XML 70 R45.htm IDEA: XBRL DOCUMENT v3.25.2
Retirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Pension and Other Postretirement Benefit Plans
A summary of the Company's defined benefit pension and other postretirement benefit plans follows:
U.S. Pension BenefitsNon-U.S. Pension Benefits
Other Postretirement Benefits
202520242023202520242023202520242023
Benefit cost
Service cost$28 $29 $35 $22 $22 $23 $— $— $— 
Interest cost184 190 165 76 80 60 4 4 3 
Expected return on plan assets(245)(258)(238)(87)(95)(73)— — — 
Amortization of prior service cost3 1 1 — — — — — — 
Amortization of net actuarial loss (gain)7 2 8 7 6 9 (2)(2)(1)
Settlements3 — — — — — — — — 
Divestitures— — — — — (3)— — — 
Net periodic benefit cost (credit)$(20)$(36)$(29)$18 $13 $16 $2 $2 $2 
U.S. Pension BenefitsNon-U.S. Pension Benefits
Other Postretirement Benefits
202520242025202420252024
Change in benefit obligation
Benefit obligation at beginning of year$3,723 $4,008 $1,817 $1,828 $71 $79 
Service cost28 29 22 22 — — 
Interest cost184 190 76 80 4 4 
Acquisition— — — — — — 
Actuarial gain(1)
(12)(106)(104)(6)(6)(5)
Benefits paid(254)(414)(88)(81)(6)(7)
Settlements(55)— (6)— — — 
Plan amendments1 16 — — — — 
Foreign currency translation and other— — 168 (26)— — 
Benefit obligation at end of year$3,615 $3,723 $1,885 $1,817 $63 $71 
Change in plan assets
Fair value of plan assets at beginning of year$3,363 $3,548 $2,003 $1,907 $— $— 
Actual return on plan assets347 179 — 98 — — 
Employer contributions62 50 87 105 6 7 
Benefits paid(254)(414)(88)(81)(6)(7)
Settlements(55)— (6)— — — 
Foreign currency translation and other— — 187 (26)— — 
Fair value of plan assets at end of year$3,463 $3,363 $2,183 $2,003 $— $— 
Funded status$(152)$(360)$298 $186 $(63)$(71)
(1) The actuarial gain for the Non-U.S. pension plans in 2025 was primarily driven by an increase in discount rates. Additionally, both the U.S. and Non-U.S. pension plans generated actuarial gains in 2025 due to favorable demographic experience. The actuarial gain for the U.S. pension plans in 2024 was primarily driven by an increase in discount rates.
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Postretirement Benefits
202520242025202420252024
Amounts recognized on the Consolidated Balance Sheet
Other assets$— $— $346 $244 $— $— 
Other accrued liabilities(11)(63)(1)(2)(6)(7)
Pensions and other postretirement benefits(141)(297)(47)(56)(57)(64)
Net amount recognized$(152)$(360)$298 $186 $(63)$(71)
Pre-tax amounts recognized in Accumulated Other Comprehensive Loss
Net actuarial loss (gain)$191 $315 $230 $233 $(25)$(20)
Prior service cost18 20 2 2 — — 
Net amount recognized$209 $335 $232 $235 $(25)$(20)
The following estimated benefit payments are expected to be paid during each respective year:
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Postretirement Benefits
2026$273 $104 $6 
2027275 108 6 
2028276 110 6 
2029286 97 6 
2030279 80 5 
2031 - 20351,387 614 24 
Schedule of Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Information for pension plans with accumulated benefit obligations in excess of plan assets:
20252024
Accumulated benefit obligation
$316 $3,778 
Fair value of plan assets
171 3,502 
Schedule of Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Information for pension plans with projected benefit obligations in excess of plan assets:
20252024
Projected benefit obligation
$3,865 $4,211 
Fair value of plan assets
3,665 3,794 
Schedule of Weighted-Average Actuarial Assumptions Used to Net Measure Periodic Benefit Cost and Benefit Obligations and Postretirement Benefit Obligations The weighted-average actuarial assumptions used to measure the net periodic benefit cost and benefit obligations are:
U.S. Pension BenefitsNon-U.S. Pension Benefits
Other Postretirement Benefits
202520242023202520242023202520242023
Net Periodic Benefit Cost
Discount rate5.27 %4.88 %4.36 %4.19 %4.24 %3.40 %5.23 %4.86 %4.26 %
Average increase in compensation3.81 %3.81 %3.35 %2.73 %2.76 %2.87 %NANANA
Expected return on plan assets7.00 %7.00 %6.50 %4.47 %5.22 %4.13 %NANANA
Benefit Obligation
Discount rate5.27 %5.27 %4.88 %4.36 %4.19 %4.24 %5.18 %5.23 %4.86 %
Average increase in compensation3.79 %3.76 %3.81 %2.65 %2.73 %2.76 %NANANA
The health care cost trend rate assumptions used to measure the postretirement benefit obligations are:
20252024
Health care cost trend rate assumed for next year9.73 %10.35 %
Ultimate health care cost trend rate 4.50 %4.50 %
Year that the ultimate rate is reached20352034
Schedule of Weighted-Average Allocation of Majority of Assets Related to Defined Benefit Plans The weighted-average allocation of the majority of the assets related to the defined benefit plans is as follows:
20252024
Equities20 %26 %
Fixed income46 %45 %
Other investments34 %29 %
100 %100 %
The fair values of pension plan assets at June 30, 2025 and at June 30, 2024, by asset class, are as follows:
June 30, 2025June 30, 2024
TotalLevel 1Level 2Level 3NAVTotalLevel 1Level 2Level 3NAV
Cash and cash equivalents$540 $459 $76 $— $5 $461 $450 $6 $— $5 
Equities
U.S. equity securities7 7 — — — 680 680 — — — 
Non-U.S. equity securities57 57 — — — 58 50 8 — — 
Commingled equity funds1,059 — 106 — 953 652 50 52 — 550 
Fixed income
Corporate bonds801 4 797 — — 589 16 573 — — 
Government issued securities552 521 31 — — 574 544 30 
Commingled fixed income funds1,293 — 350 — 943 1,298 23 525 — 750 
Alternatives(1)
778 — — — 778 770 — 56 714 
Other(2)
648 66 (1)583 — 341 12 329 — — 
$5,735 $1,114 $1,359 $583 $2,679 $5,423 $1,825 $1,579 $— $2,019 
(Payables) receivables, net(89)(57)
Total$5,646 $5,366 
(1) Alternatives includes investments in real estate, hedge funds and private debt.
(2) Other investments primarily includes insurance contracts held under our non-U.S. plans.
Schedule of Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2025 and 2024 due to the following:
20252024
Balance at beginning of year$— $— 
Actual return on plan assets still held at year-end12 — 
Purchases, sales, settlements - net203 — 
Transfers into Level 3325 — 
Changes due to exchange rates43 — 
Balance at end of year$583 $—