XML 82 R16.htm IDEA: XBRL DOCUMENT

PENSION AND POST-RETIREMENT BENEFIT PLANS

6 Months Ended

Dec. 31, 2019

PENSION AND POST-RETIREMENT BENEFIT PLANS

PENSION AND POST-RETIREMENT BENEFIT PLANS

NOTE 10 – PENSION AND POST-RETIREMENT BENEFIT PLANS

The Company maintains pension plans covering substantially all of its full-time employees for its U.S. operations and a majority of its international operations. The Company also maintains post-retirement benefit plans that provide certain medical and dental benefits to eligible employees. Descriptions of these plans are included in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019.

The components of net periodic benefit cost for the three months ended December 31, 2019 and 2018 consisted of the following:


									Other than
	Pension Plans								Pension Plans
	U.S.				International				Post-retirement
(In millions)	2019		2018		2019		2018		2019		2018
Service cost	$	10	$	9	$	9	$	7	$	1	$	—
Interest cost		9		9		2		3		1		2
Expected return on plan assets		(13)		(13)		(4)		(4)		—		—
Amortization of:
Actuarial loss		3		2		2		2		—		—
Net periodic benefit cost	$	9	$	7	$	9	$	8	$	2	$	2

The components of net periodic benefit cost for the six months ended December 31, 2019 and 2018 consisted of the following:


									Other than
	Pension Plans								Pension Plans
	U.S.				International				Post-retirement
(In millions)	2019		2018		2019		2018		2019		2018
Service cost	$	20	$	18	$	18	$	15	$	2	$	1
Interest cost		17		18		5		6		3		4
Expected return on plan assets		(26)		(26)		(7)		(7)		(1)		(1)
Amortization of:
Actuarial loss		7		5		3		2		—		—
Net periodic benefit cost	$	18	$	15	$	19	$	16	$	4	$	4

During the six months ended December 31, 2019, the Company made contributions to its U.S. qualified defined benefit pension plan and international pension plans totaling $20 million and $6 million, respectively.

The amounts recognized in the consolidated balance sheets related to the Company’s pension and post-retirement benefit plans consist of the following:


	December 31		June 30
(In millions)	2019		2019
Other assets	$	123	$	105
Other accrued liabilities		(27)		(27)
Other noncurrent liabilities		(434)		(418)
Funded status		(338)		(340)
Accumulated other comprehensive loss		325		334
Net amount recognized	$	(13)	$	(6)