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Revenue recognition
 6 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
Revenue is derived primarily from the sale of products in the aerospace and defense, in-plant and industrial equipment, transportation, off-highway, energy and HVAC and refrigeration 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 EndedSix Months Ended
December 31,December 31,
2024202320242023
Motion Systems$804,462 $917,966 $1,653,011 $1,860,280 
Flow and Process Control1,059,614 1,122,400 2,185,248 2,303,861 
Filtration and Engineered Materials1,388,730 1,474,107 2,870,705 2,968,860 
Total$3,252,806 $3,514,473 $6,708,964 $7,133,001 
Aerospace Systems Segment revenues by market segment:
Three Months EndedSix Months Ended
December 31,December 31,
2024202320242023
Commercial original equipment manufacturer ("OEM")$448,138 $424,768 $881,373 $843,384 
Commercial aftermarket530,760 437,762 1,051,589 828,968 
Defense OEM284,834 263,313 547,125 526,378 
Defense aftermarket226,055 180,631 457,526 336,704 
Total$1,489,787 $1,306,474 $2,937,613 $2,535,434 

Total Company revenues by geographic region based on the Company's selling operation's location:
Three Months EndedSix Months Ended
December 31,December 31,
2024202320242023
North America$3,197,751 $3,234,158 $6,531,411 $6,527,249 
Europe897,832 947,584 1,832,412 1,889,299 
Asia Pacific596,007 583,920 1,175,918 1,138,325 
Latin America51,003 55,285 106,836 113,562 
Total$4,742,593 $4,820,947 $9,646,577 $9,668,435 
The majority of revenues from the Aerospace Systems Segment are generated from sales within North America.
Contract balances
Contract assets and contract liabilities are reported on a contract-by-contract basis. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payments from customers are received based on the terms established in the contract with the customer.
Total contract assets and contract liabilities are as follows:
December 31,
2024		June 30,
2024
Contract assets, current (included within Other current assets)$137,877 $136,814 
Contract assets, noncurrent (included within Investments and other assets)16,552 21,063 
Total contract assets154,429 157,877 
Contract liabilities, current (included within Other accrued liabilities)(187,997)(183,868)
Contract liabilities, noncurrent (included within Other liabilities)(81,864)(77,957)
Total contract liabilities(269,861)(261,825)
Net contract liabilities$(115,432)$(103,948)
Net contract liabilities at December 31, 2024 increased from the June 30, 2024 amount primarily due to timing differences between when revenue was recognized and the receipt of advance payments. During the six months ended December 31, 2024, approximately $125 million of revenue was recognized that was included in the contract liabilities at June 30, 2024.
Remaining performance obligations
Our backlog represents written firm orders from a customer to deliver products and, in the case of blanket purchase orders, only includes the portion of the order for which a schedule or release has been agreed to with the customer. We believe our backlog represents our unsatisfied or partially unsatisfied performance obligations. Backlog at December 31, 2024 was $10.5 billion, of which approximately 74 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.