Pension and Postretirement Benefits

6 Months Ended

Sep. 30, 2013

Pension and Other Postretirement Benefit Expense [Abstract]

Pension and Postretirement Benefits

PENSION AND POSTRETIREMENT BENEFITS

The Company has multiple benefit plans at several locations. 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.

         The Company experienced a special termination benefit and curtailment loss of $1,261 during the quarter ended June 30, 2013 in connection with restructuring in one of its foreign locations, which has been recorded in Restructuring and Asset Impairment Charges.

Components of Net Periodic Benefit Cost

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

	Three Months Ended September 30,						Six Months Ended September 30,
	2013			2012			2013			2012
Service cost	$	530		$	511		1,078			$	1,023
Interest expense	1,662			1,842			3,383			3,684
Expected return on plan assets	(1,519		)	(1,571		)	(3,037		)	(3,140		)
Amortization of prior service cost	49			55			102			110
Actuarial loss	760			500			1,517			998
Curtailment loss	—			—			77			—
Special termination benefit	—			—			1,184			—
Net periodic pension cost	$	1,482		$	1,337		$	4,304		$	2,675

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. For the six months ended September 30, 2013, contributions of $5,137 were made to pension plans for fiscal 2014. Additional contributions to pension plans of approximately $7,574 are expected during the remainder of fiscal 2014. 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 September 30, 2013, contributions of $387 were made to the plans for fiscal 2014. Additional contributions of $499 to the plans are expected during the rest of fiscal 2014. The Company retains the right, subject to existing agreements, to modify or eliminate the postretirement medical benefits.

13. PENSION AND POSTRETIREMENT BENEFITS (continued)

Postretirement Health and Life Insurance Benefits (continued)

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 September 30,						Six Months Ended September 30,
	2013			2012			2013			2012
Service cost	$	17		$	15		33			$	31
Interest expense	142			157			284			314
Amortization of prior service cost	(410		)	(410		)	(820		)	(821		)
Actuarial loss	123			117			246			234
Net periodic pension (benefit)	$	(128	)	$	(121	)	$	(257	)	$	(242	)