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PENSION AND POST-RETIREMENT BENEFIT PLANS (Tables)

9 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit cost for pension and other post-retirement benefit plans

The components of net periodic benefit cost for the three months ended March 31, 2022 and 2021 consisted of the following:

						Pension Plans																								Other than Pension Plans
						U.S.												International												Post-retirement
(In millions)						2022						2021						2022						2021						2022						2021
Service cost						$	12					$	12					$	8					$	9					$	1					$	2
Interest cost						8						8						3						2						1						1
Expected return on plan assets						(14)						(14)						(4)						(4)						—						(1)
Amortization of:
Actuarial loss						4						5						—						1						—						—
Prior service cost						—						—						—						—						—						—
Settlements						—						—						—						1						—						—
Special termination benefits						—						—						1						1						—						—
Net periodic benefit cost						$	10					$	11					$	8					$	10					$	2					$	2

The components of net periodic benefit cost for the nine months ended March 31, 2022 and 2021 consisted of the following:

						Pension Plans																								Other than Pension Plans
						U.S.												International												Post-retirement
(In millions)						2022						2021						2022						2021						2022						2021
Service cost						$	35					$	34					$	24					$	27					$	2					$	2
Interest cost						23						23						8						7						4						4
Expected return on plan assets						(41)						(40)						(11)						(10)						(1)						(1)
Amortization of:
Actuarial loss						11						15						1						3						1						—
Prior service cost						—						—						(1)						—						—						—
Settlements						—						—						—						1						—						—
Special termination benefits						—						—						4						10						—						—
Net periodic benefit cost						$	28					$	32					$	25					$	38					$	6					$	5

Schedule of amounts recognized in the consolidated balance sheets related to the Company's pension and post-retirement benefit plans

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)						March 31, 2022						June 30, 2021
Other assets						$	142					$	162
Other accrued liabilities						(28)						(28)
Other noncurrent liabilities						(426)						(432)
Funded status						(312)						(298)
Accumulated other comprehensive loss						229						242
Net amount recognized						$	(83)					$	(56)

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- References

No definition available.

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- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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