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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
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