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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS In the second quarter of fiscal year 2024, the Company settled plan benefits of its domestic qualified pension plan (the Plan), through a combination of an annuity contract purchase with a third-party insurance provider and lump sum payouts. These payments were made using Plan assets. The third-party insurance provider assumed the obligation to pay future pension benefits and provide administrative services and started making direct payments to participants in January 2024. In conjunction with this settlement, a one-time noncash charge, net of curtailment gain, of $171 before taxes ($130 after tax) was recorded in the Company’s condensed consolidated statement of earnings and comprehensive income primarily as a result of accelerating the recognition of actuarial losses previously included in Accumulated other comprehensive net (loss) income that would have been recognized in future periods. In the third quarter of fiscal year 2024, following settlement, remaining excess Plan assets of $19 have been contributed to the Company’s domestic defined contribution plans. The Company continues to maintain various other retirement income plans for eligible domestic and international employees. The following table summarizes the components of net periodic benefit cost for the Company’s retirement income plans:
| Three months ended |  | Nine months ended
| 3/31/2024 |  | 3/31/2023 |  | 3/31/2024 |  | 3/31/2023
Interest cost | $ | 2 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 13 |
Expected return on plan assets (1) | — |  |  | (3) |  |  | (2) |  |  | (8) |
Amortization of unrecognized items | — |  |  | 3 |  |  | 3 |  |  | 7 |
Curtailment gain | — |  |  | — |  |  | (6) |  |  | — |
Settlement loss | — |  |  | — |  |  | 178 |  |  | — |
Total | $ | 2 |  |  | $ | 4 |  |  | $ | 183 |  |  | $ | 12 |
(1)The weighted average long-term expected rate of return on plan assets used in computing the fiscal year 2024 net periodic benefit cost is 3.3%. The net periodic benefit cost (credit) for the Company’s retirement health care plans was ($1) for both the three and nine months ended March 31, 2024 and March 31, 2023. During both the three months ended March 31, 2024 and 2023, the Company made $8 in contributions to its domestic retirement income plans. During both the nine months ended March 2024 and 2023, the Company made $12 in contributions to its domestic retirement income plans. Service cost component of the net periodic benefit cost, if any, is reflected in employee benefit costs. All other components are reflected in Other (income) expense, net.

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