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Pension Benefits | 12 Months Ended
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Jun. 30, 2025
Defined Benefit Pension Plans [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Pension Benefits | Pension Benefits Defined Benefit Pension Plans Prior to November 30, 2024, we sponsored multiple defined benefit pension plans that covered certain former employees under collective bargaining contracts related to closed or sold operations. All these plans were previously frozen. In August 2024, our Board of Directors approved the merger of all five pension plans and the termination of the resulting merged plan. The merged plan was terminated effective November 30, 2024. Lump sum distributions and annuity purchases from a highly rated insurance company were completed in December 2024. No additional pension plan contributions were required. As a result of the pension termination, we incurred a one-time noncash settlement charge of $14.0 million in 2025. Prior to the termination of the merged plan discussed above, we discounted our plan liabilities at the end of the year using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, reviewed the timing of future benefit payments, bond indices, yield curve analysis results and the past history of discount rates. The actuarial present value of benefit obligations summarized below was based on the following assumption:
|  |  | 2024
Weighted-average assumption as of June 30 |  |  |
Discount rate |  |  | 5.23 | %
The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions:
| 2025 |  | 2024 |  | 2023
Discount rate | 5.23 | % |  | 5.18 | % |  | 4.52 | %
Expected long-term return on plan assets | 5.00 | % |  | 5.00 | % |  | 5.00 | %
We categorize our plan assets within a three-level fair value hierarchy, as previously defined in Note 1. The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30, 2024:
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and equivalents | $ | 53 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
Money market funds | 1,459 |  |  | — |  |  | — |  |  | 1,459 |
Mutual funds fixed income | 19,242 |  |  | — |  |  | — |  |  | 19,242 |
Mutual funds equity | 7,262 |  |  | — |  |  | — |  |  | 7,262 |
Total | $ | 28,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,016 |
The plan assets classified at Level 1 included money market funds and mutual funds. Quoted market prices in active markets for identical assets were available for investments in this category. Relevant information with respect to our pension benefits as of June 30 can be summarized as follows:
| 2025 |  | 2024
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 26,475 |  |  | $ | 27,952 |
Interest cost | 659 |  |  | 1,382 |
Actuarial gain | (834) |  |  | (660) |
Benefits paid | (26,300) |  |  | (2,199) |
Benefit obligation at end of year | $ | — |  |  | $ | 26,475 |
| 2025 |  | 2024
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 28,016 |  |  | $ | 28,776 |
Actual return on plan assets | (1,716) |  |  | 1,215 |
Employer contributions | — |  |  | 224 |
Benefits paid | (26,300) |  |  | (2,199) |
Fair value of plan assets at end of year | $ | — |  |  | $ | 28,016 |
| 2025 |  | 2024
Funded status - net prepaid benefit cost | $ | — |  |  | $ | 1,541 |
| 2025 |  | 2024
Amounts recognized in the Consolidated Balance Sheets consist of |  |  |
Prepaid benefit cost (Other Noncurrent Assets) | $ | — |  |  | $ | 1,886 |
Accrued benefit liability (Other Noncurrent Liabilities) | — |  |  | (345) |
Net amount recognized | $ | — |  |  | $ | 1,541 |
| 2025 |  | 2024
Accumulated benefit obligation | $ | — |  |  | $ | 26,475 |
The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date:
| 2025 |  | 2024
Benefit obligations | $ | — |  |  | $ | 4,301 |
Fair value of plan assets at end of year | $ | — |  |  | $ | 3,956 |
Amounts recognized in accumulated other comprehensive loss at June 30 were as follows:
| 2025 |  | 2024
Net actuarial loss | $ | — |  |  | $ | 12,713 |
Income taxes | — |  |  | (2,971) |
Total | $ | — |  |  | $ | 9,742 |
The following table summarizes the components of net periodic benefit cost for our pension plans at June 30:
| 2025 |  | 2024 |  | 2023
Components of net periodic benefit cost |  |  |  |  |
Interest cost | $ | 659 |  |  | $ | 1,382 |  |  | $ | 1,344 |
Expected return on plan assets | (668) |  |  | (1,375) |  |  | (1,416) |
Amortization of unrecognized net loss | 294 |  |  | 633 |  |  | 725 |
Settlement charge | 13,968 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 14,253 |  |  | $ | 640 |  |  | $ | 653 |

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