v3.24.2.u1
PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit cost for pension and other post-retirement benefit plans
The components of the above-mentioned plans as of and for the years ended June 30 are summarized as follows:
 Pension PlansOther than
Pension Plans
 U.S.InternationalPost-retirement
(In millions)202420232024202320242023
Change in benefit obligation:      
Benefit obligation at beginning of year$912 $922 $522 $562 $176 $177 
Service cost35 37 26 27 2 1 
Interest cost46 40 19 15 8 8 
Plan participant contributions— — 8 8 1 1 
Actuarial loss (gain)(3)(30)(1)(51)(6)4 
Foreign currency exchange rate impact— — — (3)— (3)
Benefits, expenses, taxes and premiums paid(49)(57)(32)(32)(12)(12)
Plan amendments— — — — (25)— 
Settlements— — (2)(4)— — 
Special termination benefits— — 1 — — — 
Benefit obligation at end of year$941 $912 $541 $522 $144 $176 
Change in plan assets:
Fair value of plan assets at beginning of year$753 $838 $541 $579 $2 $14 
Actual return on plan assets14 (42)29 (38)— (1)
Foreign currency exchange rate impact— — (1)(7)— — 
Employer contributions83 14 24 35 9 — 
Plan participant contributions— — 8 8 1 1 
Settlements— — (2)(4)— — 
Benefits, expenses, taxes and premiums paid from plan assets(49)(57)(32)(32)(12)(12)
Fair value of plan assets at end of year$801 $753 $567 $541 $— $2 
Funded status$(140)$(159)$26 $19 $(144)$(174)
Amounts recognized in the Balance Sheet consist of:
Other assets$— $— $125 $115 $— $— 
Other accrued liabilities(27)(21)(4)(4)(13)(9)
Other noncurrent liabilities(113)(138)(95)(92)(131)(165)
Funded status(140)(159)26 19 (144)(174)
Accumulated other comprehensive loss (income)269 237 (5)(9)(21)7 
Net amount recognized$129 $78 $21 $10 $(165)$(167)
Net periodic benefit costs and weighted-average assumptions
 Pension PlansOther than
Pension Plans
 U.S.InternationalPost-retirement
($ in millions)202420232022202420232022202420232022
Components of net periodic benefit cost:
         
Service cost$35 $37 $46 $26 $27 $31 $2 $1 $2 
Interest cost46 40 31 19 15 10 8 8 6 
Expected return on assets(54)(57)(55)(25)(17)(13)(1)(1)(1)
Amortization of:
Actuarial loss (gain)
4 3 15 (8)(3)2 — — 1 
Prior service cost1 — — (1)(1)(1)(3)— — 
Settlements— — — — 1 — — — — 
Special termination benefits— — — 1 — 4 — — — 
Net periodic benefit cost$32 $23 $37 $12 $22 $33 $6 $8 $8 
Assumptions used to determine benefit obligations at June 30:
Discount rate
5.50 – 5.70%
5.20 – 5.30%
4.30 – 4.50%
1.75 – 10.00%
1.00 – 9.00%
0.75 – 9.00%
5.00 – 11.00%
5.00 – 10.75%
4.50 – 9.75%
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50 – 8.00%
1.50 – 5.00%
1.75 – 5.00%
1.50– 5.00%
N/AN/AN/A
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate5.68 %5.29 %4.48 %3.50 %3.69 %2.77 %5.51 %5.19 %4.68 %
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50 – 8.00%
3.00 %3.08 %3.08 %N/AN/AN/A
Assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate
5.20 – 5.30%
4.30 – 4.50%
2.50 – 3.00%
1.00 – 9.00%
.75– 9.00%
.50 – 7.25%
5.00 – 10.75%
4.50 – 9.75%
2.70 – 9.00%
Expected return on assets6.25 %6.25 %6.25 %
2.25 – 9.00%
1.25 – 9.00%
1.25 – 7.25%
6.25 %6.25 %6.25 %
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50– 8.00%
1.75 – 5.00%
— – 5.00%
— – 5.00%
N/AN/AN/A
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate5.29 %4.48 %2.94 %3.69 %2.77 %1.59 %5.19 %4.68 %2.92 %
Expected return on assets(1)
6.25 %6.25 %6.25 %4.06 %2.95 %2.19 %6.25 %6.25 %6.25 %
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50 – 8.00%
3.08 %2.96 %2.81 %
N/A
N/A
N/A
(1)The U.S. post-retirement benefit plan is the only post-retirement benefit plan with plan assets during fiscal 2024 and as such, the rates reflected here are the expected return on plan assets for the U.S. post-retirement plan.
Amounts recognized in AOCI (before tax)
Amounts recognized in AOCI (before tax) as of June 30, 2024 are as follows:
 Pension PlansOther than
Pension Plans		 
(In millions)U.S.InternationalPost-retirementTotal
Net actuarial losses (gains), beginning of year$235 $(7)$7 $235 
Actuarial losses (gains) recognized
37 (4)(6)27 
Amortization and settlements included in net periodic benefit cost(4)8 — 4 
Translation adjustments— (1)— (1)
Net actuarial losses (gains), end of year268 (4)1 265 
Net prior service cost, beginning of year2 (2)— — 
Amortization included in net periodic benefit cost(1)1 3 3 
Prior service cost recognized
— — (25)(25)
Net prior service cost, end of year1 (1)(22)(22)
Total amounts recognized in AOCI$269 $(5)$(21)$243 
Projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the company's pension plans
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans at June 30 are as follows:
 Pension PlansOther than Pension Plans
 Retirement Growth
Account		RestorationInternationalPost-retirement
(In millions)20242023202420232024202320242023
Projected benefit obligation$825 $807 $116 $105 $541 $522 $144 $176 
Accumulated benefit obligation$800 $774 $108 $95 $484 $467 $— $— 
Fair value of plan assets$801 $753 $— $— $567 $541 $— $2 
Expected cash flows
The expected cash flows for the Company’s pension and post-retirement plans are as follows:

Pension PlansOther than
Pension Plans
(In millions)U.S.InternationalPost-retirement
Expected employer contributions for year ending June 30, 2025$65 $29 $13 
Expected benefit payments for year ending June 30,
202589 40 13 
202663 34 10 
202762 33 10 
202863 32 11 
202965 33 11 
Years 2030 – 2034334 169 53 
Target asset allocation
The Company’s target asset allocation at June 30, 2024 is as follows:
Pension Plans
U.S.International
Equity39 %20 %
Debt securities50 %58 %
Other11 %22 %
100 %100 %
Fair values of the company's pension and post-retirement plan assets by asset category
The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2024:
(In millions)Level 1Level 2Level 3Assets
Measured at
NAV		Total
Cash and cash equivalents$2 $— $— $— $2 
Short-term investment funds— 28 — 3 31 
Government and agency securities137 — — — 137 
Commingled funds301 642 — 148 1,091 
Insurance contracts— — 14 — 14 
Interests in limited partnerships and hedge fund investments— — — 93 93 
Total$440 $670 $14 $244 $1,368 

The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2023:
(In millions)Level 1Level 2Level 3Assets
Measured at
NAV		Total
Cash and cash equivalents$2 $— $— $— $2 
Short-term investment funds— 12 — 3 15 
Government and agency securities— 139 — — 139 
Commingled funds332 547 — 143 1,022 
Insurance contracts— — 8 — 8 
Interests in limited partnerships and hedge fund investments— — — 110 110 
Total$334 $698 $8 $256 $1,296 
Changes in Level 3 plan assets
The following table presents the changes in Level 3 plan assets:
June 30
(In millions)20242023
Insurance Contracts 
Balance at beginning of year$8 $46 
Actual return on plan assets:
Relating to assets still held at the reporting date1 (2)
Purchases, sales, issuances and settlements, net5 (35)
Foreign exchange impact— (1)
Balance at end of year$14 $8