Defined Benefit Pension and Other Postretirement Benefit Plans

9 Months Ended

Dec. 31, 2012

Defined Benefit Pension and Other Postretirement Benefit Plans

Defined Benefit Pension and Other Postretirement Benefit Plans

Note 10.  Defined Benefit Pension and Other Postretirement Benefit Plans

The Company sponsors defined benefit pension plans which include seven plans in Europe, one plan in Singapore and two plans in Mexico and a postretirement plan in the United States.  Costs recognized for these benefit plans are recorded using estimated amounts, which may change as actual costs for the fiscal year are determined.

In July 2012, Film and Electrolytic paid out retirement benefits which represented more than 20% of a plan’s pension obligation.  As a result, the Company recognized a settlement gain of $1.7 million.  In the third quarter of fiscal year 2013, the Company recognized a curtailment loss of $0.6 million as a result of headcount reductions.

The components of net periodic benefit (income) costs relating to the Company’s pension and other postretirement benefit plans are as follows for the quarters ended December 31, 2012 and 2011 (amounts in thousands):

	Pension						Postretirement Benefit Plans
	Quarters Ended December 31,						Quarters Ended December 31,
	2012			2011			2012			2011
Net service cost	$	353		$	331		$	—		$	—
Interest cost	436			533			7			11
Expected return on net assets	(149		)	(175		)	—			—
Amortization:
Actuarial (gain) loss	137			96			(82		)	(81		)
Prior service cost	3			6			—			—
Curtailment loss on benefit plans	587			—			—			—
Total net periodic benefit (income) costs	$	1,367		$	791		$	(75	)	$	(70	)

The components of net periodic benefit costs relating to the Company’s pension and other postretirement benefit plans are as follows for the nine months ended December 31, 2012 and 2011 (amounts in thousands):

	Pension						Postretirement Benefit Plans
	Nine Months Ended December 31,						Nine Months Ended December 31,
	2012			2011			2012			2011
Net service cost	$	1,182		$	994		$	—		$	—
Interest cost	1,424			1,600			21			33
Expected return on net assets	(493		)	(525		)	—			—
Amortization:
Actuarial (gain) loss	397			287			(243		)	(243		)
Prior service cost	15			18			—			—
Net curtailment and settlement gain on benefit plans	(1,088		)	—			—			—
Total net periodic benefit (income) costs	$	1,437		$	2,374		$	(222	)	$	(210	)

In fiscal year 2013, the Company expects to contribute up to $2.4 million to the pension plans of which the Company has contributed $1.8 million as of December 31, 2012.  The Company’s policy is to pay benefits as costs are incurred for the postretirement benefit plans.