Employee Benefit Plans

9 Months Ended

Mar. 31, 2017

Employee Benefit Plans

Employee Benefit Plans

Note 12—Employee Benefit Plans

Defined Benefit Plans

The Company maintains a number of defined benefit pension plans for the benefit of its employees throughout the world, which vary depending on the conditions and practices in the countries concerned. The principal defined benefit pension plan is the Field Group Pension Plan in the United Kingdom. The assets of the plan are held in an external trustee-administered fund. The Company also operates two further defined benefit pension plans in the United Kingdom (known as the Chesapeake pension plan and the GCM pension plan), as well as a number of defined benefit arrangements in France and Germany. The defined benefit pension plans in the United Kingdom are funded while the French and German plans are mainly unfunded. The benefits are based on a fixed rate of pay per year depending on the department worked in and function of the participant. Charges to expense are based upon costs computed using actuarial assumptions.

For the three and nine months ended March 31, 2017 and 2016, the components of total periodic benefit costs were as follows:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2017		2016		2017		2016
Components of net periodic benefit (benefit) cost:
Service cost	$	846	$	924	$	2,583	$	2,865
Interest cost		3,686		4,837		11,326		15,419
Expected return on plan assets		(4,722)		(5,745)		(14,508)		(18,315)
Net periodic (benefit) cost	$	(190)	$	16	$	(599)	$	(31)