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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Jun. 30, 2012
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS [Abstract]  
Net funded status of pension and postretirement plans
The following table sets forth the Company's defined benefit pension plans' and other postretirement benefit plans' funded status and the amounts recognized in the Company's balance sheets and statement of operations as of June 30 (in thousands):

 
 
 
 
 
 
 
Other
 
 
Pension
 
 
Postretirement
 
 
Benefits
 
 
Benefits
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
 
$
126,514
 
 
$
125,857
 
 
$
20,571
 
 
$
22,834
 
Service cost
 
 
292
 
 
 
198
 
 
 
41
 
 
 
32
 
Interest cost
 
 
6,231
 
 
 
6,324
 
 
 
985
 
 
 
1,096
 
Actuarial loss (gain)
 
 
9,082
 
 
 
4,523
 
 
 
161
 
 
 
(1,038
)
Contributions by plan participants
 
 
182
 
 
 
-
 
 
 
-
 
 
 
-
 
Benefits paid
 
 
(9,040
)
 
 
(10,388
)
 
 
(2,113
)
 
 
(2,353
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, end of year
 
$
133,261
 
 
$
126,514
 
 
$
19,645
 
 
$
20,571
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of assets, beginning of year
 
$
97,530
 
 
$
76,391
 
 
$
-
 
 
$
-
 
Actual return on plan assets
 
 
(4,077
)
 
 
21,810
 
 
 
-
 
 
 
-
 
Employer contribution
 
 
4,180
 
 
 
9,717
 
 
 
2,113
 
 
 
2,353
 
Contributions by plan participants
 
 
182
 
 
 
-
 
 
 
-
 
 
 
-
 
Benefits paid
 
 
(9,040
)
 
 
(10,388
)
 
 
(2,113
)
 
 
(2,353
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of assets, end of year
 
$
88,775
 
 
$
97,530
 
 
$
-
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded status
 
$
(44,486
)
 
$
(28,984
)
 
$
(19,645
)
 
$
(20,571
)
Amounts recognized in balance sheet
Amounts recognized in the balance sheet consist of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other assets - noncurrent
 
$
411
 
 
$
587
 
 
$
-
 
 
$
-
 
Accrued liabilities - current
 
 
(113
)
 
 
(130
)
 
 
(2,862
)
 
 
(3,008
)
Accrued retirement benefits - noncurrent
 
 
(44,784
)
 
 
(29,441
)
 
 
(16,783
)
 
 
(17,563
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net amount recognized
 
$
(44,486
)
 
$
(28,984
)
 
$
(19,645
)
 
$
(20,571
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in other comprehensive income (loss)
Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost
 
$
-
 
 
$
-
 
 
$
-
 
 
$
(321
)
Net transition obligation
 
 
369
 
 
 
-
 
 
 
-
 
 
 
-
 
Actuarial net loss
 
 
46,163
 
 
 
34,768
 
 
 
4,549
 
 
 
5,033
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net amount recognized
 
$
46,532
 
 
$
34,768
 
 
$
4,549
 
 
$
4,712
 
Amounts in accumulated other comprehensive income (loss) to be recognized over next fiscal year
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year for the qualified domestic defined benefit and other postretirement benefit plans are as follows (in thousands):

 
 
 
 
Other
 
 
Pension
 
 
Postretirement
 
 
Benefits
 
 
Benefits
 
Net transition obligation
 
$
35
 
 
$
-
 
Actuarial net loss
 
 
3,380
 
 
 
792
 
 
 
 
 
 
 
 
 
Net amount to be recognized
 
$
3,415
 
 
$
792
 
Information for pension plans with an accumulated benefit obligation in excess of plan assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets (in thousands):

   
June 30
 
   
2012
  
2011
 
Projected and accumulated benefit obligation
 $131,369  $124,328 
Fair value of plan assets
  86,472   94,757 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost (in thousands):

 
Pension Benefits
 
 
2012
 
 
2011
 
 
2010
 
Service cost
 
$
292
 
 
$
198
 
 
$
292
 
Interest cost
 
 
6,231
 
 
 
6,324
 
 
 
7,282
 
Expected return on plan assets
 
 
(7,766
)
 
 
(6,096
)
 
 
(6,052
)
Settlement loss
 
 
11
 
 
 
23
 
 
 
99
 
Amortization of transition obligation
 
 
34
 
 
 
-
 
 
 
60
 
Amortization of actuarial net loss
 
 
2,319
 
 
 
3,118
 
 
 
2,637
 
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
$
1,121
 
 
$
3,567
 
 
$
4,318
 

 
Other Postretirement Benefits
 
 
2012
 
 
2011
 
 
2010
 
Service cost
 
$
41
 
 
$
32
 
 
$
28
 
Interest cost
 
 
985
 
 
 
1,096
 
 
 
1,347
 
Amortization of prior service cost
 
 
(508
)
 
 
(678
)
 
 
(678
)
Amortization of actuarial net loss
 
 
929
 
 
 
1,124
 
 
 
859
 
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
$
1,447
 
 
$
1,574
 
 
$
1,556
 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income for Fiscal 2012 (Pre-tax, in thousands):

   
Pension
  
Other Postretirement Benefits
 
Net (loss) gain
 $21,183  $(161)
Amortization of prior service benefit
  -   (509)
Amortization of transition asset
  (34)  - 
Amortization of net (loss) gain
  (2,330)  929 
Total recognized in other comprehensive income
 $18,819  $259 
Net periodic benefit cost
  1,121   1,447 
Total recognized in net periodic benefit cost and other comprehensive income
 $19,940  $1,706 
Schedule of assumptions
Assumptions (as of June 30, 2012 and 2011)

   
 
  
 
  
Other
 
   
Pension Benefits
  
Postretirement Benefits
 
Weighted average assumptions used to determine benefit obligations at June 30
 
 
  
 
  
 
  
 
 
   
2012
  
2011
  
2012
  
2011
 
Discount rate
  4.20%  5.16%  4.20%  5.16%
Expected return on plan assets
  7.50%  8.50%        
                  
Weighted average assumptions used to determine net periodic benefit cost for years ended June 30
                

   
 
  
 
  
 
  
Other
 
   
Pension Benefits
  
Postretirement Benefits
 
   
2012
  
2011
  
2010
  
2012
  
2011
  
2010
 
Discount rate
  5.16%  5.09%  6.60%  5.16%  5.09%  6.60%
Expected return on plan assets
  8.50%  8.50%  8.50%            
Rate of compensation increase
 
NA
  
NA
   5.00%            
Pension plan weighted-average asset allocations
The Company's pension plan weighted-average asset allocations at June 30, 2012 and 2011 by asset category are as follows:

   
Target
  
June 30
 
Asset Category
 
Allocation
  
2012
  
2011
 
Equity securities
  65%  64%  66%
Debt securities
  25%  25%  25%
Real estate
  10%  11%  9%
              
    100%  100%  100%

Due to market conditions and other factors, actual asset allocation may vary from the target allocation outlined above. The pension plans held 98,211 shares of Company stock with a fair market value of $1,815,921 (2.2 percent of total plan assets) at June 30, 2012 and 98,211 shares with a fair market value of $3,793,891 (4.1 percent of total plan assets) at June 30, 2011.

The plans have a long-term return assumption of 7.50%. This rate was derived based upon historical experience and forward-looking return expectations for major asset class categories.

Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are classified into the following hierarchy:

Level I
Unadjusted quoted prices in active markets for identical instruments
 
 
Level II
Unadjusted quoted prices in active markets for similar instruments, or
 
 
 
Unadjusted quoted prices for identical or similar instruments in markets that are not active, or
 
 
 
Other inputs that are observable in the market or can be corroborated by observable market data
 
 
Level III
Use of one or more significant unobservable inputs

The following table presents plan assets using the fair value hierarchy as of June 30, 2012 (in thousands):

   
Total
  
Level I
  
Level II
  
Level III
 
Cash and cash equivalents
 $748  $748  $-  $- 
Equity securities:
                
U.S. (a)
  27,549   27,549   -   - 
International (b)
  13,348   8,747   4,601   - 
Fixed income (c)
  20,652   6,876   13,776   - 
Annuity contracts
  5,333   -   -   5,333 
Real estate
  9,157   -   3,833   5,324 
Other (d)
  11,988   -   -   11,988 
Total
 $88,775  $43,920  $22,210  $22,645 

(a) U.S. equity securities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks.

(b) International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country, capitalization and equity style (i.e., growth and value strategies). The vast majority of the investments are made in companies in developed markets with a smaller percentage in emerging markets.

(c) Fixed income consists of corporate bonds with investment grade BBB or better from diversified industries, as well as government debt securities.

(d) Other consists of hedged equity.
Schedule of effect of significant unobservable inputs, changes in plan assets
The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level III) as of June 30, 2012 (in thousands):

   
Annuity
  
 
  
 
 
   
Contracts
  
Real Estate
  
Other
 
Balance – June 30, 2011
 $5,810  $5,260  $12,368 
Actual return on plan assets:
            
Relating to assets still held at reporting date
  (681)  334   (380)
Relating to assets sold during the period
  -   -   - 
Purchases, sales and settlements, net
  204   -   - 
Transfers in and/or out of Level III
  -   (270)  - 
              
Balance – June 30, 2012
 $5,333  $5,324  $11,988 
Defined benefit plan estimated future benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

   
 
  
Other Postretirement Benefits
 
   
Pension
  
Gross
  
Part D
  
Net Benefit
 
   
Benefits
  
Benefits
  
Reimbursement
  
Payments
 
2013
 $10,248  $2,862  $-  $2,862 
2014
  9,514   2,298   -   2,298 
2015
  9,494   2,180   -   2,180 
2016
  9,376   2,053   -   2,053 
2017
  9,045   1,923   -   1,923 
Years 2018- 2022
  44,148   7,595   -   7,595