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Note 11 - Retirement Benefits
 9 Months Ended
Mar. 31, 2024
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 unfunded defined benefit plan operated by the Sanyu business in Japan have been transferred to the Company as of the date of acquisition in the third quarter of fiscal year 2024.

 

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,

 
  

2024

  

2023

  

2024

  

2023

 

Service cost

 $-  $-  $41  $44 

Interest cost

  2,472   2,397   296   249 

Expected return on plan assets

  (2,776)  (2,993)  (350)  (218)

Recognized net actuarial loss

  950   953   (152)  (13)

Amortization of prior service cost

  -   -   (1)  (1)

Net periodic (benefit) cost

 $646  $357  $(166) $61 

 

  

U.S. Plans

  

Non-U.S. Plans

 
  

Nine Months Ended

  

Nine Months Ended

 
  

March 31,

  

March 31,

 
  

2024

  

2023

  

2024

  

2023

 

Service cost

 $-  $-  $122  $131 

Interest cost

  7,418   7,190   885   774 

Expected return on plan assets

  (8,334)  (8,980)  (1,049)  (710)

Recognized net actuarial loss

  2,852   2,860   (454)  (44)

Amortization of prior service cost

  -   -   (3)  (3)

Net periodic (benefit) cost

 $1,936  $1,070  $(499) $148 

 

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, 2024

  

June 30, 2023

 

Prepaid benefit cost

 $3,095  $2,807 

Current liabilities

  (526)  (425)

Non-current liabilities

  (40,378)  (48,154)

Net amount recognized

 $(37,809) $(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

  

Fiscal Year 2023

  

Remaining

 
  

Three Months Ended

  

Nine Months Ended

  

Three Months Ended

  

Nine Months Ended

  

Contributions

 

Contributions to defined benefit plans

 

March 31, 2024

  

March 31, 2024

  

March 31, 2023

  

March 31, 2023

  

FY 2024

 

United States, funded plan

 $6,921  $8,363  $-  $-  $1,442 

United States, unfunded plan

  44   143   49   151   42 

United Kingdom

  -   -   -   -   - 

Germany, unfunded plan

  -   -   -   -   256 
  $6,965  $8,506  $49  $151  $1,740