Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v3.8.0.1
Employee Benefit Plans
 9 Months Ended
Dec. 31, 2017
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

NOTE 10 – EMPLOYEE BENEFIT PLANS:

The components of pension cost are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Service cost

 

$

149

 

 

$

151

 

 

$

448

 

 

$

451

 

Interest cost

 

 

356

 

 

 

362

 

 

 

1,067

 

 

 

1,087

 

Expected return on assets

 

 

(743

)

 

 

(718

)

 

 

(2,232

)

 

 

(2,155

)

Amortization of actuarial loss

 

 

253

 

 

 

337

 

 

 

760

 

 

 

1,013

 

Net pension cost

 

$

15

 

 

$

132

 

 

$

43

 

 

$

396

 

 

The Company made contributions to its defined benefit pension plan during the nine months ended December 31, 2017 of $52 and does not expect to make any contributions to the plan for the balance of fiscal 2018.

The components of the postretirement benefit cost are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Interest cost

 

$

6

 

 

$

5

 

 

$

19

 

 

$

19

 

Amortization of actuarial loss

 

 

9

 

 

 

11

 

 

 

28

 

 

 

30

 

Net postretirement benefit cost

 

$

15

 

 

$

16

 

 

$

47

 

 

$

49

 

 

The Company paid no benefits related to its postretirement benefit plan during the nine months ended December 31, 2017.  The Company expects to pay benefits of approximately $83 for the balance of fiscal 2018.

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 $134 and $174 on December 31, 2017 and March 31, 2017, 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.