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PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Schedule of components of net periodic benefit cost for pension and other post-retirement benefit plans | The components of the above-mentioned plans as of and for the years ended June 30 are summarized as follows:
|  | Pension Plans |  | Other than Pension Plans
|  | U.S. |  | International |  | Post-retirement
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 912 |  |  | $ | 922 |  |  | $ | 522 |  |  | $ | 562 |  |  | $ | 176 |  |  | $ | 177 |
Service cost |  | 35 |  |  | 37 |  |  | 26 |  |  | 27 |  |  | 2 |  |  | 1 |
Interest cost |  | 46 |  |  | 40 |  |  | 19 |  |  | 15 |  |  | 8 |  |  | 8 |
Plan participant contributions |  | — |  |  | — |  |  | 8 |  |  | 8 |  |  | 1 |  |  | 1 |
Actuarial loss (gain) |  | (3) |  |  | (30) |  |  | (1) |  |  | (51) |  |  | (6) |  |  | 4 |
Foreign currency exchange rate impact |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | (3) |
Benefits, expenses, taxes and premiums paid |  | (49) |  |  | (57) |  |  | (32) |  |  | (32) |  |  | (12) |  |  | (12) |
Plan amendments |  | — |  |  | — |  |  | — |  |  | — |  |  | (25) |  |  | — |
Settlements |  | — |  |  | — |  |  | (2) |  |  | (4) |  |  | — |  |  | — |
Special termination benefits |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Benefit obligation at end of year |  | $ | 941 |  |  | $ | 912 |  |  | $ | 541 |  |  | $ | 522 |  |  | $ | 144 |  |  | $ | 176 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 753 |  |  | $ | 838 |  |  | $ | 541 |  |  | $ | 579 |  |  | $ | 2 |  |  | $ | 14 |
Actual return on plan assets |  | 14 |  |  | (42) |  |  | 29 |  |  | (38) |  |  | — |  |  | (1) |
Foreign currency exchange rate impact |  | — |  |  | — |  |  | (1) |  |  | (7) |  |  | — |  |  | — |
Employer contributions |  | 83 |  |  | 14 |  |  | 24 |  |  | 35 |  |  | 9 |  |  | — |
Plan participant contributions |  | — |  |  | — |  |  | 8 |  |  | 8 |  |  | 1 |  |  | 1 |
Settlements |  | — |  |  | — |  |  | (2) |  |  | (4) |  |  | — |  |  | — |
Benefits, expenses, taxes and premiums paid from plan assets |  | (49) |  |  | (57) |  |  | (32) |  |  | (32) |  |  | (12) |  |  | (12) |
Fair value of plan assets at end of year |  | $ | 801 |  |  | $ | 753 |  |  | $ | 567 |  |  | $ | 541 |  |  | $ | — |  |  | $ | 2 |
Funded status |  | $ | (140) |  |  | $ | (159) |  |  | $ | 26 |  |  | $ | 19 |  |  | $ | (144) |  |  | $ | (174) |
Amounts recognized in the Balance Sheet consist of: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | — |  |  | $ | 125 |  |  | $ | 115 |  |  | $ | — |  |  | $ | — |
Other accrued liabilities |  | (27) |  |  | (21) |  |  | (4) |  |  | (4) |  |  | (13) |  |  | (9) |
Other noncurrent liabilities |  | (113) |  |  | (138) |  |  | (95) |  |  | (92) |  |  | (131) |  |  | (165) |
Funded status |  | (140) |  |  | (159) |  |  | 26 |  |  | 19 |  |  | (144) |  |  | (174) |
Accumulated other comprehensive loss (income) |  | 269 |  |  | 237 |  |  | (5) |  |  | (9) |  |  | (21) |  |  | 7 |
Net amount recognized |  | $ | 129 |  |  | $ | 78 |  |  | $ | 21 |  |  | $ | 10 |  |  | $ | (165) |  |  | $ | (167) |
Net periodic benefit costs and weighted-average assumptions |
|  | Pension Plans |  | Other than Pension Plans
|  | U.S. |  | International |  | Post-retirement
($ in millions) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 35 |  |  | $ | 37 |  |  | $ | 46 |  |  | $ | 26 |  |  | $ | 27 |  |  | $ | 31 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 2 |
Interest cost |  | 46 |  |  | 40 |  |  | 31 |  |  | 19 |  |  | 15 |  |  | 10 |  |  | 8 |  |  | 8 |  |  | 6 |
Expected return on assets |  | (54) |  |  | (57) |  |  | (55) |  |  | (25) |  |  | (17) |  |  | (13) |  |  | (1) |  |  | (1) |  |  | (1) |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) |  | 4 |  |  | 3 |  |  | 15 |  |  | (8) |  |  | (3) |  |  | 2 |  |  | — |  |  | — |  |  | 1 |
Prior service cost |  | 1 |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (3) |  |  | — |  |  | — |
Settlements |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Special termination benefits |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 32 |  |  | $ | 23 |  |  | $ | 37 |  |  | $ | 12 |  |  | $ | 22 |  |  | $ | 33 |  |  | $ | 6 |  |  | $ | 8 |  |  | $ | 8 |
Assumptions used to determine benefit obligations at June 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.50 – 5.70% |  | 5.20 – 5.30% |  | 4.30 – 4.50% |  | 1.75 – 10.00% |  | 1.00 – 9.00% |  | 0.75 – 9.00% |  | 5.00 – 11.00% |  | 5.00 – 10.75% |  | 4.50 – 9.75%
Rate of compensation increase |  | 2.50 – 8.00% |  | 2.50 – 8.00% |  | 2.50 – 8.00% |  | 1.50 – 5.00% |  | 1.75 – 5.00% |  | 1.50– 5.00% |  | N/A |  | N/A |  | N/A
Weighted-average assumptions used to determine benefit obligations at June 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.68 | % |  | 5.29 | % |  | 4.48 | % |  | 3.50 | % |  | 3.69 | % |  | 2.77 | % |  | 5.51 | % |  | 5.19 | % |  | 4.68 | %
Rate of compensation increase |  | 2.50 – 8.00% |  | 2.50 – 8.00% |  | 2.50 – 8.00% |  | 3.00 | % |  | 3.08 | % |  | 3.08 | % |  | N/A |  | N/A |  | N/A
Assumptions used to determine net periodic benefit cost for the year ended June 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.20 – 5.30% |  | 4.30 – 4.50% |  | 2.50 – 3.00% |  | 1.00 – 9.00% |  | .75– 9.00% |  | .50 – 7.25% |  | 5.00 – 10.75% |  | 4.50 – 9.75% |  | 2.70 – 9.00%
Expected return on assets |  | 6.25 | % |  | 6.25 | % |  | 6.25 | % |  | 2.25 – 9.00% |  | 1.25 – 9.00% |  | 1.25 – 7.25% |  | 6.25 | % |  | 6.25 | % |  | 6.25 | %
Rate of compensation increase |  | 2.50 – 8.00% |  | 2.50 – 8.00% |  | 2.50– 8.00% |  | 1.75 – 5.00% |  | — – 5.00% |  | — – 5.00% |  | N/A |  | N/A |  | N/A
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.29 | % |  | 4.48 | % |  | 2.94 | % |  | 3.69 | % |  | 2.77 | % |  | 1.59 | % |  | 5.19 | % |  | 4.68 | % |  | 2.92 | %
Expected return on assets(1) |  | 6.25 | % |  | 6.25 | % |  | 6.25 | % |  | 4.06 | % |  | 2.95 | % |  | 2.19 | % |  | 6.25 | % |  | 6.25 | % |  | 6.25 | %
Rate of compensation increase |  | 2.50 – 8.00% |  | 2.50 – 8.00% |  | 2.50 – 8.00% |  | 3.08 | % |  | 2.96 | % |  | 2.81 | % |  | N/A |  | N/A |  | N/A
(1)The U.S. post-retirement benefit plan is the only post-retirement benefit plan with plan assets during fiscal 2024 and as such, the rates reflected here are the expected return on plan assets for the U.S. post-retirement plan.
Amounts recognized in AOCI (before tax) | Amounts recognized in AOCI (before tax) as of June 30, 2024 are as follows:
|  | Pension Plans |  | Other than Pension Plans |  |
(In millions) |  | U.S. |  | International |  | Post-retirement |  | Total
Net actuarial losses (gains), beginning of year |  | $ | 235 |  |  | $ | (7) |  |  | $ | 7 |  |  | $ | 235 |
Actuarial losses (gains) recognized |  | 37 |  |  | (4) |  |  | (6) |  |  | 27 |
Amortization and settlements included in net periodic benefit cost |  | (4) |  |  | 8 |  |  | — |  |  | 4 |
Translation adjustments |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net actuarial losses (gains), end of year |  | 268 |  |  | (4) |  |  | 1 |  |  | 265 |
Net prior service cost, beginning of year |  | 2 |  |  | (2) |  |  | — |  |  | — |
Amortization included in net periodic benefit cost |  | (1) |  |  | 1 |  |  | 3 |  |  | 3 |
Prior service cost recognized |  | — |  |  | — |  |  | (25) |  |  | (25) |
Net prior service cost, end of year |  | 1 |  |  | (1) |  |  | (22) |  |  | (22) |
Total amounts recognized in AOCI |  | $ | 269 |  |  | $ | (5) |  |  | $ | (21) |  |  | $ | 243 |
Projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the company's pension plans | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans at June 30 are as follows:
|  | Pension Plans |  | Other than Pension Plans
|  | Retirement Growth Account |  | Restoration |  | International |  | Post-retirement
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Projected benefit obligation |  | $ | 825 |  |  | $ | 807 |  |  | $ | 116 |  |  | $ | 105 |  |  | $ | 541 |  |  | $ | 522 |  |  | $ | 144 |  |  | $ | 176 |
Accumulated benefit obligation |  | $ | 800 |  |  | $ | 774 |  |  | $ | 108 |  |  | $ | 95 |  |  | $ | 484 |  |  | $ | 467 |  |  | $ | — |  |  | $ | — |
Fair value of plan assets |  | $ | 801 |  |  | $ | 753 |  |  | $ | — |  |  | $ | — |  |  | $ | 567 |  |  | $ | 541 |  |  | $ | — |  |  | $ | 2 |
Expected cash flows | The expected cash flows for the Company’s pension and post-retirement plans are as follows:
|  | Pension Plans |  | Other than Pension Plans
(In millions) |  | U.S. |  | International |  | Post-retirement
Expected employer contributions for year ending June 30, 2025 |  | $ | 65 |  |  | $ | 29 |  |  | $ | 13 |
Expected benefit payments for year ending June 30, |  |  |  |  |  |
2025 |  | 89 |  |  | 40 |  |  | 13 |
2026 |  | 63 |  |  | 34 |  |  | 10 |
2027 |  | 62 |  |  | 33 |  |  | 10 |
2028 |  | 63 |  |  | 32 |  |  | 11 |
2029 |  | 65 |  |  | 33 |  |  | 11 |
Years 2030 – 2034 |  | 334 |  |  | 169 |  |  | 53 |
Target asset allocation | The Company’s target asset allocation at June 30, 2024 is as follows:
|  | Pension Plans |  |
|  | U.S. |  | International |  |
Equity |  | 39 | % |  | 20 | % |  |
Debt securities |  | 50 | % |  | 58 | % |  |
Other |  | 11 | % |  | 22 | % |  |
|  | 100 | % |  | 100 | % |  |
Fair values of the company's pension and post-retirement plan assets by asset category | The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2024:
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets Measured at NAV |  | Total
Cash and cash equivalents |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Short-term investment funds |  | — |  |  | 28 |  |  | — |  |  | 3 |  |  | 31 |
Government and agency securities |  | 137 |  |  | — |  |  | — |  |  | — |  |  | 137 |
Commingled funds |  | 301 |  |  | 642 |  |  | — |  |  | 148 |  |  | 1,091 |
Insurance contracts |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Interests in limited partnerships and hedge fund investments |  | — |  |  | — |  |  | — |  |  | 93 |  |  | 93 |
Total |  | $ | 440 |  |  | $ | 670 |  |  | $ | 14 |  |  | $ | 244 |  |  | $ | 1,368 |
The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2023:
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets Measured at NAV |  | Total
Cash and cash equivalents |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Short-term investment funds |  | — |  |  | 12 |  |  | — |  |  | 3 |  |  | 15 |
Government and agency securities |  | — |  |  | 139 |  |  | — |  |  | — |  |  | 139 |
Commingled funds |  | 332 |  |  | 547 |  |  | — |  |  | 143 |  |  | 1,022 |
Insurance contracts |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Interests in limited partnerships and hedge fund investments |  | — |  |  | — |  |  | — |  |  | 110 |  |  | 110 |
Total |  | $ | 334 |  |  | $ | 698 |  |  | $ | 8 |  |  | $ | 256 |  |  | $ | 1,296 |
Changes in Level 3 plan assets | The following table presents the changes in Level 3 plan assets:
|  | June 30
(In millions) |  | 2024 |  | 2023
Insurance Contracts |  |  |  |
Balance at beginning of year |  | $ | 8 |  |  | $ | 46 |
Actual return on plan assets: |  |  |  |
Relating to assets still held at the reporting date |  | 1 |  |  | (2) |
Purchases, sales, issuances and settlements, net |  | 5 |  |  | (35) |
Foreign exchange impact |  | — |  |  | (1) |
Balance at end of year |  | $ | 14 |  |  | $ | 8 |

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