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v3.23.1

PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended
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Mar. 31, 2023
Retirement Benefits [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, 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 |
Components of Net Periodic Cost | 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 | )
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 |
2024 |  | $ | 1,753 |
2025 |  | $ | 1,842 |
2026 |  | $ | 1,890 |
2027 |  | $ | 1,964 |
2028 |  | $ | 1,994 |
2029-2033 |  | $ | 9,834 |
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, |
|  | 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 |
Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation | 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 | %
Schedule of Fair Values of Defined Benefit Plans | 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 |
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, 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 |

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