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PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended
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Mar. 31, 2022
Compensation And Retirement Disclosure [Abstract] |
Schedule of Reconciliation of Benefit Obligations and Fair Values of Plan Assets | The following table provides a reconciliation of the Benefit Obligations and Fair Values of Plan Assets for all defined benefit plans for the years ended March 31, 2022 and 2021, as well as a statement of the funded status for the same periods:
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Reconciliation of Benefit Obligations |  |  |  |  |  |
Benefit Obligation at April 1, |  | $ | 35,844 |  |  | $ | 36,701 |
Service Cost - Benefits Earned During the Period |  |  | — |  |  |  | — |
Interest Cost on Projected Benefit Obligation |  |  | 1,167 |  |  |  | 1,216 |
Actuarial (Gain) Loss |  |  | (1,776 | ) |  |  | 1,714 |
Benefits Paid |  |  | (1,326 | ) |  |  | (1,251 | )
Sale of Business |  |  | — |  |  |  | (2,536 | )
Benefit Obligation at March 31, |  | $ | 33,909 |  |  | $ | 35,844 |
Reconciliation of Fair Value of Plan Assets |  |  |  |  |  |
Fair Value of Plan Assets at April 1, |  | $ | 37,907 |  |  | $ | 39,009 |
Actual Return on Plan Assets |  |  | (268 | ) |  |  | 2,939 |
Benefits Paid |  |  | (1,326 | ) |  |  | (1,251 | )
Sale of Business |  |  | — |  |  |  | (2,790 | )
Fair Value of Plan Assets at March 31, |  |  | 36,313 |  |  |  | 37,907 |
Funded Status - |  |  |  |  |  |
Funded Status at March 31, |  | $ | 2,404 |  |  | $ | 2,063 |
Amounts Recognized in the Balance Sheet Consist of |  |  |  |  |  |
Other Assets |  | $ | 2,404 |  |  | $ | 2,063 |
Accumulated Other Comprehensive Losses: |  |  |  |  |  |
Net Actuarial Loss |  |  | 4,172 |  |  |  | 4,524 |
Prior Service Cost |  |  | — |  |  |  | — |
Accumulated Other Comprehensive Losses |  | $ | 4,172 |  |  | $ | 4,524 |
Tax impact |  |  | (997 | ) |  |  | (1,084 | )
Accumulated Other Comprehensive Losses, net of tax |  | $ | 3,175 |  |  | $ | 3,440 |
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, 2022 and 2021:
|  | March 31, |
|  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Projected Benefit Obligation |  | $ | 33,909 |  |  | $ | 35,844 |
Accumulated Benefit Obligation |  | $ | 33,909 |  |  | $ | 35,844 |
Fair Value of Plan Assets |  | $ | 36,313 |  |  | $ | 37,907 |
Components of Net Periodic Cost | Net periodic pension cost for the fiscal years ended March 31, 2022, 2021, and 2020, included the following components:
|  | For the Years Ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Service Cost - Benefits Earned During the Period |  | $ | — |  |  | $ | — |  |  | $ | 339 |
Interest Cost of Projected Benefit Obligation |  |  | 1,167 |  |  |  | 1,216 |  |  |  | 1,351 |
Expected Return on Plan Assets |  |  | (1,299 | ) |  |  | (1,419 | ) |  |  | (1,702 | )
Recognized Net Actuarial Loss |  |  | 143 |  |  |  | 133 |  |  |  | 153 |
Amortization of Prior-Service Cost |  |  | — |  |  |  | — |  |  |  | 19 |
Net Periodic Pension Cost |  | $ | 11 |  |  | $ | (70 | ) |  | $ | 160 |
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 |
2023 |  | $ | 1,688 |
2024 |  | $ | 1,702 |
2025 |  | $ | 1,810 |
2026 |  | $ | 1,868 |
2027 |  | $ | 1,941 |
2028-2032 |  | $ | 9,776 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Net Periodic Benefit Costs - |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 3.33 | % |  |  | 3.64 | % |  |  | 4.09 | %
Expected Return on Plan Assets |  |  | 3.50 | % |  |  | 4.00 | % |  |  | 4.75 | %
Rate of Compensation Increase |  | n/a |  |  | n/a |  |  |  | 3.50 | %
|  | March 31, |
|  |  | 2022 |  |  |  | 2021 |
Benefit Obligations - |  |  |  |  |  |
Discount Rate |  |  | 3.75 | % |  |  | 3.33 | %
Rate of Compensation Increase |  | n/a |  |  | n/a |
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation | The pension plans’ approximate weighted-average asset allocation at March 31, 2022 and 2021, and the range of target allocation are as follows:
|  |  |  | Percentage of Plan Assets at March 31, |
|  | Range of Target Allocation |  | 2022 |  |  | 2021 |
Asset Category - |  |  |  |  |  |  |  |
Equity Securities |  | 10 – 20% |  |  | 9 | % |  |  | 19 | %
Debt Securities |  | 60 – 90% |  |  | 90 | % |  |  | 79 | %
Other |  | 0 – 20% |  |  | 1 | % |  |  | 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, 2022 and 2021 were as follows:
|  | March 31, |
|  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Equity Securities |  | $ | 3,433 |  |  | $ | 7,277 |
Fixed Income Securities |  |  | 32,583 |  |  |  | 30,010 |
Real Estate Funds |  |  | 115 |  |  |  | 160 |
Cash Equivalents |  |  | 182 |  |  |  | 460 |
Total |  | $ | 36,313 |  |  | $ | 37,907 |
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, 2022 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 |  | $ | — |  |  | $ | 3,433 |  |  | $ | — |  |  | $ | 3,433 |
Fixed Income Securities |  |  | — |  |  |  | 32,583 |  |  |  | — |  |  |  | 32,583 |
Real Estate Funds |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | 115 |
Cash Equivalents |  |  | 182 |  |  |  | — |  |  |  | — |  |  |  | 182 |
|  | $ | 182 |  |  | $ | 36,131 |  |  | $ | — |  |  | $ | 36,313 |
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 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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