Employee Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2013

Defined Benefit Pension Plan's Funded Status and Amount Recognized in Consolidated Balance Sheets

The following table sets forth the defined benefit pension plan’s funded status and amount recognized in our consolidated balance sheets at June 30 (in thousands):


	2013			2012
Change in Benefit Obligation
Benefit obligation at beginning of year	$	1,593		$	1,652
Interest cost		79			87
Actuarial (gain) loss		286			(83	)
Benefits paid		(162	)		(63	)

Benefit obligation at end of year	$	1,796		$	1,593

Change in Plan Assets
Fair value of plan assets at beginning of year	$	1,682		$	1,716
Actual return on plan assets		142			31
Benefits paid		(162	)		(63	)
Plan expenses		—			(2	)

Fair value of plan assets at end of year	$	1,662		$	1,682

Reconciliation of Funded Status
Difference between benefit obligation and fair value of plan assets	$	(134	)	$	89
Unrecognized net actuarial loss in accumulated other comprehensive income		700			542

Net amount recognized	$	566		$	631

Projected benefit obligation	$	1,796		$	1,593
Accumulated benefit obligation	$	1,796		$	1,593
Fair value of plan assets	$	1,662		$	1,682

Components Included in Defined Benefit Pension Plan's Net Periodic Benefit Expense

The components included in the defined benefit pension plan’s net periodic benefit expense for the fiscal years ended June 30 were as follows (in thousands):


	2013			2012
Interest cost	$	79		$	87
Expected return on plan assets		(107	)		(116	)
Recognized actuarial loss		28			33
Settlement loss		65			—

Net periodic benefit expense	$	65		$	4

Summary of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

The following is a summary of changes in plan assets and benefit obligations recognized in other comprehensive income (in thousands):


	2013			2012
Net loss	$	251		$	3
Settlement loss		(65	)		—
Amortization of net loss		(28	)		(33	)

Total recognized in other comprehensive income (loss)	$	158		$	(30	)

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	223		$	(25	)

Benefit Payments Expected to be Paid

The following benefit payments are expected to be paid:


2014	$	24,838
2015		27,020
2016		45,135
2017		76,348
2018		95,972
2019-2023		719,463

	$	988,776

Weighted-Average Rates Used in Determining Defined Benefit Pension Plan's Net Pension Costs

The weighted-average rates used for the years ended June 30 in determining the defined benefit pension plan’s net pension costs, were as follows:


	2013			2012
Discount rate		5.50	%		5.50	%
Expected long-term rate of return		7.00	%		7.00	%
Compensation increase rate		N/A			N/A

Defined Benefit Pension Plan's Weighted Average Asset Allocation and Weighted Average Target Allocation

Our defined benefit pension plan’s weighted average asset allocation at June 30 and weighted average target allocation were as follows:


	2013			2012			Target Allocation
Equity securities		48	%		54	%		46	%
Debt securities		46	%		40	%		49	%
Commodities		—			—			2	%
Cash and money market funds		6	%		6	%		3	%

		100	%		100	%		100	%

Fair Values by Asset Category of Defined Benefit Pension Plan

The fair values by asset category of our defined benefit pension plan at June 30, 2013 were as follows (in thousands):


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and money market funds	$	99	$	99	$	—	$	—
Equity securities⁽¹⁾	$	792	$	792	$	—	$	—
Debt securities⁽²⁾	$	771	$	771	$	—	$	—

Total	$	1,662	$	1,662	$	—	$	—

(1)	This category is comprised of publicly traded funds, of which 76% are large-cap funds, 7% are emerging markets equity funds, and 17% are international equity funds.

(2)	This category is comprised of publicly traded funds, of which 12% are short-term fixed income funds, 9% are high-yield fixed income funds, 44% are intermediate fixed income funds, 27% are REITs and MLPs funds, and 8% are hedge funds.