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POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN (TABLES)
 12 Months Ended
Jun. 30, 2012
Notes to Financial Statements [Abstract]  
Reconciliation of Benefit Obligations and Plan Assets of Defined Benefit Retirement Plans and Other Retiree Benefit Plans
Obligation and Funded Status. The following provides a reconciliation of benefit obligations, plan assets and funded status of these defined benefit plans:
 
Pension  Benefits(1)
 
Other Retiree Benefits(2)
Years ended June 30
2012
 
2011
 
2012
 
2011
CHANGE IN BENEFIT OBLIGATION
 
 
 
 
 
 
 
Benefit obligation at beginning of year(3)
$
12,229

 
$
11,245

 
$
4,886

 
$
4,778

Service cost
267

 
270

 
142

 
146

Interest cost
611

 
588

 
276

 
270

Participants' contributions
22

 
21

 
68

 
67

Amendments
(44
)
 
93

 
—

 
7

Actuarial loss/(gain)
1,911

 
(633
)
 
957

 
(235
)
Acquisitions/(divestitures)
(17
)
 
—

 
—

 
—

Special termination benefits
—

 
—

 
27

 
3

Currency translation and other
(847
)
 
1,137

 
(95
)
 
89

Benefit payments
(559
)
 
(492
)
 
(255
)
 
(239
)
BENEFIT OBLIGATION AT END OF YEAR(3)
13,573

 
12,229

 
6,006

 
4,886


 
Pension  Benefits(1)
 
Other Retiree Benefits(2)
 
2012
 
2011
 
2012
 
2011
CHANGE IN PLAN ASSETS
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
7,962

 
$
6,562

 
$
2,975

 
$
2,843

Actual return on plan assets
459

 
685

 
(126
)
 
253

Employer contributions
485

 
555

 
24

 
29

Participants' contributions
22

 
21

 
68

 
67

Currency translation and other
(395
)
 
631

 
—

 
2

ESOP debt impacts(4)
—

 
—

 
27

 
20

Benefit payments
(559
)
 
(492
)
 
(255
)
 
(239
)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR
7,974

 
7,962

 
2,713

 
2,975

FUNDED STATUS
(5,599
)
 
(4,267
)
 
(3,293
)
 
(1,911
)
(1) 
Primarily non-U.S.-based defined benefit retirement plans.
(2) 
Primarily U.S.-based other postretirement benefit plans.
(3) 
For the pension benefit plans, the benefit obligation is the projected benefit obligation. For other retiree benefit plans, the benefit obligation is the accumulated postretirement benefit obligation.
(4) 
Represents the net impact of ESOP debt service requirements, which is netted against plan assets for other retiree benefits.
Reconciliation of Defined Benefit Retirement Plans and Other Retiree Benefit Plans Recognized in Asset, Liability and Accumulated Other Comprehensive Income
 
Pension Benefits
 
Other Retiree Benefits
Years ended June 30
2012
 
2011
 
2012
 
2011
CLASSIFICATION OF NET AMOUNT RECOGNIZED
 
 
 
 
 
 
 
Noncurrent assets
$
128

 
$
168

 
$
—

 
$
—

Current liability
(43
)
 
(47
)
 
(23
)
 
(24
)
Noncurrent liability
(5,684
)
 
(4,388
)
 
(3,270
)
 
(1,887
)
NET AMOUNT RECOGNIZED
(5,599
)
 
(4,267
)
 
(3,293
)
 
(1,911
)
 
 
 
 
 
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI)
 
 
 
 
 
 
 
Net actuarial loss
$
4,010

 
$
2,315

 
$
3,565

 
$
2,181

Prior service cost /(credit)
261

 
354

 
(75
)
 
(92
)
NET AMOUNTS RECOGNIZED IN AOCI
4,271

 
2,669

 
3,490

 
2,089

 
 
 
 
 
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI)
 
 
 
 
 
 
 
Net actuarial loss /(gain) - current year
$
2,009

 
$
(827
)
 
$
1,516

 
$
(60
)
Prior service cost/(credit) - current year
(44
)
 
93

 
—

 
7

Amortization of net actuarial loss
(102
)
 
(154
)
 
(99
)
 
(96
)
Amortization of prior service (cost) / credit
(21
)
 
(18
)
 
20

 
18

Settlement / curtailment cost
(6
)
 
—

 
—

 
—

Currency translation and other
(234
)
 
262

 
(36
)
 
20

TOTAL CHANGE IN AOCI
1,602

 
(644
)
 
1,401

 
(111
)
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST AND AOCI
2,036

 
(106
)
 
1,417

 
(124
)
Pension Plans with Accumulated and Projected Benefit Obligations in Excess of Plan Assets
Pension plans with accumulated benefit obligations in excess of plan assets and plans with projected benefit obligations in excess of plan assets consist of the following:
 
Accumulated Benefit
Obligation Exceeds the
Fair Value of Plan  Assets
  
Projected Benefit
Obligation Exceeds the
Fair Value of Plan  Assets
June 30
2012
  
2011
  
2012
  
2011
Projected benefit obligation
$
11,623

  
$
6,817

  
$
12,310

  
$
10,650

Accumulated benefit obligation
10,009

  
5,923

  
10,533

  
8,940

Fair value of plan assets
6,013

  
2,845

  
6,583

  
6,214
Components of the Net Periodic Benefit Cost

Net Periodic Benefit Cost. Components of the net periodic benefit cost were as follows: 
 
Pension Benefits
 
Other Retiree Benefits
Years ended June 30
2012
 
2011
 
2010
 
2012
 
2011
 
2010
Service cost
$
267

 
$
270

 
$
218

 
$
142

 
$
146

 
$
103

Interest cost
611

 
588

 
579

 
276

 
270

 
253

Expected return on plan assets
(573
)
 
(492
)
 
(437
)
 
(434
)
 
(431
)
 
(429
)
Prior service cost /(credit) amortization
21

 
18

 
15

 
(20
)
 
(18
)
 
(21
)
Net actuarial loss amortization
102

 
154

 
91

 
99

 
96

 
20

Curtailments, settlements and other
6

 
—

 
3

 
27

 
3

 
14

GROSS BENEFIT COST/(CREDIT)
434

 
538

 
469

 
90

 
66

 
(60
)
Dividends on ESOP preferred stock
—

 
—

 
—

 
(74
)
 
(79
)
 
(83
)
NET PERIODIC BENEFIT COST/(CREDIT)
434

 
538

 
469

 
16

 
(13
)
 
(143
)
Amounts Expected to be Amortized from Accumulated Other Comprehensive Income into Net Period Benefit Cost
Amounts expected to be amortized from accumulated OCI into net periodic benefit cost during the year ending June 30, 2013, are as follows:
 
Pension Benefits
  
Other Retiree Benefits
Net actuarial loss
$
212

  
$
199

Prior service cost/(credit)
18

  
(20
)
Weighted Average Assumptions for the Defined Benefit and Other Retiree Benefit Calculations, as well as Assumed Health Care Trend Rates
Assumptions. We determine our actuarial assumptions on an annual basis. These assumptions are weighted to reflect each country that may have an impact on the cost of providing retirement benefits. The weighted average assumptions for the defined benefit and other retiree benefit calculations, as well as assumed health care trend rates, were as follows:
 
Pension Benefits
 
Other Retiree Benefits
Years ended June 30
2012
 
2011
 
2012
 
2011
ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATIONS(1)
 
 
 
 
 
 
 
Discount rate
4.2
%
 
5.3
%
 
4.3
%
 
5.7
%
Rate of compensation increase
3.3
%
 
3.5
%
 
—
%
 
—
%
ASSUMPTIONS USED TO DETERMINE NET PERIODIC BENEFIT COST(2)
 
 
 
 
 
 
 
Discount rate
5.3
%
 
5.0
%
 
5.7
%
 
5.4
%
Expected return on plan assets
7.4
%
 
7.0
%
 
9.2
%
 
9.2
%
Rate of compensation increase
3.5
%
 
3.5
%
 
—
%
 
—
%
ASSUMED HEALTH CARE COST TREND RATES
 
 
 
 
 
 
 
Health care cost trend rates assumed for next year
—

 
—

 
8.0
%
 
8.5
%
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate)
—

 
—

 
5.0
%
 
5.0
%
Year that the rate reaches the ultimate trend rate
—

 
—

 
2019

 
2018

 
(1) 
Determined as of end of year.
(2) 
Determined as of beginning of year and adjusted for acquisitions.
One-Percentage Point Change in Assumed Health Care Cost Trend Rates
A one- percentage point change in assumed health care cost trend rates would have the following effects:
 
One-Percentage
Point Increase
 
One-Percentage
Point Decrease
Effect on total of service and interest cost components
$
76

 
$
(59
)
Effect on postretirement benefit obligation
942

 
(724
)
Target Asset Allocation and Actual Asset Allocation
Plan Assets. Our target asset allocation for the year ended June 30, 2012, and actual asset allocation by asset category as of June 30, 2012 and 2011, were as follows:
 
Target Asset Allocation
 
Actual Asset Allocation at June 30
 
 
 
 
 
Pension Benefits
 
Other Retiree 
Benefits
Asset Category
Pension Benefits
 
Other Retiree
Benefits
 
2012
 
2011
 
2012
 
2011
Cash
2
%
 
2
%
 
1
%
 
2
%
 
1
%
 
1
%
Debt securities
51
%
 
8
%
 
52
%
 
52
%
 
9
%
 
8
%
Equity securities
47
%
 
90
%
 
47
%
 
46
%
 
90
%
 
91
%
TOTAL
100
%
 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
Fair Value of the Company's Plan Assets Segregated by Level within the Fair Value Hierarchy
The following tables set forth the fair value of the Company's plan assets as of June 30, 2012 and 2011 segregated by level within the fair value hierarchy (refer to Note 5 for further discussion on the fair value hierarchy and fair value principles). Common collective funds are valued using the net asset value reported by the managers of the funds and as supported by the unit prices of actual purchase and sale transactions. Company stock listed as Level 2 in the hierarchy represents preferred shares which are valued based on the value of Company common stock. Insurance contracts represent the majority of our Level 3 pension instruments and are based on their cash equivalent or models that project future cash flows and discount the future amounts to a present value using market-based observable inputs including credit risk and interest rate curves.
 
Pension Benefits
  
Level 1
  
Level 2
  
Level 3
  
Total
 
2012
  
2011
  
2012
  
2011
  
2012
  
2011
  
2012
  
2011
ASSETS AT FAIR VALUE:
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
Cash and cash equivalents
$
60

  
$
189

  
$
—

  
$
—

  
$
—

  
$
—

  
$
60

  
$
189

Government bonds
4

  
68

  
—

  
—

  
—

  
—

  
4

  
68

Company stock
—

 
11

 
—

 
—

 
—

 
—

 
—

 
11

Common collective fund - equity
—

  
—

  
3,727

  
3,612

  
—

  
—

  
3,727

  
3,612

Common collective fund - fixed income
—

  
—

  
4,112

  
4,027

  
—

  
—

  
4,112

  
4,027

Other
—

  
—

  
—

  
—

  
71

 
55

 
71

  
55

TOTAL ASSETS AT FAIR VALUE
64

  
268

  
7,839

  
7,639

  
71

  
55

  
7,974

  
7,962

 
Other Retiree Benefits
  
Level 1
  
Level 2
  
Level 3
  
Total
 
2012
  
2011
  
2012
  
2011
  
2012
  
2011
  
2012
  
2011
ASSETS AT FAIR VALUE:
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
Cash and cash equivalents
$
16

  
$
43

  
$
—

  
$
—

  
$
—

  
$
—

  
$
16

  
$
43

Company stock
—

 
—

 
2,418

 
2,655

 
—

 
—

 
2,418

 
2,655

Common collective fund - equity
—

  
—

  
30

  
41

  
—

  
—

  
30

  
41

Common collective fund - fixed income
—

  
—

  
247

  
232

  
—

  
—

  
247

  
232

Other
—

  
—

  
—

  
—

  
2

 
4

 
2

  
4

TOTAL ASSETS AT FAIR VALUE
16

  
43

  
2,695

  
2,928

  
2

  
4

  
2,713

  
2,975
Total Benefit Payments Expected to be Paid to Participants
Total benefit payments expected to be paid to participants, which include payments funded from the Company's assets, as discussed above, as well as payments from the plans, are as follows:
Years ending June 30
Pension
Benefits
  
Other Retiree
Benefits
EXPECTED BENEFIT PAYMENTS
2013
$
546

  
$
207

2014
516

  
225

2015
525

  
242

2016
553

  
258

2017
567

  
275

2018 - 2022
3,133

  
1,614
Series A and B Preferred Shares of the ESOP Number of Shares Outstanding
The number of preferred shares outstanding at June 30 was as follows:
Shares in thousands
2012
  
2011
  
2010
Allocated
50,668

  
52,281

  
54,542

Unallocated
11,348

  
13,006

  
14,762

TOTAL SERIES A
62,016

  
65,287

  
69,304

 
 
 
 
Allocated
20,802

  
20,759

  
20,752

Unallocated
38,743

  
40,090

  
41,347

TOTAL SERIES B
59,545

  
60,849

  
62,099