Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v2.4.0.8
Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2014
Postemployment Benefits [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)
2014
 
2013
Change in projected benefit obligation:
 
 
 
Projected benefit obligation as of the beginning of the fiscal year
$
71,276

 
$
65,426

Service cost
4,054

 
3,399

Interest cost
1,401

 
1,320

Contributions by plan participants
102

 
85

Adjustment

 
(1,878
)
Actuarial loss
1,927

 
8,792

Benefit payments
(1,910
)
 
(767
)
Foreign currency exchange rate changes
185

 
(5,101
)
Projected benefit obligation as of the end of the fiscal year
$
77,035

 
$
71,276

 
 
 
 
 
Year ended June 30,
(In thousands)
2014
 
2013
Change in fair value of plan assets:
 
 
 
Fair value of plan assets as of the beginning of the fiscal year
$
13,317

 
$
11,709

Actual return on plan assets
274

 
202

Employer contributions
3,229

 
2,083

Benefit and expense payments
(1,910
)
 
(767
)
Foreign currency exchange rate changes
253

 
90

Fair value of plan assets as of the end of the fiscal year
$
15,163

 
$
13,317

 
 
As of June 30,
(In thousands)
2014
 
2013
Underfunded status
$
61,872

 
$
57,959

 
 
 
 
 
As of June 30,
(In thousands)
2014
 
2013
Plans with accumulated benefit obligations in excess of plan assets:
 
 
 
Accumulated benefit obligation
$
47,122

 
$
45,181

Projected benefit obligation
$
77,035

 
$
71,276

Plan assets at fair value
$
15,163

 
$
13,317

Weighted-Average Assumptions Used in Determining Benefit Obligation and Net Periodic Cost
 
Year ended June 30,
 
2014
 
2013
 
2012
Weighted-average assumptions:
 
 
 
 
 
Discount rate
1.5%-3.5%
 
1.5%-3.5%
 
1.3%-5.5%
Expected rate of return on assets
1.8%-3.8%
 
1.8%-4.0%
 
1.8%-4.5%
Rate of compensation increases
3.0%-5.5%
 
3.0%-5.0%
 
3.0%-4.5%
Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The following table presents losses recognized in accumulated other comprehensive income (loss) related to the Company's foreign defined benefit pension plans: 
 
Year ended June 30,
(In thousands)
2014
 
2013
Unrecognized transition obligation
$
772

 
$
1,029

Unrecognized prior service cost
225

 
278

Unrealized net loss
23,645

 
22,633

Amount of losses recognized
$
24,642

 
$
23,940

Amounts in Other Comprehensive Income (Loss) Expected to be Recognized as Net Periodic Benefit
Losses in accumulated other comprehensive income (loss) related to the Company's foreign defined benefit pension plans expected to be recognized as components of net periodic benefit cost over the fiscal year ending June 30, 2015 are as follows: 
(In thousands)
Year ending
June 30, 2015
Unrecognized transition obligation
$
262

Unrecognized prior service cost
51

Unrealized net loss
1,005

Amount of losses expected to be recognized
$
1,318

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)
2014
 
2013
 
2012
Components of net periodic pension cost
 
 
 
 
 
Service cost
$
4,054

 
$
3,399

 
$
3,355

Interest cost
1,401

 
1,320

 
1,406

Return on plan assets
(321
)
 
(315
)
 
(309
)
Amortization of transitional obligation
262

 
372

 
380

Amortization of prior service cost
52

 
58

 
64

Amortization of net loss
1,021

 
633

 
292

Adjustment

 
(1,436
)
 

Net periodic pension cost
$
6,469

 
$
4,031

 
$
5,188

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, 2014:
(In thousands)
Total
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
Cash and cash equivalents
$
11,061

 
$
11,061

 
$

Government and municipal securities and other investments
4,102

 

 
4,102

Total assets measured at fair value
$
15,163

 
$
11,061

 
$
4,102