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Defined Benefit Pension Obligation (Tables)

12 Months Ended

Jun. 30, 2020

Defined Benefit Pension Obligation Disclosure [Abstract]

The following table presents the funded status of the defined benefit pension plan (in thousands):

	June 30,
	2020			2019
Change in benefit obligation:
Benefit obligation—beginning of fiscal year	$	17,577		$	14,254
Service cost		2,003			1,865
Interest cost		62			128
Plan participants’ contributions		2,886			1,818
Plan amendment		975			—
Actuarial (gain)/loss		(615	)		742
Foreign currency changes		545			250
Benefit and expense payments		(5,007	)		(1,480	)
Benefit obligation—end of fiscal year	$	18,426		$	17,577
Change in plan assets:
Plan assets—beginning of fiscal year	$	14,228		$	12,192
Employer contributions		1,327			1,373
Actual return on plan assets		112			122
Plan participants’ contributions		2,885			1,818
Foreign currency changes		413			203
Benefit and expense payments		(5,007	)		(1,480	)
Plan assets—end of fiscal year	$	13,958		$	14,228
Funded status	$	(4,468	)	$	(3,349	)
Amounts recognized within the consolidated balance sheets:
Assets	$	—		$	—
Long-term other liabilities		(4,468	)		(3,349	)
Net amount recognized	$	(4,468	)	$	(3,349	)

Schedule of amounts recognized in accumulated other comprehensive loss (before tax)

The following table presents the amounts recognized in accumulated other comprehensive loss (before tax) for the defined benefit pension plan (in thousands):

	June 30,
	2020			2019
Net loss	$	(1,000	)	$	(144	)
Total recognized in other comprehensive income (loss)		(236	)		(856	)
Accumulated other comprehensive loss	$	(1,236	)	$	(1,000	)

Schedule of projected benefit obligations, accumulated benefit obligation and fair value of plan assets where accumulated benefit obligation exceeded fair value of plan assets

The following table presents the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for this defined benefit pension plan where accumulated benefit obligation exceeded the fair value of plan assets (in thousands):

	June 30,
	2020		2019
Projected benefit obligation	$	18,426	$	17,577
Accumulated benefit obligation	$	16,175	$	15,506
Fair value of plan assets	$	13,958	$	14,228

Schedule Of Net Benefit Costs And Other Amounts Recognized In Other Comprehensive Income Loss Table Text Block

The following table shows the components of the Company’s net periodic benefit costs and the other amounts recognized in other comprehensive loss, before tax, related to the Company’s defined benefit pension plan (in thousands):

	Year ended June 30,
	2020			2019			2018
Net Periodic Benefit Costs:
Service cost	$	2,003		$	1,865		$	1,887
Interest cost		62			128			97
Expected returns on assets		(151	)		(170	)		(156	)
Amortization of prior service cost		(2	)		(55	)		(44	)
Amortization of net loss		—			—			11
Settlement charges		178			—			—
Net periodic benefit costs		2,090			1,768			1,795
Other Amounts Recognized in Other Comprehensive Loss:
Net (gain) loss arising during the year		(593	)		801			(901	)
Prior service cost		2			—			(105	)
Amortization of prior service cost		1,005			55			44
Amortization of net gain		—			—			(11	)
Effect of settlement		(178	)
Total recognized in other comprehensive (gain) loss		236			856			(973	)
Total recognized in net periodic benefit costs and other comprehensive loss	$	2,326		$	2,624		$	822

Schedule of amounts in accumulated other comprehensive loss that are expected to be recognized

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during fiscal year 2021 related to the Company’s defined benefit pension plan are as follows (in thousands):

	2021
Net loss	$	852
Prior service credit		506
Accumulated other comprehensive loss	$	1,358

Schedule of assumptions used to determine net periodic benefit cost and benefit obligation

The assumptions used to determine net periodic benefit cost and to compute the expected long‑term return on assets for the Company’s defined benefit pension plan were as follows:

	Fiscal Years
	2020			2019			2018
Net Periodic Benefit Costs:
Discount rate		0.25	%		0.45	%		0.90	%
Rate of compensation increase		1.50	%		1.50	%		1.50	%
Expected long-term return on assets		1.00	%		1.20	%		1.40	%

The assumptions used to measure the benefit obligation for the Company’s defined benefit pension plan were as follows:

	June 30,
	2020			2019
Benefit Obligation:
Discount rate		0.25	%		0.45	%
Rate of compensation increase		1.50	%		1.50	%

Schedule of estimated future benefit payments

Estimated future benefit payments expected to be paid by the defined benefit pension plan at June 30, 2020 are as follows (in thousands):

Year Ending June 30,	Future Benefits
2021	$	2,344
2022		816
2023		746
2024		688
2025		763
Thereafter		3,189
Total	$	8,546