Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v2.4.0.6
Employee Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Summary of weighted average asset allocation of the plan assets by asset category
                         
    Target
Allocation
    March 31,  
    2013     2012  

Asset Category

                       

Equity securities

    50-70     68     67

Debt securities

    20-50     32     33

Other, including cash

    0-10        
           

 

 

   

 

 

 
              100     100
           

 

 

   

 

 

 
Pension plans, defined benefit [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Components of postretirement benefit income and pension cost
                         
    Year ended March 31,  
    2013     2012     2011  

Service cost during the period

  $ 544     $ 459     $ 384  

Interest cost on projected benefit obligation

    1,427       1,421       1,340  

Expected return on assets

    (2,738     (2,713     (2,499

Amortization of:

                       

Unrecognized prior service cost

    4       4       4  

Actuarial loss

    1,011       517       421  
   

 

 

   

 

 

   

 

 

 

Net pension cost (benefit)

  $ 248     $ (312   $ (350
   

 

 

   

 

 

   

 

 

 
Weighted average actuarial assumptions used to determine net pension cost
                         
    Year ended March 31,  
    2013     2012     2011  

Discount rate

    4.76     5.63     6.07

Rate of increase in compensation levels

    3.50     3.50     3.50

Long-term rate of return on plan assets

    8.50     8.50     8.50
Changes in the Company's benefit obligation, plan assets and funded status for the plan
                 
    Year ended March 31,  
        2013             2012      

Change in the benefit obligation

               

Projected benefit obligation at beginning of year

  $ 30,430     $ 25,688  

Service cost

    439       354  

Interest cost

    1,427       1,421  

Actuarial loss

    1,561       3,889  

Benefit payments

    (1,579     (922
   

 

 

   

 

 

 

Projected benefit obligation at end of year

  $ 32,278     $ 30,430  
   

 

 

   

 

 

 
Summary of amounts recognized in accumulated other comprehensive loss, net of income tax
                 
    March 31,  
    2013     2012  

Net actuarial losses

  $ 8,278     $ 8,508  

Prior service cost

    5       7  
   

 

 

   

 

 

 
    $ 8,283     $ 8,515  
   

 

 

   

 

 

 
Summary of increase/decrease in accumulated other comprehensive loss (income), net of income tax
                 
    March 31,  
    2013     2012  

Net actuarial loss arising during the year

  $ 424     $ 3,434  

Amortization of actuarial loss

    (653     (334

Amortization of prior service cost

    (3     (3
   

 

 

   

 

 

 
    $ (232   $ 3,097  
   

 

 

   

 

 

 
Summary of benefit payments, which reflect future service, are expected to be paid
         

2014

  $ 1,184  

2015

    1,244  

2016

    1,230  

2017

    1,331  

2018

    1,416  

2019-2023

    8,030  
   

 

 

 

Total

  $ 14,435  
   

 

 

 
Summary of weighted average asset allocation of the plan assets by asset category
                                 
          Fair Value Measurements Using  

Asset Category

  At
March 31,  2013
    Quoted prices in
active markets for
identical assets
(Level 1)
    Significant other
observable inputs
(Level 2)
    Significant
unobservable inputs
(Level 3)
 

Cash

  $ 108     $ 108     $     $  

Equity securities:

                               

U.S. companies

    19,209       19,209              

International companies

    4,284       4,284              

Fixed income:

                               

Corporate bond funds

                               

Intermediate-term

    8,953       8,953              

Short-term

    2,073       2,073              
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 34,627     $ 34,627     $     $  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
          Fair Value Measurements Using  

Asset Category

  At
March 31,  2012
    Quoted prices in
active markets for
identical assets
(Level 1)
    Significant other
observable inputs
(Level 2)
    Significant
unobservable inputs
(Level 3)
 

Cash

  $ 80     $ 80     $     $  

Equity securities:

                               

U.S. companies

    18,021       18,021              

International companies

    3,951       3,951              

Fixed income:

                               

Corporate bond funds

                               

Intermediate-term

    8,577       8,577              

Short-term

    2,039       2,039              
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 32,668     $ 32,668     $     $  
   

 

 

   

 

 

   

 

 

   

 

 

 
Weighted average actuarial assumptions used to develop the projected benefit obligation
                 
    March 31,  
    2013     2012  

Discount rate

    4.28     4.76

Rate of increase in compensation levels

    3.00     3.50
     

Change in fair value of plan assets

Fair value of plan assets at beginning of year

  $ 32,668     $ 32,368  

Actual return on plan assets

    3,538       1,222  

Benefit and administrative expense payments

    (1,579     (922
   

 

 

   

 

 

 

Fair value of plan assets at end of year

  $ 34,627     $ 32,668  
   

 

 

   

 

 

 

Funded status

               

Funded status at end of year

  $ 2,349     $ 2,238  
   

 

 

   

 

 

 

Amount recognized in the Consolidated Balance Sheets

  $ 2,349     $ 2,238  
   

 

 

   

 

 

 
Other postretirement benefit plans [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Components of postretirement benefit income and pension cost
                         
    Year ended March 31,  
    2013     2012     2011  

Interest cost on accumulated benefit obligation

  $ 39     $ 45     $ 50  

Amortization of prior service benefit

    (166     (166     (166

Amortization of actuarial loss

    44       37       34  
   

 

 

   

 

 

   

 

 

 

Net postretirement benefit income

  $ (83   $ (84   $ (82
   

 

 

   

 

 

   

 

 

 
Changes in the Company's benefit obligation, plan assets and funded status for the plan
                 
    Year ended March 31,  
        2013             2012      

Change in the benefit obligation

               

Projected benefit obligation at beginning of year

  $ 999     $ 999  

Interest cost

    39       45  

Actuarial gain

    95       66  

Benefit payments

    (103     (111
   

 

 

   

 

 

 

Projected benefit obligation at end of year

  $ 1,030     $ 999  
   

 

 

   

 

 

 
Summary of amounts recognized in accumulated other comprehensive loss, net of income tax
                 
    March 31,  
    2013     2012  

Net actuarial loss

  $ 336     $ 303  

Prior service cost

    (176     (283
   

 

 

   

 

 

 
    $ 160     $ 20  
   

 

 

   

 

 

 
Summary of increase/decrease in accumulated other comprehensive loss (income), net of income tax
                 
    March 31,  
    2013     2012  

Net actuarial loss arising during the year

  $ 61     $ 43  

Amortization of actuarial loss

    (28     (24

Amortization of prior service cost

    107       107  
   

 

 

   

 

 

 
    $ 140     $ 126  
   

 

 

   

 

 

 
Summary of benefit payments, which reflect future service, are expected to be paid
         

2014

  $ 107  

2015

    102  

2016

    96  

2017

    91  

2018

    86  

2019-2023

    352  
   

 

 

 

Total

  $ 834  
   

 

 

 
Weighted average actuarial assumptions used to develop the projected benefit obligation
                 
    March 31,  
    2013     2012  

Discount rate

    3.26     3.96

Medical care cost trend rate

    8.00     8.00
Change in fair value of plan assets
                 
    Year ended March 31,  
        2013             2012      

Change in fair value of plan assets

               

Fair value of plan assets at beginning of year

  $     $  

Employer contribution

    103       111  

Benefit payments

    (103     (111
   

 

 

   

 

 

 

Fair value of plan assets at end of year

  $     $  
   

 

 

   

 

 

 

Funded status

               

Funded status at end of year

  $ (1,030   $ (999
   

 

 

   

 

 

 

Amount recognized in the Consolidated Balance Sheets

  $ (1,030   $ (999