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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Jun. 30, 2022
Retirement Benefits [Abstract] |
Schedule of Projected Benefit Obligation, Changes in Fair Value of Plan Assets and Funded Status | The Company uses a June 30 measurement date for all pension and postretirement benefit plans. The following table sets forth the change in the projected benefit obligation, change in the fair value of plan assets and funded status for the Company's pension and postretirement benefit plans:
| Pension benefits |  | Postretirement benefits
| As of June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Projected benefit obligation, beginning of the year | $ | 1,468 |  |  | $ | 1,409 |  |  | $ | 98 |  |  | $ | 104 |
Service cost | 38 |  |  | 38 |  |  | 1 |  |  | 2 |
Interest cost | 30 |  |  | 30 |  |  | 2 |  |  | 2 |
Benefits paid | (22) |  |  | (23) |  |  | (4) |  |  | (4) |
Settlements(a) | (56) |  |  | (51) |  |  | — |  |  | — |
Actuarial (gains) losses(b) | (256) |  |  | 65 |  |  | (46) |  |  | (6) |
Other | 1 |  |  | — |  |  | 2 |  |  | — |
Projected benefit obligation, end of the year | 1,203 |  |  | 1,468 |  |  | 53 |  |  | 98 |
Change in the fair value of plan assets for the Company's benefit plans: |  |  |  |  |  |  |
Fair value of plan assets, beginning of the year | 972 |  |  | 788 |  |  | — |  |  | — |
Actual return on plan assets | (152) |  |  | 195 |  |  | — |  |  | — |
Employer contributions | 59 |  |  | 63 |  |  | 4 |  |  | 4 |
Benefits paid | (22) |  |  | (23) |  |  | (4) |  |  | (4) |
Settlements(a) | (56) |  |  | (51) |  |  | — |  |  | — |
Fair value of plan assets, end of the year | 801 |  |  | 972 |  |  | — |  |  | — |
Funded status(c) | $ | (402) |  |  | $ | (496) |  |  | $ | (53) |  |  | $ | (98) |
Grantor Trust assets(c) | $ | 270 |  |  | $ | 304 |  |  | $ | — |  |  | $ | — |
(a) | Represents the full settlement of former employees' deferred pension benefit obligations through lump sum payments.
(b) | Actuarial (gains) for June 30, 2022 were mainly due to a change in the discount rate assumption utilized in measuring plan obligations. Actuarial losses for June 30, 2021 were mainly due to a change in the discount rate assumption utilized in measuring plan obligations and changes to other economic assumptions and demographic experience.
(c) | The Company has established an irrevocable grantor trust (the "Grantor Trust"), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Grantor Trust are unsecured funds of the Company and can be used to satisfy the Company's obligations in the event of bankruptcy or insolvency.
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Balance Sheets consist of:
| Pension benefits |  | Postretirement benefits
| As of June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Pension assets | $ | 6 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Accrued pension liabilities | (408) |  |  | (500) |  |  | (53) |  |  | (98) |
Net amount recognized | $ | (402) |  |  | $ | (496) |  |  | $ | (53) |  |  | $ | (98) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in Accumulated other comprehensive loss, before tax, consist of:
| Pension benefits |  | Postretirement benefits
| As of June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Actuarial losses (gains) | $ | 322 |  |  | $ | 409 |  |  | $ | (33) |  |  | $ | 13 |
Prior service cost | 3 |  |  | 2 |  |  | — |  |  | — |
Net amounts recognized | $ | 325 |  |  | $ | 411 |  |  | $ | (33) |  |  | $ | 13 |
Schedule of Accumulated and Projected Benefit Obligations and Fair Value of Plan Assets for Funded and Unfunded Pension Plans | Information about funded and unfunded pension plans is presented below:
| Funded plans |  | Unfunded plans |
| As of June 30, |
| 2022 |  | 2021 |  | 2022 |  |  | 2021 |
| (in millions) |
Projected benefit obligation | $ | 930 |  |  | $ | 1,150 |  |  | $ | 273 |  |  |  | $ | 318 |  |
Accumulated benefit obligation | 801 |  |  | 1,010 |  |  | 268 |  |  |  | 309 |  |
Fair value of plan assets | 801 |  |  | 972 |  |  | — |  |  | (a) | — |  | (a)
(a) | The fair value of the assets in the Grantor Trust as of June 30, 2022 and 2021 was $270 million and $304 million, respectively.
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Information about funded and unfunded pension plans in which the accumulated benefit obligation exceeds fair value of the plan assets is presented below.
| Funded plans |  | Unfunded plans |
| As of June 30, |
| 2022 |  | 2021 |  | 2022 |  |  | 2021 |
| (in millions) |
Projected benefit obligation | $ | 807 |  |  | $ | 990 |  |  | $ | 273 |  |  |  | $ | 318 |  |
Accumulated benefit obligation | 683 |  |  | 854 |  |  | 268 |  |  |  | 309 |  |
Fair value of plan assets | 675 |  |  | 811 |  |  | — |  |  | (a) | — |  | (a)
(a) | The fair value of the assets in the Grantor Trust as of June 30, 2022 and 2021 was $270 million and $304 million, respectively.
Schedule of Components of Periodic Benefit Costs | The components of net periodic benefit costs were as follows:
| Pension benefits |  | Postretirement benefits
| For the years ended June 30,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
| (in millions)
Service cost | $ | 38 |  |  | $ | 38 |  |  | $ | 35 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost | 30 |  |  | 30 |  |  | 39 |  |  | 2 |  |  | 2 |  |  | 3 |
Expected return on plan assets | (50) |  |  | (50) |  |  | (55) |  |  | — |  |  | — |  |  | — |
Amortization of deferred losses | 31 |  |  | 44 |  |  | 28 |  |  | 1 |  |  | 1 |  |  | 1 |
Other | 3 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Net periodic benefit costs | $ | 52 |  |  | $ | 64 |  |  | $ | 48 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | 6 |
Schedule of Assumptions Used | The components of net periodic benefit costs other than the service cost component are included in Other, net in the Statements of Operations.
| Pension benefits |  | Postretirement benefits
| For the years ended June 30,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Additional information |  |  |  |  |  |  |  |  |  |  |
Weighted-average assumptions used to determine benefit obligations |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.8 | % |  | 2.7 | % |  | 2.8 | % |  | 4.8 | % |  | 2.7 | % |  | 2.8 | %
Weighted-average assumptions used to determine net periodic benefit costs |  |  |  |  |  |  |  |  |  |  |
Discount rate for service cost | 2.8 | % |  | 2.9 | % |  | 3.7 | % |  | 2.9 | % |  | 3.0 | % |  | 3.8 | %
Discount rate for interest cost | 2.1 | % |  | 2.2 | % |  | 3.2 | % |  | 2.2 | % |  | 2.2 | % |  | 3.2 | %
Expected return on plan assets | 5.1 | % |  | 6.5 | % |  | 7.0 | % |  | N/A |  | N/A |  | N/A
Schedule of Assumed Health Care Cost Trend Rates | The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:
| Postretirement benefits
| Fiscal 2022 |  | Fiscal 2021
Health care cost trend rate | 5.8 | % |  | 6.0 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.0 | % |  | 4.0 | %
Year that the rate reaches the ultimate trend rate | 2047 |  | 2047
Schedule of Expected Estimated Benefit Payments | The following table sets forth the estimated benefit payments and estimated settlements for the next five fiscal years and in aggregate for the five fiscal years thereafter. These payments are estimated based on the same assumptions used to measure the Company's benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service:
| Expected benefit payments
| Pension benefits |  | Postretirement benefits
| (in millions)
Fiscal year |  |  |
2023 | $ | 61 |  |  | $ | 4 |
2024 | 64 |  |  | 4 |
2025 | 65 |  |  | 4 |
2026 | 65 |  |  | 4 |
2027 | 69 |  |  | 4 |
2028-2032 | 395 |  |  | 19 |
Schedule of Plan Assets and Grantor Trust Assets by Level within Fair Value Hierarchy | The assets are classified by level within the fair value hierarchy, as described in Note 6—Fair Value, as of June 30, 2022 and 2021:
| As of June 30, 2022
|  |  | Fair value measurements at reporting date using |  | Assets measured
| Total |  | Level 1 |  | Level 2 |  | at NAV(a)
| (in millions)
PENSION PLAN ASSETS |  |  |  |  |  |  |
Pooled funds(b) |  |  |  |  |  |  |
Money market funds | $ | 20 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |
Domestic equity funds | 82 |  |  | 82 |  |  | — |  |  | — |
Domestic fixed income funds(c) | 381 |  |  | 381 |  |  | — |  |  | — |
International equity funds | 133 |  |  | 133 |  |  | — |  |  | — |
Balanced funds | 78 |  |  | 78 |  |  | — |  |  | — |
U.S. common stocks(d) | 43 |  |  | 43 |  |  | — |  |  | — |
Partnership interests | 33 |  |  | — |  |  | — |  |  | 33 |
Exchange traded equity funds(d) | 32 |  |  | 32 |  |  | — |  |  | — |
Other(e) | (1) |  |  | (1) |  |  | — |  |  | — |
Total fair value of plan assets | $ | 801 |  |  | $ | 768 |  |  | $ | — |  |  | $ | 33 |
GRANTOR TRUST ASSETS |  |  |  |  |  |  |
Balanced funds(b) | $ | 234 |  |  | $ | 234 |  |  | $ | — |  |  | $ | — |
Partnership interests | 16 |  |  | — |  |  | — |  |  | 16 |
Other(e) | 20 |  |  | 20 |  |  | — |  |  | — |
Total fair value of Grantor Trust assets | $ | 270 |  |  | $ | 254 |  |  | $ | — |  |  | $ | 16 |
| As of June 30, 2021
|  |  | Fair value measurements at reporting date using |  | Assets measured
| Total |  | Level 1 |  | Level 2 |  | at NAV(a)
| (in millions)
PENSION PLAN ASSETS |  |  |  |  |  |  |
Pooled funds(b) |  |  |  |  |  |  |
Money market funds | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |
Domestic equity funds | 67 |  |  | 67 |  |  | — |  |  | — |
Domestic fixed income funds(c) | 355 |  |  | 355 |  |  | — |  |  | — |
International equity funds | 193 |  |  | 193 |  |  | — |  |  | — |
International fixed income funds(c) | 28 |  |  | 28 |  |  | — |  |  | — |
Balanced funds | 93 |  |  | 93 |  |  | — |  |  | — |
U.S. common stocks(d) | 136 |  |  | 136 |  |  | — |  |  | — |
Partnership interests | 10 |  |  | — |  |  | — |  |  | 10 |
Exchange traded funds(d) | 67 |  |  | 67 |  |  | — |  |  | — |
Other(e) | 1 |  |  | — |  |  | 1 |  |  | — |
Total fair value of plan assets | $ | 972 |  |  | $ | 961 |  |  | $ | 1 |  |  | $ | 10 |
GRANTOR TRUST ASSETS |  |  |  |  |  |  |
Balanced funds(b) | $ | 267 |  |  | $ | 267 |  |  | $ | — |  |  | $ | — |
Partnership interests | 17 |  |  | — |  |  | — |  |  | 17 |
Other(e) | 20 |  |  | 20 |  |  | — |  |  | — |
Total fair value of Grantor Trust assets | $ | 304 |  |  | $ | 287 |  |  | $ | — |  |  | $ | 17 |
(a) | Investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy disclosure. These investments have monthly liquidity.
(b) | Pooled funds that have a readily determinable fair value are valued at the regularly published NAV.
(c) | Domestic fixed income funds and international fixed income funds consist primarily of investment grade securities.
(d) | Exchange traded funds and common stock investments that are publicly traded are valued at the closing price reported on active markets in which the securities are traded.
(e) | Includes cash and cash equivalents, plan receivables and payables and certain other fixed income investments.
Schedule of Weighted Average Asset Allocations by Asset Category | The funded plans weighted-average asset allocation, by asset category, are as follows:
| Pension benefits
| As of June 30,
| 2022 |  | 2021
Asset Category |  |  |
Equity investments | 37 | % |  | 48 | %
Fixed income investments, including cash | 52 |  |  | 42 |
Other | 11 |  |  | 10 |
Total | 100 | % |  | 100 | %

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