v3.26.1
Pension Benefits
 12 Months Ended
Jun. 30, 2026
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, the net periodic benefit costs were determined utilizing the following beginning-of-the-year assumptions:
20252024
Discount rate5.23 %5.18 %
Expected long-term return on plan assets5.00 %5.00 %
Relevant information with respect to our pension benefits as of June 30 can be summarized as follows:
2025
Change in benefit obligation
Benefit obligation at beginning of year$26,475 
Interest cost659 
Actuarial gain(834)
Benefits paid(26,300)
Benefit obligation at end of year$— 
2025
Change in plan assets
Fair value of plan assets at beginning of year$28,016 
Actual return on plan assets(1,716)
Employer contributions— 
Benefits paid(26,300)
Fair value of plan assets at end of year$— 
The following table summarizes the components of net periodic benefit cost for our pension plans at June 30:
20252024
Components of net periodic benefit cost
Interest cost$659 $1,382 
Expected return on plan assets(668)(1,375)
Amortization of unrecognized net loss294 633 
Settlement charge13,968 — 
Net periodic benefit cost$14,253 $640