Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans

v2.4.0.8
Employee Benefit Plans
12个月结束了
Jun. 30, 2014
Postemployment Benefits [Abstract]
Employee Benefit Plans
EMPLOYEE BENEFIT PLANS
KLA-Tencor has a profit sharing program for eligible employees, which distributes, on a quarterly basis, a percentage of the Company’s pre-tax profits. In addition, the Company has an employee savings plan that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Since April 1, 2011, the employer match amount was 50% of the first $8,000 of an eligible employee's contribution (i.e., a maximum of $4,000 ) during each fiscal year.
The total expenses under the profit sharing and 401(k) programs aggregated $15.4 million , $13.1 million 和 $12.6 million in the fiscal years ended June 30, 2014 , 2013 和 2012 , respectively. The Company has no defined benefit plans in the United States. In addition to the profit sharing plan and the United States 401(k), several of the Company's foreign subsidiaries have retirement plans for their full-time employees, several of which are defined benefit plans. Consistent with the requirements of local law, the Company deposits funds for certain of these plans with insurance companies, with third-party trustees or into government-managed accounts and/or accrues for the unfunded portion of the obligation. The assumptions used in calculating the obligation for the foreign plans depend on the local economic environment.
The Company applies authoritative guidance that requires an employer to recognize the funded status of each of its defined pension and post-retirement benefit plans as a net asset or liability in its statement of financial position. Additionally, the authoritative guidance requires an employer to measure the funded status of each of its plans as of the date of its year-end statement of financial position. The benefit obligations and related assets under the Company’s plans have been measured as of June 30, 2014 和 2013 .
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)
2014
2013
Change in projected benefit obligation:
Projected benefit obligation as of the beginning of the fiscal year
$
71,276

$
65,426

服务成本
4,054

3,399

Interest cost
1,401

1,320

Contributions by plan participants
102.

85

Adjustment
—

(1878
)
Actuarial loss
1,927

8,792

Benefit payments
（1,910.
)
(767
)
Foreign currency exchange rate changes
185

(5,101
)
Projected benefit obligation as of the end of the fiscal year
$
77,035

$
71,276

Year ended June 30,
(In thousands)
2014
2013
计划资产公允价值变动：
截至财政年度开始的计划资产公允价值
$
13,317

$
11,709

Actual return on plan assets
274

202.

Employer contributions
3,229

2,083

收益和费用付款
（1,910.
)
(767
)
Foreign currency exchange rate changes
253

90

截至财政年度截止日期的计划资产公允价值
$
15,163

$
13,317

As of June 30,
(In thousands)
2014
2013
Underfunded status
$
61,872

$
57,959

As of June 30,
(In thousands)
2014
2013
Plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation
$
47,122

$
45,181

Projected benefit obligation
$
77,035

$
71,276

Plan assets at fair value
$
15,163

$
13,317


Year ended June 30,
2014
2013
2012
加权平均一个ssumptions:
Discount rate
1.5%-3.5%
1.5%-3.5%
1.3％-5.5％
预期的资产回报率
1.8%-3.8%
1.8％-4.0％
1.8%-4.5%
补偿率增加
3.0％-5.5％
3.0%-5.0%
3.0%-4.5%

The assumptions for expected rate of return on assets were developed by considering the historical returns and expectations of future returns relevant to the country in which each plan is in effect and the investments applicable to the corresponding plan. The discount rate for each plan was derived by reference to appropriate benchmark yields on high quality corporate bonds, allowing for the approximate duration of both plan obligations and the relevant benchmark index.
The following table presents losses recognized in accumulated other comprehensive income (loss) related to the Company's foreign defined benefit pension plans:
Year ended June 30,
(In thousands)
2014
2013
无法识别的过渡义务
$
772

$
1,029

Unrecognized prior service cost
225.

278

Unrealized net loss
23,645

22,633

Amount of losses recognized
$
24,642

$
23,940


Losses in accumulated other comprehensive income (loss) related to the Company's foreign defined benefit pension plans expected to be recognized as components of net periodic benefit cost over the fiscal year ending June 30, 2015 are as follows:
(In thousands)
Year ending
June 30, 2015
无法识别的过渡义务
$
262

Unrecognized prior service cost
51

Unrealized net loss
1,005

Amount of losses expected to be recognized
$
1,318

The components of the Company's net periodic cost relating to its foreign subsidiaries' defined pension plans are as follows:
Year ended June 30,
(In thousands)
2014
2013
2012
Components of net periodic pension cost
服务成本
$
4,054

$
3,399

$
3,355

Interest cost
1,401

1,320

1,406

返回计划资产
(321
)
(315
)
(309
)
Amortization of transitional obligation
262

372

380

Amortization of prior service cost
52

58

64

Amortization of net loss
1,021

633

292

Adjustment
—

(1,436
)
—

净定期养老金成本
$
6,469

$
4,031.

$
5,188


Fair Value of Plan Assets
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of inputs used to measure fair value of plan assets are described in Note 2, “Fair Value Measurements.”
The foreign plans’ investments are managed by third-party trustees consistent with the regulations or market practice of the country where the assets are invested. The Company is not actively involved in the investment strategy, nor does it have control over the target allocation of these investments. These investments made up 100% of total foreign plan assets in the fiscal years ended June 30, 2014 , 2013 和 2012 .
The expected aggregate employer contribution for the foreign plans during the fiscal year ending June 30, 2015 is $1.7 million .
The total benefits to be paid from the foreign pension plans are not expected to exceed $3.2 million in any year through the fiscal year ending June 30, 202.4 .
Foreign plan assets measured at fair value on a recurring basis consisted of the following investment categories as of June 30, 2014 :
(In thousands)
全部的
Quoted Prices in
Active Markets
for Identical
资产（第1级）
Significant Other
Observable Inputs
（2级）
Cash and cash equivalents
$
11,061

$
11,061

$
—

Government and municipal securities and other investments
4,102

—

4,102

全部的assets measured at fair value
$
15,163

$
11,061

$
4,102


Concentration of Risk
The Company manages a variety of risks, including market, credit and liquidity risks, across its plan assets through its investment managers. The Company defines a concentration of risk as an undiversified exposure to one of the above-mentioned risks that increases the exposure of the loss of plan assets unnecessarily. The Company monitors exposure to such risks in the foreign plans by monitoring the magnitude of the risk in each plan and diversifying the Company's exposure to such risks across a variety of instruments, markets and counterparties. As of June 30, 2014 , the Company did not have concentrations of plan asset investment risk in any single entity, manager, counterparty, sector, industry or country.
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