Quarterly report pursuant to Section 13 or 15(d)

Defined Benefit Pension and Other Postretirement Benefit Plans

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Defined Benefit Pension and Other Postretirement Benefit Plans
6 Months Ended
Sep. 30, 2012
Defined Benefit Pension and Other Postretirement Benefit Plans  
Defined Benefit Pension and Other Postretirement Benefit Plans

Note 10.  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.

 

In July 2012, Film and Electrolytic paid out retirement benefits which represented more than 20% of a plan’s pension obligation.  As a result, the Company recognized a settlement gain of $1.7 million.

 

The components of net periodic benefit (income) costs relating to the Company’s pension and other postretirement benefit plans are as follows for the quarters ended September 30, 2012 and 2011 (amounts in thousands):

 

 

 

Pension

 

Postretirement Benefit Plans

 

 

 

Quarters Ended September 30,

 

Quarters Ended September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Net service cost

 

$

415

 

$

331

 

$

 

$

 

Interest cost

 

494

 

533

 

7

 

8

 

Expected return on net assets

 

(172

)

(175

)

 

 

Amortization:

 

 

 

 

 

 

 

 

 

Actuarial (gain) loss

 

130

 

96

 

(81

)

(91

)

Prior service cost

 

6

 

6

 

 

 

Settlement gain on benefit plan

 

(1,675

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net periodic benefit (income) costs

 

$

(802

)

$

791

 

$

(74

)

$

(83

)

 

The components of net periodic benefit costs relating to the Company’s pension and other postretirement benefit plans are as follows for the six months ended September 30, 2012 and 2011 (amounts in thousands):

 

 

 

Pension

 

Postretirement Benefit Plans

 

 

 

Six Months Ended September 30,

 

Six Months Ended September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Net service cost

 

$

829

 

$

663

 

$

 

$

 

Interest cost

 

988

 

1,067

 

14

 

22

 

Expected return on net assets

 

(344

)

(350

)

 

 

Amortization:

 

 

 

 

 

 

 

 

 

Actuarial (gain) loss

 

260

 

191

 

(161

)

(162

)

Prior service cost

 

12

 

12

 

 

 

Settlement gain on benefit plan

 

(1,675

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net periodic benefit (income) costs

 

$

70

 

$

1,583

 

$

(147

)

$

(140

)

 

In fiscal year 2013, the Company expects to contribute up to $2.4 million to the pension plans of which the Company has contributed $1.5 million as of September 30, 2012.  The Company’s policy is to pay benefits as costs are incurred for the postretirement benefit plans.