Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Funded Status of Pension Plans and Amount recognized in the Consolidated Balance Sheet

The funded status of our pension plans and amounts recognized in the consolidated balance sheets as of June 30 were as follows:

(in thousands)	2015			2014
Change in benefit obligation:
Benefit obligation, beginning of year	$	969,904		$	890,831
Service cost	5,474			6,910
Interest cost	39,007			41,084
Participant contributions	12			15
Actuarial losses	50,464			56,925
Benefits and expenses paid	(73,897		)	(43,948		)
Currency translation adjustments	(36,377		)	16,994
Effect of acquired business	—			1,093
Special termination benefits	459			—
Curtailments	(592		)	—
Benefit obligation, end of year	$	954,454		$	969,904
Change in plans' assets:
Fair value of plans' assets, beginning of year	$	884,264		$	796,079
Actual return on plans' assets	20,007			108,640
Company contributions	8,703			10,902
Participant contributions	12			15
Benefits and expenses paid	(73,897		)	(43,948		)
Currency translation adjustments	(11,752		)	12,576
Fair value of plans' assets, end of year	$	827,337		$	884,264
Funded status of plans	$	(127,117	)	$	(85,640	)
Amounts recognized in the balance sheet consist of:
Long-term prepaid benefit	$	31,274		$	81,307
Short-term accrued benefit obligation	(14,592		)	(8,679		)
Accrued pension benefits	(143,799		)	(158,268		)
Net amount recognized	$	(127,117	)	$	(85,640	)

Defined Benefit Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income

The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive (loss) income were as follows at June 30:

(in thousands)	2015			2014
Unrecognized net actuarial losses	$	196,567		$	121,799
Unrecognized net prior service credits	(953		)	(939		)
Unrecognized transition obligations	951			1,105
Total	$	196,565		$	121,965

The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive (loss) income were as follows at June 30:

(in thousands)	2015			2014
Unrecognized net actuarial losses	$	5,969		$	8,554
Unrecognized net prior service credits	(172		)	(452		)
Total	$	5,797		$	8,102

Accumulated Benefit Obligations Exceeding Plan Assets Fair Value

Included in the above information are plans with accumulated benefit obligations exceeding the fair value of plan assets as of June 30 as follows:

(in thousands)	2015		2014
Projected benefit obligation	$	165,281	$	190,679
Accumulated benefit obligation	164,913		189,391
Fair value of plan assets	7,394		23,390

Net Periodic Pension (Income) Cost

The components of net periodic pension (income) cost include the following as of June 30:

(in thousands)	2015			2014			2013
Service cost	$	5,474		$	6,910		$	7,797
Interest cost	39,007			41,084			38,183
Expected return on plans' assets	(59,698		)	(59,527		)	(56,111		)
Amortization of transition obligation	78			78			69
Amortization of prior service cost	(361		)	(234		)	(195		)
Special termination benefit charge	459			—			—
Curtailment loss	358			—			—
Settlement loss	261			—			158
Recognition of actuarial losses	3,671			2,642			14,961
Net periodic pension (income) cost	$	(10,751	)	$	(9,047	)	$	4,862

Funded Status of Other Postretirement Benefit Plans and Amount Recognized in the Consolidated Balance Sheet

The funded status of our other postretirement benefit plans and the related amounts recognized in the consolidated balance sheets were as follows:

(in thousands)	2015			2014
Change in benefit obligation:
Benefit obligation, beginning of year	$	24,476		$	21,422
Service cost	45			55
Interest cost	934			1,006
Actuarial losses	1,489			3,658
Benefits paid	(2,155		)	(1,665		)
Curtailments	(3,584		)	—
Benefit obligation, end of year	$	21,205		$	24,476
Funded status of plan	$	(21,205	)	$	(24,476	)
Amounts recognized in the balance sheet consist of:
Short-term accrued benefit obligation	$	(1,975	)	$	(1,960	)
Accrued postretirement benefits	(19,230		)	(22,516		)
Net amount recognized	$	(21,205	)	$	(24,476	)

Net Periodic Other Postretirement Costs (Benefit)

(in thousands)	2015			2014			2013
Service cost	$	45		$	55		$	72
Interest cost	934			1,006			938
Amortization of prior service credit	(59		)	(111		)	(111		)
Recognition of actuarial loss	492			317			417
Curtailment gain	(221		)	—			—
Net periodic other postretirement benefit cost	$	1,191		$	1,267		$	1,316

Significant Actuarial Assumptions Used to Determine the Present Value of Net Benefit Obligations

The significant assumptions used to determine the net periodic (income) cost for our pension and other postretirement benefit plans were as follows:

	2015		2014		2013
Discount Rate:
U.S. plans	4.4	%	4.9	%	4.0	%
International plans	2.9-4.3%		3.5-4.8%		4.0-5.5%
Rates of future salary increases:
U.S. plans	3.0-5.0%		3.0-5.0%		3.0-5.0%
International plans	2.5-3.0%		2.5-3.0%		2.5-4.0%
Rate of return on plans assets:
U.S. plans	7.5	%	8.0	%	8.0	%
International plans	5.0-6.0%		5.0-6.0%		5.6	%

The significant actuarial assumptions used to determine the present value of net benefit obligations for our defined benefit pension plans and other postretirement benefit plans were as follows:

	2015	2014		2013
Discount Rate:
U.S. plans	3.2-4.5%	4.4	%	4.9	%
International plans	2.3-3.8%	2.9-4.3%		3.5-4.8%
Rates of future salary increases:
U.S. plans	3.0-4.0%	3.0-5.0%		3.0-5.0%
International plans	2.5-3.0%	2.5-3.0%		2.5-3.0%

Annual Assumed Rate of Increase in Per Capita Cost of Covered Benefits for Postretirement Benefit Plans

The annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) for our postretirement benefit plans was as follows:

	2015		2014		2013
Health care costs trend rate assumed for next year	7.3	%	7.5	%	7.8	%
Rate to which the cost trend rate gradually declines	5.0	%	5.0	%	4.5	%
Year that the rate reaches the rate at which it is assumed to remain	2024		2024		2029

Calculated Effect of Change on Assumption Used to Calculate Interest Cost Components and Obligations of Healthcare Plans

A change of one percentage point in the assumed health care cost trend rates would have the following effects on the total service and interest cost components of our other postretirement cost and other postretirement benefit obligation at June 30, 2015:

(in thousands)	1% Increase		1% Decrease
Effect on total service and interest cost components	$	45	$	(40	)
Effect on other postretirement obligation	881		(790		)

Asset Allocations and Target Allocations by Asset Class

Our defined benefit pension plans’ asset allocations as of June 30, 2015 and 2014 and target allocations for 2016, by asset class, were as follows:

	2015		2014		Target %
Equity	32	%	34	%	30	%
Fixed Income	65	%	63	%	70	%
Other	3	%	3	%	—	%

Fair Value of the Benefit Plan Assets Classified Under Appropriate Level of Fair Value Hierarchy

The following table presents the fair value of the benefit plan assets classified under the appropriate level of the fair value hierarchy as of June 30, 2015:

(in thousands)	Level 1		Level 2		Level 3		Total
Corporate fixed income securities	$	—	$	391,275	$	—	$	391,275
Common / collective trusts:
Value funds	—		102,466		—		102,466
Growth funds	—		54,179		—		54,179
Balanced funds	—		10,090		—		10,090
Common stock	94,964		—		—		94,964
Government securities:
U.S. Government securities	—		68,628		—		68,628
Foreign government securities	—		44,474		—		44,474
Other fixed income securities	—		32,540		—		32,540
Other	3,396		25,325		—		28,721
Total investments	$	98,360	$	728,977	$	—	$	827,337

The following table presents the fair value of the benefit plan assets classified under the appropriate level of the fair value hierarchy as of June 30, 2014:

(in thousands)	Level 1		Level 2		Level 3		Total
Corporate fixed income securities	$	—	$	409,167	$	—	$	409,167
Common / collective trusts:
Value funds	—		117,479		—		117,479
Growth funds	—		64,830		—		64,830
Balanced funds	—		22,262		—		22,262
Common stock	101,527		—		—		101,527
Government securities:
U.S. Government securities	—		66,709		—		66,709
Foreign government securities	—		41,202		—		41,202
Other fixed income securities	—		36,469		—		36,469
Other	3,156		21,463		—		24,619
Total investments	$	104,683	$	779,581	$	—	$	884,264