Note 6 - Pension and Post-retirement Benefits

9 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note 6:  Pension and Post-retirement Benefits

Net periodic benefit costs for the Company's defined benefit pension plans consist of the following (in thousands):

	Three Months Ended						Nine Months Ended
	3/31/2015 (Unaudited)			3/31/2014			3/31/2015 (Unaudited)			3/31/2014
Service cost	$	694		$	716		$	2,081		$	2,139
Interest cost		1,673			1,746			5,085			5,197
Expected return on plan assets		(1,724	)		(1,589	)		(5,236	)		(4,732	)
Amortization of prior service cost		-			29			-			87
Amortization of net gain		7			2			23			8
	$	650		$	904		$	1,953		$	2,699

Net periodic benefit costs for the Company's Postretirement Medical Plan consists of the following (in thousands):

	Three Months Ended						Nine months Ended
	3/31/2015 (Unaudited)			3/31/2014			3/31/2015 (Unaudited)			3/31/2014
Service cost	$	29		$	25		$	85		$	202
Interest cost		61			66			183			331
Amortization of prior service credit		(200	)		(260	)		(599	)		(511	)
Amortization of accumulated loss		-			(1	)		-			(1	)
	$	(110	)	$	(170	)	$	(331	)	$	21

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, which is the same as the fiscal year end of the Company. Net actuarial gains or losses that are less than 10% of the thresholds noted above are accounted for as part of the accumulated other comprehensive income (loss).

Effective December 31, 2013, the Company terminated the eligibility of employees ages 55 -64 years old to enter into the Postretirement Medical Plan.