Pension and Other Postretirement Benefits

6 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements.

The net periodic benefit cost was $17 million and $13 million for the three months ended December 31, 2020 and 2019, respectively, and $34 million and $27 million for the six months ended December 31, 2020 and 2019, respectively.