Retirement Benefits

9 Months Ended

Mar. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Retirement Benefits

Note 16 – Retirement Benefits

Plan Descriptions

Retirement savings plan

We provide a Retirement Savings Plan (the “Savings Plan”) for certain employees in the United States. Under the Savings Plan, and subject to certain limitations: (i) employees may contribute up to 50 percent of their pretax compensation; (ii) each business unit will make a safe harbor non-elective contribution in an amount equal to three percent of a participant’s pre-tax compensation; and (iii) each business unit may also make a matching contribution of 50 percent of an employee’s tax-deferred compensation, up to the first six percent of a participant’s pre-tax compensation. Matching contributions vest at a rate of 25 percent for each year of service with the employer, beginning with the second year of service.

Pension benefits

We provide defined pension benefits to certain eligible employees. The measurement date used for determining pension benefits is the last day of our fiscal year, June 30^th. We have certain business units in Europe and Asia that maintain defined benefit pension plans for many of our current and former employees. The coverage provided and the extent to which the retirees’ share in the cost of the program vary by business unit. Generally, plan benefits are based on age, years of service and average compensation during the final years of service. In the United States, we have a Supplemental Executive Retirement Plan (the “SERP”) that provides retirement, death and termination benefits, as defined in the SERP, to certain key executives designated by our Board of Directors. The majority of our defined benefit plans do not have contractual or statutory provisions which specify minimum funding requirements. We are in compliance with all existing contractual obligations and statutory provisions.

The following table presents the components of net periodic benefit cost for the three and nine months ended March 31, 2013 and 2012:

	Three Months Ended March 31,						Nine Months Ended March 31,
	2013			2012			2013			2012
Service cost	$	550		$	391		$	1,624		$	1,204
Interest cost		1,786			1,956			5,312			5,963
Expected return on plan assets		(70	)		(60	)		(215	)		(179	)
Amortization of prior service cost		287			352			871			1,055
Amortization of net loss		968			448			2,904			1,345
Net periodic benefit cost	$	3,521		$	3,087		$	10,496		$	9,388

During the three months ended March 31, 2013 and 2012, we made contributions of $2.7 million and $2.1 million, respectively, to the defined benefit pension plans, substantially all of which were paid to participants. During the nine months ended March 31, 2013 and 2012, we made contributions of $6.9 million and $6.4 million, respectively, to the defined benefit pension plans, substantially all of which were paid to participants. We expect to make approximately $2.4 million in contributions for the remainder of the fiscal year ending June 30, 2013.