XML 57 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Retirement Plans (Tables)
 12 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Benefit Obligation 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, 2018 and 2017:
 
Period Ended
 (In thousands)
March 31, 2018

March 31, 2017
Change in benefit obligation:
 
 
 
Projected benefit obligation at beginning of period
$
61,714

 
$
61,187

Interest cost
2,529

 
456

Actuarial loss
800

 
791

Benefits paid
(3,161
)
 
(720
)
Projected benefit obligations at end of year
$
61,882

 
$
61,714

 

 
 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of period
$
47,772

 
$
41,560

Actual return on plan assets
5,505

 
854

Employer contribution
392

 
6,078

Benefits paid
(3,161
)
 
(720
)
Fair value of plan assets at end of year
$
50,508

 
$
47,772

 

 
 
Funded status at end of year
$
(11,374
)
 
$
(13,942
)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the balance sheet at the end of the period consist of the following:
 
Period Ended
 (In thousands)
March 31, 2018

March 31, 2017
Current liability
$
461

 
463

Long-term liability
10,913

 
13,479

Total
$
11,374

 
$
13,942
Schedule of Primary Components of Net Periodic Benefits
The primary components of Net Periodic Benefits consist of the following:
 
Period Ended
 (In thousands)
March 31, 2018

March 31, 2017
Interest cost
$
2,529

 
$
456

Expected return on assets
(2,901
)
 
(462
)
Net periodic benefit cost (income)
$
(372
)
 
$
(6
)
Schedule of Expected to be Contributed
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:
 
2019 (expectation) to participant benefits
$
1,461

 
 
Expected benefit payments year ending March 31,
 
2019
$
3,314

2020
3,386

2021
3,463

2022
3,588

2023
3,674

2024-2028
19,157
Schedule of Allocation of Plan Assets
The asset allocation for the Company's funded retirement plan as of March 31, 2018 and 2017, and the target allocation by asset category are as follows:
 
Percentage of Plan Assets
Asset Category
Target Allocation
March 31, 2018

March 31, 2017
Domestic large cap equities
21
%
21
%
 
41
%
Domestic small/mid cap equities
6

6

 
7

International equities
18

18

 
16

Balanced/asset allocation
—

—

 
2

Fixed income and cash
55

55

 
34

Total
100
%
100
%
 
100
%
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss)
The following tables show the unrecognized actuarial loss (gain) included in accumulated other comprehensive income at March 31, 2018 and 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 2019:
 (In thousands)
 
Balances in accumulated other comprehensive loss as of March 31, 2017:
 
Unrecognized actuarial loss
$
399

Unrecognized prior service credit
—

 
 
Balances in accumulated other comprehensive (income) as of March 31, 2018:
 
Unrecognized actuarial (gain)
$
(1,407
)
Unrecognized prior service credit
—

 
 
Amounts expected to be reclassified from accumulated other comprehensive income (loss) during 2019:


Unrecognized actuarial (loss)
$
—

Unrecognized prior service credit
—
Schedule of Assumptions Used
Assumptions used in determining the actuarial present value of the benefit obligation as of March 31, 2018 and 2017 were as follows:
 
Period Ended
 
March 31, 2018
 
March 31, 2017
Key assumptions:
 
 
 
Discount rate
3.93% to 4.07%
 
3.92% to 4.21%
Expected return on plan assets, net of administrative fees
6.25%
 
6.25%
Rate of compensation increase
—
 
—