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Employee Benefit Plans | 6 Months Ended
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Sep. 30, 2014
Employee Benefit Plans |
(4) | EMPLOYEE BENEFIT PLANS
U.S. Defined Benefit Pension Plan The company has a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. Effective April 1, 1996, the pension plan was closed to new participation. In December 2009, the Board of Directors amended the pension plan to discontinue the accrual of benefits once the plan was frozen on December 31, 2010. This change did not affect benefits earned by participants prior to January 1, 2011. The company did not contribute to the defined benefit pension plan during the quarters and six months ended September 30, 2014 and 2013, and does not expect to contribute to the plan during the remaining quarters of fiscal 2015. Supplemental Executive Retirement Plan The company also maintains a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under the company’s tax-qualified pension plan. A Rabbi Trust has been established for the benefit of participants in the supplemental plan. Assets of the Rabbi Trust are invested in a variety of marketable securities (but not Tidewater stock) and are recorded at fair value with unrealized gains or losses included in other comprehensive income. Effective March 4, 2010, the supplemental plan was closed to new participation. The supplemental plan is a non-qualified plan and, as such, the company is not required to make contributions to the supplemental plan. The company did not contribute to the supplemental plan during the quarters and six months ended September 30, 2014 and 2013, and does not expect to contribute to the plan during the remaining quarters of fiscal 2015. Investments held in a Rabbi Trust for the benefit of participants in the supplemental plan are included in other assets at fair value. The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at September 30, 2014 and March 31, 2014:
|  |  |  | September 30, |  |  | March 31, |
(In thousands) |  |  |  | 2014 |  |  | 2014 |
Investments held in Rabbi Trust |  | $ |  |  | 10,284 |  |  |  | 10,285 |
Unrealized gains in fair value of trust assets |  |  |  |  | 225 |  |  |  | 92 |
Unrealized gains in fair value of trust assets are net of income tax expense of |  |  |  |  | 121 |  |  |  | 49 |
Obligations under the supplemental plan |  |  |  |  | 22,789 |  |  |  | 21,918 |
The unrealized gains or losses in the fair value of the trust assets, net of income tax expense, are included in accumulated other comprehensive income. To the extent that trust assets are liquidated to fund benefit payments, gains or losses, if any, will be recognized at that time. The company’s obligations under the supplemental plan are included in ‘accrued expenses’ and ‘other liabilities and deferred credits’ on the consolidated balance sheet. Postretirement Benefit Plan Qualified retired employees currently are covered by a program which provides limited health care and life insurance benefits. Costs of the program are based on actuarially determined amounts and are accrued over the period from the date of hire to the full eligibility date of employees who are expected to qualify for these benefits. This plan is funded through payments as benefits are required. Net Periodic Benefit Costs The net periodic benefit cost for the company’s 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 collectively as “Other Benefits”) is comprised of the following components:
|  | Quarter Ended September 30, |  |  | Six Months Ended September 30, |
(In thousands) |  |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Pension Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ |  |  | 206 |  |  |  | 198 |  |  |  | 412 |  |  |  | 396 |
Interest cost |  |  |  |  | 968 |  |  |  | 895 |  |  |  | 1,936 |  |  |  | 1,790 |
Expected return on plan assets |  |  |  |  | (685 | ) |  |  | (718) |  |  |  | (1,370) |  |  |  | (1,436) |
Amortization of prior service cost |  |  |  |  | 12 |  |  |  | 12 |  |  |  | 24 |  |  |  | 24 |
Recognized actuarial loss |  |  |  |  | 247 |  |  |  | 276 |  |  |  | 494 |  |  |  | 552 |
Net periodic benefit cost |  | $ |  |  | 748 |  |  |  | 663 |  |  |  | 1,496 |  |  |  | 1,326 |
Other Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ |  |  | 68 |  |  |  | 101 |  |  |  | 136 |  |  |  | 202 |
Interest cost |  |  |  |  | 226 |  |  |  | 262 |  |  |  | 452 |  |  |  | 524 |
Amortization of prior service cost |  |  |  |  | (508 | ) |  |  | (508) |  |  |  | (1,016) |  |  |  | (1,016) |
Recognized actuarial (gain) loss |  |  |  |  | (325 | ) |  |  | (99) |  |  |  | (650) |  |  |  | (198) |
Net periodic benefit cost |  | $ |  |  | (539 | ) |  |  | (244) |  |  |  | (1,078) |  |  |  | (488) |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35742057&loc=SL14450702-114947 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 + Details
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