Pension Benefits (Pension Benefits [Member])

12 Months Ended

Jun. 30, 2013

Pension Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Pension And Postretirement Benefits

Note 7 –Pension Benefits

Defined Benefit Pension Plans

We sponsor multiple defined benefit pension plans that have covered certain union workers. However, as a result of prior-years’ restructuring activities, for all periods presented, we no longer have any active employees continuing to accrue service cost or otherwise eligible to receive plan benefits. Benefits being paid under the plans are primarily based on negotiated rates and years of service. We contribute to these plans at least the minimum amount required by regulation.

At the end of the year, we discount our plan liabilities using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, review the timing of future benefit payments, bond indices, consider yield curve analysis results and the past history of discount rates.

The actuarial present value of benefit obligations summarized below was based on the following assumption:

	2013			2012
Weighted-average assumption as of June 30
Discount rate		4.57	%		3.78	%

The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions:

	2013			2012			2011
Discount rate		3.78	%		5.29	%		5.21	%
Expected long-term return on plan assets		7.00	%		7.00	%		7.00	%

In determining the long-term expected return on plan assets, we consider our related investment guidelines, our expectations of long-term rates of return by asset category, our target asset allocation weighting and historical rates of return and volatility for equity and fixed income investments. The investment strategy for plan assets is to control and manage investment risk through diversification among asset classes, investment managers/funds and investment styles. The plans’ investment guidelines have been designed to meet the intended objective that plan assets earn at least nominal returns equal to or in excess of the plans’ liability growth rate. In consideration of the current average age of the plans’ participants, the investment guidelines are based upon an investment horizon of at least 10 years.

The target and actual asset allocations for our plans at June 30 by asset category were as follows:

	Target Percentage of Plan Assets at June 30		Actual Percentage of Plan Assets
	2013		2013		2012
Cash and equivalents	0-10	%	2	%	2	%
Equity securities	30-70	%	51		50
Fixed income	30-70	%	47		48
Total			100	%	100	%

Our target asset allocations are maintained through ongoing review and periodic rebalancing of equity and fixed income investments with assistance from an independent outside investment consultant. Also, the plan assets are diversified among asset classes, asset managers or funds and investment styles to avoid concentrations of risk. We expect that a modest allocation to cash will exist within the plans because each investment manager is likely to hold limited cash in a portfolio.

We categorize our plan assets within a three-level fair value hierarchy as follows:

Level 1 – Quoted market prices in active markets for identical assets.

Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3 – Unobservable inputs that are not corroborated by market data.

The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30, 2013 and 2012:

	June 30, 2013
Asset Category	Level 1		Level 2		Level 3		Total
Cash and equivalents	$	543	$	-	$	-	$	543
Money market funds		319		-		-		319
U.S. government obligations		-		4,275		-		4,275
Corporate obligations		-		2,440		-		2,440
Mortgage obligations		-		1,911		-		1,911
Mutual funds fixed income		8,455		-		-		8,455
Mutual funds equity		18,300		-		-		18,300
Total	$	27,617	$	8,626	$	-	$	36,243
	June 30, 2012
Asset Category	Level 1		Level 2		Level 3		Total
Cash and equivalents	$	168	$	-	$	-	$	168
Money market funds		488		-		-		488
U.S. government obligations		-		4,707		-		4,707
Corporate obligations		-		2,196		-		2,196
Mortgage obligations		-		1,958		-		1,958
Mutual funds fixed income		8,054		-		-		8,054
Mutual funds equity		17,564		-		-		17,564
Total	$	26,274	$	8,861	$	-	$	35,135

The plan assets classified at Level 1 include money market funds, common stock and mutual funds. Quoted market prices in active markets for identical assets are available for investments in this category.

The plan assets classified at Level 2 include fixed income securities consisting of government securities, corporate obligations, mortgage obligations and other asset backed securities. For these types of securities, market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually at the measurement date. For these assets, we obtain pricing information from an independent pricing service. The pricing service uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing service are derived from market observable sources including as applicable: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable structure and quality, and other market-related data.

Relevant information with respect to our pension benefits as of June 30 can be summarized as follows:

	2013		2012
Change in benefit obligation
Benefit obligation at beginning of year	$	44,318	$	37,639
Interest cost		1,633		1,933
Actuarial (gain) loss		(4,188)		6,966
Benefits paid		(2,244)		(2,220)
Benefit obligation at end of year	$	39,519	$	44,318

	2013		2012
Change in plan assets
Fair value of plan assets at beginning of year	$	35,135	$	35,346
Actual return on plan assets		3,352		997
Employer contributions		-		1,012
Benefits paid		(2,244)		(2,220)
Fair value of plan assets at end of year	$	36,243	$	35,135

	2013		2012
Reconciliation of funded status
Net accrued benefit cost	$	(3,276)	$	(9,183)

	2013		2012
Amounts recognized in the consolidated balance sheets consist of
Prepaid benefit cost (noncurrent assets)	$	180	$	-
Accrued benefit liability (noncurrent liabilities)		(3,456)		(9,183)
Net amount recognized	$	(3,276)	$	(9,183)

	2013		2012
Accumulated benefit obligation	$	39,519	$	44,318

The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date:

	2013		2012
Benefit obligations	$	36,270	$	44,318
Fair value of plan assets at end of year	$	32,814	$	35,135

Amounts recognized in accumulated other comprehensive loss at June 30 were as follows:

	2013		2012
Net actuarial loss	$	14,110	$	19,957
Net transition asset		-		(1)
Income taxes		(5,213)		(7,374)
Total	$	8,897	$	12,582

The amount in accumulated other comprehensive loss expected to be recognized as a component of net periodic benefit cost during the next fiscal year is as follows:

	2014
Net actuarial loss	$	461

The following table summarizes the components of net periodic benefit (income) cost at June 30:

	2013		2012		2011
Components of net periodic benefit (income) cost
Interest cost	$	1,633	$	1,933	$	1,947
Expected return on plan assets		(2,380)		(2,397)		(2,027)
Amortization of unrecognized net loss		687		355		546
Amortization of unrecognized net asset existing at transition		(1)		(1)		(1)
Net periodic benefit (income) cost	$	(61)	$	(110)	$	465

We have not yet finalized our anticipated funding level for 2014, but, based on initial estimates, we do not expect to make any contributions to our pension plans during 2014.

Benefit payments estimated for future years are as follows:

2014	$	2,279
2015	$	2,243
2016	$	2,247
2017	$	2,290
2018	$	2,324
2019 - 2023	$	12,733