Employee Benefit Plans (Tables)
|
12 Months Ended |
Mar. 31, 2018 |
|---|
| 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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Service cost during the period
|
|
$
|
598
|
|
|
$
|
600
|
|
|
$
|
521
|
|
|
Interest cost on projected benefit obligation
|
|
|
1,423
|
|
|
|
1,450
|
|
|
|
1,437
|
|
|
Expected return on assets
|
|
|
(2,977
|
)
|
|
|
(2,873
|
)
|
|
|
(3,181
|
)
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial loss
|
|
|
1,013
|
|
|
|
1,351
|
|
|
|
1,174
|
|
|
Net pension cost (benefit)
|
|
$
|
57
|
|
|
$
|
528
|
|
|
$
|
(49
|
)
|
|
| 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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Discount rate
|
|
|
4.08
|
%
|
|
|
3.93
|
%
|
|
|
3.74
|
%
|
|
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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
35,460
|
|
|
$
|
37,444
|
|
|
Service cost
|
|
|
494
|
|
|
|
496
|
|
|
Interest cost
|
|
|
1,423
|
|
|
|
1,450
|
|
|
Actuarial gain
|
|
|
(44
|
)
|
|
|
(994
|
)
|
|
Benefit payments
|
|
|
(2,002
|
)
|
|
|
(1,818
|
)
|
|
Liability released through annuity purchase
|
|
|
(890
|
)
|
|
|
(1,118
|
)
|
|
Projected benefit obligation at end of year
|
|
$
|
34,441
|
|
|
$
|
35,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
37,800
|
|
|
$
|
36,471
|
|
|
Employer contribution
|
|
|
52
|
|
|
|
—
|
|
|
Actual return on plan assets
|
|
|
3,958
|
|
|
|
4,393
|
|
|
Benefit and administrative expense payments
|
|
|
(2,002
|
)
|
|
|
(1,818
|
)
|
|
Annuities purchased
|
|
|
(998
|
)
|
|
|
(1,246
|
)
|
|
Fair value of plan assets at end of year
|
|
$
|
38,810
|
|
|
$
|
37,800
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
4,369
|
|
|
$
|
2,340
|
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
4,369
|
|
|
$
|
2,340
|
|
|
| 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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Discount rate
|
|
|
3.95
|
%
|
|
|
4.08
|
%
|
|
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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Net actuarial loss
|
|
$
|
8,369
|
|
|
$
|
8,180
|
|
|
| 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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Net actuarial gain arising during the year
|
|
$
|
(794
|
)
|
|
$
|
(1,609
|
)
|
|
Reclassification of stranded tax effects related to the Tax Act
|
|
|
1,771
|
|
|
|
—
|
|
|
Amortization of actuarial loss
|
|
|
(788
|
)
|
|
|
(873
|
)
|
|
|
|
$
|
189
|
|
|
$
|
(2,482
|
)
|
|
| 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:
|
2019
|
|
$
|
1,206
|
|
|
2020
|
|
|
1,338
|
|
|
2021
|
|
|
1,428
|
|
|
2022
|
|
|
1,471
|
|
|
2023
|
|
|
1,490
|
|
|
2024-2028
|
|
|
8,369
|
|
|
Total
|
|
$
|
15,302
|
|
|
| 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
|
|
2018
|
|
|
2017
|
|
|
Equity securities
|
|
50-70%
|
|
|
67
|
%
|
|
|
68
|
%
|
|
Debt securities
|
|
20-50%
|
|
|
33
|
%
|
|
|
32
|
%
|
|
|
|
|
|
|
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, 2018 and 2017, by asset category, are as follows:
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|
|
Asset Category
|
|
At
March 31, 2018
|
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
|
Significant other
observable inputs
(Level 2)
|
|
|
Significant
unobservable inputs
(Level 3)
|
|
|
Cash
|
|
$
|
98
|
|
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
20,663
|
|
|
|
20,663
|
|
|
|
—
|
|
|
|
—
|
|
|
International companies
|
|
|
5,181
|
|
|
|
5,181
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate-term
|
|
|
10,283
|
|
|
|
10,283
|
|
|
|
—
|
|
|
|
—
|
|
|
Short-term
|
|
|
2,585
|
|
|
|
2,585
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
38,810
|
|
|
$
|
38,810
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
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
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Other Postretirement Benefit Plans [Member] |
|
| Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) |
The components of postretirement benefit expense are:
|
|
|
Year ended March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
Interest cost on accumulated benefit obligation
|
|
$
|
26
|
|
|
$
|
26
|
|
|
$
|
29
|
|
|
Amortization of actuarial loss
|
|
|
37
|
|
|
|
36
|
|
|
|
40
|
|
|
Net postretirement benefit expense
|
|
$
|
63
|
|
|
$
|
62
|
|
|
$
|
69
|
|
|
| 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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
844
|
|
|
$
|
875
|
|
|
Interest cost
|
|
|
26
|
|
|
|
26
|
|
|
Actuarial loss (gain)
|
|
|
(73
|
)
|
|
|
20
|
|
|
Benefit payments
|
|
|
(74
|
)
|
|
|
(77
|
)
|
|
Projected benefit obligation at end of year
|
|
$
|
723
|
|
|
$
|
844
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Employer contribution
|
|
|
74
|
|
|
|
77
|
|
|
Benefit payments
|
|
|
(74
|
)
|
|
|
(77
|
)
|
|
Fair value of plan assets at end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
(723
|
)
|
|
$
|
(844
|
)
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
(723
|
)
|
|
$
|
(844
|
)
|
|
| 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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Discount rate
|
|
|
3.63
|
%
|
|
|
3.23
|
%
|
|
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,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Net actuarial loss
|
|
$
|
230
|
|
|
$
|
259
|
|
|
| Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax |
The decrease in accumulated other comprehensive loss, net of income tax, consists of:
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Net actuarial loss (gain) arising during the year
|
|
$
|
(57
|
)
|
|
$
|
13
|
|
|
Reclassification of stranded tax effects related to the Tax Act
|
|
|
57
|
|
|
|
—
|
|
|
Amortization of actuarial loss
|
|
|
(29
|
)
|
|
|
(24
|
)
|
|
|
|
$
|
(29
|
)
|
|
$
|
(11
|
)
|
|
| 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:
|
2019
|
|
$
|
81
|
|
|
2020
|
|
|
77
|
|
|
2021
|
|
|
73
|
|
|
2022
|
|
|
69
|
|
|
2023
|
|
|
64
|
|
|
2024-2028
|
|
|
257
|
|
|
Total
|
|
$
|
621
|
|
|