| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2015-07-01 - 2016-06-30 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Schedule of PBO, Change in Plan Assets, Funded Status and Amounts Recognized in Consolidated Balance Sheet |
The following
table represents the PBO, change in plan assets, funded status and
amounts recognized in our consolidated balance sheets at June 30,
2016 and 2015:
|
|
|
|
|
|
|
|
|
| |
|
Pension
Benefits |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
(in
thousands) |
|
|
Change in benefit
obligation:
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at beginning of year
|
|
$ |
41,136 |
|
|
$ |
36,413 |
|
|
Service cost
|
|
|
2,279 |
|
|
|
2,300 |
|
|
Interest cost
|
|
|
484 |
|
|
|
673 |
|
|
Actuarial loss
|
|
|
7,939 |
|
|
|
3,647 |
|
|
Plan participant
contributions
|
|
|
835 |
|
|
|
872 |
|
|
Benefits paid, net of
transfers into plan
|
|
|
(266 |
) |
|
|
(939 |
) |
|
Effect of foreign
currency exchange rate changes
|
|
|
(1,857 |
) |
|
|
(1,830 |
) |
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at end of year
|
|
$ |
50,550 |
|
|
$ |
41,136 |
|
|
|
|
|
|
|
|
|
|
|
Change in plan
assets:
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets
at beginning of year
|
|
$ |
27,776 |
|
|
$ |
26,575 |
|
|
Actual return on plan
assets
|
|
|
446 |
|
|
|
801 |
|
|
Employer
contribution
|
|
|
1,734 |
|
|
|
1,820 |
|
|
Plan participant
contributions
|
|
|
835 |
|
|
|
872 |
|
|
Benefits paid, net of
transfers into plan
|
|
|
(266 |
) |
|
|
(939 |
) |
|
Effect of foreign
currency exchange rate changes
|
|
|
(1,257 |
) |
|
|
(1,353 |
) |
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets
at end of year
|
|
$ |
29,268 |
|
|
$ |
27,776 |
|
|
|
|
|
|
|
|
|
|
|
Pension liability at end
of fiscal year
|
|
$ |
(21,282 |
) |
|
$ |
(13,360 |
) |
Accumulated
other comprehensive loss consists of the following:
|
|
|
|
|
|
|
|
|
|
Net prior service
credit
|
|
$ |
888 |
|
|
$ |
1,025 |
|
|
Net actuarial
loss
|
|
|
(12,682 |
) |
|
|
(4,659 |
) |
|
|
|
|
|
|
|
|
|
|
Accumulated other
comprehensive loss, before income tax
|
|
$ |
(11,794 |
) |
|
$ |
(3,634 |
) |
|
|
|
|
|
|
|
|
|
|
Summary of Weighted-Average Assumptions Used to Determine Net Benefit Costs and Benefit Obligations |
Assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension
Benefits |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Weighted-average
assumptions used to determine net benefit costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
1.25 |
% |
|
|
2.00 |
% |
|
|
2.25 |
% |
|
Expected return on plan
assets
|
|
|
3.00 |
% |
|
|
4.00 |
% |
|
|
4.00 |
% |
|
Rate of compensation
increase
|
|
|
1.75 |
% |
|
|
2.00 |
% |
|
|
2.00 |
% |
|
|
|
|
|
Weighted-average
assumptions used to determine benefit obligations at year
end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
0.25 |
% |
|
|
1.25 |
% |
|
|
2.00 |
% |
|
Expected return on plan
assets
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
4.00 |
% |
|
Rate of compensation
increase
|
|
|
1.50 |
% |
|
|
1.75 |
% |
|
|
2.00 |
% |
|
Summary of Pension Plan 2016 Actual Asset Allocation as Compared to Profond's Target Asset Allocations |
The pension plan 2016 actual asset allocation as compared to
Profond’s target asset allocations are as follows:
|
|
|
|
|
|
|
|
|
| |
|
Actual |
|
|
Target |
|
|
Asset Category:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
4 |
% |
|
|
2 |
% |
|
Equity Securities
|
|
|
50 |
% |
|
|
49 |
% |
|
Fixed Income
|
|
|
15 |
% |
|
|
23 |
% |
|
Real Estate
|
|
|
28 |
% |
|
|
23 |
% |
|
Other
|
|
|
3 |
% |
|
|
3 |
% |
|
Summary of Estimated Future Benefit Payments |
As of June
30, 2016, the estimated future benefit payments (inclusive of any
future service) were as follows:
|
|
|
|
|
| |
|
Total |
|
| |
|
(In thousands) |
|
|
2017
|
|
$ |
1,377 |
|
|
2018
|
|
|
1,618 |
|
|
2019
|
|
|
1,781 |
|
|
2020
|
|
|
1,631 |
|
|
2021
|
|
|
2,211 |
|
|
2022-26
|
|
|
9,722 |
|
|
Components of Net Periodic Pension Costs for the Swiss Pension Plan |
Net periodic
pension costs for the Swiss pension plan include the following
components:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
| |
|
(In
thousands) |
|
|
Components of net
periodic (income) cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
2,279 |
|
|
$ |
2,300 |
|
|
$ |
2,170 |
|
|
Interest cost
|
|
|
484 |
|
|
|
673 |
|
|
|
594 |
|
|
Net prior service cost
credit
|
|
|
(90 |
) |
|
|
(93 |
) |
|
|
— |
|
|
Net actuarial
loss
|
|
|
69 |
|
|
|
— |
|
|
|
— |
|
|
Expected return on plan
assets
|
|
|
(805 |
) |
|
|
(1,003 |
) |
|
|
(769 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic
cost
|
|
$ |
1,937 |
|
|
$ |
1,877 |
|
|
$ |
1,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|