Note 6 - Pension and Post-retirement Benefits

9 Months Ended

Mar. 31, 2016

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
	3/31/2016 (Unaudited)			3/31/2015 (Unaudited)			3/31/2016 (Unaudited)			3/31/2015 (Unaudited)
Service cost	$	714		$	694		$	2,143		$	2,081
Interest cost		1,732			1,673			5,259			5,085
Expected return on plan assets		(1,560	)		(1,724	)		(4,739	)		(5,236	)
Amortization of net loss		13			7			39			23
	$	899		$	650		$	2,702		$	1,953

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

	Three Months Ended						Nine Months Ended
	3/31/2016 (Unaudited)			3/31/2015 (Unaudited)			3/31/2016 (Unaudited)			3/31/2015 (Unaudited)
Service cost	$	26		$	29		$	79		$	85
Interest cost		71			61			215			183
Amortization of prior service credit		(195	)		(200	)		(586	)		(599	)
Amortization of net loss		4			-			11			-
	$	(94	)	$	(110	)	$	(281	)	$	(331	)

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 loss.

Effective March 31, 2015, the Company terminated the eligibility of employees ages 55 - 64 years old to enter into the Post-retirement Medical Plan.