2024

  
Contributions to the Company's defined benefit pension plans, not including unfunded plans, are expected to be $18 million over the next fiscal year.  
    The following benefit payments for the succeeding five fiscal years and thereafter, which reflect expected future service, as appropriate, are expected to be paid:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| ($ in millions) |  |  |
| 2023 |  | $ | 70  |  |
| 2024 |  | 75  |  |
| 2025 |  | 73  |  |
| 2026 |  | 76  |  |
| 2027 |  | 76  |  |
| 2028-2032 |  | 408  |  |

  
    The ERISA Benefit Plan Committee in the United States, the Pension Plan Committee in Switzerland, and the Trustees of the pension plans in Canada, Ireland, and UK establish investment policies, investment strategies, allocation strategies, and investment risk profiles for the Company's pension plan assets and are required to consult with the Company on changes to their investment policy. In developing the expected long-term rate of return on plan assets at each measurement date, the Company considers the plan assets' historical returns, asset allocations, and the anticipated future economic environment and long-term performance of the asset classes. While appropriate consideration is given to recent and historical investment performance, the assumption represents management's best estimate of the long-term prospective return.  
    The pension plan assets measured at fair value were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  | June 30, 2022 |
| ($ in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
| Equity securities |  | $ | 111  |  |  | $ | 98  |  |  | $ | —  |  |  | $ | 209  |  |
| Government debt securities |  | 40  |  |  | 278  |  |  | —  |  |  | 318  |  |
| Corporate debt securities |  | 33  |  |  | 100  |  |  | —  |  |  | 133  |  |
| Real estate |  | 7  |  |  | 121  |  |  | 2  |  |  | 130  |  |
| Insurance contracts |  | —  |  |  | —  |  |  | 216  |  |  | 216  |  |
| Cash and cash equivalents |  | 21  |  |  | 3  |  |  | —  |  |  | 24  |  |
| Other |  | 5  |  |  | 26  |  |  | 134  |  |  | 165  |  |
| Total |  | $ | 217  |  |  | $ | 626  |  |  | $ | 352  |  |  | $ | 1,195  |  |

  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  | June 30, 2021 |  |  |  |  |  |  |
| ($ in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  |  |  |  |  |
| Equity securities |  | $ | 139  |  |  | $ | 186  |  |  | $ | —  |  |  | $ | 325  |  |  |  |  |  |  |  |
| Government debt securities |  | 61  |  |  | 457  |  |  | —  |  |  | 518  |  |  |  |  |  |  |  |
| Corporate debt securities |  | 74  |  |  | 180  |  |  | —  |  |  | 254  |  |  |  |  |  |  |  |
| Real estate |  | 53  |  |  | 57  |  |  | 3  |  |  | 113  |  |  |  |  |  |  |  |
| Insurance contracts |  | —  |  |  | —  |  |  | 301  |  |  | 301  |  |  |  |  |  |  |  |
| Cash and cash equivalents |  | 32  |  |  | 8  |  |  | —  |  |  | 40  |  |  |  |  |  |  |  |
| Other |  | 12  |  |  | 15  |  |  | 181  |  |  | 208  |  |  |  |  |  |  |  |
| Total |  | $ | 371  |  |  | $ | 903  |  |  | $ | 485  |  |  | $ | 1,759  |  |  |  |  |  |  |  |

  
Equity securities: Valued primarily at the closing prices reported in the active market in which the individual securities are traded (Level 1); or based on significant observable inputs such as fund values provided by the independent fund administrators (Level 2).  
80
