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EMPLOYEE BENEFIT PLANS | 3 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company has a domestic qualified pension plan (the Plan). The Plan is frozen for all participants. The Plan generally was frozen effective June 30, 2011 for all employees, except for certain collectively bargained employees, whose Plan freeze was effective January 1, 2019. As a result of the Plan freeze, no employees are eligible to commence participation in the Plan or accrue any additional benefits under the Plan. On May 17, 2022, the Company’s Board of Directors approved a resolution to terminate the Plan. The amendment will allow the settlement of the pension obligation with either a lump sum payout or a purchased annuity. The Plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of September 30, 2023. In anticipation of this settlement, the Company remeasured the plan’s benefit obligation as of September 30, 2023, based on a discount rate of 5.0% which resulted in a net unrealized loss balance of $126, net of tax, ($165 before taxes) in Accumulated other comprehensive net (loss) income on its condensed consolidated balance sheet related to the Plan. In the second quarter of fiscal year 2024, a one-time non-cash settlement charge of approximately $165 (before taxes) is expected to be recognized in the Company’s condensed consolidated statement of earnings and comprehensive income, related to these net unrealized losses, as plan obligations are settled through both lump sum payouts and annuity purchases. The actual amount of the settlement charge could vary based on the final valuation of assets and liabilities. On October 10, 2023, the Company completed the annuity purchase related to the pension plan termination. On October 31, 2023, the Company paid out the lump sum amounts related to the termination. The following table summarizes the components of net periodic benefit cost for the Company’s retirement income plans:
| Three months ended |  |
| 9/30/2023 |  | 9/30/2022 |  |  |  |
Interest cost | $ | 5 |  |  | $ | 5 |  |  |  |  |
Expected return on plan assets (1) | (3) |  |  | (3) |  |  |  |  |
Settlement loss recognized | 1 |  |  | — |  |  |  |  |
Amortization of unrecognized items | 2 |  |  | 2 |  |  |  |  |
Total | $ | 5 |  |  | $ | 4 |  |  |  |  |
(1)The weighted average long-term expected rate of return on plan assets used in computing the fiscal year 2024 net periodic benefit cost is 3.5%. The net periodic benefit cost for the Company’s retirement health care plans was $0 for both the three months ended September 30, 2023 and 2022. During both the three months ended September 30, 2023 and 2022, the Company made $2 in contributions to its domestic retirement income plans. Service cost component of the net periodic benefit cost, if any, is reflected in employee benefit costs. All other components are reflected in Other (income) expense, net.

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