Compensation Related Costs, Retirement Benefits

3 Months Ended

Dec. 31, 2011

Compensation Related Costs, Retirement Benefits

Pension and Other Postretirement Benefits Disclosure [Text Block]

14.  PENSION AND POSTRETIREMENT BENEFITS

The Company has a defined benefit plan that provides retirement benefits for substantially all U.S. salaried personnel based on years of service rendered, age and compensation.  The Company also maintains various other Excess Benefit and Supplemental Plans that provide additional benefits to (1) certain individuals whose compensation and the resulting benefits that would have actually been paid are limited by regulations imposed by the Internal Revenue Code and (2) certain individuals in key positions.  The Company funds these plans in amounts consistent with the funding requirements of federal law and regulations.

         Additional non-U.S. defined benefit plans sponsored by certain subsidiaries cover certain full-time employees located in Germany, Turkey, and the United Kingdom.  In the quarter ended June 30, 2011, Malawi enacted legislation that terminated the statutorily required defined benefit plan and replaced it with a defined contribution plan.  This terminated defined benefit plan resulted in a curtailment gain of $4,989.  The new statutorily required defined contribution plan will be integrated with the Company’s existing defined contribution plan which resulted in an additional liability of $4,172 at June 30, 2011.

Components of Net Periodic Benefit Cost

Net periodic pension cost for continuing operations consisted of the following:

	Three Months Ended December 31,		Nine Months Ended December 31,
	2011	2010	2011	2010
Service cost	$    526	$    805	$  1,667	$ 2,417
Interest expense	2,048	2,192	6,238	6,577
Expected return on plan assets	(1,637)	(1,428)	(4,911)	(4,284)
Amortization of prior service cost	27	6	80	17
Actuarial loss	287	335	879	1,004
Special termination benefits	-	204	-	204
Curtailment gain recognized	-	-	(4,989)	-
Net periodic pension cost (benefit)	$ 1,251	$ 2,114	$ (1,036)	$ 5,935

Employer Contributions

The Company’s investment objectives are to generate consistent total investment return to pay anticipated plan benefits, while minimizing long-term costs.  Financial objectives underlying this policy include maintaining plan contributions at a reasonable level relative to benefits provided and assuring that unfunded obligations do not grow to a level to adversely affect the Company’s financial health.  As of December 31, 2011, contributions of $8,814 were made to pension plans for fiscal 2012.  Additional contributions to pension plans of approximately $3,886 are expected during the remainder of fiscal 2012.  However, this amount is subject to change, due primarily to asset performance significantly above or below the assumed long-term rate of return on pension assets and significant changes in interest rates.

Postretirement Health and Life Insurance Benefits

The Company also provides certain health and life insurance benefits to retired employees, and their eligible dependents, who meet specified age and service requirements.  As of December 31, 2011, contributions of $555 were made to the plans for fiscal 2012.  Additional contributions of $449 to the plans are expected during the rest of fiscal 2012.  The Company retains the right, subject to existing agreements, to modify or eliminate the postretirement medical benefits.

Components of Net Periodic Benefit Cost

Net periodic benefit cost for postretirement health and life insurance benefit plans consisted of the following:

	Three Months Ended December 31,		Nine Months Ended December 31,
	2011	2010	2011	2010
Service cost	$       18	$     20	$     55	$     60
Interest expense	167	166	500	499
Amortization of prior service cost	(411)	(410)	(1,233)	(1,232)
Actuarial loss	101	108	303	325
Net periodic pension cost (benefit)	$   (125)	$ (116)	$ (375)	$ (348)