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Pension and Postretirement Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
The following tables present changes in, and components of, the Company’s net assets/liabilities for pension and other postretirement benefits:

 
Pension
 
 
Postretirement
 
Domestic
 
 
International
 
 
Domestic
June 30,
2019
2018
 
 
2019
2018
 
 
2019
2018
(In millions)
 
 
 
 
 
 
 
 
 
 
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
179.4

$
170.9

 
 
$
721.5

$
—

 
 
$
8.4

$
9.3

Acquisitions 1
—

—

 
 
—

836.6

 
 
—

—

Service cost
11.5

13.0

 
 
0.1

—

 
 
—

0.1

Interest cost
6.5

5.9

 
 
16.9

8.0

 
 
0.3

0.3

Participant contributions
—

—

 
 
—

—

 
 
0.9

0.8

Plan amendments
—

1.2

 
 
7.1

—

 
 
—

—

Net actuarial loss (gain)
10.3

2.4

 
 
35.8

(21.0
)
 
 
(0.4
)
(0.8
)
Benefits paid (including lump sums)
(13.1
)
(12.9
)
 
 
(17.0
)
(44.1
)
 
 
(0.9
)
(1.3
)
Settlements
(8.4
)
—

 
 
(12.7
)
—

 
 
—

—

Contractual termination benefits
1.3

—

 
 
—

—

 
 
—

—

Curtailments
—

(1.1
)
 
 
—

—

 
 
—

—

Foreign currency exchange rate impact
—

—

 
 
(26.4
)
(58.0
)
 
 
—

—

Benefit obligation, end of year
$
187.5

$
179.4

 
 
$
725.3

$
721.5

 
 
$
8.3

$
8.4

 
 
 
 
 
 
 
 
 
 
 
Change in plan assets
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
$
139.0

$
139.2

 
 
$
841.5

$
—

 
 
$
—

$
—

Acquisitions 1
—

—

 
 
—

867.7

 
 
—

—

Actual return on plan assets
9.2

12.0

 
 
75.5

(6.7
)
 
 
—

—

Employer contributions
8.7

0.7

 
 
16.2

88.9

 
 
0.1

0.5

Participant contributions
—

—

 
 
—

—

 
 
0.8

0.8

Benefits paid (including lump sums)
(13.1
)
(12.9
)
 
 
(17.0
)
(44.1
)
 
 
(0.9
)
(1.3
)
Settlements
(8.4
)
—

 
 
(12.7
)
—

 
 
—

—

Foreign currency exchange rate impact
—

—

 
 
(31.4
)
(64.3
)
 
 
—

—

Fair value of plan assets, end of year
$
135.4

$
139.0

 
 
$
872.1

$
841.5

 
 
$
—

$
—

 
 
 
 
 
 
 
 
 
 
 
Over (under) funded status, end of year
$
(52.1
)
$
(40.4
)
 
 
$
146.8

$
120.0

 
 
$
(8.3
)
$
(8.4
)
 
 
 
 
 
 
 
 
 
 
 
1  The International pension plans were acquired with the acquisition of Time Inc. on January 31, 2018.
Schedule of Amounts Recognized In Balance Sheet
The following amounts are recognized in the Consolidated Balance Sheets:

 
Pension
Postretirement
 
Domestic
 
 
International
 
 
Domestic
June 30,
2019
2018
 
 
2019
2018
 
 
2019
2018
(In millions)
 
 
 
 
 
 
 
 
 
 
Other assets
 
 
 
 
 
 
 
 
 
 
Prepaid benefit cost
$
11.2

$
16.9

 
 
$
157.1

$
137.4

 
 
$
—

$
—

Accrued expenses-compensation and benefits


 
 
 
 
 
 
 
 
 
Accrued benefit liability
(28.0
)
(9.9
)
 
 
(0.2
)
(0.2
)
 
 
(0.6
)
(0.6
)
Other noncurrent liabilities

 
 
 
 
 
 
 
 
 
Accrued benefit liability
(35.3
)
(47.4
)
 
 
(10.1
)
(17.2
)
 
 
(7.7
)
(7.8
)
Net amount recognized, end of year
$
(52.1
)
$
(40.4
)
 
 
$
146.8

$
120.0

 
 
$
(8.3
)
$
(8.4
)
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table provides information about pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:

 
Domestic
 
 
International
June 30,
2019
 
2018
 
 
2019
 
2018
(In millions)
 
 
 
 
 
 
 
 
Projected benefit obligation
$
63.4

 
$
57.3

 
 
$
10.3

 
$
28.4

Accumulated benefit obligation
57.1

 
51.6

 
 
10.3

 
28.4

Fair value of plan assets
0.1

 
0.1

 
 
—

 
11.0
Schedule of Net Benefit Costs
The components of net periodic benefit costs recognized in the Consolidated Statements of Earnings were as follows:

 
Pension
 
 
Postretirement
 
Domestic
 
 
International
 
 
Domestic
Years ended June 30, 
2019
2018
2017
 
 
2019
2018
 
 
2019
2018
2017
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
Components of net periodic benefit costs
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
11.5

$
13.0

$
12.5

 
 
$
0.1

$
—

 
 
$
—

$
0.1

$
0.1

Interest cost
6.5

5.9

4.9

 
 
16.9

8.0

 
 
0.3

0.3

0.3

Expected return on plan assets
(9.7
)
(10.5
)
(9.2
)
 
 
(31.5
)
(17.9
)
 
 
—

—

—

Prior service cost (credit) amortization
0.5

0.3

0.2

 
 
—

—

 
 
—

(0.4
)
(0.4
)
Actuarial loss (gain) amortization
1.9

2.0

3.6

 
 
—

—

 
 
(0.6
)
(0.3
)
(0.3
)
Settlement charge (credit)
2.7

—

—

 
 
(4.1
)
0.2

 
 
—

—

—

Contractual termination benefits
1.3

—

—

 
 
—

—

 
 
—

—

—

Net periodic benefit costs (credit)
$
14.7

$
10.7

$
12.0

 
 
$
(18.6
)
$
(9.7
)
 
 
$
(0.3
)
$
(0.3
)
$
(0.3
)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Amounts recognized in the accumulated other comprehensive loss component of shareholders’ equity for Company-sponsored plans were as follows:

 
Pension
 
 
Postretirement
 
Domestic
 
 
International
 
 
Domestic
June 30,
2019
2018
 
 
2019
2018
 
 
2019
2018
(In millions)
 
 
 
 
 
 
 
 
 
 
Unrecognized net actuarial losses (gains), net of taxes
$
25.3

$
20.7

 
 
$
(0.6
)
$
2.6

 

$
(1.7
)
$
(1.8
)
Unrecognized prior service cost (credit), net of taxes
1.1

1.5

 
 
5.6

—

 

—

—

Total
$
26.4

$
22.2

 
 
$
5.0

$
2.6

 

$
(1.7
)
$
(1.8
)
Schedule of Assumptions Used
Benefit obligations were determined using the following weighted average assumptions:

 
Pension
 
Postretirement
 
Domestic
 
 
International
 
 
Domestic
June 30,
2019
2018
 
 
2019
2018
 
 
2019
2018
Weighted average assumptions
 
 
 
 
 
 
 
 
 
 
Discount rate
3.39
%
4.03
%
 
 
2.24
%
2.57
%
 
 
3.45
%
4.10
%
Rate of compensation increase
3.09
%
3.50
%
 
 
n/a

n/a

 
 
3.50
%
3.50
%
n/a - Not applicable
 
 
 
 
 
 
 
 
 
 

Net periodic benefit costs were determined using the following weighted average assumptions:


Pension
 

Postretirement

Domestic

International
 

Domestic
Years ended June 30,
2019
2018
2017


2019
2018
 

2019
2018
2017
Weighted average assumptions







 




Discount rate
4.03
%
3.41
%
2.98
%


2.57
%
2.57
%
 

4.10
%
3.65
%
3.40
%
Expected return on plan assets
8.00
%
8.00
%
8.00
%


3.89
%
4.87
%
 

n/a

n/a

n/a

Rate of compensation increase
3.50
%
3.50
%
3.50
%


n/a

3.50
%
 

3.50
%
3.50
%
3.50
%
n/a - Not applicable







 





Plan trend rates are the annual rates of increase expected for medical benefits payable from the Plan. The assumed health care trend rates used to measure the expected cost of benefits were as follows:
 
 
Postretirement
Assumed healthcare cost trend rates as of June 30,
 
2019
 
2018
 
2017
Rate of increase in health care cost levels
 
 
 
 
 
 
Initial level
 
6.00
%
 
6.50
%
 
7.00
%
Ultimate level
 
5.00
%
 
5.00
%
 
5.00
%
Years to ultimate level
 
3 years

 
4 years

 
5 years
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates A change of one percentage point in the assumed healthcare cost trend rates would have the following effects:

 
One
Percentage
Point Increase
 
One
Percentage
Point Decrease
(In millions)
 
 
 
 
 
 
 
Effect on service and interest cost components for fiscal 2019
 
$
—

 
 
 
$
—

 
Effect on postretirement benefit obligation as of June 30, 2019
 
0.4

 
 
 
(0.3
)
 
Schedule of Targeted and Weighted Average Asset Allocations by Assets Category for Investments Pension Plans
The targeted and weighted average asset allocations by asset category for investments held by the Company’s pension plans are as follows:

 
Domestic
 
 
International
 
2019 Allocation
 
 
2018 Allocation
 
 
2019 Allocation
 
 
2018 Allocation
June 30,
Target

 
Actual

 
 
Target

 
Actual

 
 
Target

 
Actual

 
 
Target

 
Actual

Equity securities
70
%
 
68
%
 
 
70
%
 
70
%
 
 
7
%
 
7
%
 
 
32
%
 
18
%
Fixed-income securities
30
%
 
32
%
 
 
30
%
 
30
%
 
 
80
%
 
79
%
 
 
17
%
 
29
%
Other securities 1
—
%
 
—
%
 
 
—
%
 
—
%
 
 
13
%
 
14
%
 
 
51
%
 
53
%
Total
100
%
 
100
%
 
 
100
%
 
100
%
 
 
100
%
 
100
%
 
 
100
%
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1  Other primarily includes pooled investment funds.
Schedule of Changes in Fair Value of Plan Assets
Fair value measurements for domestic pension plan assets were as follows:

June 30, 2019
Total
Fair Value
 
Quoted Prices
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Investments in registered investment companies
 
 
 
 
 
 
 
 
 
 
 
Equity
$
91.8

 
 
$
68.4

 
 
$
23.4

 
 
$
—

 
Fixed Income
43.0

 
 
—

 
 
43.0

 
 
—

 
Pooled separate accounts
0.6

 
 
—

 
 
0.6

 
 
—

 
Total assets at fair value
$
135.4

 
 
$
68.4

 
 
$
67.0

 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Investments in registered investment companies
 
 
 
 
 
 
 
 
 
 
 
Equity
$
97.0

 
 
$
74.0

 
 
$
23.0

 
 
$
—

 
Fixed Income
40.4

 
 
—

 
 
40.4

 
 
—

 
Pooled separate accounts
1.6

 
 
—

 
 
1.6

 
 
—

 
Total assets at fair value
$
139.0

 
 
$
74.0

 
 
$
65.0

 
 
$
—

 

Fair value measurements for international pension plan assets were as follows:

June 30, 2019
Total
Fair Value
 
Quoted Prices
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
121.8

 
 
$
119.5

 
 
$
2.3

 
 
$
—

 
Pooled investments
 
 
 
 
 
 
 
 
 
 
 
Equity
60.0

 
 
—

 
 
60.0

 
 
—

 
Fixed Income
393.9

 
 
—

 
 
393.9

 
 
—

 
Other
296.4

 
 
—

 
 
296.4

 
 
—

 
Guaranteed investment contract
—

 
 
—

 
 
—

 
 
—

 
Total assets at fair value
$
872.1

 
 
$
119.5

 
 
$
752.6

 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
17.6

 
 
$
5.2

 
 
$
12.4

 
 
$
—

 
Pooled investments
 
 
 
 
 
 
 
 
 
 
 
Equity
155.1

 
 
—

 
 
155.1

 
 
—

 
Fixed Income
242.0

 
 
—

 
 
242.0

 
 
—

 
Other
415.8

 
 
—

 
 
415.8

 
 
—

 
Guaranteed investment contract
11.0

 
 
—

 
 
11.0

 
 
—

 
Total assets at fair value
$
841.5

 
 
$
5.2

 
 
$
836.3

 
 
$
—

 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid:

Years ending June 30,
Pension
Benefits
 
Postretirement
Benefits
(In millions)
 
Domestic
 
 
International
 
 
Domestic
 
2020
 
$
43.4

 
 
$
15.0

 
 
$
0.6

 
2021
 
17.3

 
 
16.2

 
 
0.6

 
2022
 
12.6

 
 
17.6

 
 
0.6

 
2023
 
13.1

 
 
18.1

 
 
0.6

 
2024
 
13.9

 
 
19.1

 
 
0.6

 
2025-2029
 
72.9

 
 
113.7

 
 
2.6