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Retirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Schedule of net benefit costs A summary of the Company's defined benefit pension plans follows:
202220212020
Benefit cost
Service cost$76,638 $84,188 $82,743 
Interest cost110,250 102,475 142,479 
Expected return on plan assets(267,888)(267,579)(266,674)
Amortization of prior service cost4,103 5,325 5,633 
Amortization of unrecognized actuarial loss157,288 207,897 165,815 
Amortization of transition obligation8 18 18 
Net periodic benefit cost$80,399 $132,324 $130,014 
Schedule of defined benefit plans
20222021
Change in benefit obligation
Benefit obligation at beginning of year$6,323,003 $6,405,623 
Service cost76,638 84,188 
Interest cost110,250 102,475 
Plan amendments(5,691)2,311 
Actuarial gain(1,097,053)(91,719)
Benefits paid(256,868)(264,062)
Foreign currency translation and other(190,960)84,187 
Benefit obligation at end of year$4,959,319 $6,323,003 
Change in plan assets
Fair value of plan assets at beginning of year$5,305,577 $4,594,106 
Actual (loss) gain on plan assets(605,642)831,762 
Employer contributions96,717 76,936 
Benefits paid(256,868)(264,062)
Foreign currency translation and other(177,631)66,835 
Fair value of plan assets at end of year$4,362,153 $5,305,577 
Funded status$(597,166)$(1,017,426)
Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities$(19,307)$(4,944)
Pensions and other postretirement benefits(577,859)(1,012,482)
Net amount recognized$(597,166)$(1,017,426)
Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial loss$672,775 $1,090,343 
Prior service cost4,901 15,006 
Transition obligation— 8 
Net amount recognized$677,676 $1,105,357 
20222021
Change in benefit obligation
Benefit obligation at beginning of year$63,739 $72,130 
Service cost206 328 
Interest cost982 983 
Actuarial gain(11,220)(4,139)
Benefits paid(4,831)(5,563)
Benefit obligation at end of year$48,876 $63,739 
Funded status$(48,876)$(63,739)
Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities$(4,971)$(5,634)
Pensions and other postretirement benefits(43,905)(58,105)
Net amount recognized$(48,876)$(63,739)
Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial gain$(15,154)$(4,311)
Plan with accumulated benefit obligation in excess of plan assets
Information for pension plans with accumulated benefit obligations in excess of plan assets:
20222021
Accumulated benefit obligation
$4,284,601 $5,358,817 
Fair value of plan assets
3,742,513 4,546,301 
Plan with projected benefit obligation in excess of plan assets Information for pension plans with projected benefit obligations in excess of plan assets:
20222021
Projected benefit obligation
$4,483,486 $5,620,693 
Fair value of plan assets
3,782,688 4,568,113 
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:
202220212020
U.S. defined benefit plan
Discount rate2.55 %2.36 %3.28 %
Average increase in compensation3.05 %2.98 %3.60 %
Expected return on plan assets6.50 %6.75 %7.00 %
Non-U.S. defined benefit plans
Discount rate
0.25 to 2.95%
0.2 to 3.03%
0.2 to 2.96%
Average increase in compensation
1.75 to 4.50%
1.75 to 4.50%
1.75 to 3.90%
Expected return on plan assets
1.0 to 4.50%
1.0 to 5.40%
1.0 to 5.75%
The assumptions used to measure the benefit obligation for the Company's significant defined benefit plans are:
20222021
U.S. defined benefit plan
Discount rate4.36 %2.55 %
Average increase in compensation3.81 %3.05 %
Non-U.S. defined benefit plans
Discount rate
0.60 to 5.06%
0.25 to 2.95%
Average increase in compensation
1.75 to 4.00%
1.75 to 4.50%
The assumptions used to measure the net periodic benefit cost for postretirement benefit obligations are:
202220212020
Discount rate2.36 %2.14 %3.15 %
Current medical cost trend rate (Pre-65 participants)6.45 %6.73 %7.09 %
Current medical cost trend rate (Post-65 participants)6.72 %7.03 %7.43 %
Ultimate medical cost trend rate 4.50 %4.50 %4.50 %
Medical cost trend rate decreases to ultimate in year202920282028
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:
20222021
Equity securities31 %38 %
Debt securities43 %41 %
Other investments26 %21 %
100 %100 %
The fair values of pension plan assets at June 30, 2022 and at June 30, 2021, by asset class, are as follows:
June 30, 2022Quoted Prices In
 Active Markets
 (Level 1)		Significant Other
 Observable Inputs
 (Level 2)		Significant
 Unobservable
 Inputs
 (Level 3)
Cash and cash equivalents$201,053 $190,616 $10,437 $— 
Equity securities
U.S. based companies327,122 327,122 — — 
Non-U.S. based companies8,700 8,700 — — 
Fixed income securities
Corporate debt securities380,694 1,309 379,385 — 
Government issued securities87,650 55,201 32,449 — 
Mutual funds
Equity funds9,085 9,085 — — 
Fixed income funds9,679 9,679 — — 
Mutual funds measured at net asset value279,849 
Common/Collective trusts measured at net asset value2,718,445 
Limited Partnerships measured at net asset value133,026 
Miscellaneous206,850 — 206,850 — 
Total at June 30, 2022$4,362,153 $601,712 $629,121 $— 
June 30, 2021Quoted Prices In
 Active Markets
 (Level 1)		Significant Other
 Observable Inputs
 (Level 2)		Significant
 Unobservable
 Inputs
 (Level 3)
Cash and cash equivalents$248,525 $241,421 $7,104 $— 
Equity securities
U.S. based companies408,301 408,301 — — 
Non-U.S. based companies12,834 12,834 — — 
Fixed income securities
Corporate debt securities531,497 1,440 530,057 — 
Government issued securities151,458 105,167 46,291 — 
Mutual funds
Equity funds6,768 6,768 — — 
Fixed income funds6,506 6,506 — — 
Mutual funds measured at net asset value368,340 
Common/Collective trusts
Common/Collective trusts measured at net asset value3,161,683 
Limited Partnerships measured at net asset value126,606 
Miscellaneous283,059 — 283,059 — 
Total at June 30, 2021$5,305,577 $782,437 $866,511 $— 
Schedule of employee stock ownership plan (ESOP)
202220212020
Shares held by ESOP4,125,214 4,497,902 5,306,643 
Company matching contributions$87,554 $66,249 $69,434