Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

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Employee Benefit Plans (Pension Plans, Defined Benefit [Member])
 6 Months Ended
Sep. 30, 2014
Pension Plans, Defined Benefit [Member]
  
Employee Benefit Plans

 

NOTE 10 – EMPLOYEE BENEFIT PLANS:

 

The components of pension cost are as follows:

 

     Three Months Ended
September 30,		     Six Months Ended
September 30,		  
    

2014

         

2013

    

2014

         

2013

  

Service cost

    $ 137         $ 144      $ 273         $ 288   

Interest cost

      358           339        717           679   

Expected return on assets

      (759 )         (682 )      (1,517 )         (1,364 ) 

Amortization of:

               

Unrecognized prior service cost

      1           1        2           2   

Actuarial loss

      145           251        290           501   
  

 

 

       

 

 

    

 

 

       

 

 

  

Net pension cost

    $ (118 )       $ 53      $ (235 )       $ 106   
  

 

 

       

 

 

    

 

 

       

 

 

  

The Company made contributions to its defined benefit pension plan during the six months ended September 30, 2014 of $55. The Company does not expect to make any contributions to the plan for the balance of fiscal 2015.

 

 

The components of the postretirement benefit income are as follows:

 

     Three Months Ended
September 30,		      Six Months Ended
September 30,		  
    

2014

         

2013

     

2014

         

2013

  

Service cost

    $ -         $ -       $ -         $ -   

Interest cost

      8           8         16           16   

Amortization of prior service benefit

      (27 )         (42 )       (53 )         (83 ) 

Amortization of actuarial loss

      10           11         20           22   
  

 

 

       

 

 

     

 

 

       

 

 

  

Net postretirement benefit income

    $ (9 )       $ (23 )     $ (17 )       $ (45 ) 
  

 

 

       

 

 

     

 

 

       

 

 

  

The Company paid benefits of $0 related to its postretirement benefit plan during the six months ended September 30, 2014. The Company expects to pay benefits of approximately $98 during the balance of fiscal 2015.

The Company self-funds the medical insurance coverage it provides to its U.S. based employees. The Company has obtained a stop loss insurance policy in an effort to limit its exposure to claims. The liability of $305 and $221 on September 30 and March 31, 2014, respectively, related to the Company’s self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” in the Condensed Consolidated Balance Sheets.