(7)	EMPLOYEE BENEFIT PLANS

U.S. Defined Benefit Pension Plan

The company has a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. Effective April 1, 1996, the pension plan was closed to new participation. In December 2009, the Board of Directors amended the pension plan to discontinue the accrual of benefits once the plan was frozen on December 31, 2010. This change did not affect benefits earned by participants prior to January 1, 2011. The company did not contribute to the pension plan during the quarters ended June 30, 2017 and 2016, and currently does not expect to contribute to the pension plan during the remaining quarters of fiscal 2018.

Supplemental Executive Retirement Plan

The company also maintains a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under the company’s tax-qualified pension plan. A Rabbi Trust has been established for the benefit of participants in the supplemental plan. The Rabbi Trust assets, which are invested in a variety of marketable securities (but not the company’s stock), are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (loss). Effective March 4, 2010, the supplemental plan was closed to new participation. The supplemental plan is a non-qualified plan and, as such, the company is not required to make contributions to the supplemental plan. The company did not contribute to the supplemental plan during the quarter ended June 30, 2017. The company contributed $0.1 million to the supplemental plan during the quarter ended June 30, 2016. The company expects to contribute $0.1 million to the supplemental plan during the remaining quarters of fiscal 2018.

Investments held in a Rabbi Trust are included in other assets at fair value. The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at June 30, 2017 and March 31, 2017:

	June 30,			March 31,
(In thousands)	2017			2017
Investments held in Rabbi Trust	$	8,723			8,759
Unrealized losses in fair value of trust assets		(9	)		(95	)
Unrealized losses in fair value of trust assets are net of income tax expense of		(223	)		(223	)
Obligations under the supplemental plan		29,701			29,108

To the extent that trust assets are liquidated to fund benefit payments, gains or losses, if any, will be recognized at that time. The company’s obligations under the supplemental plan are included in ‘accrued expenses’ and ‘other liabilities and deferred credits’ on the consolidated balance sheet.

Postretirement Benefit Plan

Qualified retired employees currently are covered by a plan which provides limited health care and life insurance benefits. Costs of the plan are based on actuarially determined amounts and are accrued over the period from the date of hire to the full eligibility date of employees who are expected to qualify for these benefits. This plan is funded through payments by the company as benefits are required.

Effective November 20, 2015, the company eliminated its post-65 medical coverage for all current and future retirees effective January 1, 2017. The medical coverage remains unchanged for participants under age 65.

Net Periodic Benefit Costs

The net periodic benefit cost for the company’s defined benefit pension plans and supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to collectively as “Other Benefits”) is comprised of the following components:

	Quarter Ended
	June 30,
(In thousands)	2017			2016
Pension Benefits:
Service cost	$	294			252
Interest cost		984			941
Expected return on plan assets		(518	)		(548	)
Administrative expenses		2			2
Amortization of prior service cost		—			—
Recognized actuarial loss		561			446
Net periodic benefit cost	$	1,323			1,093
Other Benefits:
Service cost	$	17			20
Interest cost		48			50
Amortization of prior service cost		(695	)		(1,086	)
Recognized actuarial benefit		(252	)		(285	)
Net periodic benefit cost	$	(882	)		(1,301	)

The company also has a defined benefit pension plan that covers certain Norway citizen employees and other employees who are permanent residents of Norway. Benefits are based on years of service and employee compensation. The company contributed 3.0 million NOK and 3.4 million NOK, (approximately $0.4 million and $0.5 million, respectively) to the Norway defined benefit pension plan during the quarters ended June 30, 2017 and 2016. The company currently does not expect to contribute to the Norway pension plan during the remaining quarters of fiscal 2018. The preceding net periodic benefit cost table includes the Norway pension plan.