v3.26.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Funded Status of Pension Plans and Amount recognized in the Consolidated Balance Sheet
The funded status of our pension plans and amounts recognized in the consolidated balance sheets as of June 30 were as follows:
(in thousands)20262025
Change in benefit obligation:
Benefit obligation, beginning of year$669,030 $677,054 
Service cost1,103 909 
Interest cost32,449 34,013 
Participant contributions439 438 
Actuarial gains(7,249)(1,772)
Benefits and expenses paid(57,544)(54,192)
Currency translation adjustments(4,874)14,887 
Plan amendments— 12 
Plan settlements(1,102)(3,480)
Other adjustments191 1,161 
Benefit obligation, end of year$632,443 $669,030 
Change in plans' assets:
Fair value of plans' assets, beginning of year$629,588 $636,088 
Actual return on plans' assets37,324 35,556 
Company contributions8,963 7,755 
Participant contributions439 438 
Plan settlements(1,002)(3,480)
Benefits and expenses paid(57,544)(54,192)
Currency translation adjustments(3,398)7,330 
Other adjustments206 93 
Fair value of plans' assets, end of year$614,576 $629,588 
Funded status of plans$(17,867)$(39,442)
Amounts recognized in the balance sheets consist of:
Long-term prepaid benefit$87,268 $75,062 
Short-term accrued benefit obligation(8,409)(7,541)
Accrued pension benefits(96,726)(106,963)
Net amount recognized$(17,867)$(39,442)
Defined Benefit Pension Plans Recognized in Accumulated Other Comprehensive (Loss) Income
The pre-tax amounts related to our defined benefit pension plans recognized in accumulated other comprehensive loss were as follows at June 30:
(in thousands)20262025
Unrecognized net actuarial losses$272,996 $292,946 
Unrecognized net prior service costs1,748 1,762 
Total$274,744 $294,708 
The pre-tax amounts related to our other postretirement benefit plans which were recognized in accumulated other comprehensive loss were as follows at June 30:
(in thousands)20262025
Unrecognized net actuarial losses$1,487 $1,680 
Unrecognized net prior service credits(617)(870)
Total$870 $810 
Accumulated Benefit Obligations Exceeding Plan Assets Fair Value
Included in the above information are plans with accumulated benefit obligations exceeding the fair value of plan assets as of June 30 as follows:
(in thousands)20262025
Projected benefit obligation$112,580 $122,521 
Accumulated benefit obligation111,770 121,636 
Fair value of plan assets8,534 7,871 
Net Periodic Pension (Income) Cost
The components of net periodic pension income include the following as of June 30:
(in thousands)202620252024
Service cost$1,103 $909 $1,181 
Interest cost32,449 34,013 35,551 
Expected return on plans' assets(38,265)(42,655)(44,592)
Amortization of transition obligation— — 76 
Amortization of prior service cost(18)(9)(4)
Settlement190 954 (4)
Recognition of actuarial losses11,736 8,411 5,753 
Other adjustments82 302 14 
Net periodic pension expense (income)$7,277 $1,925 $(2,025)
Funded Status of Other Postretirement Benefit Plans and Amount Recognized in the Consolidated Balance Sheet The funded status of our other postretirement benefit plans and the related amounts recognized in the consolidated balance sheets were as follows:
(in thousands)20262025
Change in benefit obligation:
Benefit obligation, beginning of year$6,700 $7,340 
Interest cost348 393 
Actuarial losses(83)(78)
Benefits paid(987)(851)
Other214 (104)
Benefit obligation, end of year$6,192 $6,700 
Funded status of plan$(6,192)$(6,700)
Amounts recognized in the balance sheets consist of:
Short-term accrued benefit obligation$(869)$(948)
Accrued postretirement benefits(5,323)(5,752)
Net amount recognized$(6,192)$(6,700)
Net Periodic Other Postretirement Costs (Benefit)
The components of net periodic other postretirement benefit cost include the following for the years ended June 30:
(in thousands)202620252024
Interest cost$348 $393 $424 
Amortization of prior service credit(254)(254)(254)
Recognition of actuarial loss126 139 142 
Net periodic other postretirement benefit cost$220 $278 $312 
Significant Actuarial Assumptions Used to Determine the Present Value of Net Benefit Obligations The significant actuarial assumptions used to determine the present value of net benefit obligations for our defined benefit pension plans and other postretirement benefit plans were as follows:
202620252024
Discount Rate:
U.S. plans
4.8-5.8%
5.0-5.6%
5.7-5.8%
International plans
1.1-6.9%
1.2-6.8%
1.3-7.2%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)
4.0%
4.0%
4.0%
International plans
1.5-8.5%
1.5-7.5%
1.8-8.0%
The significant assumptions used to determine the net periodic expense (income) for our pension and other postretirement benefit plans were as follows:
202620252024
Discount Rate:
U.S. plans
4.7-5.6%
5.7-5.8%
5.6-6.3%
International plans
1.2-6.8%
1.3-7.2%
1.8-7.3%
Rates of future salary increases:
U.S. plans (Executive Retirement Plan only)
4.0%
4.0%
4.0%
International plans
1.5-7.5%
1.8-8.0%
1.8-8.0%
Rate of return on plans assets:
U.S. plans
6.4%
6.5%
6.3%
International plans
1.3-7.3%
1.3-7.5%
1.8-7.3%
Asset Allocations and Target Allocations by Asset Class
Our defined benefit pension plans’ asset allocations as of June 30, 2026 and 2025 and target allocations for 2027, by asset class, were as follows:
20262025Target %
Equity12 %13 %13 %
Fixed Income74 72 72 
Other14 15 15 
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2026:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $41,582 $41,582 
Mutual funds— — — 33,218 33,218 
Corporate fixed income securities— 295,961 — — 295,961 
Common stock16 — — — 16 
Government securities:
U.S. government securities— 119,476 — — 119,476 
Foreign government securities— 677 — — 677 
Other fixed income securities— 39,023 — — 39,023 
Other— 84,623 — — 84,623 
Total investments$16 $539,760 $— $74,800 $614,576 
The following table presents the fair value of the benefit plans' assets by asset category as of June 30, 2025:
(in thousands)Level 1Level 2Level 3
NAV(3)
Total
Common / collective trusts (3):
Blend funds$— $— $— $50,038 $50,038 
Mutual funds— — — 36,643 36,643 
Corporate fixed income securities— 321,975 — — 321,975 
Common stock11 — — — 11 
Government securities:
U.S. government securities— 103,056 — — 103,056 
Foreign government securities— 1,353 — — 1,353 
Other fixed income securities— 31,475 — — 31,475 
Other— 85,037 — — 85,037 
Total investments$11 $542,896 $— $86,681 $629,588 
(3) Investments in common / collective trusts invest primarily in publicly traded securities and are valued using net asset value (NAV) of units of a bank collective trust. Therefore, these amounts have not been classified in the fair value hierarchy and are presented in the tables to reconcile the fair value hierarchy to the total fair value of plan assets.