Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.6.0.2
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