Defined Benefit Pension Obligation (Tables)
|
12 Months Ended |
Jun. 30, 2022 |
Defined Benefit Pension Obligation Disclosure [Abstract] |
|
Schedule of funded status |
The following table presents the funded status of the defined benefit pension plan (in thousands):
|
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|
|
|
|
|
|
|
|
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June 30, |
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|
|
2022 |
|
|
2021 |
|
Change in benefit obligation: |
|
|
|
|
|
|
Benefit obligation—beginning of fiscal year |
|
$ |
18,705 |
|
|
$ |
18,426 |
|
Service cost |
|
|
1,513 |
|
|
|
1,766 |
|
Interest cost |
|
|
75 |
|
|
|
38 |
|
Plan participants’ contributions |
|
|
2,554 |
|
|
|
1,676 |
|
Plan amendment |
|
|
(699 |
) |
|
|
25 |
|
Actuarial (gain)/loss |
|
|
(3,460 |
) |
|
|
(807 |
) |
Foreign currency changes |
|
|
(577 |
) |
|
|
281 |
|
Benefit and expense payments |
|
|
(658 |
) |
|
|
(2,700 |
) |
Benefit obligation—end of fiscal year |
|
$ |
17,453 |
|
|
$ |
18,705 |
|
Change in plan assets: |
|
|
|
|
|
|
Plan assets—beginning of fiscal year |
|
$ |
14,419 |
|
|
$ |
13,958 |
|
Employer contributions |
|
|
1,225 |
|
|
|
1,117 |
|
Actual return on plan assets |
|
|
374 |
|
|
|
199 |
|
Plan participants’ contributions |
|
|
2,554 |
|
|
|
1,676 |
|
Foreign currency changes |
|
|
(564 |
) |
|
|
169 |
|
Benefit and expense payments |
|
|
(658 |
) |
|
|
(2,700 |
) |
Plan assets—end of fiscal year |
|
$ |
17,350 |
|
|
$ |
14,419 |
|
Funded status |
|
$ |
(103 |
) |
|
$ |
(4,286 |
) |
Amounts recognized within the consolidated balance sheets: |
|
|
|
|
|
|
Assets |
|
$ |
— |
|
|
$ |
— |
|
Long-term other liabilities |
|
|
(103 |
) |
|
|
(4,286 |
) |
Net amount recognized |
|
$ |
(103 |
) |
|
$ |
(4,286 |
) |
|
Schedule of amounts recognized in accumulated other comprehensive loss (before tax) |
The following table presents the amounts recognized in accumulated other comprehensive loss (before tax) for the defined benefit pension plan (in thousands):
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|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
Net actuarial loss (gain) |
|
$ |
3,723 |
|
|
$ |
(1,236 |
) |
Prior service cost |
|
|
224 |
|
|
|
872 |
|
Accumulated other comprehensive income (loss) |
|
$ |
3,947 |
|
|
$ |
(364 |
) |
|
Schedule of projected benefit obligations, accumulated benefit obligation and fair value of plan assets where accumulated benefit obligation exceeded fair value of plan assets |
The following table presents the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for this defined benefit pension plan where accumulated benefit obligation exceeded the fair value of plan assets (in thousands):
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|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
Projected benefit obligation |
|
$ |
17,453 |
|
|
$ |
18,705 |
|
Accumulated benefit obligation |
|
$ |
15,546 |
|
|
$ |
16,891 |
|
Fair value of plan assets |
|
$ |
17,350 |
|
|
$ |
14,419 |
|
|
Schedule Of Net Benefit Costs And Other Amounts Recognized In Other Comprehensive Income Loss Table Text Block |
The following table shows the components of the Company’s net periodic benefit costs and the other amounts recognized in other comprehensive loss, before tax, related to the Company’s defined benefit pension plan (in thousands):
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|
|
|
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|
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|
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|
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Year ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Net Periodic Benefit Costs: |
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
1,513 |
|
|
$ |
1,766 |
|
|
$ |
2,003 |
|
Interest cost |
|
|
75 |
|
|
|
38 |
|
|
|
62 |
|
Expected returns on assets |
|
|
(144 |
) |
|
|
(142 |
) |
|
|
(151 |
) |
Amortization of prior service cost |
|
|
54 |
|
|
|
54 |
|
|
|
(2 |
) |
Amortization of net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Settlement charges |
|
|
— |
|
|
|
— |
|
|
|
178 |
|
Net periodic benefit costs |
|
|
1,498 |
|
|
|
1,716 |
|
|
|
2,090 |
|
Other Amounts Recognized in Other Comprehensive Loss: |
|
|
|
|
|
|
|
|
|
Net (gain) loss arising during the year |
|
|
(3,584 |
) |
|
|
(850 |
) |
|
|
(593 |
) |
Prior service cost |
|
|
(53 |
) |
|
|
(54 |
) |
|
|
2 |
|
Amortization of prior service cost |
|
|
(678 |
) |
|
|
24 |
|
|
|
1,005 |
|
Amortization of net gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Effect of settlement |
|
|
4 |
|
|
|
8 |
|
|
|
(178 |
) |
Total recognized in other comprehensive (gain) loss |
|
|
(4,311 |
) |
|
|
(872 |
) |
|
|
236 |
|
Total recognized in net periodic benefit costs and other comprehensive loss |
|
$ |
(2,813 |
) |
|
$ |
844 |
|
|
$ |
2,326 |
|
|
Schedule of amounts in accumulated other comprehensive loss that are expected to be recognized |
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during fiscal year 2023 related to the Company’s defined benefit pension plan are as follows (in thousands):
|
|
|
|
|
|
|
2023 |
|
Net gain |
|
$ |
172 |
|
Prior service credit |
|
|
24 |
|
Accumulated other comprehensive income |
|
$ |
196 |
|
|
Schedule of assumptions used to determine net periodic benefit cost and benefit obligation |
The assumptions used to determine net periodic benefit cost and to compute the expected long‑term return on assets for the Company’s defined benefit pension plan were as follows:
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Fiscal Years |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Net Periodic Benefit Costs: |
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
1.90 |
% |
|
|
0.40 |
% |
|
|
0.25 |
% |
Rate of compensation increase |
|
|
1.75 |
% |
|
|
1.50 |
% |
|
|
1.50 |
% |
Expected long-term return on assets |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
The assumptions used to measure the benefit obligation for the Company’s defined benefit pension plan were as follows:
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|
|
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|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
Benefit Obligation: |
|
|
|
|
|
|
Discount rate |
|
|
1.90 |
% |
|
|
0.40 |
% |
Rate of compensation increase |
|
|
1.75 |
% |
|
|
1.50 |
% |
|
Schedule of estimated future benefit payments |
Estimated future benefit payments expected to be paid by the defined benefit pension plan at June 30, 2022 are as follows (in thousands):
|
|
|
|
|
Year Ending June 30, |
|
Future Benefits |
|
2023 |
|
$ |
1,001 |
|
2024 |
|
|
1,015 |
|
2025 |
|
|
1,212 |
|
2026 |
|
|
1,054 |
|
2027 |
|
|
1,218 |
|
Thereafter |
|
|
8,605 |
|
Total |
|
$ |
14,105 |
|
|