Employee Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2016

Our obligations and the funded status of our plan, measured at June 30, 2016 and June 30, 2015, respectively, are as follows:



($000)	2016		2015

Change in Benefit Obligation
Benefit obligation at beginning of year	28,838		26,383
Service cost	1,004		990
Interest cost	1,157		1,056
Actuarial loss	1,517		1,219
Benefits paid	(944	)	(810	)
Benefit obligation at end of year	31,572		28,838

Change in Plan Assets
Fair value of plan assets at beginning of year	30,984		29,675
Actual return on plan assets	(802	)	1,119
Employer contributions	500		1,000
Benefits paid	(944	)	(810	)
Fair value of plan assets at end of year	29,738		30,984

Recognized Amounts
Projected benefit obligation	(31,572	)	(28,838	)
Plan assets at fair value	29,738		30,984
Funded status	(1,834	)	2,146

Net amount recognized as (accrued) prepaid pension on the Consolidated Balance Sheets	(1,834	)	2,146



Items Not Yet Recognized as a Component of Net Periodic Benefit Cost
Prior service cost	(144	)	(230	)
Accumulated net losses	10,972		7,391
Amounts recognized as regulatory assets	10,828		7,161



($000)	2016		2015		2014

Components of Net Periodic Benefit Cost
Service cost	1,004		990		1,023
Interest cost	1,157		1,056		1,038
Expected return on plan assets	(1,636	)	(1,711	)	(1,567	)
Amortization of unrecognized net loss	373		244		342
Amortization of prior service cost	(86	)	(86	)	(86	)
Net periodic benefit cost	812		493		750

(%)

Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	3.5		4.25		4.25
Rate of compensation increase	4.0		4.0		4.0

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	4.25		4.25		4.5
Expected long-term return on plan assets	5.5		6.0		6.0
Rate of compensation increase	4.0		4.0		4.0

The assets of the plan are comprised of investments in individual securities and mutual funds.



	Target	Actual Allocations
(%)	Allocations	2016	2015
Asset Class
Cash and cash equivalents	3	3	3

Equity Securities
U.S. equity securities	54	48	47
Foreign equity securities	21	10	12
	75	58	59

Fixed Income Securities
U. S. fixed income security	13	22	18
Foreign fixed income security	2	3	6
	15	25	24

Other Securities
Absolute return strategy mutual funds	7	14	14
	100	100	100

The following represents the fair value of the plan assets:



($000)	2016	Level 1	Level 2	Level 3
Asset Class
Cash	807	807	—	—

Equity Securities
U.S. equity securities	14,398	14,398	—	—
Foreign equity securities	2,993	2,993	—	—
	17,391	17,391	—	—

Fixed Income Securities
U.S. treasury securities	387	387	—	—
U.S. corporate bonds	990	—	990	—
High yield funds	4,397	4,397	—	—
Foreign bond funds	624	624	—	—
Other	842	—	842	—
	7,240	5,408	1,832	—

Other
Absolute return strategy mutual funds	4,300	4,300	—	—

Total investments at fair value	29,738	27,906	1,832	—


($000)	2015	Level 1	Level 2	Level 3
Asset Class
Cash	1,072	1,072	—	—

Equity Securities
U.S. equity securities	14,602	14,602	—	—
Foreign equity securities	3,690	3,690	—	—
	18,292	18,292	—	—
Fixed Income Securities
U.S. treasury securities	524	524	—	—
U.S. corporate bonds	902	—	902	—
High yield funds	3,284	3,284	—	—
Foreign bond funds	1,857	1,857	—	—
Other	734	—	734	—
	7,301	5,665	1,636	—

Other
Absolute return strategy mutual funds	4,319	4,319	—	—

Total investments at fair value	30,984	29,348	1,636	—

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: