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Note 13 - Retirement Benefits
 9 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Retirement Benefits [Text Block]

13)     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 periods ended consisted of the following components (in thousands):

 

  

U.S. Plans

  

Non-U.S. Plans

 
  

Three Months Ended

  

Three Months Ended

 
  

March 31,

  

March 31,

 
  

2021

  

2020

  

2021

  

2020

 

Service cost

 $1  $1  $55  $10 

Interest cost

  1,860   2,271   185   214 

Expected return on plan assets

  (3,253)  (3,288)  (161)  (222)

Recognized net actuarial loss

  1,483   1,275   193   165 
Amortization of prior service cost  -   -   (1)  - 

Net periodic benefit cost

 $91  $259  $271  $167 

 

  

U.S. Plans

  

Non-U.S. Plans

 
  

Nine Months Ended

  

Nine Months Ended

 
  

March 31,

  

March 31,

 
  

2021

  

2020

  

2021

  

2020

 

Service cost

 $3  $3  $164  $29 

Interest cost

  5,579   6,813   539   632 

Expected return on plan assets

  (9,759)  (9,863)  (468)  (654)

Recognized net actuarial loss

  4,450   3,826   562   488 
Amortization of prior service cost  -   -   (4)  - 

Net periodic benefit cost

 $273  $779  $793  $495 

 

 

The following table sets forth the  amounts recognized for the Company's defined benefit pension plans (in thousands):

 

Amounts recognized in the consolidated balance sheets consist of:

 

March 31, 2021

  

June 30, 2020

 

Prepaid benefit cost

 $5,161  $4,663 

Current liabilities

  (552)  (503)

Non-current liabilities

  (65,246)  (77,172)

Net amount recognized

 $(60,637) $(73,012)

 

The contributions made to defined benefit plans are presented below along with remaining contributions to be made for fiscal year 2021 (in thousands):

 

  

Fiscal Year 2021

  

Fiscal Year 2020

  

Remaining

 
  

Three Months Ended

  

Nine Months Ended

  

Three Months Ended

  

Nine Months Ended

  

Contributions

 

Contributions to defined benefit plans

 

March 31, 2021

  

March 31, 2021

  

March 31, 2020

  

March 31, 2020

  

FY 2021

 

United States, funded plan

 $3,030  $7,805  $1,468  $2,936  $- 

United States, unfunded plan

  53   157   54   166   54 

United Kingdom

  -   -   -   381   - 

Germany, unfunded plan

  -   -   -   -   285 

Ireland

  -   -   -   -   67 
  $3,083  $7,962  $1,522  $3,483  $406 

 

The Company’s remaining required contributions to the United States funded plan for fiscal year 2021 have been reduced to zero upon passage of the American Rescue Plan Act (“ARPA”).