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v3.21.2

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Jun. 30, 2021
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
| 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligation as of beginning of year | $ | 628 |  |  | $ | 604 |  |  | $ | 36 |  |  | $ | 34 |
Service cost | 2 |  |  | 1 |  |  | — |  |  | — |
Interest cost | 15 |  |  | 20 |  |  | 1 |  |  | 1 |
Actuarial loss (gain) | 12 |  |  | 43 |  |  | — |  |  | 4 |
Plan amendments | — |  |  | — |  |  | — |  |  | — |
Translation and other adjustments | 8 |  |  | (1) |  |  | 1 |  |  | — |
Plan settlement | (12) |  |  | — |  |  | — |  |  | — |
Benefits paid | (32) |  |  | (39) |  |  | (2) |  |  | (3) |
Benefit obligation as of end of year | $ | 621 |  |  | $ | 628 |  |  | $ | 36 |  |  | $ | 36 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of assets as of beginning of year | $ | 507 |  |  | $ | 485 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 26 |  |  | 48 |  |  | — |  |  | — |
Employer contributions | 15 |  |  | 13 |  |  | 2 |  |  | 3 |
Benefits paid | (44) |  |  | (39) |  |  | (2) |  |  | (3) |
Translation and other adjustments | 2 |  |  | — |  |  | — |  |  | — |
Fair value of plan assets as of end of year | 506 |  |  | 507 |  |  | — |  |  | — |
Accrued benefit cost, net funded status | $ | (115) |  |  | $ | (121) |  |  | $ | (36) |  |  | $ | (36) |
Schedule of Amounts Recognized in the Balance Sheets |
Amount recognized in the balance sheets consists of: |  |  |  |  |  |  |
Pension benefit assets | $ | 61 |  |  | $ | 52 |  |  | $ | — |  |  | $ | — |
Current accrued benefit liability | (12) |  |  | (11) |  |  | (2) |  |  | (2) |
Non-current accrued benefit liability | (164) |  |  | (162) |  |  | (34) |  |  | (34) |
Accrued benefit cost, net | $ | (115) |  |  | $ | (121) |  |  | $ | (36) |  |  | $ | (36) |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Retirement income plans with ABO or PBO in excess of plan assets as of June 30 were as follows:
| ABO Exceeds the Fair Value of Plan Assets | PBO Exceeds the Fair Value of Plan Assets
| 2021 |  | 2020 | 2021 | 2020
Projected benefit obligation | $ | 176 |  |  | $ | 172 |  | $ | 178 |  | $ | 173 |
Accumulated benefit obligation | 174 |  |  | 170 |  | 175 |  | 172 |
Fair value of plan assets | — |  |  | — |  | 2 |  | 1 |
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
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 15 |  |  | 20 |  |  | 23 |  |  | 1 |  |  | 1 |  |  | 2 |
Expected return on plan assets | (16) |  |  | (19) |  |  | (18) |  |  | — |  |  | — |  |  | — |
Settlement loss recognized | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized items | 11 |  |  | 10 |  |  | 9 |  |  | (2) |  |  | (3) |  |  | (3) |
Total | $ | 17 |  |  | $ | 12 |  |  | $ | 15 |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | (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, 2021, consisted of:
| Retirement Income |  | Retirement Health Care
Net actuarial loss (gain) | $ | 226 |  |  | $ | (10) |
Prior service benefit | — |  |  | — |
Net deferred income tax (assets) liabilities | (54) |  |  | 2 |
Accumulated other comprehensive loss (income) | $ | 172 |  |  | $ | (8) |
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, 2021, included the following:
| Retirement Income |  | Retirement Health Care
Net actuarial loss (gain) as of beginning of year | $ | 240 |  |  | $ | (12) |
Amortization during the year | (16) |  |  | 2 |
Loss (gain) during the year | 2 |  |  | — |
Net actuarial loss (gain) as of end of year | $ | 226 |  |  | $ | (10) |
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
| 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate | 2.56 | % |  | 2.45 | % |  | 2.61 | % |  | 2.51 | %
Rate of compensation increase | 3.02 | % |  | 2.92 | % |  | n/a |  | n/a
Interest crediting rate | 2.57 | % |  | 1.9 | % |  | 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
| 2021 |  | 2020 |  | 2019
Discount rate | 2.45 | % |  | 3.41 | % |  | 4.10 | %
Rate of compensation increase | 2.92 | % |  | 2.86 | % |  | 2.87 | %
Expected return on plan assets | 3.08 | % |  | 3.95 | % |  | 4.33 | %
Interest crediting rate | 1.92 | % |  | 3.01 | % |  | 3.42 | %
| Retirement Health Care
| 2021 |  | 2020 |  | 2019
Discount rate | 2.51 | % |  | 3.35 | % |  | 4.01 | %
Schedule of Expected Benefit Payments | Expected benefit payments for the Company’s retirement income and retirement health care plans as of June 30, 2021, were as follows:
| Retirement Income |  | Retirement Health Care
2022 | $ | 40 |  |  | $ | 2 |
2023 | 53 |  |  | 2 |
2024 | 39 |  |  | 2 |
2025 | 38 |  |  | 2 |
2026 | 38 |  |  | 2 |
Fiscal years 2027 through 2031 | 183 |  |  | 12 |
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
| 2021 |  | 2020 |  | 2021 |  | 2020
U.S. equity | 3 | % |  | 5 | % |  | 3 | % |  | 5 | %
International equity | 2 | % |  | 5 | % |  | 2 | % |  | 5 | %
Fixed income | 95 | % |  | 90 | % |  | 94 | % |  | 90 | %
Other | — | % |  | — | % |  | 1 | % |  | — | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The following table sets forth the retirement income plans’ assets carried at fair value as of June 30:
|  | 2021
Common collective trusts measured at net asset value |  |
Bond funds |  | $ | 459 |
International equity funds |  | 28 |
Domestic equity funds |  | 14 |
Short-term investment fund |  | 3 |
Real estate fund |  | 2 |
Total assets at fair value |  | $ | 506 |
|  | 2020
Common collective trusts measured at net asset value |  |
Bond funds |  | $ | 444 |
International equity funds |  | 36 |
Domestic equity funds |  | 23 |
Short-term investment fund |  | 3 |
Real estate fund |  | 1 |
Total assets at fair value |  | $ | 507 |

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