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Defined Contribution And Other Employee Plans | 12 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Defined Contribution And Other Employee Plans | Defined Contribution and Other Employee Plans Company-Sponsored Defined Contribution Plans We sponsor four defined contribution plans established pursuant to Section 401(k) of the Internal Revenue Code. Contributions are determined under various formulas, and we contributed to three of these plans in 2024. Costs related to such plans for each of the years ended June 30 were as follows:
| 2024 |  | 2023 |  | 2022
Costs related to company-sponsored defined contribution plans | $ | 6,922 |  |  | $ | 6,009 |  |  | $ | 5,779 |
Multiemployer Plans In the three years ended June 30, 2024, one of our subsidiaries participated in a multiemployer plan that provides pension benefits to retiree workers under a collective bargaining contract. This plan generally provides for retirement, death and/or termination benefits for eligible employees within the collective bargaining contract, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in a multiemployer plan are different from single-employer plans in the following aspects: (1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (3) if a participating employer chooses to stop participating in the multiemployer plan, it may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Our participation in this multiemployer pension plan for the three years ended June 30, 2024 is reflected in the following table. All information in the table is as of December 31 of the relevant year, except contributions which are based on our fiscal year, or except as otherwise noted. The EIN/PN column provides the Employer Identification Number (“EIN”) and the Plan Number (“PN”). The pension protection act zone status is based on information that we received from the plan. Among other factors, generally, plans in critical status (red zone) are less than 65 percent funded, plans in endangered or seriously endangered status (yellow zone or orange zone, respectively) are less than 80 percent funded, and plans at least 80 percent funded are said to be in the green zone. The FIP/RP status pending/implemented column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented by the trustees of each plan. There have been no significant changes that affect the comparability of 2024, 2023 or 2022 contributions.
|  |  |  | Pension Protection Act Zone Status |  |  |  | Fiscal Year Contributions |  |  |  |
Plan Name |  | EIN/PN |  | 2023 |  | 2022 |  | FIP/RP Status Pending / Implemented |  | 2024 |  | 2023 |  | 2022 |  | Surcharge Imposed |  | Expiration Date of Collective Bargaining Agreement
Western Conference of Teamsters Pension Plan |  | 916145047- 001 |  | Green 12/31/22 |  | Green 12/31/21 |  | No |  | $ | 215 |  |  | $ | 250 |  |  | $ | 296 |  |  | No |  | 12/15/2025
Under this multiemployer plan and one additional multiemployer plan, we also contribute amounts for health and welfare benefits that are defined by each plan. These benefits are not vested. The contributions required by our participation in these plans for each of the years ended June 30 were as follows:
| 2024 |  | 2023 |  | 2022
Multiemployer health and welfare plan contributions | $ | 3,047 |  |  | $ | 3,124 |  |  | $ | 3,360 |
We also make non-elective contributions for the union employees at our Bedford Heights, Ohio plant into a union-sponsored multiemployer 401(k) plan. Our contributions totaled $1.0 million, $1.0 million and $0.9 million in 2024, 2023 and 2022, respectively. Deferred Compensation Plan We offer a deferred compensation plan for select employees who may elect to defer a certain percentage of annual compensation. We do not match any contributions. Each participant earns interest based upon the prime rate of interest, adjusted semi-annually, on their respective deferred compensation balance. Participants are paid out upon retirement or termination in accordance with their annual election. The following table summarizes our liability for total deferred compensation and accrued interest at June 30:
| 2024 |  | 2023
Liability for deferred compensation and accrued interest | $ | 4,501 |  |  | $ | 5,261 |
Deferred compensation expense for each of the years ended June 30 was as follows:
| 2024 |  | 2023 |  | 2022
Deferred compensation expense | $ | 387 |  |  | $ | 311 |  |  | $ | 157 |

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- Definition The entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent + Details
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