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PENSION AND POST-RETIREMENT BENEFIT PLANS
 12 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
PENSION AND POST-RETIREMENT BENEFIT PLANS PENSION AND POST-RETIREMENT BENEFIT PLANS
The Company maintains pension plans covering substantially all of its full-time employees for its U.S. operations and a majority of its international operations. Several plans provide pension benefits based primarily on years of service and employees’ earnings. In certain instances, the Company adjusts benefits in connection with international employee transfers. The Company also maintains post-retirement benefit plans that provide certain medical and dental benefits to eligible employees.

Retirement Growth Account Plan (U.S.)
The Retirement Growth Account Plan is a trust-based, noncontributory qualified defined benefit pension plan. The Company seeks to maintain appropriate funded percentages. For contributions, the Company seeks to contribute amounts that would not be less than the minimum required by the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, and subsequent pension legislation, and would not be more than the maximum amount deductible for income tax purposes.

Restoration Plan (U.S.)

The Company also has an unfunded, non-qualified domestic noncontributory pension Restoration Plan to provide benefits in excess of Internal Revenue Code limitations.

International Pension Plans

The Company maintains international pension plans, the most significant of which are defined benefit pension plans. The Company’s funding policies for these plans are determined by local laws and regulations. The Company’s most significant defined benefit pension obligations are included in the plan summaries below.

Post-retirement Benefit Plans

The Company maintains a domestic post-retirement benefit plan which provides certain medical and dental benefits to eligible employees. Employees hired after January 1, 2002 are not eligible for retiree medical benefits when they retire. Certain retired employees who are receiving monthly pension benefits are eligible for participation in the plan. Contributions required and benefits received by retirees and eligible family members are dependent on the age of the retiree. It is the Company’s practice to fund a portion of these benefits as incurred and may provide discretionary funding for future liabilities up to the maximum amount deductible for income tax purposes.

Certain of the Company’s international subsidiaries and affiliates have post-retirement plans, although most participants are covered by government-sponsored or administered programs.
Plan Summaries

The components of the above-mentioned plans as of and for the years ended June 30, 2026 and 2025 are summarized as follows:
Pension PlansOther than
Pension Plans
U.S.InternationalPost-retirement
(In millions)202620252026202520262025
Change in benefit obligation:
Benefit obligation, beginning of year
$964 $941 $595 $541 $143 $144 
Service cost34 35 28 28 1 1 
Interest cost53 51 18 18 8 8 
Plan participant contributions— — 8 8 1 1 
Actuarial loss (gain)15 (8)(41)12 1 2 
Foreign currency exchange rate impact— — 6 36 — (1)
Benefits, expenses, taxes and premiums paid(75)(54)(28)(31)(10)(14)
Plan amendments— — — — — — 
Settlements and curtailments
(2)(1)(22)(20)— 2 
Special termination benefits— — 3 3 — — 
Benefit obligation, end of year
$989 $964 $567 $595 $144 $143 
Change in plan assets:
Fair value of plan assets, beginning of year
$826 $801 $611 $567 $— $— 
Actual return on plan assets97 35 28 16 — — 
Foreign currency exchange rate impact— — 2 37 — — 
Employer contributions71 44 32 35 9 13 
Plan participant contributions— — 8 8 1 1 
Settlements— — (18)(21)— — 
Benefits, expenses, taxes and premiums paid from plan assets(75)(54)(28)(31)(10)(14)
Fair value of plan assets, end of year
$919 $826 $635 $611 $— $— 
Funded status$(70)$(138)$68 $16 $(144)$(143)
Amounts recognized in the Balance Sheet consist of:
Other assets$39 $— $161 $128 $— $— 
Other accrued liabilities(30)(29)(5)(6)(10)(9)
Other noncurrent liabilities(79)(109)(88)(106)(134)(134)
Funded status(70)(138)68 16 (144)(143)
Accumulated other comprehensive loss (income)
202 256 (24)22 (4)(10)
Net amount recognized$132 $118 $44 $38 $(148)$(153)
Pension PlansOther than
Pension Plans
U.S.InternationalPost-retirement
($ in millions)202620252024202620252024202620252024
Components of net periodic benefit cost:
Service cost$34 $35 $35 $28 $28 $26 $1 $1 $2 
Interest cost53 51 46 18 18 19 8 8 8 
Expected return on assets(52)(50)(54)(27)(26)(25)— — (1)
Amortization of:
Actuarial loss (gain)
21 20 4 (1)(6)(8)— — — 
Prior service cost1 — 1 (1)— (1)(5)(6)(3)
Settlements and curtailments— — — 1 — — — — — 
Special termination benefits— — — 3 3 1 — — — 
Net periodic benefit cost$57 $56 $32 $21 $17 $12 $4 $3 $6 
Assumptions used to determine benefit obligations at June 30:
Discount rate
5.20 – 5.80%
5.30 – 5.90%
5.50 – 5.70%
1.50 – 9.75%
1.00 – 10.25%
1.75 – 10.00%
5.00 – 8.50%
5.00 – 10.25%
5.00 – 11.00%
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50 – 8.00%
1.50 – 4.75%
1.50 – 5.00%
1.50 – 5.00%
N/AN/AN/A
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate5.73 %5.83 %5.68 %3.59 %3.16 %3.50 %5.42 %5.59 %5.51 %
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50 – 8.00%
2.76 %2.82 %3.00 %N/AN/AN/A
Assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate
5.30 – 5.90%
5.50 – 5.70%
5.20 – 5.30%
1.00 – 10.25%
1.75 – 10.00%
1.00 – 9.00%
5.00 – 10.25%
5.00 – 11.00%
5.00 – 10.75%
Expected return on assets6.25 %6.25 %6.25 %
2.75 – 10.25%
2.75 – 10.00%
2.25 – 9.00%
N/AN/A6.25 %
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50 – 8.00%
1.50 – 5.00%
1.50 – 5.00%
1.75 – 5.00%
N/AN/AN/A
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate5.83 %5.68 %5.29 %3.16 %3.50 %3.69 %5.59 %5.51 %5.19 %
Expected return on assets
6.25 %6.25 %6.25 %4.14 %4.13 %4.06 %N/AN/A6.25 %
Rate of compensation increase
2.50 – 8.00%
2.50 – 8.00%
2.50 – 8.00%
2.82 %3.00 %3.08 %N/AN/AN/A
The discount rate for each plan used for determining future net periodic benefit cost is based on a review of highly rated long-term bonds. The discount rate for the Company’s domestic plans is based on a bond portfolio that includes only long-term bonds with an Aa rating, or equivalent, from a major rating agency. The Company used an above-mean yield curve which represents an estimate of the effective settlement rate of the obligation, and the timing and amount of cash flows related to the bonds included in this portfolio are expected to match the estimated defined benefit payment streams of the Company’s domestic plans. For the Company’s international plans, the discount rate in a particular country was principally determined based on a yield curve constructed from high quality corporate bonds in that respective country, with the resulting portfolio having a duration matching that particular plan. In determining the long-term rate of return for a plan, the Company considers the historical rates of return, the nature of the plan’s investments and an expectation for the plan’s investment strategies.
The weighted-average interest crediting rate used to determine the benefit obligation and net periodic benefit cost relating to the Company’s U.S. Pension Plans was 4.00% and 4.24% as of and for the years ended June 30, 2026 and 2025, respectively.

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. The assumed weighted-average health care cost trend rate for the coming year is 7.59% while the weighted-average ultimate trend rate of 4.01% is expected to be reached in approximately 14 years to 24 years. 

Amounts recognized in AOCI (before tax) as of June 30, 2026 and 2025 are as follows:
Pension PlansOther than
Pension Plans
(In millions)U.S.InternationalPost-retirementTotal
Net actuarial losses (gains) as of June 30, 2024$268 $(4)$1 $265 
Actuarial losses recognized7 22 2 31 
Amortization and settlements included in net periodic benefit cost(20)5 — (15)
Translation adjustments— — 1 1 
Net actuarial losses as of June 30, 2025255 23 4 282 
Net prior service cost as of June 30, 20241 (1)(22)(22)
Amortization included in net periodic benefit cost— — 6 6 
Curtailments included in net periodic benefit cost
— — 2 2 
Net prior service cost as of June 30, 20251 (1)(14)(14)
Total amounts recognized in AOCI as of June 30, 2025$256 $22 $(10)$268 
Net actuarial losses as of June 30, 2025$255 $23 $4 $282 
Actuarial (gains) losses recognized(32)(46)1 (77)
Amortization and settlements included in net periodic benefit cost(21)— — (21)
Translation adjustments— (1)— (1)
Net actuarial losses (gains) as of June 30, 2026202 (24)5 183 
Net prior service cost as of June 30, 20261 (1)(14)(14)
Amortization included in net periodic benefit cost(1)1 5 5 
Net prior service cost as of June 30, 2026— — (9)(9)
Total amounts recognized in AOCI as of June 30, 2026$202 $(24)$(4)$174 
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans at June 30, 2026 and 2025 are as follows:
Pension PlansOther than
 Pension Plans
Retirement Growth
Account		RestorationInternationalPost-retirement
(In millions)20262025202620252026202520262025
Projected benefit obligation$880 $846 $109 $118 $567 $595 $144 $143 
Accumulated benefit obligation$863 $825 $105 $112 $513 $532 $— $— 
Fair value of plan assets$919 $826 $— $— $635 $611 $— $— 

International pension plans with projected benefit obligations in excess of the plans’ assets had aggregate projected benefit obligations of $97 million and $326 million and aggregate fair value of plan assets of $4 million and $214 million at June 30, 2026 and 2025, respectively. International pension plans with accumulated benefit obligations in excess of the plans’ assets had aggregate accumulated benefit obligations of $87 million and $91 million and aggregate fair value of plan assets of $4 million at each of June 30, 2026 and 2025.

The expected cash flows for the Company’s pension and post-retirement plans are as follows:
Pension PlansOther than
Pension Plans
(In millions)U.S.InternationalPost-retirement
Expected employer contributions for year ending June 30, 2027$31 $27 $10 
Expected benefit payments for year ending June 30,
2027113 44 10 
202891 36 11 
202981 37 12 
203064 35 11 
203157 36 11 
Years 2032 – 2036305 184 54 

Plan Assets
The Company’s investment strategy for its pension plan assets is to maintain a diversified portfolio of asset classes with the primary goal of meeting long-term cash requirements as they become due. Assets are primarily invested in diversified funds that hold equity or debt securities to maintain the security of the funds while maximizing the returns within each plan’s investment policy. The investment policy for each plan specifies the type of investment vehicles appropriate for the plan, asset allocation guidelines, criteria for selection of investment managers and procedures to monitor overall investment performance, as well as investment manager performance.

The Company’s target asset allocation at June 30, 2026 is as follows:
Pension Plans
U.S.International
Equity39 %22 %
Debt securities50 %56 %
Other11 %22 %
100 %100 %
The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2026:
(In millions)Level 1Level 2Level 3Assets Measured at
Net Asset Value as a Practical Expedient		Total
Cash and cash equivalents$1 $— $— $— $1 
Short-term investment funds— 24 — 4 28 
Government and agency securities296 — — — 296 
Commingled funds350 632 — 147 1,129 
Insurance contracts— — 20 — 20 
Interests in limited partnerships and hedge fund investments— — — 80 80 
Total$647 $656 $20 $231 $1,554 

The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2025:
(In millions)Level 1Level 2Level 3Assets Measured at
Net Asset Value as a Practical Expedient		Total
Cash and cash equivalents$2 $— $— $— $2 
Short-term investment funds— 7 — 4 11 
Government and agency securities144 — — — 144 
Commingled funds324 695 — 159 1,178 
Insurance contracts— — 18 — 18 
Interests in limited partnerships and hedge fund investments— — — 84 84 
Total$470 $702 $18 $247 $1,437 

The following table presents the changes in Level 3 plan assets:
June 30,
(In millions)20262025
Insurance Contracts
Balance at beginning of year$18 $14 
Actual return on plan assets:
Relating to assets still held at the reporting date— — 
Purchases, sales, issuances and settlements, net1 3 
Foreign exchange impact1 1 
Balance at end of year$20 $18 

The following is a description of the valuation methodologies used for plan assets measured at fair value:

Cash and cash equivalents – Cash and all highly-liquid securities with original maturities of three months or less are classified as cash and cash equivalents, primarily consisting of cash deposits in interest bearing accounts, time deposits and money market funds. These assets are classified within Level 1 of the valuation hierarchy.
Short-term investment funds – The fair values are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund when the Company has the ability to redeem the assets at the measurement date. These assets are classified within Level 2 of the valuation hierarchy. For some assets the Company is utilizing the NAV as a practical expedient and those investments are not included in the valuation hierarchy.
Government and agency securities – The fair values are determined using third-party pricing services using market prices or prices derived from observable market inputs such as benchmark curves, broker/dealer quotes, and other industry and economic factors. These investments are classified within Level 1 of the valuation hierarchy.
Commingled funds – The fair values of publicly traded funds are based upon market quotes and are classified within Level 1 of the valuation hierarchy. The fair values for non-publicly traded funds are determined using the NAV provided by the administrator of the fund when the Company has the ability to redeem the assets at the measurement date. These assets are classified within Level 2 of the valuation hierarchy. When the Company is utilizing the NAV as a practical expedient those investments are not included in the valuation hierarchy. These investments have monthly redemption frequencies with redemption notice periods ranging from 10 to 14 days. There are no unfunded commitments related to these investments.
Insurance contracts – The fair values are based on negotiated value and the underlying investments held in separate account portfolios, as well as the consideration of the creditworthiness of the issuer. The underlying investments are primarily government, asset-backed and fixed income securities. Insurance contracts are generally classified as Level 3 as there are no quoted prices or other observable inputs for pricing.
Interests in limited partnerships and hedge fund investments – The fair values are determined using the NAV provided by the administrator as a practical expedient, and therefore these investments are not included in the valuation hierarchy. These investments have monthly and quarterly redemption frequencies with redemption notice periods ranging from 45 to 90 days. Unfunded commitments related to these investments are not material.

401(k) Savings Plan (U.S.)
The Company’s 401(k) Savings Plan (“Savings Plan”) is a contributory defined contribution plan covering substantially all regular full-time U.S. employees who have completed the hours and service requirements, as defined by the plan document. Regular full-time employees are eligible to participate in the Savings Plan thirty days following their date of hire. The Savings Plan is subject to the applicable provisions of ERISA. The Company matches a portion of the participant’s contributions after one year of service under a predetermined formula based on the participant’s contribution level. The Company’s contributions were $44 million, $51 million and $51 million for fiscal 2026, 2025 and 2024, respectively. Shares of the Company’s Class A Common Stock are not an investment option in the Savings Plan and the Company does not use such shares to match participants’ contributions.