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Employee Retirement Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Retirement Benefits [Abstract]    
Benefit obligation and fair value of plan assets for the defined benefit retirement and postretirement plan The following table provides a reconciliation of the change in projected benefit obligation and fair value of plan assets for the defined benefit retirement and other retirement plans, excluding the multi-employer pension plan liability:
Retirement BenefitsOther Post-Retirement Benefits
June 30,June 30,
(Dollars in millions)2022202120222021
Accumulated Benefit Obligation$262 $364 $2 $2 
Change in Benefit Obligation
Benefit obligation at beginning of year372 358 2 3 
Company service cost4 4 — — 
Interest cost5 4 — — 
Settlements(1)— — — 
Benefits paid(9)(13)— (1)
Actuarial (gain) loss (1)
(71)(9)— — 
Exchange rate (loss) gain(32)28 — — 
Benefit obligation at end of year$268 $372 $2 $2 
Change in Plan Assets
Fair value of plan assets at beginning of year318 295 — — 
Actual return on plan assets(50)(1)— — 
Company contributions10 11 — — 
Settlements(1)— — — 
Benefits paid(9)(13)— — 
Exchange rate gain (loss)(28)26 — — 
Fair value of plan assets at end of year$240 $318 $— $— 
Funded Status
Funded status at end of year(28)(54)(2)(2)
Net pension liability$(28)$(54)$(2)$(2)
  
Reconciliation of the net amount recognized in the Consolidated Balance Sheets The following table provides a reconciliation of the net amount recognized in the consolidated balance sheets:  
Retirement BenefitsOther Post-Retirement Benefits
June 30,June 30,
(Dollars in millions)2022202120222021
Amounts Recognized in Statement of Financial Position
Noncurrent assets$37 $43 $— $— 
Current liabilities(1)(1)— — 
Noncurrent liabilities(64)(96)(2)(2)
Total liability(28)(54)(2)(2)
Amounts Recognized in Accumulated Other Comprehensive Loss
Prior service cost(1)(1)— — 
Net loss (gain)49 62 (1)(1)
Total accumulated other comprehensive loss (income) at the end of the fiscal year48 61 (1)(1)
Additional Information for Plan with ABO or PBO in Excess of Plan Assets
Projected benefit obligation132 130 2 2 
Accumulated benefit obligation128 124 2 2 
Fair value of plan assets67 32 — — 
Components of Net Periodic Benefit Cost
Service cost4 4 — — 
Interest cost5 4 — — 
Expected return on plan assets(10)(11)— — 
Amortization of unrecognized:
Net loss2 3 — — 
Net periodic benefit cost$1 $— $— $— 
 
Retirement BenefitsOther Post-Retirement Benefits
June 30,June 30,
(Dollars in millions)2022202120222021
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net gain arising during the year$(14)$— $— $— 
Exchange rate loss recognized during the year1 — — — 
Total recognized in other comprehensive income$(13)$— $— $— 
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
Total recognized in net periodic benefit cost and other comprehensive income$(12)$— $— $— 
Estimated Amounts to be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost
Amortization of:
Net loss$1 $3 $— $— 
Financial Assumptions Used to Determine Benefit Obligations at the Balance Sheet Date
Discount rate (%)3.6 %1.6 %4.0 %2.0 %
Rate of compensation increases (%)2.7 %2.0 %n/an/a
Financial Assumptions Used to Determine Net Periodic Benefit Cost for Financial Year
Discount rate (%)1.6 %1.4 %2.0 %1.8 %
Rate of compensation increases (%)2.0 %2.0 %n/an/a
Expected long-term rate of return (%)3.4 %3.6 %n/an/a
Expected Future Contributions
Fiscal year 2023$7 $8 $— $— 
Retirement BenefitsOther Post-Retirement Benefits
June 30,June 30,
(Dollars in millions)2022202120222021
Expected Future Benefit Payments
Financial year
2023$14 $13 $— $— 
202413 14 — — 
202514 15 — — 
202616 15 — — 
202714 15 — — 
2028-2032$80 $84 $1 $1 
Actual Asset Allocation (%)
Equities4.1 %4.4 %— %— %
Government bonds35.6 %30.6 %— %— %
Corporate bonds18.3 %21.0 %— %— %
Property4.9 %3.5 %— %— %
Insurance contracts12.0 %9.6 %— %— %
Other25.1 %30.9 %— %— %
Total100.0 %100.0 %— %— %
Actual Asset Allocation (Amount)
Equities$10 $14 $— $— 
Government bonds85 97 — — 
Corporate bonds44 67 — — 
Property12 11 — — 
Insurance contracts29 31 — — 
Other60 98 — — 
Total$240 $318 $— $— 
Target Asset Allocation (%)
Equities4.1 %4.5 %— %— %
Government bonds35.6 %30.5 %— %— %
Corporate bonds18.3 %21.1 %— %— %
Property4.9 %3.5 %— %— %
Insurance contracts12.0 %9.6 %— %— %
Other25.1 %30.8 %— %— %
Total100.0 %100.0 %— %— %
  
Summary of plan assets that are measured in fair value
The following tables provide a summary of plan assets that are measured at fair value as of June 30, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall:
As of June 30, 2022 (dollars in millions)Level 1Level 2Level 3Investments Measured at Net Asset ValueTotal Assets
Equity securities$— $10 $— $— $10 
Debt securities— 129 — — 129 
Real estate— 10 2 — 12 
Other (1)
— 64 25 — 89 
Total$— $213 $27 $— $240 
(1) Other as of June 30, 2022, included $35 million of investments in hedge funds related to the Company's U.K. pension plan, which were classified as Level 2.
As of June 30, 2021 (dollars in millions)Level 1Level 2
Level 3
Investments Measured at Net Asset Value
Total Assets
Equity securities$— $14 $— $— $14 
Debt securities— 164 — — 164 
Real estate— 11 — — 11 
Other (1)
— 106 23 — 129 
Total$— $295 $23 $— $318 
Reconciliation of beginning and ending balances of level 3 assets
The following table provides a reconciliation of the beginning and ending balances of Level 3 assets as well as the changes during the period attributable to assets held and those purchases, sales, settlements, contributions, and benefits that were paid:
Fair Value Measurement Using Significant Unobservable Inputs Total (Level 3)Fair Value Measurement Using Significant Unobservable Inputs Insurance ContractsFair Value Measurement Using Significant Unobservable Inputs Other
Total (Level 3)
(Dollars in millions)
Beginning Balance at June 30, 2021$23 $3 $20 
Actual return on plan assets:
Relating to assets still held at the reporting date(2)— (2)
Purchases, sales, settlements, contributions and benefits paid(5)(3)(2)
Transfers in or out of Level 3, net11 9 2 
Ending Balance at June 30, 2022$27 $9 $18 
  
Assumed healthcare cost trend rates
Other Post-Retirement Benefits
Assumed Healthcare Cost Trend Rates at the Balance Sheet Date20222021
Healthcare cost trend rate – initial (%)
Pre-65n/an/a
Post-654.6 %7.3 %
Healthcare cost trend rate – ultimate (%)
Pre-65n/an/a
Post-654.1 %4.4 %
Year in which ultimate rates are reached
Pre-65n/an/a
Post-652040 2035