Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v3.20.4
Employee Benefit Plans
 9 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

NOTE 9 – EMPLOYEE BENEFIT PLANS:

The components of pension cost are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Service cost

 

$

115

 

 

$

124

 

 

$

346

 

 

$

372

 

Interest cost

 

 

303

 

 

 

322

 

 

 

909

 

 

 

968

 

Expected return on assets

 

 

(628

)

 

 

(663

)

 

 

(1,885

)

 

 

(1,992

)

Amortization of actuarial loss

 

 

259

 

 

 

242

 

 

 

779

 

 

 

726

 

Net pension cost

 

$

49

 

 

$

25

 

 

$

149

 

 

$

74

 

 

The Company made no contributions to its defined benefit pension plan during the nine months ended December 31, 2020 and does not expect to make any contributions to the plan for the balance of fiscal 2021.

The components of the postretirement benefit cost are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest cost

 

$

4

 

 

$

5

 

 

$

13

 

 

$

16

 

Amortization of actuarial loss

 

 

7

 

 

 

7

 

 

 

20

 

 

 

21

 

Net postretirement benefit cost

 

$

11

 

 

$

12

 

 

$

33

 

 

$

37

 

 

The Company paid no benefits related to its postretirement benefit plan during the nine months ended December 31, 2020.  The Company expects to pay benefits of approximately $77 for the balance of fiscal 2021.

 

The components of net periodic benefit cost other than service cost are included in the line item “Other income” in the Condensed Consolidated Statements of Income.

The Company self-funds the medical insurance coverage it provides to its U.S. based employees.  The Company maintains a stop loss insurance policy in order to limit its exposure to claims.  The liability of $138 and $124 on December 31, 2020 and March 31, 2020, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” as a current liability in the Condensed Consolidated Balance Sheets.