XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.4
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The Company has a domestic qualified pension plan (the Plan). The Plan is frozen for all participants. The Plan generally was frozen effective June 30, 2011 for all employees, except for certain collectively bargained employees, whose Plan freeze was effective January 1, 2019. As a result of the Plan freeze, no employees are eligible to commence participation in the Plan or accrue any additional benefits under the Plan.
On May 17, 2022, the Company’s Board of Directors approved a resolution to terminate the Plan. The amendment will allow the settlement of the pension obligation with either a lump sum payout or a purchased annuity. It is expected to take 18 to 24 months to complete the termination from the date of the approved resolution to terminate the Plan. The completion of the process of offering and accepting lump sum elections are dependent on when certain regulatory approvals are obtained. Currently, there is not enough information available to determine the ultimate charge of the termination. The Plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of December 31, 2022.
The following table summarizes the components of net periodic benefit cost for the Company’s retirement income plans:
Three Months EndedSix Months Ended
12/31/202212/31/202112/31/202212/31/2021
Interest cost$4 $4 $9 $8 
Expected return on plan assets (1)
(2)(3)(5)(7)
Amortization of unrecognized items2 2 4 4 
Total$4 $3 $8 $5 
(1) The weighted average long-term expected rate of return on plan assets used in computing the fiscal year 2023 net periodic benefit cost is 2.7%.
The net periodic benefit cost for the Company’s retirement health care plans was $0 for both the three and six months ended December 31, 2022 and 2021.
During both the three months ended December 31, 2022 and 2021, the Company made $2 in contributions to its domestic retirement income plans. During the six months ended December 31, 2022 and 2021, the Company made $4 and $5 in contributions to its domestic retirement income plans, respectively.
Service cost component of the net periodic benefit cost, if any, is reflected in employee benefit costs, all other components are reflected in Other (income) expense, net.