|
Employee Benefit Plans (Tables)
|
12 Months Ended |
|
Jun. 30, 2012
|
| Employee Benefit Plans [Abstract] |
|
| Summary Data Related to Foreign Defined Benefit Pension Plans |
Summary data relating to the Company's foreign defined benefit pension plans, including key weighted-average assumptions used, is provided in the following tables:
|
|
|
|
|
|
|
|
|
|
Year ended June 30, |
(In thousands) |
2012 |
|
2011 |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation as of the beginning of the fiscal year |
$ |
56,810 |
|
|
$ |
46,344 |
|
Service cost, including plan participant contributions |
3,355 |
|
|
3,184 |
|
Interest cost |
1,406 |
|
|
1,270 |
|
Contributions by plan participants |
132 |
|
|
126 |
|
Adjustment |
148 |
|
|
9 |
|
Actuarial loss |
6,582 |
|
|
1,363 |
|
Benefit payments |
(789 |
) |
|
(1,357 |
) |
Foreign currency exchange rate changes |
(2,218 |
) |
|
5,871 |
|
Projected benefit obligation as of the end of the fiscal year |
$ |
65,426 |
|
|
$ |
56,810 |
|
|
|
|
|
|
Year ended June 30, |
(In thousands) |
2012 |
|
2011 |
Change in fair value of plan assets |
|
|
|
Fair value of plan assets as of the beginning of the fiscal year |
$ |
11,035 |
|
|
$ |
8,692 |
|
Actual return on plan assets |
68 |
|
|
78 |
|
Employer contributions |
1,926 |
|
|
2,024 |
|
Benefit and expense payments |
(541 |
) |
|
(1,010 |
) |
Foreign currency exchange rate changes |
(779 |
) |
|
1,251 |
|
Fair value of plan assets as of the end of the fiscal year |
$ |
11,709 |
|
|
$ |
11,035 |
|
|
|
|
|
|
|
|
|
|
|
As of June 30, |
(In thousands) |
2012 |
|
2011 |
Funded status |
|
|
|
Ending funded status |
$ |
(53,717 |
) |
|
$ |
(45,775 |
) |
Net amount recognized |
$ |
(53,717 |
) |
|
$ |
(45,775 |
) |
|
|
|
|
|
As of June 30, |
(In thousands) |
2012 |
|
2011 |
Plans with accumulated benefit obligations in excess of plan assets |
|
|
|
Accumulated benefit obligation |
$ |
28,844 |
|
|
$ |
39,748 |
|
Projected benefit obligation |
$ |
65,426 |
|
|
$ |
56,810 |
|
Plan assets at fair value |
$ |
11,709 |
|
|
$ |
11,035 |
|
|
| Weighted-Average Assumptions Used in Determining Net Periodic Cost |
|
|
|
|
|
|
|
|
Year ended June 30, |
|
2012 |
|
2011 |
|
2010 |
Weighted-average assumptions |
|
|
|
|
|
Discount rate |
1.3%-5.5% |
|
1.8%-5.5% |
|
1.8%-4.9% |
Expected return on assets |
1.8%-4.5% |
|
1.8%-4.5% |
|
1.8%-4.5% |
Rate of compensation increases |
3.0%-4.5% |
|
3.0%-4.0% |
|
3.0%-4.0% |
|
| Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income (loss) consist of:
|
|
|
|
|
|
|
|
|
|
Year ended June 30, |
(In thousands) |
2012 |
|
2011 |
Unrecognized transition obligation |
$ |
1,868 |
|
|
$ |
2,318 |
|
Unrecognized prior service cost |
392 |
|
|
450 |
|
Unrealized net loss |
15,408 |
|
|
9,288 |
|
Amount recognized |
$ |
17,668 |
|
|
$ |
12,056 |
|
|
| Amounts in Other Comprehensive Income (Loss) Expected to be Recognized as Net Periodic Benefit |
Amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the fiscal year ending June 30, 2013 are as follows:
|
|
|
|
|
(In thousands) |
Year ending
June 30, 2013
|
Unrecognized transition obligation |
$ |
374 |
|
Unrecognized prior service cost |
65 |
|
Unrealized net loss |
580 |
|
Amount expected to be recognized |
$ |
1,019 |
|
|
| Components of Net Periodic Cost |
The components of the Company's net periodic cost relating to its foreign subsidiaries' defined pension plans are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended June 30, |
(In thousands) |
2012 |
|
2011 |
|
2010 |
Components of net periodic pension cost |
|
|
|
|
|
Service cost, net of plan participant contributions |
$ |
3,355 |
|
|
$ |
3,184 |
|
|
$ |
2,249 |
|
Interest cost |
1,406 |
|
|
1,270 |
|
|
1,020 |
|
Return on plan assets |
(309 |
) |
|
(289 |
) |
|
(215 |
) |
Amortization of transitional obligation |
380 |
|
|
366 |
|
|
28 |
|
Amortization of prior service cost |
64 |
|
|
61 |
|
|
44 |
|
Amortization of net loss |
292 |
|
|
178 |
|
|
98 |
|
Acquisitions |
— |
|
|
— |
|
|
313 |
|
Adjustment |
— |
|
|
— |
|
|
3,154 |
|
Net periodic pension cost |
$ |
5,188 |
|
|
$ |
4,770 |
|
|
$ |
6,691 |
|
|
| Foreign Plan Assets Measured at Fair Value on Recurring Basis |
Foreign plan assets measured at fair value on a recurring basis consisted of the following investment categories as of June 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Total |
|
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
Cash and cash equivalents |
$ |
8,405 |
|
|
$ |
8,405 |
|
|
$ |
— |
|
Government, municipal securities, and other |
3,304 |
|
|
— |
|
|
3,304 |
|
Total assets measured at fair value |
$ |
11,709 |
|
|
$ |
8,405 |
|
|
$ |
3,304 |
|
|