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Defined Benefit Pension and Other Postretirement Benefit Plans
 6 Months Ended
Sep. 30, 2017
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]
Defined Benefit Pension and Other Postretirement Benefit Plans
The Company sponsors six defined benefit pension plans in Europe, one plan in Singapore, two plans in Mexico, and, with the completion of the TOKIN acquisition in April 2017, one plan in Japan.  In addition, the Company maintains two frozen post-retirement benefit plans in the United States: health care and life insurance benefits for certain retired United States employees who reached retirement age while working for the Company. The health care plan is contributory, with participants’ contributions adjusted annually. The life insurance plan is non-contributory. Finally, the Company sponsors one other post-retirement benefit plan in Japan.  Costs recognized for benefit plans are recorded using estimated amounts which may change as actual costs for the fiscal year are determined.
The components of net periodic benefit (income) costs relating to the Company’s pension and other postretirement benefit plans are as follows for the quarters ended September 30, 2017 and 2016 (amounts in thousands):
 
Pension
 
Post-retirement Benefit Plan
 
Quarters Ended September 30,
 
Quarters Ended September 30,
 
2017
 
2016
 
2017
 
2016
Net service cost 
$
1,316

 
$
347

 
$
—

 
$
—

Interest cost
425

 
358

 
3

 
4

Expected return on net assets
(504
)
 
(94
)
 
—

 
—

Amortization:
 

 
 

 
 

 
 

Actuarial (gain) loss
20

 
115

 
(47
)
 
(43
)
Prior service cost
90

 
21

 
—

 
—

Total net periodic benefit (income) costs
$
1,347

 
$
747

 
$
(44
)
 
$
(39
)

The components of net periodic benefit (income) costs relating to the Company’s pension and other postretirement benefit plans are as follows for the six-month periods ended September 30, 2017 and 2016 (amounts in thousands):
 
Pension
 
Post-retirement Benefit Plan
 
Six-Month Periods Ended September 30,
 
Six-Month Periods Ended September 30,
 
2017
 
2016
 
2017
 
2016
Net service cost (1)
$
2,632

 
$
693

 
$
—

 
$
—

Interest cost
850

 
717

 
6

 
8

Expected return on net assets
(1,007
)
 
(188
)
 
—

 
—

Amortization:
 

 
 

 
 

 
 

Actuarial (gain) loss
40

 
230

 
(94
)
 
(85
)
Prior service cost
181

 
42

 
—

 
—

Total net periodic benefit (income) costs
$
2,696

 
$
1,494

 
$
(88
)
 
$
(77
)

_________________
(1) In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Please see Note 1, “Recently Issued Accounting Pronouncements," for additional information.


In fiscal year 2018, the Company expects to contribute up to $3.3 million to the pension plans, $0.5 million of which has been contributed as of September 30, 2017.  For the postretirement benefit plan, the Company’s policy is to pay benefits as costs are incurred.