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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Jun. 30, 2022
Retirement Benefits [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) | 2022 |  | 2021
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 968,725 |  |  | $ | 1,004,005 |
Service cost | 1,117 |  |  | 1,685 |
Interest cost | 22,532 |  |  | 23,188 |
Participant contributions | 479 |  |  | 548 |
Actuarial gains | (170,055) |  |  | (16,794) |
Benefits and expenses paid | (53,149) |  |  | (52,719) |
Currency translation adjustments | (27,074) |  |  | 23,276 |
Plan amendments | (66) |  |  | (129) |
Plan settlements | (1,805) |  |  | (13,966) |
Plan curtailments | (3) |  |  | (10) |
Other adjustments | 308 |  |  | (359) |
Benefit obligation, end of year | $ | 741,009 |  |  | $ | 968,725 |
Change in plans' assets: |  |  |
Fair value of plans' assets, beginning of year | $ | 890,104 |  |  | $ | 876,036 |
Actual return on plans' assets | (133,374) |  |  | 54,026 |
Company contributions | 8,170 |  |  | 9,998 |
Participant contributions | 479 |  |  | 548 |
Plan settlements | (1,805) |  |  | (13,966) |
Benefits and expenses paid | (53,149) |  |  | (52,719) |
Currency translation adjustments | (14,455) |  |  | 16,032 |
Other adjustments | (5) |  |  | 149 |
Fair value of plans' assets, end of year | $ | 695,965 |  |  | $ | 890,104 |
Funded status of plans | $ | (45,044) |  |  | $ | (78,621) |
Amounts recognized in the balance sheets consist of: |  |  |
Long-term prepaid benefit | $ | 66,433 |  |  | $ | 89,233 |
Short-term accrued benefit obligation | (6,406) |  |  | (6,918) |
Accrued pension benefits | (105,071) |  |  | (160,936) |
Net amount recognized | $ | (45,044) |  |  | $ | (78,621) |
Defined Benefit Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income | The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive loss were as follows at June 30:
(in thousands) | 2022 |  | 2021
Unrecognized net actuarial losses | $ | 274,416 |  |  | $ | 279,628 |
Unrecognized net prior service costs | 1,822 |  |  | 2,001 |
Unrecognized transition obligations | 158 |  |  | 277 |
Total | $ | 276,396 |  |  | $ | 281,906 |
The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive loss were as follows at June 30:
(in thousands) | 2022 |  | 2021
Unrecognized net actuarial losses | $ | 2,657 |  |  | $ | 4,355 |
Unrecognized net prior service credits | (1,649) |  |  | (1,924) |
Total | $ | 1,008 |  |  | $ | 2,431 |
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) | 2022 |  | 2021
Projected benefit obligation | $ | 118,199 |  |  | $ | 174,973 |
Accumulated benefit obligation | 117,614 |  |  | 173,684 |
Fair value of plan assets | 6,718 |  |  | 7,116 |
Net Periodic Pension (Income) Cost | The components of net periodic pension income include the following as of June 30:
(in thousands) | 2022 |  | 2021 |  | 2020
Service cost | $ | 1,117 |  |  | $ | 1,685 |  |  | $ | 1,796 |
Interest cost | 22,532 |  |  | 23,188 |  |  | 27,320 |
Expected return on plans' assets | (51,928) |  |  | (53,653) |  |  | (53,943) |
Amortization of transition obligation | 94 |  |  | 94 |  |  | 88 |
Amortization of prior service cost | 13 |  |  | 34 |  |  | 50 |
Curtailment | (2) |  |  | (7) |  |  | (115) |
Settlement | 205 |  |  | 3,190 |  |  | (51) |
Recognition of actuarial losses | 11,702 |  |  | 13,606 |  |  | 10,359 |
Other adjustments | 277 |  |  | (473) |  |  | 288 |
Net periodic pension income | $ | (15,990) |  |  | $ | (12,336) |  |  | $ | (14,208) |
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) | 2022 |  | 2021
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 11,383 |  |  | $ | 12,365 |
Interest cost | 288 |  |  | 307 |
Actuarial losses | (1,402) |  |  | 60 |
Benefits paid | (1,224) |  |  | (1,281) |
Other | 68 |  |  | (68) |
Benefit obligation, end of year | $ | 9,113 |  |  | $ | 11,383 |
Funded status of plan | $ | (9,113) |  |  | $ | (11,383) |
Amounts recognized in the balance sheets consist of: |  |  |
Short-term accrued benefit obligation | $ | (1,189) |  |  | $ | (1,252) |
Accrued postretirement benefits | (7,924) |  |  | (10,131) |
Net amount recognized | $ | (9,113) |  |  | $ | (11,383) |
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) | 2022 |  | 2021 |  | 2020
Interest cost | $ | 288 |  |  | $ | 307 |  |  | $ | 404 |
Amortization of prior service credit | (276) |  |  | (276) |  |  | (276) |
Recognition of actuarial loss | 297 |  |  | 307 |  |  | 257 |
Net periodic other postretirement benefit cost | $ | 309 |  |  | $ | 338 |  |  | $ | 385 |
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:
| 2022 |  | 2021 |  | 2020
Discount Rate: |  |  |  |  |
U.S. plans | 4.3-5.0% |  | 1.2-3.0% |  | 1.6-2.9%
International plans | 2.0-5.0% |  | 0.3-3.2% |  | 0.2-2.4%
Rates of future salary increases: |  |  |  |  |
U.S. plans (Executive Retirement Plan only) | 4.0 | % |  | 4.0 | % |  | 4.0 | %
International plans | 1.5 | % |  | 1.5 | % |  | 1.5 | %
The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows:
| 2022 |  | 2021 |  | 2020
Discount Rate: |  |  |  |  |
U.S. plans | 1.2-3.0% |  | 1.6-2.9% |  | 2.7-3.6%
International plans | 0.3-3.2% |  | 0.2-2.4% |  | 0.4-2.9%
Rates of future salary increases: |  |  |  |  |
U.S. plans (Executive Retirement Plan only) | 4.0 | % |  | 4.0 | % |  | 4.0 | %
International plans | 1.5 | % |  | 1.5 | % |  | 1.8-3.0%
Rate of return on plans assets: |  |  |  |  |
U.S. plans | 6.5 | % |  | 6.8 | % |  | 7.0 | %
International plans | 0.3-5.0% |  | 0.2-5.3% |  | 0.4-5.3%
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:
| 2022 |  | 2021 |  | 2020
Health care costs trend rate assumed for next year | 6.3 | % |  | 6.5 | % |  | 6.8 | %
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 |  | 2027
Asset Allocations and Target Allocations by Asset Class | Our defined benefit pension plans’ asset allocations as of June 30, 2022 and 2021 and target allocations for 2023, by asset class, were as follows:
| 2022 |  | 2021 |  | Target %
Equity | 14 | % |  | 20 | % |  | 14 | %
Fixed Income | 82 | % |  | 76 | % |  | 79 | %
Other | 4 | % |  | 4 | % |  | 7 | %
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2022:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV(3) |  | Total
Common / collective trusts (3): |  |  |  |  |  |  |  |  |
Blend funds | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 48,973 |  |  | $ | 48,973 |
Mutual funds | — |  |  | — |  |  | — |  |  | 24,528 |  |  | 24,528 |
Corporate fixed income securities | — |  |  | 379,324 |  |  | — |  |  | — |  |  | 379,324 |
Common stock | 25,704 |  |  | — |  |  | — |  |  | — |  |  | 25,704 |
Government securities: |  |  |  |  |  |  |  |  |
U.S. government securities | — |  |  | 130,064 |  |  | — |  |  | — |  |  | 130,064 |
Foreign government securities | — |  |  | 40,729 |  |  | — |  |  | — |  |  | 40,729 |
Other fixed income securities | — |  |  | 20,248 |  |  | — |  |  | — |  |  | 20,248 |
Other | 747 |  |  | 25,648 |  |  | — |  |  | — |  |  | 26,395 |
Total investments | $ | 26,451 |  |  | $ | 596,013 |  |  | $ | — |  |  | $ | 73,501 |  |  | $ | 695,965 |
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2021:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV(3) |  | Total
Common / collective trusts (3): |  |  |  |  |  |  |  |  |
Blend funds | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 90,338 |  |  | $ | 90,338 |
Mutual funds | — |  |  | — |  |  | — |  |  | 48,446 |  |  | 48,446 |
Corporate fixed income securities | — |  |  | 443,948 |  |  | — |  |  | — |  |  | 443,948 |
Common stock | 42,670 |  |  | — |  |  | — |  |  | — |  |  | 42,670 |
Government securities: |  |  |  |  |  |  |  |  |
U.S. government securities | — |  |  | 149,514 |  |  | — |  |  | — |  |  | 149,514 |
Foreign government securities | — |  |  | 57,253 |  |  | — |  |  | — |  |  | 57,253 |
Other fixed income securities | — |  |  | 21,107 |  |  | — |  |  | — |  |  | 21,107 |
Other | 1,107 |  |  | 35,721 |  |  | — |  |  | — |  |  | 36,828 |
Total investments | $ | 43,777 |  |  | $ | 707,543 |  |  | $ | — |  |  | $ | 138,784 |  |  | $ | 890,104 |
(3) Investments in common / collective trusts invest primarily in publicly traded securities and are valued using net asset value (NAV) of units of a bank collective trust. Therefore, these amounts have not been classified in the fair value hierarchy and are presented in the tables to reconcile the fair value hierarchy to the total fair value of plan assets.

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