Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v3.22.2
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans

NOTE 9 – EMPLOYEE BENEFIT PLANS:

The components of pension cost are as follows:

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Service cost

 

$

83

 

 

$

93

 

Interest cost

 

 

308

 

 

 

300

 

Expected return on assets

 

 

(542

)

 

 

(682

)

Amortization of actuarial loss

 

 

165

 

 

 

213

 

Net pension cost

 

$

14

 

 

$

(76

)

 

The Company made no contributions to its defined benefit pension plan during the three months ended June 30, 2022 and does not expect to make any contributions to the plan for the balance of fiscal 2023.

The components of the postretirement benefit cost are as follows:

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Interest cost

 

$

4

 

 

$

3

 

Amortization of actuarial loss

 

 

3

 

 

 

6

 

Net postretirement benefit cost

 

$

7

 

 

$

9

 

 

The Company paid no benefits related to its postretirement benefit plan during the three months ended June 30, 2022. The Company expects to pay benefits of approximately $63 for the balance of fiscal 2023.

 

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 Operations.

The Company self-funds the medical insurance coverage it provides to its Batavia based employees. The Company maintains a stop loss insurance policy in order to limit its exposure to claims. The liability of $159 and $116 on June 30, 2022 and March 31, 2022, 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.