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Employee Benefit Plans (Tables)

3 Months Ended

Sep. 30, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Net Periodic Benefit Costs

Contributions made by the Company to the multiemployer pension plans were as follows:

		Three Months Ended September 30,
		2019				2018
(In thousands)
Contributions		$	428			$	495

Outstanding balance of settlement obligations of the Company to certain multiemployer pension plans are as follows:

(In thousands)		September 30, 2019				June 30, 2019
WCT Pension Trust (1)		$	916			$	1,487
Local 807 Pension Fund (2)		$	182			$	182

__________

(1) Initial liability amount of $3.4 million, including interest, which is payable in 17 monthly installments of $190,507 followed by a final monthly installment of $153,822 commencing September 10, 2018.

(2) Lump sum cash settlement payment of $3.0 million plus two remaining installment payments of $91,000 due on or before October 1, 2034 and on or before January 1, 2035. As of September 30, 2019, the Company has paid the Local 807 Pension Fund $3.0 million and has accrued $0.2 million within “Accrued pension liabilities” on the Company’s condensed consolidated balance sheet.

The net periodic benefit cost for the defined benefit pension plans is as follows:

		Three Months Ended September 30,
		2019				2018
(In thousands)
Service cost		$	—			$	—
Interest cost		1,059				1,426
Expected return on plan assets		(1,102		)		(1,485		)
Amortization of net loss(1)		370				370
Net periodic benefit cost		$	327			$	311

___________

(1) These amounts represent the estimated portion of the net loss in AOCI that is expected to be recognized as a component of net periodic benefit cost over the current fiscal year. 

Pension Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Defined Benefit Plan, Assumptions [Table Text Block]

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

		September 30, 2019		June 30, 2019
Discount rate		3.45%		3.45%
Expected long-term return on plan assets		6.75%		6.75%

Other Postretirement Benefit Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Net Periodic Benefit Costs

The following table shows the components of net periodic postretirement benefit cost for the Retiree Medical Plan and Death Benefit for the three months ended September 30, 2019 and 2018. Net periodic postretirement benefit cost was based on employee census information and asset information as of June 30, 2018.

		Three Months Ended September 30,
		2019				2018
(In thousands)
Components of Net Periodic Postretirement Benefit Cost (Credit):
Service cost		$	147			$	133
Interest cost		214				222
Amortization of net gain		(125		)		(209		)
Amortization of prior service credit		(392		)		(439		)
Net periodic postretirement benefit credit		$	(156	)		$	(293	)

Defined Benefit Plan, Assumptions [Table Text Block]

Weighted-Average Assumptions Used to Determine Net Periodic Postretirement Benefit Cost 

		Fiscal
		2020		2019
Retiree Medical Plan discount rate		3.62%		4.25%
Death Benefit discount rate		3.64%		4.25%

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

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-Publisher FASB
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-Topic 715
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-Section 50
-Paragraph 1
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