XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Employee Benefit Plans | 12 Months Ended
--- | ---
Mar. 31, 2018
Compensation And Retirement Disclosure [Abstract] |
Employee Benefit Plans | Note 10 – Employee Benefit Plans: Retirement Plans The Company has a qualified defined benefit plan covering U.S. employees hired prior to January 1, 2003, which is non-contributory. Benefits are based on the employee's years of service and average earnings for the five highest consecutive calendar years of compensation in the ten-year period preceding retirement. The Company's funding policy for the plan is to contribute the amount required by the Employee Retirement Income Security Act of 1974, as amended. The components of pension cost (benefit) are:
|  | Year ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Service cost during the period |  | $ | 598 |  |  | $ | 600 |  |  | $ | 521 |
Interest cost on projected benefit obligation |  |  | 1,423 |  |  |  | 1,450 |  |  |  | 1,437 |
Expected return on assets |  |  | (2,977 | ) |  |  | (2,873 | ) |  |  | (3,181 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  |  | 1,013 |  |  |  | 1,351 |  |  |  | 1,174 |
Net pension cost (benefit) |  | $ | 57 |  |  | $ | 528 |  |  | $ | (49 | )
The weighted average actuarial assumptions used to determine net pension cost are:
|  | Year ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Discount rate |  |  | 4.08 | % |  |  | 3.93 | % |  |  | 3.74 | %
Rate of increase in compensation levels |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Long-term rate of return on plan assets |  |  | 8.00 | % |  |  | 8.00 | % |  |  | 8.00 | %
The expected long-term rate of return is based on the mix of investments that comprise plan assets and external forecasts of future long-term investment returns, historical returns, correlations and market volatilities. The Company does not expect to make any contributions to the plan during fiscal 2019. Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below:
|  | Year ended March 31, |
|  | 2018 |  |  | 2017 |
Change in the benefit obligation |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 35,460 |  |  | $ | 37,444 |
Service cost |  |  | 494 |  |  |  | 496 |
Interest cost |  |  | 1,423 |  |  |  | 1,450 |
Actuarial gain |  |  | (44 | ) |  |  | (994 | )
Benefit payments |  |  | (2,002 | ) |  |  | (1,818 | )
Liability released through annuity purchase |  |  | (890 | ) |  |  | (1,118 | )
Projected benefit obligation at end of year |  | $ | 34,441 |  |  | $ | 35,460 |
Change in fair value of plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 37,800 |  |  | $ | 36,471 |
Employer contribution |  |  | 52 |  |  |  | — |
Actual return on plan assets |  |  | 3,958 |  |  |  | 4,393 |
Benefit and administrative expense payments |  |  | (2,002 | ) |  |  | (1,818 | )
Annuities purchased |  |  | (998 | ) |  |  | (1,246 | )
Fair value of plan assets at end of year |  | $ | 38,810 |  |  | $ | 37,800 |
Funded status |  |  |  |  |  |  |  |
Funded status at end of year |  | $ | 4,369 |  |  | $ | 2,340 |
Amount recognized in the Consolidated Balance Sheets |  | $ | 4,369 |  |  | $ | 2,340 |
The weighted average actuarial assumptions used to determine the benefit obligation are:
|  | March 31, |
|  | 2018 |  |  | 2017 |
Discount rate |  |  | 3.95 | % |  |  | 4.08 | %
Rate of increase in compensation levels |  |  | 3.00 | % |  |  | 3.00 | %
During fiscal 2018 and fiscal 2017, the pension plan released liabilities for vested benefits of certain participants through the purchase of nonparticipating annuity contracts with a third-party insurance company. As a result of these transactions, in fiscal 2018 and fiscal 2017, the projected benefit obligation decreased $890 and $1,118, respectively, and plan assets decreased $998 and $1,246 respectively. The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. The accumulated benefit obligation as of March 31, 2018 and 2017 was $30,385 and $30,678, respectively. At March 31, 2018 and 2017, the pension plan was fully funded on an accumulated benefit obligation basis. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:
|  | March 31, |
|  | 2018 |  |  | 2017 |
Net actuarial loss |  | $ | 8,369 |  |  | $ | 8,180 |
The increase (decrease) in accumulated other comprehensive loss, net of income tax, consists of:
|  | March 31, |
|  | 2018 |  |  | 2017 |
Net actuarial gain arising during the year |  | $ | (794 | ) |  | $ | (1,609 | )
Reclassification of stranded tax effects related to the Tax Act |  |  | 1,771 |  |  |  | — |
Amortization of actuarial loss |  |  | (788 | ) |  |  | (873 | )
|  | $ | 189 |  |  | $ | (2,482 | )
The estimated net actuarial loss for the pension plan that will be amortized from accumulated other comprehensive loss into net pension cost in fiscal 2019 is $847. The following benefit payments, which reflect future service, are expected to be paid:
2019 |  | $ | 1,206 |
2020 |  |  | 1,338 |
2021 |  |  | 1,428 |
2022 |  |  | 1,471 |
2023 |  |  | 1,490 |
2024-2028 |  |  | 8,369 |
Total |  | $ | 15,302 |
The weighted average asset allocation of the plan assets by asset category is as follows:
|  |  |  | March 31, |
Asset Category |  | Target Allocation |  | 2018 |  |  | 2017 |
Equity securities |  | 50-70% |  |  | 67 | % |  |  | 68 | %
Debt securities |  | 20-50% |  |  | 33 | % |  |  | 32 | %
|  |  |  |  | 100 | % |  |  | 100 | %
The investment strategy of the plan is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets are adjusted when considered necessary to reflect trends and developments within the overall investment environment. The fair values of the Company's pension plan assets at March 31, 2018 and 2017, by asset category, are as follows:
|  |  |  |  |  | Fair Value Measurements Using |
Asset Category |  | At March 31, 2018 |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
Cash |  | $ | 98 |  |  | $ | 98 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  |  | 20,663 |  |  |  | 20,663 |  |  |  | — |  |  |  | — |
International companies |  |  | 5,181 |  |  |  | 5,181 |  |  |  | — |  |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bond funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intermediate-term |  |  | 10,283 |  |  |  | 10,283 |  |  |  | — |  |  |  | — |
Short-term |  |  | 2,585 |  |  |  | 2,585 |  |  |  | — |  |  |  | — |
|  | $ | 38,810 |  |  | $ | 38,810 |  |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Fair Value Measurements Using |
Asset Category |  | At March 31, 2017 |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
Cash |  | $ | 154 |  |  | $ | 154 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  |  | 20,570 |  |  |  | 20,570 |  |  |  | — |  |  |  | — |
International companies |  |  | 5,071 |  |  |  | 5,071 |  |  |  | — |  |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bond funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intermediate-term |  |  | 9,585 |  |  |  | 9,585 |  |  |  | — |  |  |  | — |
Short-term |  |  | 2,420 |  |  |  | 2,420 |  |  |  | — |  |  |  | — |
|  | $ | 37,800 |  |  | $ | 37,800 |  |  | $ | — |  |  | $ | — |
The fair value of Level 1 pension assets is obtained by reference to the last quoted price of the respective security on the market which it trades. See Note 1 to the Consolidated Financial Statements. On February 4, 2003, the Company closed the defined benefit plan to all employees hired on or after January 1, 2003. In place of the defined benefit plan, these employees participate in the Company's domestic defined contribution plan. The Company contributes a fixed percentage of employee compensation to this plan on an annual basis for these employees. The Company contribution to the defined contribution plan for these employees in fiscal 2018, fiscal 2017 and fiscal 2016 was $284, $286 and $315, respectively. The Company has a Supplemental Executive Retirement Plan ("SERP") which provides retirement benefits associated with wages in excess of the legislated qualified plan maximums. Pension expense recorded in fiscal 2018, fiscal 2017, and fiscal 2016 related to this plan was $115, $128 and $76, respectively. At March 31, 2018 and 2017, the related liability was $582 and $493, respectively. The current portion of the related liability of $17 and $26 at March 31, 2018 and 2017 is included in the caption "Accrued Compensation" and the long-term portion is included in "Accrued Pension Liability" in the Consolidated Balance Sheets. The Company has a domestic defined contribution plan (401k) covering substantially all employees. The Company provides matching contributions equal to 100% of the first 3% of an employee's salary deferral and 50% of the next 2% percent of an employee’s salary deferral. Company contributions are immediately vested. Contributions were $805 in fiscal 2018, $873 in fiscal 2017 and $866 in fiscal 2016. Other Postretirement Benefits In addition to providing pension benefits, the Company has a plan in the U.S. that provides health care benefits for eligible retirees and eligible survivors of retirees. The Company's share of the medical premium cost has been capped at $4 for family coverage and $2 for single coverage for early retirees, and $1 for both family and single coverage for regular retirees. On February 4, 2003, the Company terminated postretirement health care benefits for its U.S. employees. Benefits payable to retirees of record on April 1, 2003 remained unchanged. The components of postretirement benefit expense are:
|  | Year ended March 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Interest cost on accumulated benefit obligation |  | $ | 26 |  |  | $ | 26 |  |  | $ | 29 |
Amortization of actuarial loss |  |  | 37 |  |  |  | 36 |  |  |  | 40 |
Net postretirement benefit expense |  | $ | 63 |  |  | $ | 62 |  |  | $ | 69 |
The weighted average discount rates used to develop the net postretirement benefit cost were 3.23%, 3.16% and 3.11% in fiscal 2018, fiscal 2017 and fiscal 2016, respectively. Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows:
|  | Year ended March 31, |
|  | 2018 |  |  | 2017 |
Change in the benefit obligation |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 844 |  |  | $ | 875 |
Interest cost |  |  | 26 |  |  |  | 26 |
Actuarial loss (gain) |  |  | (73 | ) |  |  | 20 |
Benefit payments |  |  | (74 | ) |  |  | (77 | )
Projected benefit obligation at end of year |  | $ | 723 |  |  | $ | 844 |
Change in fair value of plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contribution |  |  | 74 |  |  |  | 77 |
Benefit payments |  |  | (74 | ) |  |  | (77 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Funded status |  |  |  |  |  |  |  |
Funded status at end of year |  | $ | (723 | ) |  | $ | (844 | )
Amount recognized in the Consolidated Balance Sheets |  | $ | (723 | ) |  | $ | (844 | )
The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were:
|  | March 31, |
|  | 2018 |  |  | 2017 |
Discount rate |  |  | 3.63 | % |  |  | 3.23 | %
Medical care cost trend rate |  |  | 8.00 | % |  |  | 8.00 | %
The medical care cost trend rate used in the actuarial computation ultimately reduces to 5% in 2024 and subsequent years. This was accomplished using 0.5% decrements for the years ended March 31, 2018 through 2024. The current portion of the accrued postretirement benefit obligation of $81 and $83, at March 31, 2018 and 2017, respectively, is included in the caption "Accrued Compensation" and the long-term portion is separately presented in the Consolidated Balance Sheets. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:
|  | March 31, |
|  | 2018 |  |  | 2017 |
Net actuarial loss |  | $ | 230 |  |  | $ | 259 |
The decrease in accumulated other comprehensive loss, net of income tax, consists of:
|  | March 31, |
|  | 2018 |  |  | 2017 |
Net actuarial loss (gain) arising during the year |  | $ | (57 | ) |  | $ | 13 |
Reclassification of stranded tax effects related to the Tax Act |  |  | 57 |  |  |  | — |
Amortization of actuarial loss |  |  | (29 | ) |  |  | (24 | )
|  | $ | (29 | ) |  | $ | (11 | )
The estimated net actuarial loss for the other postretirement benefit plan that will be amortized from accumulated other comprehensive loss into net postretirement benefit income in fiscal 2019 is $27. The following benefit payments are expected to be paid during the fiscal years ending March 31:
2019 |  | $ | 81 |
2020 |  |  | 77 |
2021 |  |  | 73 |
2022 |  |  | 69 |
2023 |  |  | 64 |
2024-2028 |  |  | 257 |
Total |  | $ | 621 |
Assumed medical care cost trend rates could have a significant affect on the amounts reported for the postretirement benefit plan. However, due to the caps imposed on the Company's share of the premium costs, a one percentage point change in assumed medical care cost trend rates would not have a significant affect on the total service and interest cost components or the postretirement benefit obligation. Employee Stock Ownership Plan On January 3, 2017, the Company transferred the Company stock and accumulated dividends in its noncontributory Employee Stock Ownership Plan ("ESOP") to its domestic defined contribution plan (401K) and subsequently terminated the ESOP. There were no Company contributions to the ESOP in fiscal 2017 or fiscal 2016. Self-Insured Medical Plan Effective January 1, 2014, the Company commenced self-funding the medical insurance coverage provided to its U.S. based employees. The Company has obtained a stop loss insurance policy in an effort to limit its exposure to claims. The Company has specific stop loss coverage per employee for claims incurred during the year exceeding $100 per employee with annual maximum aggregate stop loss coverage per employee of $1,000. The Company also has total plan annual maximum aggregate stop loss coverage of $2,398. The liability of $122 and $174 on March 31, 2018 and 2017, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption "Accrued Compensation" in the Consolidated Balance Sheets.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
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 Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration