Pension and Other Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Jun. 30, 2011

Pension and Other Postretirement and Postemployment Benefits (Tables) [Abstract]

Defined Benefit Pension Plans

(in thousands)	2011			2010
Change in benefit obligation:
Benefit obligation, beginning of year	$	759,075		$	687,700
Service cost		7,650			7,949
Interest cost		40,984			42,437
Participant contributions		39			33
Actuarial (gains) losses		(4,400	)		78,606
Benefits and expenses paid		(37,082	)		(41,848	)
Foreign currency translation adjustments		22,074			(19,679	)
Plan amendments		675			3,577
Plan curtailments		(2,443	)		300
Benefit obligation, end of year	$	786,572		$	759,075
Change in plan assets:
Fair value of plan assets, beginning of year	$	656,516		$	606,875
Actual return on plan assets		93,570			90,623
Company contributions		8,536			6,970
Participant contributions		39			33
Benefits and expenses paid		(39,525	)		(41,847	)
Foreign currency translation adjustments		6,330			(6,138	)
Fair value of plan assets, end of year	$	725,466		$	656,516
Funded status of plan	$	(61,106	)	$	(102,559	)
Amounts recognized in the balance sheet consist of:
Long-term prepaid benefit	$	63,579		$	16,026
Short-term accrued benefit obligation		(7,619	)		(6,778	)
Accrued pension benefits		(117,066	)		(111,807	)
Net amount recognized	$	(61,106	)	$	(102,559	)

Defined benefit plans pretax amounts recognized in accumulated other comprehensive income

(in thousands)	2011			2010
Unrecognized net actuarial losses	$	66,734		$	125,971
Unrecognized net prior service credits		(1,540	)		(2,534	)
Unrecognized transition obligations		1,202			1,120
Total	$	66,396		$	124,557

Accumulated benefit obligations exceeding plan assets fair value

(in thousands)	2011		2010
Projected benefit obligation	$	124,684	$	189,042
Accumulated benefit obligation		123,016		186,723
Fair value of plan assets		-		70,456

Net periodic pension cost

(in thousands)	2011			2010			2009
Service cost	$	7,650		$	7,949		$	7,824
Interest cost		40,984			42,437			41,652
Expected return on plan assets		(48,203	)		(46,226	)		(46,939	)
Amortization of transition obligation		52			56			63
Amortization of prior service credit		(281	)		(280	)		(213	)
Special termination benefits		-			3,577			2,651
Curtailment loss		-			300			-
Settlement loss		18			-			-
Recognition of actuarial losses		12,277			4,447			1,900
Net periodic pension cost	$	12,497		$	12,260		$	6,938

Other postretirement benefit plans

(in thousands)	2011			2010
Change in benefit obligation:
Benefit obligation, beginning of year	$	19,910		$	20,598
Service cost		77			99
Interest cost		1,037			1,265
Actuarial losses		2,474			1,260
Benefits paid		(3,203	)		(3,312	)
Plan amendment		(524	)		-
Benefit obligation, end of year	$	19,771		$	19,910
Funded status of plan	$	(19,771	)	$	(19,910	)

(in thousands)	2011			2010
Amounts recognized in the balance sheet consist of:
Short-term accrued benefit obligation	$	(1,918	)	$	(2,016	)
Accrued postretirement benefits		(17,853	)		(17,894	)
Net amount recognized	$	(19,771	)	$	(19,910	)

Other postretirement benefit plans pretax OPEB amounts recognized in accumulated other comprehensive income

(in thousands)	2011			2010
Unrecognized net actuarial gains	$	(864	)	$	(3,529	)
Unrecognized net prior service cost		(524	)		-
Total	$	(1,388	)	$	(3,529	)

Net periodic other postretirement costs (benefit)

(in thousands)	2011			2010			2009
Service cost	$	77		$	99		$	294
Interest cost		1,037			1,266			1,631
Amortization of prior service cost		-			8			39
Recognition of actuarial gains		(190	)		(368	)		(107	)
Curtailment gain		-			-			(3,169	)
Net periodic other postretirement benefit cost (income)	$	924		$	1,005		$	(1,312	)

Actuarial assumptions used to determine the present value of net benefit obligations

	2011			2010			2009
Discount Rate:
U.S. plans		5.5	%		5.5	%		6.5	%
International plans		5.5-5.8	%		5.0-5.5	%		5.8-7.0	%
Rates of future salary increases:
U.S. plans		3.0 -5.0	%		3.0 -5.0	%		3.0 -5.0	%
International plans		2.0 -3.5	%		3.5	%		3.5	%

Assumptions used to determine the net periodic costs (benefits)

	2011			2010			2009
Discount Rate:
U.S. plans		5.5	%		6.5	%		6.8	%
International plans		5.0-5.5	%		5.8-7.0	%		6.3 -6.8	%
Rates of future salary increases:
U.S. plans		3.0 -5.0	%		3.0 -5.0	%		3.0 -5.0	%
International plans		3.5	%		3.5	%		3.5-4.0	%
Rate of return on plans assets:
U.S. plans		8.0	%		8.0	%		8.0	%
International plans		6.4	%		6.7	%		7.1	%

Annual assumed rate of increase in per capita cost of covered benefits for postretirement benefit plans

	2011			2010			2009
Health care costs trend rate assumed for next year		8.3	%		8.6	%		8.8	%
Rate to which the cost trend rate gradually declines		4.5	%		4.5	%		4.5	%
Year that the rate reaches the rate at which it is assumed to remain		2029			2029			2029

Calculated effect of change on assumption used to calculate cost components and obligations of healthcare plans

(in thousands)	1% Increase		1% Decrease
Effect on total service and interest cost components	$	58	$	(51	)
Effect on other postretirement obligation		849		(757	)

Asset allocations and target allocations by asset class

	2011			2010			Target		%
Equity		35	%		31	%		30	%
Fixed Income		60	%		66	%		70	%
Other		5	%		3	%		0	%

Benefit plan assets classified under appropriate level of fair value hierarchy

(in thousands)	Level 1		Level 2		Level 3		Total
Corporate fixed income securities	$	-	$	338,955	$	-	$	338,955
Common / collective trusts:
Value funds		-		92,625		-		92,625
Growth funds		-		54,392		-		54,392
Balanced funds		-		15,798		-		15,798
Common stock		93,403		-		-		93,403
Government securities:
U.S. Government securities		-		30,236		-		30,236
Foreign government securities		-		27,465		-		27,465
Other fixed income securities		-		41,043		-		41,043
Other		1,723		36,772		-		38,495
Total investments	$	95,126	$	637,286	$	-	$	732,412

(in thousands)	Level 1		Level 2		Level 3		Total
Corporate fixed income securities	$	-	$	364,773	$	-	$	364,773
Common / collective trusts:
Value funds		-		74,532		-		74,532
Growth funds		-		42,985		-		42,985
Balanced funds		-		12,460		-		12,460
Common stock		75,714		-		-		75,714
Government securities:
U.S. Government securities		-		30,562		-		30,562
Foreign government securities		-		20,627		-		20,627
Other fixed income securities		-		17,114		-		17,114
Other		1,513		16,294		-		17,807
Total investments	$	77,227	$	579,347	$	-	$	656,574