Retirement Benefits (Notes)

3 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Benefits

Retirement benefits

Net pension benefit cost recognized included the following components:

	Three Months Ended
	September 30,
	2016			2015
Service cost	$	24,223		$	24,113
Interest cost	31,496			46,071
Expected return on plan assets	(57,617		)	(55,649		)
Amortization of prior service cost	1,716			2,069
Amortization of net actuarial loss	51,427			42,969
Amortization of initial net obligation	5			4
Net pension benefit cost	$	51,250		$	59,577

During the three months ended September 30, 2016 and 2015, the Company recognized $1,116 and $1,087, respectively, in expense related to other postretirement benefits.

Beginning in fiscal 2017, the Company changed the method used to estimate the service and interest cost components of net periodic pension and other postretirement benefit costs. The new method uses the spot yield curve approach to estimate the service and interest costs by applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant cash outflows. Previously, these costs were determined using a single-weighted average discount rate. The change does not affect the measurement of the Company's benefit obligations. The new method provides a more precise measure of service and interest costs by improving the correlation between projected benefit cash flows and the discrete spot yield curve rates and is accounted for as a change in estimate prospectively beginning the first quarter of fiscal 2017. As a result of the method change, net pension benefit cost for the current-year quarter is approximately $8 million lower than the prior-year quarter.