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Note 11 - Retirement Benefits
 3 Months Ended
Sep. 30, 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. 

 

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,

 
  

2024

  

2023

  

2024

  

2023

 

Service cost

 $-  $-  $63  $41 

Interest cost

  2,386   2,473   306   297 

Expected return on plan assets

  (2,641)  (2,779)  (347)  (353)

Recognized net actuarial loss

  1,055   951   -   (152)

Amortization of prior service cost

  -   -   (1)  (1)

Net periodic (benefit) cost

 $800  $645  $21  $(168)

 

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, 2024

  

June 30, 2024

 

Prepaid benefit cost

 $2,816  $2,570 

Current liabilities

  (262)  (791)

Non-current liabilities

  (40,088)  (42,667)

Net amount recognized

 $(37,534) $(40,888)

 

The contributions made to defined benefit plans are presented below along with remaining contributions to be made for fiscal year 2025 (in thousands):

 

  

Fiscal Year 2025

  

Remaining

 
  

Three Months Ended

  

Contributions

 

Contributions to defined benefit plans

 

September 30, 2024

  

FY 2025

 

United States, funded plan

 $3,352  $2,485 

United States, unfunded plan

  27   144 

Germany, unfunded plan

  -   263 
  $3,379  $2,892