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Pension and Post-retirement Benefits
 9 Months Ended
Mar. 31, 2023
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 which was frozen for new participants in 2016 and another for U.K. employees frozen for new participants in 2009. The Company has a postretirement medical insurance benefit plan for U.S. employees which remains open. The Company also has defined contribution plans.
Net periodic benefit costs for the Company's defined benefit pension plans are located in Other (expense), net in Condensed 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, allocated on headcount. Net periodic benefit costs consist of the following (in thousands):
Three Months EndedNine Months Ended
03/31/202303/31/202203/31/202303/31/2022
Interest cost1,464 1,026 4,354 3,090 
Expected return on plan assets(1,015)(1,092)(3,007)(3,290)
Amortization of net loss10 14 30 42 
Expected net cost (benefit) total$459 $(52)$1,377 $(158)
Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands):
Three Months EndedNine Months Ended
03/31/202303/31/202203/31/202303/31/2022
Service cost$6 $9 $17 $27 
Interest cost18 12 53 37 
Amortization of prior service credit(369)(369)(1,106)(1,106)
Amortization of net loss44 48 133 142 
Total net (benefit)$(301)$(300)$(903)$(900)
For the three months ended March 31, 2023, the Company contributed $0.2 million in both the U.S. and the UK to the pension plan. For the nine month periods ended March 31, 2023, the Company contributed $0.9 million, in the U.S. and $0.7 million in the UK pension plans. Based upon the actuarial valuations performed on the Company’s defined benefit plans as of June 30, 2022, the contribution for fiscal 2023 for the U.S. plans would require a contribution of $1.4 million and the U.K. plan would require one of $0.8 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 2023 was reduced. The Company believes that government regulation is only a small part of deciding the pension funding, and as a result, has contributed more than the federal requirement. The Company will evaluate the U.S. future contribution on a quarterly basis.
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.