PENSION AND POST-RETIREMENT BENEFIT PLANS

3 Months Ended

Sep. 30, 2019

PENSION AND POST-RETIREMENT BENEFIT PLANS

PENSION AND POST-RETIREMENT BENEFIT PLANS

NOTE 8 – 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, 2019.

The components of net periodic benefit cost for the three months ended September 30, 2019 and 2018 consisted of the following:

									Other than
	Pension Plans								Pension Plans
	U.S.				International				Post-retirement
(In millions)	2019		2018		2019		2018		2019		2018
Service cost	$	10	$	9	$	9	$	8	$	1	$	1
Interest cost		8		9		3		3		2		2
Expected return on plan assets		(13)		(13)		(3)		(3)		(1)		(1)
Amortization of:
Actuarial loss		4		3		1		—		—		—
Net periodic benefit cost	$	9	$	8	$	10	$	8	$	2	$	2

During the three months ended September 30, 2019, the Company made contributions to its international pension plans totaling approximately $3 million.

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

	September 30		June 30
(In millions)	2019		2019
Other assets	$	101	$	105
Other accrued liabilities		(27)		(27)
Other noncurrent liabilities		(422)		(418)
Funded status		(348)		(340)
Accumulated other comprehensive loss		329		334
Net amount recognized	$	(19)	$	(6)