Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v3.3.1.900
Employee Benefit Plans
 9 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

NOTE 10 – EMPLOYEE BENEFIT PLANS:

 

The components of pension benefit income are as follows:

 

     Three Months Ended
December 31,		     Nine Months Ended
December 31,		  
    

2015

         

2014

    

2015

         

2014

  

Service cost

    $ 130         $ 136      $ 391         $ 409   

Interest cost

      360           359        1,078           1,076   

Expected return on assets

      (795 )         (758 )      (2,385 )         (2,275 ) 

Amortization of:

               

Unrecognized prior service cost

      -           1        -           3   

Actuarial loss

      293           145        880           435   
  

 

 

       

 

 

    

 

 

       

 

 

  

Net pension benefit income

    $ (12 )       $ (117 )    $ (36 )       $ (352 ) 
  

 

 

       

 

 

    

 

 

       

 

 

  

The Company made no contributions to its defined benefit pension plan during the nine months ended December 31, 2015 and does not expect to make any contributions to the plan for the balance of fiscal 2016.

The components of the postretirement benefit cost (income) are as follows:

 

     Three Months Ended
December 31,		      Nine Months Ended
December 31,		  
    

2015

          

2014

     

2015

          

2014

  

Service cost

    $ -          $ -       $ -          $ -   

Interest cost

      7            8         20            24   

Amortization of prior service benefit

      -            (26 )       -            (79 ) 

Amortization of actuarial loss

      10            10         30            30   
  

 

 

        

 

 

     

 

 

        

 

 

  

Net postretirement benefit cost (income)

    $ 17          $ (8 )     $ 50          $ (25 ) 
  

 

 

        

 

 

     

 

 

        

 

 

  

 

The Company paid benefits of $1 related to its postretirement benefit plan during the nine months ended December 31, 2015. The Company expects to pay benefits of approximately $91 for the balance of fiscal 2016.

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 $273 and $446 on December 31, 2015 and March 31, 2015, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” in the Condensed Consolidated Balance Sheets.