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Note 11 - Retirement Benefits
 9 Months Ended
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