Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.19.1
Employee Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2019
Pension Plans, Defined Benefit [Member]  
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit)

The components of pension (benefit) cost are:

 

 

 

Year ended March 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Service cost during the period

 

$

571

 

 

$

598

 

 

$

600

 

Interest cost on projected benefit obligation

 

 

1,339

 

 

 

1,423

 

 

 

1,450

 

Expected return on assets

 

 

(3,062

)

 

 

(2,977

)

 

 

(2,873

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss

 

 

847

 

 

 

1,013

 

 

 

1,351

 

Net pension (benefit) cost

 

$

(305

)

 

$

57

 

 

$

528

 

Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost

The weighted average actuarial assumptions used to determine net pension cost are:

 

 

 

Year ended March 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Discount rate

 

 

3.95

%

 

 

4.08

%

 

 

3.93

%

Rate of increase in compensation levels

 

 

3.00

%

 

 

3.00

%

 

 

3.00

%

Long-term rate of return on plan assets

 

 

8.00

%

 

 

8.00

%

 

 

8.00

%

Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan

Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below:

 

 

 

Year ended March 31,

 

 

 

2019

 

 

2018

 

Change in the benefit obligation

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

34,441

 

 

$

35,460

 

Service cost

 

 

468

 

 

 

494

 

Interest cost

 

 

1,339

 

 

 

1,423

 

Actuarial loss (gain)

 

 

462

 

 

 

(44

)

Benefit payments

 

 

(972

)

 

 

(2,002

)

Liability released through annuity purchase

 

 

(1,589

)

 

 

(890

)

Projected benefit obligation at end of year

 

$

34,149

 

 

$

34,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of plan assets

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

38,810

 

 

$

37,800

 

Employer contribution

 

 

30

 

 

 

52

 

Actual return on plan assets

 

 

2,266

 

 

 

3,958

 

Benefit and administrative expense payments

 

 

(972

)

 

 

(2,002

)

Annuities purchased

 

 

(1,718

)

 

 

(998

)

Fair value of plan assets at end of year

 

$

38,416

 

 

$

38,810

 

 

 

 

 

 

 

 

 

 

Funded status

 

 

 

 

 

 

 

 

Funded status at end of year

 

$

4,267

 

 

$

4,369

 

Amount recognized in the Consolidated Balance Sheets

 

$

4,267

 

 

$

4,369

 

Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost

The weighted average actuarial assumptions used to determine the benefit obligation are:

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Discount rate

 

 

3.83

%

 

 

3.95

%

Rate of increase in compensation levels

 

 

3.00

%

 

 

3.00

%

Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax

Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Net actuarial loss

 

$

8,737

 

 

$

8,369

 

Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax

The increase in accumulated other comprehensive loss, net of income tax, consists of:

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Net actuarial loss (gain) arising during the year

 

$

1,080

 

 

$

(794

)

Reclassification of stranded tax effects related to the Tax Act

 

 

 

 

 

1,771

 

Amortization of actuarial loss

 

 

(712

)

 

 

(788

)

 

 

$

368

 

 

$

189

 

Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid

The following benefit payments, which reflect future service, are expected to be paid during the fiscal years ending March 31:

 

2020

 

$

1,224

 

2021

 

 

1,306

 

2022

 

 

1,378

 

2023

 

 

1,396

 

2024

 

 

1,483

 

2025-2029

 

 

8,273

 

Total

 

$

15,060

 

Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category

The weighted average asset allocation of the plan assets by asset category is as follows:

 

 

 

 

 

 

 

March 31,

 

Asset Category

 

Target Allocation

 

 

2019

 

 

2018

 

Equity securities

 

 

50

%

 

 

49

%

 

 

67

%

Debt securities

 

 

50

%

 

 

51

%

 

 

33

%

 

 

 

 

 

 

 

100

%

 

 

100

%

Fair Values of Company's Pension Plan Assets by Asset Category

The fair values of the Company's pension plan assets at March 31, 2019 and 2018, by asset category, are as follows:

 

 

 

 

 

 

 

Fair Value Measurements Using

 

Asset Category

 

At

March 31, 2019

 

 

Quoted prices in

active markets for

identical assets

(Level 1)

 

 

Significant other

observable inputs

(Level 2)

 

 

Significant

unobservable inputs

(Level 3)

 

Cash

 

$

87

 

 

$

87

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

 

15,130

 

 

 

15,130

 

 

 

 

 

 

 

International companies

 

 

3,795

 

 

 

3,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bond funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

 

19,404

 

 

 

19,404

 

 

 

 

 

 

 

 

 

$

38,416

 

 

$

38,416

 

 

$

 

 

$

 

 

 

 

 

 

 

 

Fair Value Measurements Using

 

Asset Category

 

At

March 31,  2018

 

 

Quoted prices in

active markets for

identical assets

(Level 1)

 

 

Significant other

observable inputs

(Level 2)

 

 

Significant

unobservable inputs

(Level 3)

 

Cash

 

$

98

 

 

$

98

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

 

20,663

 

 

 

20,663

 

 

 

 

 

 

 

International companies

 

 

5,181

 

 

 

5,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bond funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermediate-term

 

 

10,283

 

 

 

10,283

 

 

 

 

 

 

 

Short-term

 

 

2,585

 

 

 

2,585

 

 

 

 

 

 

 

 

 

$

38,810

 

 

$

38,810

 

 

$

 

 

$

 

Other Postretirement Benefit Plans [Member]  
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit)

The components of postretirement benefit expense are:

 

 

 

Year ended March 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Interest cost on accumulated benefit obligation

 

$

25

 

 

$

26

 

 

$

26

 

Amortization of actuarial loss

 

 

28

 

 

 

37

 

 

 

36

 

Net postretirement benefit expense

 

$

53

 

 

$

63

 

 

$

62

 

Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan

Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows:

 

 

 

Year ended March 31,

 

 

 

2019

 

 

2018

 

Change in the benefit obligation

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

723

 

 

$

844

 

Interest cost

 

 

25

 

 

 

26

 

Actuarial loss (gain)

 

 

2

 

 

 

(73

)

Benefit payments

 

 

(68

)

 

 

(74

)

Projected benefit obligation at end of year

 

$

682

 

 

$

723

 

 

Change in fair value of plan assets

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

 

 

$

 

Employer contribution

 

 

68

 

 

 

74

 

Benefit payments

 

 

(68

)

 

 

(74

)

Fair value of plan assets at end of year

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

Funded status

 

 

 

 

 

 

 

 

Funded status at end of year

 

$

(682

)

 

$

(723

)

Amount recognized in the Consolidated Balance Sheets

 

$

(682

)

 

$

(723

)

Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost

The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were:

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Discount rate

 

 

3.37

%

 

 

3.63

%

Medical care cost trend rate

 

 

7.00

%

 

 

8.00

%

Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax

Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Net actuarial loss

 

$

210

 

 

$

230

 

Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax

The decrease in accumulated other comprehensive loss, net of income tax, consists of:

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Net actuarial loss (gain) arising during the year

 

$

1

 

 

$

(57

)

Reclassification of stranded tax effects related to the Tax Act

 

 

 

 

 

57

 

Amortization of actuarial loss

 

 

(21

)

 

 

(29

)

 

 

$

(20

)

 

$

(29

)

Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid

The following benefit payments are expected to be paid during the fiscal years ending March 31:

 

2020

 

$

78

 

2021

 

 

74

 

2022

 

 

70

 

2023

 

 

65

 

2024

 

 

61

 

2025-2029

 

 

239

 

Total

 

$

587