ 4,232,775
Contract assets and liabilities	Total contract assets and contract liabilities are as follows: September 30, June 30, Contract assets, current (included within Prepaid expenses and other) $ 110,055 $ 123,705 Contract assets, noncurrent (included within Investments and other assets) 24,334 23,708 Total contract assets 134,389 147,413 Contract liabilities, current (included within Other accrued liabilities) (222,759) (244,799) Contract liabilities, noncurrent (included within Other liabilities) (53,854) (78,239) Total contract liabilities (276,613) (323,038) Net contract liabilities $ (142,224) $ (175,625)

Acquisitions and divestitures (

Acquisitions and divestitures (Tables)	3 Months Ended
Acquisitions and divestitures (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of preliminary estimated fair values of assets acquired and liabilities assumed on the acquisition date	During the three months ended September 30, 2023, measurement period adjustments did not have a material impact on the Consolidated Statement of Income. The following table presents the final estimated fair values of Meggitt's assets acquired and liabilities assumed on the Acquisition date. June 30, 2023 (previously reported) Measurement Period Adjustments September 12, 2022 (Final) Assets: Cash and cash equivalents $ 89,704 $ — $ 89,704 Accounts receivable 409,642 1,181 410,823 Inventories 739,304 13,580 752,884 Prepaid expenses and other 102,032 20,673 122,705 Property, plant and equipment 658,997 (1,428) 657,569 Deferred income taxes 34,198 (18,730) 15,468 Other assets 180,991 (647) 180,344 Intangible assets 5,679,200 (28,000) 5,651,200 Goodwill 2,789,080 10,891 2,799,971 Total assets acquired $ 10,683,148 $ (2,480) $ 10,680,668 Liabilities: Notes payable and long-term debt payable within one year $ 308,176 $ — $ 308,176 Accounts payable, trade 219,842 (705) 219,137 Accrued payrolls and other compensation 87,074 (1) 87,073 Accrued domestic and foreign taxes 21,068 (818) 20,250 Other accrued liabilities 322,040 158,137 480,177 Long-term debt 711,703 — 711,703 Pensions and other postretirement benefits 99,553 (2,028) 97,525 Deferred income taxes 1,259,417 (19,700) 1,239,717 Other liabilities 418,461 (137,365) 281,096 Total liabilities assumed 3,447,334 (2,480) 3,444,854 Net assets acquired $ 7,235,814 $ — $ 7,235,814
Unaudited pro forma information	The following table presents unaudited pro forma information for the three months ended September 30, 2022 as if the Acquisition had occurred on July 1, 2021. (Unaudited) Three Months Ended September 30, 2022 Net sales $ 4,614,105 Net income attributable to common shareholders 498,375

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
Earnings per share (Tables)	Sep. 30, 2023
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 months ended September 30, 2023 and 2022. Three Months Ended September 30, 2023 2022 Numerator: Net income attributable to common shareholders $ 650,827 $ 387,854 Denominator: Basic - weighted average common shares 128,472,550 128,425,002 Increase in weighted average common shares from dilutive effect of equity-based awards 1,890,891 1,517,406 Diluted - weighted average common shares, assuming exercise of equity-based awards 130,363,441 129,942,408 Basic earnings per share $ 5.07 $ 3.02 Diluted earnings per share $ 4.99 $ 2.98

Non-trade and notes receivable

Non-trade and notes receivable (Tables)	3 Months Ended
Non-trade and notes receivable (Tables)	Sep. 30, 2023
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: September 30, June 30, Notes receivable $ 99,259 $ 102,288 Accounts receivable, other 196,838 206,879 Total $ 296,097 $ 309,167

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Sep. 30, 2023
Inventory, Net [Abstract]
Inventories	The inventories caption in the Consolidated Balance Sheet is comprised of the following components: September 30, June 30, Finished products $ 800,236 $ 794,128 Work in process 1,571,430 1,488,665 Raw materials 657,082 625,086 Total $ 3,028,748 $ 2,907,879

Business realignment and acqu_2

Business realignment and acquisition integration charges (Tables)	3 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Business realignment charges and acquisition integration charges	Business realignment charges by business segment are as follows: Three Months Ended September 30, 2023 2022 Diversified Industrial $ 12,639 $ 2,012 Aerospace Systems 453 1,849 Reductions to our workforce made in connection with such business realignment charges by business segment are as follows: Three Months Ended September 30, 2023 2022 Diversified Industrial 325 51 Aerospace Systems 2 12 The business realignment charges are presented in the Consolidated Statement of Income as follows: Three Months Ended September 30, 2023 2022 Cost of sales $ 6,984 $ 2,499 Selling, general and administrative expenses 6,108 1,362 We also incurred the following acquisition integration charges: Three Months Ended September 30, 2023 2022 Diversified Industrial $ 1,139 $ 186 Aerospace Systems 5,267 11,805

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Sep. 30, 2023
Equity [Abstract]
Changes in equity	Changes in equity for the three months ended September 30, 2023 and 2022 are as follows: Common Stock Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Treasury Shares Noncontrolling Total Equity Balance at June 30, 2023 $ 90,523 $ 305,522 $ 17,041,502 $ (1,292,872) $ (5,817,787) $ 11,391 $ 10,338,279 Net income 650,827 245 651,072 Other comprehensive (loss) income (222,075) 361 (221,714) Dividends paid ($1.48 per share) (190,420) (190,420) Stock incentive plan activity 31,225 18,522 49,747 Acquisition activity 415 (2,429) (2,014) Shares purchased at cost (50,000) (50,000) Balance at September 30, 2023 $ 90,523 $ 337,162 $ 17,501,909 $ (1,514,947) $ (5,849,265) $ 9,568 $ 10,574,950 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 387,854 183 388,037 Other comprehensive (loss) (300,582) (1,130) (301,712) Dividends paid ($1.33 per share) (171,097) (79) (171,176) Stock incentive plan activity 33,136 15,199 48,335 Shares purchased at cost (50,000) (50,000) Balance at September 30, 2022 $ 90,523 $ 360,443 $ 15,878,565 $ (1,843,780) $ (5,723,230) $ 10,883 $ 8,773,404
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 three months ended September 30, 2023 and 2022 are as follows: Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2023 $ (962,044) $ (330,828) $ (1,292,872) Other comprehensive (loss) before reclassifications (222,893) — (222,893) Amounts reclassified from accumulated other comprehensive (loss) — 818 818 Balance at September 30, 2023 $ (1,184,937) $ (330,010) $ (1,514,947) Foreign Currency Translation Adjustment Retirement Benefit Plans Total Balance at June 30, 2022 $ (1,149,071) $ (394,127) $ (1,543,198) Other comprehensive (loss) before reclassifications (305,353) — (305,353) Amounts reclassified from accumulated other comprehensive (loss) — 4,771 4,771 Balance at September 30, 2022 $ (1,454,424) $ (389,356) $ (1,843,780)
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 months ended September 30, 2023 and 2022 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 September 30, 2023 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (302) Other income, net Recognized actuarial loss (792) Other income, net Total before tax (1,094) Tax benefit 276 Net of tax $ (818) Details about Accumulated Other Comprehensive (Loss) Components Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) Consolidated Statement of Income Classification Three Months Ended September 30, 2022 Retirement benefit plans Amortization of prior service cost and initial net obligation $ (210) Other income, net Recognized actuarial loss (6,110) Other income, net Total before tax (6,320) Tax benefit 1,549 Net of tax $ (4,771)

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	3 Months Ended
Goodwill and intangible assets (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in carrying amount of goodwill	The changes in the carrying amount of goodwill for the three months ended September 30, 2023 are as follows: Diversified Industrial Aerospace Total Balance at June 30, 2023 $ 7,682,755 $ 2,945,839 $ 10,628,594 Acquisition 1,113 9,778 10,891 Divestiture (10,520) — (10,520) Foreign currency translation (83,232) (22,604) (105,836) Balance at September 30, 2023 $ 7,590,116 $ 2,933,013 $ 10,523,129
Intangible assets by major category	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets: September 30, 2023 June 30, 2023 Gross Carrying Accumulated Gross Carrying Accumulated Patents and technology $ 2,104,195 $ 374,104 $ 2,128,847 $ 352,040 Trade names 1,036,723 399,105 1,047,678 390,737 Customer relationships and other 8,015,606 2,191,357 8,109,063 2,092,197 Total $ 11,156,524 $ 2,964,566 $ 11,285,588 $ 2,834,974

Retirement benefits (Tables)

Retirement benefits (Tables)	3 Months Ended
Retirement benefits (Tables)	Sep. 30, 2023
Retirement Benefits [Abstract]
Net pension (benefit) expense	Net pension (benefit) expense recognized included the following components: Three Months Ended September 30, 2023 2022 Service cost $ 13,527 $ 14,253 Interest cost 66,881 46,351 Expected return on plan assets (88,248) (66,345) Amortization of prior service cost 302 210 Amortization of net actuarial loss 1,182 6,443 Amortization of initial net obligation — — Net pension (benefit) expense $ (6,356) $ 912

Financial instruments (Tables)

Financial instruments (Tables)	3 Months Ended
Financial instruments (Tables)	Sep. 30, 2023
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: September 30, June 30, Carrying value of long-term debt $ 10,641,866 $ 10,845,359 Estimated fair value of long-term debt 9,814,002 10,221,563
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 September 30, June 30, Net investment hedges Cross-currency swap contracts Investments and other assets $ 26,725 $ 21,578 Other derivative contracts Forward exchange contracts Non-trade and notes receivable 418 —
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 September 30, 2023 2022 Deal-contingent forward contracts $ — $ (389,992) Forward exchange contracts 436 (1,364) Costless collar contracts — 5,389 Cross-currency swap contracts — 4,659
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 September 30, 2023 2022 Cross-currency swap contracts $ 2,583 $ 26,819 Foreign currency denominated debt 17,879 36,139
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 September 30, 2023 and June 30, 2023 are as follows: Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Derivatives $ 27,143 $ — $ 27,143 $ — Quoted Prices Significant Other Significant Fair In Active Observable Unobservable Value at Markets Inputs Inputs June 30, 2023 (Level 1) (Level 2) (Level 3) Assets: Derivatives $ 21,578 $ — $ 21,578 $ —

Business segment information (T

Business segment information (Tables)	3 Months Ended
Business segment information (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Segment reporting information	Three Months Ended September 30, 2023 2022 Net sales Diversified Industrial: North America $ 2,229,906 $ 2,131,760 International 1,388,622 1,355,013 Aerospace Systems 1,228,960 746,002 Total net sales $ 4,847,488 $ 4,232,775 Segment operating income Diversified Industrial: North America $ 506,053 $ 452,986 International 300,701 293,940 Aerospace Systems 226,260 92,151 Total segment operating income 1,033,014 839,077 Corporate general and administrative expenses 55,656 51,660 Income before interest expense and other expense 977,358 787,417 Interest expense 134,468 117,794 Other expense, net 22,455 166,278 Income before income taxes $ 820,435 $ 503,345

Revenue recognition - Revenues

Revenue recognition - Revenues by segment and by platform (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,847,488	$ 4,232,775
Diversified Industrial Segment
Disaggregation of Revenue [Line Items]
Revenues from contracts	3,618,528	3,486,773
Diversified Industrial Segment \| Motion Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	942,314	906,014
Diversified Industrial Segment \| Flow and Process Control
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,181,461	1,204,464
Diversified Industrial Segment \| Filtration and Engineered Materials
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 1,494,753	$ 1,376,295

Revenue recognition - Revenue_2

Revenue recognition - Revenues by segment and primary market (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,847,488	$ 4,232,775
Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	1,228,960	746,002
Commercial original equipment manufacturer ("OEM") \| Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	418,616	264,310
Commercial aftermarket \| Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	391,206	204,640
Military OEM \| Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	263,065	170,671
Military aftermarket \| Aerospace Systems
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 156,073	$ 106,381

Revenue recognition - Revenue b

Revenue recognition - Revenue by geographic region (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 4,847,488	$ 4,232,775
North America
Disaggregation of Revenue [Line Items]
Revenues from contracts	3,293,091	2,834,920
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts	941,715	753,932
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues from contracts	554,405	588,398
Latin America
Disaggregation of Revenue [Line Items]
Revenues from contracts	$ 58,277	$ 55,525

Revenue recognition - Contract

Revenue recognition - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract assets, current (included within Prepaid expenses and other)	$ 110,055	$ 123,705
Contract assets, noncurrent (included within Investments and other assets)	24,334	23,708
Total contract assets	134,389	147,413
Contract liabilities, current (included within Other accrued liabilities)	(222,759)	(244,799)
Contract liabilities, noncurrent (included within Other liabilities)	(53,854)	(78,239)
Total contract liabilities	(276,613)	(323,038)
Net contract liabilities	$ (142,224)	$ (175,625)

Revenue recognition - Narrative

Revenue recognition - Narrative (Details) $ in Millions	3 Months Ended
Revenue recognition - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 56
Remaining performance obligation, amount	$ 10,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	81%
Remaining performance obligation, period	12 months

Acquisitions and divestitures -

Acquisitions and divestitures - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended
	Sep. 12, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 12, 2022 £ / shares	Sep. 12, 2022 USD ($)
Business Acquisition [Line Items]
Proceeds from sale of businesses				$ 36,691	$ 441,340
MicroStrain Sensing Systems Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of businesses		$ 37,000
Pre-tax gain related to divestiture		$ 13,000
Aircraft Wheel And Brake Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of businesses			$ 441,000
Pre-tax gain related to divestiture			$ 373,000
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
Acquisition-relate nonrecurring adjustments					$ 196,000
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 \| Customer- Related Intangible Assets
Business Acquisition [Line Items]
Intangible assets acquired							$ 4,200,000
Weighted average useful life of intangible assets	21 years
Meggitt plc \| Technology
Business Acquisition [Line Items]
Intangible assets acquired							1,100,000
Weighted average useful life of intangible assets	22 years
Meggitt plc \| Trade names
Business Acquisition [Line Items]
Intangible assets acquired							$ 303,000
Weighted average useful life of intangible assets	18 years

Acquisitions and divestitures_2

Acquisitions and divestitures - Schedule of assets and liabilities assumed on acquisition date (Details) - USD ($) $ in Thousands	2 Months Ended
	Sep. 11, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 12, 2022
Assets:
Goodwill		$ 10,523,129	$ 10,628,594
Meggitt plc
Assets:
Cash and cash equivalents				$ 89,704
Measurement period adjustments, cash and cash equivalents	$ 0
Accounts receivable				410,823
Measurement period adjustments, accounts receivable	1,181
Inventories				752,884
Measurement period adjustments, inventory	13,580
Prepaid expenses and other				122,705
Measurement period adjustments, prepaid expenses and other	20,673
Property, plant and equipment				657,569
Measurement period adjustments, property, plant and equipment	(1,428)
Deferred income taxes				15,468
Measurement period adjustments, deferred income taxes	(18,730)
Other assets				180,344
Measurement period adjustments, other assets	(647)
Intangible assets				5,651,200
Measurement period adjustments, intangible assets	(28,000)
Goodwill				2,799,971
Measurement period adjustments, goodwill	10,891
Total assets acquired				10,680,668
Measurement period adjustments, total assets acquired	(2,480)
Liabilities:
Notes payable and long-term debt payable within one year				308,176
Measurement period adjustments, notes payable and long-term debt payable within one year	0
Accounts payable, trade				219,137
Measurement period adjustments, accounts payable, trade	(705)
Accrued payrolls and other compensation				87,073
Measurement period adjustments, accrued payrolls and other compensation	(1)
Accrued domestic and foreign taxes				20,250
Measurement period adjustments, accrued domestic and foreign taxes	(818)
Other accrued liabilities				480,177
Measurement period adjustments, other accrued liabilities	158,137
Long-term debt				711,703
Measurement period adjustments, long-term debt	0
Pensions and other postretirement benefits				97,525
Measurement period adjustments, pensions and other postretirement benefits	(2,028)
Deferred income taxes				1,239,717
Measurement period adjustments, deferred income taxes	(19,700)
Other liabilities				281,096
Measurement period adjustments, other liabilities	(137,365)
Total liabilities assumed				3,444,854
Measurement period adjustments, total liabilities assumed	(2,480)
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			409,642
Inventories			739,304
Prepaid expenses and other			102,032
Property, plant and equipment			658,997
Deferred income taxes			34,198
Other assets			180,991
Intangible assets			5,679,200
Goodwill			2,789,080
Total assets acquired			10,683,148
Liabilities:
Notes payable and long-term debt payable within one year			308,176
Accounts payable, trade			219,842
Accrued payrolls and other compensation			87,074
Accrued domestic and foreign taxes			21,068
Other accrued liabilities			322,040
Long-term debt			711,703
Pensions and other postretirement benefits			99,553
Deferred income taxes			1,259,417
Other liabilities			418,461
Total liabilities assumed			3,447,334
Net assets acquired			$ 7,235,814

Acquisitions and divestitures_3

Acquisitions and divestitures - Unaudited pro forma information (Details) - Meggitt plc $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Net sales	$ 4,614,105
Net income attributable to common shareholders	$ 498,375

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
	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income attributable to common shareholders, basic	$ 650,827	$ 387,854
Net income attributable to common shareholders, diluted	$ 650,827	$ 387,854
Denominator:
Basic - weighted average common shares (in shares)	128,472,550	128,425,002
Increase in weighted average common shares from dilutive effect of equity-based awards (in shares)	1,890,891	1,517,406
Diluted - weighted average common shares, assuming exercise of equity-based awards (in shares)	130,363,441	129,942,408
Basic earnings per share (in USD per share)	$ 5.07	$ 3.02
Diluted earnings per share (in USD per share)	$ 4.99	$ 2.98

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	3 Months Ended
Earnings per share - Narrative (Details) - shares	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Excluded from the computation of diluted earnings per share since anti-dilutive (in shares)	172,255	887,307

Share repurchase program (Detai

Share repurchase program (Details) - $ / shares	3 Months Ended
Share repurchase program (Details) - $ / shares	Sep. 30, 2023	Oct. 22, 2014
Equity [Abstract]
Authorized to be repurchased (in shares)		35,000,000
Repurchased (in shares)	124,496
Repurchased, average price (in USD per share)	$ 401.62

Trade accounts receivable, net

Trade accounts receivable, net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Receivables [Abstract]
Allowance for credit losses	$ 32	$ 32

Non-trade and notes receivabl_2

Non-trade and notes receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Receivables [Abstract]
Notes receivable	$ 99,259	$ 102,288
Accounts receivable, other	196,838	206,879
Total	$ 296,097	$ 309,167

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Inventory, Net [Abstract]
Finished products	$ 800,236	$ 794,128
Work in process	1,571,430	1,488,665
Raw materials	657,082	625,086
Total	$ 3,028,748	$ 2,907,879

Supply chain financing (Details

Supply chain financing (Details) - USD ($) $ in Millions	3 Months Ended
Supply chain financing (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Payables and Accruals [Abstract]
Payable to suppliers who have elected to participate in the supply chain financing programs	$ 85		$ 85
Amounts settled through supply chain financing programs and paid to participating financial intermediaries	$ 72	$ 37

Business realignment and acqu_3

Business realignment and acquisition integration charges - Business segment information (Details) - Operating Segments $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($) employee	Sep. 30, 2022 USD ($) employee
Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Business realignment charges \| $	$ 12,639	$ 2,012
Number of positions eliminated (employees) \| employee	325	51
Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Business realignment charges \| $	$ 453	$ 1,849
Number of positions eliminated (employees) \| employee	2	12

Business realignment and acqu_4

Business realignment and acquisition integration charges - Income statement location (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cost of sales
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 6,984	$ 2,499
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Business realignment charges	$ 6,108	$ 1,362

Business realignment and acqu_5

Business realignment and acquisition integration charges - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Payments made relating to business realignment charges	$ 11
Remaining payments related to business realignment actions	$ 16

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
	Sep. 30, 2023	Sep. 30, 2022
Diversified Industrial
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 1,139	$ 186
Aerospace Systems
Restructuring Cost and Reserve [Line Items]
Acquisition integration charges	$ 5,267	$ 11,805

Equity - Changes in equity (Det

Equity - Changes in equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 10,338,279	$ 8,859,920
Net income	651,072	388,037
Other comprehensive (loss) income	(221,714)	(301,712)
Dividends paid	$ (190,420)	$ (171,176)
Dividends paid (in USD per share)	$ 1.48	$ 1.33
Stock incentive plan activity	$ 49,747	$ 48,335
Acquisition activity	(2,014)
Shares purchased at cost	(50,000)	(50,000)
Ending balance	10,574,950	8,773,404
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	90,523	90,523
Ending balance	90,523	90,523
Additional Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	305,522	327,307
Stock incentive plan activity	31,225	33,136
Acquisition activity	415
Ending balance	337,162	360,443
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	17,041,502	15,661,808
Net income	650,827	387,854
Dividends paid	(190,420)	(171,097)
Ending balance	17,501,909	15,878,565
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,292,872)	(1,543,198)
Other comprehensive (loss) income	(222,075)	(300,582)
Ending balance	(1,514,947)	(1,843,780)
Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,817,787)	(5,688,429)
Stock incentive plan activity	18,522	15,199
Shares purchased at cost	(50,000)	(50,000)
Ending balance	(5,849,265)	(5,723,230)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,391	11,909
Net income	245	183
Other comprehensive (loss) income	361	(1,130)
Dividends paid		(79)
Acquisition activity	(2,429)
Ending balance	$ 9,568	$ 10,883

Equity - Changes in accumulated

Equity - Changes in accumulated other comprehensive income (loss) in shareholders' equity by component (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 10,338,279	$ 8,859,920
Ending balance	10,574,950	8,773,404
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(962,044)	(1,149,071)
Other comprehensive (loss) before reclassifications	(222,893)	(305,353)
Amounts reclassified from accumulated other comprehensive (loss)	0	0
Ending balance	(1,184,937)	(1,454,424)
Retirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(330,828)	(394,127)
Other comprehensive (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive (loss)	818	4,771
Ending balance	(330,010)	(389,356)
Accumulated Other Comprehensive (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,292,872)	(1,543,198)
Other comprehensive (loss) before reclassifications	(222,893)	(305,353)
Amounts reclassified from accumulated other comprehensive (loss)	818	4,771
Ending balance	$ (1,514,947)	$ (1,843,780)

Equity - Reclassifications out

Equity - Reclassifications out of accumulated other comprehensive income (loss) in shareholders' equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income, net	$ 78,455	$ 19,624
Income before income taxes	820,435	503,345
Tax benefit	(169,363)	(115,308)
Net income	651,072	388,037
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, net	(302)	(210)
Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) \| Recognized actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income, net	(792)	(6,110)
Income (Expense) Reclassified from Accumulated Other Comprehensive (Loss) \| Retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	(1,094)	(6,320)
Tax benefit	276	1,549
Net income	$ (818)	$ (4,771)

Goodwill and intangible asset_2

Goodwill and intangible assets - Changes in carrying amount of goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 10,628,594
Acquisition	10,891
Divestiture	(10,520)
Foreign currency translation	(105,836)
Ending balance	10,523,129
Diversified Industrial Segment
Goodwill [Roll Forward]
Beginning balance	7,682,755
Acquisition	1,113
Divestiture	(10,520)
Foreign currency translation	(83,232)
Ending balance	7,590,116
Aerospace Systems Segment
Goodwill [Roll Forward]
Beginning balance	2,945,839
Acquisition	9,778
Divestiture	0
Foreign currency translation	(22,604)
Ending balance	$ 2,933,013

Goodwill and intangible asset_3

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$ 156	$ 87
Estimated amortization expense, year ending June 30, 2024	565
Estimated amortization expense, year ending June 30, 2025	543
Estimated amortization expense, year ending June 30, 2026	539
Estimated amortization expense, year ending June 30, 2027	533
Estimated amortization expense, year ending June 30, 2028	$ 524

Goodwill and intangible asset_4

Goodwill and intangible assets - Intangible assets by major category (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 11,156,524	$ 11,285,588
Accumulated Amortization	2,964,566	2,834,974
Patents and technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,104,195	2,128,847
Accumulated Amortization	374,104	352,040
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,036,723	1,047,678
Accumulated Amortization	399,105	390,737
Customer relationships and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,015,606	8,109,063
Accumulated Amortization	$ 2,191,357	$ 2,092,197

Retirement benefits - Net pensi

Retirement benefits - Net pension (benefit) expense (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 13,527	$ 14,253
Interest cost	66,881	46,351
Expected return on plan assets	(88,248)	(66,345)
Amortization of prior service cost	302	210
Amortization of net actuarial loss	1,182	6,443
Amortization of initial net obligation	0	0
Net pension (benefit) expense	$ (6,356)	$ 912

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other Postretirement Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other postretirement benefits expense	$ 0.6	$ 0.2

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Line of Credit Facility [Line Items]
Payments for long-term borrowings		$ 176,626	$ 301,389
Commercial paper		$ 1,600,000		$ 1,800,000
Debt to debt-shareholders' equity ratio		0.54
Maximum
Line of Credit Facility [Line Items]
Debt to debt-shareholders' equity ratio, covenant, maximum		0.65
Line of Credit \| Term Loan Facility \| Loans Payable
Line of Credit Facility [Line Items]
Payments for long-term borrowings		$ 175,000
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 \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.225%

Income taxes (Details)

Income taxes (Details) $ in Millions	Sep. 30, 2023 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	24
Accrued penalties related to the gross unrecognized tax benefits excluded from the unrecognized tax benefits	2
Decrease in unrecognized tax benefits that is reasonably possible (up to)	$ 40

Financial instruments - Carryin

Financial instruments - Carrying values and estimated fair values of long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Carrying value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 10,641,866	$ 10,845,359
Estimated fair value of long-term debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 9,814,002	$ 10,221,563

Financial instruments - Narrati

Financial instruments - Narrative (Details) - Sep. 30, 2023 € in Millions, ¥ in Millions	EUR (€)	JPY (¥)
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	Sep. 30, 2023	Jun. 30, 2023
Cross-currency swap contracts \| Investments and other assets
Net investment hedges
Cross-currency swap contracts, assets	$ 26,725	$ 21,578
Forward exchange contracts \| Non-trade and notes receivable
Other derivative contracts
Other derivative contracts, assets	$ 418	$ 0

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
	Sep. 30, 2023	Sep. 30, 2022
Deal-contingent forward contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	$ 0	$ (389,992)
Forward exchange contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	436	(1,364)
Costless collar contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	0	5,389
Cross-currency swap contracts
Derivative [Line Items]
Gains (loss) on derivative financial instruments	$ 0	$ 4,659

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
	Sep. 30, 2023	Sep. 30, 2022
Cross-currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 2,583	$ 26,819
Foreign currency denominated debt
Derivative Instruments, Gain (Loss) [Line Items]
Derivative and non-derivative instruments gain (loss) recognized in accumulated other comprehensive income (loss)	$ 17,879	$ 36,139

Financial instruments - Financi

Financial instruments - Financial assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Assets:
Derivatives	$ 27,143	$ 21,578
Quoted Prices In Active Markets (Level 1)
Assets:
Derivatives	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Derivatives	27,143	21,578
Significant Unobservable Inputs (Level 3)
Assets:
Derivatives	$ 0	$ 0

Business segment information (D

Business segment information (Details) $ in Thousands	3 Months Ended
Business segment information (Details) $ in Thousands	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable business segments \| segment	2
Segment Reporting Information [Line Items]
Net sales	$ 4,847,488	$ 4,232,775
Operating income	977,358	787,417
Selling, general and administrative expenses	873,691	835,804
Interest expense	134,468	117,794
Other expense, net	22,455	166,278
Income before income taxes	820,435	503,345
North America
Segment Reporting Information [Line Items]
Net sales	3,293,091	2,834,920
Diversified Industrial
Segment Reporting Information [Line Items]
Net sales	3,618,528	3,486,773
Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	1,228,960	746,002
Operating Segments
Segment Reporting Information [Line Items]
Net sales	4,847,488	4,232,775
Operating income	1,033,014	839,077
Operating Segments \| Diversified Industrial \| North America
Segment Reporting Information [Line Items]
Net sales	2,229,906	2,131,760
Operating income	506,053	452,986
Operating Segments \| Diversified Industrial \| International
Segment Reporting Information [Line Items]
Net sales	1,388,622	1,355,013
Operating income	300,701	293,940
Operating Segments \| Aerospace Systems
Segment Reporting Information [Line Items]
Net sales	1,228,960	746,002
Operating income	226,260	92,151
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Selling, general and administrative expenses	$ 55,656	$ 51,660