v3.26.1
Retirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Pension and Other Postretirement Benefit Plans
Components of Net Periodic Benefit Cost (Credit)
U.S. Pension BenefitsNon-U.S. Pension Benefits
Other Postretirement Benefits
For the years ended June 30,202620252024202620252024202620252024
Service cost$25 $28 $29 $22 $22 $22 $— $— $— 
Interest cost167 184 190 72 76 80 3 4 4 
Expected return on plan assets(232)(245)(258)(89)(87)(95)— — — 
Amortization of prior service cost3 3 1 — — — — — — 
Amortization of net actuarial loss (gain)5 7 2 6 7 6 (2)(2)(2)
Settlements— 3 — 3 — — — — — 
Net periodic benefit cost (credit)$(32)$(20)$(36)$14 $18 $13 $1 $2 $2 
The following tables present the funded status of the Company's pension and other postretirement benefit plans and related balance sheet amounts:
U.S. Pension BenefitsNon-U.S. Pension Benefits
Other Postretirement Benefits
202620252026202520262025
Change in benefit obligation
Benefit obligation at beginning of year$3,615 $3,723 $1,885 $1,817 $63 $71 
Service cost25 28 22 22 — — 
Interest cost167 184 72 76 3 4 
Acquisition— — 14 — — — 
Actuarial gain(1)
(102)(12)(31)(104)(10)(6)
Benefits paid(260)(254)(86)(88)(5)(6)
Settlements— (55)(24)(6)— — 
Plan amendments— 1 — — — — 
Foreign currency translation and other(6)— (75)168 (1)— 
Benefit obligation at end of year$3,439 $3,615 $1,777 $1,885 $50 $63 
Change in plan assets
Fair value of plan assets at beginning of year$3,463 $3,363 $2,183 $2,003 $— $— 
Actual return on plan assets282 347 81 — — — 
Acquisition— — 14 — — — 
Employer contributions9 62 36 87 5 6 
Benefits paid(260)(254)(86)(88)(5)(6)
Settlements— (55)(24)(6)— — 
Foreign currency translation and other— — (76)187 — — 
Fair value of plan assets at end of year$3,494 $3,463 $2,128 $2,183 $— $— 
Funded status$55 $(152)$351 $298 $(50)$(63)
(1) The actuarial gain for the U.S. pension plans in 2026 was primarily driven by higher discount rates and favorable demographic experience. The actuarial gain for the Non-U.S. pension plans in 2026 was primarily driven by higher discount rates, partially offset by unfavorable demographic experience. In 2025, the actuarial gain for the Non-U.S. pension plans was driven by higher discount rates and favorable demographic experience.
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Postretirement Benefits
June 30,202620252026202520262025
Amounts recognized on the Consolidated Balance Sheets
Other long-term assets$176 $— $379 $346 $— $— 
Other current liabilities(10)(11)— (1)(5)(6)
Pensions and other postretirement benefits(111)(141)(28)(47)(45)(57)
Net amount recognized$55 $(152)$351 $298 $(50)$(63)
Pre-tax amounts recognized in Accumulated Other Comprehensive Loss
Net actuarial loss (gain)$34 $191 $193 $230 $(33)$(25)
Prior service cost15 18 1 2 — — 
Net amount recognized$49 $209 $194 $232 $(33)$(25)
The following estimated benefit payments are expected to be paid during each respective year:
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Postretirement Benefits
2027$270 $100 $5 
2028274 106 5 
2029282 108 5 
2030295 114 5 
2031274 117 5 
2032 - 20361,334 597 20 
Schedule of Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Information for pension plans with accumulated benefit obligations in excess of plan assets:
June 30,20262025
Accumulated benefit obligation
$212 $316 
Fair value of plan assets
87 171 
Schedule of Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Information for pension plans with projected benefit obligations in excess of plan assets:
June 30,20262025
Projected benefit obligation
$301 $3,865 
Fair value of plan assets
102 3,665 
Schedule of Weighted-Average Actuarial Assumptions Used to Net Measure Periodic Benefit Cost and Benefit Obligations and Postretirement Benefit Obligations
The weighted-average actuarial assumptions used to measure the net periodic benefit credit and benefit obligations are:
U.S. Pension BenefitsNon-U.S. Pension Benefits
Other Postretirement Benefits
202620252024202620252024202620252024
Net Periodic Benefit Credit
Discount rate5.27 %5.27 %4.88 %4.36 %4.19 %4.24 %5.18 %5.23 %4.86 %
Average increase in compensation3.79 %3.81 %3.81 %2.65 %2.73 %2.76 %NANANA
Expected return on plan assets7.00 %7.00 %7.00 %4.47 %4.47 %5.22 %NANANA
Benefit Obligation
Discount rate5.49 %5.27 %5.27 %4.49 %4.36 %4.19 %5.39 %5.18 %5.23 %
Average increase in compensation3.67 %3.79 %3.76 %2.61 %2.65 %2.73 %NANANA
The health care cost trend rate assumptions used to measure the postretirement benefit obligations are:
20262025
Health care cost trend rate assumed for next year7.50 %9.73 %
Ultimate health care cost trend rate 4.50 %4.50 %
Year that the ultimate rate is reached20382035
Schedule of Weighted-Average Allocation of Majority of Assets Related to Defined Benefit Plans
The weighted-average allocation of the majority of the assets related to the defined benefit plans is as follows:
June 30,20262025
Equities15 %20 %
Fixed income53 %46 %
Other investments32 %34 %
100 %100 %
The fair values of pension plan assets by asset class are as follows:
20262025
June 30,TotalLevel 1Level 2Level 3NAVTotalLevel 1Level 2Level 3NAV
Cash and cash equivalents$549 $523 $26 $— $— $540 $459 $76 $— $5 
Equities:
U.S. equity securities2 2 — — — 7 7 — — — 
Non-U.S. equity securities39 39 — — — 57 57 — — — 
Commingled equity funds793 — 61 — 732 1,059 — 106 — 953 
Fixed income:
Corporate bonds1,059 23 1,036 — — 801 4 797 — — 
Government issued securities477 422 55 — — 552 521 31 
Commingled fixed income funds1,527 — 446 — 1,081 1,293 — 350 — 943 
Alternatives(1)
708 — — — 708 778 — — 778 
Other(2)
580 35 4 541 — 648 66 (1)583 — 
$5,734 $1,044 $1,628 $541 $2,521 $5,735 $1,114 $1,359 $583 $2,679 
(Payables) receivables, net(112)(89)
Total$5,622 $5,646 
(1) Alternatives includes investments in real estate, hedge funds and private debt.
(2) Other investments primarily includes insurance contracts held under our non-U.S. plans.
Schedule of Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2026 and 2025 due to the following:
20262025
Balance at beginning of year$583 $— 
Actual return on plan assets still held at year-end2 12 
Purchases, sales, settlements - net(26)203 
Transfers into (out of) Level 3(2)325 
Changes due to exchange rates(16)43 
Balance at end of year$541 $583