Employee Benefit Plans (Tables)

3 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Costs

The net periodic benefit cost for the defined benefit pension plans is as follows:

	Three Months Ended September 30,
	2020		2019
(In thousands)
Service cost	$	—	$	—
Interest cost	859		1,059
Expected return on plan assets	(1,038)		(1,102)
Amortization of net loss(1)	502		370
Net periodic benefit cost	$	323	$	327

___________

(1) These amounts represent the estimated portion of the net loss in AOCI that is expected to be recognized as a component of net periodic benefit cost over the current fiscal year. 

Contributions made by the Company to the multiemployer pension plans were as follows:

	Three Months Ended September 30,
	2020		2019
(In thousands)
Contributions	$	228	$	428

Outstanding balance of settlement obligations of the Company to certain multiemployer pension plans are as follows:

(In thousands)	September 30, 2020		June 30, 2020
Local 807 Pension Fund (1)	$	182	$	182

__________

(1) Lump sum cash settlement payment of $3.0 million plus two remaining installment payments of $91,000 due on or before October 1, 2034 and on or before January 1, 2035. As of September 30, 2020, the Company has paid the Local 807 Pension Fund $3.0 million and has accrued $0.2 million within “Accrued pension liabilities” on the Company’s condensed consolidated balance sheet.

The following table shows the components of net periodic postretirement benefit cost (credit) for the Retiree Medical Plan and Death Benefit for the three months ended September 30, 2020 and 2019. Net periodic postretirement benefit cost was based on employee census information and asset information as of June 30, 2020. 

	Three Months Ended September 30,
	2020		2019
(In thousands)
Components of Net Periodic Postretirement Benefit Cost (Credit):
Service cost	$	5	$	147
Interest cost	73		214
Amortization of net gain	(2,728)		(125)
Amortization of prior service credit	(4,481)		(392)
Net periodic postretirement benefit credit	$	(7,131)	$	(156)

Defined Benefit Plan, Assumptions

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

	September 30, 2020	June 30, 2020
Discount rate	2.55%	3.45%
Expected long-term return on plan assets	6.25%	6.75%

Weighted-Average Assumptions Used to Determine Net Periodic Postretirement Benefit Cost 

	Fiscal
	2021	2020
Retiree Medical Plan discount rate	0.06%	3.62%
Death Benefit discount rate	2.87%	3.64%