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Employee Benefit Plans | 12 Months Ended
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Jun. 30, 2022
Employee Benefit Plans |
Employee Benefit Plans | 11. Employee Benefit Plans Domestic Pension Plan We maintain a noncontributory defined benefit pension plan for all domestic nonunion employees employed on or prior to December 31, 2013, who meet certain requirements of age, length of service and hours worked per year. We amended the plan to eliminate credit for future service and compensation increases, effective September 2016. Plan benefits are based upon years of service and average compensation, as defined. The measurement dates for the plan were as of June 30, 2022 and 2021. Changes in the projected benefit obligation, plan assets and funded status of the plan were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 |  | 2022 |  | 2021
Change in projected benefit obligation | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation at beginning of year | ​ | $ | 77,915 |  | $ | 79,353
Interest cost | ​ |  | 1,675 |  | ​ | 1,682
Benefits paid | ​ |  | (2,426) |  | ​ | (2,260)
Actuarial gain | ​ |  | (14,085) |  | ​ | (860)
Projected benefit obligation at end of year | ​ | $ | 63,079 |  | $ | 77,915
​
​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 |  | 2022 |  | 2021
Change in plan assets | ​ | ​ |  | ​ | ​ |
Fair value of plan assets at beginning of year | ​ | $ | 79,099 | ​ | $ | 75,791
Actual return on plan assets | ​ |  | (15,387) | ​ |  | 4,838
Employer contributions | ​ |  | — | ​ |  | 730
Benefits paid | ​ |  | (2,426) | ​ |  | (2,260)
Fair value of plan assets at end of year | ​ | $ | 61,286 | ​ | $ | 79,099
Asset (Liability) funded status at end of year | ​ | $ | (1,793) | ​ | $ | 1,184
​ ​ The projected benefit obligation for the year ended June 30, 2022, decreased due to a gain from the use of a higher discount rate, partially offset by losses derived from other actuarial assumptions. The projected benefit obligation for the year ended June 30, 2021, decreased due to a net overall gain from the use of a higher discount rate and mortality assumption update, partially offset by a loss from demographic experience. The discount rate used each period is determined with reference to the current long-term bond market rates. The projected benefit obligation also increased each year by the interest cost due to the passage of time and decreased each year by the benefits paid to plan participants. The actual return on plan assets for the year ended June 30, 2022, was attributable to losses incurred on fixed income securities as domestic interest rates increased during the year. Our investment strategy is to hold a significant portion of our plan assets in fixed income securities with maturities and amounts approximately matching projected future benefit payments. The funded status is included in other liabilities and other assets in the consolidated balance sheets at June 30, 2022 and 2021, respectively. The Company does not expect to contribute to the plan during 2023. We seek to maintain an asset balance that meets the long-term funding requirements identified by actuarial projections while also satisfying ERISA fiduciary responsibilities. Accumulated other comprehensive income (loss) related to the plan was: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 |  | 2022 |  | 2021
Accumulated other comprehensive income (loss) related to pension plan |  | ​ |  | ​ |  |
Balance at beginning of period | ​ | $ | (19,973) | ​ | $ | (22,571)
Amortization of net actuarial loss and prior service costs | ​ |  | 480 | ​ |  | 560
Current period net actuarial gain (loss) | ​ |  | (4,715) | ​ |  | 2,038
Net change | ​ |  | (4,235) | ​ |  | 2,598
Balance at end of period | ​ | $ | (24,208) | ​ | $ | (19,973)
​ ​ Net periodic pension expense was: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 |  | 2022 |  | 2021 |  | 2020
Interest cost on benefit obligation | ​ | $ | 1,675 | ​ | $ | 1,682 | ​ | $ | 2,112
Expected return on plan assets | ​ |  | (3,413) | ​ |  | (3,660) | ​ |  | (3,144)
Amortization of net actuarial loss and prior service costs | ​ |  | 480 | ​ |  | 560 | ​ |  | 515
Net periodic pension income | ​ | $ | (1,258) | ​ | $ | (1,418) | ​ | $ | (517)
​ ​ Significant actuarial assumptions for the plan were: ​
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended June 30 |  | 2022 |  | 2021 |  | 2020 |
Discount rate for interest cost |  | 2.2 | % | 2.2 | % | 2.2 | %
Expected rate of return on plan assets |  | 4.4 | % | 4.4 | % | 4.9 | %
Discount rate for year-end benefit obligation |  | 4.6 | % | 2.9 | % | 2.8 | %
​ ​ The plan used the Aon AA Bond Universe as a benchmark for its discount rate as of June 30, 2022, 2021 and 2020. The discount rate is determined by matching the plan’s timing and amount of expected cash outflows to a bond yield curve constructed from a population of AA-rated corporate bond issues that are generally non-callable and have at least $250 million par value outstanding. From this, the discount rate that results in the same present value is calculated. Estimated future benefit payments are: ​
​ | ​ | ​ | ​
For the Year Ended June 30 |  | ​ | ​
2023 | ​ | $ | 3,398
2024 | ​ |  | 3,606
2025 | ​ | ​ | 3,758
2026 | ​ | ​ | 3,883
2027 | ​ | ​ | 4,022
2028 – 2032 | ​ |  | 21,002
​ ​ The plan’s target asset allocation for 2023 and the weighted-average asset allocation of plan assets as of June 30, 2022 and 2021 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Target | ​ | ​ | ​ | ​
​ | ​ | Allocation | ​ | Percentage of Plan Assets
For the Year Ended June 30 |  | 2023 |  | 2022 |  | 2021
Debt securities |  | 65% - 85% | ​ | 77% |  | 71%
Equity securities |  | 10% - 30% | ​ | 17% | ​ | 21%
Global asset allocation/risk parity(1) |  | 0% - 15% | ​ | 5% | ​ | 7%
Other |  | 0% - 10% | ​ | 1% | ​ | 1%
(1) | The global asset allocation/risk parity category consists of a variety of asset classes including, but not limited to, global bonds, global equities, real estate and commodities.
​ The expected long-term rate of return for the plan’s total assets is generally based on the plan’s asset mix. In determining the rate to use, we consider the expected long-term real returns on asset categories, expectations for inflation, estimates of the effect of active management and actual historical returns. The investment policy and strategy is to earn a long-term investment return sufficient to meet the obligations of the plan, while assuming a moderate amount of risk in order to maximize investment return. In order to achieve this goal, assets are invested in a diversified portfolio consisting of debt securities, equity securities and other investments in a manner consistent with ERISA’s fiduciary requirements. The fair values of the plan assets by asset category were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements Using
As of June 30, 2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | ​ | $ | 362 | ​ | $ | — | ​ | $ | — | ​ | $ | 362
Common-collective funds |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Global large cap equities |  | ​ | — |  | ​ | 8,783 |  | ​ | 1,952 |  | ​ | 10,735
Fixed income securities |  | ​ | 665 |  | ​ | 46,491 |  | ​ | — |  | ​ | 47,156
Mutual funds |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Global asset allocations/risk parity |  | ​ | 3,023 |  | ​ | — |  | ​ | — |  | ​ | 3,023
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other |  | ​ | — |  | ​ | — |  | ​ | 10 |  | ​ | 10
​ | ​ | $ | 4,050 | ​ | $ | 55,274 | ​ | $ | 1,962 | ​ | $ | 61,286
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements Using
As of June 30, 2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | ​ | $ | 386 | ​ | $ | — | ​ | $ | — | ​ | $ | 386
Common-collective funds |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Global large cap equities |  | ​ | — |  | ​ | 13,201 |  | ​ | 3,816 |  | ​ | 17,017
Fixed income securities |  | ​ | — |  | ​ | 56,414 |  | ​ | — |  | ​ | 56,414
Global asset allocations/risk parity |  | ​ | — |  | ​ | 2,016 |  | ​ | — |  | ​ | 2,016
Mutual funds |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Global asset allocations/risk parity |  | ​ | 3,206 |  | ​ | — |  | ​ | — |  | ​ | 3,206
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other |  | ​ | — |  | ​ | — |  | ​ | 60 |  | ​ | 60
​ | ​ | $ | 3,592 | ​ | $ | 71,631 | ​ | $ | 3,876 | ​ | $ | 79,099
​ ​ The table below provides a summary of the changes in the fair value of Level 3 assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Change in Fair Value Level 3 assets |  | 2022 |  | 2021
Balance at beginning of period | ​ | $ | 3,876 | ​ | $ | 5,732
Redemptions | ​ |  | (1,199) | ​ |  | (3,236)
Purchases | ​ |  | — | ​ |  | 300
Change in fair value | ​ |  | (715) | ​ |  | 1,080
Balance at end of period | ​ | $ | 1,962 | ​ | $ | 3,876
​ ​ The following outlines the valuation methodologies used to estimate the fair value of plan assets:
| ● | Cash and cash equivalents are valued at $1 per unit;
| ● | Common-collective funds are determined based on current market values of the underlying assets of the fund;
| ● | Mutual funds and foreign currency deposits are valued using quoted market prices in active markets; and
| ● | For Level 3 managed assets, business appraisers use a combination of valuations and appraisal methodologies, as well as a number of assumptions to create a price that brokers evaluate. For Level 3 non-managed assets, pricing is provided by various sources, such as issuer or investment manager.
Other employee benefit plans We provide a 401(k) retirement savings plan, under which United States employees may make pre-tax and post-tax contributions. The Company contributes: (i) a matching contribution equal to 100% of the first 6.0% of an employee’s contribution; and, (ii) an additional discretionary contribution of up to 4.5% of compensation, depending on the employee’s age and years of service, provided that such contributions comply with ERISA non-discrimination requirements. Employee and Company contributions are subject to certain ERISA limitations. Employees are immediately vested in Company contributions. Our contribution expense was $6,341, $5,803, and $5,566, in 2022, 2021 and 2020, respectively. Our consolidated balance sheets include other employee-related liabilities of $12,088 and $13,827 as of June 30, 2022 and 2021, respectively, including international retirement plans, supplemental retirement benefits and long-term incentive arrangements. Expense under these plans was $3,788, $5,095, and $5,725 in 2022, 2021 and 2020, respectively.

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