XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.0.1
Note 11 - Retirement Benefits
 6 Months Ended
Dec. 31, 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

  
   

December 31,

    

December 31,

  
   

2021

    

2020

    

2021

    

2020

  

Service cost

   $ 1     $ 1     $ 59     $ 55  

Interest cost

     1,830       1,860       195       178  

Expected return on plan assets

     (3,259 )     (3,253 )     (217 )     (155 )

Recognized net actuarial loss

     1,383       1,483       86       186  

Amortization of prior service cost

     -       -       (1 )     (1 )

Net periodic benefit cost

   $ (45 )   $ 91     $ 122     $ 263  

 

   

U.S. Plans

    

Non-U.S. Plans

  
   

Six Months Ended

    

Six Months Ended

  
   

December 31,

    

December 31,

  
   

2021

    

2020

    

2021

    

2020

  

Service cost

   $ 2     $ 2     $ 122     $ 110  

Interest cost

     3,660       3,720       385       354  

Expected return on plan assets

     (6,519 )     (6,506 )     (428 )     (307 )

Recognized net actuarial loss

     2,767       2,967       170       369  

Amortization of prior service cost

     -       -       (2 )     (2 )

Net periodic benefit cost

   $ (90 )   $ 183     $ 247     $ 524  

 

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:

  

December 31, 2021

    

June 30, 2021

  

Prepaid benefit cost

   $ 5,584     $ 5,661  

Current liabilities

     (591 )     (517 )

Non-current liabilities

     (44,048 )     (47,425 )

Net amount recognized

   $ (39,055 )   $ (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):

 

   

Fiscal Year 2022

    

Fiscal Year 2021

    

Remaining

  
   

Three Months Ended

    

Six Months Ended

    

Three Months Ended

    

Six Months Ended

    

Contributions

  

Contributions to defined benefit plans

  

December 31, 2021

    

December 31, 2021

    

December 31, 2020

    

December 31, 2020

    

FY 2022

  

United States, funded plan

   $ -     $ -     $ 4,776     $ 4,776     $ -  

United States, unfunded plan

     52       104       52       104       107  

United Kingdom

     -       -       -       -       -  

Germany, unfunded plan

     -       -       -       -       283  

Ireland

     -       -       -       -       66  
    $ 52     $ 104     $ 4,828     $ 4,880     $ 456