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v3.23.1

Note 11 - Retirement Benefits | 9 Months Ended
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Mar. 31, 2023
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. Obligations under the Company's defined benefit plan operated in Ireland have been transferred to the buyer of the Procon business as part of the divestiture. 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | - |  |  | $ | 1 |  |  | $ | 44 |  |  | $ | 58 |
Interest cost |  |  | 2,397 |  |  |  | 1,830 |  |  |  | 249 |  |  |  | 193 |
Expected return on plan assets |  |  | (2,993 | ) |  |  | (3,260 | ) |  |  | (218 | ) |  |  | (215 | )
Recognized net actuarial loss |  |  | 953 |  |  |  | 1,384 |  |  |  | (13 | ) |  |  | 84 |
Amortization of prior service cost |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | (1 | )
Net periodic benefit cost |  | $ | 357 |  |  | $ | (45 | ) |  | $ | 61 |  |  | $ | 119 |
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | - |  |  | $ | 3 |  |  | $ | 131 |  |  | $ | 179 |
Interest cost |  |  | 7,190 |  |  |  | 5,490 |  |  |  | 774 |  |  |  | 576 |
Expected return on plan assets |  |  | (8,980 | ) |  |  | (9,779 | ) |  |  | (710 | ) |  |  | (641 | )
Recognized net actuarial loss |  |  | 2,860 |  |  |  | 4,151 |  |  |  | (44 | ) |  |  | 253 |
Amortization of prior service cost |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | (3 | )
Net periodic benefit cost |  | $ | 1,070 |  |  | $ | (135 | ) |  | $ | 148 |  |  | $ | 364 |
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, 2023 |  |  | June 30, 2022 |
Prepaid benefit cost |  | $ | 4,722 |  |  | $ | 6,295 |
Current liabilities |  |  | (529 | ) |  |  | (456 | )
Non-current liabilities |  |  | (45,948 | ) |  |  | (47,695 | )
Net amount recognized |  | $ | (41,755 | ) |  | $ | (41,856 | )
The contributions made to defined benefit plans are presented below along with remaining contributions to be made for fiscal year 2023 (in thousands):
|  | Fiscal Year 2023 |  |  | Fiscal Year 2022 |  |  | Remaining |
|  | Three Months Ended |  |  | Nine Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Contributions |
Contributions to defined benefit plans |  | March 31, 2023 |  |  | March 31, 2023 |  |  | March 31, 2022 |  |  | March 31, 2022 |  |  | FY 2023 |
United States, funded plan |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
United States, unfunded plan |  |  | 49 |  |  |  | 151 |  |  |  | 52 |  |  |  | 157 |  |  |  | 49 |
United Kingdom |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Germany, unfunded plan |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 239 |
|  | $ | 49 |  |  | $ | 151 |  |  | $ | 52 |  |  | $ | 157 |  |  | $ | 288 |

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