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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Jun. 30, 2014
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 and comprehensive income as of June 30 (in thousands):

 
 
Pension
Benefits
  
Other
Postretirement
Benefits
 
 
 
2014
  
2013
  
2014
  
2013
 
Change in benefit obligation:
 
  
  
  
 
Benefit obligation, beginning of year
 
$
125,846
  
$
133,261
  
$
17,739
  
$
19,645
 
Service cost
  
536
   
367
   
37
   
34
 
Interest cost
  
5,425
   
5,399
   
659
   
766
 
Actuarial loss (gain)
  
1,221
   
(4,123
)
  
(60
)
  
(938
)
Contributions by plan participants
  
174
   
162
   
581
   
677
 
Settlements
  
(121
)
            
Benefits paid
  
(9,249
)
  
(9,220
)
  
(2,372
)
  
(2,445
)
 
                
Benefit obligation, end of year
 
$
123,832
  
$
125,846
  
$
16,584
  
$
17,739
 
 
                
Change in plan assets:
                
Fair value of assets, beginning of year
 
$
94,723
  
$
88,775
  
$
-
  
$
-
 
 
                
Actual return on plan assets
  
14,031
   
10,500
   
-
     
Employer contribution
  
2,816
   
4,506
   
1,791
   
1,768
 
Contributions by plan participants
  
174
   
162
   
581
   
677
 
Benefits paid
  
(9,249
)
  
(9,220
)
  
(2,372
)
  
(2,445
)
 
                
Fair value of assets, end of year
 
$
102,495
  
$
94,723
  
$
-
  
$
-
 
 
                
Funded status
 
$
(21,337
)
 
$
(31,123
)
 
$
(16,584
)
 
$
(17,739
)
Amounts Recognized in Balance Sheet
Amounts recognized in the balance sheet consist of:
                
Other assets - noncurrent
 
$
680
  
$
566
  
$
-
  
$
-
 
Accrued liabilities - current
  
(1,189
)
  
(389
)
  
(2,418
)
  
(2,470
)
Accrued retirement benefits - noncurrent
  
(20,828
)
  
(31,300
)
  
(14,166
)
  
(15,269
)
 
                
  Net amount recognized
 
$
(21,337
)
 
$
(31,123
)
 
$
(16,584
)
 
$
(17,739
)
Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive loss consist of (net of tax):
                
Net transition obligation
 
$
340
  
$
345
  
$
-
  
$
-
 
Actuarial net loss
  
33,220
   
38,933
   
3,163
   
3,570
 
 
                
Net amount recognized
 
$
33,560
  
$
39,278
  
$
3,163
  
$
3,570
 
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):

 
 
Pension
Benefits
  
Other
Postretirement
Benefits
 
Net transition obligation
 
$
38
  
$
-
 
Actuarial net loss
  
2,437
   
638
 
 
        
Net amount to be recognized
 
$
2,475
  
$
638
 
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):
 
 
 
June30
 
 
 
2014
  
2013
 
Projected and accumulated benefit obligation
 
$
122,045
  
$
123,933
 
Fair value of plan assets
  
100,028
   
92,244
 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost (in thousands):

 
 
Pension Benefits
 
 
 
2014
  
2013
  
2012
 
Service cost
 
$
536
  
$
367
  
$
292
 
Interest cost
  
5,425
   
5,399
   
6,231
 
Expected return on plan assets
  
(6,591
)
  
(6,382
)
  
(7,766
)
Settlement loss
  
-
   
5
   
11
 
Amortization of transition obligation
  
32
   
35
   
34
 
Amortization of actuarial net loss
  
2,894
   
3,357
   
2,319
 
 
            
Net periodic benefit cost
 
$
2,296
  
$
2,781
  
$
1,121
 
 
 
 
Other Postretirement Benefits
 
 
 
2014
  
2013
  
2012
 
Service cost
 
$
37
  
$
34
  
$
41
 
Interest cost
  
659
   
766
   
985
 
Amortization of prior service cost
  
-
   
-
   
(508
)
Amortization of actuarial net loss
  
602
   
792
   
929
 
 
            
Net periodic benefit cost
 
$
1,298
  
$
1,592
  
$
1,447
 
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 2014 (Pre-tax, in thousands):
 
 
 
Pension
  
Other
Postretirement
Benefits
 
Net gain
 
$
(6,303
)
 
$
(59
)
Amortization of prior service benefit
  
7
   
-
 
Amortization of transition asset
  
(38
)
  
-
 
Amortization of net (loss) gain
  
(2,894
)
  
(602
)
Total recognized in other comprehensive income
  
(9,228
)
  
(661
)
Net periodic benefit cost
  
2,296
   
1,298
 
Total recognized in net periodic benefit cost andother comprehensive income
 
$
(6,932
)
 
$
637
 
Schedule of Assumptions
Assumptions (as of June 30, 2014 and 2013)

 
 
Pension Benefits
  
OtherPostretirement Benefits
 
Weighted average assumptions used to determine benefit obligations at June 30
 
  
  
  
 
 
 
2014
  
2013
  
2014
  
2013
 
Discount rate
  
4.06
%
  
4.35
%
  
3.76
%
  
3.99
%
Expected return on plan assets
  
7.39
%
  
7.41
%
        
 
                
Weighted average assumptions used to determine net periodic benefit cost for years ended June 30
                

 
 
Pension Benefits
  
Other Postretirement Benefits
 
 
 
2014
  
2013
  
2012
  
2014
  
2013
  
2012
 
Discount rate
  
4.35
%
  
4.20
%
  
5.16
%
  
3.99
%
  
4.20
%
  
5.16
%
Expected return on plan assets
  
7.41 
 %  
7.50
%
  
8.50
%
      
 
    
 
Pension Plan Weighted-Average Asset Allocations
The Company's pension plan weighted-average asset allocations at June 30, 2014 and 2013 by asset category are as follows:

 
 
June30
 
Asset Category
 
Target 
Allocation
  
2014
  
2013
 
Equity securities
  
65
%
  
65
%
  
64
%
Debt securities
  
25
%
  
23
%
  
26
%
Real estate
  
10
%
  
12
%
  
10
%
 
            
 
  
100
%
  
100
%
  
100
%

Due to market conditions and other factors, actual asset allocation may vary from the target allocation outlined above.  The domestic pension plans held 98,211 shares of Company stock with a fair market value of $3,245,874 (3.2 percent of total plan assets) at June 30, 2014 and 98,211 shares with a fair market value of $2,327,601 (2.5 percent of total plan assets) at June 30, 2013.

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

 
Leve lII
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, 2014(in thousands):

 
 
Total
  
Level I
  
Level II
  
Level III
 
Cash and cash equivalents
 
$
965
  
$
965
  
$
-
  
$
-
 
Equity securities:
                
U.S. (a)
  
30,727
   
30,727
   
-
   
-
 
International (b)
  
16,676
   
10,785
   
5,891
   
-
 
Fixed income (c)
  
21,892
   
7,603
   
14,289
   
-
 
Annuity contracts (d)
  
6,340
   
-
   
-
   
6,340
 
Real estate (e)
  
11,206
   
-
   
11,206
   
-
 
Other (f)
  
14,689
   
-
   
-
   
14,689
 
Total
 
$
102,495
  
$
50,080
  
$
31,386
  
$
21,029
 

The following table presents plan assets using the fair value hierarchy as of June 30, 2013 (in thousands):

 
 
Total
  
Level I
  
Level II
  
Level III
 
Cash and cash equivalents
 
$
2,376
  
$
2,376
  
$
-
  
$
-
 
Equity securities:
                
U.S. (a)
  
28,334
   
28,334
   
-
   
-
 
International (b)
  
15,409
   
9,315
   
6,094
   
-
 
Fixed income (c)
  
20,935
   
7,240
   
13,695
   
-
 
Annuity contracts (d)
  
5,819
   
-
   
-
   
5,819
 
Real estate (e)
  
8,697
   
-
   
5,685
   
3,012
 
Other (f)
  
13,153
   
-
   
-
   
13,153
 
Total
 
$
94,723
  
$
47,265
  
$
25,474
  
$
21,984
 
 
(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.  These securities are valued at the closing price reported on the active market on which the individual securities are traded.

(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).  Certain assets are invested in international commingled equity funds.  The vast majority of the investments are made in companies in developed markets with a smaller percentage in emerging markets.  Securities traded on exchanges are valued at the closing price reported on the active market on which the individual securities are traded.  International commingled funds are valued at the net asset value ("NAV") as determined by the custodian of the fund.  The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding.

(c)  Fixed income consists of corporate bonds with investment grade BBB or better from diversified industries, as well as government debt securities.  Corporate and government debt investments are valued utilizing a market approach that includes various valuation techniques and sources such as value generation models, broker quotes in active and inactive markets, benchmark yields and securities, reported trades, issuer spreads, and/or other applicable reference data.

(d)  Annuity contracts represent contractual agreements in which payments are made to an insurance company, which agrees to pay out an income or lump sum amount at a later date.  Annuity contracts are valued at the net present value of future cash flows.

(e)  Real estate investments invested in common collective trusts and other mutual funds holding real estate investments. They are valued at the net asset value ("NAV") as determined by the custodian of the fund.  The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding. Level 2 investments represent funds where regular opportunities exist for the Company to sell the holdings, whereas Level 3 investments represent funds where less frequent opportunities exist during the year for the Company to sell it's holding in the funds.

(f)  Other consists of hedged equity mutual funds. These investments are valued at the net asset value ("NAV") as determined by the custodian of the fund.  The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following tables present a reconciliation of the fair value measurements using significant unobservable inputs (Level III) as of June 30, 2014 and 2013 (in thousands):

 
 
Annuity Contracts
  
Real Estate
  
Other
 
Balance – June 30, 2013
 
$
5,819
  
$
3,012
  
$
13,153
 
Actual return on plan assets:
            
Relating to assets still held at reporting date
  
433
   
-
   
1,536
 
Relating to assets sold during the period
  
-
   
257
   
-
 
Purchases, sales and settlements, net
  
88
   
(3,269
)
  
-
 
Transfers in and/or out of Level III
  
-
   
-
   
-
 
 
            
Balance – June 30, 2014
 
$
6,340
  
$
-
  
$
14,689
 

 
 
Annuity Contracts
  
Real Estate
  
Other
 
Balance – June 30, 2012
 
$
5,333
  
$
5,324
  
$
11,988
 
Actual return on plan assets:
            
Relating to assets still held at reporting date
  
298
   
391
   
1,165
 
Relating to assets sold during the period
  
-
         
Purchases, sales and settlements, net
  
188
   
(2,518
)
  
-
 
Transfers in and/or out of Level III
  
-
   
(185
)
    
 
            
Balance – June 30, 2013
 
$
5,819
  
$
3,012
  
$
13,153
 
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 
 
 
  
  
Part D
  
Net Benefit
 
 
 
Pension
Benefits
  
Gross
Benefits
  
Reimbursement
  
Payments
 
2015
 
$
10,926
  
$
2,418
  
$
-
  
$
2,418
 
2016
  
10,167
   
2,109
   
-
   
2,109
 
2017
  
9,902
   
1,774
   
-
   
1,774
 
2018
  
11,206
   
1,621
   
-
   
1,621
 
2019
  
9,772
   
1,453
   
-
   
1,453
 
Years 2020- 2024
  
42,184
   
5,486
       
5,486