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PENSION AND PROFIT SHARING PLANS (Tables)

12 Months Ended

Mar. 31, 2021

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, 2021, and a statement of the funded status as of March 31, 2021 and 2020:

		For the Years Ended March 31,
		2021				2020
		(dollars in thousands)
Reconciliation of Benefit Obligations -
Benefit Obligation at April 1,		$	36,701			$	33,730
Service Cost - Benefits Earned During the Period			—				339
Interest Cost on Projected Benefit Obligation			1,216				1,351
Actuarial (Gain) Loss			1,714				2,464
Benefits Paid			(1,251	)			(1,183	)
Sale of Business			(2,536	)			—
Benefit Obligation at March 31,		$	35,844			$	36,701
Reconciliation of Fair Value of Plan Assets -
Fair Value of Plan Assets at April 1,		$	39,009			$	36,541
Actual Return on Plan Assets			2,939				3,651
Benefits Paid			(1,251	)			(1,183	)
Sale of Business			(2,790	)			—
Fair Value of Plan Assets at March 31,			37,907				39,009
Funded Status -
Funded Status at March 31,		$	2,063			$	2,308
Amounts Recognized in the Balance Sheet Consist of -
Other Assets		$	2,063			$	2,308
Accumulated Other Comprehensive Losses:
Net Actuarial Loss			4,524				4,709
Prior Service Cost			—				—
Accumulated Other Comprehensive Losses		$	4,524			$	4,709
Tax impact			(1,086	)			(1,128	)
Accumulated Other Comprehensive Losses, net of tax		$	3,438			$	3,581

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, 2021 and 2020:

		March 31,
		2021				2020
		(dollars in thousands)
Projected Benefit Obligation		$	35,844			$	36,701
Accumulated Benefit Obligation		$	35,844			$	36,701
Fair Value of Plan Assets		$	37,907			$	39,009

Components of Net Periodic Cost

Net periodic pension cost for the fiscal years ended March 31, 2021, 2020, and 2019, included the following components:

		For the Years Ended March 31,
		2021				2020				2019
		(dollar in thousands)
Service Cost - Benefits Earned During the Period		$	—			$	339			$	399
Interest Cost of Projected Benefit Obligation			1,216				1,351				1,347
Expected Return on Plan Assets			(1,419	)			(1,702	)			(1,853	)
Recognized Net Actuarial Loss			133				153				230
Amortization of Prior-Service Cost			—				19				61
Net Periodic Pension Cost		$	(70	)		$	160			$	184

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
2022		$	1,616
2023		$	1,651
2024		$	1,675
2025		$	1,774
2026		$	1,836
2027-2031		$	9,621

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,
		2021				2020				2019
Net Periodic Benefit Costs -
Discount Rate			3.64	%			4.09	%			4.12	%
Expected Return on Plan Assets			4.00	%			4.75	%			5.50	%
Rate of Compensation Increase		n/a					3.50	%			3.50	%

		March 31,
		2021				2020
Benefit Obligations -
Discount Rate			3.33	%			3.64	%
Rate of Compensation Increase		n/a					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, 2021 and 2020 and the range of target allocation are as follows:

				Percentage of Plan Assets at March 31,
		Range of Target Allocation		2021				2020
Asset Category -
Equity Securities		10 – 20%			19	%			9	%
Debt Securities		60 – 90%			79	%			89	%
Other		0 – 20%			2	%			2	%
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, 2021 and 2020 were as follows:

		March 31,
		2021				2020
		(dollars in thousands)
Equity Securities		$	7,277			$	3,470
Fixed Income Securities			30,010				34,579
Real Estate Funds			160				107
Cash Equivalents			460				853
Total		$	37,907			$	39,009

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, 2021 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		$	—			$	7,277			$	—			$	7,277
Fixed Income Securities			—				30,010				—				30,010
Real Estate Funds			—				160				—				160
Cash Equivalents			460				—				—				460
		$	460			$	37,447			$	—			$	37,907

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

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