XML 95 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Retirement Plans | 12 Months Ended
--- | ---
Mar. 31, 2013
General Discussion Of Pension And Other Postretirement Benefits [Abstract] |
Pension And Other Postretirement Benefits Disclosure Text Block | 9. Retirement Plans The Company has a noncontributory defined benefit pension plan (the “Plan”) covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Annual contributions are made to the Plan sufficient to satisfy legal funding requirements. The following tables provide a reconciliation of the changes in the Plan's benefit obligation and fair value of plan assets over the two-year period ended March 31, 2013 and a statement of the un funded statu s as of March 31, 2013 and 2012:
|  | 2013 |  | 2012
|  | (In thousands)
Change in Benefit Obligation |  |  |  |
Benefit obligation at beginning of year | $ | 140,570 | $ | 118,821
Service cost |  | 6,988 |  | 5,424
Interest cost |  | 7,265 |  | 6,837
Actuarial loss |  | 13,828 |  | 14,220
Benefit payments and expenses |  | (5,120) |  | (4,732)
Benefit obligation at end of year | $ | 163,531 | $ | 140,570
Change in Plan Assets |  |  |  |
Fair value of plan assets at beginning of year | $ | 116,798 | $ | 100,101
Actual gain on plan assets |  | 20,338 |  | 6,029
Employer contributions |  | 3,000 |  | 15,400
Benefit payments and expenses |  | (5,120) |  | (4,732)
Fair value of plan assets at end of year | $ | 135,016 | $ | 116,798
Unfunded Status | $ | (28,515) | $ | (23,772)
The un funded status in creased by $4.7 million during 2013 reflecting the current unfunded liability based on the projected benefit obligation, which increased from $140.6 million to $163.5 million, large ly due to a reductio n in the discount rate from 5.10% to 4.7 0%. This unfunded status increase was recognized via an in crease in the projected benefit obligation due in part to the discount rate reduction discussed above partially offset by the actual gain on plan assets and the decrease in accumulated other comprehensive income of $0.7 million after the income tax benefit of $0.4 million. Plan assets increased from $116.8 million as of March 31, 20 12 to $135.0 million as of March 31, 2013 due to a continued recovery in market conditions and the $3.0 million contribution by the Company. The unfunded liability is reflected in other liabilities in the Consolidated Balance Sheets.
|  | 2013 |  | 2012
|  | (In thousands)
Amounts Included in Accumulated Other |  |  |  |
Comprehensive Pre-Tax Loss |  |  |  |
Net loss | $ | (36,622) | $ | (37,719)
Accumulated other comprehensive pre-tax loss | $ | (36,622) | $ | (37,719)
The following table provides the components of net periodic benefit cost for the Plan for fiscal years 2013, 2012, and 2011:
|  | 2013 |  | 2012 |  | 2011 |  |  |  |
|  | (In thousands) |  |  |  |
Service cost | $ | 6,988 | $ | 5,424 | $ | 5,141 |  |  |  |
Interest cost |  | 7,265 |  | 6,837 |  | 6,455 |  |  |  |
Expected return on plan assets |  | (8,603) |  | (8,140) |  | (7,347) |  |  |  |
Amortization of net loss |  | 3,190 |  | 1,350 |  | 1,497 |  |  |  |
Amortization of transition asset |  | 0 |  | (227) |  | (276) |  |  |  |
Net periodic benefit cost | $ | 8,840 | $ | 5,244 | $ | 5,470 |  |  |  |
The Plan's accumulated benefit obligation was $14 6,240,000 at March 31, 201 3, and $12 6,082,000 at March 31, 20 12. Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. The assumptions used to measure the Company's benefit obligation and pension expense are shown in the following table:
|  | 2013 |  | 2012 |
Discount rate - benefit obligation |  | 4.70 | % | 5.10 | %
Discount rate - pension expense |  | 5.10 | % | 5.85 | %
Expected return on plan assets |  | 7.50 | % | 8.00 | %
Rate of compensation increase |  | 3.00 | % | 3.00 | %
The Company's plan assets consist of the following:
| Target |  | Percentage of Plan |
| Allocation |  | Assets at March 31, |
| 2014 |  | 2013 |  | 2012 |
Plan Assets |  |  |  |  |  |
Equity securities | 99 | % | 99 | % | 99 | %
Debt securities | 0 |  | 0 |  | 0 |
Real estate | 0 |  | 0 |  | 0 |
Cash | 1 |  | 1 |  | 1 |
Total | 100 | % | 100 | % | 100 | %
All securities, which are valued at fair market value, are considered to be level 1 due to their public active market. Expected Return on Plan Assets The expected long-term rate of return on Plan assets is 7.50%. The Company expects 7.5 0% to fall within the 40-to-50 percentile range of returns on investment portfolios with asset diversification similar to that of the Plan's target asset allocation. Investment Policy and Strategy The Company maintains an investment policy designed to achieve a long-term rate of return, including investment income through dividends and equity appreciation, sufficient to meet the actuarial requirements of the Plan. The Company seeks to accomplish its return objectives by prudently investing in a diversified portfolio of public company equities with broad industry representation seeking to provide long-term growth consistent with the performance of relevant market indices, as well as maintain an adequate level of liquidity for pension distributions as they fall due. The strategy of being fully invested in equities has historically provided greater rates of return over ex tended periods of time. T he Company's gain on plan assets during 2013 was 17.4% as compared to the S&P 500 unaudited gain (including dividends) of 14.0%. Plan assets include Company common stock with a fair market value of $11,559,000 as of March 31, 2013 and $8,336,000 as of March 31, 20 12. Cash Flows Expected contributions for f iscal year ending March 31, 2014 (in thousands):
Expected Employer Contributions |  |  | $ | 0
Expected Employee Contributions |  |  |  | 0
Estimated future benefit payments reflecting expected future
service for the fiscal years ending March 31 (in thousands):
2014 |  |  | $ | 5,406
2015 |  |  |  | 5,886
2016 |  |  |  | 6,170
2017 |  |  |  | 6,746
2018 |  |  |  | 7,343
2019-2022 |  |  |  | 46,842
T he Company also has employees' savings 401(k) p lans covering all employees who meet certain age-entry requirements and work a stated minimum number of hours per year. Participants may make contributions up to the legal limit. The Company's matching contributions are discretionary. Costs charged to operations for the Company's matching contributions amounted to $1,746,000, $1,42 2,000, and $1,572,000, in fiscal 201 3, 20 12, and 2011, respectively. Multi-employer Plan The Company contributes to the Teamsters California State Council of Cannery and Food Processing Unions, International Brotherhood of Teamsters Pension Fund (Western Conference of Teamsters Pension Plan# 91-6145047/001) ("Teamsters Plan") under the terms of a collective-bargaining agreement with some of its Modesto, California employees. The term of the current collective bargaining agreement is June 1, 2012 through June 30, 2015. For the fiscal years ended March 31, 2013 and March 31, 2012 contributions to the Teamsters Plan were $2,392,000 and $2,474,000, respectively. The contributions to this plan are paid monthly based upon the number of hours worked by covered employees. They represent less than 5% of the total contributions received by this plan during the most recent plan year. The risks of participating in multi-employer plans are different from single-employer plans in the following aspects: (a) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the multi-employer plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (c) if the Company chooses to stop participating in the plan, the Company may be required to pay a withdraw al liability based on the underfunded status of the plan. The Teamsters Plan received a Pension Protection Act “green” zone status for the plan year ended January 1, 2013. The zone status is based on information the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the green zone are at least 80 percent funded.

X
- Details
Name: | us-gaap_GeneralDiscussionOfPensionAndOtherPostretirementBenefitsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration