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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2025
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)20252024
Change in benefit obligation:
Benefit obligation, beginning of year$677,054 $695,911 
Service cost909 1,181 
Interest cost34,013 35,551 
Participant contributions438 434 
Actuarial gains(1,772)(4,575)
Benefits and expenses paid(54,192)(54,130)
Currency translation adjustments14,887 (2,031)
Plan amendments12 (51)
Plan settlements(3,480)(668)
Plan curtailments— — 
Other adjustments1,161 5,432 
Benefit obligation, end of year$669,030 $677,054 
Change in plans' assets:
Fair value of plans' assets, beginning of year$636,088 $650,180 
Actual return on plans' assets35,556 26,205 
Company contributions7,755 10,104 
Participant contributions438 434 
Plan settlements(3,480)(668)
Benefits and expenses paid(54,192)(54,130)
Currency translation adjustments7,330 (372)
Other adjustments93 4,335 
Fair value of plans' assets, end of year$629,588 $636,088 
Funded status of plans$(39,442)$(40,966)
Amounts recognized in the balance sheets consist of:
Long-term prepaid benefit$75,062 $70,016 
Short-term accrued benefit obligation(7,541)(7,401)
Accrued pension benefits(106,963)(103,581)
Net amount recognized$(39,442)$(40,966)
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)20252024
Unrecognized net actuarial losses$292,946 $291,650 
Unrecognized net prior service costs1,762 1,728 
Unrecognized transition obligations— — 
Total$294,708 $293,378 
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)20252024
Unrecognized net actuarial losses$1,680 $1,897 
Unrecognized net prior service credits(870)(1,124)
Total$810 $773 
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)20252024
Projected benefit obligation$122,521 $118,111 
Accumulated benefit obligation121,636 117,371 
Fair value of plan assets7,871 7,216 
Net Periodic Pension (Income) Cost
The components of net periodic pension income include the following as of June 30:
(in thousands)202520242023
Service cost$909 $1,181 $963 
Interest cost34,013 35,551 32,235 
Expected return on plans' assets(42,655)(44,592)(40,124)
Amortization of transition obligation— 76 84 
Amortization of prior service cost(9)(4)5 
Curtailment— — (1)
Settlement954 (4)18 
Recognition of actuarial losses8,411 5,753 4,440 
Other adjustments302 14 431 
Net periodic pension expense (income)$1,925 (2,025)(1,950)
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)20252024
Change in benefit obligation:
Benefit obligation, beginning of year$7,340 $7,891 
Interest cost393 424 
Actuarial losses(78)16 
Benefits paid(851)(1,039)
Other(104)48 
Benefit obligation, end of year$6,700 $7,340 
Funded status of plan$(6,700)$(7,340)
Amounts recognized in the balance sheets consist of:
Short-term accrued benefit obligation$(948)$(1,006)
Accrued postretirement benefits(5,752)(6,334)
Net amount recognized$(6,700)$(7,340)
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)202520242023
Interest cost$393 $424 $417 
Amortization of prior service credit(254)(254)(271)
Recognition of actuarial loss139 142 192 
Net periodic other postretirement benefit cost$278 $312 $338 
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:
202520242023
Discount Rate:
U.S. plans
5.0-5.6 %
5.7-5.8%
5.6-6.3%
International plans
1.2-6.8%
1.3-7.2%
1.8-5.4%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)4.0 %4.0 %4.0 %
International plans
1.5-7.5%
1.8-8.0%
1.8 %
The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows:
202520242023
Discount Rate:
U.S. plans
5.7-5.8%
5.6-6.3%
4.3-5.0%
International plans
1.3-7.2%
1.8-7.3%
1.8-5.0%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)4.0 %4.0 %4.0 %
International plans
1.8-8.0 %
1.8-8.0%
1.5 %
Rate of return on plans assets:
U.S. plans6.5 %6.3 %5.2 %
International plans
1.3-7.5%
1.8-7.3%
2.0-5.0%
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 and 2025. The assumptions were as follows for 2023: 
2023
Health care costs trend rate assumed for next year7.0 %
Rate to which the cost trend rate gradually declines5.0 %
Year that the rate reaches the rate at which it is assumed to remain2031
Asset Allocations and Target Allocations by Asset Class
Our defined benefit pension plans’ asset allocations as of June 30, 2025 and 2024 and target allocations for 2026, by asset class, were as follows:
20252024Target %
Equity13 %13 %13 %
Fixed Income72 83 71 
Other15 4 16 
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2025:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $50,038 $50,038 
Mutual funds— — — 36,643 36,643 
Corporate fixed income securities— 321,975 — — 321,975 
Common stock11 — — — 11 
Government securities:
U.S. government securities— 103,056 — — 103,056 
Foreign government securities— 1,353 — — 1,353 
Other fixed income securities— 31,475 — — 31,475 
Other— 85,037 — — 85,037 
Total investments$11 $542,896 $— $86,681 $629,588 
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2024:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $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 
(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.