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Note 12 - Retirement Benefits
 9 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Retirement Benefits [Text Block]

12)     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. employees is frozen for substantially all participants and has been 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, 2020 and 2019 consisted of the following components (in thousands):

 

   

U.S. Plans

    

Non-U.S. Plans

  
   

Three Months Ended

    

Three Months Ended

  
   

March 31,

    

March 31,

  
   

2020

    

2019

    

2020

    

2019

  
Service cost   $ 1     $ 1     $ 10     $ 9  
Interest cost     2,271       2,586       214       254  
Expected return on plan assets     (3,288 )     (3,385 )     (222 )     (229 )
Recognized net actuarial loss     1,275       1,030       165       86  

Net periodic benefit cost

   $ 259     $ 232     $ 167     $ 120  

 

 

 

   

U.S. Plans

    

Non-U.S. Plans

  
   

Nine Months Ended

    

Nine Months Ended

  
   

March 31,

    

March 31,

  
   

2020

    

2019

    

2020

    

2019

  
Service cost   $ 3     $ 3     $ 29     $ 26  
Interest cost     6,813       7,757       632       757  
Expected return on plan assets     (9,863 )     (10,156 )     (654 )     (682 )
Recognized net actuarial loss     3,826       3,091       488       256  

Net periodic benefit cost

   $ 779     $ 695     $ 495     $ 357  

 

 

 

The contributions made to defined benefit plans for the three and nine months ended March 31, 2020 and 2019 are presented below along with remaining contributions to be made for fiscal year 2020 (in thousands):

 

 

   

Fiscal Year 2020

    

Fiscal Year 2019

    

Remaining

  
   

Three Months Ended

    

Nine Months Ended

    

Three Months Ended

    

Nine Months Ended

    

Contributions

  

Contributions to defined benefit plans

  

March 31, 2020

    

March 31, 2020

    

March 31, 2019

    

March 31, 2019

    

FY 2020

  
United States, funded plan   $ 1,468     $ 2,936     $ -     $ -     $ -  
United States, unfunded plan     54       166       56       169       50  
United Kingdom     -       381       196       582       -  
Germany, unfunded plan     -       -       -       -       279  
Ireland     -       -       -       -       63  
    $ 1,522     $ 3,483     $ 252     $ 751     $ 392  

 

The Company has elected to take advantage of provisions in the United States Coronavirus Aid, Relief, and Economic Security (“CARES”) Act which allows for deferral until January 1, 2021 of defined benefit pension plan contributions due during calendar year 2020.  Prior to passage of the CARES Act, the Company was required to make U.S. defined benefit pension payments of $1.5 million in the fourth quarter of fiscal year 2020 which will now be deferred until January of calendar year 2021.