Pension and Other Postretirement Benefits

9 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

NOTE 11. PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company provides pension, postretirement health care, defined contribution and medical benefits primarily in the U.S., U.K. and Australia to the Company’s eligible employees and retirees. The Company funds amounts, at a minimum, in accordance with statutory requirements for all plans. Plan assets consist principally of common stocks, marketable bonds and government securities.

The amortization of amounts related to unrecognized prior service (credits) and deferred losses were reclassified out of other comprehensive income as a component of net periodic benefit costs. The components of net periodic benefits costs were as follows:

	Pension benefits												Postretirement benefits
	Domestic						Foreign
	For the three months ended March 31,
	2016			2015			2016			2015			2016			2015
	(in millions)
Service cost benefits earned during the period	$	—		$	1		$	2		$	3		$	—		$	—
Interest costs on projected benefit obligations		4			4			10			11			2			2
Expected return on plan assets		(4	)		(5	)		(15	)		(17	)		—			—
Amortization of deferred losses		1			—			4			3			—			—
Amortization of prior service (credits)		—			—			—			—			(2	)		(4	)
Settlements, curtailments and other		—			—			—			—			—			—
Net periodic benefits costs	$	1		$	—		$	1		$	—		$	—		$	(2	)

	Pension benefits												Postretirement benefits
	Domestic						Foreign
	For the nine months ended March 31,
	2016			2015			2016			2015			2016			2015
	(in millions)
Service cost benefits earned during the period	$	—		$	1		$	7		$	9		$	—		$	—
Interest costs on projected benefit obligations		12			12			33			37			4			5
Expected return on plan assets		(14	)		(16	)		(47	)		(54	)		—			—
Amortization of deferred losses		3			2			11			9			—			—
Amortization of prior service (credits)		—			—			—			—			(5	)		(10	)
Settlements, curtailments and other		—			—			(1	)		—			—			—
Net periodic benefits costs	$	1		$	(1	)	$	3		$	1		$	(1	)	$	(5	)

During the nine months ended March 31, 2016 and 2015, the Company contributed approximately $27 million and $13 million, respectively, to its various pension and postretirement plans, of which $9 million and $4 million, were contributed in the three months ended March 31, 2016 and 2015, respectively.