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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Jun. 30, 2022
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 2021 and 2022, and a statement of the funded status as of June 30, 2021 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022
Change in Benefit Obligation | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligation at beginning of year | ​ | $ | 16,225 | ​ | $ | 18,434
Translation adjustment | ​ |  | 700 | ​ |  | (708)
Interest costs | ​ |  | 477 | ​ |  | 464
Amendment | ​ | ​ | 1,272 | ​ | ​ | 1,345
Actuarial (gain) loss | ​ |  | (45) | ​ |  | (900)
Benefits paid | ​ |  | (195) | ​ |  | (171)
Benefit obligation at end of year | ​ |  | 18,434 | ​ |  | 18,464
Change in Plan Assets | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at beginning of year | ​ |  | 5,358 | ​ |  | 7,010
Translation adjustment | ​ |  | 710 | ​ |  | (860)
Actual return on plan assets | ​ |  | 1,090 | ​ |  | (47)
Benefits paid | ​ |  | (148) | ​ |  | (126)
Fair value of plan assets at end of year | ​ |  | 7,010 | ​ |  | 5,977
Funded status and net amount recognized | ​ | $ | (11,424) | ​ | $ | (12,487)
Amount recognized in consolidated balance sheets consists of: | ​ | ​ | ​ | ​ | ​ | ​
Investments | ​ | $ | 1,503 | ​ | $ | 2,275
Accrued pension liability | ​ |  | (12,927) | ​ |  | (14,757)
Accumulated other comprehensive income | ​ |  | 4,319 | ​ |  | 4,609
Schedule of net periodic pension expense | The following table provides the net periodic benefit costs for the fiscal years ended June 30, (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2021 |  | 2022
Net Periodic Benefit Costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest costs | ​ | $ | 442 | ​ | $ | 477 | ​ | $ | 464
Service costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Expected return on plan assets | ​ |  | (251) | ​ |  | (242) | ​ |  | (279)
Amortization of prior service costs | ​ |  | (61) | ​ |  | 668 | ​ |  | 1,115
Recognized actuarial loss | ​ |  | 34 | ​ |  | 75 | ​ |  | 41
Net periodic benefit cost | ​ | $ | 164 | ​ | $ | 978 | ​ | $ | 1,341
Schedule of plan assumptions | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2022 |
Weighted average assumptions at year-end: | ​ | ​ | ​ | ​ | ​
Discount rate |  | 2.6 | % | 3.0 | %
Expected return on plan assets |  | 4.2 | % | 4.2 | %
Rate of compensation increase |  | — | % | — | %
Schedule of plan assets and investment policy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal year ended | ​ | Fiscal year ended |
​ | ​ | June 30, 2021 | ​ | June 30, 2022 |
​ | ​ | Proportion of | ​ | Expected Rate | ​ | Proportion of | ​ | Expected Rate |
​ |  | Fair Value |  | of Return |  | Fair Value |  | of Return |
Equity securities | ​ | 83 | % | 4.9 | % | 85 | % | 4.9 | %
Debt securities |  | 16 | % | 0.8 | % | 14 | % | 0.8 | %
Cash |  | 1 | % | 0.4 | % | 1 | % | 0.4 | %
Combined |  | 100 | % | 4.2 | % | 100 | % | 4.2 | %
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, 2022 (in thousands): ​
​ | ​ | ​
​ |  | Pension Benefits
July 1, 2022 to June 30, 2023 | ​ | 180
July 1, 2023 to June 30, 2024 | ​ | 6,051
July 1, 2024 to June 30, 2025 | ​ | 1,418
July 1, 2025 to June 30, 2026 | ​ | 1,919
July 1, 2026 to June 30, 2027 | ​ | 2,254
July 1, 2027 to June 30, 2032 | ​ | 5,875

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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