|
Note 11. Employee Benefit Plans (Tables)
|
12 Months Ended |
|
Jun. 30, 2011
|
| Employee Benefit Plans [Abstract] |
|
| Summary Data Relating 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) |
2011 |
|
2010 |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation as of the beginning of the fiscal year |
$ |
46,344 |
|
|
$ |
33,388 |
|
Service cost, including plan participant contributions |
3,184 |
|
|
2,249 |
|
Interest cost |
1,270 |
|
|
1,020 |
|
Contributions by plan participants |
126 |
|
|
111 |
|
Adjustment |
9 |
|
|
5,059 |
|
Actuarial loss |
1,363 |
|
|
4,721 |
|
Benefit payments |
(1,357 |
) |
|
(557 |
) |
Acquisitions |
— |
|
|
551 |
|
Transfer in/(out) |
— |
|
|
(417 |
) |
Foreign currency exchange rate changes |
5,871 |
|
|
219 |
|
Projected benefit obligation as of the end of the fiscal year |
$ |
56,810 |
|
|
$ |
46,344 |
|
|
|
|
|
|
Year ended June 30, |
(In thousands) |
2011 |
|
2010 |
Change in fair value of plan assets |
|
|
|
Fair value of plan assets as of the beginning of the fiscal year |
$ |
8,692 |
|
|
$ |
8,139 |
|
Actual return on plan assets |
78 |
|
|
86 |
|
Employer contributions |
2,024 |
|
|
1,045 |
|
Benefit and expense payments |
(1,010 |
) |
|
(290 |
) |
Acquisitions |
— |
|
|
169 |
|
Transfer in/(out) |
— |
|
|
(160 |
) |
Foreign currency exchange rate changes |
1,251 |
|
|
(297 |
) |
Fair value of plan assets as of the end of fiscal the year |
$ |
11,035 |
|
|
$ |
8,692 |
|
|
|
|
|
|
|
|
|
|
|
As of June 30, |
(In thousands) |
2011 |
|
2010 |
Funded status |
|
|
|
Ending funded status |
$ |
(45,775 |
) |
|
$ |
(37,652 |
) |
Net amount recognized |
$ |
(45,775 |
) |
|
$ |
(37,652 |
) |
|
|
|
|
|
As of June 30, |
(In thousands) |
2011 |
|
2010 |
Plans with accumulated benefit obligations in excess of plan assets |
|
|
|
Accumulated benefit obligation |
$ |
39,748 |
|
|
$ |
32,457 |
|
Projected benefit obligation |
$ |
56,810 |
|
|
$ |
46,344 |
|
Plan assets at fair value |
$ |
11,035 |
|
|
$ |
8,692 |
|
|
| Weighted Average Assumptions Used in Determining Net Periodic Cost |
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|
|
|
|
|
|
|
Year ended June 30, |
|
2011 |
|
2010 |
|
2009 |
Weighted-average assumptions |
|
|
|
|
|
Discount rate |
1.8%-5.5% |
|
1.8%-4.9% |
|
2.0%-6.3% |
Expected return on assets |
1.8%-4.5% |
|
1.8%-4.5% |
|
1.8%-4.5% |
Rate of compensation increases |
3.0%-4.0% |
|
3.0%-4.0% |
|
3.0%-4.0% |
|
| Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
Amounts recognized in accumulated other comprehensive income (loss) consist of:
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|
|
|
|
|
|
|
|
|
Year ended June 30, |
(In thousands) |
2011 |
|
2010 |
Unrecognized transition obligation |
$ |
2,318 |
|
|
$ |
2,430 |
|
Unrecognized prior service cost |
450 |
|
|
468 |
|
Unrealized net loss |
9,288 |
|
|
7,015 |
|
Amount recognized |
$ |
12,056 |
|
|
$ |
9,913 |
|
|
| Amounts in Other Comprehensive Income (Loss) Expected to be Recognized as Net Periodic Benefit |
Amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the fiscal year ending June 30, 2012 are as follows:
|
|
|
|
|
(In thousands) |
Year ending
June 30, 2012
|
Unrecognized transition obligation |
$ |
386 |
|
Unrecognized prior service cost |
64 |
|
Unrealized net loss |
296 |
|
Amount expected to be recognized |
$ |
746 |
|
|
| 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:
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|
|
|
|
|
|
|
|
|
|
|
|
Year ended June 30, |
(In thousands) |
2011 |
|
2010 |
|
2009 |
Components of net periodic pension cost |
|
|
|
|
|
Service cost, net of plan participant contributions |
$ |
3,184 |
|
|
$ |
2,249 |
|
|
$ |
2,422 |
|
Interest cost |
1,270 |
|
|
1,020 |
|
|
756 |
|
Return on plan assets |
(289 |
) |
|
(215 |
) |
|
(283 |
) |
Amortization of transitional obligation |
366 |
|
|
28 |
|
|
35 |
|
Amortization of prior service cost |
61 |
|
|
44 |
|
|
27 |
|
Amortization of net loss |
178 |
|
|
98 |
|
|
249 |
|
Acquisitions |
— |
|
|
313 |
|
|
— |
|
Adjustment |
— |
|
|
3,154 |
|
|
— |
|
Loss due to settlement/curtailment |
— |
|
|
— |
|
|
271 |
|
Net periodic pension cost |
$ |
4,770 |
|
|
$ |
6,691 |
|
|
$ |
3,477 |
|
|
| 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, 2011:
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|
(In thousands) |
Total |
|
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
Cash and cash equivalents |
$ |
7,455 |
|
|
$ |
7,455 |
|
|
$ |
— |
|
|
$ |
— |
|
Government, municipal securities, and other |
3,580 |
|
|
— |
|
|
3,580 |
|
|
— |
|
Total assets measured at fair value |
$ |
11,035 |
|
|
$ |
7,455 |
|
|
$ |
3,580 |
|
|
$ |
— |
|
|