Retirement Benefits (Tables)

12 Months Ended

Jun. 30, 2018



	2018		2017		2016
Shares held by ESOP	6,476,154		6,911,436		7,728,332
Company matching contributions	$	65,262	$	57,766	$	58,922

A summary of the Company's defined benefit pension plans follows:



	2018			2017			2016
Benefit cost
Service cost	$	82,993		$	94,356		$	94,650
Interest cost	144,339			126,131			181,469
Special termination cost	—			—			7,088
Settlement cost	—			—			5,102
Expected return on plan assets	(258,490		)	(239,537		)	(221,629		)
Amortization of prior service cost	6,570			8,116			7,470
Amortization of unrecognized actuarial loss	147,387			212,433			170,407
Amortization of initial net obligation	18			18			17
Net periodic benefit cost	$	122,817		$	201,517		$	244,574



	2018			2017
Change in benefit obligation
Benefit obligation at beginning of year	$	5,217,857		$	5,315,655
Service cost	82,993			94,356
Interest cost	144,339			126,131
Acquisition	—			201,283
Plan amendments	2,932			3,265
Divestiture	(9,535		)	(851		)
Actuarial gain	(182,588		)	(268,370		)
Benefits paid	(216,169		)	(250,289		)
Foreign currency translation and other	(5,832		)	(3,323		)
Benefit obligation at end of year	$	5,033,997		$	5,217,857

Change in plan assets
Fair value of plan assets at beginning of year	$	3,896,001		$	3,307,047
Actual gain on plan assets	174,951			341,344
Acquisition	—			168,264
Divestiture	(12,231		)	—
Employer contributions	81,518			330,932
Benefits paid	(216,169		)	(250,289		)
Foreign currency translation and other	(8,181		)	(1,297		)
Fair value of plan assets at end of year	$	3,915,889		$	3,896,001
Funded status	$	(1,118,108	)	$	(1,321,856	)



Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities	$	(11,333	)	$	(12,793	)
Pensions and other postretirement benefits	(1,106,775		)	(1,309,063		)
Net amount recognized	$	(1,118,108	)	$	(1,321,856	)

Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial loss	$	1,216,612		$	1,461,017
Prior service cost	18,900			22,761
Transition obligation	61			77
Net amount recognized	$	1,235,573		$	1,483,855

The assumptions used to measure net periodic benefit cost for the Company's significant defined benefit plans are:



	2018		2017		2016
U.S. defined benefit plans
Discount rate	3.64	%	3.33	%	4.19	%
Average increase in compensation	3.89	%	5.02	%	5.14	%
Expected return on plan assets	7.5	%	7.5	%	7.5	%
Non-U.S. defined benefit plans
Discount rate	0.30 to 7.57%		0.23 to 7.75%		0.7 to 6.0%
Average increase in compensation	2.0 to 5.5%		2.0 to 5.5%		2.0 to 5.5%
Expected return on plan assets	1.0 to 5.75%		1.0 to 5.75%		1.0 to 5.75%

The assumptions used to measure the benefit obligation for the Company's significant defined benefit plans are:



	2018		2017
U.S. defined benefit plans
Discount rate	4.01	%	3.64	%
Average increase in compensation	3.65	%	3.89	%
Non-U.S. defined benefit plans
Discount rate	0.30 to 3.37%		0.30 to 7.57%
Average increase in compensation	1.75 to 5.5%		2.0 to 5.5%

The fair values of pension plan assets at June 30, 2018 and at June 30, 2017, by asset class, are as follows:



	June 30, 2018			Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	57,307		$	54,322	$	2,985		$	—
Equity securities
U.S. based companies	447,553			447,553		—			—
Non-U.S. based companies	243,253			243,253		—			—
Fixed income securities
Corporate bonds	225,929			115,534		110,395			—
Government issued securities	272,604			184,636		87,968			—
Mutual funds
Equity funds	176,846			176,846		—			—
Fixed income funds	179,562			179,562		—			—
Mutual funds measured at net asset value	232,050
Common/Collective trusts
Equity funds	89,578			89,578		—			—
Fixed income funds	46,620			46,620		—			—
Common/Collective trusts measured at net asset value	1,737,543
Limited Partnerships measured at net asset value	243,536
Miscellaneous	(36,492		)	—		(36,492		)	—
Total at June 30, 2018	$	3,915,889		$	1,537,904	$	164,856		$	—



	June 30, 2017			Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	76,057		$	75,370	$	687		$	—
Equity securities
U.S. based companies	416,830			416,830		—			—
Non-U.S. based companies	236,134			236,134		—			—
Fixed income securities
Corporate bonds	176,135			91,982		84,153			—
Government issued securities	199,389			144,616		54,773			—
Mutual funds
Equity funds	306,168			306,168		—			—
Fixed income funds	204,628			204,628		—			—
Mutual funds measured at net asset value	233,234
Common/Collective trusts
Equity funds	70,389			70,389		—			—
Fixed income funds	46,003			46,003		—			—
Common/Collective trusts measured at net asset value	1,677,942
Limited Partnerships measured at net asset value	262,092
Miscellaneous	(9,000		)	—		(9,000		)	—
Total at June 30, 2017	$	3,896,001		$	1,592,120	$	130,613		$	—

The weighted-average allocation of the majority of the assets related to defined benefit plans is as follows:



	2018			2017
Change in benefit obligation
Benefit obligation at beginning of year	$	79,933		$	89,785
Service cost	320			469
Interest cost	2,003			1,922
Acquisition	—			291
Actuarial gain	(11,259		)	(8,235		)
Benefits paid	(4,476		)	(4,299		)
Benefit obligation at end of year	$	66,521		$	79,933
Funded status	$	(66,521	)	$	(79,933	)



Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities	$	(6,180	)	$	(6,532	)
Pensions and other postretirement benefits	(60,341		)	(73,401		)
Net amount recognized	$	(66,521	)	$	(79,933	)

Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial loss	$	1,232		$	12,828
Prior service credit	(314		)	(435		)
Net amount recognized	$	918		$	12,393

The assumptions used to measure the net periodic benefit cost for postretirement benefit obligations are:



	2018		2017		2016
Discount rate	3.46	%	3.15	%	3.96	%
Current medical cost trend rate (Pre-65 participants)	8.19	%	7.35	%	7.61	%
Current medical cost trend rate (Post-65 participants)	9.79	%	8.68	%	9.00	%
Ultimate medical cost trend rate	4.50	%	4.50	%	4.50	%
Medical cost trend rate decreases to ultimate in year	2025		2025		2025