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Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Postretirement Medical Expense

The components of net postretirement medical expense for the Officer Medical Plan were as follows: 

						Fiscal Year Ended March 31,
						2023						2022						2021
Service cost						$	6,117					$	6,505					$	5,657
Interest cost						4,182						4,063						4,237
Total postretirement medical expense						$	10,299					$	10,568					$	9,894

Schedule of Assumed Health Care Cost Trend Rates

Assumed healthcare cost trend rates for the Officer Medical Plan at March 31, 2023 and 2022 were as follows:    

Pre-65 initial rate						2023						2022
Healthcare cost trend rate assumed for next year						6.60		%				6.30		%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)						4.50		%				4.50		%
Year that the rate reaches the ultimate trend rate						2032						2031

Post-65 initial rate						2023						2022
Healthcare cost trend rate assumed for next year						6.80		%				6.45		%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)						4.50		%				4.50		%
Year that the rate reaches the ultimate trend rate						2032						2031

Schedule of Change in Benefit Obligation

The changes in the benefit obligation, plan assets, and funded status of the Officer Medical Plan were as follows: 

						Fiscal Year Ended March 31,
						2023						2022						2021
Benefit obligation, beginning of the year						$	113,505					$	121,518					$	119,609
Service cost						6,117						6,505						5,657
Interest cost						4,182						4,063						4,237
Net actuarial gain						(14,288)						(13,563)						(3,466)
Benefits paid						(3,931)						(5,018)						(4,519)
Benefit obligation, end of the year						$	105,585					$	113,505					$	121,518

Schedule of Change in Fair Value of Plan Assets

						Fiscal Year Ended March 31,
Changes in plan assets						2023						2022						2021
Fair value of plan assets, beginning of the year						$	—					$	—					$	—
Employer contributions						3,931						5,018						4,519
Benefits paid						(3,931)						(5,018)						(4,519)
Fair value of plan assets, end of the year						$	—					$	—					$	—

Schedule of Expected Future Benefit Payments

The expected future medical benefit payments and related contributions are as follows:     

For the Fiscal Year Ending March 31,
2024			$	4,397
2025			4,655
2026			5,054
2027			5,365
2028			5,770
2029 - 2033			33,899
Total			$	59,140

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- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

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