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POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN (Tables)
 12 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan The following provides a reconciliation of benefit obligations, plan assets and funded status of these defined benefit plans:
Pension Benefits (1)
Other Retiree Benefits (2)
Fiscal years ended June 302024202320242023
CHANGE IN BENEFIT OBLIGATION
Benefit obligation at beginning of year (3)
$12,499 $12,608 $2,933 $3,070 
Service cost164 173 68 71 
Interest cost527 430 157 142 
Participants' contributions14 13 56 50 
Amendments21 8 2 — 
Net actuarial loss/(gain)(11)(550)(268)(208)
Special termination benefits4 5 3 4 
Currency translation and other(155)363 (22)31 
Benefit payments(707)(551)(242)(227)
BENEFIT OBLIGATION AT END OF YEAR (3)
$12,355 $12,499 $2,687 $2,933 
CHANGE IN PLAN ASSETS
Fair value of plan assets at beginning of year$10,374 $10,173 $7,324 $6,889 
Actual return on plan assets1,058 37 784 482 
Employer contributions239 392 44 42 
Participants' contributions14 13 56 50 
Currency translation and other(119)310 — 1 
ESOP debt impacts (4)
— — 77 87 
Benefit payments(707)(551)(242)(227)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR$10,857 $10,374 $8,043 $7,324 
FUNDED STATUS$(1,498)$(2,125)$5,356 $4,391 
(1)Primarily non-U.S.-based defined benefit retirement plans.
(2)Primarily U.S.-based other postretirement benefit plans.
(3)For the pension benefit plans, the benefit obligation is the projected benefit obligation. For other retiree benefit plans, the benefit obligation is the accumulated postretirement benefit obligation.
(4)Represents the net impact of ESOP debt service requirements, which is netted against plan assets for other retiree benefits.
Schedule of Amounts Recognized in Balance Sheet In these instances, benefit payments are typically paid directly from the Company's cash as they become due.
Pension BenefitsOther Retiree Benefits
As of June 302024202320242023
CLASSIFICATION OF NET AMOUNT RECOGNIZED
Noncurrent assets$1,458 $1,085 $6,047 $5,119 
Current liabilities(73)(94)(38)(38)
Noncurrent liabilities(2,884)(3,116)(653)(690)
NET AMOUNT RECOGNIZED$(1,498)$(2,125)$5,356 $4,391 
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI)
Net actuarial loss/(gain)$1,258 $1,818 $(1,493)$(1,160)
Prior service cost/(credit)140 156 (655)(787)
NET AMOUNTS RECOGNIZED IN AOCI$1,398 $1,974 $(2,148)$(1,947)
Schedule of Accumulated and Projected Benefit Obligations Information related to the funded status of selected pension and other retiree benefits at June 30 is as follows:
As of June 3020242023
PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Projected benefit obligation$7,613 $7,967 
Fair value of plan assets4,656 4,758 
PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$7,103 $7,442 
Fair value of plan assets4,624 4,677 
OTHER RETIREE BENEFIT PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
Accumulated benefit obligation$770 $818 
Fair value of plan assets79 89 
Schedule of Net Benefit Costs Components of the net periodic benefit cost were as follows:
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202420232022202420232022
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT)
Service cost$164 $173 $253 $68 $71 $86 
Interest cost527 430 253 157 142 99 
Expected return on plan assets(610)(591)(684)(687)(611)(564)
Amortization of net actuarial loss/(gain)95 133 337 (38)(7)11 
Amortization of prior service cost/(credit) 37 26 28 (127)(125)(107)
Amortization of net actuarial loss/(gain) due to settlements(13)— (5)— — — 
Special termination benefits4 5 4 3 4 1 
NET PERIODIC BENEFIT COST/(CREDIT)$203 $176 $186 $(623)$(526)$(474)
CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI
Net actuarial loss/(gain) - current year$(458)$4 $(366)$(79)
Prior service cost/(credit) - current year21 8 2 — 
Amortization of net actuarial (loss)/gain(95)(133)38 7 
Amortization of prior service (cost)/credit(37)(26)127 125 
Amortization of net actuarial (loss)/gain due to settlements13 — — — 
Currency translation and other(21)45 (2)— 
TOTAL CHANGE IN AOCI(576)(102)(201)53 
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI$(373)$74 $(824)$(473)
Defined Benefit Plan, Assumptions The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sheets as of June 30, 2024 and 2023, were as follows: (1)
Pension BenefitsOther Retiree Benefits
As of June 302024202320242023
Discount rate4.2 % 4.2 % 5.8 % 5.6 %
Rate of compensation increase2.8 %2.9 %N/AN/A
Interest crediting rate for cash balance plans4.7 %4.3 %N/AN/A
Health care cost trend rates assumed for next yearN/AN/A6.3 %6.1 %
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate)N/AN/A4.9 %4.5 %
Year that the rate reaches the ultimate trend rateN/AN/A20292028
(1)Determined as of end of fiscal year.
The weighted average assumptions used to determine net benefit cost recorded on the Consolidated Statements of Earnings for the fiscal years ended June 30 were as follows: (1)
Pension BenefitsOther Retiree Benefits
Fiscal years ended June 30202420232022202420232022
Discount rate4.2 %3.7 %1.7 %5.6 %5.0 %3.2 %
Expected return on plan assets6.0 %5.9 %5.5 %8.5 %8.4 %8.4 %
Rate of compensation increase2.9 %2.8 %2.7 %N/AN/AN/A
Interest crediting rate for cash balance plans4.3 %4.3 %4.4 %N/AN/AN/A
(1)Determined as of beginning of fiscal year.
Schedule of Allocation of Plan Assets
Our target asset allocation for the fiscal year ended June 30, 2024, and actual asset allocation by asset category as of June 30, 2024 and 2023, were as follows:
Target Asset AllocationActual Asset Allocation at June 30
Pension BenefitsOther Retiree
Benefits		Pension BenefitsOther Retiree Benefits
Asset Category2024202320242023
Cash1 %2 %2 %1 %2 %2 %
Debt securities61 %1 %61 %60 %1 %1 %
Equity securities38 %97 %37 %39 %97 %97 %
TOTAL100 %100 %100 %100 %100 %100 %
Pension and Postretirement Plan Assets By Fair Value Hierarchy Investments valued using net asset value as a practical expedient are not valued using the fair value hierarchy, but rather valued using the net asset value reported by the managers of the funds and as supported by the unit prices of actual purchase and sale transactions.
Pension BenefitsOther Retiree Benefits
As of June 30Fair Value Hierarchy Level20242023Fair Value Hierarchy Level20242023
ASSETS AT FAIR VALUE
Cash and cash equivalents1$267 $54 1$135 $148 
Company common stock— — 1451 368 
Company preferred stock (1)
— — 27,380 6,721 
Fixed income securities (2)
21,076 1,190 — — 
Insurance contracts (3)
3165 93 — — 
TOTAL ASSETS IN THE FAIR VALUE HIERARCHY1,508 1,337 7,966 7,237 
Investments valued at net asset value (4)
9,349 9,037 77 87 
TOTAL ASSETS AT FAIR VALUE$10,857 $10,374 $8,043 $7,324 
(1)Company preferred stock is valued based on the value of Company common stock and is presented net of ESOP debt discussed below.
(2)Fixed income securities are estimated by using pricing models or quoted prices of securities with similar characteristics.
(3)Fair values of insurance contracts are valued based on either their cash equivalent value or models that project future cash flows and discount the future amounts to a present value using market-based observable inputs, including credit risk and interest rate curves. The activity for Level 3 assets is not significant for all years presented.
(4)Investments valued using net asset value as a practical expedient are primarily equity and fixed income collective funds.
Schedule of Expected Benefit Payments
Total benefit payments expected to be paid to participants, which include payments funded from the Company's assets and payments from the plans are as follows:
Fiscal years ending June 30Pension BenefitsOther Retiree Benefits
EXPECTED BENEFIT PAYMENTS
2025$635 $166 
2026595 179 
2027615 176 
2028666 181 
2029684 187 
2030 - 20343,747 1,032 
Employee Stock Ownership Plan (ESOP) Disclosures The number of preferred shares outstanding at June 30 was as follows:
Shares in thousands202420232022
Allocated22,724 24,449 25,901 
Unallocated— 535 1,123 
TOTAL SERIES A22,724 24,984 27,024 
Allocated33,723 32,172 30,719 
Unallocated15,864 17,867 20,120 
TOTAL SERIES B49,587 50,039 50,839