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Employee Retirement Plans | 12 Months Ended
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Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Emploee Retirement Plans | Employee Retirement Plans We have a defined contribution plan in which all U.S. full-time employees (excluding those employees of the recently acquired Fleet business discussed below) are eligible to participate. The participants may contribute from 1% to 60% of their compensation, as defined in the plan. We match 65% of the first 6% of each participant's base compensation with full vesting at 3 years of service. The Company's contribution is reduced by the amount of forfeitures that occur during the year. We may also make additional contributions to the plan as determined by the Board of Directors. The total expense for the defined contribution plan was less than $0.1 million for 2017. In conjunction with the acquisition of Fleet (see Note 2), we assumed a number of additional employee retirement plans including a defined contribution plan and two defined benefit plans. All U.S. full-time employees of Fleet are eligible to participate in Fleet's defined contribution plan. The participants may contribute from 2% to 50% of their compensation, as defined in the plan. We match 100% of the first 6% of each participant's base compensation with full vesting upon entering the plan. The Company's contribution is reduced by the amount of forfeitures that occur during the year. We may also make additional contributions to the plan as determined by the Board of Directors. The total expense for the defined contribution plan was $0.2 million for 2017. Certain employees of Fleet are covered by defined benefit pension plans. The Company's policy is to fund amounts allowable by applicable regulations. Benefits are based on years of service and levels of compensation. On December 16, 2014, the decision was made to freeze the benefits under the Company's U.S. qualified defined benefit pension plan with an effective date of March 1, 2015. Benefit Obligations and Plan Assets The following table summarizes the changes in the U.S. pension plan obligations and plan assets from the date of acquisition to the end of our fiscal year, and includes a statement of the plans' funded status as of March 31, 2017:
| Period Ended
(In thousands) | March 31, 2017
Change in benefit obligation: |
Projected benefit obligation at date of acquisition | $ | 61,187 |
Interest cost | 456 |
Actuarial (gain) loss | 791 |
Benefits paid | (720 | )
Projected benefit obligations at end of year | $ | 61,714 |
Change in plan assets: |
Fair value of plan assets at date of acquisition | $ | 41,560 |
Actual return on plan assets | 854 |
Employer contribution | 6,078 |
Benefits paid | (720 | )
Fair value of plan assets at end of year | $ | 47,772 |
Funded status at end of year | $ | (13,942 | )
Amounts recognized in the balance sheet at the end of the period consist of the following:
| Period Ended
(In thousands) | March 31, 2017
Current liability | $ | 463 |
Long-term liability | 13,479 |
Total | $ | 13,942 |
The primary components of Net Periodic Benefits consist of the following:
| Period Ended
(In thousands) | March 31, 2017
Interest cost | $ | 456 |
Expected return on assets | (462 | )
Net periodic benefit cost (income) | $ | (6 | )
The accumulated benefit obligation was $61.7 million at March 31, 2017, and we had a net periodic benefit of less than $1.0 million for 2017. The pension benefit amounts stated above include one pension plan that is an unfunded plan. The projected benefit obligation and accumulated benefit obligation for this unfunded plan were $6.0 million as of March 31, 2017. The following table includes amounts that are expected to be contributed to the plans by the Company. It reflects benefit payments that are made from the plans' assets as well as those made directly from the Company's assets and includes the participants' share of the cost, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect the Company's best estimate given its current knowledge; actual amounts could be materially different.
(In thousands) | Pension Benefits
Employer contributions: |
2018 (expectation) to participant benefits | $ | 463 |
Expected benefit payments year ending March 31, |
2018 | $ | 3,152 |
2019 | 3,254 |
2020 | 3,329 |
2021 | 3,416 |
2022 | 3,578 |
2023-2027 | 18,888 |
During March 2017, we funded $6.1 million to the plan, which was invested as described in the plan assets below. The Company's primary investment objective for its pension plan assets is to provide a source of retirement income for the plans' participants and beneficiaries. The asset allocation for the Company's funded retirement plan as of March 31, 2017, and the target allocation by asset category are as follows:
Asset Category | Target Allocation | Percentage of Plan Assets
Domestic large cap equities | 36 | % | 41 | %
Domestic small/mid cap equities | 9 |  | 7 |
International equities | 15 |  | 16 |
Balanced/asset allocation | 4 |  | 2 |
Fixed income and cash | 36 |  | 34 |
Total | 100 | % | 100 | %
The plan assets are invested in a diversified portfolio consisting primarily of domestic fixed income and publicly traded equity securities held within pooled separate mutual funds. International funds represent 16% of the portfolio. These assets are fair valued using NAV. The following tables show the unrecognized actuarial loss included in accumulated other comprehensive income at March 31, 2017, as well as the prior service cost credit and actuarial loss expected to be reclassified from accumulated other comprehensive income (loss) to retirement expense during 2018:
(In thousands) |
Balances in accumulated other comprehensive income (loss) as of March 31, 2017: |
Unrecognized actuarial (loss) | $ | 399 |
Unrecognized prior service credit | — |
Amounts expected to be reclassified from accumulated other comprehensive income (loss) during 2018: |  |
Unrecognized actuarial (loss) | $ | — |
Unrecognized prior service credit | — |
Assumptions used in determining the actuarial present value of the benefit obligation as of March 31, 2017 were as follows:
Weighted-average assumptions: |
Discount rate | 4.21 | %
Expected return on plan assets | 6.25 | %
Rate of compensation increase | — |
The determination of the expected long-term rate of return was derived from an optimized portfolio using an asset allocation software program. The risk and return assumptions, along with the correlations between the asset classes, were entered into the program. Based on these assumptions and historical experience, the portfolio is expected to achieve a long-term rate of return of 6.25%. The investment managers engaged to manage the portfolio are expected to outperform their expected benchmarks on a relative basis over a full market cycle.

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