Employee Retirement Plans (Tables)

12 Months Ended

Mar. 31, 2014

Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses

The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at March 31:


(In thousands)	2014		2013
Investments held in Rabbi Trust	$	10,285		10,486
Unrealized (loss) gains in carrying value of trust assets		92		(121	)
Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of		49		(65	)
Obligations under the supplemental plan		21,918		21,431

Minimum and Maximum Rate of Return Plan Assets

The below table summarizes the supplemental plan’s minimum and maximum rate of return objectives for plan assets:


	Minimum Expected Rate of Return on Plan Assets	Maximum Expected Rate of Return on Plan Assets
Equity securities	5%	7%
Debt securities	1%	3%
Cash and cash equivalents	0%	1%

Schedule of Minimum and Maximum Market Value of Plan Assets

The below table summarizes the supplemental plan’s minimum and maximum market value objectives for plan assets, which are based upon a five to ten year investment horizon:


	Minimum Market Value Objective for Plan Assets	Maximum Market Value Objective for Plan Assets
Equity securities	55%	75%
Debt securities	25%	45%
Percentage of debt securities allowed in below investment grade bonds	0%	20%
Cash and cash equivalents	0%	10%

Schedule of Asset Allocations

The following table provides the target and actual asset allocations for the pension plan and the supplemental plan:


	Target			Actual as of 2014			Actual as of 2013
Pension plan:
Equity securities		—			—			—
Debt securities		100	%		96	%		98	%
Cash and other		—			4	%		2	%
Total		100	%		100	%		100	%

Supplemental plan:
Equity securities		65	%		60	%		60	%
Debt securities		35	%		37	%		35	%
Cash and other		—			3	%		5	%
Total		100	%		100	%		100	%

Fair Value Hierarchy of Plan Assets

The fair value hierarchy for the pension plan and supplemental plan assets measured at fair value as of March 31, 2014, are as follows:


(In thousands)	Fair Value			Quoted prices in active markets (Level 1)			Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Pension plan measured at fair value:
Debt securities:
Government securities	$	2,935			2,935			—		—
Corporate debt securities		50,113			—			50,113		—
Foreign debt securities		1,443			—			1,443		—
Cash and cash equivalents		1,511			—			1,511		—
Total	$	56,002			2,935			53,067		—
Accrued income		894			894			—		—
Total fair value of plan assets	$	56,896			3,829			53,067		—

Supplemental plan measured at fair value:
Equity securities:
Common stock	$	4,141			4,141			—		—
Preferred stock		—			—			—		—
Foreign stock		231			231			—		—
American depository receipts		1,809			1,809			—		—
Preferred American depository receipts		15			15			—		—
Real estate investment trusts		38			38			—		—
Debt securities:
Government debt securities		1,975			1,363			612		—
Open ended mutual funds		1,797			1,797			—		—
Cash and cash equivalents		369			57			312		—
Total	$	10,375			9,451			924		—
Other pending transactions		(90	)		(90	)		—		—
Total fair value of plan assets	$	10,285			9,361			924		—

The following table provides the fair value hierarchy for the pension plan and supplemental plan assets measured at fair value as of March 31, 2013:


(In thousands)	Fair Value			Quoted prices in active markets (Level 1)			Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Pension plan measured at fair value:
Debt securities:
Government securities	$	3,142			3,142			—		—
Corporate debt securities		53,352			—			53,352		—
Foreign debt securities		1,416			—			1,416		—
Cash and cash equivalents		614			—			614		—
Total	$	58,524			3,142			55,382		—
Accrued income		907			907			—		—
Total fair value of plan assets	$	59,431			4,049			55,382		—

Supplemental plan measured at fair value:
Equity securities:
Common stock	$	4,240			4,240			—		—
Preferred stock		—			—			—		—
Foreign stock		285			285			—		—
American depository receipts		1,811			1,811					—
Preferred American depository receipts		16			16
Debt securities:
Government debt securities		2,007			1,240			767		—
Open ended mutual funds		1,743			1,743			—		—
Cash and cash equivalents		533			93			440		—
Total	$	10,635			9,428			1,207		—
Other pending transactions		(149	)		(149	)		—		—
Total fair value of plan assets	$	10,486			9,279			1,207		—

Change in Plan Assets and Obligations

Changes in plan assets and obligations during the years ended March 31, 2014 and 2013 and the funded status of the U.S. defined benefit pension plan and the supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to as “Other Benefits”) at March 31, are as follows:


	Pension Benefits						Other Benefits
(In thousands)	2014			2013			2014			2013
Change in benefit obligation:
Benefit obligation at beginning of year	$	88,238			93,356			29,006			29,262
Service cost		790			983			405			475
Interest cost		3,581			4,098			1,048			1,235
Participant contributions		—			—			436			428
ERRP reimbursement		—			—			(26	)		274
Plan settlement		—			(13,046	)		—			—
Benefits paid		(4,250	)		(3,965	)		(962	)		(960	)
Actuarial (gain) loss		(4,292	)		6,812			(5,793	)		(1,708	)
Benefit obligation at end of year		84,067			88,238			24,114			29,006

Change in plan assets:
Fair value of plan assets at beginning of year	$	59,431			56,917			—			—
Actual return		776			5,605			—			—
Employer contributions		939			13,920			552			258
Participant contributions		—			—			436			428
ERRP reimbursement		—			—			(26	)		274
Plan settlement		—			(13,046	)		—			—
Benefits paid		(4,250	)		(3,965	)		(962	)		(960	)
Fair value of plan assets at end of year		56,896			59,431			—			—


Reconciliation of funded status:
Fair value of plan assets	$	56,896			59,431			—			—
Benefit obligation		84,067			88,238			24,114			29,006
Unfunded status	$	(27,171	)		(28,807	)		(24,114	)		(29,006	)


Net amount recognized in the balance sheet consists of:
Current liabilities	$	(1,162	)		(1,070	)		(1,129	)		(1,329	)
Noncurrent liabilities		(26,009	)		(27,737	)		(22,985	)		(27,677	)
Net amount recognized	$	(27,171	)		(28,807	)		(24,114	)		(29,006	)

Schedule of Projected and Accumulated Benefit Obligation

The following table provides the projected benefit obligation and accumulated benefit obligation for the pension plans:


(In thousands)	2014		2013
Projected benefit obligation	$	84,067		88,238
Accumulated benefit obligation		81,223		85,631

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets

The following table provides information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plan and supplemental plan):


(In thousands)	2014		2013
Projected benefit obligation	$	84,067		88,238
Accumulated benefit obligation		81,223		85,631
Fair value of plan assets		56,896		59,431

Schedule of Net Periodic Benefit Cost

Net periodic benefit cost for the pension plan and the supplemental plan for the fiscal years ended March 31 include the following components:


(In thousands)	2014			2013			2012
Service cost	$	790			983			875
Interest cost		3,581			4,098			4,412
Expected return on plan assets		(2,871	)		(2,748	)		(2,576	)
Amortization of prior service cost		50			50			50
Recognized actuarial loss		1,103			1,648			1,760
Settlement loss		—			5,161			—
Net periodic pension cost	$	2,653			9,192			4,521

Schedule of Net Periodic Benefit Cost for Postretirement Health Care and Life Insurance Plan

Net periodic benefit cost for the postretirement health care and life insurance plan for the fiscal years ended March 31 include the following components:


(In thousands)	2014			2013			2012
Service cost	$	405			475			554
Interest cost		1,048			1,235			1,379
Amortization of prior service cost		(2,032	)		(2,032	)		(2,032	)
Recognized actuarial loss		(396	)		—			(4	)
Net periodic postretirement benefit	$	(975	)		(322	)		(103	)

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in OCI

Other changes in plan assets and benefit obligations recognized in other comprehensive income for the fiscal years ended March 31 include the following components:


	Pension Benefits					Other Benefits
(In thousands)	2014		2013			2014			2013
Change in benefit obligation
Net loss (gain)		$ (2,196)		3,954			(5,793	)		(1,708	)
Settlement loss		—		(5,161	)		—			—
Amortization of prior service cost		(50)		(50	)		2,032			2,032
Amortization of net (loss) gain		(1,103)		(1,648	)		395			—
Other		—		—			197			(643	)
Total recognized in other comprehensive income (loss)		$ (3,349)		(2,905	)		(3,169	)		(319	)
Net of 35% tax rate		(2,177)		(1,888	)		(2,060	)		(207	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive (Income) Loss

Amounts recognized as a component of accumulated other comprehensive (income) loss as of March 31, 2014 are as follows:


(In thousands)	Pension Benefits		Other Benefits
Unrecognized actuarial loss		$ 14,148		(6,986	)
Unrecognized prior service cost (benefit)		85		(6,620	)
Pre-tax amount included in accumulated other comprehensive loss (income)		$ 14,233		(13,606	)

Schedule of Expected Amounts Net Periodic Benefit Costs

The company expects to recognize the following amounts as a component of net periodic benefit costs during the next fiscal year:


(In thousands)	Pension Benefits		Other Benefits
Unrecognized actuarial loss		$ (976)		—
Unrecognized prior service cost (benefit)		(50)		2,032

Schedule of Assumptions

Assumptions used to determine net benefit obligations for the fiscal years ended March 31, are as follows:


	Pension Benefits				Other Benefits
	2014		2013		2014		2013
Discount rate		4.75%		4.25%		4.75%		4.25%
Rates of annual increase in compensation levels		3.00%		3.00%		N/A		N/A

Assumptions used to determine net periodic benefit costs for the fiscal years ended March 31, are as follows:


	Pension Benefits						Other Benefits
	2014		2013		2012		2014		2013		2012
Discount rate		4.75%		4.75%		5.25%		4.75%		4.75%		5.25%
Expected long-term rate of return on assets		5.00%		5.00%		5.00%		N/A		N/A		N/A
Rates of annual increase in compensation levels		3.00%		3.00%		3.00%		N/A		N/A		N/A

Schedule of Expected Benefit Payments

Based upon the assumptions used to measure the company’s qualified pension and postretirement benefit obligations at March 31, 2014, including pension and postretirement benefits attributable to estimated future employee service, the company expects that benefits to be paid over the next ten years will be as follows:


	(In thousands)
Year ending March 31,	Pension Benefits		Other Benefits
2015		$ 5,240		1,129
2016		5,509		1,184
2017		5,735		1,263
2018		5,997		1,336
2019		6,216		1,424
2020 – 2024		33,992		7,881
Total 10-year estimated future benefit payments		$ 62,689		14,217

Assumed Health Care Cost Trends Rates

The following table discloses the assumed health care cost trends used in measuring the accumulated postretirement benefit obligation and net periodic postretirement benefit cost at March 31, 2014 for pre-65 medical and prescription drug coverage and for post-65 medical coverage, including expected future trend rates.


	Pre-65			Post-65
Year ending March 31, 2014
Accumulated postretirement benefit obligation		8.2	%		6.9	%
Net periodic postretirement benefit obligation		8.7	%		6.9	%
Ultimate health care cost trend		4.5	%		4.5	%
Ultimate year health care cost trend rate is achieved		2029			2029
Year ending March 31, 2015
Net periodic postretirement benefit obligation		8.2	%		6.9	%

One-Percentage Rate Change in Assumed Health Care Cost Trend Rates and Its Effects on Accumulated Postretirement Benefit Obligation

A one-percentage rate increase (decrease) in the assumed health care cost trend rates has the following effects on the accumulated postretirement benefit obligation as of March 31:


(In thousands)	1% Increase		1% Decrease
Accumulated postretirement benefit obligation	$	3,232		2,664
Aggregate service and interest cost		222		179

Number of Shares of Tidewater Common Stock Held

The plan held the following number of shares of Tidewater common stock as of March 31:


	2014		2013
Number of shares of Tidewater common stock held by 401(k) plan		273,662		271,237

Plan 401 k

Amounts Charged to Expense Related to Contribution Plans

The amounts charged to expense related to the above defined contribution plans, for the fiscal years ended March 31, are as follows:


(In thousands)	2014		2013		2012
Defined contribution plans expense, net of forfeitures		$ 3,854		3,356		3,120
Defined contribution plans forfeitures		82		115		335

Multinational Pension Savings Plan

Amounts Charged to Expense Related to Contribution Plans

The amounts charged to expense related to the multinational pension savings plan contributions, for the fiscal years ended March 31, are as follows:


(In thousands)	2014		2013		2012
Multinational pension savings plan expense	$	465		420		415