Employee Benefit Plans (Tables)
|
12 Months Ended |
Mar. 31, 2016 |
|---|
| Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category |
The weighted average asset allocation of the plan assets by asset category is as follows:
|
|
|
|
|
March 31,
|
|
|
Asset Category
|
|
Target Allocation
|
|
2016
|
|
|
2015
|
|
|
Equity securities
|
|
50-70%
|
|
|
67
|
%
|
|
|
66
|
%
|
|
Debt securities
|
|
20-50%
|
|
|
33
|
%
|
|
|
34
|
%
|
|
|
|
|
|
|
100
|
%
|
|
|
100
|
%
|
|
| Pension Plans, Defined Benefit [Member] |
|
| Components of Postretirement Benefit Expense (Income) and Pension (Benefit) Cost |
The components of pension (benefit) cost are:
|
|
|
Year ended March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
Service cost during the period
|
|
$
|
521
|
|
|
$
|
546
|
|
|
$
|
576
|
|
|
Interest cost on projected benefit obligation
|
|
|
1,437
|
|
|
|
1,434
|
|
|
|
1,359
|
|
|
Expected return on assets
|
|
|
(3,181
|
)
|
|
|
(3,033
|
)
|
|
|
(2,728
|
)
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized prior service cost
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
Actuarial loss
|
|
|
1,174
|
|
|
580
|
|
|
|
1,002
|
|
|
Net pension (benefit) cost
|
|
$
|
(49
|
)
|
|
$
|
(469
|
)
|
|
$
|
213
|
|
|
| Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost |
The weighted average actuarial assumptions used to determine net pension cost are:
|
|
|
Year ended March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
Discount rate
|
|
|
3.74
|
%
|
|
|
4.46
|
%
|
|
|
4.28
|
%
|
|
Rate of increase in compensation levels
|
|
|
3.00
|
%
|
|
|
3.00
|
%
|
|
|
3.00
|
%
|
|
Long-term rate of return on plan assets
|
|
|
8.00
|
%
|
|
|
8.00
|
%
|
|
|
8.00
|
%
|
|
| Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan |
Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below:
|
|
|
Year ended March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
39,052
|
|
|
$
|
32,789
|
|
|
Service cost
|
|
|
417
|
|
|
|
442
|
|
|
Interest cost
|
|
|
1,437
|
|
|
|
1,434
|
|
|
Actuarial loss (gain)
|
|
|
(402
|
)
|
|
|
5,573
|
|
|
Benefit payments
|
|
|
(1,350
|
)
|
|
|
(1,186
|
)
|
|
Liability released through annuity purchase
|
|
|
(1,710
|
)
|
|
|
—
|
|
|
Projected benefit obligation at end of year
|
|
$
|
37,444
|
|
|
$
|
39,052
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
40,384
|
|
|
$
|
38,548
|
|
|
Employer contribution
|
|
|
—
|
|
|
|
55
|
|
|
Actual return on plan assets
|
|
|
(765
|
)
|
|
|
2,967
|
|
|
Benefit and administrative expense payments
|
|
|
(1,350
|
)
|
|
|
(1,186
|
)
|
|
Annuities purchased
|
|
|
(1,798
|
)
|
|
|
—
|
|
|
Fair value of plan assets at end of year
|
|
$
|
36,471
|
|
|
$
|
40,384
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
(973
|
)
|
|
$
|
1,332
|
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
(973
|
)
|
|
$
|
1,332
|
|
|
| Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost |
The weighted average actuarial assumptions used to determine the benefit obligation are:
|
|
|
March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Discount rate
|
|
|
3.93
|
%
|
|
|
3.74
|
%
|
|
Rate of increase in compensation levels
|
|
|
3.00
|
%
|
|
|
3.00
|
%
|
|
| Schedule of Defined Benefit Plan Amounts in Accumulated Other Comprehensive Income Loss [Table Text Block] |
Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:
|
|
|
March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Net actuarial loss
|
|
$
|
10,662
|
|
|
$
|
9,141
|
|
|
| Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax |
The increase (decrease) in accumulated other comprehensive loss, net of income tax, consists of:
|
|
|
March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Net actuarial loss arising during the year
|
|
$
|
2,280
|
|
|
$
|
3,578
|
|
|
Amortization of actuarial loss
|
|
|
(759
|
)
|
|
|
(375
|
)
|
|
Amortization of prior service cost
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
|
$
|
1,521
|
|
|
$
|
3,200
|
|
|
| Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid |
The following benefit payments, which reflect future service, are expected to be paid:
|
2017
|
|
$
|
1,239
|
|
|
2018
|
|
|
1,261
|
|
|
2019
|
|
|
1,270
|
|
|
2020
|
|
|
1,484
|
|
|
2021
|
|
|
1,639
|
|
|
2022-2026
|
|
|
8,896
|
|
|
Total
|
|
$
|
15,789
|
|
|
| Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category |
The fair values of the Company's pension plan assets at March 31, 2016 and 2015, by asset category, are as follows:
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|
|
Asset Category
|
|
At
March 31, 2016
|
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
|
Significant other
observable inputs
(Level 2)
|
|
|
Significant
unobservable inputs
(Level 3)
|
|
|
Cash
|
|
$
|
103
|
|
|
$
|
103
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
20,010
|
|
|
|
20,010
|
|
|
|
—
|
|
|
|
—
|
|
|
International companies
|
|
|
4,459
|
|
|
|
4,459
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate-term
|
|
|
9,520
|
|
|
|
9,520
|
|
|
|
—
|
|
|
|
—
|
|
|
Short-term
|
|
|
2,379
|
|
|
|
2,379
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
36,471
|
|
|
$
|
36,471
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|
|
Asset Category
|
|
At
March 31, 2015
|
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
|
Significant other
observable inputs
(Level 2)
|
|
|
Significant
unobservable inputs
(Level 3)
|
|
|
Cash
|
|
$
|
126
|
|
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
21,586
|
|
|
|
21,586
|
|
|
|
—
|
|
|
|
—
|
|
|
International companies
|
|
|
4,854
|
|
|
|
4,854
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate-term
|
|
|
11,109
|
|
|
|
11,109
|
|
|
|
—
|
|
|
|
—
|
|
|
Short-term
|
|
|
2,709
|
|
|
|
2,709
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
40,384
|
|
|
$
|
40,384
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Other Postretirement Benefit Plans [Member] |
|
| Components of Postretirement Benefit Expense (Income) and Pension (Benefit) Cost |
The components of postretirement benefit expense (income) are:
|
|
|
Year ended March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
Interest cost on accumulated benefit obligation
|
|
$
|
29
|
|
|
$
|
31
|
|
|
$
|
33
|
|
|
Amortization of prior service benefit
|
|
|
—
|
|
|
|
(106
|
)
|
|
|
(166
|
)
|
|
Amortization of actuarial loss
|
|
|
40
|
|
|
|
35
|
|
|
|
46
|
|
|
Net postretirement benefit expense (income)
|
|
$
|
69
|
|
|
$
|
(40
|
)
|
|
$
|
(87
|
)
|
|
| Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan |
Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows:
|
|
|
Year ended March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
968
|
|
|
$
|
951
|
|
|
Interest cost
|
|
|
29
|
|
|
|
31
|
|
|
Actuarial loss (gain)
|
|
|
(38
|
)
|
|
|
75
|
|
|
Benefit payments
|
|
|
(84
|
)
|
|
|
(89
|
)
|
|
Projected benefit obligation at end of year
|
|
$
|
875
|
|
|
$
|
968
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Employer contribution
|
|
|
84
|
|
|
|
89
|
|
|
Benefit payments
|
|
|
(84
|
)
|
|
|
(89
|
)
|
|
Fair value of plan assets at end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
(875
|
)
|
|
$
|
(968
|
)
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
(875
|
)
|
|
$
|
(968
|
)
|
|
| Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost |
The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were:
|
|
|
March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Discount rate
|
|
|
3.16
|
%
|
|
|
3.11
|
%
|
|
Medical care cost trend rate
|
|
|
8.00
|
%
|
|
|
8.00
|
%
|
|
| Schedule of Defined Benefit Plan Amounts in Accumulated Other Comprehensive Income Loss [Table Text Block] |
Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:
|
|
|
March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Net actuarial loss
|
|
$
|
270
|
|
|
$
|
321
|
|
|
| Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax |
The increase (decrease) in accumulated other comprehensive loss, net of income tax, consists of:
|
|
|
March 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
Net actuarial loss (gain) arising during the year
|
|
$
|
(26
|
)
|
|
$
|
48
|
|
|
Amortization of actuarial loss
|
|
|
(25
|
)
|
|
|
(23
|
)
|
|
Amortization of prior service cost
|
|
|
—
|
|
|
|
69
|
|
|
|
|
$
|
(51
|
)
|
|
$
|
94
|
|
|
| Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid |
The following benefit payments are expected to be paid during the fiscal years ending March 31:
|
2017
|
|
$
|
88
|
|
|
2018
|
|
|
84
|
|
|
2019
|
|
|
81
|
|
|
2020
|
|
|
77
|
|
|
2021
|
|
|
73
|
|
|
2022-2026
|
|
|
304
|
|
|
Total
|
|
$
|
707
|
|
|