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RETIREMENT PLANS (Tables) | 12 Months Ended
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Mar. 31, 2013
Defined Benefit Plan Disclosure [Line Items] |
Change in plan assets | Below is the pension plan asset for Capital Southwest Corporation and its affiliates, of which Capital Southwest assets were $15,183,833 and $12,485,876 as of March 31, 2013 and 2012 respectively. The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2013 (in millions):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets Level I |  |  | Significant Other Observable Inputs Level 2 |  |  | Significant Observable Inputs Level 3 |
Equity securities (a) |  | $ | 40.1 |  |  | $ | 26.7 |  |  | $ | 13.4 |  |  | $ | – |
Fixed income securities (b) |  |  | 7.4 |  |  |  | – |  |  |  | 7.4 |  |  |  | – |
Cash and cash equivalents |  |  | 3.4 |  |  |  | 3.4 |  |  |  | – |  |  |  | – |
Total |  | $ | 50.9 |  |  | $ | 30.1 |  |  | $ | 20.8 |  |  | $ | – |
The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2012 (in millions):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets Level I |  |  | Significant Other Observable Inputs Level 2 |  |  | Significant Observable Inputs Level 3 |
Equity securities (a) |  | $ | 32.9 |  |  | $ | 21.4 |  |  | $ | 11.5 |  |  | $ | – |
Fixed income securities (b) |  |  | 7.0 |  |  |  | – |  |  |  | 7.0 |  |  |  | – |
Cash and cash equivalents |  |  | 2.4 |  |  |  | 2.4 |  |  |  | – |  |  |  | – |
Total |  | $ | 42.3 |  |  | $ | 23.8 |  |  | $ | 18.5 |  |  | $ | – |
There were no plan assets valued using significant unobservable inputs (level 3) as of March 31, 2013 or 2012.
| (a) | This category includes investment in equity securities of large, medium and small companies and equity investments in foreign companies. Mutual funds included in this category are valued using the net asset value per unit as of the valuation date. These investments include shares of our common stock. At March 31, 2013 and 2012, our common stock represented 19.9% and 19.7% respectively, of the plan assets.
| (b) | This category includes investments in investment grade fixed income instruments, primarily U.S. government obligations.
Schedule of assumptions used in estimating present value and periodic expense | The following assumptions were used in estimating the actuarial present value of the projected benefit obligations:
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.50 | % |  |  | 5.25 | % |  |  | 6.00 | %
Rate of compensation increases |  |  | 5.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
The following assumptions were used in estimating the net periodic (income)/expense:
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.50 | % |  |  | 5.25 | % |  |  | 6.00 | %
Expected return on plan assets |  |  | 6.50 | % |  |  | 6.50 | % |  |  | 6.50 | %
Rate of compensation increases |  |  | 5.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
Schedule of fair value of plan assets | Below is the pension plan asset for Capital Southwest Corporation and its affiliates, of which Capital Southwest assets were $15,183,833 and $12,485,876 as of March 31, 2013 and 2012 respectively. The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2013 (in millions):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets Level I |  |  | Significant Other Observable Inputs Level 2 |  |  | Significant Observable Inputs Level 3 |
Equity securities (a) |  | $ | 40.1 |  |  | $ | 26.7 |  |  | $ | 13.4 |  |  | $ | – |
Fixed income securities (b) |  |  | 7.4 |  |  |  | – |  |  |  | 7.4 |  |  |  | – |
Cash and cash equivalents |  |  | 3.4 |  |  |  | 3.4 |  |  |  | – |  |  |  | – |
Total |  | $ | 50.9 |  |  | $ | 30.1 |  |  | $ | 20.8 |  |  | $ | – |
The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2012 (in millions):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets Level I |  |  | Significant Other Observable Inputs Level 2 |  |  | Significant Observable Inputs Level 3 |
Equity securities (a) |  | $ | 32.9 |  |  | $ | 21.4 |  |  | $ | 11.5 |  |  | $ | – |
Fixed income securities (b) |  |  | 7.0 |  |  |  | – |  |  |  | 7.0 |  |  |  | – |
Cash and cash equivalents |  |  | 2.4 |  |  |  | 2.4 |  |  |  | – |  |  |  | – |
Total |  | $ | 42.3 |  |  | $ | 23.8 |  |  | $ | 18.5 |  |  | $ | – |
There were no plan assets valued using significant unobservable inputs (level 3) as of March 31, 2013 or 2012.
| (a) | This category includes investment in equity securities of large, medium and small companies and equity investments in foreign companies. Mutual funds included in this category are valued using the net asset value per unit as of the valuation date. These investments include shares of our common stock. At March 31, 2013 and 2012, our common stock represented 19.9% and 19.7% respectively, of the plan assets.
| (b) | This category includes investments in investment grade fixed income instruments, primarily U.S. government obligations.
Qualified Plan [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Net pension benefit\cost |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Net pension benefit |  |  |  |  |  |  |  |  |
Service cost-benefits earned during the year |  | $ | 259,672 |  |  | $ | 133,729 |  |  | $ | 161,047 |
Interest cost on projected benefit obligation |  |  | 286,639 |  |  |  | 256,558 |  |  |  | 231,332 |
Expected return on assets |  |  | (784,194 | ) |  |  | (781,299 | ) |  |  | (771,025 | )
Net amortization |  |  | 49,803 |  |  |  | 9,377 |  |  |  | 9,377 |
Net pension benefit from qualified plan |  | $ | (188,080 | ) |  | $ | (381,635 | ) |  | $ | (369,269 | )
Change in benefit obligation |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Change in benefit obligation |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 5,136,555 |  |  | $ | 4,213,349 |  |  | $ | 3,450,443 |
Service cost |  |  | 259,672 |  |  |  | 133,729 |  |  |  | 161,047 |
Interest cost |  |  | 286,639 |  |  |  | 256,558 |  |  |  | 231,332 |
Actuarial gain (loss) |  |  | 818,784 |  |  |  | 601,402 |  |  |  | 437,959 |
Benefits paid |  |  | (80,039 | ) |  |  | (68,483 | ) |  |  | (67,432 | )
Benefit obligation at end of year |  | $ | 6,421,611 |  |  | $ | 5,136,555 |  |  | $ | 4,213,349 |
Change in plan assets |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Change in plan assets |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 12,485,876 |  |  | $ | 11,610,994 |  |  | $ | 10,519,400 |
Actual return on plan assets |  |  | 2,777,996 |  |  |  | 943,365 |  |  |  | 1,159,026 |
Benefits paid |  |  | (80,039 | ) |  |  | (68,483 | ) |  |  | (67,432 | )
Fair value of plan assets at end of year |  | $ | 15,183,833 |  |  | $ | 12,485,876 |  |  | $ | 11,610,994 |
Funded status and amounts recognized in consolidated statements of assets and liabilities |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |
Funded status and amounts recognized in consolidated statements of assets and liabilities |  |  |  |  |  |
Actuarial present value of benefit obligations: Accumulated benefit obligation |  | $ | (5,636,366 | ) |  | $ | (4,755,675 | )
Projected benefit obligation for service rendered to date |  |  | (6,421,611 | ) |  |  | (5,136,555 | )
Plan assets at fair value* |  |  | 15,183,833 |  |  |  | 12,485,876 |
Funded status |  |  | 8,762,222 |  |  |  | 7,349,321 |
Unrecognized net loss from past experience different from that assumed and effects of changes in assumptions |  |  | 602,598 |  |  |  | 1,818,042 |
Unrecognized prior service costs |  |  | 122,579 |  |  |  | 131,956 |
ASC 715 adjustment |  |  | (725,177 | ) |  |  | (1,949,998 | )
Prepaid pension cost included in pension assets |  | $ | 8,762,222 |  |  | $ | 7,349,321 |
*Primarily equities and bonds including approximately 25,000 shares of CSW Common Stock.
Expected benefit payments | Following are the expected benefit payments for the next five years and in the aggregate for the years 2019-2023:
(In thousands) |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  |  | 2019-2023 |
Qualified Plan |  | $ | 222 |  |  | $ | 238 |  |  | $ | 250 |  |  | $ | 334 |  |  | $ | 338 |  |  | $ | 1,921 |
Restoration Plan |  | $ | 100 |  |  | $ | 119 |  |  | $ | 134 |  |  | $ | 181 |  |  | $ | 183 |  |  | $ | 965 |
Allocation of plan assets | CSW's pension plan asset allocations are as follows:
|  | Percentage of Plan Assets at March 31 |
Asset Category |  | 2013 |  |  | 2012 |
Equity securities |  |  | 78.8 | % |  |  | 77.7 | %
Fixed income securities |  |  | 14.5 | % |  |  | 16.6 | %
Cash and cash equivalents |  |  | 6.7 | % |  |  | 5.7 | %
|  |  | 100.0 | % |  |  | 100.0 | %
Schedule of fair value of plan assets |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Change in plan assets |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 12,485,876 |  |  | $ | 11,610,994 |  |  | $ | 10,519,400 |
Actual return on plan assets |  |  | 2,777,996 |  |  |  | 943,365 |  |  |  | 1,159,026 |
Benefits paid |  |  | (80,039 | ) |  |  | (68,483 | ) |  |  | (67,432 | )
Fair value of plan assets at end of year |  | $ | 15,183,833 |  |  | $ | 12,485,876 |  |  | $ | 11,610,994 |
Restoration Plan [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Net pension benefit\cost |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Net pension cost |  |  |  |  |  |  |  |  |
Service cost-benefits earned during the year |  | $ | 37,052 |  |  | $ | 18,163 |  |  | $ | 33,216 |
Interest cost on projected benefit obligation |  |  | 106,939 |  |  |  | 79,056 |  |  |  | 69,248 |
Net amortization |  |  | 9,731 |  |  |  | (15,428 | ) |  |  | (24,507 | )
Net pension cost from qualified plan |  | $ | 153,722 |  |  | $ | 81,791 |  |  | $ | 77,957 |
Change in benefit obligation |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Change in benefit obligation |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,568,392 |  |  | $ | 1,256,895 |  |  | $ | 1,082,941 |
Service cost |  |  | 37,052 |  |  |  | 18,163 |  |  |  | 33,216 |
Interest cost |  |  | 106,939 |  |  |  | 79,056 |  |  |  | 69,248 |
Actuarial gain (loss) |  |  | 810,303 |  |  |  | 214,278 |  |  |  | 132,940 |
Other adjustments |  |  | 127,280 |  |  |  | – |  |  |  | (61,450 | )
Benefit obligation at end of year |  | $ | 2,649,966 |  |  | $ | 1,568,392 |  |  | $ | 1,256,895 |
Funded status and amounts recognized in consolidated statements of assets and liabilities |
|  | Years Ended March 31 |
|  | 2013 |  |  | 2012 |
Amounts recognized in our consolidated statements of assets and liabilities |  |  |  |  |  |
Projected benefit obligation |  | $ | (2,649,966 | ) |  | $ | (1,568,392 | )
Unrecognized net (gain) loss from past experience different from that assumed and effects of changes in assumptions |  |  | 836,122 |  |  |  | 8,556 |
Unrecognized prior service costs |  |  | (122,296 | ) |  |  | (130,798 | )
ASC 715 adjustment |  |  | (713,826 | ) |  |  | 122,242 |
Accrued pension cost included in pension liabilities |  | $ | (2,649,966 | ) |  | $ | (1,568,392 | )

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