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v3.20.2

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Jun. 30, 2020
Retirement Benefits [Abstract] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Summarized information for the Company’s retirement income and retirement health care plans as of and for the fiscal years ended June 30 is as follows:
| Retirement Income |  |  |  | Retirement Health Care |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligation as of beginning of year | $ | 604 |  |  | $ | 593 |  |  | $ | 34 |  |  | $ | 38 |
Service cost | 1 |  |  | 1 |  |  | — |  |  | — |
Interest cost | 20 |  |  | 23 |  |  | 1 |  |  | 2 |
Actuarial loss (gain) | 43 |  |  | 26 |  |  | 4 |  |  | (3) |
Plan amendments | — |  |  | — |  |  | — |  |  | — |
Translation and other adjustments | (1) |  |  | — |  |  | — |  |  | — |
Benefits paid | (39) |  |  | (39) |  |  | (3) |  |  | (3) |
Benefit obligation as of end of year | 628 |  |  | 604 |  |  | 36 |  |  | 34 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of assets as of beginning of year | 485 |  |  | 420 |  |  | — |  |  | — |
Actual return on plan assets | 48 |  |  | 41 |  |  | — |  |  | — |
Employer contributions | 13 |  |  | 63 |  |  | 3 |  |  | 3 |
Benefits paid | (39) |  |  | (39) |  |  | (3) |  |  | (3) |
Translation and other adjustments | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets as of end of year | 507 |  |  | 485 |  |  | — |  |  | — |
Accrued benefit cost, net funded status | $ | (121) |  |  | $ | (119) |  |  | $ | (36) |  |  | $ | (34) |
Schedule of Amounts Recognized in the Balance Sheets |
Amount recognized in the balance sheets consists of: |  |  |  |  |  |  |
Pension benefit assets | $ | 52 |  |  | $ | 48 |  |  | $ | — |  |  | $ | — |
Current accrued benefit liability | (11) |  |  | (12) |  |  | (2) |  |  | (2) |
Non-current accrued benefit liability | (162) |  |  | (155) |  |  | (34) |  |  | (32) |
Accrued benefit cost, net | $ | (121) |  |  | $ | (119) |  |  | $ | (36) |  |  | $ | (34) |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Retirement income plans with ABO in excess of plan assets as of June 30 were as follows:
| ABO Exceeds the Fair Value of Plan Assets |  |
| 2020 |  | 2019
Projected benefit obligation | $ | 172 |  |  | $ | 167 |
Accumulated benefit obligation | 170 |  |  | 166 |
Fair value of plan assets | — |  |  | — |
Schedule of Components of Net Periodic Benefit Cost | The net cost of the retirement income and health care plans for the fiscal years ended June 30 included the following components:
| Retirement Income |  |  |  |  |  | Retirement Health Care |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 20 |  |  | 23 |  |  | 23 |  |  | 1 |  |  | 2 |  |  | 2 |
Expected return on plan assets | (19) |  |  | (18) |  |  | (19) |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized items | 10 |  |  | 9 |  |  | 10 |  |  | (3) |  |  | (3) |  |  | (3) |
Total | $ | 12 |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | (1) |
Schedule of Items Not Yet Recognized as a Component of Postretirement Expense | Items not yet recognized as a component of postretirement expense as of June 30, 2020, consisted of:
| Retirement Income |  | Retirement Health Care
Net actuarial loss (gain) | $ | 240 |  |  | $ | (13) |
Prior service benefit | — |  |  | (1) |
Net deferred income tax (assets) liabilities | (58) |  |  | 4 |
Accumulated other comprehensive loss (income) | $ | 182 |  |  | $ | (10) |
Summary of Amounts Recognized in Accumulated Other Comprehensive Net Losses | Net actuarial loss (gain) recorded in Accumulated other comprehensive net (loss) income for the fiscal year ended June 30, 2020, included the following:
| Retirement Income |  | Retirement Health Care
Net actuarial loss (gain) as of beginning of year | $ | 236 |  |  | $ | (18) |
Amortization during the year | (10) |  |  | 3 |
Loss (gain) during the year | 14 |  |  | 2 |
Net actuarial loss (gain) as of end of year | $ | 240 |  |  | $ | (13) |
Schedule of Weighted Average Assumptions Used | Weighted-average assumptions used to estimate the actuarial present value of benefit obligations were as follows as of June 30:
| Retirement Income |  |  |  | Retirement Health Care |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.45 | % |  | 3.41 | % |  | 2.51 | % |  | 3.35 | %
Rate of compensation increase | 2.92 | % |  | 2.86 | % |  | n/a |  | n/a
Weighted-average assumptions used to estimate the retirement income and retirement health care costs were as follows as of June 30:
| Retirement Income |  |  |  |
| 2020 |  | 2019 |  | 2018
Discount rate | 3.41 | % |  | 4.10 | % |  | 3.70 | %
Rate of compensation increase | 2.86 | % |  | 2.87 | % |  | 2.83 | %
Expected return on plan assets | 3.95 | % |  | 4.33 | % |  | 4.43 | %
| Retirement Health Care |  |  |  |
| 2020 |  | 2019 |  | 2018
Discount rate | 3.35 | % |  | 4.01 | % |  | 3.66 | %
Schedule of Expected Benefit Payments | Expected benefit payments for the Company’s retirement income and retirement health care plans as of June 30, 2020, were as follows:
| Retirement Income |  | Retirement Health Care
2021 | $ | 38 |  |  | $ | 2 |
2022 | 53 |  |  | 2 |
2023 | 36 |  |  | 2 |
2024 | 37 |  |  | 2 |
2025 | 36 |  |  | 2 |
Fiscal years 2026 through 2030 | 179 |  |  | 10 |
Schedule of Target Allocation and Weighted Average Allocation of Plan Assets | The target allocations and weighted average asset allocations by asset category of the investment portfolio for the Company’s domestic retirement income plans as of June 30 were:
| % Target Allocation |  |  |  | % of Plan Assets |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
U.S. equity | 5 | % |  | 9 | % |  | 5 | % |  | 9 | %
International equity | 5 | % |  | 8 | % |  | 5 | % |  | 8 | %
Fixed income | 90 | % |  | 83 | % |  | 90 | % |  | 83 | %
Other | — | % |  | — | % |  | — | % |  | — | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The following table sets forth by level within the fair value hierarchy, the retirement income plans’ assets carried at fair value as of June 30:
| 2020 |  |  |  |
| Level 1 |  | Level 2 |  | Total
Cash equivalents | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Total assets in the fair value hierarchy | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Common collective trusts measured at net asset value |  |  |  |  |
Bond funds |  |  |  |  | $ | 444 |
International equity funds |  |  |  |  | 36 |
Domestic equity funds |  |  |  |  | 23 |
Real estate fund |  |  |  |  | 1 |
Total common collective trusts measured at net asset value |  |  |  |  | 504 |
Total assets at fair value |  |  |  |  | $ | 507 |
| 2019 |  |  |  |
| Level 1 |  | Level 2 |  | Total
Cash equivalents | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Total assets in the fair value hierarchy | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Common collective trusts measured at net asset value |  |  |  |  |
Bond funds |  |  |  |  | $ | 393 |
International equity funds |  |  |  |  | 50 |
Domestic equity funds |  |  |  |  | 39 |
Real estate fund |  |  |  |  | 1 |
Total common collective trusts measured at net asset value |  |  |  |  | 483 |
Total assets at fair value |  |  |  |  | $ | 485 |

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