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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
A. Defined Contribution Savings Plans. The Company sponsors a 401(k) savings plan covering eligible U.S. employees of the Company. This plan provides a base contribution plus Company matching contributions on a portion of employee contributions.
The ERSP was adopted effective January 1, 2015 for those executives who are not participants in the SORP or SERP. The ERSP is a defined contribution plan that allows eligible full-time U.S. employees to defer compensation until a later date and the Company will match a portion of the deferred compensation above the qualified defined contribution compensation and deferral limitations.
The costs recorded by the Company for these plans were:
Years ended June 30,
202620252024
(in millions)
401(k) savings plan$41.4 $50.0 $47.2 
ERSP3.4 3.4 3.7 
     Total $44.7 $53.4 $50.9 
B. Defined Benefit Pension Plans. The Company sponsors the Supplemental Officer Retirement Plan (“SORP”). The SORP is a non-qualified ERISA defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key officers upon retirement based upon the officers’ years of service and compensation. The SORP was closed to new participants beginning in fiscal year 2015. The Company also sponsors a Supplemental Executive Retirement Plan (“SERP”). The SERP is also a non-qualified ERISA defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key executives upon retirement based upon the executives’ years of service and compensation. The SERP was closed to new participants beginning in fiscal year 2015.
The SORP and SERP are effectively funded with assets held in a Rabbi Trust. The assets invested in the Rabbi Trust are to be used in part to fund benefit payments to participants under the terms of the plans. The Rabbi Trust is irrevocable and no portion of the trust funds may be used for any purpose other than the delivery of those assets to the participants, except that assets held in the Rabbi Trust would be subject to the claims of the Company’s general creditors in the event of bankruptcy or insolvency of the Company. The SORP and SERP are nonqualified plans for federal tax purposes and for purposes of Title I of ERISA. The Rabbi Trust assets had a value of $70.8 million at June 30, 2026 and $66.4 million at June 30, 2025 and are included in Other non-current assets in the accompanying Consolidated Balance Sheets. The SORP and the SERP had a total benefit obligation of $65.9 million at June 30, 2026 and $62.6 million at June 30, 2025 and are included in Other non-current liabilities in the accompanying Consolidated Balance Sheets.
The amounts charged to expense by the Company for these plans were:
Years ended June 30,
202620252024
(in millions)
SORP$3.5 $3.5 $3.5 
SERP0.3 0.3 0.3 
     Total $3.7 $3.8 $3.7 
The benefit obligation to the Company under these plans at June 30, 2026, 2025 and 2024 was:
Years ended June 30,
202620252024
(in millions)
SORP$61.0 $57.6 $56.4 
SERP4.9 5.0 5.2 
     Total $65.9 $62.6 $61.6 
C. Other Post-retirement Benefit Plan. The Company sponsors an Executive Retiree Health Insurance Plan. It is a post-retirement benefit plan pursuant to which the Company helps defray the health care costs of certain eligible key executive retirees and qualifying dependents, based upon the retirees’ age and years of service, until they reach the age of 65. The plan is currently unfunded.
The amounts charged to expense by the Company for this plan were:
Years ended June 30,
202620252024
(in millions)
Executive Retiree Health Insurance Plan$0.6 $0.8 $0.6 
The benefit obligation to the Company under this plan at June 30, 2026, 2025 and 2024 was:
Years ended June 30,
202620252024
(in millions)
Executive Retiree Health Insurance Plan$3.7 $4.7 $5.4 
D. Other Post-employment Benefit Obligations. The Company sponsors certain non-U.S. benefits-related plans covering certain eligible international employees who are eligible under the terms of their employment in their respective countries. These plans are generally unfunded.
The amounts charged to expense by the Company for these plans were in fiscal years 2026, 2025 and 2024 was:
Years ended June 30,
202620252024
(in millions)
Other Non-U.S. Benefits-Related Plans$4.1 $4.8 $2.8 
The benefit obligation to the Company under these plans at June 30, 2026, 2025 and 2024 was:
Years ended June 30,
202620252024
(in millions)
Other Non-U.S. Benefits-Related Plans$19.8 $16.3 $12.4