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Employee Benefit Plans and Postretirement Health Care and Life Insurance Benefits (Tables)
12 Months Ended
Mar. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Schedule of assumptions used
Disclosure Assumptions:
 
Pension
 
Other Post-Retirement
 
 
 
 
 
 
Benefits
 
Benefits
 
 
 
 
Weighted-average assumptions as of:
 
March 31, 2013
 
March 31, 2012
 
March 31, 2013
 
March 31, 2012
 
 
 
 
Discount rate
 
4.2
%
 
4.5
%
 
4.0
%
 
4.3
%
 
 
 
 
Rate of compensation increase
 
2.5
%
 
2.5
%
 
n/a

 
n/a

 
 
 
 
Expense Assumptions:
 
Pension
 
Other Post-Retirement
 
 
Benefits / Expense
 
Benefits / Expense
Weighted-average assumptions for:
 
FY 2013
 
FY 2012
 
FY 2011
 
FY 2013
 
FY 2012
 
FY 2011
Discount rate
 
4.5
%
 
5.4
%
 
5.5
%
 
4.3
%
 
5.1
%
 
5.7
%
Expected return on plan assets
 
6.2
%
 
7.1
%
 
7.2
%
 
n/a

 
n/a

 
n/a

Rate of compensation increase
 
2.5
%
 
2.6
%
 
2.9
%
 
n/a

 
n/a

 
n/a

Schedule of amounts in accumulated other comprehensive income that have not yet been recognized
The changes in plan assets and benefit obligations recognized in other comprehensive income (loss) at March 31, 2013 are as follows:

 
Pension
Benefits
 
Other Post Retirement Benefits
  
 
(in thousands)
Net loss arising during the year
 
$
12,948

 
$
1,097

Net prior service cost during the year
 
(62
)
 
490

Net loss recognized during the year
 
(2,172
)
 
(642
)
Exchange rate loss recognized during the year
 
(396
)
 
(107
)
Total
 
$
10,318

 
$
838

Schedule of amounts in accumulated other comprehensive income expected to be recognized over the next fiscal year
The amounts in accumulated other comprehensive loss expected to be amortized from accumulated other comprehensive income into net periodic benefit cost in the next fiscal year are as follows:
 
 
Pension
Benefits
 
Other Post Retirement Benefits
  
 
(in thousands)
Amortization of:
 
 
 
 
Prior service cost/(credit)
 
$
62

 
$
(490
)
Net loss
 
3,118

 
682

Total
 
$
3,180

 
$
192

Schedule of expected future benefit payments
Expected future benefit payments are as follows:
 
 
 
 
 
Other Post-
Retirement
Fiscal Year
 
Pension
Benefits
 
Gross Expected
Benefit Payments
 
 
(In thousands)
2014
 
$
40,931

 
$
1,894

2015
 
37,012

 
1,815

2016
 
37,893

 
1,777

2017
 
38,467

 
1,767

2018
 
40,125

 
1,725

2019 to 2023
 
207,940

 
7,826

Schedule of asset allocation for pension plans
The following table summarizes the investments that comprise the assets of the Company’s pension plans (see Note 9), all of which are measured at fair value on a recurring basis, and the basis for that measurement:
 

 
Total
Fair Value
Measurement
 
Quoted Price in
Active Markets
for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
(In thousands)
March 31, 2013
 

 

 

 

Cash and cash equivalents
 
$
11,536

 
$
11,536

 
$

 
$

Equity funds - U.S.-based companies
 
87,466

 

 
87,466

 

Equity funds - international-based companies
 
113,655

 

 
113,655

 

Fixed income funds
 
282,582

 

 
282,582

 

Other
 
2,336

 

 
2,336

 

Total pension assets
 
$
497,575

 
$
11,536

 
$
486,039

 
$

March 31, 2012
 

 

 

 

Cash and cash equivalents
 
$
6,067

 
$
6,067

 
$

 
$

Equity funds - U.S.-based companies
 
79,800

 

 
79,800

 

Equity funds - international-based companies
 
105,157

 

 
105,157

 

Fixed income funds
 
277,528

 

 
277,528

 

Other
 
3,764

 

 
3,764

 

Total pension assets
 
$
472,316

 
$
6,067

 
$
466,249

 
$

Pension Benefits
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of the plans' funded status and the amounts recognized in the consolidated financial statements
The following tables set forth the plans’ funded status and the amounts recognized in the Company’s Consolidated Financial Statements at March 31, 2013 and 2012:
 
Pension Benefits:
 
 
 
 
 
 
Fiscal Year Ended
 
 
March 31, 2013
 
March 31, 2012
 
 
(In thousands)
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of period
 
$
686,725

 
$
633,486

Service cost
 
2,384

 
2,231

Interest cost
 
29,711

 
33,076

Actuarial loss (gain)
 
31,284

 
65,599

Plan participants’ contributions
 
221

 
258

Benefits paid
 
(35,392
)
 
(35,846
)
Currency translation
 
(13,586
)
 
(9,823
)
Settlements and other
 
(3,812
)
 
(2,256
)
Benefit obligation at end of period
 
$
697,535

 
$
686,725

Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of period
 
$
472,316

 
$
444,079

Actual return on plan assets
 
47,348

 
39,560

Employer contributions
 
25,400

 
27,267

Plan participants’ contributions
 
221

 
258

Benefits paid
 
(35,392
)
 
(35,846
)
Currency translation
 
(8,505
)
 
(746
)
Settlements and other
 
(3,811
)
 
(2,256
)
Fair value of plan assets at end of period
 
$
497,577

 
$
472,316

Reconciliation of funded status:
 
 
 
 
Benefit obligation at end of period
 
$
697,535

 
$
686,725

Fair value of plan assets at end of period
 
497,577

 
472,316

Funded status
 
$
(199,958
)
 
$
(214,409
)
Amounts recognized in Statement of Financial Position:
 
 
 
 
Noncurrent other assets
 
$
17,655

 
$
7,474

Accrued expenses
 
(8,340
)
 
(8,822
)
Noncurrent retirement obligations
 
(209,273
)
 
(213,061
)
Net amount recognized at end of period
 
$
(199,958
)
 
$
(214,409
)
Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
Prior service cost
 
$
799

 
$
896

Net actuarial loss
 
108,916

 
98,501

Net amount recognized in accumulated other comprehensive loss
 
$
109,715

 
$
99,397

Schedule of the plans' expenses
The following tables set forth the plans’ expenses recognized in the Company’s Consolidated Financial Statements:
 
 
Pension Benefits
 
 
Fiscal Year Ended
March 31, 2013
 
March 31, 2012
 
March 31, 2011
  
 
(In thousands)
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
 
$
2,384

 
$
2,231

 
$
3,168

Interest cost
 
29,711

 
33,076

 
33,357

Expected return on plan assets
 
(29,012
)
 
(31,214
)
 
(28,862
)
Amortization of:
 

 

 

Prior service cost
 
62

 
88

 
221

Actuarial loss
 
2,019

 
665

 
1,037

Net periodic benefit cost
 
$
5,164

 
$
4,846

 
$
8,921

Schedule of asset allocation for pension plans
The asset allocation for the Company’s pension plans by asset category are as follows:
 
 
Percentage of Plan Assets at Year End
 
 
March 31, 2013
 
March 31, 2012
Cash and cash equivalents
 
1
%
 
1
%
Equity securities
 
40
%
 
39
%
Fixed income securities
 
57
%
 
59
%
Other
 
2
%
 
1
%
Total
 
100
%
 
100
%
Other Post-Retirement Benefits
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of the plans' funded status and the amounts recognized in the consolidated financial statements
Other Post-Retirement Benefits:
 
 
 
 
 
 
Fiscal Year Ended
 
 
March 31, 2013
 
March 31, 2012
  
 
(in thousands)
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of period
 
$
25,153

 
$
23,332

Service cost
 
700

 
516

Interest cost
 
1,046

 
1,123

Actuarial loss
 
1,097

 
2,467

Plan participants’ contributions
 
120

 
115

Benefits paid
 
(1,859
)
 
(2,132
)
Currency translation
 
(232
)
 
(268
)
Benefit obligation at end of period
 
$
26,025

 
$
25,153

Change in plan assets:
 

 

Fair value of plan assets at beginning of period
 
$

 
$

Employer contributions
 
1,739

 
2,017

Plan participants’ contributions
 
120

 
115

Benefits paid
 
(1,859
)
 
(2,132
)
Fair value of plan assets at end of period
 
$

 
$

Reconciliation of funded status:
 

 

Benefit obligation at end of period
 
$
26,025

 
$
25,153

Fair value of plan assets at end of period
 

 

Funded status
 
$
(26,025
)
 
$
(25,153
)
Amounts recognized in statement of financial position:
 

 

Accrued expenses
 
$
(1,894
)
 
$
(1,902
)
Noncurrent retirement obligations
 
(24,131
)
 
(23,251
)
Net amount recognized at end of period
 
$
(26,025
)
 
$
(25,153
)
Amounts recognized in accumulated other comprehensive (income) loss:
 

 

Prior service credit
 
$
(2,950
)
 
$
(3,440
)
Net actuarial loss
 
10,478

 
10,130

Net amount recognized in accumulated other comprehensive loss:
 
$
7,528

 
$
6,690

Schedule of the plans' expenses
 
 
Other Post-Retirement Benefits
 
 
Fiscal Year Ended
March 31, 2013
 
March 31, 2012
 
March 31, 2011
  
 
(In thousands)
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
 
$
700

 
$
516

 
$
185

Interest cost
 
1,046

 
1,123

 
1,020

Amortization of:
 

 

 

Prior service cost
 
(490
)
 
(490
)
 
(490
)
Actuarial loss (gain)
 
642

 
498

 
110

Net periodic benefit cost
 
$
1,898

 
$
1,647

 
$
825

Schedule of effect of a one-percentage-point change in assumed health care cost trend rates
A one-percentage-point change in assumed health care cost trend rates would have the following effects:
 
 
 
One Percentage-
Point Increase
 
One Percentage-
Point Decrease
 
 
(In thousands)
Effect on total of service and interest cost components
 
$
348

 
$
263

Effect on the postretirement benefit obligation
 
$
2,798

 
$
2,281