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Pension and Postretirement Benefits
 3 Months Ended
Jun. 30, 2016
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.







13. PENSION AND POSTRETIREMENT BENEFITS (continued)

Components of Net Periodic Benefit Cost
Net periodic pension cost for continuing operations consisted of the following:

 
Three Months Ended June 30,
 
2016
 
2015
     Service cost
$
120

 
$
502

     Interest expense
1,176

 
1,462

     Expected return on plan assets
(1,403
)
 
(1,554
)
     Amortization of prior service cost
10

 
42

     Actuarial loss
524

 
849

     Net periodic pension cost
$
427

 
$
1,301



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 three months ended June 30, 2016, contributions of $1,503 were made to pension plans for fiscal 2017. Additional contributions to pension plans of approximately $4,957 are expected during the remainder of fiscal 2017. 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 June 30, 2016, contributions of $83 were made to the plans for fiscal 2017. Additional contributions of $291 to the plans are expected during the rest of fiscal 2017. 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 June 30,
 
2016
 
2015
     Service cost
$
3

 
$
10

     Interest expense
67

 
111

     Amortization of prior service cost
(177
)
 
(3
)
     Actuarial loss
104

 
112

     Net periodic pension cost (benefit)
$
(3
)
 
$
230