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Retirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Schedule of net benefit costs
A summary of the Company's defined benefit pension plans follows:
 
2020

 
2019

 
2018

Benefit cost
 
 
 
 
 
Service cost
$
82,743

 
$
76,647

 
$
82,993

Interest cost
142,479

 
160,542

 
144,339

Expected return on plan assets
(266,674
)
 
(251,072
)
 
(258,490
)
Amortization of prior service cost
5,633

 
6,655

 
6,570

Amortization of unrecognized actuarial loss
165,815

 
121,823

 
147,387

Amortization of transition obligation
18

 
18

 
18

Net periodic benefit cost
$
130,014

 
$
114,613

 
$
122,817
Schedule of defined benefit plans
 
2020

 
2019

Change in benefit obligation
 
 
 
Benefit obligation at beginning of year
$
60,998

 
$
66,521

Service cost
250

 
205

Interest cost
1,686

 
2,043

Acquisition
12,638

 
—

Actuarial loss (gain)
1,276

 
(3,235
)
Benefits paid
(4,718
)
 
(4,536
)
Benefit obligation at end of year
$
72,130

 
$
60,998

Funded status
$
(72,130
)
 
$
(60,998
)

Amounts recognized on the Consolidated Balance Sheet
 
 
 
Other accrued liabilities
$
(6,374
)
 
$
(5,308
)
Pensions and other postretirement benefits
(65,756
)
 
(55,690
)
Net amount recognized
$
(72,130
)
 
$
(60,998
)
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive (Loss)
 
 
 
Net actuarial gain
$
(173
)
 
$
(1,713
)
Prior service credit
(73
)
 
(194
)
Net amount recognized
$
(246
)
 
$
(1,907
)

 
2020

 
2019

Change in benefit obligation
 
 
 
Benefit obligation at beginning of year
$
5,487,574

 
$
5,033,997

Service cost
82,743

 
76,647

Interest cost
142,479

 
160,542

Acquisition
380,237

 
—

Plan amendments
3,286

 
7,719

Actuarial loss
569,306

 
491,792

Benefits paid
(232,048
)
 
(237,080
)
Foreign currency translation and other
(27,954
)
 
(46,043
)
Benefit obligation at end of year
$
6,405,623

 
$
5,487,574

 
 
 
 
Change in plan assets
 
 
 
Fair value of plan assets at beginning of year
$
4,244,969

 
$
3,915,889

Actual gain on plan assets
253,684

 
318,809

Acquisition
280,103

 
—

Employer contributions
72,753

 
284,965

Benefits paid
(232,048
)
 
(237,080
)
Foreign currency translation and other
(25,355
)
 
(37,614
)
Fair value of plan assets at end of year
$
4,594,106

 
$
4,244,969

Funded status
$
(1,811,517
)
 
$
(1,242,605
)
Amounts recognized on the Consolidated Balance Sheet
 
 
 
Other accrued liabilities
$
(1,423
)
 
$
(8,396
)
Pensions and other postretirement benefits
(1,810,094
)
 
(1,234,209
)
Net amount recognized
$
(1,811,517
)
 
$
(1,242,605
)
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive (Loss)
 
 
 
Net actuarial loss
$
1,921,389

 
$
1,510,901

Prior service cost
17,184

 
19,602

Transition obligation
26

 
44

Net amount recognized
$
1,938,599

 
$
1,530,547
Plan with accumulated benefit obligation in excess of plan assets
Information for pension plans with accumulated benefit obligations in excess of plan assets:
 
2020

 
2019

Accumulated benefit obligation
$
6,028,952

 
$
5,094,129

Fair value of plan assets
4,503,316

 
4,140,395
Plan with projected benefit obligation in excess of plan assets
Information for pension plans with projected benefit obligations in excess of plan assets:
 
2020

 
2019

Projected benefit obligation
$
6,348,500

 
$
5,427,084

Fair value of plan assets
4,523,545

 
4,175,871
Assumptions used to measure periodic benefit cost/benefit obligation
The assumptions used to measure net periodic benefit cost for the Company's significant defined benefit plans are:
 
2020

 
2019

 
2018

U.S. defined benefit plan
 
 
 
 
 
Discount rate
3.28
%
 
4.01
%
 
3.64
%
Average increase in compensation
3.60
%
 
3.65
%
 
3.89
%
Expected return on plan assets
7.00
%
 
7.00
%
 
7.50
%
Non-U.S. defined benefit plans
 
 
 
 
 
Discount rate
0.2 to 2.96%

 
0.3 to 3.37%

 
0.3 to 7.57%

Average increase in compensation
1.75 to 3.90%

 
1.75 to 5.50%

 
2.0 to 5.50%

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:
 
2020

 
2019

U.S. defined benefit plan
 
 
 
Discount rate
2.36
%
 
3.28
%
Average increase in compensation
2.98
%
 
3.60
%
Non-U.S. defined benefit plans
 
 
 
Discount rate
0.2 to 3.03%

 
0.2 to 2.96%

Average increase in compensation
1.75 to 4.50%

 
1.75 to 3.90%


The assumptions used to measure the net periodic benefit cost for postretirement benefit obligations are:
 
2020

 
2019

 
2018

Discount rate
3.15
%
 
3.92
%
 
3.46
%
Current medical cost trend rate (Pre-65 participants)
7.09
%
 
7.47
%
 
8.19
%
Current medical cost trend rate (Post-65 participants)
7.43
%
 
7.87
%
 
9.79
%
Ultimate medical cost trend rate
4.50
%
 
4.50
%
 
4.50
%
Medical cost trend rate decreases to ultimate in year
2028

 
2026

 
2025
Allocation and fair values of plan assets
The weighted-average allocation of the majority of the assets related to defined benefit plans is as follows:
 
2020

 
2019

Equity securities
41
%
 
43
%
Debt securities
49
%
 
54
%
Other investments
10
%
 
3
%
 
100
%
 
100
%

The fair values of pension plan assets at June 30, 2020 and at June 30, 2019, by asset class, are as follows:
 
June 30, 2020
 
Quoted Prices In
 Active Markets
 (Level 1)
 
Significant Other
 Observable Inputs
 (Level 2)
 
Significant
 Unobservable
 Inputs
 (Level 3)
Cash and cash equivalents
$
97,112

 
$
96,004

 
$
1,108

 
$
—

Equity securities
 
 
 
 
 
 
 
U.S. based companies
243,656

 
243,656

 
—

 
—

Non-U.S. based companies
9,152

 
9,152

 
—

 
—

Fixed income securities
 
 
 
 
 
 
 
Corporate debt securities
616,582

 
1,477

 
615,105

 
—

Government issued securities
471,059

 
379,128

 
91,931

 
—

Mutual funds
 
 
 
 
 
 
 
Equity funds
111,466

 
111,466

 
—

 
—

Fixed income funds
12,912

 
12,912

 
—

 
—

Mutual funds measured at net asset value
259,776

 
 
 
 
 
 
Common/Collective trusts measured at net asset value
2,711,736

 
 
 
 
 
 
Limited Partnerships measured at net asset value
104,760

 
 
 
 
 
 
Miscellaneous
(44,105
)
 
—

 
(44,105
)
 
—

Total at June 30, 2020
$
4,594,106

 
$
853,795

 
$
664,039

 
$
—


 
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

 
$
—
Schedule of employee stock ownership plan (ESOP)
 
2020

 
2019

 
2018

Shares held by ESOP
5,306,643

 
6,134,280

 
6,476,154

Company matching contributions
$
69,434

 
$
72,032

 
$
65,262