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Pension and Post-retirement Benefits
 6 Months Ended
Dec. 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 insurance benefit plan for U.S. employees. 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 EndedSix Months Ended
12/31/202112/31/202012/31/202112/31/2020
Interest cost1,031 1,118 2,064 2,231 
Expected return on plan assets(1,098)(1,113)(2,198)(2,221)
Amortization of net loss15 14 28 27 
$(52)$19 $(106)$37 
Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands):
Three Months EndedSix Months Ended
12/31/202112/31/202012/31/202112/31/2020
Service cost$9 $22 $18 $43 
Interest cost13 52 25 103 
Amortization of prior service credit(369)(135)(737)(269)
Amortization of net loss47 41 94 83 
$(300)$(20)$(600)$(40)
For both the three month and six month periods ended December 31, 2021, the Company contributed $1.5 million, in the U.S. and $0.3 million and $0.5 million in the UK pension plans for the same periods. Based upon the actuarial valuations performed on the Company’s defined benefit plans as of June 30, 2021, the contribution for fiscal 2022 for the U.S. plans would require a contribution of $5.6 million and the U.K. plan would require one of $1.0 million However, as a result of the American Rescue Plan Act of 2021, the minimum required company contribution for the U.S. Plan in fiscal 2022 was reduced from $5.6 million to $0.6 million. The Company believes that government regulation is only a small part of deciding the pension funding, and as a result, intends to contribute more than the federal requirement. The Company is currently planning on evaluating the U.S. future contribution on a quarterly basis and plans to contribute $0.5 million in the 2nd half of fiscal 2022.
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.