Pensions and Other Postretirement Benefits

9 Months Ended

Mar. 31, 2017

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pensions and Other Postretirement Benefits

7. Pensions and Other Postretirement Benefits

Defined Contribution Plans

We maintain a retirement savings plan available to U.S. employees that qualifies as a defined contribution plan under Section 401(k) of the Internal Revenue Code. We match 50% of the first 5% of the participants’ compensation invested by the employee in the 401(k) plan. We made matching contributions of $117 and $120 during the three months ended March 31, 2017 and 2016, respectively, and $338 and $332 during the nine months ended March 31, 2017 and 2016, respectively.

We also maintain a defined contribution plan (the “Stakeholder Plan”) for our U.K. based employees. The Stakeholder Plan provides for discretionary matching contributions of between 4% and 7% of the employee’s salary. We contributed $7 and $9 to the Stakeholder Plan for the three months ended March 31, 2017 and 2016, respectively, and $28 and $35 to the Stakeholder Plan for the nine months ended March 31, 2017 and 2016, respectively.

 

Defined Benefit Plans

The following table provides the components of net periodic pension cost of our German defined benefit pension plans recognized in earnings for the three and nine months ended March 31, 2017 and 2016:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Net Periodic Benefit Cost
Interest cost	$	13	$	24	$	38	$	72
Expected return on plan assets		(4)		(5)		(11)		(16)
Recognized actuarial loss		19		12		57		(37)
Net periodic benefit cost	$	28	$	31	$	84	$	19

We contributed $3 and $4 to our German defined benefit pension plans for the three months ended March 31, 2017 and 2016, respectively, and $10 and $12 to for the nine months ended March 31, 2017 and 2016, respectively. We expect to make additional, similar, quarterly contributions during the remaining quarters of our fiscal year 2017.