Note 10 - Pension Plans

3 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

10. Pension Plans

We maintain three defined benefit pension plans: one for United Kingdom employees, one for 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 is held by a separate legal entity. As of June 30, 2015, the German defined benefit plan was completely unfunded. We expect to contribute approximately $994,000 to the United Kingdom and the Philippines plans in the fiscal year ending March 31, 2016. This contribution is primarily contractual.

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

	Three Months Ended
	June 30,
	2015			2014
	(unaudited)
Service cost	$	26		$	26
Interest cost on projected benefit obligation		368			473
Expected return on plan assets		(438	)		(497	)
Recognized actuarial loss		45			18
Net periodic pension expense	$	1		$	20

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 June 30, 2015 and March 31, 2015, using the same three-level hierarchy of fair-value inputs described in Note 4, “Fair Value” (in thousands):

	June 30, 2015								March 31, 2015
Description	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
	(unaudited)								(unaudited)
Cash and cash funds	$	2,798	$	-	$	-	$	2,798	$	2,588	$	-		$	-	$	2,588
Currency contracts		-		38		-		38		-		(30	)		-		(30	)
Equity		20,814		43		14		20,871		19,997		652			7		20,656
Fixed interest		1,042		5,739		-		6,781		861		5,887			1		6,749
Mortgage-backed securities		-		14		-		14		-		16			-		16
Swaps and other		-		82		-		82		2		133			-		135
Total	$	24,654	$	5,916	$	14	$	30,584	$	23,448	$	6,658		$	8	$	30,114