OTHER INCOME AND (EXPENSE)

12 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

OTHER INCOME AND (EXPENSE)

OTHER INCOME AND (EXPENSE)Other income and expense consist of the following (in thousands):

	2023		2022
Interest income	$	510	$	504
Interest expense	(1,408)		(1,265)
Foreign currency (loss) gain, net	(1,306)		(301)
Sale of scrap material	154		205
Pension net periodic benefit cost (NPBC)	9,883		1,441
Other	(847)		(620)
Other (expense) income , net	$	6,986	$	(36)

In fiscal 2023, other income was $7.0 million and in fiscal 2022 was $0.0 million. The U.S. Retirement Plan experienced significant asset and liability gains during fiscal 2023. The increase in outstanding unrecognized gain triggered a mark-to-market, "MTM" adjustment of fiscal 2023 of approximately $10.5 million. This gain was offset by approximately $1.8 million of interest on benefit obligations and plan assets, resulting in a total U.S. pension income for fiscal 2023 of $8.8 million. The non-qualified excess plan was a cost of $0.1 million, the UK plan was $0.0 and the post retirement plan was a benefit of $1.2 million. The total pension net periodic benefit cost in fiscal 2023 was a $9.9 million benefit compared to $1.4 million in fiscal 2022.