Pension and Post-retirement Benefits

9 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Pension and Post-retirement Benefits

Pension and Post-retirement Benefits

The Company has two defined benefit pension plans, one for U.S. employees and another for U.K. employees.  The Company has a postretirement medical benefit plan for U.S. employees. As of January 1, 2021, the Company no longer provided Life Insurance benefits for retirees. The Company also has defined contribution plans.

The U.K. defined benefit plan was closed to new entrants in fiscal 2009.

On December 21, 2016, the Company amended the U.S. defined benefit pension plan to freeze benefit accruals effective December 31, 2016. Consequently, the Plan is closed to new participants and current participants will no longer earn additional benefits after December 31, 2016.

Net periodic benefit costs for the Company's defined benefit pension plans are located in Other (expense), net in Consolidated Statements of Operations, except (in the table below) for service cost. Service cost are in cost of sales and selling, general and administrative expenses. Net periodic benefit costs consist of the following (in thousands):

	Three Months Ended				Nine Months Ended
	3/31/2021		3/31/2020		3/31/2021		3/31/2020
Service cost	$	—	$	—	$	—	$	—
Interest cost	1,120		1,362		3,351		4,077
Expected return on plan assets	(1,115)		(1,305)		(3,336)		(3,908)
Amortization of net loss	13		9		40		28
	$	18	$	66	$	55	$	197

Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands):

	Three Months Ended				Nine Months Ended
	3/31/2021		3/31/2020		3/31/2021		3/31/2020
Service cost	$	21	$	18	$	64	$	55
Interest cost	51		60		154		180
Amortization of prior service credit	(134)		(134)		(403)		(403)
Amortization of net loss	41		20		124		62
	$	(21)	$	(36)	$	(61)	$	(106)

For the three and nine month period ended March 31, 2021, the Company contributed $2.6 million and $5.4 million, respectively in the U.S. and $0.3 million and $0.7 million in the UK pension plans. The Company estimates that it will contribute an additional $1.8 million for the remainder of fiscal 2021.

The Company’s pension plans use fair value as the market-related value of plan assets and recognize net actuarial gains or losses in excess of ten percent (10)% of the greater of the market-related value of plan assets or of the plans’ projected benefit obligation in net periodic (benefit) cost as of the plan measurement date. Net actuarial gains or losses that are less than 10% of the thresholds noted above are accounted for as part of accumulated other comprehensive loss.