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Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2023
Employee Benefit Plans  
Schedule of changes in projected benefit obligation, plan assets and the funded status

For the Year Ended June 30

    

2023

    

2022

Change in projected benefit obligation

Projected benefit obligation at beginning of year

$

63,079

 

$

77,915

Interest cost

 

2,608

 

1,675

Benefits paid

 

(2,865)

 

(2,426)

Actuarial gain

 

(2,149)

 

(14,085)

Projected benefit obligation at end of year

$

60,673

 

$

63,079

 

For the Year Ended June 30

    

2023

    

2022

Change in plan assets

  

  

Fair value of plan assets at beginning of year

$

61,286

$

79,099

Actual return on plan assets

 

(34)

 

(15,387)

Benefits paid

 

(2,865)

 

(2,426)

Fair value of plan assets at end of year

$

58,387

$

61,286

Liability funded status at end of year

$

(2,286)

$

(1,793)

 

Schedule of accumulated other comprehensive (income) loss related to the pension plan

For the Year Ended June 30

    

2023

    

2022

Accumulated other comprehensive loss related to pension plan

 

  

 

  

Balance at beginning of period

$

(24,208)

$

(19,973)

Amortization of net actuarial loss and prior service costs

 

721

 

480

Current period net actuarial loss

 

(509)

 

(4,715)

Net change

 

212

 

(4,235)

Balance at end of period

$

(23,996)

$

(24,208)

 

Schedule of net periodic pension expense

For the Year Ended June 30

    

2023

    

2022

    

2021

Interest cost on benefit obligation

$

2,608

$

1,675

$

1,682

Expected return on plan assets

 

(2,624)

 

(3,413)

 

(3,660)

Amortization of net actuarial loss and prior service costs

 

721

 

480

 

560

Net periodic pension expense (income)

$

705

$

(1,258)

$

(1,418)

 

Schedule of significant actuarial assumptions

For the Year Ended June 30

    

2023

    

2022

    

2021

 

Discount rate for interest cost

 

4.3

%  

2.2

%  

2.2

%

Expected rate of return on plan assets

 

4.4

%  

4.4

%  

4.9

%

Discount rate for benefit obligation

 

4.6

%  

2.9

%  

2.8

%

 

Schedule of estimated future benefit payments, including benefits attributable to future service

Prior to

After

July 2023

For the Years Ending June 30

    

Partial Settlement

2024

$

3,561

$

1,129

2025

 

3,746

1,338

2026

3,901

1,528

2027

4,044

1,709

2028

4,136

1,845

2029 – 2033

 

21,230

10,667

 

Schedule of weighted-average asset allocation of plan assets

Target

Allocation

Percentage of Plan Assets

For the Year Ended June 30

    

2024

    

2023

    

2022

Debt securities

 

65% - 85%  

75%  

    

77%  

Equity securities

 

10% - 30%  

12%  

17%  

Global asset allocation/risk parity (1)

 

0% - 15%  

3%  

5%  

Other

 

0% - 10%  

10%  

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.

 

Schedule of fair values of the company's plan assets by asset category

Fair Value Measurements Using

As of June 30, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

Cash and cash equivalents

$

6,063

$

$

$

6,063

Common-collective funds

 

 

 

 

Global large cap equities

 

 

5,552

 

1,519

 

7,071

Fixed income securities

 

 

43,794

 

 

43,794

Mutual funds

 

 

 

 

Global asset allocations/risk parity

 

1,426

 

 

 

1,426

Other

 

 

 

33

 

33

$

7,489

$

49,346

$

1,552

$

58,387

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

 

 

 

10

 

10

$

4,050

$

55,274

$

1,962

$

61,286

 

Schedule of summary of the changes in the fair value of level 3 assets

Change in Fair Value Level 3 assets

     

2023

    

2022

Balance at beginning of period

$

1,962

$

3,876

Redemptions

 

(603)

 

(1,199)

Change in fair value

 

193

 

(715)

Balance at end of period

$

1,552

$

1,962