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Note 11 - Retirement Benefits
 6 Months Ended
Dec. 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. 

 

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,

  
   

2023

    

2022

    

2023

    

2022

  

Service cost

   $ -     $ -     $ 40     $ 43  

Interest cost

     2,473       2,396       292       263  

Expected return on plan assets

     (2,779 )     (2,994 )     (346 )     (247 )

Recognized net actuarial loss

     951       954       (150 )     (16 )

Amortization of prior service cost

     -       -       (1 )     (1 )

Net periodic (benefit) cost

   $ 645     $ 356     $ (165 )   $ 42  

 

   

U.S. Plans

    

Non-U.S. Plans

  
   

Six Months Ended

    

Six Months Ended

  
   

December 31,

    

December 31,

  
   

2023

    

2022

    

2023

    

2022

  

Service cost

   $ -     $ -     $ 81     $ 87  

Interest cost

     4,946       4,793       589       525  

Expected return on plan assets

     (5,558 )     (5,987 )     (699 )     (492 )

Recognized net actuarial loss

     1,902       1,907       (302 )     (31 )

Amortization of prior service cost

     -       -       (2 )     (2 )

Net periodic (benefit) cost

   $ 1,290     $ 713     $ (333 )   $ 87  

 

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, 2023

    

June 30, 2023

  

Prepaid benefit cost

   $ 3,019     $ 2,807  

Current liabilities

     (502 )     (425 )

Non-current liabilities

     (46,054 )     (48,154 )

Net amount recognized

   $ (43,537 )   $ (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

  
   

Six Months Ended

    

Contributions

  

Contributions to defined benefit plans

  

December 31, 2023

    

FY 2024

  

United States, funded plan

   $ 1,442     $ 8,363  

United States, unfunded plan

     99       53  

United Kingdom

     -       -  

Germany, unfunded plan

     -       255  
    $ 1,541     $ 8,671