For practice I tried to perform a simple Projection on a Feature class. The original Projected Coordinate system was NAD_1983_StatePlane_California_VI_FIPS_0406_Feet and the output was into NAD_1983_StatePlane_California_V_FIPS_0405_Feet. (The only change was from FIPS_0406 to FIPS_0405).
The result was a red circle with an "x" and next to it was 000000_12301899 (which I assume was the error).
Below that it showed that the output was empty.
My version of software is ARC_GIS 10.4.1.
I have a Windows 10.
Again this was for practice so you dont have to spend much time on this but I do like to know what the problem is.
PS. I attached two screenshots. One is with the Hiearchy Tree unopened while the other is opened. The two extra errors at the Bottom are just another iteration of me running the tool.