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Retirement Benefits (Tables)

12 Months Ended

Jun. 30, 2019



	2019		2018		2017
Shares held by ESOP	6,134,280		6,476,154		6,911,436
Company matching contributions	$	72,032	$	65,262	$	57,766

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



	2019			2018			2017
Benefit cost
Service cost	$	76,647		$	82,993		$	94,356
Interest cost	160,542			144,339			126,131
Expected return on plan assets	(251,072		)	(258,490		)	(239,537		)
Amortization of prior service cost	6,655			6,570			8,116
Amortization of unrecognized actuarial loss	121,823			147,387			212,433
Amortization of transition obligation	18			18			18
Net periodic benefit cost	$	114,613		$	122,817		$	201,517

Components of net pension benefit cost, other than service cost, are included in other (income) expense, net in the Consolidated Statement of Income.



	2019			2018
Change in benefit obligation
Benefit obligation at beginning of year	$	5,033,997		$	5,217,857
Service cost	76,647			82,993
Interest cost	160,542			144,339
Plan amendments	7,719			2,932
Divestiture	—			(9,535		)
Actuarial loss (gain)	491,792			(182,588		)
Benefits paid	(237,080		)	(216,169		)
Foreign currency translation and other	(46,043		)	(5,832		)
Benefit obligation at end of year	$	5,487,574		$	5,033,997

Change in plan assets
Fair value of plan assets at beginning of year	$	3,915,889		$	3,896,001
Actual gain on plan assets	318,809			174,951
Divestiture	—			(12,231		)
Employer contributions	284,965			81,518
Benefits paid	(237,080		)	(216,169		)
Foreign currency translation and other	(37,614		)	(8,181		)
Fair value of plan assets at end of year	$	4,244,969		$	3,915,889
Funded status	$	(1,242,605	)	$	(1,118,108	)



Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities	$	(8,396	)	$	(11,333	)
Pensions and other postretirement benefits	(1,234,209		)	(1,106,775		)
Net amount recognized	$	(1,242,605	)	$	(1,118,108	)

Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial loss	$	1,510,901		$	1,216,612
Prior service cost	19,602			18,900
Transition obligation	44			61
Net amount recognized	$	1,530,547		$	1,235,573

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



	2019		2018		2017
U.S. defined benefit plan
Discount rate	4.01	%	3.64	%	3.33	%
Average increase in compensation	3.65	%	3.89	%	5.02	%
Expected return on plan assets	7.00	%	7.50	%	7.50	%
Non-U.S. defined benefit plans
Discount rate	0.30 to 3.37%		0.30 to 7.57%		0.23 to 7.75%
Average increase in compensation	1.75 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:



	2019		2018
U.S. defined benefit plan
Discount rate	3.28	%	4.01	%
Average increase in compensation	3.60	%	3.65	%
Non-U.S. defined benefit plans
Discount rate	0.20 to 2.96%		0.30 to 3.37%
Average increase in compensation	1.75 to 3.9%		1.75 to 5.5%

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

The fair values of pension plan assets at June 30, 2019 and at June 30, 2018, by asset class, are as follows:



	June 30, 2019			Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	111,520		$	117,823	$	(6,303	)	$	—
Equity securities
U.S. based companies	226,027			226,027		—			—
Non-U.S. based companies	16,385			16,385		—			—
Fixed income securities
Corporate debt securities	701,842			137,227		564,615			—
Government issued securities	528,394			367,518		160,876			—
Mutual funds
Equity funds	266,240			266,240		—			—
Fixed income funds	183,732			183,732		—			—
Mutual funds measured at net asset value	304,504
Common/Collective trusts
Equity funds	84,790			84,790		—			—
Common/Collective trusts measured at net asset value	1,872,473
Limited Partnerships measured at net asset value	240,803
Miscellaneous	(291,741		)	—		(291,741		)	—
Total at June 30, 2019	$	4,244,969		$	1,399,742	$	427,447		$	—



	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 debt securities	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		$	—



	2019			2018
Change in benefit obligation
Benefit obligation at beginning of year	$	66,521		$	79,933
Service cost	205			320
Interest cost	2,043			2,003
Actuarial gain	(3,235		)	(11,259		)
Benefits paid	(4,536		)	(4,476		)
Benefit obligation at end of year	$	60,998		$	66,521
Funded status	$	(60,998	)	$	(66,521	)



Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities	$	(5,308	)	$	(6,180	)
Pensions and other postretirement benefits	(55,690		)	(60,341		)
Net amount recognized	$	(60,998	)	$	(66,521	)

Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial (gain) loss	$	(1,713	)	$	1,232
Prior service credit	(194		)	(314		)
Net amount recognized	$	(1,907	)	$	918

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



	2019		2018		2017
Discount rate	3.92	%	3.46	%	3.15	%
Current medical cost trend rate (Pre-65 participants)	7.47	%	8.19	%	7.35	%
Current medical cost trend rate (Post-65 participants)	7.87	%	9.79	%	8.68	%
Ultimate medical cost trend rate	4.50	%	4.50	%	4.50	%
Medical cost trend rate decreases to ultimate in year	2026		2025		2025