Employee Benefit Plans

Single Employer Pension Plans

Effective June 30, 2011, the Company amended its defined benefit pension plans, freezing the benefit for all participants. As of the effective date, participants do not accrue any benefits under the plans, and new hires are not eligible to participate in the plans.

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



	Three Months Ended December 31,						Six Months Ended December 31,
	2019			2018			2019			2018
(In thousands)
Service cost	$	—		$	—		$	—		$	—
Interest cost	1,059			1,426			2,118			2,852
Expected return on plan assets	(1,102		)	(1,485		)	(2,203		)	(2,970		)
Amortization of net loss(1)	370			370			740			740
Pension settlement charge	—			10,948			—			10,948
Net periodic benefit cost	$	327		$	11,259		$	655		$	11,570

___________

(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.

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost



	December 31, 2019	June 30, 2019
Discount rate	3.45%	4.05%
Expected long-term return on plan assets	6.75%	6.75%

Multiemployer Pension Plans

The Company participates in two multiemployer defined benefit pension plans that are union sponsored and collectively bargained for the benefit of certain employees subject to collective bargaining agreements, of which the Western Conference of Teamsters Pension Plan ("WCTPP") is individually significant. The Company makes contributions to these plans generally based on the number of hours worked by the participants in accordance with the provisions of negotiated labor contracts.

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



	Three Months Ended December 31,				Six Months Ended December 31,
	2019		2018		2019		2018
(In thousands)
Contributions	$	452	$	283	$	880	$	778

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



(In thousands)	December 31, 2019		June 30, 2019
WCT Pension Trust (1)	$	344	$	1,487
Local 807 Pension Fund (2)	$	182	$	182

__________

(1) Initial liability amount of $3.4 million, including interest, commencing in September 10, 2018, payable in 17 monthly installments of $190,507 followed by a final monthly installment of $153,822 in February 2020.

(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 December 31, 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.

Multiemployer Plans Other Than Pension Plans

The Company participates in nine multiemployer defined contribution plans other than pension plans that provide medical, vision, dental and disability benefits for active, union-represented employees subject to collective bargaining agreements. The plans are subject to the provisions of the Employee Retirement Income Security Act of 1974, and provide that participating employers make monthly contributions to the plans in an amount as specified in the collective bargaining agreements. Also, the plans provide that participants make self-payments to the plans, the amounts of which are negotiated through the collective bargaining process. The Company’s participation in these plans is governed by collective bargaining agreements which expire on or before June 30, 2022.

401(k) Plan

The Company’s 401(k) Plan is available to all eligible employees. Participants in the 401(k) Plan may choose to contribute a percentage of their annual pay subject to the maximum contribution allowed by the Internal Revenue Service. The Company recorded matching contributions of $0.6 million and $0.4 million in operating expenses in the three months ended December 31, 2019 and 2018. The Company recorded matching contributions of $1.3 million and $0.9 million in operating expenses in the six months ended December 31, 2019 and 2018.

Additionally, the Company makes an annual safe harbor non-elective contribution of shares of the Company’s common stock equal to 4% of each eligible participant’s annual plan compensation. During the three and six months December 31, 2019, the Company contributed a total of 54,025 and 109,649 shares of the Company’s common stock with a value of $0.6 million and $1.4 million, respectively, to eligible participants’ annual plan compensation.

Postretirement Benefits

Retiree Medical Plan and Death Benefit

The following table shows the components of net periodic postretirement benefit cost for the Retiree Medical Plan and Death Benefit for the three and six months ended December 31, 2019 and 2018. Net periodic postretirement benefit cost was based on employee census information and asset information as of June 30, 2019.



	Three Months Ended December 31,						Six Months Ended December 31,
	2019			2018			2019			2018
(In thousands)
Components of Net Periodic Postretirement Benefit Cost (Credit):
Service cost	$	147		$	133		$	294		$	266
Interest cost	214			222			428			444
Amortization of net gain	(125		)	(209		)	(250		)	(418		)
Amortization of prior service credit	(392		)	(439		)	(784		)	(878		)
Net periodic postretirement benefit credit	$	(156	)	$	(293	)	$	(312	)	$	(586	)

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%