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Note 11 - Retirement Benefits
 3 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Retirement Benefits [Text Block]

11)     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

 
  

September 30,

  

September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Service cost

 $1  $1  $63  $54 

Interest cost

  1,830   1,860   190   176 

Expected return on plan assets

  (3,260)  (3,253)  (211)  (153)

Recognized net actuarial loss

  1,384   1,483   84   184 

Amortization of prior service cost

  -   -   (1)  (1)

Net periodic benefit cost

 $(45) $91  $125  $260 

 

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:

 

September 30, 2021

  

June 30, 2021

 

Prepaid benefit cost

 $5,563  $5,661 

Current liabilities

  (538)  (517)

Non-current liabilities

  (45,781)  (47,425)

Net amount recognized

 $(40,756) $(42,281)

 

The contributions made to defined benefit plans are presented below along with remaining contributions to be made for fiscal year 2022 (in thousands):

 

  

Three Months Ended

  

Remaining

 
  

September 30,

  

Contributions

 

Contributions to defined benefit plans

 

2021

  

2020

  

FY 2022

 

United States, funded plan

 $-  $-  $1,002 

United States, unfunded plan

  52   52   159 

United Kingdom

  -   -   - 

Germany, unfunded plan

  -   -   287 

Ireland

  -   -   67 
  $52  $52  $1,515