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Note 11 - Retirement Benefits | 3 Months Ended
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Sep. 30, 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. 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | 41 |  |  | $ | 44 |
Interest cost |  |  | 2,473 |  |  |  | 2,397 |  |  |  | 297 |  |  |  | 262 |
Expected return on plan assets |  |  | (2,779 | ) |  |  | (2,993 | ) |  |  | (353 | ) |  |  | (245 | )
Recognized net actuarial loss |  |  | 951 |  |  |  | 953 |  |  |  | (152 | ) |  |  | (15 | )
Amortization of prior service cost |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | (1 | )
Net periodic (benefit) cost |  | $ | 645 |  |  | $ | 357 |  |  | $ | (168 | ) |  | $ | 45 |
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, 2023 |  |  | June 30, 2023 |
Prepaid benefit cost |  | $ | 2,794 |  |  | $ | 2,807 |
Current liabilities |  |  | (502 | ) |  |  | (425 | )
Non-current liabilities |  |  | (47,594 | ) |  |  | (48,154 | )
Net amount recognized |  | $ | (45,302 | ) |  | $ | (45,772 | )
The contributions made to defined benefit plans are presented below along with remaining contributions to be made for fiscal year 2024 (in thousands):
|  | Fiscal Year 2024 |  |  | Remaining |
|  | Three Months Ended |  |  | Contributions |
Contributions to defined benefit plans |  | September 30, 2023 |  |  | FY 2024 |
United States, funded plan |  | $ | - |  |  | $ | 9,805 |
United States, unfunded plan |  |  | 49 |  |  |  | 103 |
United Kingdom |  |  | - |  |  |  | - |
Germany, unfunded plan |  |  | - |  |  |  | 257 |
|  | $ | 49 |  |  | $ | 10,165 |

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