PENSION AND POST-RETIREMENT BENEFIT PLANS

9 Months Ended

Mar. 31, 2024

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, 2023.

The components of net periodic benefit cost for the three months ended March 31, 2024 and 2023 consisted of the following:

	Pension Plans								Other than Pension Plans
	U.S.				International				Post-retirement
(In millions)	2024		2023		2024		2023		2024		2023
Service cost	$	9	$	10	$	7	$	7	$	—	$	—
Interest cost	12		10		5		3		2		2
Expected return on plan assets	(14)		(14)		(7)		(5)		—		—
Amortization of:
Actuarial loss (gain)	1		—		(2)		—		—		—
Prior service cost	—		—		(1)		—		(1)		—
Special termination benefits	—		—		—		1		—		—
Net periodic benefit cost	$	8	$	6	$	2	$	6	$	1	$	2

The components of net periodic benefit cost for the nine months ended March 31, 2024 and 2023 consisted of the following:

	Pension Plans								Other than Pension Plans
	U.S.				International				Post-retirement
(In millions)	2024		2023		2024		2023		2024		2023
Service cost	$	27	$	28	$	20	$	20	$	1	$	—
Interest cost	35		30		14		10		6		6
Expected return on plan assets	(41)		(42)		(19)		(13)		—		—
Amortization of:
Actuarial loss (gain)	3		2		(6)		(2)		—		—
Prior service cost	—		—		(1)		—		(1)		—
Special termination benefits	—		—		—		1		—		—
Net periodic benefit cost	$	24	$	18	$	8	$	16	$	6	$	6

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)	March 31, 2024		June 30, 2023
Other assets	$	113	$	115
Other accrued liabilities	(35)		(34)
Other noncurrent liabilities	(334)		(395)
Funded status	(256)		(314)
Accumulated other comprehensive loss	212		235
Net amount recognized	$	(44)	$	(79)