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PENSION AND POST-RETIREMENT BENEFIT PLANS

6 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

PENSION AND POST-RETIREMENT BENEFIT PLANS

PENSION AND POST-RETIREMENT BENEFIT PLANSThe 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, 2020.

The components of net periodic benefit cost for the three months ended December 31, 2020 and 2019 consisted of the following:

						Pension Plans																								Other than Pension Plans
						U.S.												International												Post-retirement
(In millions)						2020						2019						2020						2019						2020						2019
Service cost						$	11					$	10					$	9					$	9					$	—					$	1
Interest cost						7						9						3						2						2						1
Expected return on plan assets						(13)						(13)						(3)						(4)						—						—
Amortization of:
Actuarial loss						5						3						1						2						—						—
Special termination benefits						—						—						7						—						—						—
Net periodic benefit cost						$	10					$	9					$	17					$	9					$	2					$	2

The components of net periodic benefit cost for the six months ended December 31, 2020 and 2019 consisted of the following:

						Pension Plans																								Other than Pension Plans
						U.S.												International												Post-retirement
(In millions)						2020						2019						2020						2019						2020						2019
Service cost						$	22					$	20					$	18					$	18					$	—					$	2
Interest cost						15						17						5						5						3						3
Expected return on plan assets						(26)						(26)						(6)						(7)						—						(1)
Amortization of:
Actuarial loss						10						7						2						3						—						—
Special termination benefits						—						—						9						—						—						—
Net periodic benefit cost						$	21					$	18					$	28					$	19					$	3					$	4

During the six months ended December 31, 2020, the Company made contributions to its international pension plans totaling $18 million.

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

(In millions)						December 31 2020						June 30 2020
Other assets						$	138					$	127
Other accrued liabilities						(27)						(27)
Other noncurrent liabilities						(472)						(440)
Funded status						(361)						(340)
Accumulated other comprehensive loss						314						324
Net amount recognized						$	(47)					$	(16)

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- References

No definition available.

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- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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