EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Jun. 30, 2024 |
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| Retirement Benefits [Abstract] |
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| Schedule of Data Related to Foreign Defined Benefit Pension Plans |
Summary data relating to our foreign defined benefit pension plans, including key weighted-average assumptions used, is provided in the following tables:
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Year Ended June 30, |
| (In thousands) |
2024 |
|
2023 |
| Change in projected benefit obligation: |
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| Projected benefit obligation as of the beginning of the fiscal year |
$ |
113,136 |
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|
$ |
124,585 |
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| Service cost |
4,494 |
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|
3,807 |
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| Interest cost |
2,177 |
|
|
1,689 |
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| Contributions by plan participants |
65 |
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|
70 |
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| Actuarial gain |
(2,341) |
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|
(7,686) |
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| Benefit payments |
(4,752) |
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|
(4,837) |
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| Plan amendment impact |
— |
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|
191 |
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| Settlements impact |
(1,433) |
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|
(931) |
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| Foreign currency exchange rate changes and other, net |
(6,101) |
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|
(3,752) |
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| Projected benefit obligation as of the end of the fiscal year |
$ |
105,245 |
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|
$ |
113,136 |
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Year Ended June 30, |
| (In thousands) |
2024 |
|
2023 |
| Change in fair value of plan assets: |
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| Fair value of plan assets as of the beginning of the fiscal year |
$ |
45,930 |
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|
$ |
43,593 |
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| Employer contributions |
9,514 |
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|
8,396 |
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| Foreign currency exchange rate changes and other, net |
(1,863) |
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|
(827) |
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| Settlements impact |
(1,433) |
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|
(931) |
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| Actual return on plan assets |
1,542 |
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|
(1,064) |
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| Benefit and expense payments |
(3,295) |
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|
(3,237) |
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| Fair value of plan assets as of the end of the fiscal year |
$ |
50,395 |
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|
$ |
45,930 |
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As of June 30, |
| (In thousands) |
2024 |
|
2023 |
| Underfunded status |
$ |
54,850 |
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|
$ |
67,206 |
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As of June 30, |
| (In thousands) |
2024 |
|
2023 |
| Plans with accumulated benefit obligations in excess of plan assets: |
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| Accumulated benefit obligation |
$ |
67,349 |
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|
$ |
65,992 |
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| Projected benefit obligation |
$ |
105,245 |
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|
$ |
108,084 |
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| Plan assets at fair value |
$ |
50,395 |
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$ |
40,648 |
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| Schedule of Weighted-Average Assumptions Used in Determining Benefit Obligation and Net Periodic Cost |
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Year Ended June 30, |
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2024 |
|
2023 |
|
2022 |
Weighted-average assumptions(1):
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| Discount rate |
1.5% - 3.9% |
|
0.9% - 3.0% |
|
0.9% - 3.0% |
| Expected rate of return on assets |
1.5% - 3.9% |
|
0.9% - 2.6% |
|
0.9% - 3.0% |
| Rate of compensation increases |
3.0% - 5.0% |
|
3.0% - 5.0% |
|
2.3% - 5.0% |
__________________
(1)Represents the weighted-average assumptions used to determine the benefit obligation.
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
The following table presents losses recognized in AOCI before tax related to our foreign defined benefit pension plans:
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As of June 30, |
| (In thousands) |
2024 |
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2023 |
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| Unrecognized prior service cost |
$ |
10,360 |
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|
$ |
10,733 |
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| Unrealized net loss |
9,662 |
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|
12,932 |
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| Amount of losses recognized |
$ |
20,022 |
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$ |
23,665 |
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| Schedule of Net Periodic Cost |
The components of our net periodic cost relating to our foreign subsidiaries’ defined benefit pension plans are as follows:
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Year Ended June 30, |
| (In thousands) |
2024 |
|
2023 |
|
2022 |
| Components of net periodic pension cost: |
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Service cost(1)
|
$ |
4,494 |
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$ |
3,807 |
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$ |
5,054 |
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| Interest cost |
2,177 |
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|
1,678 |
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|
1,003 |
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| Return on plan assets |
(961) |
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|
(426) |
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|
(528) |
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| Amortization of prior service cost |
853 |
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|
873 |
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|
671 |
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| Amortization of net loss |
221 |
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|
698 |
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|
1,406 |
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| Loss due to settlement/curtailment |
68 |
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|
85 |
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|
38 |
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| Foreign currency exchange rate changes |
— |
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— |
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(19) |
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| Net periodic pension cost |
$ |
6,852 |
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|
$ |
6,715 |
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$ |
7,625 |
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__________________
(1)Service cost is reported in Cost of revenues, R&D and SG&A expenses. All other components of net periodic pension cost are reported in Other expense (income), net in the Consolidated Statements of Operations.
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| Schedule of 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, 2024 and 2023, respectively:
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| As of June 30, 2024 (In thousands) |
Total |
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Quoted Prices in
Active Markets
for Identical
Assets (Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
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| Cash and cash equivalents |
$ |
35,811 |
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|
$ |
35,811 |
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$ |
— |
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| Bonds, equity securities and other investments |
14,584 |
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|
— |
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|
14,584 |
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| Total assets measured at fair value |
$ |
50,395 |
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$ |
35,811 |
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$ |
14,584 |
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| As of June 30, 2023 (In thousands) |
Total |
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Quoted Prices in
Active Markets
for Identical
Assets (Level 1) |
|
Significant Other
Observable Inputs
(Level 2) |
|
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| Cash and cash equivalents |
$ |
32,114 |
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$ |
32,114 |
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|
$ |
— |
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| Bonds, equity securities and other investments |
13,816 |
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|
— |
|
|
13,816 |
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| Total assets measured at fair value |
$ |
45,930 |
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$ |
32,114 |
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$ |
13,816 |
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