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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract] |
Funded Status of Pension Plans and Amount recognized in the Consolidated Balance Sheet | The funded status of our pension plans and amounts recognized in the consolidated balance sheets as of June 30 were as follows:
(in thousands) | 2017 |  | 2016
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 1,005,368 |  |  | $ | 954,454 |
Service cost | 2,908 |  |  | 4,640 |
Interest cost | 31,113 |  |  | 37,726 |
Participant contributions | 8 |  |  | 6 |
Actuarial (gains) losses | (19,660 | ) |  | 86,425 |
Benefits and expenses paid | (70,257 | ) |  | (45,074 | )
Currency translation adjustments | (1,045 | ) |  | (19,283 | )
Plan amendments | — |  |  | 696 |
Special termination benefits | 98 |  |  | 334 |
Plan settlements | (7,439 | ) |  | (7,991 | )
Plan curtailments | — |  |  | (6,565 | )
Benefit obligation, end of year | $ | 941,094 |  |  | $ | 1,005,368 |
Change in plans' assets: |  |  |
Fair value of plans' assets, beginning of year | $ | 821,675 |  |  | $ | 827,337 |
Actual return on plans' assets | 56,818 |  |  | 50,637 |
Company contributions | 11,960 |  |  | 15,876 |
Participant contributions | 8 |  |  | 6 |
Plan settlements | (7,439 | ) |  | (7,991 | )
Benefits and expenses paid | (70,257 | ) |  | (45,074 | )
Currency translation adjustments | (4,130 | ) |  | (19,116 | )
Fair value of plans' assets, end of year | $ | 808,635 |  |  | $ | 821,675 |
Funded status of plans | $ | (132,459 | ) |  | $ | (183,693 | )
Amounts recognized in the balance sheet consist of: |  |  |
Long-term prepaid benefit | $ | 17,208 |  |  | $ | 8,941 |
Short-term accrued benefit obligation | (5,713 | ) |  | (10,037 | )
Accrued pension benefits | (143,954 | ) |  | (182,597 | )
Net amount recognized | $ | (132,459 | ) |  | $ | (183,693 | )
Defined Benefit Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income | The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive (loss) income were as follows at June 30:
(in thousands) | 2017 |  | 2016
Unrecognized net actuarial losses | $ | 5,266 |  |  | $ | 6,368 |
Unrecognized net prior service credits | (128 | ) |  | (150 | )
Total | $ | 5,138 |  |  | $ | 6,218 |
The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive (loss) income were as follows at June 30:
(in thousands) | 2017 |  | 2016
Unrecognized net actuarial losses | $ | 246,428 |  |  | $ | 272,802 |
Unrecognized net prior service credits | 580 |  |  | 155 |
Unrecognized transition obligations | 622 |  |  | 740 |
Total | $ | 247,630 |  |  | $ | 273,697 |
Accumulated Benefit Obligations Exceeding Plan Assets Fair Value | Included in the above information are plans with accumulated benefit obligations exceeding the fair value of plan assets as of June 30 as follows:
(in thousands) | 2017 |  | 2016
Projected benefit obligation | $ | 156,816 |  |  | $ | 877,146 |
Accumulated benefit obligation | 156,590 |  |  | 875,233 |
Fair value of plan assets | 7,083 |  |  | 684,512 |
Net Periodic Pension (Income) Cost | The components of net periodic pension income include the following as of June 30:
(in thousands) | 2017 |  | 2016 |  | 2015
Service cost | $ | 2,908 |  |  | $ | 4,640 |  |  | $ | 5,474 |
Interest cost | 31,113 |  |  | 37,726 |  |  | 39,007 |
Expected return on plans' assets | (58,781 | ) |  | (58,523 | ) |  | (59,698 | )
Amortization of transition obligation | 89 |  |  | 80 |  |  | 78 |
Amortization of prior service cost | (452 | ) |  | (417 | ) |  | (361 | )
Special termination benefit charge | 98 |  |  | 334 |  |  | 459 |
Curtailment loss | — |  |  | — |  |  | 358 |
Settlement loss | 379 |  |  | 227 |  |  | 261 |
Recognition of actuarial losses | 8,356 |  |  | 7,286 |  |  | 3,671 |
Net periodic pension income | $ | (16,290 | ) |  | $ | (8,647 | ) |  | $ | (10,751 | )
Funded Status of Other Postretirement Benefit Plans and Amount Recognized in the Consolidated Balance Sheet | The funded status of our other postretirement benefit plans and the related amounts recognized in the consolidated balance sheets were as follows:
(in thousands) | 2017 |  | 2016
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 20,542 |  |  | $ | 21,205 |
Interest cost | 673 |  |  | 840 |
Actuarial losses | (747 | ) |  | 722 |
Benefits paid | (2,308 | ) |  | (2,225 | )
Benefit obligation, end of year | $ | 18,160 |  |  | $ | 20,542 |
Funded status of plan | $ | (18,160 | ) |  | $ | (20,542 | )
Amounts recognized in the balance sheet consist of: |  |  |
Short-term accrued benefit obligation | $ | (1,254 | ) |  | $ | (1,666 | )
Accrued postretirement benefits | (16,906 | ) |  | (18,876 | )
Net amount recognized | $ | (18,160 | ) |  | $ | (20,542 | )
Net Periodic Other Postretirement Costs (Benefit) | The components of net periodic other postretirement benefit cost include the following for the years ended June 30:
(in thousands) | 2017 |  | 2016 |  | 2015
Service cost | $ | — |  |  | $ | — |  |  | $ | 45 |
Interest cost | 673 |  |  | 840 |  |  | 934 |
Amortization of prior service credit | (22 | ) |  | (22 | ) |  | (59 | )
Recognition of actuarial loss | 355 |  |  | 324 |  |  | 492 |
Curtailment gain | — |  |  | — |  |  | (221 | )
Net periodic other postretirement benefit cost | $ | 1,006 |  |  | $ | 1,142 |  |  | $ | 1,191 |
Significant Actuarial Assumptions Used to Determine the Present Value of Net Benefit Obligations | The significant actuarial assumptions used to determine the present value of net benefit obligations for our defined benefit pension plans and other postretirement benefit plans were as follows:
| 2017 |  | 2016 |  | 2015
Discount Rate: |  |  |  |  |
U.S. plans | 3.3-3.9% |  |  | 2.4-3.7% |  | 3.2-4.5%
International plans | 2.0-3.3% |  |  | 0.9-3.2% |  | 2.3-3.8%
Rates of future salary increases: |  |  |  |  |
U.S. plans | 4.0 | % |  | 3.0-4.0% |  | 3.0-4.0%
International plans | 2.5-3.0% |  |  | 2.5-3.0% |  | 2.5-3.0%
The significant assumptions used to determine the net periodic (income) cost for our pension and other postretirement benefit plans were as follows:
| 2017 |  | 2016 |  | 2015
Discount Rate: |  |  |  |  |
U.S. plans | 2.4-3.7% |  |  | 3.2-4.5% |  |  | 4.4 | %
International plans | 0.9-3.2% |  |  | 2.3-3.8% |  |  | 2.9-4.3% |
Rates of future salary increases: |  |  |  |  |
U.S. plans | 3.0-4.0% |  |  | 3.0-4.0% |  |  | 3.0-5.0% |
International plans | 2.5-3.0% |  |  | 2.5-3.0% |  |  | 2.5-3.0% |
Rate of return on plans assets: |  |  |  |  |
U.S. plans | 7.5 | % |  | 7.5 | % |  | 7.5 | %
International plans | 5.3-5.5% |  |  | 5.3-5.5% |  |  | 5.0-6.0% |
Annual Assumed Rate of Increase in Per Capita Cost of Covered Benefits for Postretirement Benefit Plans | The annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) for our postretirement benefit plans was as follows:
| 2017 |  | 2016 |  | 2015
Health care costs trend rate assumed for next year | 8.0 | % |  | 8.5 | % |  | 7.3 | %
Rate to which the cost trend rate gradually declines | 5.0 | % |  | 5.0 | % |  | 5.0 | %
Year that the rate reaches the rate at which it is assumed to remain | 2027 |  |  | 2027 |  |  | 2024 |
Calculated Effect of Change on Assumption Used to Calculate Interest Cost Components and Obligations of Healthcare Plans | A change of one percentage point in the assumed health care cost trend rates would have the following effects on the total service and interest cost components of our other postretirement cost and other postretirement benefit obligation at June 30, 2017:
(in thousands) | 1% Increase |  | 1% Decrease
Effect on total service and interest cost components | $ | 30 |  |  | $ | (27 | )
Effect on other postretirement obligation | 735 |  |  | (655 | )
Asset Allocations and Target Allocations by Asset Class | Our defined benefit pension plans’ asset allocations as of June 30, 2017 and 2016 and target allocations for 2018, by asset class, were as follows:
| 2017 |  | 2016 |  | Target %
Equity | 27 | % |  | 23 | % |  | 22.5 | %
Fixed Income | 63 | % |  | 67 | % |  | 70.0 | %
Other | 10 | % |  | 10 | % |  | 7.5 | %
Benefit Plan Assets Classified Under Appropriate Level of Fair Value Hierarchy [Table Text Block] | The following table presents the fair value of the benefit plan assets by asset category as of June 30, 2017:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV(3) |  | Total
Common / collective trusts (3): |  |  |  |  |  |  |  |  |
Value funds | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 76,186 |  |  | $ | 76,186 |
Growth funds | — |  |  | — |  |  | — |  |  | 43,880 |  |  | 43,880 |
Balanced funds | — |  |  | — |  |  | — |  |  | 12,421 |  |  | 12,421 |
Corporate fixed income securities | — |  |  | 365,723 |  |  | — |  |  | — |  |  | 365,723 |
Common stock | 85,138 |  |  | — |  |  | — |  |  | — |  |  | 85,138 |
Government securities: |  |  |  |  |  |  |  |  |
U.S. government securities | — |  |  | 72,817 |  |  | — |  |  | — |  |  | 72,817 |
Foreign government securities | — |  |  | 45,359 |  |  | — |  |  | — |  |  | 45,359 |
Other fixed income securities | — |  |  | 25,761 |  |  | — |  |  | — |  |  | 25,761 |
Other | 3,313 |  |  | 78,037 |  |  | — |  |  | — |  |  | 81,350 |
Total investments | $ | 88,451 |  |  | $ | 587,697 |  |  | $ | — |  |  | $ | 132,487 |  |  | $ | 808,635 |
The following table presents the fair value of the benefit plan assets by asset category as of June 30, 2016:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV(3) |  | Total
Common / collective trusts (3): |  |  |  |  |  |  |  |  |
Value funds | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 68,731 |  |  | $ | 68,731 |
Growth funds | — |  |  | — |  |  | — |  |  | 38,126 |  |  | 38,126 |
Balanced funds | — |  |  | — |  |  | — |  |  | 8,581 |  |  | 8,581 |
Corporate fixed income securities | — |  |  | 395,102 |  |  | — |  |  | — |  |  | 395,102 |
Common stock | 74,163 |  |  | — |  |  | — |  |  | — |  |  | 74,163 |
Government securities: |  |  |  |  |  |  |  |  |
U.S. government securities | — |  |  | 79,275 |  |  | — |  |  | — |  |  | 79,275 |
Foreign government securities | — |  |  | 43,729 |  |  | — |  |  | — |  |  | 43,729 |
Other fixed income securities | — |  |  | 31,503 |  |  | — |  |  | — |  |  | 31,503 |
Other | 3,029 |  |  | 79,436 |  |  | — |  |  | — |  |  | 82,465 |
Total investments | $ | 77,192 |  |  | $ | 629,045 |  |  | $ | — |  |  | 115,438 |  |  | $ | 821,675 |

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- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e2417-114920 + Details
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