Employee Benefit Plans

12 Months Ended

Mar. 31, 2012

Employee Benefit Plans [Abstract]

EMPLOYEE BENEFIT PLANS

10.    EMPLOYEE BENEFIT PLANS

The Company has a defined contribution plan covering all eligible employees. Contributions are based on certain percentages of an employee’s eligible compensation. Expenses related to this plan were $707, $682, and $745 in 2012, 2011, and 2010, respectively.

The Company provides postretirement benefits to certain union employees from a previous plan that existed a number of years ago. The primary cost is for 11 people with medical benefits. The Company funds these benefits on a pay-as-you-go basis. The measurement date is March 31.

In February 2002, the Company’s subsidiary, Seeger-Orbis GmbH & Co. OHG now known as TransTechnology Germany GmbH (the “Selling Company”) sold its retaining ring business in Germany to Barnes Group Inc. (“Barnes”). German law prohibits the transfer of unfunded Pension obligations which have vested for retired and former employees, so the legal responsibility for the pension plan that related to the business (the “Pension Plan”) remained with the Selling Company. At the time of the sale and subsequent to the sale, that pension liability was recorded based on the projected benefit obligation since future compensation levels will not affect the level of pension benefits. The relevant information for the Pension Plan is shown below under the caption Pension Plan. The measurement date is December 31. Barnes has entered into an agreement with the Company and its subsidiary, the Selling Company, whereby Barnes is obligated to administer and discharge the pension obligation as well as indemnify and hold the Selling Company and the Company harmless from these pension obligations. Accordingly, the Company has recorded an asset equal to the benefit obligation for the Pension Plan of $3,207 and $3,358 as of March 31, 2012 and 2011, respectively. See Notes 3 and 8. This asset is included in other long-term assets and it is restricted in use to satisfy the legal liability associated with the Pension Plan.

The following table sets forth the Pension Plan’s funded status and amounts recognized related to the Pension Plan and the postretirement benefit plan in the consolidated financial statements as of March 31:

	Postretirement Benefits						Pension Plan
	2012			2011			2012			2011
Change in benefit obligation
Benefit obligation at beginning of year	$	857		$	973		$	3,358		$	3,376
Service cost		—			—			—			—
Interest cost		38			43			164			184
Actuarial (gain)/loss		(52	)		(58	)		188			(146	)
Foreign currency exchange rate changes		—			—			(207	)		174
Benefits paid		(84	)		(101	)		(296	)		(230	)
Benefit obligation at end of year		759			857			3,207			3,358
Change in plan assets
Fair value of plan assets at beginning of year		—			—			—			—
Employer contributions		84			101			—			—
Benefits paid		(84	)		(101	)		—			—
Fair value of plan assets at end of year		—			—			—			—
Under funded status at end of year	$	(759	)	$	(857	)	$	(3,207	)	$	(3,358	)

Amounts recognized in the consolidated balance sheets consist of:

	Postretirement Benefits				Pension Plan
	2012		2011		2012		2011
Current liabilities	$	88	$	98	$	—	$	—
Noncurrent liabilities		671		759		3,207		3,358
Total Liabilities	$	759	$	857	$	3,207	$	3,358

Amounts recognized in accumulated other comprehensive loss consist of:

	Postretirement Benefits				Pension Plan
	2012		2011		2012		2011
Net loss	$	127	$	193	$	—	$	—

The accumulated benefit obligation for the postretirement benefit plan was $759 and $857 at March 31, 2012 and 2011, respectively.

The following table provides the components of the net periodic benefit cost:

	Postretirement Benefits				Pension Plan
	2012		2011		2012		2011
Net periodic benefit cost
Interest cost	$	38	$	43	$	164	$	184
Amortization of net (gain) loss		15		23		—		—
Net periodic benefit cost	$	53	$	66	$	164	$	184

The estimated net loss, prior service cost, and transition obligation for the postretirement benefit plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $0, $0, and $0, respectively.

	Postretirement Benefits				Pension Plan
	2012		2011		2012		2011
Increase in minimum liability included in other comprehensive income	$	127	$	193	$	—	$	—

Weighted-average assumptions used to determine benefit obligations at March 31:

	Postretirement Benefits						Pension Plan
	2012			2011			2012			2011
Discount rate		4.75	%		4.70	%		4.75	%		5.25	%

Assumed health care cost trend rates for the postretirement benefit plan at March 31:

	2012			2011
Health care cost trend rate assumed for next year		10.0	%		10.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		6.0	%		6.0	%
Year that the rate reaches the ultimate trend rate		2021			2020

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects on the postretirement benefit plan:

	1-Percentage- Point  Increase		1-Percentage- Point Decrease
Effect on total of service and interest cost	$	3	$	3
Effect on postretirement benefit obligation	$	59	$	52

The Company expects to contribute $41 to its postretirement benefit plan in fiscal 2013.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Postretirement Benefits		Pension Plan
2013	$	88	$	284
2014		83		279
2015		78		273
2016		73		280
2017		68		264
Years 2018-2022		273		1,241