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PENSION AND PROFIT SHARING PLANS (Tables)

12 Months Ended

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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