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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Changes in projected benefit obligations, fair value of plan assets, and funded status of plan
The aggregate reconciliation of the projected benefit obligations, plan assets, funded status and amounts recognized in the Company’s Consolidated Financial Statements related to the Company’s pension plans and other post-employment benefit plans is presented below:
Pension PlansOther Post-Employment BenefitsTotal
U.S.International
20202019202020192020201920202019
Change in benefit obligation
Benefit obligation—July 1$17.7 $17.5 $790.1 $732.6 $57.8 $53.2 $865.6 $803.3 
Service cost  33.1 33.3 1.1 1.2 34.2 34.5 
Interest cost0.6 0.7 9.1 12.8 1.7 2.1 11.4 15.6 
Plan participants’ contributions  6.1 7.0 0.3 0.2 6.4 7.2 
Plan amendments   (10.3)   (10.3)
Benefits paid(1.4)(1.3)(16.8)(16.9)(2.1)(1.8)(20.3)(20.0)
New employees transfers in  18.7 16.2   18.7 16.2 
Premiums paid  (2.3)(2.5)  (2.3)(2.5)
Pension curtailment  (11.2)(5.4)(0.8) (12.0)(5.4)
Pension settlement  (39.0)(37.4)  (39.0)(37.4)
Actuarial loss (gain)1.6 0.8 (30.6)69.9 (4.2)4.1 (33.2)74.8 
Effect of exchange rates  (4.0)(10.8)(0.1)(0.1)(4.1)(10.9)
Other   1.6  (1.1) 0.5 
Benefit obligation—June 30$18.5 $17.7 $753.2 $790.1 $53.7 $57.8 $825.4 $865.6 
Change in plan assets
Fair value of plan assets—July 1$ $ $268.5 $261.8 $0.4 $0.4 $268.9 $262.2 
Actual return on plan assets  3.4 3.5   3.4 3.5 
Employer contributions1.3 1.3 33.2 36.4 1.9 1.6 36.4 39.3 
Plan participants’ contributions  6.1 7.0 0.3 0.2 6.4 7.2 
Benefits paid(1.3)(1.3)(16.5)(16.9)(2.1)(1.8)(19.9)(20.0)
New employees transfers in  18.7 16.2   18.7 16.2 
Premiums paid  (2.2)(2.5)  (2.2)(2.5)
Plan settlements  (39.0)(37.4)  (39.0)(37.4)
Effect of exchange rates  1.9 (0.1)  1.9 (0.1)
Other   0.5    0.5 
Fair value of plan assets—June 30  274.1 268.5 0.5 0.4 274.6 268.9 
Reclassification of net obligation to held for sale liabilities  140.8 145.8   140.8 145.8 
Funded status—June 30$(18.5)$(17.7)$(338.3)$(375.8)$(53.2)$(57.4)$(410.0)$(450.9)
Schedule of amounts recognized in balance sheet
With respect to the Company’s pension plans and other post-employment benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets as of June 30, 2020 and 2019, are presented below (this table excludes discontinued operations):
Pension PlansOther Post-Employment BenefitsTotal
U.S.International
20202019202020192020201920202019
Noncurrent assets$ $ $1.5 $1.5 $ $ $1.5 $1.5 
Current liabilities(1.3)(1.4)(6.9)(0.8)(3.0)(2.5)(11.2)(4.7)
Noncurrent liabilities(17.2)(16.3)(332.9)(376.5)(50.2)(54.9)(400.3)(447.7)
Funded status(18.5)(17.7)(338.3)(375.8)(53.2)(57.4)(410.0)(450.9)
AOC(L)/I(0.7)0.2 1.1 (20.3)8.3 10.0 8.7 (10.1)
Net amount recognized$(19.2)$(17.5)$(337.2)$(396.1)$(44.9)$(47.4)$(401.3)$(461.0)
Schedule of accumulated benefit obligations in excess of fair value of plan assets
Pension plans with accumulated benefit obligations in excess of plan assets and projected benefit obligations in excess of plan assets are presented below:
Pension plans with accumulated benefit obligations in excess of plan assetsPension plans with projected benefit obligations in excess of plan assets
U.S.InternationalU.S.International
20202019202020192020201920202019
Projected benefit obligation$18.5 $17.7 $730.7 $767.5 $18.5 $17.7 $739.1 $775.9 
Accumulated benefit obligation18.5 17.7 694.9 716.3 18.5 17.7 712.1 733.7 
Fair value of plan assets  254.4 248.2   261.0 254.9 
Components of net periodic benefit cost for pension plans and other post-employment plans
The components of net periodic benefit cost for pension plans and other post-employment benefit plans recognized in the Consolidated Statements of Operations are presented below:
Year Ended June 30,
Pension PlansOther Post-
Employment Benefits
U.S.InternationalTotal
202020192018202020192018202020192018202020192018
Service cost$ $ $ $33.1 $33.3 $38.8 $1.1 $1.2 $1.4 $34.2 $34.5 $40.2 
Interest cost0.6 0.7 0.7 9.1 12.8 12.6 1.7 2.1 2.0 11.4 15.6 15.3 
Expected return on plan assets   (8.4)(8.2)(7.5)   (8.4)(8.2)(7.5)
Amortization of prior service (credit) cost    (0.8)0.2 0.2 (5.9)(5.9)(5.9)(6.7)(5.7)(5.7)
Amortization of net (gain) loss0.7 (0.7)(0.7)(0.1)0.3 1.2 (0.1)(0.1)(0.1)0.5 (0.5)0.4 
Settlements (gain) loss recognized   (0.2)(0.8)    (0.2)(0.8) 
Curtailment (gain) loss recognized   (14.1)(5.4)0.1 (0.8) (10.4)(14.9)(5.4)(10.3)
Net periodic benefit cost$1.3 $ $ $18.6 $32.2 $45.4 $(4.0)$(2.7)$(13.0)$15.9 $29.5 $32.4 
Schedule of amounts recognized in other comprehensive income (loss)
Pre-tax amounts recognized in AOC(L)/I, which have not yet been recognized as a component of net periodic benefit cost are presented below:
Pension PlansOther Post-Employment Benefits
U.S.InternationalTotal
20202019202020192020201920202019
Net actuarial (loss) gain $(0.7)$0.2 $(2.8)$(29.0)$4.2 $(0.4)$0.7 $(29.2)
Prior service credit (cost)  3.9 8.7 4.1 10.4 8.0 19.1 
Total recognized in AOC(L)/I$(0.7)$0.2 $1.1 $(20.3)$8.3 $10.0 $8.7 $(10.1)
Changes in plan assets and benefit obligations recognized in OCI/(L) during the fiscal year are presented below:
Pension PlansOther Post-Employment Benefits
U.S.InternationalTotal
20202019202020192020201920202019
Net actuarial (loss) gain$(1.6)$(0.8)$25.6 $(74.6)$5.2 $(4.1)$29.2 $(79.5)
Amortization of prior service (credit) cost  (0.8)0.2 (5.9)(5.9)(6.7)(5.7)
Curtailment recognition of prior service credit (cost)   (2.9) (0.4) (3.3) 
Recognized net actuarial (gain)
loss
0.7 (0.7)(0.6)(0.5)(0.6)(0.1)(0.5)(1.3)
Prior service credit (cost)   10.3    10.3 
Effect of exchange rates  0.2 (0.4)  0.2 (0.4)
Total recognized in OCI/(L)$(0.9)$(1.5)$21.5 $(65.0)$(1.7)$(10.1)$18.9 $(76.6)
Schedule of amounts in accumulated other comprehensive income (loss) to be recognized over next fiscal year
Amounts in AOCI/(L) expected to be amortized as components of net periodic benefit cost during fiscal 2021 are presented below:
Pension PlansOther Post-Employment BenefitsTotal
U.S.International
Prior service credit (cost)$ $0.6 $3.3 $3.9 
Net gain (loss)(1.5)0.1 0.1 (1.3)
Total$(1.5)$0.7 $3.4 $2.6 
Schedule of assumptions used
The weighted-average assumptions used to determine the Company’s projected benefit obligation above are presented below:
Pension PlansOther Post-Employment Benefits
U.S.International
202020192020201920202019
Discount rates
2.5%-2.8%
3.2%-3.6%
0.4%-6.7%
0.4%-8.4%
1.7%-2.8%
1.7%-3.5%
Future compensation growth ratesN/AN/A
1.0%-5.8%
1.0%-5.8%
N/AN/A
The weighted-average assumptions used to determine the Company’s net periodic benefit cost in fiscal 2020, 2019 and 2018 are presented below:
Pension PlansOther Post-
Employment Benefits
U.S.International
202020192018202020192018202020192018
Discount rates
3.2%-3.6%
4%3.6%
0.4%-8.4%
0.6%-8.0%
0.4%-7.5%
1.7%-3.5%
2.3%-4.2%
1.9%-7.6%
Future compensation growth rates N/AN/AN/A
1.0%-5.8%
1.5%-5.7%
1.5%-6.0%
 N/AN/AN/A
Expected long-term rates of return on plan assets N/AN/AN/A
1.4%-8.9%
2.0%-8.4%
1.8%-8.2%
 N/AN/AN/A
Schedule of health care cost trend rates
The health care cost trend rate assumptions have a significant effect on the amounts reported.
Year Ended June 30,
202020192018
Health care cost trend rate assumed for next year
6.8%-7.6%
7.1%-8.0%
7.4%-8.5%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5%5%5%
Year that the rate reaches the ultimate trend rate202620262026
Schedule of effect of 1% 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 IncreaseOne Percentage Point Decrease
Effect on total service cost and interest cost$6.1 $(5.3)
Effect on post-employment benefit obligation0.3 (0.3)
Schedule of allocation of plan assets
The target asset allocations for the Company’s pension plans as of June 30, 2020 and 2019, by asset category are presented below:
% of Plan Assets at Year Ended
Target20202019
Equity securities40%35%41%
Fixed income securities50%38%42%
Cash and other investments10%27%17%
The international pension plan assets that the Company measures at fair value on a recurring basis, based on the fair value hierarchy as described in Note 2—Summary of Significant Accounting Policies, as of June 30, 2020 and 2019 are presented below:
Level 1Level 2Level 3Total
20202019202020192020201920202019
Equity securities$67.5 $66.8 $ $ $ $ $67.5 $66.8 
Fixed income securities:
  Corporate securities58.6 57.9     58.6 57.9 
Other:
  Cash and cash equivalents0.5 1.0    0.5 1.0 
  Insurance contracts and other    148.0 143.2 148.0 143.2 
Total pension plan assets$126.6 $125.7 $ $ $148.0 $143.2 $274.6 $268.9 
Schedule of effect of significant unobservable inputs, changes in plan assets
The reconciliations of Level 3 plan assets measured at fair value in fiscal 2020 and 2019 are presented below:
June 30,
2020
June 30,
2019
Insurance contracts:
Fair value—July 1$143.2 $143.7 
Return on plan assets4.3 (0.2)
Purchases, sales and settlements, net(2.8)(2.5)
Effect of exchange rates3.3 2.2 
Fair value—June 30$148.0 $143.2 
Schedule of expected benefit payments
Pension PlansOther Post-Employment BenefitsTotal
Fiscal Year Ending June 30,U.S.International
2021$1.3 $79.0 $2.9 $83.2 
20221.3 25.3 3.0 29.6 
20231.3 26.3 3.0 30.6 
20241.3 26.1 3.0 30.4 
20251.2 26.7 3.1 31.0 
2026 - 20305.7 159.8 16.0 181.5