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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, 2021
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, 2021: 129,055,945



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,
 2021202020212020
Net sales$3,746,326 $3,702,432 $10,388,771 $10,534,917 
Cost of sales2,714,773 2,766,693 7,618,646 7,929,199 
Selling, general and administrative expenses386,831 413,460 1,113,254 1,303,760 
Interest expense60,830 80,765 189,778 233,612 
Other (income), net(13,460)(12,643)(122,066)(73,713)
Income before income taxes597,352 454,157 1,589,159 1,142,059 
Income taxes125,619 86,788 348,212 231,051 
Net income471,733 367,369 1,240,947 911,008 
Less: Noncontrolling interest in subsidiaries' earnings86 116 585 383 
Net income attributable to common shareholders$471,647 $367,253 $1,240,362 $910,625 
Earnings per share attributable to common shareholders:
Basic$3.65 $2.86 $9.62 $7.09 
Diluted$3.59 $2.83 $9.50 $7.01 
See accompanying notes to consolidated financial statements.













- 2 -


PARKER-HANNIFIN CORPORATION
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
 
Three Months EndedNine Months Ended
March 31,March 31,
 2021202020212020
Net income$471,733 $367,369 $1,240,947 $911,008 
Less: Noncontrolling interests in subsidiaries' earnings86 116 585 383 
Net income attributable to common shareholders471,647 367,253 1,240,362 910,625 
Other comprehensive (loss) income, net of tax
  Foreign currency translation adjustment(65,970)(282,815)282,539 (233,953)
  Retirement benefits plan activity 39,723 32,125 120,859 96,567 
    Other comprehensive (loss) income(26,247)(250,690)403,398 (137,386)
Less: Other comprehensive (loss) income for noncontrolling interests(463)(960)813 (972)
Other comprehensive (loss) income attributable to common shareholders(25,784)(249,730)402,585 (136,414)
Total comprehensive income attributable to common shareholders
$445,863 $117,523 $1,642,947 $774,211 
See accompanying notes to consolidated financial statements.




- 3 -


PARKER-HANNIFIN CORPORATION
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
(Unaudited)
March 31,
2021
June 30,
2020
ASSETS
Current assets:
Cash and cash equivalents$489,600 $685,514 
Marketable securities and other investments40,270 70,805 
Trade accounts receivable, net2,118,437 1,854,398 
Non-trade and notes receivable309,568 244,870 
Inventories1,898,159 1,814,631 
Prepaid expenses and other193,019 214,986 
Total current assets5,049,053 4,885,204 
Property, plant and equipment5,989,920 5,810,681 
Less: Accumulated depreciation3,740,798 3,517,946 
Property, plant and equipment, net2,249,122 2,292,735 
Deferred income taxes125,382 126,839 
Investments and other assets791,221 764,563 
Intangible assets, net3,595,182 3,798,913 
Goodwill8,031,586 7,869,935 
Total assets$19,841,546 $19,738,189 
LIABILITIES
Current liabilities:
Notes payable and long-term debt payable within one year$186,388 $809,529 
Accounts payable, trade1,551,460 1,111,759 
Accrued payrolls and other compensation430,008 424,231 
Accrued domestic and foreign taxes204,241 195,314 
Other accrued liabilities664,550 607,540 
Total current liabilities3,036,647 3,148,373 
Long-term debt6,571,908 7,652,256 
Pensions and other postretirement benefits1,777,137 1,887,414 
Deferred income taxes416,223 382,528 
Other liabilities631,702 539,089 
Total liabilities12,433,617 13,609,660 
EQUITY
Shareholders’ equity:
Serial preferred stock, $.50 par value; authorized 3,000,000 shares; none issued
  
Common stock, $.50 par value; authorized 600,000,000 shares; issued 181,046,128 shares at March 31 and June 30
90,523 90,523 
Additional capital374,497 416,585 
Retained earnings14,429,912 13,530,666 
Accumulated other comprehensive (loss)(2,156,290)(2,558,875)
Treasury shares, at cost; 51,990,183 shares at March 31 and 52,490,165 shares at June 30
(5,346,440)(5,364,916)
Total shareholders’ equity7,392,202 6,113,983 
Noncontrolling interests15,727 14,546 
Total equity7,407,929 6,128,529 
Total liabilities and equity$19,841,546 $19,738,189 
See accompanying notes to consolidated financial statements.
- 4 -


PARKER-HANNIFIN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Nine Months Ended
 March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,240,947 $911,008 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation204,615 187,054 
Amortization244,193 203,895 
Share incentive plan compensation101,907 91,857 
Deferred income taxes(12,127)9,954 
Foreign currency transaction gain(8,239)(13,040)
Gain on property, plant and equipment(108,449)(5,194)
(Gain) loss on marketable securities(8,489)434 
Gain on investments(6,008)(1,849)
Other11,149 14,303 
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net(238,882)173,310 
Inventories(51,150)(8,019)
Prepaid expenses and other24,757 21,783 
Other assets(22,191)(13,268)
Accounts payable, trade417,196 (53,875)
Accrued payrolls and other compensation(2,645)(68,091)
Accrued domestic and foreign taxes4,768 (19,985)
Other accrued liabilities17,396 (82,896)
Pensions and other postretirement benefits32,418 36,229 
Other liabilities40,239 (92,751)
Net cash provided by operating activities1,881,405 1,290,859 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (net of cash of $82,192 in 2020)
 (5,076,064)
Capital expenditures(136,064)(182,502)
Proceeds from sale of property, plant and equipment132,740 25,398 
Purchases of marketable securities and other investments(30,608)(191,277)
Maturities and sales of marketable securities and other investments71,225 249,306 
Other14,120 129,938 
Net cash provided by (used in) investing activities51,413 (5,045,201)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options4,012 2,459 
Payments for common shares(129,531)(194,633)
(Payments for) proceeds from notes payable, net(539,500)362,346 
Proceeds from long-term borrowings2,016 1,721,211 
Payments for long-term borrowings(1,211,334)(278,347)
Dividends paid(341,333)(340,291)
Net cash (used in) provided by financing activities(2,215,670)1,272,745 
Effect of exchange rate changes on cash86,938 (40,553)
Net decrease in cash and cash equivalents(195,914)(2,522,150)
Cash and cash equivalents at beginning of year685,514 3,219,767 
Cash and cash equivalents at end of period$489,600 $697,617 
See accompanying notes to consolidated financial statements.
- 5 -


PARKER-HANNIFIN CORPORATION
BUSINESS SEGMENT INFORMATION
(Dollars in thousands)
(Unaudited)
The Company operates in two reportable business segments: Diversified Industrial and Aerospace Systems.
Diversified Industrial - This segment produces a broad range of motion-control and fluid systems and components used in all kinds of manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural, and military machinery and equipment and has a significant portion of international operations. Sales are made directly to major original equipment manufacturers ("OEMs") and through a broad distribution network to smaller OEMs and the aftermarket.
Aerospace Systems - This segment designs and manufactures products and provides aftermarket support for commercial, business jet, military and general aviation aircraft, missile and spacecraft markets. The Aerospace Systems Segment provides a full range of systems and components for hydraulic, pneumatic and fuel applications.
 
Three Months EndedNine Months Ended
 March 31,March 31,
 2021202020212020
Net sales
Diversified Industrial:
North America$1,758,383 $1,775,578 $4,853,371 $5,016,035 
International1,388,999 1,182,273 3,777,875 3,408,207 
Aerospace Systems598,944 744,581 1,757,525 2,110,675 
Total net sales$3,746,326 $3,702,432 $10,388,771 $10,534,917 
Segment operating income
Diversified Industrial:
North America$336,589 $279,628 $887,041 $766,159 
International274,427 176,954 681,541 499,343 
Aerospace Systems102,303 127,440 279,798 371,459 
Total segment operating income713,319 584,022 1,848,380 1,636,961 
Corporate general and administrative expenses48,089 48,342 123,544 132,904 
Income before interest expense and other expense665,230 535,680 1,724,836 1,504,057 
Interest expense60,830 80,765 189,778 233,612 
Other expense (income) 7,048 758 (54,101)128,386 
Income before income taxes$597,352 $454,157 $1,589,159 $1,142,059 


- 6 -


PARKER-HANNIFIN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts or as otherwise noted)

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.
1. Management representation
In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of March 31, 2021, the results of operations for the three and nine months ended March 31, 2021 and 2020 and cash flows for the nine months then ended. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s 2020 Annual Report on Form 10-K.
The novel coronavirus ("COVID-19") pandemic is having, and will likely continue to have, an adverse effect on our business, and its future impacts remain unpredictable. Therefore, accounting estimates and assumptions may change over time in response to the impacts of COVID-19. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year.
The Company has evaluated subsequent events that occurred through the date these financial statements were issued. No subsequent events have occurred that required adjustment to or disclosure in these financial statements.
2. New accounting pronouncements
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. We adopted ASU 2016-13 on July 1, 2020. The adoption of this guidance, using the modified retrospective method, did not result in a cumulative-effect adjustment to retained earnings and did not have a material impact on the consolidated financial statements or related disclosures.
3. 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 EndedNine Months Ended
March 31,March 31,
2021202020212020
Motion Systems$820,514 $778,840 $2,197,971 $2,297,961 
Flow and Process Control1,081,570 1,015,430 2,955,643 2,969,033 
Filtration and Engineered Materials1,245,298 1,163,581 3,477,632 3,157,248 
Total$3,147,382 $2,957,851 $8,631,246 $8,424,242 

- 7 -


Aerospace Systems Segment revenues by product platform:
Three Months EndedNine Months Ended
March 31,March 31,
2021202020212020
Flight Control Actuation$174,067 $175,871 $499,432 $529,553 
Fuel, Inerting and Engine Motion Control129,866 159,837 384,937 471,525 
Hydraulics75,430 114,763 222,193 333,523 
Engine Components145,819 181,173 436,119 454,572 
Airframe and Engine Fluid Conveyance49,190 83,555 141,737 247,356 
Other24,572 29,382 73,107 74,146 
Total$598,944 $744,581 $1,757,525 $2,110,675 
Total Company revenues by geographic region based on the Company's selling operation's location:
Three Months EndedNine Months Ended
March 31,March 31,
2021202020212020
North America$2,354,251 $2,507,566 $6,598,238 $7,107,655 
Europe788,498 726,577 2,087,030 2,018,301 
Asia Pacific561,274 430,500 1,586,375 1,292,054 
Latin America42,303 37,789 117,128 116,907 
Total$3,746,326 $3,702,432 $10,388,771 $10,534,917 
The majority of revenues from the Aerospace Systems Segment are generated from sales to customers within North America.
Contract balances
Contract assets and contract liabilities are reported on a contract-by-contract basis. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payments from customers are received based on the terms established in the contract with the customer.
Total contract assets and contract liabilities are as follows:
March 31,
2021
June 30,
2020
Contract assets, current (included within Prepaid expenses and other)$35,616 $30,827 
Contract assets, noncurrent (included within Investments and other assets)2,089 1,497 
Total contract assets37,705 32,324 
Contract liabilities, current (included within Other accrued liabilities)(52,834)(51,278)
Contract liabilities, noncurrent (included within Other liabilities)(3,910)(3,232)
Total contract liabilities(56,744)(54,510)
Net contract liabilities$(19,039)$(22,186)
At March 31, 2021, the change in net contract liabilities was primarily due to timing differences between when revenue was recognized and the receipt of advance payments. During the nine months ended March 31, 2021, approximately $29 million of revenue was recognized that was included in the contract liabilities at June 30, 2020.
Remaining performance obligations
Our backlog represents written firm orders from a customer to deliver products and, in the case of blanket purchase orders, only includes the portion of the order for which a schedule or release has been agreed to with the customer. We believe our backlog represents our unsatisfied or partially unsatisfied performance obligations. Backlog at March 31, 2021 was $6,185 million, of which approximately 87 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.
- 8 -


4. Earnings per share
The following table presents a reconciliation of the numerator and denominator of basic and diluted earnings per share for the three and nine months ended March 31, 2021 and 2020.
Three Months EndedNine Months Ended
March 31,March 31,
 2021202020212020
Numerator:
Net income attributable to common shareholders$471,647 $367,253 $1,240,362 $910,625 
Denominator:
Basic - weighted average common shares129,085,563 128,289,720 128,935,696 128,383,549 
Increase in weighted average common shares from dilutive effect of equity-based awards2,292,370 1,456,827 1,690,904 1,479,266 
Diluted - weighted average common shares, assuming exercise of equity-based awards131,377,933 129,746,547 130,626,600 129,862,815 
Basic earnings per share$3.65 $2.86 $9.62 $7.09 
Diluted earnings per share$3.59 $2.83 $9.50 $7.01 
For the three months ended March 31, 2021 and 2020, 133 and 753,028 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the nine months ended March 31, 2021 and 2020, 589,364 and 516,067 common shares subject to equity-based awards, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.
5. Share repurchase program
The Company has a program to repurchase its common shares. On October 22, 2014, the Board of Directors of the Company approved an increase in the overall number of shares authorized for repurchase under the program so that, beginning on such date, the aggregate number of shares authorized for repurchase was 35 million. There is no limitation on the number of shares that can be repurchased in a fiscal year. There is no expiration date for this program. Repurchases may be funded primarily from operating cash flows and commercial paper borrowings and the shares are initially held as treasury shares. In March 2020, the Company suspended the share repurchase program in response to business uncertainty resulting from the COVID-19 pandemic. During fiscal 2021, the Company reinitiated the share repurchase program and began repurchasing shares under the program in February 2021. During the three and nine months ended March 31, 2021, we repurchased 169,814 shares at an average price, including commissions, of $294.44 per share.
6. Trade accounts receivable, net
Trade accounts receivable are initially recorded at their net collectible amount and are generally recorded at the time the revenue from the sales transaction is recorded. We evaluate the collectibility of our receivables based on historical experience and current and forecasted economic conditions based on management's judgment. Additionally, receivables are written off to bad debt when management makes a final determination of uncollectibility. Allowance for credit losses was $12,734 and $11,644 at March 31, 2021 and June 30, 2020, respectively.
7. Non-trade and notes receivable
The non-trade and notes receivable caption in the Consolidated Balance Sheet is comprised of the following components:
March 31,
2021
June 30,
2020
Notes receivable$141,333 $97,370 
Accounts receivable, other168,235 147,500 
Total$309,568 $244,870 

- 9 -


8. Inventories
The inventories caption in the Consolidated Balance Sheet is comprised of the following components:
March 31,
2021
June 30,
2020
Finished products$715,218 $694,577 
Work in process944,378 881,104 
Raw materials238,563 238,950 
Total$1,898,159 $1,814,631 
9. Business realignment and acquisition integration charges
We incurred business realignment and acquisition integration charges in the first nine months of fiscal 2021 and 2020. During fiscal 2021, business realignment charges primarily consisted of actions taken to address the impact of COVID-19 on our business. In both fiscal 2021 and 2020, business realignment charges included severance costs related to actions taken under the Company's simplification initiative aimed at reducing organizational and process complexity as well as plant closures. A majority of the business realignment charges were incurred in North America and Europe. We believe the realignment actions will positively impact future results of operations but will not have a material effect on liquidity and sources and uses of capital.
Business realignment charges presented in the Business Segment Information are as follows:
Three Months EndedNine Months Ended
 March 31,March 31,
 2021202020212020
Diversified Industrial$4,139 $12,720 $31,247 $27,112 
Aerospace Systems1,306 613 6,643 658 
Corporate general and administrative expenses156 71 954 193 
Other expense 1 50 1,226 50 
Workforce reductions in connection with business realignment charges in the Business Segment Information are as follows:
Three Months EndedNine Months Ended
 March 31,March 31,
 2021202020212020
Diversified Industrial65 336 741 1,154 
Aerospace Systems41 34 326 50 
Corporate general and administrative expenses1 3 19 8 
The business realignment charges are presented in the Consolidated Statement of Income as follows:
Three Months EndedNine Months Ended
 March 31,March 31,
 2021202020212020
Cost of sales$3,056 $10,201 $29,389 $21,225 
Selling, general and administrative expenses2,545 3,203 9,455 6,738 
Other (income), net1 50 1,226 50 
During the first nine months of fiscal 2021, approximately $43 million in payments were made relating to business realignment charges. Remaining payments related to business realignment actions of approximately $19 million, a majority of which are expected to be paid by March 31, 2022, are primarily reflected within the other accrued liabilities caption in the Consolidated Balance Sheet. Additional charges may be recognized in future periods related to the business realignment actions described above, the timing and amount of which are not known at this time.
- 10 -


We also incurred the following acquisition integration charges related to the fiscal 2020 acquisitions of LORD Corporation ("Lord") and Exotic Metals Forming Company ("Exotic"):
Three Months EndedNine Months Ended
 March 31,March 31,
 2021202020212020
Diversified Industrial$2,631 $8,364 $9,495 $18,503 
Aerospace Systems24 486 699 1,570 
These charges are primarily included in selling, general and administrative expenses within the Consolidated Statement of Income.
10. Equity

Changes in equity for the three months ended March 31, 2021 and 2020 are as follows:
Common StockAdditional CapitalRetained EarningsAccumulated Other Comprehensive (Loss)Treasury SharesNoncontrolling
Interests
Total Equity
Balance at December 31, 2020$90,523 $385,049 $14,072,152 $(2,130,506)$(5,311,236)$16,322 $7,122,304 
Net income471,647 86 471,733 
Other comprehensive (loss)(25,784)(463)(26,247)
Dividends paid ($0.88 per share)
(113,887)(218)(114,105)
Stock incentive plan activity(10,552)14,796 4,244 
Shares purchased at cost(50,000)(50,000)
Balance at March 31, 2021$90,523 $374,497 $14,429,912 $(2,156,290)$(5,346,440)$15,727 $7,407,929 

Common StockAdditional CapitalRetained EarningsAccumulated Other Comprehensive (Loss)Treasury SharesNoncontrolling
Interests
Total Equity
Balance at December 31, 2019$90,523 $455,862 $13,094,252 $(1,945,732)$(5,364,730)$12,326 $6,342,501 
Net income367,253 116 367,369 
Other comprehensive (loss)(249,730)(960)(250,690)
Dividends paid ($0.88 per share)
(113,214)(52)(113,266)
Stock incentive plan activity(3,705)11,978 8,273 
Acquisition activity7 7 
Shares purchased at cost(46,767)(46,767)
Balance at March 31, 2020$90,523 $452,157 $13,348,291 $(2,195,462)$(5,399,519)$11,437 $6,307,427 

Changes in equity for the nine months ended March 31, 2021 and 2020 are as follows:
Common StockAdditional CapitalRetained EarningsAccumulated Other Comprehensive (Loss)Treasury SharesNoncontrolling
Interests
Total Equity
Balance at June 30, 2020$90,523 $416,585 $13,530,666 $(2,558,875)$(5,364,916)$14,546 $6,128,529 
Net income1,240,362 585 1,240,947 
Other comprehensive income402,585 813 403,398 
Dividends paid ($2.64 per share)
(341,116)(217)(341,333)
Stock incentive plan activity(42,088)68,476 26,388 
Shares purchased at cost(50,000)(50,000)
Balance at March 31, 2021$90,523 $374,497 $14,429,912 $(2,156,290)$(5,346,440)$15,727 $7,407,929 

- 11 -


Common StockAdditional CapitalRetained EarningsAccumulated Other Comprehensive (Loss)Treasury SharesNoncontrolling
Interests
Total Equity
Balance at June 30, 2019$90,523 $462,086 $12,777,538 $(2,059,048)$(5,309,130)$6,183 $5,968,152 
Net income910,625 383 911,008 
Other comprehensive (loss)(136,414)(972)(137,386)
Dividends paid ($2.64 per share)
(339,872)(419)(340,291)
Stock incentive plan activity(9,929)56,378 46,449 
Acquisition activity6,262 6,262 
Shares purchased at cost(146,767)(146,767)
Balance at March 31, 2020$90,523 $452,157 $13,348,291 $(2,195,462)$(5,399,519)$11,437 $6,307,427 


Changes in accumulated other comprehensive (loss) in shareholders' equity by component for the nine months ended March 31, 2021 and 2020 are as follows:
 Foreign Currency Translation AdjustmentRetirement Benefit PlansTotal
Balance at June 30, 2020$(1,193,937)$(1,364,938)$(2,558,875)
Other comprehensive income before reclassifications281,726  281,726 
Amounts reclassified from accumulated other comprehensive (loss) 120,859 120,859 
Balance at March 31, 2021$(912,211)$(1,244,079)$(2,156,290)


 Foreign Currency Translation AdjustmentRetirement Benefit PlansTotal
Balance at June 30, 2019$(1,011,656)$(1,047,392)$(2,059,048)
Other comprehensive (loss) before reclassifications(232,981) (232,981)
Amounts reclassified from accumulated other comprehensive (loss) 96,567 96,567 
Balance at March 31, 2020$(1,244,637)$(950,825)$(2,195,462)


Significant reclassifications out of accumulated other comprehensive (loss) in shareholders' equity for the three and nine months ended March 31, 2021 and 2020 are as follows:
Details about Accumulated Other Comprehensive (Loss) ComponentsIncome (Expense) Reclassified from Accumulated Other Comprehensive (Loss)Consolidated Statement of Income Classification
Three Months EndedNine Months Ended
March 31, 2021March 31, 2021
Retirement benefit plans
Amortization of prior service cost and initial net obligation
$(1,304)$(3,542)Other (income), net
Recognized actuarial loss(51,212)(156,240)Other (income), net
Total before tax(52,516)(159,782)
Tax benefit12,793 38,923 
Net of tax$(