EMPLOYEE BENEFIT AND RETIREMENT PLANS (Tables)

12 Months Ended

Jun. 30, 2021

Schedule of Net Periodic Benefit Cost Not yet Recognized

These amounts are as of the remeasurement date of June 30, 2021, in thousands.


	Before remeasurement		Effect of remeasurement		After remeasurement		Effect of settlement		After settlement
Benefit obligation	$	133,748	$	75	$	133,823	$	(11,411)	$	122,412
Market value of assets	$	107,259	$	—	$	107,259	$	(11,411)	$	95,848
Funded status	$	26,489	$	75	$	26,564	$	—	$	26,564
Unrecognized (gain) loss	$	1,606	$	(75)	$	1,531	$	(130)	$	1,401
Prepaid / (Accrued)	$	28,095	$	—	$	28,095	$	(130)	$	27,965

Schedule of Net Benefit Costs

The table below summarizes the total net periodic benefit cost for the Post Retirement Benefit plan for fiscal 2021, in thousands:


	7/1/20 to 1/31/21			2/1/21 to 6/30/21			Total expense
	(before amendment)			(after amendment)			for fiscal 2021
Service cost	$	50		$	15		$	65
Interest cost	$	120		$	21		$	141
Amortization of prior service (credit)	$	(313)		$	(614)		$	(927)
Amortization of net (gain)	$	97		$	97		$	194
Total expense	$	(46)		$	(481)		$	(527)

Measurement date	June 30, 2020			January 31, 2021			n/a
Discount rate	2.73		%	2.57		%	n/a

Schedule of allocation of plan assets

The table below sets forth the actual asset allocation for the assets within the Company’s plans.


	2021		2020
Asset category:
Cash equivalents	2	%	4	%
Fixed income	28	%	27	%
Equities	39	%	40	%
Mutual and pooled funds	31	%	29	%
	100	%	100	%

Schedule of portfolio by valuation category

The tables below show the portfolio by valuation category as of June 30, 2021 and June 30, 2020 (in thousands):


June 30, 2021
Asset Category	Level 1		Level 2		Level 3		Total		%
Cash Equivalents	$	2,457	$	—	$	—	$	2,457	2	%
Fixed Income	—		38,155		—		38,155		28	%
Equities	51,095		1,887		—		52,982		39	%
Mutual & Pooled Funds	1,703		39,895		—		41,598		31	%
Total	$	55,255	$	79,937	$	—	$	135,192	100	%


June 30, 2020
Asset Category	Level 1		Level 2		Level 3		Total		%
Cash Equivalents	$	5,165	$	—	$	—	$	5,165	4	%
Fixed Income	—		32,740		—		32,740		27	%
Equities	48,947		888		—		49,835		40	%
Mutual & Pooled Funds	—		30,687		—		30,687		29	%
Total	$	54,112	$	64,315	$	—	$	118,427	100	%

Schedule of change is plan benefit obligations

The status of these defined benefit plans is as follows (in thousands):


	2021		2020		2019
Change in benefit obligation
Benefit obligation at beginning of year	$	184,190	$	169,680	$	159,213
Interest cost	4,476		5,417		6,013
Plan Settlement	(11,411)		—		—
Exchange rate changes	5,238		(1,013)		(1,697)
Benefits paid	(9,019)		(7,203)		(7,217)
Actuarial (gain) loss	(857)		17,309		13,368
Benefit obligation at end of year	$	172,617	$	184,190	$	169,680
Change in plan assets
Fair value of plan assets at beginning of year	123,826		122,033		118,693
Actual return on plan assets	19,616		2,163		6,589
Employer contributions	7,999		7,687		5,413
Plan Settlement	(11,411)		—		—
Benefits paid	(9,019)		(7,203)		(7,217)
Exchange rate changes	4,181		(854)		(1,445)
Fair value of plan assets at end of year	135,192		123,826		122,033
Funded status at end of year	$	(37,425)	$	(60,364)	$	(47,647)
Amounts recognized in balance sheet
Current liability	$	(1,556)	$	(373)	$	(324)
Non-current liability	(35,869)		(59,991)		(47,323)
Net amount recognized in balance sheet	$	(37,425)	$	(60,364)	$	(47,647)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss
Accumulated loss	$	(3,685)	$	(19,115)	$	(15,590)
Amounts not yet recognized as a component of net periodic benefit cost	(3,685)		(19,115)		(15,590)
Accumulated net periodic benefit cost in excess of contributions	(33,740)		(41,249)		(32,057)
Net amount recognized	$	(37,425)	$	(60,364)	$	(47,647)
Components of net periodic benefit cost
Interest cost	$	4,476	$	5,417	$	6,013
Expected return on plan assets	(4,457)		(5,193)		(5,129)
Settlement (gain) recognized	(130)		—		—
Recognized actuarial loss	53		16,753		284
Net periodic (benefit)cost	$	(58)	$	16,977	$	1,168
Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year
Net loss	$	(57)	$	(38)	$	(38)
Information for pension plans with accumulated benefits in excess of plan assets
Projected benefit obligation	$	172,617	$	184,190	$	169,680
Accumulated benefit obligation	$	172,617	$	184,190	$	169,680
Fair value of assets	$	135,192	$	123,826	$	122,033

U.S. Plan:

The status of the U.S. defined benefit plan is as follows (in thousands):


	2021			2020			2019
Change in benefit obligation
Benefit obligation at beginning of year	$	138,131		$	126,380		$	116,277

Interest cost	3,689			4,417			4,854
Plan Settlement	(11,411)			—			—
Benefits paid	(5,880)			(5,682)			(5,565)
Actuarial loss	104			13,016			10,814
Benefit obligation at end of year	$	124,633		$	138,131		$	126,380
Weighted average assumptions – benefit obligation
Discount rate	2.69		%	2.73		%	3.56		%
Rate of compensation increase	n/a			n/a			n/a
Change in plan assets
Fair value of plan assets at beginning of year	$	87,292		$	85,150		$	82,140
Actual return on plan assets	18,864			1,071			4,132
Employer contributions	6,983			6,753			4,443
Plan Settlement	(11,411)			—			—
Benefits paid	(5,880)			(5,682)			(5,565)
Fair value of plan assets at end of year	95,848			87,292			85,150
Funded status at end of year	$	(28,785)		$	(50,839)		$	(41,230)
Amounts recognized in balance sheet
Current liability	$	(1,556)		$	(373)		$	(324)
Noncurrent liability	(27,229)			(50,466)			(40,906)
Net amount recognized in balance sheet	$	(28,785)		$	(50,839)		$	(41,230)
Weighted average assumptions – net periodic benefit cost
Discount rate	2.73		%	3.56		%	4.27		%
Rate of compensation increase	Varies			Varies			Varies
Return on plan assets	4.25		%	5.00		%	5.00		%
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss
Income (loss)	$	464		$	(14,507)		$	(13,196)
Amounts not yet recognized as a component of net periodic benefit cost	464			(14,507)			(13,196)
Accumulated contributions less than net periodic benefit cost	(29,249)			(36,332)			(28,034)
Net amount recognized	$	(28,785)		$	(50,839)		$	(41,230)
Components of net periodic benefit cost
Interest cost	$	3,689		$	4,417		$	4,854
Expected return on plan assets	(3,712)			(4,249)			(4,067)
Settlement (gain) recognized	(130)			—			—
Recognized actuarial loss	53			14,883			284
Net periodic (benefit) cost	$	(100)		$	15,051		$	1,071
Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year
Net loss	(57)			(53)			(38)
Information for plan with accumulated benefits in excess of plan assets
Projected benefit obligation	$	124,633		$	138,131		$	126,380
Accumulated benefit obligation	$	124,633		$	138,131		$	126,380
Fair value of assets	$	95,848		$	87,292		$	85,150

U.K. Plan:

The status of the U.K. defined benefit plan is as follows (in thousands):


	2021			2020			2019
Change in benefit obligation
Benefit obligation at beginning of year	$	46,059		$	43,300		$	42,936
Interest cost	787			1,000			1,159
Exchange rate changes	5,238			(1,013)			(1,697)
Benefits paid	(3,139)			(1,521)			(1,652)
Actuarial (gain) loss	(961)			4,293			2,554
Benefit obligation at end of year	$	47,984		$	46,059		$	43,300
Weighted average assumptions - benefit obligation
Discount rate	1.86		%	1.59		%	2.39		%
Rate of compensation increase	n/a			n/a			n/a
Change in plan assets
Fair value of plan assets at beginning of year	$	36,534		$	36,883		$	36,553
Actual return on plan assets	752			1,092			2,457
Employer contributions	1,016			934			970
Benefits paid	(3,139)			(1,521)			(1,652)
Exchange rate changes	4,181			(854)			(1,445)
Fair value of plan assets at end of year	39,344			36,534			36,883
Funded status at end of year	$	(8,640)		$	(9,525)		$	(6,417)
Amounts recognized in balance sheet
Noncurrent liability	(8,640)			(9,525)			(6,417)
Net amount recognized in balance sheet	(8,640)			(9,525)			(6,417)
Weighted average assumptions – net periodic benefit cost
Discount rate	1.59		%	2.39		%	2.80		%
Rate of compensation increase	n/a			n/a			n/a
Return on plan assets	1.88		%	2.62		%	2.98		%
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss
Accumulated loss	$	(4,149)		$	(4,608)		$	(2,394)
Amounts not yet recognized as a component of net periodic benefit cost	(4,149)			(4,608)			(2,394)
Accumulated net periodic benefit cost in excess of contributions	(4,491)			(4,917)			(4,023)
Net amount recognized	$	(8,640)		$	(9,525)		$	(6,417)
Components of net periodic benefit cost
Interest cost	787			1,000			1,159
Expected return on plan assets	(745)			(944)			(1,062)
Amortization of net loss	—			1,870			—
Net periodic benefit cost	$	42		$	1,926		$	97



Information for plan with accumulated benefits in excess of plan assets
Projected benefit obligation	$	47,984		$	46,059		$	43,300
Accumulated benefit obligation	$	47,984		$	46,059		$	43,300
Fair value of assets	$	39,344		$	36,534		$	36,883

Schedule of medical and life insurance benefit plans

The status of the U.S. postretirement medical and life insurance benefit plan is as follows (in thousands):


	2021			2020			2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	7,705		$	6,930		$	6,385
Service cost	65			73			72
Interest cost	141			240			265
Plan amendments	(5,585)			—			—
Benefits paid	(206)			(329)			(346)
Actuarial (gain) loss	(230)			791			554
Benefit obligation at end of year	$	1,890		$	7,705		$	6,930
Weighted average assumptions: benefit obligations
Discount rate	2.69		%	2.73		%	3.56		%
Rate of compensation increase	n/a			2.64		%	2.64		%
Change in plan assets
Employer contributions	206			329			346
Benefits paid, net of employee contributions	(206)			(329)			(346)
Fair value of plan assets at end of year	—			—			—
Amounts recognized in balance sheet
Current postretirement benefit obligation	$	(107)		$	(358)		$	(353)
Non-current postretirement benefit obligation	(1,783)			(7,347)			(6,577)
Net amount recognized in balance sheet	$	(1,890)		$	(7,705)		$	(6,930)
Weighted average assumptions – net periodic benefit cost
Discount rate	2.73		%	3.56		%	4.27		%
Rate of compensation increase	n/a			2.64		%	2.64		%
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss
Prior service credit	$	6,898		$	2,240		$	2,777
Accumulated gain (loss)	(1,736)			(2,160)			(1,452)
Amounts not yet recognized as a component of net periodic benefit cost	5,162			80			1,325
Net periodic benefit cost in excess of accumulated contributions	(7,052)			(7,785)			(8,255)
Net amount recognized	$	(1,890)		$	(7,705)		$	(6,930)
Components of net periodic benefit cost
Service cost	$	65		$	73		$	72
Interest cost	141			240			265
Amortization of prior service credit	(927)			(537)			(537)
Amortization of accumulated loss	194			83			30
Net periodic benefit	$	(527)		$	(141)		$	(170)
Estimated amounts that will be amortized from accumulated other comprehensive loss over the next year
Prior service credit	$	(1,474)		$	537		$	537
Net loss	189			(166)			(83)
	$	(1,285)		$	371		$	454

Schedule of effect of one-percentage-point change in assumed health care cost trend rates

A one percentage point change in assumed health care cost trend rates would have the following effects (in thousands):


	1% Increase
	2021		2020		2019
Effect on postretirement benefit obligation	$	1	$	1	$	1


	1% Decrease
	2021		2020		2019
Effect on postretirement benefit obligation	$	(1)	$	(1)	$	(1)

Schedule of future pension and other benefit payments

Future pension and other benefit payments are as follows (in thousands):


Fiscal Year	Pension		Other Benefits
2022	$	9,476	$	107
2023	7,963		105
2024	8,206		104
2025	8,192		104
2026	8,337		105
After	50,247		528
	$	92,421	$	1,053