Employee Benefit Plans (Tables)

9 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Costs

The following table shows the components of net periodic postretirement benefit cost (credit) for the Retiree Medical Plan and Death Benefit for the three and nine months ended March 31, 2020 and 2019. Net periodic postretirement benefit cost was based on employee census information and asset information as of June 30, 2019. 

	Three Months Ended March 31,						Nine Months Ended March 31,
	2020			2019			2020			2019
(In thousands)
Components of Net Periodic Postretirement Benefit Cost (Credit):
Service cost	$	147		$	133		$	441		$	399
Interest cost	214			222			641			666
Amortization of net gain	(125		)	(209		)	(374		)	(627		)
Curtailment credit - Retiree Medical	(5,750		)	—			(5,750		)	—
Amortization of prior service credit	(395		)	(439		)	(1,186		)	(1,317		)
Net periodic postretirement benefit credit	$	(5,909	)	$	(293	)	$	(6,228	)	$	(879	)

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

	Three Months Ended March 31,						Nine Months Ended March 31,
	2020			2019			2020			2019
(In thousands)
Service cost	$	—		$	—		$	—		$	—
Interest cost	1,059			1,173			3,177			4,025
Expected return on plan assets	(1,102		)	(1,126		)	(3,305		)	(4,096		)
Amortization of net loss(1)	370			380			1,109			1,120
Pension settlement charge	—			—			—			10,948
Net periodic benefit cost	$	327		$	427		$	981		$	11,997

___________

(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. 

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

	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
(In thousands)
Contributions	$	240	$	585	$	1,120	$	1,364

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

(In thousands)	March 31, 2020		June 30, 2019
WCT Pension Trust (1)	$	—	$	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 March 31, 2020, 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.

Defined Benefit Plan, Assumptions

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

	March 31, 2020	June 30, 2019
Discount rate	3.45%	4.05%
Expected long-term return on plan assets	6.75%	6.75%

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

	Fiscal
	2020	2019
Retiree Medical Plan discount rate	3.44%	4.25%
Death Benefit discount rate	3.64%	4.25%