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Pension and Other Post-retirement Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2013

Pension and Other Post-retirement Benefit Plans

Summary of the changes in benefit obligations and plan assets

A summary of the changes in benefit obligations and plan assets is as follows (amounts in thousands):

	Pension						Other Benefits

	2013			2012			2013			2012
Change in Benefit Obligation
Benefit obligation at beginning of the year	$	47,892		$	44,402		$	1,057		$	1,339
Service cost		1,583			1,310			—			—
Interest cost		1,903			2,111			27			44
Plan participants' contributions		73			84			503			517
Actuarial (gain) loss		4,108			2,852			(145	)		(206	)
Foreign currency exchange rate change		(1,391	)		(1,352	)		—			—
Gross benefits paid		(1,300	)		(1,515	)		(643	)		(637	)
Curtailments and settlements		(13,772	)		—			—			—

Benefit obligation at end of year	$	39,096		$	47,892		$	799		$	1,057

Change in Plan Assets
Fair value of plan assets at beginning of year	$	17,156		$	15,919		$	—		$	—
Actual return on plan assets		1,097			719			—			—
Foreign currency exchange rate changes		(799	)		48			—			—
Employer contributions		2,490			1,901			140			120
Settlements		(9,911	)		—			—			—
Plan participants' contributions		73			84			503			517
Gross benefits paid		(1,300	)		(1,515	)		(643	)		(637	)

Fair value of plan assets at end of year	$	8,806		$	17,156		$	—		$	—

Funded status at end of year
Fair value of plan assets	$	8,806		$	17,156		$	—		$	—
Benefit obligations		(39,096	)		(47,892	)		(799	)		(1,057	)

Amount recognized at end of year	$	(30,290	)	$	(30,736	)	$	(799	)	$	(1,057	)

Schedule of amounts recognized in the Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of the following (amounts in thousands):

	Pension						Other Benefits

	2013			2012			2013			2012
Current liability	$	(644	)	$	(1,183	)	$	(90	)	$	(117	)
Noncurrent liability		(29,646	)		(29,553	)		(709	)		(940	)

Amount recognized, end of year	$	(30,290	)	$	(30,736	)	$	(799	)	$	(1,057	)

Schedule of amounts recognized in Accumulated other comprehensive income (loss)

Amounts recognized in Accumulated other comprehensive income (loss) consist of the following (amounts in thousands):

	Pension				Other Benefits

	2013		2012		2013			2012
Net actuarial loss (gain)	$	9,742	$	10,889	$	(1,816	)	$	(1,993	)
Prior service cost		32		137		—			—

Accumulated other comprehensive income	$	9,774	$	11,026	$	(1,816	)	$	(1,993	)

Schedule of components of benefit costs (credit)

Components of benefit costs (credit) consist of the following (amounts in thousands):

	Pension									Other Benefits

	2013			2012			2011			2013			2012			2011
Net service cost	$	1,583		$	1,310		$	1,060		$	—		$	—		$	—
Interest cost		1,903			2,111			1,836			27			44			62
Expected return on plan assets		(656	)		(712	)		(677	)		—			—			—
Amortization:
Actuarial (gain) loss		544			392			126			(322	)		(323	)		(306	)
Prior service cost		20			25			22			—			—			—

Recurring activity		3,394			3,126			2,367			(295	)		(279	)		(244	)
One time curtailment expense		266			—			291			—			—			—

Net periodic benefit cost (credit)	$	3,660		$	3,126		$	2,658		$	(295	)	$	(279	)	$	(244	)

Schedule of asset allocation for the Company's defined benefit pension plans and the target allocation by asset category

The asset allocation for the Company's defined benefit pension plans at March 31, 2013 and the target allocation for 2013, by asset category, are as follows:

Asset Category

Insurance(1)	10	7
International equities	30	33
International bonds	50	58
Other	10	2

	100	100

(1): Comprised of assets held by the defined benefit pension plan in Germany.

Schedule of other changes in plan assets and benefit obligations recognized in Accumulated other comprehensive income (loss)

Other changes in plan assets and benefit obligations recognized in Accumulated other comprehensive income (loss) are as follows (amounts in thousands):

	Pension									Other Benefits

	2013			2012			2011			2013			2012			2011
Current year actuarial (gain) loss	$	3,669		$	2,845		$	2,918		$	(145	)	$	(206	)	$	(7	)
Foreign currency exchange rate changes		(238	)		(218	)		728			322			323			306
Amortization of actuarial gain (loss)		(4,582	)		(392	)		(649	)		—			—			—
Current year prior service cost		—			—			270			—			—			—
Amortization of prior service cost		(101	)		(25	)		(292	)		—			—			—

Total recognized in other comprehensive income	$	(1,252	)	$	2,210		$	2,975		$	177		$	117		$	299

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	2,408		$	5,336		$	5,633		$	(118	)	$	(162	)	$	55

Schedule of expected future benefit payments

The Company expects to have benefit payments in the future as follows (amounts in thousands):

	Expected benefit payments

	2014		2015		2016		2017		2018		2019 - 2023
Pension benefits	$	1,444	$	1,450	$	1,546	$	1,658	$	1,683	$	10,450
Other benefits		91		90		86		82		77		295

	$	1,535	$	1,540	$	1,632	$	1,740	$	1,760	$	10,745

Schedule of weighted-average assumptions used to determine the projected benefit obligation at the measurement date and the net periodic cost for the pension and post-retirement plan

The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic cost for the pension and post-retirement plan (amounts in thousands except percentages):

	Pension						Other Benefits

	2013			2012			2013			2012
Projected benefit obligation:
Discount rate		4.5	%		4.2	%		2.8	%		3.5	%
Rate of compensation increase		3.5	%		2.9	%		—			—
Health care cost trend on covered charges		—			—			7.0	%		7.5	%
								decreasing to ultimate trend of 5% in 2017			decreasing to ultimate trend of 5% in 2017
Net periodic benefit cost:
Discount rate		4.2	%		5.0	%		3.5	%		4.4	%
Rate of compensation increase		2.9	%		2.9	%		—			—
Expected return on plan assets		4.0	%		4.4	%		—			—
Health care cost trend on covered charges		—			—			7.5	%		7.5	%
								decreasing to ultimate trend of 5% in 2017			decreasing to ultimate trend of 5% in 2016
Sensitivity of retiree welfare results
Effect of a one percentage point increase in assumed health care cost trend:
—On total service and interest costs components							$	—		$	1
—On post-retirement benefits obligation								11			27
Effect of a one percentage point decrease in assumed health care cost trend:
—On total service and interest costs components								—			(1	)
—On post-retirement benefits obligation								(10	)		(25	)

Schedule of fair value of pension plan assets measured on recurring basis

The following table sets forth by level, within the fair value hierarchy as described in Note 1, the pension plan's assets, required to be carried at fair value on a recurring basis as of March 31, 2013 and March 31, 2012 (amounts in thousands):

			Fair Value Measurement Using								Fair Value Measurement Using

	Fair Value March 31, 2013		Fair Value Measurement Using						Fair Value March 31, 2012		Fair Value Measurement Using
	Fair Value March 31, 2013		Level 1		Level 2		Level 3		Fair Value March 31, 2012		Level 1		Level 2		Level 3
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Equity securities:
International equities		2,884		2,884		—		—		2,520		2,520		—		—
Fixed income securities:
International bonds		5,098		5,098		—		—		4,802		4,802		—		—
Insurance contracts		636		—		—		636		9,700		—		—		9,700
Other		188		188		—		—		134		134		—		—

	$	8,806	$	8,170	$	—	$	636	$	17,156	$	7,456	$	—	$	9,700

Summary of changes in the fair value of the defined benefit pension plan's Level 3 assets

The table below sets forth a summary of changes in the fair value of the defined benefit pension plan's Level 3 assets for the fiscal year ended March 31, 2013 (amounts in thousands):


Balance at March 31, 2012	$	9,700
Actual return on plan assets		132
Employer contributions		848
Settlements		(9,255	)
Employee contributions		73
Benefits paid		(524	)
Foreign currency exchange rate change		(338	)

Balance at March 31, 2013	$	636