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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2024
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)20242023
Change in benefit obligation:
Benefit obligation, beginning of year$695,911 $741,009 
Service cost1,181 963 
Interest cost35,551 32,235 
Participant contributions434 486 
Actuarial gains(4,575)(32,622)
Benefits and expenses paid(54,130)(52,625)
Currency translation adjustments(2,031)7,372 
Plan amendments(51)(50)
Plan settlements(668)(1,260)
Plan curtailments— (3)
Other adjustments5,432 406 
Benefit obligation, end of year$677,054 $695,911 
Change in plans' assets:
Fair value of plans' assets, beginning of year$650,180 $695,965 
Actual return on plans' assets26,205 (4,063)
Company contributions10,104 7,842 
Participant contributions434 486 
Plan settlements(668)(1,260)
Benefits and expenses paid(54,130)(52,625)
Currency translation adjustments(372)3,842 
Other adjustments4,335 (7)
Fair value of plans' assets, end of year$636,088 $650,180 
Funded status of plans$(40,966)$(45,731)
Amounts recognized in the balance sheets consist of:
Long-term prepaid benefit$70,016 $70,567 
Short-term accrued benefit obligation(7,401)(7,562)
Accrued pension benefits(103,581)(108,736)
Net amount recognized$(40,966)$(45,731)
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)20242023
Unrecognized net actuarial losses$291,650 $284,054 
Unrecognized net prior service costs1,728 1,772 
Unrecognized transition obligations— 76 
Total$293,378 $285,902 
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)20242023
Unrecognized net actuarial losses$1,897 $2,023 
Unrecognized net prior service credits(1,124)(1,378)
Total$773 $645 
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)20242023
Projected benefit obligation$118,111 $123,065 
Accumulated benefit obligation117,371 122,395 
Fair value of plan assets7,216 6,739 
Net Periodic Pension (Income) Cost
The components of net periodic pension income include the following as of June 30:
(in thousands)202420232022
Service cost$1,181 $963 $1,117 
Interest cost35,551 32,235 22,532 
Expected return on plans' assets(44,592)(40,124)(51,928)
Amortization of transition obligation76 84 94 
Amortization of prior service cost(4)5 13 
Curtailment— (1)(2)
Settlement(4)18 205 
Recognition of actuarial losses5,753 4,440 11,702 
Other adjustments14 431 277 
Net periodic pension income$(2,025)(1,950)(15,990)
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)20242023
Change in benefit obligation:
Benefit obligation, beginning of year$7,891 $9,113 
Interest cost424 417 
Actuarial losses16 (442)
Benefits paid(1,039)(1,067)
Other48 (130)
Benefit obligation, end of year$7,340 $7,891 
Funded status of plan$(7,340)$(7,891)
Amounts recognized in the balance sheets consist of:
Short-term accrued benefit obligation$(1,006)$(1,091)
Accrued postretirement benefits(6,334)(6,800)
Net amount recognized$(7,340)$(7,891)
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)202420232022
Interest cost$424 $417 $288 
Amortization of prior service credit(254)(271)(276)
Recognition of actuarial loss142 192 297 
Net periodic other postretirement benefit cost$312 $338 $309 
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:
202420232022
Discount Rate:
U.S. plans
5.7-5.8%
5.6-6.3%
4.3-5.0%
International plans
1.3-7.2%
1.8-5.4%
2.0-5.0%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)4.0 %4.0 %4.0 %
International plans
1.8-8.0%
1.8 %1.5 %
The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows:
202420232022
Discount Rate:
U.S. plans
5.6-6.3%
4.3-5.0%
1.2-3.0%
International plans
1.8-7.3%
1.8-5.0%
0.3-3.2%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)4.0 %4.0 %4.0 %
International plans
1.8-8.0%
1.5 %1.5 %
Rate of return on plans assets:
U.S. plans6.3 %5.2 %6.5 %
International plans
1.8-7.3%
2.0-5.0%
0.3-5.0%
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 no longer applicable in 2024. The assumptions were as follows for 2023 and 2022: 
20232022
Health care costs trend rate assumed for next year7.0 %6.3 %
Rate to which the cost trend rate gradually declines5.0 %5.0 %
Year that the rate reaches the rate at which it is assumed to remain20312027
Asset Allocations and Target Allocations by Asset Class
Our defined benefit pension plans’ asset allocations as of June 30, 2024 and 2023 and target allocations for 2025, by asset class, were as follows:
20242023Target %
Equity13 %16 %13 %
Fixed Income83 80 82 
Other4 4 5 
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2024:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $50,802 $50,802 
Mutual funds— — — 28,721 28,721 
Corporate fixed income securities— 329,284 — — 329,284 
Common stock6,408 — — — 6,408 
Government securities:
U.S. government securities— 102,806 — — 102,806 
Foreign government securities— 63,234 — — 63,234 
Other fixed income securities— 30,756 — — 30,756 
Other— 24,077 — — 24,077 
Total investments$6,408 $550,157 $— $79,523 $636,088 
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2023:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $50,612 $50,612 
Mutual funds— — — 27,800 27,800 
Corporate fixed income securities— 356,263 — — 356,263 
Common stock14,438 — — — 14,438 
Government securities:
U.S. government securities— 105,624 — — 105,624 
Foreign government securities— 28,050 — — 28,050 
Other fixed income securities— 55,404 — — 55,404 
Other717 11,272 — — 11,989 
Total investments$15,155 $556,613 $— $78,412 $650,180 
(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.