Quarterly report pursuant to Section 13 or 15(d)

Defined Benefit Pension and Other Postretirement Benefit Plans

v2.3.0.15
Defined Benefit Pension and Other Postretirement Benefit Plans
6 Months Ended
Sep. 30, 2011
Defined Benefit Pension and Other Postretirement Benefit Plans  
Defined Benefit Pension and Other Postretirement Benefit Plans

Note 7.  Defined Benefit Pension and Other Postretirement Benefit Plans

 

The Company sponsors defined benefit pension plans which include seven in Europe, one in Singapore and two in Mexico and a postretirement plan in the United States.  Costs recognized for these benefit plans are recorded using estimated amounts, which may change as actual costs for the fiscal year are determined.

 

The components of net periodic benefit costs relating to the Company’s pension and other postretirement benefit plans are as follows for the quarters ended September 30, 2011 and 2010 (amounts in thousands):

 

 

 

Pension

 

Postretirement Benefit Plans

 

 

 

Quarters Ended September 30,

 

Quarters Ended September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Net service cost

 

$

331

 

$

266

 

$

—

 

$

—

 

Interest cost

 

533

 

457

 

8

 

16

 

Expected return on net assets

 

(175

)

(164

)

—

 

—

 

Amortization:

 

 

 

 

 

 

 

 

 

Actuarial (gain) loss

 

96

 

31

 

(91

)

(79

)

Prior service cost

 

6

 

5

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Total net periodic benefit (income) costs

 

$

791

 

$

595

 

$

(83

)

$

(63

)

 

The components of net periodic benefit costs relating to the Company’s pension and other postretirement benefit plans are as follows for the six month periods ended September 30, 2011 and 2010 (amounts in thousands):

 

 

 

Pension

 

Postretirement Benefit Plans

 

 

 

Six Months Ended September 30,

 

Six Months Ended September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Net service cost

 

$

663

 

$

532

 

$

—

 

$

—

 

Interest cost

 

1,067

 

914

 

22

 

31

 

Expected return on net assets

 

(350

)

(328

)

—

 

—

 

Amortization:

 

 

 

 

 

 

 

 

 

Actuarial (gain) loss

 

191

 

62

 

(162

)

(158

)

Prior service cost

 

12

 

10

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Total net periodic benefit (income) costs

 

$

1,583

 

$

1,190

 

$

(140

)

$

(127

)

 

In fiscal year 2012, the Company expects to contribute up to $4.5 million to the pension plans of which the Company has contributed $0.5 million as of September 30, 2011.  The Company’s policy is to pay benefits as costs are incurred for the postretirement benefit plans.