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PENSION AND PROFIT SHARING PLANS | 12 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
PENSION AND PROFIT SHARING PLANS | (N) Pension and Profit Sharing Plans We offer our employees multiple retirement and profit sharing plans. Pension Plans We have several defined benefit and defined contribution retirement plans that 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. During fiscal 2020, the last of our pension plans that was still accruing benefits was frozen; therefore, none of our pension plans are accruing additional benefits. Our funding policy is to generally contribute amounts to ensure our pension assets are consistent with our pension liabilities. 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 Benefit Obligations and Fair Values of Plan Assets for all defined benefit plans for the years ended March 31, 2023 and 2022, as well as a statement of the funded status for the same periods:
|  | For the Years Ended March 31, |
|  | 2023 |  |  | 2022 |
|  | (dollars in thousands) |
Reconciliation of Benefit Obligations |  |  |  |  |  |
Benefit Obligation at April 1, |  | $ | 33,909 |  |  | $ | 35,844 |
Interest Cost on Projected Benefit Obligation |  |  | 1,240 |  |  |  | 1,167 |
Actuarial Gain |  |  | (4,509 | ) |  |  | (1,776 | )
Benefits Paid |  |  | (1,451 | ) |  |  | (1,326 | )
Benefit Obligation at March 31, |  | $ | 29,189 |  |  | $ | 33,909 |
Reconciliation of Fair Value of Plan Assets |  |  |  |  |  |
Fair Value of Plan Assets at April 1, |  | $ | 36,313 |  |  | $ | 37,907 |
Actual Return on Plan Assets |  |  | (3,756 | ) |  |  | (268 | )
Benefits Paid |  |  | (1,451 | ) |  |  | (1,326 | )
Fair Value of Plan Assets at March 31, |  |  | 31,106 |  |  |  | 36,313 |
Funded Status |  |  |  |  |  |
Funded Status at March 31, |  | $ | 1,917 |  |  | $ | 2,404 |
Amounts Recognized in the Balance Sheet Include: |  |  |  |  |  |
Other Assets |  | $ | 1,917 |  |  | $ | 2,404 |
Accumulated Other Comprehensive Losses: |  |  |  |  |  |
Net Actuarial Loss |  |  | 4,662 |  |  |  | 4,172 |
Accumulated Other Comprehensive Losses |  | $ | 4,662 |  |  | $ | 4,172 |
Tax Impact |  |  | (1,115 | ) |  |  | (997 | )
Accumulated Other Comprehensive Losses, net of tax |  | $ | 3,547 |  |  | $ | 3,175 |
Net periodic pension cost for the fiscal years ended March 31, 2023, 2022, and 2021, included the following components:
|  | For the Years Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (dollars in thousands) |
Interest Cost of Projected Benefit Obligation |  |  | 1,240 |  |  |  | 1,167 |  |  |  | 1,216 |
Expected Return on Plan Assets |  |  | (1,366 | ) |  |  | (1,299 | ) |  |  | (1,419 | )
Recognized Net Actuarial Loss |  |  | 123 |  |  |  | 143 |  |  |  | 133 |
Net Periodic Pension Cost |  | $ | (3 | ) |  | $ | 11 |  |  | $ | (70 | )
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 |
2024 |  | $ | 1,753 |
2025 |  | $ | 1,842 |
2026 |  | $ | 1,890 |
2027 |  | $ | 1,964 |
2028 |  | $ | 1,994 |
2029-2033 |  | $ | 9,834 |
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Net Periodic Benefit Costs |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 3.75 | % |  |  | 3.33 | % |  |  | 3.64 | %
Expected Return on Plan Assets |  |  | 3.85 | % |  |  | 3.50 | % |  |  | 4.00 | %
Rate of Compensation Increase |  | n/a |  |  | n/a |  |  | n/a |
|  | March 31, |
|  |  | 2023 |  |  |  | 2022 |
Benefit Obligations |  |  |  |  |  |
Discount Rate |  |  | 4.99 | % |  |  | 3.75 | %
Rate of Compensation Increase |  | n/a |  |  | n/a |
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 that include: market-based estimates of inflation, real risk-free rates of return, yield curve structure, credit-risk premiums, and equity-risk premiums. Because all of our pension plans were frozen beginning in fiscal 2021, the rate of compensation increase is not applicable. We used these components as appropriate to develop benchmark estimates for the expected long-term management approach that we employ. The pension plans’ approximate weighted-average asset allocation at March 31, 2023 and 2022, and the range of target allocation are as follows:
|  |  |  | Percentage of Plan Assets at March 31, |
|  | Range of Target Allocation |  | 2023 |  |  | 2022 |
Asset Category |  |  |  |  |  |  |  |
Equity Securities |  | 10 – 20% |  |  | 9 | % |  |  | 9 | %
Debt Securities |  | 60 – 90% |  |  | 89 | % |  |  | 90 | %
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 risks 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 Company stock. Based on our current actuarial estimates, we do no t anticipate making any contributions to our defined benefit plans for fiscal 2024. The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2023 and 2022 were as follows:
|  | March 31, |
|  | 2023 |  |  | 2022 |
|  | (dollars in thousands) |
Equity Securities |  | $ | 2,878 |  |  | $ | 3,433 |
Fixed Income Securities |  |  | 27,811 |  |  |  | 32,583 |
Real Estate Funds |  |  | — |  |  |  | 115 |
Cash Equivalents |  |  | 417 |  |  |  | 182 |
Total |  | $ | 31,106 |  |  | $ | 36,313 |
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. The fair values by category of inputs as of March 31, 2023 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 |  | $ | — |  |  | $ | 2,878 |  |  | $ | — |  |  | $ | 2,878 |
Fixed Income Securities |  |  | — |  |  |  | 27,811 |  |  |  | — |  |  |  | 27,811 |
Cash Equivalents |  |  | 417 |  |  |  | — |  |  |  | — |  |  |  | 417 |
|  | $ | 417 |  |  | $ | 30,689 |  |  | $ | — |  |  | $ | 31,106 |
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 |
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. Profit Sharing Plans 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 $9.1 million, $8.5 million, and $8.3 million in fiscal years 2023, 2022, and 2021, respectively. We also made matching contributions to the hourly profit sharing plan for certain of our entities totaling $1.4 million, $1.3 million, and $1.1 million for these employees during fiscal years 2023, 2022, and 2021, respectively. Approximately 50 of our employees belong to two 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 $1.8 million, $1.7 million, and $1.8 million during fiscal years 2023, 2022, and 2021, respectively. We anticipate the total expense in fiscal 2024 related to these plans will be approximately $2.0 million.

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