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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2023
Retirement Benefits [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)20232022
Change in benefit obligation:
Benefit obligation, beginning of year$741,009 $968,725 
Service cost963 1,117 
Interest cost32,235 22,532 
Participant contributions486 479 
Actuarial gains(32,622)(170,055)
Benefits and expenses paid(52,625)(53,149)
Currency translation adjustments7,372 (27,074)
Plan amendments(50)(66)
Plan settlements(1,260)(1,805)
Plan curtailments(3)(3)
Other adjustments406 308 
Benefit obligation, end of year$695,911 $741,009 
Change in plans' assets:
Fair value of plans' assets, beginning of year$695,965 $890,104 
Actual return on plans' assets(4,063)(133,374)
Company contributions7,842 8,170 
Participant contributions486 479 
Plan settlements(1,260)(1,805)
Benefits and expenses paid(52,625)(53,149)
Currency translation adjustments3,842 (14,455)
Other adjustments(7)(5)
Fair value of plans' assets, end of year$650,180 $695,965 
Funded status of plans$(45,731)$(45,044)
Amounts recognized in the balance sheets consist of:
Long-term prepaid benefit$70,567 $66,433 
Short-term accrued benefit obligation(7,562)(6,406)
Accrued pension benefits(108,736)(105,071)
Net amount recognized$(45,731)$(45,044)
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 were as follows at June 30:
(in thousands)20232022
Unrecognized net actuarial losses$284,054 $274,416 
Unrecognized net prior service costs1,772 1,822 
Unrecognized transition obligations76 158 
Total$285,902 $276,396 
The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive loss were as follows at June 30:
(in thousands)20232022
Unrecognized net actuarial losses$2,023 $2,657 
Unrecognized net prior service credits(1,378)(1,649)
Total$645 $1,008 
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)20232022
Projected benefit obligation$123,065 $118,199 
Accumulated benefit obligation122,395 117,614 
Fair value of plan assets6,739 6,718 
Net Periodic Pension (Income) Cost
The components of net periodic pension income include the following as of June 30:
(in thousands)202320222021
Service cost$963 $1,117 $1,685 
Interest cost32,235 22,532 23,188 
Expected return on plans' assets(40,124)(51,928)(53,653)
Amortization of transition obligation84 94 94 
Amortization of prior service cost5 13 34 
Curtailment(1)(2)(7)
Settlement18 205 3,190 
Recognition of actuarial losses4,440 11,702 13,606 
Other adjustments431 277 (473)
Net periodic pension income$(1,950)$(15,990)$(12,336)
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)20232022
Change in benefit obligation:
Benefit obligation, beginning of year$9,113 $11,383 
Interest cost417 288 
Actuarial losses(442)(1,402)
Benefits paid(1,067)(1,224)
Other(130)68 
Benefit obligation, end of year$7,891 $9,113 
Funded status of plan$(7,891)$(9,113)
Amounts recognized in the balance sheets consist of:
Short-term accrued benefit obligation$(1,091)$(1,189)
Accrued postretirement benefits(6,800)(7,924)
Net amount recognized$(7,891)$(9,113)
Net Periodic Other Postretirement Costs (Benefit)
The components of net periodic other postretirement benefit cost include the following for the years ended June 30:
(in thousands)202320222021
Interest cost$417 $288 $307 
Amortization of prior service credit(271)(276)(276)
Recognition of actuarial loss192 297 307 
Net periodic other postretirement benefit cost$338 $309 $338 
Significant Actuarial Assumptions Used to Determine the Present Value of Net Benefit Obligations
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:
202320222021
Discount Rate:
U.S. plans
5.6-6.3%
4.3-5.0%
1.2-3.0%
International plans
1.8-5.4%
2.0-5.0%
0.3-3.2%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)4.0 %4.0 %4.0 %
International plans1.8 %1.5 %1.5 %
The significant assumptions used to determine the net periodic income for our pension and other postretirement benefit plans were as follows:
202320222021
Discount Rate:
U.S. plans
4.3-5.0%
1.2-3.0%
1.6-2.9%
International plans
1.8-5.0%
0.3-3.2%
0.2-2.4%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)4.0 %4.0 %4.0 %
International plans1.5 %1.5 %1.5 %
Rate of return on plans assets:
U.S. plans5.2 %6.5 %6.8 %
International plans
2.0-5.0%
0.3-5.0%
0.2-5.3%
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: 
202320222021
Health care costs trend rate assumed for next year7.0 %6.3 %6.5 %
Rate to which the cost trend rate gradually declines5.0 %5.0 %5.0 %
Year that the rate reaches the rate at which it is assumed to remain203120272027
Asset Allocations and Target Allocations by Asset Class
Our defined benefit pension plans’ asset allocations as of June 30, 2023 and 2022 and target allocations for 2024, by asset class, were as follows:
20232022Target %
Equity16 %14 %13 %
Fixed Income80 %82 %78 %
Other4 %4 %9 %
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2023:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $50,612 $50,612 
Mutual funds— — — 27,800 27,800 
Corporate fixed income securities— 356,263 — — 356,263 
Common stock14,438 — — — 14,438 
Government securities:
U.S. government securities— 105,624 — — 105,624 
Foreign government securities— 28,050 — — 28,050 
Other fixed income securities— 55,404 — — 55,404 
Other717 11,272 — — 11,989 
Total investments$15,155 $556,613 $— $78,412 $650,180 
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2022:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $48,973 $48,973 
Mutual funds— — — 24,528 24,528 
Corporate fixed income securities— 379,324 — — 379,324 
Common stock25,704 — — — 25,704 
Government securities:
U.S. government securities— 130,064 — — 130,064 
Foreign government securities— 40,729 — — 40,729 
Other fixed income securities— 20,248 — — 20,248 
Other747 25,648 — — 26,395 
Total investments$26,451 $596,013 $— $73,501 $695,965 
(3) Investments in common / collective trusts invest primarily in publicly traded securities and are valued using net asset value (NAV) of units of a bank collective trust. Therefore, these amounts have not been classified in the fair value hierarchy and are presented in the tables to reconcile the fair value hierarchy to the total fair value of plan assets.