Quarterly report pursuant to Section 13 or 15(d)

Defined Benefit Pension and Other Postretirement Benefit Plans

v2.4.0.6
Defined Benefit Pension and Other Postretirement Benefit Plans
9 Months Ended
Dec. 31, 2011
Defined Benefit Pension and Other Postretirement Benefit Plans  
Defined Benefit Pension and Other Postretirement Benefit Plans

 

Note 8.  Defined Benefit Pension and Other Postretirement Benefit Plans

 

The Company sponsors defined benefit pension plans which include seven plans in Europe, one plan in Singapore and two plans 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 December 31, 2011 and 2010 (amounts in thousands):

 

 

 

Pension

 

Postretirement Benefit Plans

 

 

 

Quarters Ended December 31,

 

Quarters Ended December 31,

 

 

 

2011

 

2010

 

2011

 

2010

 

Net service cost

 

$

331

 

$

266

 

$

 

$

 

Interest cost

 

533

 

457

 

11

 

16

 

Expected return on net assets

 

(175

)

(164

)

 

 

Amortization:

 

 

 

 

 

 

 

 

 

Actuarial (gain) loss

 

96

 

31

 

(81

)

(72

)

Prior service cost

 

6

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net periodic benefit (income) costs

 

$

791

 

$

595

 

$

(70

)

$

(56

)

 

The components of net periodic benefit costs relating to the Company’s pension and other postretirement benefit plans are as follows for the nine month periods ended December 31, 2011 and 2010 (amounts in thousands):

 

 

 

Pension

 

Postretirement Benefit Plans

 

 

 

Nine Months Ended December 31,

 

Nine Months Ended December 31,

 

 

 

2011

 

2010

 

2011

 

2010

 

Net service cost

 

$

994

 

$

798

 

$

 

$

 

Interest cost

 

1,600

 

1,371

 

33

 

47

 

Expected return on net assets

 

(525

)

(492

)

 

 

Amortization:

 

 

 

 

 

 

 

 

 

Actuarial (gain) loss

 

287

 

93

 

(243

)

(230

)

Prior service cost

 

18

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net periodic benefit (income) costs

 

$

2,374

 

$

1,785

 

$

(210

)

$

(183

)

 

In fiscal year 2012, the Company expects to contribute up to $1.9 million to the pension plans of which the Company has contributed $0.8 million as of December 31, 2011.  The Company’s policy is to pay benefits as costs are incurred for the postretirement benefit plans.