Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v3.22.0.1
Employee Benefit Plans
 9 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plans

NOTE 9 – EMPLOYEE BENEFIT PLANS:

The components of pension cost are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

93

 

 

$

115

 

 

$

280

 

 

$

346

 

Interest cost

 

 

296

 

 

 

303

 

 

 

894

 

 

 

909

 

Expected return on assets

 

 

(681

)

 

 

(628

)

 

 

(2,045

)

 

 

(1,885

)

Amortization of actuarial loss

 

 

265

 

 

 

259

 

 

 

707

 

 

 

779

 

Net pension cost

 

$

(27

)

 

$

49

 

 

$

(164

)

 

$

149

 

 

The Company made no contributions to its defined benefit pension plan during the nine months ended December 31, 2021 and does not expect to make any contributions to the plan for the balance of fiscal 2022.

 

During the second quarter ended September 30, 2021, the Company remeasured the projected benefit obligation to the supplemental executive retirement plan due to the retirement of the Company’s chief executive officer, who was the only active participant in the plan. Recognition of an actuarial gain, net of tax, of $68 was included in other comprehensive (loss) income.

The components of the postretirement benefit cost are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest cost

 

$

3

 

 

$

4

 

 

$

10

 

 

$

13

 

Amortization of actuarial loss

 

 

6

 

 

 

7

 

 

 

18

 

 

 

20

 

Net postretirement benefit cost

 

$

9

 

 

$

11

 

 

$

28

 

 

$

33

 

 

The Company paid no benefits related to its postretirement benefit plan during the nine months ended December 31, 2021. The Company expects to pay benefits of approximately $72 for the balance of fiscal 2022.

 

The components of net periodic benefit cost other than service cost are included in the line item "Other income" in the Condensed Consolidated Statements of Operations.

The Company self-funds the medical insurance coverage it provides to its U.S. based employees in certain locations. The Company maintains a stop loss insurance policy in order to limit its exposure to claims. The liability of $133 and $184 on December 31, 2021 and March 31, 2021, 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.