Quarterly report pursuant to Section 13 or 15(d)

Defined Benefit Pension and Other Postretirement Benefit Plans

v3.19.2
Defined Benefit Pension and Other Postretirement Benefit Plans
3 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block] Defined Benefit Pension and Other Postretirement Benefit Plans
The Company sponsors twelve defined benefit pension plans: six in Europe, one in Singapore, two in Mexico, two in Japan, and one in Thailand. The Company funds the pension liabilities in accordance with laws and regulations applicable to those plans.
In addition, the Company maintains two frozen post-retirement benefit plans in the United States: health care and life insurance benefits for certain retired United States employees who reached retirement age while working for the Company. The health care plan is contributory, with participants’ contributions adjusted annually. The life insurance plan is non-contributory.
The balance sheet classifications and carrying amounts of the Company's pension and other post-retirement benefit plans at June 30, 2019 and March 31, 2019 consist of the following (amounts in thousands):
 
 
Pension
 
Other Benefits
 
 
June 30, 2019
 
March 31, 2019
 
June 30, 2019
 
March 31, 2019
Prepaid expenses and other current assets
 
$
815

 
$
670

 
$

 
$

Accrued expenses
 
(2,806
)
 
(2,753
)
 
(50
)
 
(50
)
Other non-current obligations
 
(84,617
)
 
(82,455
)
 
(291
)
 
(262
)
Net amount recognized, end of period
 
$
(86,608
)
 
$
(84,538
)
 
$
(341
)
 
$
(312
)


The components of net periodic benefit (income) costs relating to the Company’s pension and other post-retirement benefit plans for the three months ended June 30, 2019 and 2018 are as follows (amounts in thousands):
 
Pension
 
Other Benefits
 
Three Months Ended June 30,
 
Three Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net service cost 
$
1,250

 
$
1,233

 
$

 
$

Interest cost
462

 
478

 
2

 
3

Expected return on net assets
(470
)
 
(531
)
 

 

Amortization:
 

 
 

 
 

 
 

Actuarial (gain) loss
113

 
107

 
(37
)
 
(39
)
Prior service cost
21

 
23

 

 

Total net periodic benefit cost (credit)
$
1,376

 
$
1,310

 
$
(35
)
 
$
(36
)

All of the amounts in the tables above, other than service cost, were recorded in the line item "Other (income) expense, net" in our Condensed Consolidated Statements of Operations. In fiscal year 2020, the Company expects to contribute up to $5.1 million to the pension plans, $0.9 million of which has been contributed as of June 30, 2019. For the postretirement benefit plan, the Company’s policy is to pay benefits as costs are incurred.