10-Q 1 ph-20220331.htm 10-Q ph-20220331
00000763346/302022Q3FALSE800000763342021-07-012022-03-3100000763342022-03-31xbrli:shares00000763342022-01-012022-03-31iso4217:USD00000763342021-01-012021-03-3100000763342020-07-012021-03-31iso4217:USDxbrli:shares00000763342021-06-3000000763342020-06-3000000763342021-03-31ph:segment0000076334us-gaap:OperatingSegmentsMembersrt:NorthAmericaMemberph:DiversifiedIndustrialSegmentMember2022-01-012022-03-310000076334us-gaap:OperatingSegmentsMembersrt:NorthAmericaMemberph:DiversifiedIndustrialSegmentMember2021-01-012021-03-310000076334us-gaap:OperatingSegmentsMembersrt:NorthAmericaMemberph:DiversifiedIndustrialSegmentMember2021-07-012022-03-310000076334us-gaap:OperatingSegmentsMembersrt:NorthAmericaMemberph:DiversifiedIndustrialSegmentMember2020-07-012021-03-310000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMemberus-gaap:NonUsMember2022-01-012022-03-310000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMemberus-gaap:NonUsMember2021-01-012021-03-310000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMemberus-gaap:NonUsMember2021-07-012022-03-310000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMemberus-gaap:NonUsMember2020-07-012021-03-310000076334us-gaap:OperatingSegmentsMemberph:AerospaceSystemsSegmentMember2022-01-012022-03-310000076334us-gaap:OperatingSegmentsMemberph:AerospaceSystemsSegmentMember2021-01-012021-03-310000076334us-gaap:OperatingSegmentsMemberph:AerospaceSystemsSegmentMember2021-07-012022-03-310000076334us-gaap:OperatingSegmentsMemberph:AerospaceSystemsSegmentMember2020-07-012021-03-310000076334us-gaap:OperatingSegmentsMember2022-01-012022-03-310000076334us-gaap:OperatingSegmentsMember2021-01-012021-03-310000076334us-gaap:OperatingSegmentsMember2021-07-012022-03-310000076334us-gaap:OperatingSegmentsMember2020-07-012021-03-310000076334us-gaap:CorporateNonSegmentMember2022-01-012022-03-310000076334us-gaap:CorporateNonSegmentMember2021-01-012021-03-310000076334us-gaap:CorporateNonSegmentMember2021-07-012022-03-310000076334us-gaap:CorporateNonSegmentMember2020-07-012021-03-310000076334ph:MotionSystemsMemberph:DiversifiedIndustrialSegmentMember2022-01-012022-03-310000076334ph:MotionSystemsMemberph:DiversifiedIndustrialSegmentMember2021-01-012021-03-310000076334ph:MotionSystemsMemberph:DiversifiedIndustrialSegmentMember2021-07-012022-03-310000076334ph:MotionSystemsMemberph:DiversifiedIndustrialSegmentMember2020-07-012021-03-310000076334ph:FlowAndProcessControlMemberph:DiversifiedIndustrialSegmentMember2022-01-012022-03-310000076334ph:FlowAndProcessControlMemberph:DiversifiedIndustrialSegmentMember2021-01-012021-03-310000076334ph:FlowAndProcessControlMemberph:DiversifiedIndustrialSegmentMember2021-07-012022-03-310000076334ph:FlowAndProcessControlMemberph:DiversifiedIndustrialSegmentMember2020-07-012021-03-310000076334ph:FiltrationAndEngineeredMaterialsMemberph:DiversifiedIndustrialSegmentMember2022-01-012022-03-310000076334ph:FiltrationAndEngineeredMaterialsMemberph:DiversifiedIndustrialSegmentMember2021-01-012021-03-310000076334ph:FiltrationAndEngineeredMaterialsMemberph:DiversifiedIndustrialSegmentMember2021-07-012022-03-310000076334ph:FiltrationAndEngineeredMaterialsMemberph:DiversifiedIndustrialSegmentMember2020-07-012021-03-310000076334ph:DiversifiedIndustrialSegmentMember2022-01-012022-03-310000076334ph:DiversifiedIndustrialSegmentMember2021-01-012021-03-310000076334ph:DiversifiedIndustrialSegmentMember2021-07-012022-03-310000076334ph:DiversifiedIndustrialSegmentMember2020-07-012021-03-310000076334ph:AerospaceSystemsSegmentMemberph:FlightControlActuationMember2022-01-012022-03-310000076334ph:AerospaceSystemsSegmentMemberph:FlightControlActuationMember2021-01-012021-03-310000076334ph:AerospaceSystemsSegmentMemberph:FlightControlActuationMember2021-07-012022-03-310000076334ph:AerospaceSystemsSegmentMemberph:FlightControlActuationMember2020-07-012021-03-310000076334ph:FuelInertingAndEngineMotionControlMemberph:AerospaceSystemsSegmentMember2022-01-012022-03-310000076334ph:FuelInertingAndEngineMotionControlMemberph:AerospaceSystemsSegmentMember2021-01-012021-03-310000076334ph:FuelInertingAndEngineMotionControlMemberph:AerospaceSystemsSegmentMember2021-07-012022-03-310000076334ph:FuelInertingAndEngineMotionControlMemberph:AerospaceSystemsSegmentMember2020-07-012021-03-310000076334ph:HydraulicsMemberph:AerospaceSystemsSegmentMember2022-01-012022-03-310000076334ph:HydraulicsMemberph:AerospaceSystemsSegmentMember2021-01-012021-03-310000076334ph:HydraulicsMemberph:AerospaceSystemsSegmentMember2021-07-012022-03-310000076334ph:HydraulicsMemberph:AerospaceSystemsSegmentMember2020-07-012021-03-310000076334ph:EngineComponentsMemberph:AerospaceSystemsSegmentMember2022-01-012022-03-310000076334ph:EngineComponentsMemberph:AerospaceSystemsSegmentMember2021-01-012021-03-310000076334ph:EngineComponentsMemberph:AerospaceSystemsSegmentMember2021-07-012022-03-310000076334ph:EngineComponentsMemberph:AerospaceSystemsSegmentMember2020-07-012021-03-310000076334ph:AirframeAndFluidConveyanceMemberph:AerospaceSystemsSegmentMember2022-01-012022-03-310000076334ph:AirframeAndFluidConveyanceMemberph:AerospaceSystemsSegmentMember2021-01-012021-03-310000076334ph:AirframeAndFluidConveyanceMemberph:AerospaceSystemsSegmentMember2021-07-012022-03-310000076334ph:AirframeAndFluidConveyanceMemberph:AerospaceSystemsSegmentMember2020-07-012021-03-310000076334us-gaap:ProductAndServiceOtherMemberph:AerospaceSystemsSegmentMember2022-01-012022-03-310000076334us-gaap:ProductAndServiceOtherMemberph:AerospaceSystemsSegmentMember2021-01-012021-03-310000076334us-gaap:ProductAndServiceOtherMemberph:AerospaceSystemsSegmentMember2021-07-012022-03-310000076334us-gaap:ProductAndServiceOtherMemberph:AerospaceSystemsSegmentMember2020-07-012021-03-310000076334ph:AerospaceSystemsSegmentMember2022-01-012022-03-310000076334ph:AerospaceSystemsSegmentMember2021-01-012021-03-310000076334ph:AerospaceSystemsSegmentMember2021-07-012022-03-310000076334ph:AerospaceSystemsSegmentMember2020-07-012021-03-310000076334srt:NorthAmericaMember2022-01-012022-03-310000076334srt:NorthAmericaMember2021-01-012021-03-310000076334srt:NorthAmericaMember2021-07-012022-03-310000076334srt:NorthAmericaMember2020-07-012021-03-310000076334srt:EuropeMember2022-01-012022-03-310000076334srt:EuropeMember2021-01-012021-03-310000076334srt:EuropeMember2021-07-012022-03-310000076334srt:EuropeMember2020-07-012021-03-310000076334srt:AsiaPacificMember2022-01-012022-03-310000076334srt:AsiaPacificMember2021-01-012021-03-310000076334srt:AsiaPacificMember2021-07-012022-03-310000076334srt:AsiaPacificMember2020-07-012021-03-310000076334srt:LatinAmericaMember2022-01-012022-03-310000076334srt:LatinAmericaMember2021-01-012021-03-310000076334srt:LatinAmericaMember2021-07-012022-03-310000076334srt:LatinAmericaMember2020-07-012021-03-3100000763342022-04-012022-03-31xbrli:pure0000076334us-gaap:SubsequentEventMembersrt:ScenarioForecastMemberph:MeggittPlcMember2022-04-012022-06-30iso4217:GBP0000076334ph:MeggittPlcMember2021-07-012022-03-3100000763342021-12-310000076334ph:MeggittPlcMember2022-03-310000076334srt:ScenarioForecastMemberph:MeggittPlcMember2022-06-30iso4217:GBPxbrli:shares00000763342014-10-220000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMember2022-01-012022-03-310000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMember2021-01-012021-03-310000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMember2021-07-012022-03-310000076334us-gaap:OperatingSegmentsMemberph:DiversifiedIndustrialSegmentMember2020-07-012021-03-310000076334us-gaap:MaterialReconcilingItemsMember2022-01-012022-03-310000076334us-gaap:MaterialReconcilingItemsMember2021-01-012021-03-310000076334us-gaap:MaterialReconcilingItemsMember2021-07-012022-03-310000076334us-gaap:MaterialReconcilingItemsMember2020-07-012021-03-31ph:employee0000076334us-gaap:CostOfSalesMember2022-01-012022-03-310000076334us-gaap:CostOfSalesMember2021-01-012021-03-310000076334us-gaap:CostOfSalesMember2021-07-012022-03-310000076334us-gaap:CostOfSalesMember2020-07-012021-03-310000076334us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-03-310000076334us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-03-310000076334us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012022-03-310000076334us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-07-012021-03-310000076334us-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-03-310000076334us-gaap:OtherNonoperatingIncomeExpenseMember2021-01-012021-03-310000076334us-gaap:OtherNonoperatingIncomeExpenseMember2021-07-012022-03-310000076334us-gaap:OtherNonoperatingIncomeExpenseMember2020-07-012021-03-310000076334us-gaap:EmployeeSeveranceMember2021-07-012022-03-310000076334us-gaap:EmployeeSeveranceMember2022-03-310000076334us-gaap:NonoperatingIncomeExpenseMember2022-01-012022-03-310000076334us-gaap:CommonStockMember2021-12-310000076334us-gaap:AdditionalPaidInCapitalMember2021-12-310000076334us-gaap:RetainedEarningsMember2021-12-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000076334us-gaap:TreasuryStockMember2021-12-310000076334us-gaap:NoncontrollingInterestMember2021-12-310000076334us-gaap:RetainedEarningsMember2022-01-012022-03-310000076334us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000076334us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000076334us-gaap:TreasuryStockMember2022-01-012022-03-310000076334us-gaap:CommonStockMember2022-03-310000076334us-gaap:AdditionalPaidInCapitalMember2022-03-310000076334us-gaap:RetainedEarningsMember2022-03-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000076334us-gaap:TreasuryStockMember2022-03-310000076334us-gaap:NoncontrollingInterestMember2022-03-310000076334us-gaap:CommonStockMember2020-12-310000076334us-gaap:AdditionalPaidInCapitalMember2020-12-310000076334us-gaap:RetainedEarningsMember2020-12-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000076334us-gaap:TreasuryStockMember2020-12-310000076334us-gaap:NoncontrollingInterestMember2020-12-3100000763342020-12-310000076334us-gaap:RetainedEarningsMember2021-01-012021-03-310000076334us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000076334us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000076334us-gaap:TreasuryStockMember2021-01-012021-03-310000076334us-gaap:CommonStockMember2021-03-310000076334us-gaap:AdditionalPaidInCapitalMember2021-03-310000076334us-gaap:RetainedEarningsMember2021-03-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000076334us-gaap:TreasuryStockMember2021-03-310000076334us-gaap:NoncontrollingInterestMember2021-03-310000076334us-gaap:CommonStockMember2021-06-300000076334us-gaap:AdditionalPaidInCapitalMember2021-06-300000076334us-gaap:RetainedEarningsMember2021-06-300000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000076334us-gaap:TreasuryStockMember2021-06-300000076334us-gaap:NoncontrollingInterestMember2021-06-300000076334us-gaap:RetainedEarningsMember2021-07-012022-03-310000076334us-gaap:NoncontrollingInterestMember2021-07-012022-03-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012022-03-310000076334us-gaap:AdditionalPaidInCapitalMember2021-07-012022-03-310000076334us-gaap:TreasuryStockMember2021-07-012022-03-310000076334us-gaap:CommonStockMember2020-06-300000076334us-gaap:AdditionalPaidInCapitalMember2020-06-300000076334us-gaap:RetainedEarningsMember2020-06-300000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000076334us-gaap:TreasuryStockMember2020-06-300000076334us-gaap:NoncontrollingInterestMember2020-06-300000076334us-gaap:RetainedEarningsMember2020-07-012021-03-310000076334us-gaap:NoncontrollingInterestMember2020-07-012021-03-310000076334us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012021-03-310000076334us-gaap:AdditionalPaidInCapitalMember2020-07-012021-03-310000076334us-gaap:TreasuryStockMember2020-07-012021-03-310000076334ph:AccumulatedForeignCurrencyAndOtherAdjustmentAttributableToParentMember2021-06-300000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300000076334ph:AccumulatedForeignCurrencyAndOtherAdjustmentAttributableToParentMember2021-07-012022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012022-03-310000076334ph:AccumulatedForeignCurrencyAndOtherAdjustmentAttributableToParentMember2022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000076334us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300000076334us-gaap:AccumulatedTranslationAdjustmentMember2020-07-012021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-07-012021-03-310000076334us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012022-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000076334us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-07-012021-03-310000076334ph:DiversifiedIndustrialSegmentMember2021-06-300000076334ph:AerospaceSystemsSegmentMember2021-06-300000076334ph:DiversifiedIndustrialSegmentMember2022-03-310000076334ph:AerospaceSystemsSegmentMember2022-03-3100000763342021-10-012021-12-310000076334ph:PatentsAndTechnologyMember2022-03-310000076334ph:PatentsAndTechnologyMember2021-06-300000076334us-gaap:TrademarksMember2022-03-310000076334us-gaap:TrademarksMember2021-06-300000076334ph:CustomerListsAndOtherMember2022-03-310000076334ph:CustomerListsAndOtherMember2021-06-300000076334us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000076334us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000076334us-gaap:PensionPlansDefinedBenefitMember2021-07-012022-03-310000076334us-gaap:PensionPlansDefinedBenefitMember2020-07-012021-03-310000076334us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-03-310000076334us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-03-310000076334us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012022-03-310000076334us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-07-012021-03-310000076334ph:BridgeCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:BridgeLoanMember2021-08-020000076334ph:BridgeCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:BridgeLoanMember2022-03-310000076334ph:BridgeCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:BridgeLoanMember2021-08-022021-08-020000076334ph:TermLoanFacilityMemberus-gaap:SeniorNotesMemberus-gaap:LineOfCreditMember2021-08-270000076334ph:TermLoanFacilityMemberus-gaap:SeniorNotesMemberus-gaap:LineOfCreditMember2021-08-272021-08-270000076334ph:MultiCurrencyCreditAgreementMemberus-gaap:LineOfCreditMember2022-03-310000076334us-gaap:CommercialPaperMember2021-10-310000076334srt:MaximumMember2021-07-012022-03-310000076334us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000076334us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300000076334us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000076334us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300000076334us-gaap:SeniorNotesMemberph:SeniorNotesDue2025Member2022-03-31iso4217:EUR0000076334us-gaap:ForeignExchangeForwardMembersrt:ScenarioForecastMember2022-06-300000076334us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CurrencySwapMember2022-03-310000076334us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:CurrencySwapMember2021-06-300000076334ph:NontradeandNotesReceivableMemberus-gaap:ForwardContractsMember2022-03-310000076334ph:NontradeandNotesReceivableMemberus-gaap:ForwardContractsMember2021-06-300000076334us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForwardContractsMember2022-03-310000076334us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForwardContractsMember2021-06-300000076334us-gaap:ForeignExchangeForwardMemberus-gaap:OtherCurrentLiabilitiesMember2022-03-310000076334us-gaap:ForeignExchangeForwardMemberus-gaap:OtherCurrentLiabilitiesMember2021-06-300000076334ph:NontradeandNotesReceivableMemberph:CostlessCollarContractsMember2022-03-310000076334ph:NontradeandNotesReceivableMemberph:CostlessCollarContractsMember2021-06-300000076334ph:CostlessCollarContractsMemberus-gaap:OtherCurrentLiabilitiesMember2022-03-310000076334ph:CostlessCollarContractsMemberus-gaap:OtherCurrentLiabilitiesMember2021-06-300000076334ph:CurrencySwapDueNovember2034Member2022-03-310000076334ph:CurrencySwapDueMay2038Member2022-03-31iso4217:JPY0000076334us-gaap:ForwardContractsMember2022-01-012022-03-310000076334us-gaap:ForwardContractsMember2021-01-012021-03-310000076334us-gaap:ForwardContractsMember2021-07-012022-03-310000076334us-gaap:ForwardContractsMember2020-07-012021-03-310000076334us-gaap:ForeignExchangeForwardMember2022-01-012022-03-310000076334us-gaap:ForeignExchangeForwardMember2021-07-012022-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2022-01-012022-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2021-01-012021-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2021-07-012022-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2020-07-012021-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberph:ForeignDenominatedDebtMember2022-01-012022-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberph:ForeignDenominatedDebtMember2021-01-012021-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberph:ForeignDenominatedDebtMember2021-07-012022-03-310000076334us-gaap:DesignatedAsHedgingInstrumentMemberph:ForeignDenominatedDebtMember2020-07-012021-03-310000076334us-gaap:FairValueInputsLevel1Member2022-03-310000076334us-gaap:FairValueInputsLevel2Member2022-03-310000076334us-gaap:FairValueInputsLevel3Member2022-03-310000076334us-gaap:FairValueInputsLevel1Member2021-06-300000076334us-gaap:FairValueInputsLevel2Member2021-06-300000076334us-gaap:FairValueInputsLevel3Member2021-06-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File number 1-4982
 PARKER-HANNIFIN CORPORATION
(Exact name of registrant as specified in its charter)
Ohio34-0451060
(State or other jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
6035 Parkland Boulevard,Cleveland,Ohio44124-4141
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (216) 896-3000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on which Registered
Common Shares, $.50 par valuePHNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes      No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act: 
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No  
Number of Common Shares outstanding at March 31, 2022: 128,372,008


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PARKER-HANNIFIN CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 
Three Months EndedNine Months Ended
March 31,March 31,
 20222021*20222021*
Net sales$4,086,387 $3,746,326 $11,673,776 $10,388,771 
Cost of sales2,927,991 2,712,785 8,406,613 7,617,399 
Selling, general and administrative expenses412,431 386,831 1,200,906 1,113,254 
Interest expense63,272 60,830 183,982 189,778 
Other expense (income), net248,704 (13,460)386,217 (122,066)
Income before income taxes433,989 599,340 1,496,058 1,590,406 
Income taxes85,901 126,101 308,778 348,514 
Net income348,088 473,239 1,187,280 1,241,892 
Less: Noncontrolling interest in subsidiaries' earnings71