v3.25.2
RETIREMENT BENEFIT OBLIGATIONS (Tables)
 12 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Amounts Recognized in Balance Sheets The Company recognized these amounts in the Balance Sheets at June 30, 2025 and 2024 as follows:
Pension Benefits
DomesticForeign
Postretirement benefits
Total
20252024202520242025202420252024
(in millions)
Other non-current assets$— $— $165 $147 $— $— $165 $147 
Other current liabilities— — (3)(3)(7)(7)(10)(10)
Retirement benefit obligations(19)(28)(50)(48)(48)(49)(117)(125)
Net asset (liability) recognized
$(19)$(28)$112 $96 $(55)$(56)$38 $12 
Schedule of Change in Projected Benefit Obligation, Change in Fair Value of Plan Assets and Funded Status
The following table sets forth the change in the projected benefit obligation, change in the fair value of the Company’s plan assets and funded status:
Pension Benefits
DomesticForeign
Postretirement Benefits
Total
As of June 30,
20252024202520242025202420252024
(in millions)
Projected benefit obligation, beginning of the year
$228 $241 $590 $646 $56 $59 $874 $946 
Service cost— — 1 1 — — 1 1 
Interest cost12 13 29 33 3 3 44 49 
Benefits paid(26)(22)(40)(35)(7)(7)(73)(64)
Settlements(a)
— — (6)(54)— — (6)(54)
Actuarial (gain) loss
6 (4)(20)3 2 1 (12)— 
Foreign exchange rate changes— — 44 (4)1 — 45 (4)
Projected benefit obligation, end of the year
220 228 598 590 55 56 873 874 
Change in the fair value of plan assets for the Company’s benefit plans:
Fair value of plan assets, beginning of the year
200 204 686 729 — — 886 933 
Actual return on plan assets10 6 14 39 — — 24 45 
Employer contributions17 12 3 11 — — 20 23 
Benefits paid(26)(22)(40)(35)— — (66)(57)
Settlements(a)
— — (6)(54)— — (6)(54)
Foreign exchange rate changes— — 53 (4)— — 53 (4)
Fair value of plan assets, end of the year
201 200 710 686 — — 911 886 
Funded status$(19)$(28)$112 $96 $(55)$(56)$38 $12 
(a)Amounts related to payments made to former employees of the Company in full settlement of their pension benefits.
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss consist of:
Pension Benefits
DomesticForeign
Postretirement Benefits
Total
As of June 30,
20252024202520242025202420252024
(in millions)
Actuarial losses (gains)$118 $116 $331 $315 $(6)$(8)$443 $423 
Prior service cost (benefit)— — 7 7 (20)(24)(13)(17)
Net amounts recognized$118 $116 $338 $322 $(26)$(32)$430 $406 
Schedule of Accumulated and Projected Benefit Obligations and Fair Value of Plan Assets for Funded and Unfunded Pension Plans
Below is information about funded and unfunded pension plans:
Domestic Pension Benefits
Funded PlansUnfunded PlansTotal
As of June 30,
202520242025202420252024
(in millions)
Projected benefit obligation$213 $221 $7 $7 $220 $228 
Accumulated benefit obligation213 221 7 7 220 228 
Fair value of plan assets201 200 — — 201 200 
Foreign Pension Benefits
Funded PlansUnfunded PlansTotal
As of June 30,
202520242025202420252024
(in millions)
Projected benefit obligation$545 $540 $53 $50 $598 $590 
Accumulated benefit obligation545 538 53 50 598 588 
Fair value of plan assets710 686 — — 710 686 
Schedule of Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets
The accumulated benefit obligation exceeds the fair value of plan assets for all domestic pension plans.
Below is information about foreign pension plans in which the accumulated benefit obligation exceeds the fair value of the plan assets:
Foreign Pension Benefits
Funded PlansUnfunded PlansTotal
As of June 30,
202520242025202420252024
(in millions)
Projected benefit obligation$— $— $53 $50 $53 $50 
Accumulated benefit obligation— — 53 50 53 50 
Fair value of plan assets— — — — — — 
Schedule of Components of Net Periodic Benefits Costs (Income)
The amortization of amounts related to unrecognized prior service costs (credits), deferred losses and settlements, curtailments and other were reclassified out of Other comprehensive income as a component of net periodic benefit costs. The components of net periodic benefit costs were as follows:
Pension Benefits
Domestic
Foreign
Postretirement Benefits
Total
For the fiscal years ended June 30,
202520242023202520242023202520242023202520242023
(in millions)
Service cost benefits earned during the period
$— $— $— $1 $1 $1 $— $— $— $1 $1 $1 
Interest costs on projected benefit obligations
12 13 11 29 33 27 3 3 2 44 49 40 
Expected return on plan assets
(11)(12)(11)(40)(37)(32)— — — (51)(49)(43)
Amortization of deferred losses
5 5 5 15 15 14 — — — 20 20 19 
Amortization of prior service credits
— — — — — — (4)(4)(4)(4)(4)(4)
Settlements, curtailments and other
— — — — 11 — — — — — 11 — 
Net periodic benefit costs (income) – Total$6 $6 $5 $5 $23 $10 $(1)

$(1)$(2)$10 $28 $13 
Pension Benefits
Domestic
Foreign
Postretirement Benefits
For the fiscal years ended June 30,
202520242023202520242023202520242023
Additional information
Weighted-average assumptions used to determine benefit obligations
Discount rate5.5%5.6%5.4%5.5%5.2%5.4%5.3%5.5%5.5%
Rate of increase in future compensationN/AN/AN/A2.6%2.9%3.9%N/AN/AN/A
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate for PBO5.6%5.4%4.9%5.2%5.4%3.9%5.5%5.5%4.6%
Discount rate for service cost
N/AN/AN/A5.3%5.4%4.8%5.6%5.5%4.9%
Discount rate for interest on PBO
5.5%5.5%4.6%5.1%5.7%3.8%5.4%5.6%4.3%
Expected return on plan assets5.8%6.0%5.5%5.9%5.4%3.9%N/AN/AN/A
Rate of increase in future compensationN/AN/AN/A2.9%3.9%3.9%N/AN/AN/A
Schedule of Assumptions Used
The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:
Postretirement benefits
20252024
Health care cost trend rate6.6 %6.8 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5.4 %5.3 %
Year that the rate reaches the ultimate trend rate20312031
Schedule of Health Care Cost Trend Rates
The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:
Postretirement benefits
20252024
Health care cost trend rate6.6 %6.8 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5.4 %5.3 %
Year that the rate reaches the ultimate trend rate20312031
Schedule of Expected Benefit Payments
The following table sets forth the estimated benefit payments for the next five fiscal years, and in aggregate for the five fiscal years thereafter. The expected benefits are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service:
Expected Benefit Payments
Pension Benefits
Postretirement Benefits
Total
DomesticForeign
(in millions)
Fiscal Year
2026$20 $50 $7 $77 
202719 48 6 73 
202819 47 6 72 
202919 47 6 72 
203018 46 5 69 
2031 to 203584 222 21 327 
Schedule of Allocation of Plan Assets
The table below presents the Company’s plan assets by level within the fair value hierarchy, as described in Note 2—Summary of Significant Accounting Policies, as of June 30, 2025 and 2024:
20252024
Fair Value Measurements at Reporting Date Using
Total
Fair
Value
Fair Value Measurements at Reporting Date Using
Total
Fair
Value
Level 1Level 2Level 3NAVLevel 1Level 2Level 3NAV
(in millions)
Assets
Pooled funds:(a)
Domestic equity funds$— $— $— $35 $35 $— $— $— $42 $42 
International equity funds— 19 — 20 39 — 36 — 33 69 
Domestic fixed income funds— — — 111 111 — — — 104 104 
International fixed income funds— 533 — 119 652 — 520 — 86 606 
Balanced funds— 28 — — 28 — 35 — — 35 
Other16 5 6 19 46 8 — 6 16 30 
Total$16 $585 $6 $304 $911 $8 $591 $6 $281 $886 
(a)Open-ended pooled funds that are registered and/or available to the general public are valued at the daily published net asset value (“NAV”). Other pooled funds are valued at the NAV provided by the fund issuer.
Summary of Changes in Fair Value of Investments Reflected as Level 3 Assets
The table below sets forth a summary of changes in the fair value of investments reflected as Level 3 assets as of June 30, 2025 and 2024:
Level 3 Investments
(in millions)
Balance, June 30, 2023$6 
Actual return on plan assets:
Relating to assets still held at end of period1 
Relating to assets sold during the period— 
Purchases, sales, settlements and issuances(1)
Transfers in and out of Level 3— 
Balance, June 30, 2024$6 
Actual return on plan assets:
Relating to assets still held at end of period— 
Relating to assets sold during the period— 
Purchases, sales, settlements and issuances— 
Transfers in and out of Level 3— 
Balance, June 30, 2025$6 
Schedule of Weighted-Average Asset Allocations, by Asset Category
The Company’s benefit plan weighted-average asset allocations, by asset category, are as follows:
Pension Assets
As of June 30,
20252024
Asset Category
Equity securities10 %14 %
Debt securities84 %81 %
Cash and other6 %5 %
Total100 %100 %