Employee Benefit Plans (Tables)
|
12 Months Ended |
Mar. 31, 2017 |
|---|
| Pension Plans, Defined Benefit [Member] |
|
| Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) |
The components of pension cost (benefit) are:
|
|
|
Year ended March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Service cost during the period
|
|
$
|
600
|
|
|
$
|
521
|
|
|
$
|
546
|
|
|
Interest cost on projected benefit obligation
|
|
|
1,450
|
|
|
|
1,437
|
|
|
|
1,434
|
|
|
Expected return on assets
|
|
|
(2,873
|
)
|
|
|
(3,181
|
)
|
|
|
(3,033
|
)
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized prior service cost
|
|
|
—
|
|
|
|
—
|
|
|
4
|
|
|
Actuarial loss
|
|
|
1,351
|
|
|
|
1,174
|
|
|
580
|
|
|
Net pension cost (benefit)
|
|
$
|
528
|
|
|
$
|
(49
|
)
|
|
$
|
(469
|
)
|
|
| 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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Discount rate
|
|
|
3.93
|
%
|
|
|
3.74
|
%
|
|
|
4.46
|
%
|
|
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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
37,444
|
|
|
$
|
39,052
|
|
|
Service cost
|
|
|
496
|
|
|
|
417
|
|
|
Interest cost
|
|
|
1,450
|
|
|
|
1,437
|
|
|
Actuarial gain
|
|
|
(994
|
)
|
|
|
(402
|
)
|
|
Benefit payments
|
|
|
(1,818
|
)
|
|
|
(1,350
|
)
|
|
Liability released through annuity purchase
|
|
|
(1,118
|
)
|
|
|
(1,710
|
)
|
|
Projected benefit obligation at end of year
|
|
$
|
35,460
|
|
|
$
|
37,444
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
36,471
|
|
|
$
|
40,384
|
|
|
Actual return on plan assets
|
|
|
4,393
|
|
|
|
(765
|
)
|
|
Benefit and administrative expense payments
|
|
|
(1,818
|
)
|
|
|
(1,350
|
)
|
|
Annuities purchased
|
|
|
(1,246
|
)
|
|
|
(1,798
|
)
|
|
Fair value of plan assets at end of year
|
|
$
|
37,800
|
|
|
$
|
36,471
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
2,340
|
|
|
$
|
(973
|
)
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
2,340
|
|
|
$
|
(973
|
)
|
|
| 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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Discount rate
|
|
|
4.08
|
%
|
|
|
3.93
|
%
|
|
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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Net actuarial loss
|
|
$
|
8,180
|
|
|
$
|
10,662
|
|
|
| Summary of (Decrease) Increase in Accumulated Other Comprehensive Loss, Net of Income Tax |
The (decrease) increase in accumulated other comprehensive loss, net of income tax, consists of:
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Net actuarial (gain) loss arising during the year
|
|
$
|
(1,609
|
)
|
|
$
|
2,280
|
|
|
Amortization of actuarial loss
|
|
|
(873
|
)
|
|
|
(759
|
)
|
|
|
|
$
|
(2,482
|
)
|
|
$
|
1,521
|
|
|
| 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:
|
2018
|
|
$
|
1,316
|
|
|
2019
|
|
|
1,286
|
|
|
2020
|
|
|
1,439
|
|
|
2021
|
|
|
1,538
|
|
|
2022
|
|
|
1,568
|
|
|
2023-2027
|
|
|
8,659
|
|
|
Total
|
|
$
|
15,806
|
|
|
| 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
|
|
2017
|
|
|
2016
|
|
|
Equity securities
|
|
50-70%
|
|
|
68
|
%
|
|
|
67
|
%
|
|
Debt securities
|
|
20-50%
|
|
|
32
|
%
|
|
|
33
|
%
|
|
|
|
|
|
|
100
|
%
|
|
|
100
|
%
|
|
| Fair Values of Company's Pension Plan Assets by Asset Category |
The fair values of the Company's pension plan assets at March 31, 2017 and 2016, by asset category, are as follows:
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|
|
Asset Category
|
|
At
March 31, 2017
|
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
|
Significant other
observable inputs
(Level 2)
|
|
|
Significant
unobservable inputs
(Level 3)
|
|
|
Cash
|
|
$
|
154
|
|
|
$
|
154
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
20,570
|
|
|
|
20,570
|
|
|
|
—
|
|
|
|
—
|
|
|
International companies
|
|
|
5,071
|
|
|
|
5,071
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate-term
|
|
|
9,585
|
|
|
|
9,585
|
|
|
|
—
|
|
|
|
—
|
|
|
Short-term
|
|
|
2,420
|
|
|
|
2,420
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
37,800
|
|
|
$
|
37,800
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
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
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Other Postretirement Benefit Plans [Member] |
|
| Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) |
The components of postretirement benefit expense (income) are:
|
|
|
Year ended March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Interest cost on accumulated benefit obligation
|
|
$
|
26
|
|
|
$
|
29
|
|
|
$
|
31
|
|
|
Amortization of prior service benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
(106
|
)
|
|
Amortization of actuarial loss
|
|
|
36
|
|
|
|
40
|
|
|
|
35
|
|
|
Net postretirement benefit expense (income)
|
|
$
|
62
|
|
|
$
|
69
|
|
|
$
|
(40
|
)
|
|
| 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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
875
|
|
|
$
|
968
|
|
|
Interest cost
|
|
|
26
|
|
|
|
29
|
|
|
Actuarial loss (gain)
|
|
|
20
|
|
|
|
(38
|
)
|
|
Benefit payments
|
|
|
(77
|
)
|
|
|
(84
|
)
|
|
Projected benefit obligation at end of year
|
|
$
|
844
|
|
|
$
|
875
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Employer contribution
|
|
|
77
|
|
|
|
84
|
|
|
Benefit payments
|
|
|
(77
|
)
|
|
|
(84
|
)
|
|
Fair value of plan assets at end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
(844
|
)
|
|
$
|
(875
|
)
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
(844
|
)
|
|
$
|
(875
|
)
|
|
| 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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Discount rate
|
|
|
3.23
|
%
|
|
|
3.16
|
%
|
|
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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Net actuarial loss
|
|
$
|
259
|
|
|
$
|
270
|
|
|
| Summary of (Decrease) Increase in Accumulated Other Comprehensive Loss, Net of Income Tax |
The decrease in accumulated other comprehensive loss, net of income tax, consists of:
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Net actuarial loss (gain) arising during the year
|
|
$
|
13
|
|
|
$
|
(26
|
)
|
|
Amortization of actuarial loss
|
|
|
(24
|
)
|
|
|
(25
|
)
|
|
|
|
$
|
(11
|
)
|
|
$
|
(51
|
)
|
|
| 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:
|
2018
|
|
$
|
83
|
|
|
2019
|
|
|
80
|
|
|
2020
|
|
|
77
|
|
|
2021
|
|
|
73
|
|
|
2022
|
|
|
69
|
|
|
2023-2027
|
|
|
290
|
|
|
Total
|
|
$
|
672
|
|
|