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Pension and Other Postretirement Benefits
 9 Months Ended
Mar. 31, 2017
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 (loss) 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,  
     2017     2016     2017     2016     2017     2016  
     (in millions)  

Service cost benefits earned during the period

    $     —       $     —       $ 2     $ 2     $     —       $     —    

Interest costs on projected benefit obligations

      3       4       7       10       1       2  

Expected return on plan assets

      (5 )      (4 )      (14 )      (15 )      —         —    

Amortization of deferred losses

      2       1       4       4       —         —    

Amortization of prior service (credits)

      —         —           —           —         (1 )      (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit costs

    $ —       $ 1     $ (1 )    $ 1     $ —       $ —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Pension benefits     Postretirement
benefits		  
     Domestic     Foreign    
     For the nine months ended March 31,  
     2017     2016     2017     2016     2017     2016  
     (in millions)  

Service cost benefits earned during the period

    $     —       $     —       $ 6     $ 7     $     —       $     —    

Interest costs on projected benefit obligations

      9       12       22       33       3       4  

Expected return on plan assets

      (14 )      (14 )      (42 )      (47 )      —         —    

Amortization of deferred losses

      4       3       12       11       —         —    

Amortization of prior service (credits)

      —         —           —           —         (3 )      (5 ) 

Settlements, curtailments and other

      —         —         —         (1 )      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefits costs

    $ (1 )    $ 1     $ (2 )    $ 3     $ —       $ (1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

During each of the nine months ended March 31, 2017 and 2016, the Company contributed approximately $27 million to its various pension and postretirement plans, of which $8 million and $9 million, respectively, was contributed in the three months ended March 31, 2017 and 2016.