Postretirement Benefits (Postretirement Benefits [Member])

12 Months Ended

Jun. 30, 2013

Postretirement Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Pension And Postretirement Benefits

Note 8 –Postretirement Benefits

Postretirement Medical and Life Insurance Benefit Plans

We and certain of our operating subsidiaries provide multiple postretirement medical and life insurance benefit plans. We recognize the cost of benefits as the employees render service. Postretirement benefits are funded as incurred. 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 projected 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	%
Health care cost trend rate pre-Medicare		10.00	%		10.00	%		10.00	%
Health care cost trend rate Medicare		7.00	%		10.00	%		10.00	%

Relevant information with respect to our postretirement medical and life insurance benefits as of June 30 can be summarized as follows:

	2013		2012
Change in benefit obligation
Benefit obligation at beginning of year	$	3,054	$	2,881
Service cost		31		25
Interest cost		113		147
Actuarial (gain) loss		(162)		70
Plan participant contributions		55		61
Benefits paid		(157)		(130)
Benefit obligation at end of year	$	2,934	$	3,054

	2013		2012
Change in plan assets
Employer contributions	$	102	$	69
Plan participant contributions		55		61
Benefits paid		(157)		(130)
Fair value of plan assets at end of year	$	-	$	-

	2013		2012
Reconciliation of funded status
Net accrued benefit cost	$	(2,934)	$	(3,054)

	2013		2012
Amounts recognized in the consolidated balance sheets consist of
Current accrued benefit liability	$	(187)	$	(191)
Noncurrent accrued benefit liability	$	(2,747)	$	(2,863)

	2013		2012
Accumulated benefit obligation	$	2,934	$	3,054

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

	2013		2012
Net actuarial gain	$	(784)	$	(644)
Prior service benefit		(18)		(23)
Income taxes		296		247
Total	$	(506)	$	(420)

Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:

	2014
Prior service asset amortization	$	(5)
Unrecognized gain amortization		(27)
Total	$	(32)

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

	2013		2012		2011
Components of net periodic benefit cost
Service cost	$	31	$	25	$	24
Interest cost		113		147		137
Amortization of unrecognized net gain		(22)		(31)		(46)
Amortization of prior service asset		(5)		(5)		(5)
Net periodic benefit cost	$	117	$	136	$	110

We expect to contribute approximately $0.2 million to our postretirement benefit plans in 2014.

Benefit payments estimated for future years are as follows:

2014	$	187
2015	$	182
2016	$	189
2017	$	184
2018	$	190
2019 - 2023	$	944

For other postretirement benefit measurement purposes, annual increases in medical costs for 2013 for pre-Medicare eligible claims were assumed to total approximately 8% per year and gradually decline to 5% by approximately the year 2021 and remain level thereafter. However, for Medicare eligible claims, the annual increases in medical costs for 2013 were assumed to total approximately 7% per year and gradually decline to 5% by approximately the year 2021 and remain level thereafter. Annual increases in medical costs for 2012 for pre-Medicare eligible claims were assumed to total approximately 10% per year and gradually decline to 5% by approximately the year 2017 and remain level thereafter. However, for Medicare eligible claims, the annual increases in medical costs for 2012 were assumed to total approximately 7% per year and gradually decline to 5% by approximately the year 2016 and remain level thereafter.

Assumed health care cost rates can have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effect:

	1-Percentage-Point Increase		1-Percentage-Point Decrease
Effect on total of service and interest cost components	$	8	$	(7)
Effect on postretirement benefit obligation as of June 30, 2013	$	195	$	(171)