We have several defined benefit and defined contribution retirement plans which together cover substantially all of our employees. Benefits paid under the defined benefit plans covering certain hourly employees are based on years of service and each employee’s qualifying compensation over the last few years of employment. Our funding policy is to generally contribute amounts that are deductible for income tax purposes. The annual measurement date is March 31 for the benefit obligations, fair value of plan assets, and the funded status of the defined benefit plans.

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

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:

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

During the fourth quarter of fiscal 2018, we offered to pay our deferred vested participants that no longer worked for the Company but were not yet retired. We paid approximately $3.9 million to these participants in March 2018. In connection with this payment, we recognized a settlement cost of approximately $0.6 million.

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):

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	%

The expected long-term rate of return on plan assets is an assumption reflecting the anticipated weighted-average rate of earnings on the portfolio over the long term. To determine this rate, we developed estimates of the key components underlying capital asset returns which include: market-based estimates of inflation, real risk-free rates of return, yield curve structure, credit risk premiums, and equity risk premiums. We used these components as appropriate to develop benchmark estimates of the expected long-term management approach that we employ.

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	%

Our pension investment strategies have been developed as part of a comprehensive management process that considers the interaction between the assets and liabilities within each plan. These strategies consider not only the expected risk and returns on plan assets, but also the detailed actuarial projections of liabilities as well as plan-level objectives such as projected contributions, expense, and funded status.

The principal pension investment strategies include asset allocation and active asset management. The range of target asset allocations has been determined given the current funded status of the plan. Each asset class is actively managed by one or more external money managers with the objective of generating returns, net of management fees, that exceed market-based benchmarks. None of the plans hold any EXP stock.

Based on our current actuarial estimates, we anticipate making contributions ranging from approximately $0.5 million to $1.0 million to our defined benefit plans for fiscal year 2021.

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

The fair values of our defined benefit plans’ consolidated assets were determined using the fair value hierarchy of inputs described in Footnote (A) to the Consolidated Financial Statements.

	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

	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

Equity securities consist of funds that are not actively traded. These funds are maintained by an investment manager and are primarily invested in indexes. The remaining funds, excluding cash, primarily consist of investments in institutional funds.

We also provide profit sharing plans, which cover substantially all salaried and certain hourly employees. The profit sharing plans are defined contribution plans funded by employer discretionary contributions; employees may also contribute a certain percentage of their base annual salary. Employees are fully vested in their own contributions and become fully vested in any Company contributions over a four-year period. Costs relating to the employer discretionary contributions for our plan totaled $8.2 million, $8.0 million, and $8.4 million in fiscal years 2020, 2019, and 2018, respectively.

Individuals who became our employees as a result of a previous transaction are provided benefits substantially comparable to those provided under the seller’s benefit plans. These plans include the seller’s 401(k) plan which allows for employer matching percentages of hourly employees. As a result, we made matching contributions to the hourly profit sharing plan totaling $0.7 million, $0.6 million, and $0.6 million for these employees during fiscal years 2020, 2019, and 2018, respectively.

Approximately fifty of our employees belong to three different multi-employer plans. The collective bargaining agreements for the employees who participate in the multi-employer plans expire in February 2024 and March 2025. Our expense related to these plans was approximately $1.7 million, $1.5 million, and $1.6 million during fiscal years 2020, 2019, and 2018, respectively. We anticipate the total expense in fiscal 2021 related to these plans will be approximately $1.8 million.