Graham Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

Employee Benefit Plans

9 Months Ended

Dec. 31, 2016

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE 10 – EMPLOYEE BENEFIT PLANS:

The components of pension cost (benefit) are as follows:

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2016			2015			2016			2015
Service cost	$	151		$	130		$	451		$	391
Interest cost		362			360			1,087			1,078
Expected return on assets		(718	)		(795	)		(2,155	)		(2,385	)
Amortization of actuarial loss		337			293			1,013			880
Net pension cost (benefit)	$	132		$	(12	)	$	396		$	(36	)

The Company made no contributions to its defined benefit pension plan during the nine months ended December 31, 2016 and does not expect to make any contributions to the plan for the balance of fiscal 2017.

The components of the postretirement benefit cost are as follows:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2016		2015		2016		2015
Interest cost	$	5	$	7	$	19	$	20
Amortization of actuarial loss		11		10		30		30
Net postretirement benefit cost	$	16	$	17	$	49	$	50

The Company paid no benefits related to its postretirement benefit plan during the nine months ended December 31, 2016. The Company expects to pay benefits of approximately $88 for the balance of fiscal 2017.

The Company self-funds the medical insurance coverage it provides to its U.S. based employees. The Company maintains a stop loss insurance policy in order to limit its exposure to claims. The liability of $178 and $176 on December 31, 2016 and March 31, 2016, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” as a current liability in the Condensed Consolidated Balance Sheets.