PENSION AND POST-RETIREMENT BENEFIT PLANS

6 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

PENSION AND POST-RETIREMENT BENEFIT PLANS

PENSION AND POST-RETIREMENT BENEFIT PLANS

The Company maintains pension plans covering substantially all of its full-time employees for its U.S. operations and a majority of its international operations. The Company also maintains post-retirement benefit plans that provide certain medical and dental benefits to eligible employees. Descriptions of these plans are included in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021.

The components of net periodic benefit cost for the three months ended December 31, 2021 and 2020 consisted of the following:

	Pension Plans								Other than Pension Plans
	U.S.				International				Post-retirement
(In millions)	2021		2020		2021		2020		2021		2020
Service cost	$	11	$	11	$	8	$	9	$	—	$	—
Interest cost	7		7		2		3		2		2
Expected return on plan assets	(13)		(13)		(3)		(3)		(1)		—
Amortization of:
Actuarial loss	3		5		1		1		1		—
Prior service cost	—		—		(1)		—		—		—
Special termination benefits	—		—		1		7		—		—
Net periodic benefit cost	$	8	$	10	$	8	$	17	$	2	$	2

The components of net periodic benefit cost for the six months ended December 31, 2021 and 2020 consisted of the following:

	Pension Plans								Other than Pension Plans
	U.S.				International				Post-retirement
(In millions)	2021		2020		2021		2020		2021		2020
Service cost	$	23	$	22	$	16	$	18	$	1	$	—
Interest cost	15		15		5		5		3		3
Expected return on plan assets	(27)		(26)		(7)		(6)		(1)		—
Amortization of:
Actuarial loss	7		10		1		2		1		—
Prior service cost	—		—		(1)		—		—		—
Special termination benefits	—		—		3		9		—		—
Net periodic benefit cost	$	18	$	21	$	17	$	28	$	4	$	3

During the six months ended December 31, 2021, the Company made contributions to its international pension plans totaling $11 million.

The amounts recognized in the consolidated balance sheets related to the Company’s pension and post-retirement benefit plans consist of the following:

(In millions)	December 31 2021		June 30 2021
Other assets	$	150	$	162
Other accrued liabilities	(28)		(28)
Other noncurrent liabilities	(427)		(432)
Funded status	(305)		(298)
Accumulated other comprehensive loss	233		242
Net amount recognized	$	(72)	$	(56)