Note 11 Pension Plans

9 Months Ended

Dec. 31, 2013

Pension and Other Postretirement Benefits Disclosure [Abstract]

11. Pension Plans

We maintain three defined benefit pension plans: one for certain United Kingdom employees, one for certain German employees, and one for Philippine employees. We deposit funds for these plans, consistent with the requirements of local law, with investment management companies, insurance companies, banks or trustees and/or accrue for the unfunded portion of the obligations. The measurement date for the projected benefit obligations and the plan assets is March 31. The United Kingdom and German plans have been curtailed. As such, the plans are closed to new entrants and no credit is provided for additional periods of service. The German plan was held by a separate legal entity. As of December 31, 2013, the German defined benefit plan was completely unfunded. We expect to contribute approximately $978,000 to the United Kingdom and the Philippines plans in the fiscal year ending March 31, 2014. This contribution is primarily contractual.

The net periodic pension expense includes the following components (in thousands):

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2013		2012		2013		2012

	(unaudited)				(unaudited)
Service cost	$	27	$	25	$	82	$	74
Interest cost on projected benefit obligation		479		478		1,398		1,417
Expected return on plan assets		(427)		(385)		(1,245)		(1,143)
Recognized actuarial loss		61		42		177		126
Net periodic pension expense	$	140	$	160	$	412	$	474

Information on Plan Assets

We report and measure the plan assets of our defined benefit pension plans at fair value. The table below sets forth the fair value of our plan assets as of December 31, 2013 and March 31, 2013, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands):


	December 31, 2013								March 31, 2013
Description	Level 1		Level 2		Level 3			Total	Level 1		Level 2		Level 3			Total
Cash and cash funds	$	918	$	-	$	-	$	918	$	669	$	-	$	-	$	669
Currency contracts		-		23		-		23		-		(15)		-		(15)
Equity		21,495		-		2		21,497		18,411		3		6		18,420
Fixed interest		1,227		4,763		1		5,991		1,479		4,525		2		6,006
Mortgage backed securities		-		14		-		14		-		11		-		11
Swaps		-		7		-		7		2		37		(1)		38
Total	$	23,640	$	4,807	$	3	$	28,450	$	20,561	$	4,561	$	7	$	25,129