Note 12 - Retirement Benefits

6 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

12)     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 three and six months ended December 31, 2020 and 2019 consisted of the following components (in thousands):

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
	December 31,						December 31,
	2020			2019			2020			2019
Service cost	$	1		$	1		$	55		$	10
Interest cost		1,860			2,271			178			213
Expected return on plan assets		(3,253	)		(3,288	)		(155	)		(221	)
Recognized net actuarial loss		1,483			1,275			186			165
Amortization of prior service cost		-			-			(1	)		-
Net periodic benefit cost	$	91		$	259		$	263		$	167

	U.S. Plans						Non-U.S. Plans
	Six Months Ended						Six Months Ended
	December 31,						December 31,
	2020			2019			2020			2019
Service cost	$	2		$	2		$	110		$	20
Interest cost		3,720			4,542			354			418
Expected return on plan assets		(6,506	)		(6,575	)		(307	)		(432	)
Recognized net actuarial loss		2,967			2,551			369			323
Amortization of prior service cost		-			-			(2	)		-
Net periodic benefit cost	$	183		$	520		$	524		$	329

The following table sets forth the  amounts recognized as of December 31, 2020 and June 30, 2020 for the Company's defined benefit pension plans (in thousands):

Amounts recognized in the consolidated balance sheets consist of:	December 31, 2020			June 30, 2020
Prepaid benefit cost	$	5,130		$	4,663
Current liabilities		(536	)		(503	)
Non-current liabilities		(70,080	)		(77,172	)
Net amount recognized	$	(65,486	)	$	(73,012	)

The contributions made to defined benefit plans for the three and six months ended December 31, 2020 and 2019 are presented below along with remaining contributions to be made for fiscal year 2021 (in thousands):

	Fiscal Year 2021				Fiscal Year 2020				Remaining
	Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended		Contributions
Contributions to defined benefit plans	December 31, 2020		December 31, 2020		December 31, 2019		December 31, 2019		FY 2021
United States, funded plan	$	4,776	$	4,776	$	1,468	$	1,468	$	4,748
United States, unfunded plan		52		104		58		114		107
United Kingdom		-		-		193		377		-
Germany, unfunded plan		-		-		-		-		297
Ireland		-		-		-		-		70
	$	4,828	$	4,880	$	1,719	$	1,959	$	5,222