Defined Benefit Pension and Other Postretirement Benefit Plans

3 Months Ended

Jun. 30, 2013

Defined Benefit Pension and Other Postretirement Benefit Plans

Defined Benefit Pension and Other Postretirement Benefit Plans

Note 7.  Defined Benefit Pension and Other Postretirement Benefit Plans

The Company sponsors six defined benefit pension plans in Europe, one plan in Singapore and two plans in Mexico.  In addition, the Company sponsors a post-retirement 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.

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 June 30, 2013 and 2012 (amounts in thousands):

	Pension						Post-retirement Benefit Plan
	Quarters Ended June 30,						Quarters Ended June 30,
	2013			2012			2013			2012
Net service cost	$	331		$	414		$	—		$	—
Interest cost	428			494			5			9
Expected return on net assets	(109		)	(172		)	—			—
Amortization:
Actuarial (gain) loss	78			130			(70		)	(72		)
Prior service cost	1			6			—			—
Curtailment loss on benefit plans	—			—			—			—
Total net periodic benefit (income) costs	$	729		$	872		$	(65	)	$	(63	)

In fiscal year 2014, the Company expects to contribute up to $1.6 million to the pension plans, of which the Company has contributed $0.3 million as of June 30, 2013.  The Company’s policy is to pay benefits as costs are incurred for the postretirement benefit plan.