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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Jun. 30, 2022
Retirement Benefits [Abstract] |
Schedule of Data Related to Foreign Defined Benefit Pension Plans | Summary data relating to our foreign defined benefit pension plans, including key weighted-average assumptions used, is provided in the following tables:
| Year Ended June 30,
(In thousands) | 2022 |  | 2021
Change in projected benefit obligation: |  |  |
Projected benefit obligation as of the beginning of the fiscal year | $ | 134,305 |  |  | $ | 119,870 |
Service cost | 5,054 |  |  | 4,649 |
Interest cost | 1,003 |  |  | 1,187 |
Contributions by plan participants | 78 |  |  | 72 |
Actuarial loss | 3,029 |  |  | 7,912 |
Benefit payments | (2,164) |  |  | (2,629) |
Plan amendment impact | 670 |  |  | — |
Settlements impact | (1,010) |  |  | — |
Foreign currency exchange rate changes and others, net | (16,380) |  |  | 3,244 |
Projected benefit obligation as of the end of the fiscal year | $ | 124,585 |  |  | $ | 134,305 |
| Year Ended June 30,
(In thousands) | 2022 |  | 2021
Change in fair value of plan assets: |  |  |
Fair value of plan assets as of the beginning of the fiscal year | $ | 44,726 |  |  | $ | 37,928 |
Actual return on plan assets | (1,087) |  |  | 1,074 |
Employer contributions | 6,955 |  |  | 6,103 |
Benefit and expense payments | (2,160) |  |  | (2,626) |
Settlements impact | (1,010) |  |  | — |
Foreign currency exchange rate changes and others, net | (3,831) |  |  | 2,247 |
Fair value of plan assets as of the end of the fiscal year | $ | 43,593 |  |  | $ | 44,726 |
| As of June 30,
(In thousands) | 2022 |  | 2021
Underfunded status | $ | 80,992 |  |  | $ | 89,579 |
| As of June 30,
(In thousands) | 2022 |  | 2021
Plans with accumulated benefit obligations in excess of plan assets: |  |  |
Accumulated benefit obligation | $ | 77,697 |  |  | $ | 81,924 |
Projected benefit obligation | $ | 124,585 |  |  | $ | 134,305 |
Plan assets at fair value | $ | 43,593 |  |  | $ | 44,726 |
Schedule of Weighted-Average Assumptions Used in Determining Benefit Obligation and Net Periodic Cost |
| Year Ended June 30,
| 2022 |  | 2021 |  | 2020
Weighted-average assumptions(1): |  |  |  |  |
Discount rate | 0.9% - 3.0% |  | 0.5% - 1.7% |  | 0.6% - 1.7%
Expected rate of return on assets | 0.9% - 3.0% |  | 0.6% - 2.9% |  | 0.8% - 2.9%
Rate of compensation increases | 2.3% - 5.0% |  | 2.3% - 5.0% |  | 1.8% - 4.5%
__________________ (1)Represents the weighted-average assumptions used to determine the benefit obligation.
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table presents losses recognized in AOCI before tax related to our foreign defined benefit pension plans:
| As of June 30,
(In thousands) | 2022 |  | 2021
Unrecognized prior service cost | $ | 12,414 |  |  | $ | — |
Unrealized net loss | 19,400 |  |  | 30,375 |
Amount of losses recognized | $ | 31,814 |  |  | $ | 30,375 |
Schedule of Net Periodic Cost | The components of our net periodic cost relating to our foreign subsidiaries’ defined benefit pension plans are as follows:
| Year Ended June 30,
(In thousands) | 2022 |  | 2021 |  | 2020
Components of net periodic pension cost: |  |  |  |  |
Service cost(1) | $ | 5,054 |  |  | $ | 4,649 |  |  | $ | 4,823 |
Interest cost | 1,003 |  |  | 1,187 |  |  | 1,086 |
Return on plan assets | (528) |  |  | (549) |  |  | (475) |
Amortization of prior service cost | 671 |  |  | — |  |  | 3 |
Amortization of net loss | 1,406 |  |  | 1,071 |  |  | 1,214 |
Loss due to settlement/curtailment | 38 |  |  | 130 |  |  | — |
Foreign currency exchange rate changes | (19) |  |  | — |  |  | — |
Net periodic pension cost | $ | 7,625 |  |  | $ | 6,488 |  |  | $ | 6,651 |
__________________ (1)Service cost is reported in cost of revenues, R&D and SG&A expenses. All other components of net periodic pension cost are reported in other expense (income), net in the Consolidated Statements of Operations.
Schedule of Foreign Plan Assets Measured at Fair Value on Recurring Basis | Foreign plan assets measured at fair value on a recurring basis consisted of the following investment categories as of June 30, 2022 and 2021, respectively:
As of June 30, 2022 (In thousands) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |
Cash and cash equivalents | $ | 27,543 |  |  | $ | 27,543 |  |  | $ | — |  |  |
Bonds, equity securities and other investments | 16,050 |  |  | — |  |  | 16,050 |  |  |
Total assets measured at fair value | $ | 43,593 |  |  | $ | 27,543 |  |  | $ | 16,050 |  |  |
As of June 30, 2021 (In thousands) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |
Cash and cash equivalents | $ | 25,458 |  |  | $ | 25,458 |  |  | $ | — |  |  |
Bonds, equity securities and other investments | 19,268 |  |  | — |  |  | 19,268 |  |  |
Total assets measured at fair value | $ | 44,726 |  |  | $ | 25,458 |  |  | $ | 19,268 |  |  |

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