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Note 10 - Retirement Benefits

9 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

10) Retirement Benefits

The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. salaried employees was frozen as of December 31, 2007, and participants in the plan ceased accruing future benefits. The Company’s pension plan was frozen for substantially all remaining participants as of July 31, 2013, and replaced with a defined contribution benefit plan.

Net Periodic Benefit Cost for the Company’s U.S. and Foreign pension benefit plans for the three and nine months ended March 31, 2014 and 2013 consisted of the following components (in thousands):

	U.S. Plans						Non-U.S. Plans
	Three Months Ended March 31,						Three Months Ended March 31,
	2014			2013			2014			2013
Service cost	$	49		$	176		$	12		$	11
Interest cost		2,810			2,735			438			416
Expected return on plan assets		(3,378	)		(3,698	)		(391	)		(333	)
Recognized net actuarial loss		923			1,894			208			224
Amortization of prior service cost		14			26			-			(15	)
Net periodic benefit cost	$	418		$	1,133		$	267		$	303

	U.S. Plans						Non-U.S. Plans
	Nine Months Ended March 31,						Nine Months Ended March 31,
	2014			2013			2014			2013
Service cost	$	183		$	527		$	35		$	31
Interest cost		8,430			8,206			1,282			1,258
Expected return on plan assets		(10,134	)		(11,093	)		(1,143	)		(1,012	)
Recognized net actuarial loss		3,018			5,683			608			681
Amortization of prior service cost		43			76			-			(43	)
Net periodic benefit cost	$	1,540		$	3,399		$	782		$	915

The Company expects to pay $1.5 million in prescribed contributions to its U.K. defined benefit plan and other unfunded defined benefit plans in both the U.S. and Europe during fiscal year 2014. Contributions of $1.1 million and $4.2 million were made during the nine months ended March 31, 2014 and 2013 respectively. Contributions in fiscal year 2013 included a $3.25 million voluntary contribution made in July 2012, retroactive to June 2012, in order to take advantage of legislation that allowed our U.S. plan to be 100% funded under Pension Protection Act rules at June 30, 2012.