Quarterly report pursuant to Section 13 or 15(d)

Defined Benefit Pension and Other Postretirement Benefit Plans

v3.10.0.1
Defined Benefit Pension and Other Postretirement Benefit Plans
6 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]
Defined Benefit Pension and Other Postretirement Benefit Plans
The Company sponsors eleven defined benefit pension plans: six in Europe, one in Singapore, two in Mexico, and two in Japan. 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. Costs recognized for 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 (income) costs relating to the Company’s pension and other postretirement benefit plans for the three months ended September 30, 2018 and 2017 are as follows (amounts in thousands):
 
Pension
 
Other Benefits
 
Three Months Ended September 30,
 
Three Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Net service cost 
$
1,233

 
$
1,316

 
$

 
$

Interest cost
478

 
425

 
3

 
3

Expected return on net assets
(531
)
 
(504
)
 

 

Amortization:
 

 
 

 
 

 
 

Actuarial (gain) loss
107

 
90

 
(39
)
 
(47
)
Prior service cost
23

 
20

 

 

Total net periodic benefit (income) costs
$
1,310

 
$
1,347

 
$
(36
)
 
$
(44
)

The components of net periodic benefit (income) costs relating to the Company’s pension and other postretirement benefit plans for the six months ended September 30, 2018 and 2017 are as follows (amounts in thousands):
 
Pension
 
Other Benefits
 
Six Months Ended September 30,
 
Six Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Net service cost 
$
2,466

 
$
2,632

 
$

 
$

Interest cost
956

 
850

 
6

 
6

Expected return on net assets
(1,062
)
 
(1,007
)
 

 

Amortization:
 
 
 

 
0

 
 

Actuarial (gain) loss
214

 
181

 
(77
)
 
(94
)
Prior service cost
46

 
40

 

 

Total net periodic benefit (income) costs
$
2,620

 
$
2,696

 
$
(71
)
 
$
(88
)
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 2019, the Company expects to contribute up to $8.5 million to the pension plans, $5.0 million of which has been contributed as of September 30, 2018. For the postretirement benefit plan, the Company’s policy is to pay benefits as costs are incurred.