Employee Benefits |
12 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Employee Benefits [Abstract] | |
| Employee Benefits |
Employee Benefits
The Company has defined contribution plans covering substantially all domestic employees and certain foreign subsidiary employees who meet certain service and eligibility requirements. Participant benefits are 100% vested upon participation. The Company matches employee contributions, limited to 50% of the first 6% of each employee's salary contributed. The Company's matching contributions to defined contribution plans on a consolidated basis were approximately $1,634, $1,684, and $1,456 in fiscal 2017, fiscal 2016, and fiscal 2015, respectively.
The Company has an incentive compensation program to provide employees with incentive pay based on the Company's ability to achieve certain profitability objectives. The Company recorded approximately $2,324, $2,133, and $7,491 for incentive compensation earned in fiscal 2017, fiscal 2016, and fiscal 2015, respectively.
Thermon Europe B.V., our European subsidiary, maintains defined benefit pension plans for qualifying employees located in The Netherlands. The Company is currently under contract with an insurance company to fund a defined benefit (average pay) pension plan to provide for estimated post-retirement pension income. During the twelve months ended March 31, 2017, 2016 and 2015, the Company made cash payments of $289, $295 and $313, respectively. Payments were made to the insurance company to fund the pension contract. As of March 31, 2017 and 2016, the plan had an estimated net benefit obligation of $1,611 and $1,590, respectively which is included in non-current liabilities. The obligation is based on an actuarial calculation of the pension obligation for the participants.
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