v3.2.0.727
POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN (Tables)
 12 Months Ended
Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
The following provides a reconciliation of benefit obligations, plan assets and funded status of these defined benefit plans:
 
Pension  Benefits (1)
 
Other Retiree Benefits (2)
Years ended June 30
2015
 
2014
 
2015
 
2014
CHANGE IN BENEFIT OBLIGATION
 
 
 
 
 
 
 
Benefit obligation at beginning of year (3)
$
17,053


$
14,514


$
5,505


$
5,289

Service cost
317

 
298

 
156

 
149

Interest cost
545

 
590

 
240

 
256

Participants' contributions
19

 
20

 
71

 
72

Amendments
17

 
4

 
(325
)
 
(5
)
Actuarial loss/(gain)
524

 
1,365

 
(399
)
 
(46
)
Acquisitions
7

 
—

 
—

 
—

Special termination benefits
11

 
5

 
23

 
9

Currency translation and other
(1,908
)
 
797

 
(134
)
 
20

Benefit payments
(634
)
 
(540
)
 
(233
)
 
(239
)
BENEFIT OBLIGATION AT END OF YEAR (3)
$
15,951

 
$
17,053

 
$
4,904

 
$
5,505

CHANGE IN PLAN ASSETS
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
11,098

 
$
8,561

 
$
3,574

 
$
3,553

Actual return on plan assets
1,016

 
964

 
10

 
124

Employer contributions
262

 
1,549

 
18

 
31

Participants' contributions
19

 
20

 
71

 
72

Currency translation and other
(1,156
)
 
544

 
(6
)
 
—

ESOP debt impacts (4)
—

 
—

 
36

 
33

Benefit payments
(634
)
 
(540
)
 
(233
)
 
(239
)
FAIR VALUE OF PLAN ASSETS AT END OF YEAR
$
10,605

 
$
11,098

 
$
3,470

 
$
3,574

FUNDED STATUS
$
(5,346
)
 
$
(5,955
)
 
$
(1,434
)
 
$
(1,931
)
(1) 
Primarily non-U.S.-based defined benefit retirement plans.
(2) 
Primarily U.S.-based other postretirement benefit plans.
(3) 
For the pension benefit plans, the benefit obligation is the projected benefit obligation. For other retiree benefit plans, the benefit obligation is the accumulated postretirement benefit obligation.
(4) 
Represents the net impact of ESOP debt service requirements, which is netted against plan assets for other retiree benefits.
Pension Plans with Accumulated and Projected Benefit Obligations in Excess of Plan Assets
Components of the net periodic benefit cost were as follows:
 
Pension Benefits
 
Other Retiree Benefits
Years ended June 30
2015
 
2014
 
2013
 
2015
 
2014
 
2013
AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST
Service cost
$
317

 
$
298

 
$
300

 
$
156

 
$
149

 
$
190

Interest cost
545

 
590

 
560

 
240

 
256

 
260

Expected return on plan assets
(732
)
 
(701
)
 
(587
)
 
(406
)
 
(385
)
 
(382
)
Prior service cost/(credit) amortization
30

 
26

 
18

 
(20
)
 
(20
)
 
(20
)
Net actuarial loss amortization
275

 
214

 
213

 
105

 
118

 
199

Special termination benefits
11

 
5

 
39

 
23

 
9

 
18

Curtailments, settlements and other
—

 
—

 
4

 
—

 
—

 
—

GROSS BENEFIT COST
446

 
432

 
547

 
98

 
127

 
265

Dividends on ESOP preferred stock
—

 
—

 
—

 
(58
)
 
(64
)
 
(70
)
NET PERIODIC BENEFIT COST/(CREDIT)
$
446

 
$
432

 
$
547

 
$
40

 
$
63

 
$
195

CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss/(gain) - current year
$
240

 
$
1,102

 
 
 
$
(3
)
 
$
215

 
 
Prior service cost/(credit) - current year
17

 
4

 
 
 
(325
)
 
(5
)
 
 
Amortization of net actuarial loss
(275
)
 
(214
)
 
 
 
(105
)
 
(118
)
 
 
Amortization of prior service (cost)/credit
(30
)
 
(26
)
 
 
 
20

 
20

 
 
Currency translation and other
(677
)
 
245

 
 
 
(34
)
 
2

 
 
TOTAL CHANGE IN AOCI
(725
)
 
1,111

 
 
 
(447
)
 
114

 
 
NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST AND AOCI
$
(279
)
 
$
1,543

 
 
 
$
(407
)
 
$
177

 
 
 
Pension Benefits
 
Other Retiree Benefits
Years ended June 30
2015
 
2014
 
2015
 
2014
CLASSIFICATION OF NET AMOUNT RECOGNIZED
 
 
 
 
 
 
 
Noncurrent assets
$
276

 
$
69

 
$
—

 
$
—

Current liabilities
(39
)
 
(40
)
 
(20
)
 
(25
)
Noncurrent liabilities
(5,583
)
 
(5,984
)
 
(1,414
)
 
(1,906
)
NET AMOUNT RECOGNIZED
$
(5,346
)
 
$
(5,955
)
 
$
(1,434
)
 
$
(1,931
)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI)
 
 
 
 
 
 
 
Net actuarial loss
$
4,488

 
$
5,169

 
$
1,731

 
$
1,871

Prior service cost/(credit)
300

 
344

 
(346
)
 
(39
)
NET AMOUNTS RECOGNIZED IN AOCI
$
4,788

 
$
5,513

 
$
1,385

 
$
1,832
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block]
Pension plans with accumulated benefit obligations in excess of plan assets and plans with projected benefit obligations in excess of plan assets consisted of the following:
 
Accumulated Benefit Obligation  Exceeds the Fair Value of Plan Assets
 
Projected Benefit Obligation  Exceeds the Fair Value of Plan Assets
Years ended June 30
2015
 
2014
 
2015
 
2014
Projected benefit obligation
$
13,411

 
$
14,229

 
$
14,057

 
$
15,325

Accumulated benefit obligation
11,918

 
12,406

 
12,419

 
13,279

Fair value of plan assets
7,931

 
8,353

 
8,435

 
9,301
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
Amounts expected to be amortized from AOCI into net periodic benefit cost during the year ending June 30, 2016, are as follows:
 
Pension Benefits
 
Other Retiree Benefits
Net actuarial loss
$
270

 
$
78

Prior service cost/(credit)
30

 
(52
)
Schedule of Assumptions Used [Table Text Block]
The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sheets as of June 30, were as follows: (1) 
 
Pension Benefits
 
Other Retiree Benefits
 
2015
 
2014
 
2015
 
2014
Discount rate
3.1
%
 
3.5
%
 
4.5
%
 
4.4
%
Rate of compensation increase
3.1
%
 
3.2
%
 
N/A

 
N/A

Health care cost trend rates assumed for next year
N/A

 
N/A

 
6.8
%
 
6.8
%
Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate)
N/A

 
N/A

 
5.0
%
 
5.0
%
Year that the rate reaches the ultimate trend rate
N/A

 
N/A

 
2021

 
2021

(1) 
Determined as of end of year.
The weighted average assumptions used to determine net benefit cost recorded on the Consolidated Statement of Earnings for the years ended June 30, were as follows: (1) 
 
Pension Benefits
 
Other Retiree Benefits
Years ended June 30
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
3.5
%
 
4.0
%
 
4.2
%
 
4.4
%
 
4.8
%
 
4.3
%
Expected return on plan assets
7.2
%
 
7.2
%
 
7.3
%
 
8.3
%
 
8.3
%
 
8.3
%
Rate of compensation increase
3.2
%
 
3.2
%
 
3.3
%
 
N/A

 
N/A

 
N/A


(1) Determined as of beginning of year and adjusted for acquisitions.
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
A one percentage point change in assumed health care cost trend rates would have the following effects:
 
One-Percentage
Point Increase
 
One-Percentage
Point Decrease
Effect on the total service and interest cost components
$
81

 
$
(62
)
Effect on the accumulated postretirement benefit obligation
824

 
(642
)
Schedule of Allocation of Plan Assets [Table Text Block]
Our target asset allocation for the year ended June 30, 2015, and actual asset allocation by asset category as of June 30, 2015 and 2014, were as follows:
 
Target Asset Allocation
 
Actual Asset Allocation at June 30
 
Pension Benefits
 
Other Retiree
Benefits
 
Pension Benefits
 
Other Retiree Benefits
Asset Category
 
 
2015
 
2014
 
2015
 
2014
Cash
2
%
 
2
%
 
2
%
 
1
%
 
1
%
 
1
%
Debt securities
51
%
 
3
%
 
50
%
 
51
%
 
5
%
 
6
%
Equity securities
47
%
 
95
%
 
48
%
 
48
%
 
94
%
 
93
%
TOTAL
100
%
 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
Pension and Postretirement Plan Assets By Fair Value Hierarchy
 
Pension Benefits
 
Level 1
 
Level 2
 
Level 3
 
Total
Years ended June 30
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
ASSETS AT FAIR VALUE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
154

 
$
79

 
$
112

 
$
—

 
$
—

 
$
—

 
$
266

 
$
79

Collective fund - equity
—

 
—

 
5,054

 
5,336

 
—

 
—

 
5,054

 
5,336

Collective fund - fixed income
—

 
—

 
5,162

 
5,539

 
—

 
—

 
5,162

 
5,539

Other
4

 
5

 
—

 
—

 
119

 
139

 
123

 
144

TOTAL ASSETS AT FAIR VALUE
$
158

 
$
84

 
$
10,328

 
$
10,875

 
$
119

 
$
139

 
$
10,605

 
$
11,098

 
Other Retiree Benefits
 
Level 1
 
Level 2
 
Level 3
 
Total
Years ended June 30
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
ASSETS AT FAIR VALUE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
36

 
$
30

 
$
—

 
$
—

 
$
—

 
$
—

 
$
36

 
$
30

Company stock
—

 
—

 
3,239

 
3,304

 
—

 
—

 
3,239

 
3,304

Common collective fund - equity
—

 
—

 
17

 
18

 
—

 
—

 
17

 
18

Common collective fund - fixed income
—

 
—

 
178

 
217

 
—

 
—

 
178

 
217

Other
—

 
—

 
—

 
—

 
—

 
5

 
—

 
5

TOTAL ASSETS AT FAIR VALUE
$
36

 
$
30

 
$
3,434

 
$
3,539

 
$
—

 
$
5

 
$
3,470

 
$
3,574
Pension and Other Postretirement Benefits, Expected Benefit Payments [Text Block]
Total benefit payments expected to be paid to participants, which include payments funded from the Company's assets and payments from the plans are as follows:
Years ending June 30
Pension
Benefits
 
Other Retiree
Benefits
EXPECTED BENEFIT PAYMENTS
 
 
2016
$
533

 
$
182

2017
542

 
196

2018
560

 
210

2019
572

 
223

2020
587

 
235

2021 - 2025
3,403

 
1,334
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block]
The number of preferred shares outstanding at June 30 was as follows:
Shares in thousands
2015
 
2014
 
2013
Allocated
42,044

 
44,465

 
45,535

Unallocated
7,228

 
8,474

 
9,843

TOTAL SERIES A
49,272

 
52,939

 
55,378

 
 
 
 
Allocated
23,074

 
22,085

 
21,278

Unallocated
34,096

 
35,753

 
37,300

TOTAL SERIES B
57,170

 
57,838

 
58,578