EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Jun. 30, 2022

Schedule of Data Related to Foreign Defined Benefit Pension Plans

Summary data relating to our foreign defined benefit pension plans, including key weighted-average assumptions used, is provided in the following tables:


	Year Ended June 30,
(In thousands)	2022		2021
Change in projected benefit obligation:
Projected benefit obligation as of the beginning of the fiscal year	$	134,305	$	119,870
Service cost	5,054		4,649
Interest cost	1,003		1,187
Contributions by plan participants	78		72
Actuarial loss	3,029		7,912
Benefit payments	(2,164)		(2,629)
Plan amendment impact	670		—
Settlements impact	(1,010)		—

Foreign currency exchange rate changes and others, net	(16,380)		3,244
Projected benefit obligation as of the end of the fiscal year	$	124,585	$	134,305

	Year Ended June 30,
(In thousands)	2022		2021
Change in fair value of plan assets:
Fair value of plan assets as of the beginning of the fiscal year	$	44,726	$	37,928
Actual return on plan assets	(1,087)		1,074
Employer contributions	6,955		6,103
Benefit and expense payments	(2,160)		(2,626)
Settlements impact	(1,010)		—


Foreign currency exchange rate changes and others, net	(3,831)		2,247
Fair value of plan assets as of the end of the fiscal year	$	43,593	$	44,726


	As of June 30,
(In thousands)	2022		2021
Underfunded status	$	80,992	$	89,579

	As of June 30,
(In thousands)	2022		2021
Plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation	$	77,697	$	81,924
Projected benefit obligation	$	124,585	$	134,305
Plan assets at fair value	$	43,593	$	44,726

Schedule of Weighted-Average Assumptions Used in Determining Benefit Obligation and Net Periodic Cost


	Year Ended June 30,
	2022	2021	2020
Weighted-average assumptions(1):
Discount rate	0.9% - 3.0%	0.5% - 1.7%	0.6% - 1.7%
Expected rate of return on assets	0.9% - 3.0%	0.6% - 2.9%	0.8% - 2.9%
Rate of compensation increases	2.3% - 5.0%	2.3% - 5.0%	1.8% - 4.5%

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(1)Represents the weighted-average assumptions used to determine the benefit obligation.

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The following table presents losses recognized in AOCI before tax related to our foreign defined benefit pension plans:


	As of June 30,
(In thousands)	2022		2021

Unrecognized prior service cost	$	12,414	$	—
Unrealized net loss	19,400		30,375
Amount of losses recognized	$	31,814	$	30,375

Schedule of Net Periodic Cost

The components of our net periodic cost relating to our foreign subsidiaries’ defined benefit pension plans are as follows:


	Year Ended June 30,
(In thousands)	2022		2021		2020
Components of net periodic pension cost:
Service cost(1)	$	5,054	$	4,649	$	4,823
Interest cost	1,003		1,187		1,086
Return on plan assets	(528)		(549)		(475)

Amortization of prior service cost	671		—		3
Amortization of net loss	1,406		1,071		1,214


Loss due to settlement/curtailment	38		130		—
Foreign currency exchange rate changes	(19)		—		—
Net periodic pension cost	$	7,625	$	6,488	$	6,651

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(1)Service cost is reported in cost of revenues, R&D and SG&A expenses. All other components of net periodic pension cost are reported in other expense (income), net in the Consolidated Statements of Operations.

Schedule of Foreign Plan Assets Measured at Fair Value on Recurring Basis

Foreign plan assets measured at fair value on a recurring basis consisted of the following investment categories as of June 30, 2022 and 2021, respectively:


As of June 30, 2022 (In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash and cash equivalents	$	27,543	$	27,543	$	—
Bonds, equity securities and other investments	16,050		—		16,050
Total assets measured at fair value	$	43,593	$	27,543	$	16,050

As of June 30, 2021 (In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash and cash equivalents	$	25,458	$	25,458	$	—
Bonds, equity securities and other investments	19,268		—		19,268
Total assets measured at fair value	$	44,726	$	25,458	$	19,268