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Pension Plans And Other Post Retirement Benefits | 12 Months Ended
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Jun. 30, 2011
Pension Plans And Other Post Retirement Benefits |
Pension Plans And Other Post Retirement Benefits | NOTE 10—PENSION PLANS AND OTHER POST RETIREMENT BENEFITS CDT Defined Benefit Plan and CDT Long-term Employee Benefit Obligations: On November 1, 2008, the following unfunded defined benefit pension plan and long-term employee benefit obligations were acquired, relating to legacy Captaris employees of a wholly owned subsidiary of Captaris called Captaris Document Technologies GmbH (CDT). As of June 30, 2011 and June 30, 2010, the balances relating to these obligations were as follows:
|  | Total benefit obligation |  |  | Current portion of benefit obligation* |  |  | Noncurrent portion of benefit obligation |
CDT defined benefit plan |  | $ | 18,231 |  |  | $ | 489 |  |  | $ | 17,742 |
CDT Anniversary plan |  |  | 550 |  |  |  | 57 |  |  |  | 493 |
CDT early retirement plan |  |  | 234 |  |  |  | — |  |  |  | 234 |
Total as of June 30, 2011 |  | $ | 19,015 |  |  | $ | 546 |  |  | $ | 18,469 |
|  | Total benefit obligation |  |  | Current portion of benefit obligation* |  |  | Noncurrent portion of benefit obligation |
CDT defined benefit plan |  | $ | 15,507 |  |  | $ | 405 |  |  | $ | 15,102 |
CDT Anniversary plan |  |  | 524 |  |  |  | 89 |  |  |  | 435 |
CDT early retirement plan |  |  | 351 |  |  |  | — |  |  |  | 351 |
Total as of June 30, 2010 |  | $ | 16,382 |  |  | $ | 494 |  |  | $ | 15,888 |
* | The current portion of the benefit obligation has been included within Accounts payable and accrued liabilities within the Consolidated Balance Sheets.
CDT Defined Benefit Plan CDT sponsors an unfunded defined benefit pension plan covering substantially all CDT employees (CDT pension plan) which provides for old age, disability and survivors' benefits. Benefits under the CDT pension plan are generally based on age at retirement, years of service and the employee's annual earnings. The net periodic cost of this pension plan is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate and estimated service costs. The following are the components of net periodic benefit costs for the CDT pension plan and the details of the change in the benefit obligation for the periods indicated:
|  | As of June 30, 2011 |  |  | As of June 30, 2010 |
Benefit obligation—beginning |  | $ | 15,507 |  |  | $ | 14,828 |
Service cost |  |  | 350 |  |  |  | 403 |
Interest cost |  |  | 868 |  |  |  | 862 |
Benefits paid |  |  | (423 | ) |  |  | (340 | )
Curtailment gain |  |  | — |  |  |  | (308 | )*
Actuarial (gain) loss |  |  | (688 | ) |  |  | 2,064 |
Foreign exchange (gain) loss |  |  | 2,617 |  |  |  | (2,002 | )
Benefit obligation—ending |  |  | 18,231 |  |  |  | 15,507 |
Less: current portion |  |  | (489 | ) |  |  | (405 | )
Noncurrent portion of benefit obligation |  | $ | 17,742 |  |  | $ | 15,102 |
* | Includes portion charged to the purchase price adjustment in accordance with ASC Topic 715, paragraph 30-15.
The following are the details of net pension expense for the CDT pension plan for the periods indicated:
|  | Year ended June 30, 2011 |  |  | Year ended June 30, 2010 |
Pension expense: |  |  |  |  |  |  |  |
Service cost |  | $ | 350 |  |  | $ | 403 |
Interest cost |  |  | 868 |  |  |  | 862 |
Curtailment gain |  |  | — |  |  |  | (403 | )
Net pension expense |  | $ | 1,218 |  |  | $ | 862 |
The CDT pension plan is an unfunded plan and therefore no contributions have been made since the inception of the plan. In determining the fair value of the CDT pension plan benefit obligations as of June 30, 2011 and June 30, 2010, respectively, we used the following weighted-average key assumptions:
|  | June 30, 2011 |  |  | June 30, 2010 |
Assumptions: |  |  |  |  |  |  |  |
Salary increases |  |  | 2.25 | % |  |  | 2.25 | %
Pension increases |  |  | 1.50 | % |  |  | 1.50 | %
Discount rate |  |  | 5.25 | % |  |  | 5.00 | %
Employee fluctuation rate: |  |  |  |  |  |  |  |
to age 30 |  |  | 1.00 | % |  |  | 1.00 | %
to age 35 |  |  | 0.50 | % |  |  | 0.50 | %
to age 40 |  |  | 0.00 | % |  |  | 0.00 | %
to age 45 |  |  | 0.50 | % |  |  | 0.50 | %
to age 50 |  |  | 0.50 | % |  |  | 0.50 | %
from age 51 |  |  | 1.00 | % |  |  | 1.00 | %
Anticipated pension payments under the CDT pension plan for the fiscal years indicated below are as follows:
2012 |  | $ | 489 |
2013 |  |  | 542 |
2014 |  |  | 602 |
2015 |  |  | 682 |
2016 |  |  | 751 |
2017 to 2021 |  |  | 4,947 |
Total |  | $ | 8,013 |
CDT Long-term Employee Benefit Obligations. CDT's long-term employee benefit obligations arise under CDT's "Anniversary plan" and an early retirement plan. The obligation is unfunded and carried at a fair value of $0.6 million for the Anniversary plan and $0.2 million for the early retirement plan as of June 30, 2011 ($0.5 million and $0.4 million, respectively, as of June 30, 2010). The Anniversary plan is a defined benefit plan for long-tenured CDT employees. The plan provides for a lump-sum payment to employees of two months of salary upon reaching the anniversary of twenty-five years of service and three months of salary upon reaching the anniversary of forty years of service. The early retirement plan is designed to create an incentive for employees, within a certain age group, to transition from (full or part-time) employment into retirement before their legal retirement age. This plan allows employees, upon reaching a certain age, to elect to work full-time for a period of time and be paid 50% of their full-time salary. After working within this arrangement for a designated period of time, the employee is eligible to take early retirement and receive payments from the earned but unpaid salaries until they are eligible to receive payments under the postretirement benefit plan discussed above. Benefits under the early retirement plan are generally based on the employee's compensation and the number of years of service. IXOS AG Defined Benefit Plans Included within "Pension liability" are net pension liabilities of $9,000 (June 30, 2010 –net pension assets of $0.2 million included under "Other Assets") relating to two IXOS defined benefit pensions plans (IXOS pension plans) in connection with certain former members of the IXOS Board of Directors and certain IXOS employees, respectively . The net periodic pension cost with respect to the IXOS pension plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate and the expected return on plan assets. The fair value of our total plan assets under the IXOS pension plans, as of June 30, 2011, is $4.0 million (June 30, 2010 – $3.3 million). The fair value of our total pension obligation under the IXOS pension plans as of June 30, 2011 is $4.0 million (June 30, 2010 – $3.1 million).

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Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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