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v3.20.1

PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended
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Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract] |
Schedule of Reconciliation of Obligations and Fair Values of Plan Assets | The following table provides a reconciliation of the Obligations and Fair Values of Plan Assets for all defined benefit plans over the two-year period ended March 31, 2020, and a statement of the funded status as of March 31, 2020 and 2019:
|  | For the Years Ended March 31, |
|  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Reconciliation of Benefit Obligations - |  |  |  |  |  |  |  |
Benefit Obligation at April 1, |  | $ | 33,730 |  |  | $ | 33,370 |
Service Cost - Benefits Earned During the Period |  |  | 339 |  |  |  | 399 |
Interest Cost on Projected Benefit Obligation |  |  | 1,351 |  |  |  | 1,347 |
Actuarial (Gain) Loss |  |  | 2,464 |  |  |  | (306 | )
Benefits Paid |  |  | (1,183 | ) |  |  | (1,080 | )
Benefit Obligation at March 31, |  | $ | 36,701 |  |  | $ | 33,730 |
Reconciliation of Fair Value of Plan Assets - |  |  |  |  |  |  |  |
Fair Value of Plan Assets at April 1, |  | $ | 36,541 |  |  | $ | 33,412 |
Actual Return on Plan Assets |  |  | 3,651 |  |  |  | 2,169 |
Employer Contributions |  |  | — |  |  |  | 2,040 |
Benefits Paid |  |  | (1,183 | ) |  |  | (1,080 | )
Fair Value of Plan Assets at March 31, |  |  | 39,009 |  |  |  | 36,541 |
Funded Status - |  |  |  |  |  |  |  |
Funded Status at March 31, |  | $ | 2,308 |  |  | $ | 2,811 |
Amounts Recognized in the Balance Sheet Consist of - |  |  |  |  |  |  |  |
Other Assets |  | $ | 2,308 |  |  | $ | 2,811 |
Accumulated Other Comprehensive Losses: |  |  |  |  |  |  |  |
Net Actuarial Loss |  |  | 4,709 |  |  |  | 4,346 |
Prior Service Cost |  |  | — |  |  |  | 19 |
Accumulated Other Comprehensive Losses |  | $ | 4,709 |  |  | $ | 4,365 |
Reclassification to Retained Earnings |  |  | — |  |  |  | — |
Tax impact |  |  | (1,149 | ) |  |  | (1,049 | )
Accumulated Other Comprehensive Losses, net of tax |  | $ | 3,560 |  |  | $ | 3,316 |
Summary of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets | The table below summarizes the Company’s Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets at March 31, 2020 and 2019:
|  | March 31, |
|  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Projected Benefit Obligation |  | $ | 36,701 |  |  | $ | 33,730 |
Accumulated Benefit Obligation |  | $ | 36,701 |  |  | $ | 33,727 |
Fair Value of Plan Assets |  | $ | 39,009 |  |  | $ | 36,541 |
Components of Net Periodic Cost | Net periodic pension cost for the fiscal years ended March 31, 2020, 2019, and 2018, included the following components:
|  | For the Years Ended March 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (dollar in thousands) |
Service Cost - Benefits Earned During the Period |  | $ | 339 |  |  | $ | 399 |  |  | $ | 710 |
Interest Cost of Projected Benefit Obligation |  |  | 1,351 |  |  |  | 1,347 |  |  |  | 1,466 |
Expected Return on Plan Assets |  |  | (1,702 | ) |  |  | (1,853 | ) |  |  | (2,137 | )
Recognized Net Actuarial Loss |  |  | 153 |  |  |  | 230 |  |  |  | 566 |
Amortization of Prior-Service Cost |  |  | 19 |  |  |  | 61 |  |  |  | 269 |
Settlement |  |  | — |  |  |  | — |  |  |  | 649 |
Net Periodic Pension Cost |  | $ | 160 |  |  | $ | 184 |  |  | $ | 1,523 |
Schedule of Expected Benefit Payments | Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (dollars in thousands):
Fiscal Years |  | Total |
2021 |  | $ | 1,586 |
2022 |  | $ | 1,673 |
2023 |  | $ | 1,721 |
2024 |  | $ | 1,765 |
2025 |  | $ | 1,892 |
2026-2030 |  | $ | 10,197 |
Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations | The following tables set forth the assumptions used in the actuarial calculations of the present value of Net Periodic Benefit Costs and Benefit Obligations:
|  | March 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net Periodic Benefit Costs - |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 4.09 | % |  |  | 4.12 | % |  |  | 4.03 | %
Expected Return on Plan Assets |  |  | 4.75 | % |  |  | 5.50 | % |  |  | 7.50 | %
Rate of Compensation Increase |  |  | 3.50 | % |  |  | 3.50 | % |  |  | 3.50 | %
|  | March 31, |
|  | 2020 |  |  | 2019 |
Benefit Obligations - |  |  |  |  |  |  |  |
Discount Rate |  |  | 3.64 | % |  |  | 4.09 | %
Rate of Compensation Increase |  |  | 3.50 | % |  |  | 3.50 | %
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation | The pension plans’ approximate weighted-average asset allocation at March 31, 2020 and 2019 and the range of target allocation are as follows:
|  |  |  | Percentage of Plan Assets at March 31, |
|  | Range of Target Allocation |  | 2020 |  |  | 2019 |
Asset Category - |  |  |  |  |  |  |  |  |  |
Equity Securities |  | 10 – 20% |  |  | 9 | % |  |  | 14 | %
Debt Securities |  | 60 – 90% |  |  | 89 | % |  |  | 85 | %
Other |  | 0 – 20% |  |  | 2 | % |  |  | 1 | %
Total |  |  |  |  | 100 | % |  |  | 100 | %
Schedule of Fair Values of Defined Benefit Plans | The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2020 and 2019 were as follows:
|  | March 31, |
|  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Equity Securities |  | $ | 3,470 |  |  | $ | 4,525 |
Fixed Income Securities |  |  | 34,579 |  |  |  | 31,516 |
Real Estate Funds |  |  | 107 |  |  |  | 144 |
Commodity Linked Funds |  |  | — |  |  |  | 212 |
Cash Equivalents |  |  | 853 |  |  |  | 144 |
Total |  | $ | 39,009 |  |  | $ | 36,541 |
Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs | The fair values by category of inputs as of March 31, 2020 were as follows:
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Asset Categories |  | (dollars in thousands) |
Equity Securities |  | $ | — |  |  | $ | 3,470 |  |  | $ | — |  |  | $ | 3,470 |
Fixed Income Securities |  |  | — |  |  |  | 34,579 |  |  |  | — |  |  |  | 34,579 |
Real Estate Funds |  |  | — |  |  |  | 107 |  |  |  | — |  |  |  | 107 |
Cash Equivalents |  |  | 853 |  |  |  | — |  |  |  | — |  |  |  | 853 |
|  | $ | 853 |  |  | $ | 38,156 |  |  | $ | — |  |  | $ | 39,009 |
The fair values by category of inputs as of March 31, 2019 were as follows:
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Asset Categories |  | (dollars in thousands) |
Equity Securities |  | $ | — |  |  | $ | 4,525 |  |  | $ | — |  |  | $ | 4,525 |
Fixed Income Securities |  |  | — |  |  |  | 31,516 |  |  |  | — |  |  |  | 31,516 |
Real Estate Funds |  |  | — |  |  |  | 144 |  |  |  | — |  |  |  | 144 |
Commodity Linked Funds |  |  | — |  |  |  | 212 |  |  |  | — |  |  |  | 212 |
Cash Equivalents |  |  | 144 |  |  |  | — |  |  |  | — |  |  |  | 144 |
|  | $ | 144 |  |  | $ | 36,397 |  |  | $ | — |  |  | $ | 36,541 |

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