| Retirement Benefits [Text Block] |
11) Retirement Benefits
The Company has defined benefit pension plans covering certain current and former employees both inside and outside of the U.S. The Company’s pension plan for U.S. employees is frozen for substantially all participants and has been replaced with a defined contribution benefit plan.
Net periodic benefit cost for the Company’s U.S. and foreign pension benefit plans for the periods ended consisted of the following components (in thousands):
| |
|
U.S. Plans |
|
|
Non-U.S. Plans |
|
| |
|
Three Months Ended March 31, |
|
|
Three Months Ended March 31, |
|
| |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
| Service cost |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
55 |
|
|
$ |
61 |
|
| Interest cost |
|
|
2,288 |
|
|
|
2,386 |
|
|
|
316 |
|
|
|
295 |
|
| Expected return on plan assets |
|
|
(2,521 |
) |
|
|
(2,641 |
) |
|
|
(305 |
) |
|
|
(335 |
) |
| Recognized net actuarial loss |
|
|
1,175 |
|
|
|
1,055 |
|
|
|
- |
|
|
|
- |
|
| Amortization of prior service cost |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
| Net periodic (benefit) cost |
|
$ |
942 |
|
|
$ |
800 |
|
|
$ |
65 |
|
|
$ |
20 |
|
| |
|
U.S. Plans |
|
|
Non-U.S. Plans |
|
| |
|
Nine Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
| |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
| Service cost |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
169 |
|
|
$ |
185 |
|
| Interest cost |
|
|
6,865 |
|
|
|
7,158 |
|
|
|
941 |
|
|
|
903 |
|
| Expected return on plan assets |
|
|
(7,562 |
) |
|
|
(7,923 |
) |
|
|
(909 |
) |
|
|
(1,026 |
) |
| Recognized net actuarial loss |
|
|
3,524 |
|
|
|
3,166 |
|
|
|
- |
|
|
|
- |
|
| Amortization of prior service cost |
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
(2 |
) |
| Net periodic (benefit) cost |
|
$ |
2,827 |
|
|
$ |
2,401 |
|
|
$ |
199 |
|
|
$ |
60 |
|
The following table sets forth the amounts recognized for the Company's defined benefit pension plans (in thousands):
| Amounts recognized in the consolidated balance sheets consist of: |
|
March 31, 2026 |
|
|
June 30, 2025 |
|
| Prepaid benefit cost |
|
$ |
3,305 |
|
|
$ |
3,294 |
|
| Current liabilities |
|
|
(1,281 |
) |
|
|
(589 |
) |
| Non-current liabilities |
|
|
(28,202 |
) |
|
|
(31,721 |
) |
| Net amount recognized |
|
$ |
(26,178 |
) |
|
$ |
(29,016 |
) |
The contributions made to defined benefit plans are presented below along with remaining contributions to be made for the current fiscal year (in thousands):
| |
|
Fiscal Year 2026 |
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
|
| Contributions to defined benefit plans |
|
March 31, 2026 |
|
|
March 31, 2026 |
|
|
Remaining Contributions |
|
| United States, funded plan |
|
$ |
2,324 |
|
|
$ |
5,066 |
|
|
$ |
1,484 |
|
| United States, unfunded plan |
|
|
25 |
|
|
|
79 |
|
|
|
37 |
|
| Germany, unfunded plan |
|
|
207 |
|
|
|
207 |
|
|
|
69 |
|
| |
|
$ |
2,556 |
|
|
$ |
5,352 |
|
|
$ |
1,590 |
|
|