Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Jun. 30, 2020

Pensions and Other Postretirement Benefits

Schedule of Obligations and Funded Status

A reconciliation of the changes in the Pension Plans’ benefit obligations and fair value of plan assets over the two-year period ended June 30, 2020, and a statement of the funded status at June 30, 2020 and 2019, respectively, for  the Pension Plans, is as follows:

Obligations and Funded Status

	June 30,
	2020		2019
	(Amounts in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	4,702	$	4,581
Interest cost		30		60
Actuarial (gain) loss		(79)		432
Foreign currency exchange rate change		(60)		(123)
Benefits paid		(241)		(248)
Benefit obligation at end of year	$	4,352	$	4,702
Change in plan assets:
Fair value of plan assets at beginning of year	$	560	$	809
Actual return on plan assets		6		1
Employer contributions		21		13
Benefits paid		(235)		(242)
Foreign currency exchange rate change		(10)		(21)
Fair value of plan assets at end of year	$	342	$	560
Funded status at end of year	$	(4,010)	$	(4,142)

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts Recognized in the Consolidated Balance Sheets

	June 30,
	2020		2019
	(Amounts in thousands)
Other accrued expenses (1)	$	(5)	$	(6)
Pension liability - long-term liabilities		(4,005)		(4,136)
Total pension liability	$	(4,010)	$	(4,142)
Accumulated other comprehensive loss	$	(1,517)	$	(1,707)

⁽¹⁾ Included in line item accounts payable and accrued expenses

Schedule of Items Not Yet Recognized as Component of Net Periodic Pension Cost

Items Not Yet Recognized as a Component of Net Periodic Pension Cost:

	June 30,
	2020		2019
	(Amounts in thousands)
Unrecognized actuarial losses	$	1,517	$	1,707
	$	1,517	$	1,707

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets

Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets:

	June 30,
	2020		2019
	(Amounts in thousands)
Projected benefit obligation	$	4,352	$	4,702
Accumulated benefit obligation		4,352		4,702
Fair value of plan assets		342		560

Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (amounts in thousands):

	Fiscal Year Ended June 30,
	2020		2019
Net Periodic Benefit Cost
Interest cost	$	30	$	60
Expected return on plan assets		(5)		(5)
Recognized actuarial loss		89		64
Net periodic benefit cost	$	114	$	119

Schedule of Assumptions Benefit

The following table sets forth the assumptions used to determine benefit obligations:

	June 30,
	2020		2019
Discount rate	0.86	%	0.67	%
Expected return on plan assets	3.00	%	3.00	%
Compensation increase rate	0.00	%	0.00	%

The following table sets forth the assumptions used to determine net periodic benefit cost:

	Fiscal Year Ended June 30,
	2020		2019
Discount rate	0.67	%	1.37	%
Expected return on plan assets	3.00	%	2.00	%
Compensation increase rate	0.00	%	0.00	%

Summary of Changes in Fair Value of Plan Assets

The following table sets forth, by level within the fair value hierarchy, a summary of the Pension Plans' assets measured at fair value, as well as the percentage of total plan assets for each category at June 30, 2020:

									Percentage of
							Total		Plan Assets
	Level 1		Level 2		Level 3		Assets		2020
	(Amounts in thousands)
Asset Category:
Cash and cash equivalents	$	46	$	—	$	—	$	46	13.5	%
Cash surrender value insurance contracts		—		296		—		296	86.5	%
Totals	$	46	$	296	$	—	$	342	100.0	%

The following table sets forth, by level within the fair value hierarchy, a summary of the Pension Plan’s assets measured at fair value, as well as the percentage of total plan assets for each category at June 30, 2019:

									Percentage of
							Total		PlanAssets
	Level 1		Level 2		Level 3		Assets		2019
	(Amounts in thousands)
Asset Category:
Cash and cash equivalents	$	32	$	—	$	—	$	32	5.7	%
Cash surrender value insurance contracts		—		528		—		528	94.3	%
Totals	$	32	$	528	$	—	$	560	100.0	%

Schedule of Estimated Future Benefit Payments

Expected benefit payments, which reflect expected future service, during the next ten fiscal years ending June 30, are as follows (amounts in thousands):

	Pension Benefits
2021	$	244
2022		241
2023		238
2024		238
2025		243
2026 - 2030		1,147