Employee Retirement Plans (Tables)

12 Months Ended

Mar. 31, 2015

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)	2015		2014
Investments held in Rabbi Trust	$	9,915		10,285
Unrealized (loss) gains in carrying value of trust assets		235		92
Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of		126		49
Obligations under the supplemental plan		25,510		21,918

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 2015			Actual as of 2014
Pension plan:
Equity securities		—			—			—
Debt securities		100	%		95	%		96	%
Cash and other		—			5	%		4	%
Total		100	%		100	%		100	%

Supplemental plan:
Equity securities		65	%		58	%		60	%
Debt securities		35	%		39	%		37	%
Cash and other		—			3	%		3	%
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, 2015, 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	$	3,116			3,116			—		—
Collateralized mortgage securities		400			—			400		—
Corporate debt securities		51,758			—			51,758		—
Foreign debt securities		1,529			—			1,529		—
Cash and cash equivalents		1,816			—			1,816		—
Total	$	58,619			3,116			55,503		—
Accrued income		866			866			—		—
Total fair value of plan assets	$	59,485			3,982			55,503		—

Supplemental plan measured at fair value:
Equity securities:
Common stock	$	3,859			3,859			—		—
Preferred stock		—			—			—		—
Foreign stock		201			201			—		—
American depository receipts		1,685			1,685			—		—
Preferred American depository receipts		15			15			—		—
Real estate investment trusts		59			59			—		—
Debt securities:
Government debt securities		1,926			1,377			549		—
Open ended mutual funds		1,916			1,916			—		—
Cash and cash equivalents		377			72			305		—
Total	$	10,038			9,184			854		—
Other pending transactions		(123	)		(123	)		—		—
Total fair value of plan assets	$	9,915			9,061			854		—

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


(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		—

Change in Plan Assets and Obligations

Changes in plan assets and obligations during the years ended March 31, 2015 and 2014 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)	2015			2014			2015			2014
Change in benefit obligation:
Benefit obligation at beginning of year	$	84,067			88,238			24,114			29,006
Service cost		825			790			273			405
Interest cost		3,873			3,581			904			1,048
Participant contributions		—			—			430			436
ERRP reimbursement		—			—			—			(26	)
Plan settlement		—			—			—			—
Benefits paid		(4,405	)		(4,250	)		(863	)		(962	)
Actuarial (gain) loss		11,948			(4,292	)		(932	)		(5,793	)
Benefit obligation at end of year		96,308			84,067			23,926			24,114

Change in plan assets:
Fair value of plan assets at beginning of year	$	56,896			59,431			—			—
Actual return		6,069			776			—			—
Employer contributions		925			939			433			552
Participant contributions		—			—			430			436
ERRP reimbursement		—			—			—			(26	)
Plan settlement		—			—			—			—
Benefits paid		(4,405	)		(4,250	)		(863	)		(962	)
Fair value of plan assets at end of year		59,485			56,896			—			—


Reconciliation of funded status:
Fair value of plan assets	$	59,485			56,896			—			—
Benefit obligation		96,308			84,067			23,926			24,114
Unfunded status	$	(36,823	)		(27,171	)		(23,926	)		(24,114	)


Net amount recognized in the balance sheet consists of:
Current liabilities	$	(1,306	)		(1,162	)		(908	)		(1,129	)
Noncurrent liabilities		(35,517	)		(26,009	)		(23,018	)		(22,985	)
Net amount recognized	$	(36,823	)		(27,171	)		(23,926	)		(24,114	)

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)	2015		2014
Projected benefit obligation	$	96,308		84,067
Accumulated benefit obligation		92,808		81,223

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)	2015		2014
Projected benefit obligation	$	96,308		84,067
Accumulated benefit obligation		92,808		81,223
Fair value of plan assets		59,485		56,896

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)	2015			2014			2013
Service cost	$	825			790			983
Interest cost		3,873			3,581			4,098
Expected return on plan assets		(2,741	)		(2,871	)		(2,748	)
Amortization of prior service cost		50			50			50
Recognized actuarial loss		988			1,103			1,648
Settlement loss		—			—			5,161
Net periodic pension cost	$	2,995			2,653			9,192

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)	2015			2014			2013
Service cost	$	273			405			475
Interest cost		904			1,048			1,235
Amortization of prior service cost		(2,032	)		(2,032	)		(2,032	)
Recognized actuarial loss		(1,299	)		(396	)		—
Net periodic postretirement benefit	$	(2,154	)		(975	)		(322	)

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)	2015			2014			2015			2014
Change in benefit obligation
Net loss (gain)		$ 8,621			(2,196	)		(932	)		(5,793	)
Settlement loss		—			—			—			—
Amortization of prior service cost		(50	)		(50	)		2,032			2,032
Amortization of net (loss) gain		(988	)		(1,103	)		1,299			395
Other		—			—			—			197
Total recognized in other comprehensive income (loss)		$ 7,583			(3,349	)		2,399			(3,169	)
Net of tax		7,583			(2,177	)		1,559			(2,060	)

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, 2015 are as follows:


(In thousands)	Pension Benefits		Other Benefits
Unrecognized actuarial (gain) loss		$ 21,781		(6,620	)
Unrecognized prior service cost (benefit)		36		(4,588	)
Pre-tax amount included in accumulated other comprehensive loss (income)		$ 21,817		(11,208	)

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		$ (2,213)		582
Unrecognized prior service cost (benefit)		(36)		2,041

Schedule of Assumptions

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


	Pension Benefits				Other Benefits
	2015		2014		2015		2014
Discount rate		4.00%		4.75%		4.00%		4.75%
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
	2015		2014		2013		2015		2014		2013
Discount rate		4.75%		4.25%		4.75%		4.75%		4.25%		4.75%
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, 2015, 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
2016		$ 5,578		908
2017		5,818		982
2018		6,077		1,046
2019		6,343		1,128
2020		7,419		1,187
2021 – 2025		33,918		6,501
Total 10-year estimated future benefit payments		$ 65,153		11,752

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, 2015 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, 2015
Accumulated postretirement benefit obligation		7.9	%		6.9	%
Net periodic postretirement benefit obligation		8.2	%		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, 2016
Net periodic postretirement benefit obligation		7.9	%		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	$	3,702		2,978
Aggregate service and interest cost		170		138

Number of Shares of Tidewater Common Stock Held

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


	2015		2014
Number of shares of Tidewater common stock held by 401(k) plan		299,256		273,662

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)	2015		2014		2013
Defined contribution plans expense, net of forfeitures		$ 4,216		3,854		3,356
Defined contribution plans forfeitures		52		82		115

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)	2015		2014		2013
Multinational pension savings plan expense	$	494		465		420