Pension and Other Postretirement Benefits

9 Months Ended

Apr. 30, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [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 April 30,						For the Nine Months Ended April 30,
	2015			2014			2015			2014
Service cost	$	402		$	352		$	1,205		$	1,073
Interest cost	463			445			1,388			1,316
Expected return on plan assets	(470		)	(428		)	(1,409		)	(1,286		)
Amortization of:
Prior service costs	2			3			7			10
Other actuarial loss	144			93			433			249
Net periodic benefit cost	$	541		$	465		$	1,624		$	1,362
	Postretirement Health Benefits
	(in thousands)
	For the Three Months Ended April 30,						For the Nine Months Ended April 30,
	2015			2014			2015			2014
Service cost	$	33		$	26		$	100		$	86
Interest cost	26			26			79			84
Amortization of:
Net transition obligation	1			4			1			12
Prior service costs	(2		)	(2		)	(5		)	(5		)
Other actuarial loss	10			5			28			20
Net periodic benefit cost	$	68		$	59		$	203		$	197

The postretirement health plan is an unfunded plan. We pay insurance premiums and claims from our assets.

The pension plan is funded based upon actuarially determined contributions that take into account the amount deductible for income tax purposes, the normal cost and the minimum contribution required and the maximum contribution allowed under applicable regulations.We contributed $925,000 and $1,506,000 to our pension plan during the third quarter and first nine months of fiscal 2015, respectively. We estimate contributions will be $284,000 for the remainder of fiscal 2015. 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 Nine Months Ended April 30,
	2015		2014		2015		2014
Discount rate for net periodic benefit cost	4.28	%	4.80	%	3.87	%	4.80	%
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 7.5%. The graded trend rate is expected to decrease to an ultimate rate of 5.0% in fiscal 2024.