Net Periodic Benefit Cost

6 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

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



	Three months ended						Six months ended
	September 30, 2016			September 30, 2015			September 30, 2016			September 30, 2015
Service costs	$	451		$	513		$	902		$	1,030
Interest cost	4,116			3,033			8,231			5,492
Expected return on plan assets	(5,618		)	(4,398		)	(11,237		)	(8,077		)
Net amortization	796			911			1,590			1,820
Settlement	—			—			247			—
Net periodic pension (benefit) cost	$	(255	)	$	59		$	(267	)	$	265

As part of the acquisition of Magnetek, the Company became the sponsor of Magnetek's pension plan ("Magnetek's Plan"), a single-employer defined benefit plan. Magnetek's Plan provides benefits to certain current and former employees of Magnetek. Future benefits under Magnetek's Plan have been frozen since 2003. The net periodic pension (benefit) cost for the three and six months ended September 30, 2016 includes a benefit related to the Magnetek Plan of $607,000 and $1,213,000, respectively.

During the first quarter of fiscal 2017, certain terminated employees in the Company's foreign pension plans accepted an offer to settle their pension obligation with a lump sum payment. The settlement was required to be offered under the employment law of the foreign jurisdiction. The settlement resulted in a loss of $247,000 included within net periodic pension (benefit) cost.

The Company currently plans to contribute approximately $5,947,000 to its pension plans in fiscal 2017.

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				Six months ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Interest cost	$	42	$	51	$	84	$	102
Amortization of plan net losses	10		32		19		65
Net periodic postretirement cost	$	52	$	83	$	103	$	167

For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated financial statements included in the 2016 10-K.