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PENSION AND PROFIT SHARING PLANS (Tables)

12 Months Ended

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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