Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v2.4.1.9
Employee Benefit Plans (Pension Plans, Defined Benefit [Member])
 9 Months Ended
Dec. 31, 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
December 31,		      Nine Months Ended
December 31,		  
     2014      2013      2014      2013  

Service cost

    $ 136       $ 144       $ 409       $ 432   

Interest cost

      359         340         1,076         1,019   

Expected return on assets

      (758 )       (682 )       (2,275 )       (2,046 ) 

Amortization of:

            

Unrecognized prior service cost

      1         1         3         3   

Actuarial loss

      145         250         435         751   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net pension cost

 $ (117 )  $ 53    $ (352 )  $ 159   
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company made contributions to its defined benefit pension plan during the nine months ended December 31, 2014 of $55. The Company does not expect to make any contributions to its defined benefit pension plan for the balance of fiscal 2015.

 

The components of the postretirement benefit income are as follows:

 

     Three Months Ended
December 31,		      Nine Months Ended
December 31,		  
     2014      2013      2014      2013  

Service cost

    $ —         $ —         $ —         $ —     

Interest cost

      8         8         24         24   

Amortization of prior service benefit

      (26 )       (41 )       (79 )       (124 ) 

Amortization of actuarial loss

      10         11         30         33   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net postretirement benefit income

 $ (8 )  $ (22 )  $ (25 )  $ (67 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company paid benefits of $2 related to its postretirement benefit plan during the nine months ended December 31, 2014. The Company expects to pay benefits of approximately $96 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 $300 and $221 on December 31, 2014 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.