v3.25.2
Pension Benefits
 12 Months Ended
Jun. 30, 2025
Defined Benefit Pension Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Pension Benefits Pension Benefits
Defined Benefit Pension Plans
Prior to November 30, 2024, we sponsored multiple defined benefit pension plans that covered certain former employees under collective bargaining contracts related to closed or sold operations. All these plans were previously frozen. In August 2024, our Board of Directors approved the merger of all five pension plans and the termination of the resulting merged plan. The merged plan was terminated effective November 30, 2024. Lump sum distributions and annuity purchases from a highly rated insurance company were completed in December 2024. No additional pension plan contributions were required. As a result of the pension termination, we incurred a one-time noncash settlement charge of $14.0 million in 2025.
Prior to the termination of the merged plan discussed above, we discounted our plan liabilities at the end of the year using an assumed discount rate. In estimating this rate, we, along with our third-party actuaries, reviewed the timing of future benefit payments, bond indices, yield curve analysis results and the past history of discount rates.
The actuarial present value of benefit obligations summarized below was based on the following assumption:
2024
Weighted-average assumption as of June 30
Discount rate5.23 %
The net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions:
202520242023
Discount rate5.23 %5.18 %4.52 %
Expected long-term return on plan assets5.00 %5.00 %5.00 %
We categorize our plan assets within a three-level fair value hierarchy, as previously defined in Note 1. The following table summarizes the fair values and levels, within the fair value hierarchy, for our plan assets at June 30, 2024:
Asset CategoryLevel 1Level 2Level 3Total
Cash and equivalents$53 $— $— $53 
Money market funds1,459 — — 1,459 
Mutual funds fixed income19,242 — — 19,242 
Mutual funds equity7,262 — — 7,262 
Total$28,016 $— $— $28,016 
The plan assets classified at Level 1 included money market funds and mutual funds. Quoted market prices in active markets for identical assets were available for investments in this category.
Relevant information with respect to our pension benefits as of June 30 can be summarized as follows:
20252024
Change in benefit obligation
Benefit obligation at beginning of year$26,475 $27,952 
Interest cost659 1,382 
Actuarial gain(834)(660)
Benefits paid(26,300)(2,199)
Benefit obligation at end of year$— $26,475 
 20252024
Change in plan assets
Fair value of plan assets at beginning of year$28,016 $28,776 
Actual return on plan assets(1,716)1,215 
Employer contributions— 224 
Benefits paid(26,300)(2,199)
Fair value of plan assets at end of year$— $28,016 
 20252024
Funded status - net prepaid benefit cost$— $1,541 
 20252024
Amounts recognized in the Consolidated Balance Sheets consist of
Prepaid benefit cost (Other Noncurrent Assets)$— $1,886 
Accrued benefit liability (Other Noncurrent Liabilities)— (345)
Net amount recognized$— $1,541 
 20252024
Accumulated benefit obligation$— $26,475 
The following table discloses, in the aggregate, those plans with benefit obligations in excess of the fair value of plan assets at the June 30 measurement date:
20252024
Benefit obligations$— $4,301 
Fair value of plan assets at end of year$— $3,956 
Amounts recognized in accumulated other comprehensive loss at June 30 were as follows:
20252024
Net actuarial loss$— $12,713 
Income taxes— (2,971)
Total$— $9,742 
The following table summarizes the components of net periodic benefit cost for our pension plans at June 30:
202520242023
Components of net periodic benefit cost
Interest cost$659 $1,382 $1,344 
Expected return on plan assets(668)(1,375)(1,416)
Amortization of unrecognized net loss294 633 725 
Settlement charge13,968 — — 
Net periodic benefit cost$14,253 $640 $653