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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Dec. 31, 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. The pension plan is frozen and closed to new participants. 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 quarter ended December 31, 2016, but contributed $3 million to the pension plan during the nine-month period ended December 31, 2016. The company currently does not expect to contribute to the pension plan during the remaining quarter of fiscal 2017. The company did not contribute to the pension plan during the nine-month period ended December 31, 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. The supplemental plan is 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 approximately $0.1 million to the supplemental plan during the quarter ended December 31, 2016 and approximately $0.2 million to the supplemental plan during the nine-month period ended December 31, 2016, and does not expect to contribute to the supplemental plan during the remaining quarter of fiscal 2017. The company did not contribute to the supplemental plan during the nine-month period ended December 31, 2015. Investments held in the Rabbi trust 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 December 31, 2016 and March 31, 2016:
|  | December 31, |  | March 31,
(In thousands) |  | 2016 |  | 2016
Investments held in Rabbi trust |  | $ | 8,697 |  |  |  |  | 8,811 |  |
Unrealized losses in fair value of trust assets |  |  | (1 | ) |  |  |  | (208 | ) |
Unrealized losses in fair value of trust assets are net of income tax expense of |  |  | — |  |  |  |  | (168 | ) |
Obligations under the supplemental plan |  |  | 26,043 |  |  |  |  | 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. On 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 a $0.3 million and $1.9 million increase in net periodic postretirement benefit, which reduced pension expense, during the quarter and nine-month period ended December 31, 2016, respectively, as compared to the same periods during fiscal 2016. 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 |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Pension Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 257 |  |  |  | 234 |  |  |  | 763 |  |  |  | 702 |
Interest cost |  |  | 941 |  |  |  | 935 |  |  |  | 2,823 |  |  |  | 2,805 |
Expected return on plan assets |  |  | (548 | ) |  |  | (530 | ) |  |  | (1,645 | ) |  |  | (1,590 | )
Administrative expenses |  |  | 2 |  |  |  | — |  |  |  | 6 |  |  |  | — |
Amortization of prior service cost |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | 27 |
Recognized actuarial loss |  |  | 446 |  |  |  | 567 |  |  |  | 1,338 |  |  |  | 1,701 |
Net periodic benefit cost |  | $ | 1,098 |  |  |  | 1,215 |  |  |  | 3,285 |  |  |  | 3,645 |
Other Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 20 |  |  |  | 41 |  |  |  | 60 |  |  |  | 191 |
Interest cost |  |  | 50 |  |  |  | 103 |  |  |  | 150 |  |  |  | 524 |
Amortization of prior service cost |  |  | (1,086 | ) |  |  | (899 | ) |  |  | (3,258 | ) |  |  | (1,920 | )
Recognized actuarial benefit |  |  | (285 | ) |  |  | (281 | ) |  |  | (855 | ) |  |  | (770 | )
Net periodic benefit cost |  | $ | (1,301 | ) |  |  | (1,036 | ) |  |  | (3,903 | ) |  |  | (1,975 | )

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