Net Periodic Benefit Cost

3 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Net Periodic Benefit Cost

Net Periodic Benefit Cost

The following table sets forth the components of net periodic pension cost for the Company’s defined benefit pension plans (in thousands):

	Three months ended
	June 30, 2015			June 30, 2014
Service costs	$	517		$	560
Interest cost	2,459			2,529
Expected return on plan assets	(3,679		)	(3,549		)
Net amortization	909			1,069
Net periodic pension cost	$	206		$	609

The Company currently plans to contribute approximately $5,908,000 to its pension plans in fiscal 2016.

Starting in fiscal 2016, the Company changed the amortization period of its largest plan to the average remaining lifetime of inactive participants as a significant portion of the plan population is now inactive. This change increases the amortization period of the unrecognized gains and losses.

The following table sets forth the components of net periodic postretirement benefit cost for the Company’s defined benefit postretirement plans (in thousands):

	Three months ended
	June 30, 2015		June 30, 2014
Interest cost	$	51	$	54
Amortization of plan net losses	33		19
Net periodic postretirement cost	$	84	$	73

For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended March 31, 2015.