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Retirement Benefits (Tables)
 12 Months Ended
Jun. 30, 2016
Compensation And Retirement Disclosure [Abstract]  
Reconciliation of Benefit Obligations, Plan Assets and Funded Status Recognized in Consolidated Balance Sheets

The following is a reconciliation of the benefit obligations, plan assets and funded status of the plans as well as the amounts recognized in our Consolidated Balance Sheets as of and for the fiscal years ended June 30, 2016 and 2015:

 

 

 

Year Ended June 30,

 

 

 

2016

 

 

2015

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

200,203

 

 

$

202,893

 

Benefit obligation of plans not previously reported(1)

 

 

-

 

 

 

6,148

 

Service cost

 

 

5,606

 

 

 

4,285

 

Interest cost

 

 

6,802

 

 

 

6,655

 

Actuarial loss

 

 

28,757

 

 

 

16,236

 

Settlements, curtailments and other contract benefits

 

 

(815

)

 

 

(5,975

)

Plan amendments

 

 

-

 

 

 

-

 

Benefits paid

 

 

(9,351

)

 

 

(8,905

)

Foreign currency translation

 

 

(1,722

)

 

 

(21,134

)

Benefit obligation at end of year

 

$

229,480

 

 

$

200,203

 

 

 

 

Year Ended June 30,

 

 

 

2016

 

 

2015

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of assets at beginning of year

 

$

3,764

 

 

$

6,641

 

Assets related to acquisitions

 

 

-

 

 

 

193

 

Actual return on plan assets

 

 

548

 

 

 

761

 

Employer contributions

 

 

10,277

 

 

 

10,415

 

Benefits paid

 

 

(9,351

)

 

 

(8,905

)

Settlement

 

 

(1,388

)

 

 

(4,799

)

Foreign currency translation

 

 

(564

)

 

 

(542

)

Fair value of assets at end of year

 

$

3,286

 

 

$

3,764

 

Reconciliation of funded status:

 

 

 

 

 

 

 

 

Funded status

 

$

(226,194

)

 

$

(196,439

)

Unrecognized prior service cost

 

 

2,261

 

 

 

4,332

 

Unrecognized net loss

 

 

83,248

 

 

 

61,460

 

Accrued pension cost

 

$

(140,685

)

 

$

(130,647

)

Non-current assets

 

$

-

 

 

$

-

 

Accrued liabilities

 

 

(10,178

)

 

 

(9,777

)

Other non-current liabilities

 

 

(216,016

)

 

 

(186,662

)

AOCI

 

 

85,509

 

 

 

65,792

 

Accrued pension cost

 

$

(140,685

)

 

$

(130,647

)

 

(1)

In the prior year, these amounts are associated with certain of our acquisitions made during that fiscal year.
Amount to be Amortized from AOCI into Net Periodic Benefit Cost

The estimated amount that will be amortized from AOCI into net periodic benefit cost in fiscal year 2017 is as follows:

 

Amounts expected to be recognized in net periodic benefit cost

 

 

 

 

Recognized net actuarial loss

 

$

4,196

 

Amortization of prior service cost

 

 

858

 

Total

 

$

5,054

 

 
Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

A comparison of plans’ assets with plans’ projected benefit and accumulated benefit obligations for plans where obligations exceed plan assets as of June 30, 2016 and 2015 is presented below. There were no plan assets which exceed obligations as of June 30, 2016 and 2015.

 

 

 

Plans Where

Obligations Exceed Plan Assets

Year Ended June 30,

 

 

 

2016

 

 

2015

 

Projected benefit obligation

 

$

229,480

 

 

$

200,203

 

Accumulated benefit obligation

 

 

212,527

 

 

 

186,206

 

Fair value of plan assets

 

 

3,286

 

 

 

3,764

 

 
Components of Net Periodic Benefit Costs

The components of net periodic benefit costs for the fiscal years ended June 30, 2016, 2015 and 2014 are presented below:

 

 

 

Year Ended June 30,

 

 

 

2016

 

 

2015

 

 

2014

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

5,606

 

 

$

4,285

 

 

$

2,507

 

Interest cost

 

 

6,802

 

 

 

6,655

 

 

 

7,201

 

Expected return on plan assets

 

 

(122

)

 

 

(255

)

 

 

(259

)

Amortization of prior service cost

 

 

968

 

 

 

975

 

 

 

1,001

 

Amortization of net loss

 

 

4,874

 

 

 

3,767

 

 

 

3,038

 

Settlements, curtailments and other contract

   benefits

 

 

3,165

 

 

 

387

 

 

 

1,119

 

Net periodic benefit cost

 

$

21,293

 

 

$

15,814

 

 

$

14,607

 

 
Assumptions Used to Determine Benefit Obligations and Net Periodic Pension and Postretirement Benefit Costs

The assumptions used to determine our benefit obligations and net periodic pension and other postretirement benefit costs are presented below:

 

 

 

Year Ended June 30,

 

 

2016

 

2015

 

2014

Assumptions:

 

 

 

 

 

 

Weighted average rates used to determine benefit

   obligations at June 30:

 

 

 

 

 

 

Range of discount rates for pension plans

 

1.3%—8.6%

 

2.0%—8.3%

 

1.4%—8.8%

Range of rates of compensation increase for

   pension plans

 

2.0%—10.0%

 

2.0%—10.0%

 

0.0%—10.0%

Weighted average rates used to determine net

   periodic benefit cost at June 30:

 

 

 

 

 

 

Range of discount rates for pension plans

 

2.0%—8.3%

 

1.4%—8.8%

 

1.4%—4.4%

Range of rates of compensation increase for

   pension plans

 

2.0%—10.0%

 

2.0%—10.0%

 

2.0%—4.0%