Pension and Other Postretirement Benefits

6 Months Ended

Jan. 31, 2014

Pension and Other Postretirement Benefit Expense [Abstract]

Pension and Other Postretirement Benefits Disclosure

PENSION AND OTHER POSTRETIREMENT BENEFITS

The components of net periodic pension and postretirement health benefit costs were as follows:

	Pension Benefits
	(in thousands)
	For the Three Months Ended January 31,						For the Six Months Ended January 31,
	2014			2013			2014			2013
Service cost	$	361		$	417		$	721		$	876
Interest cost	435			384			871			772
Expected return on plan assets	(429		)	(373		)	(858		)	(755		)
Amortization of:
Prior service costs	4			4			7			7
Other actuarial loss	78			220			156			442
Net periodic benefit cost	$	449		$	652		$	897		$	1,342
	Postretirement Health Benefits
	(in thousands)
	For the Three Months Ended January 31,						For the Six Months Ended January 31,
	2014			2013			2014			2013
Service cost	$	30		$	34		$	60		$	68
Interest cost	29			24			58			48
Amortization of:
Net transition obligation	4			4			8			8
Prior service costs	(2		)	—			(3		)	—
Other actuarial loss	8			13			15			26
Net periodic benefit cost	$	69		$	75		$	138		$	150

Our plan covering postretirement health benefits is an unfunded plan. We have funded the pension plan based upon actuarially determined contributions that take into account the amount deductible for income tax purposes, the normal cost and the minimum and the maximum contribution requirements of various regulations.We contributed $230,000 to our pension plan during the second quarter ended January 31, 2014. We estimate contributions will be $601,000 for the remainder of fiscal 2014. See Item 3. "Quantitative and Qualitative Disclosures About Market Risk" for a discussion of the potential impact of financial market fluctuations on pension plan assets and future funding contributions.

Assumptions used in the previous calculations were as follows:

	Pension Benefits				Postretirement Health Benefits
	For the Three and Six Months Ended January 31,
	2014		2013		2014		2013
Discount rate for net periodic benefit cost	4.80	%	3.75	%	4.80	%	3.75	%
Rate of increase in compensation levels	3.50	%	3.50	%	—		—
Long-term expected rate of return on assets	7.50	%	7.50	%	—		—

The medical cost trend assumption for postretirement health benefits was 8.0%. The graded trend rate is expected to decrease to an ultimate rate of 5.0% in fiscal 2024.