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EMPLOYEE BENEFIT PLANS | 3 Months Ended
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Jun. 30, 2016
Compensation And Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS |
(5) | 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 pension plan during the quarters ended June 30, 2016 and 2015, and currently does not expect to contribute to the pension plan during the remaining quarters of fiscal 2017. 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. The Rabbi Trust assets, which are invested in a variety of marketable securities (but not the company’s stock), are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (loss). 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 contributed $0.1 million to the supplemental plan during the quarter ended June 30, 2016 and did not contribute to the plan during the first quarter of fiscal 2016, and does not expect to contribute to the supplemental plan during the remaining quarters of fiscal 2017. 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 June 30, 2016 and March 31, 2016:
|  | June 30, |  |  | March 31, |
(In thousands) |  | 2016 |  |  | 2016 |
Investments held in Rabbi Trust |  | $ | 8,919 |  |  |  | 8,811 |
Unrealized losses in fair value of trust assets |  |  | (47 | ) |  |  | (208 | )
Unrealized losses in fair value of trust assets are net of income tax expense of |  |  | — |  |  |  | (168 | )
Obligations under the supplemental plan |  |  | 25,364 |  |  |  | 25,072 |
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 plan which provides limited health care and life insurance benefits. Costs of the plan 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 by the company as benefits are required. Effective November 20, 2015, the company eliminated its post-65 medical coverage for all current and future retirees effective January 1, 2017. The plan amendment resulted in an approximate $0.8 million increase in net periodic postretirement benefit during the quarter ended June 30, 2016 as compared to the quarter ended June 30, 2015. The medical coverage remains unchanged for participants under age 65. Net Periodic Benefit Costs The net periodic benefit cost for the company’s defined benefit pension plans and 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 |
|  | June 30, |
(In thousands) |  | 2016 |  |  | 2015 |
Pension Benefits: |  |  |  |  |  |  |  |
Service cost |  | $ | 252 |  |  |  | 234 |
Interest cost |  |  | 941 |  |  |  | 935 |
Expected return on plan assets |  |  | (548 | ) |  |  | (530 | )
Administrative expenses |  |  | 2 |  |  |  | — |
Amortization of prior service cost |  |  | — |  |  |  | 9 |
Recognized actuarial loss |  |  | 446 |  |  |  | 567 |
Net periodic benefit cost |  | $ | 1,093 |  |  |  | 1,215 |
Other Benefits: |  |  |  |  |  |  |  |
Service cost |  | $ | 20 |  |  |  | 75 |
Interest cost |  |  | 50 |  |  |  | 211 |
Amortization of prior service cost |  |  | (1,086 | ) |  |  | (510 | )
Recognized actuarial benefit |  |  | (285 | ) |  |  | (245 | )
Net periodic benefit cost |  | $ | (1,301 | ) |  |  | (469 | )

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