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Pension and Post-retirement Benefits
 6 Months Ended
Dec. 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) in the unaudited Condensed Consolidated Statements of Operations except 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 EndedSix Months Ended
12/31/202312/31/202212/31/202312/31/2022
Interest cost1,502 1,408 3,054 2,890 
Expected return on plan assets(1,049)(960)(2,147)(1,992)
Amortization of net loss10 10 20 20 
Expected net cost total$463 $458 $927 $918 
Net periodic benefit costs (credits) for the Company's Postretirement Medical Plan consists of the following (in thousands):
Three Months EndedSix Months Ended
12/31/202312/31/202212/31/202312/31/2022
Service cost$4 $5 $9 $11 
Interest cost18 17 35 35 
Amortization of prior service credit(368)(368)(737)(737)
Amortization of net loss31 45 62 89 
Total net (benefit)$(315)$(301)$(631)$(602)
For the three months and six months ended December 31, 2023, the Company contributed in the U.S. $0.6 million and $1.4 million. In the UK pension plans the Company contributed $0.2 million and $0.5 million for the same periods. Based upon the actuarial valuations performed on the Company’s defined benefit plans as of June 30, 2023, the contribution for fiscal 2024 for the U.S. plans would require a contribution of $3.0 million and the U.K. plan would require $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 was reduced. The Company believes that government regulation is only a small part of deciding the pension funding, and as a result, may contribute more than the federal requirement. The Company contributed $2.4 million in total during fiscal year 2023, with $1.5 million in the U.S. and $0.9 million in the U.K. The Company evaluates the U.S. future contribution on a quarterly basis. The Company currently believes contributions in fiscal year 2024 will be similar to the prior year or slightly higher.
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.