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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Jun. 30, 2019
EMPLOYEE BENEFIT PLANS |
Schedule of the changes in the plans' benefit obligations, fair value of assets and funded status | The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for fiscal years 2018 and 2019, and a statement of the funded status as of June 30, 2018 and 2019 (in thousands):
|  | 2018 |  | 2019
Change in Benefit Obligation |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 13,726 |  | $ | 13,780
Translation adjustment |  |  | 57 |  |  | (166)
Interest costs |  |  | 467 |  |  | 457
Service costs |  |  | — |  |  | 223
Curtailment |  |  | (369) |  |  | —
Actuarial (gain) loss |  |  | 61 |  |  | (82)
Benefits paid |  |  | (162) |  |  | (153)
Benefit obligation at end of year |  |  | 13,780 |  |  | 14,059
Change in Plan Assets |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 5,555 |  |  | 5,870
Translation adjustment |  |  | 43 |  |  | (183)
Actual return on plan assets |  |  | 388 |  |  | 201
Benefits paid |  |  | (116) |  |  | (107)
Fair value of plan assets at end of year |  |  | 5,870 |  |  | 5,781
Funded status and net amount recognized |  | $ | (7,910) |  | $ | (8,278)
Amount recognized in consolidated balance sheets consists of: |  |  |  |  |  |
Investments |  | $ | 1,065 |  | $ | 1,034
Accrued pension liability |  |  | (8,975) |  |  | (9,312)
Accumulated other comprehensive income |  |  | 1,202 |  |  | 1,019
Schedule of net periodic pension expense | The following table provides the net periodic benefit costs for the fiscal years ended June 30, (in thousands):
|  | 2017 |  | 2018 |  | 2019
Net Periodic Benefit Costs |  |  |  |  |  |  |  |  |
Interest costs |  | $ | 453 |  | $ | 467 |  | $ | 457
Service costs |  |  | — |  |  | — |  |  | 223
Expected return on plan assets |  |  | (200) |  |  | (203) |  |  | (270)
Amortization of prior service costs |  |  | 279 |  |  | 249 |  |  | 56
Recognized actuarial loss |  |  | 317 |  |  | 305 |  |  | 103
Net periodic benefit cost |  | $ | 849 |  | $ | 818 |  | $ | 569
Schedule of plan assumptions |
|  | 2018 |  | 2019 |
Weighted average assumptions at year-end: |  |  |  |  |
Discount rate |  | 3.4 | % | 3.2 | %
Expected return on plan assets |  | 4.7 | % | 4.4 | %
Rate of compensation increase |  | 3.0 | % | 2.9 | %
Schedule of plan assets and investment policy |
|  | Fiscal year ended |  | Fiscal year ended |
|  | June 30, 2018 |  | June 30, 2019 |
|  | Proportion of |  | Expected Rate |  | Proportion of |  | Expected Rate |
|  | Fair Value |  | of Return |  | Fair Value |  | of Return |
Equity securities |  | 83 | % | 6 | % | 82 | % | 5 | %
Debt securities |  | 17 | % | 1 | % | 17 | % | 1 | %
Cash |  | — | % | — | % | 1 | % | — | %
Combined |  | 100 | % | 4.7 | % | 100 | % | 4.4 | %
Schedule of estimated benefits payments, based upon the same assumptions used to measure the benefit obligation and net pension cost | The following table reflects estimated benefits payments, based upon the same assumptions used to measure the benefit obligation and net pension cost, as of June 30, 2019 (in thousands):
|  | Pension Benefits
July 1, 2019 to June 30, 2020 |  | 122
July 1, 2020 to June 30, 2021 |  | 135
July 1, 2021 to June 30, 2022 |  | 138
July 1, 2022 to June 30, 2023 |  | 159
July 1, 2023 to June 30, 2024 |  | 5,803
July 1, 2024 to June 30, 2029 |  | 5,616

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