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Employee Retirement Plans (Tables) | 12 Months Ended
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Mar. 31, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Benefit Obligation and Plan Assets | The following table summarizes the changes in the U.S. pension plan obligations and plan assets and includes a statement of the plans' funded status as of March 31, 2020 and 2019:
| March 31, |  |
(In thousands) | 2020 |  | 2019
Change in benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 60,334 |  |  | $ | 61,882 |
Interest cost | 2,327 |  |  | 2,380 |
Actuarial (gain) loss | 2,375 |  |  | (744) |
Benefits paid | (3,466) |  |  | (3,184) |
Projected benefit obligations at end of year | $ | 61,570 |  |  | $ | 60,334 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | $ | 51,115 |  |  | $ | 50,508 |
Actual return on plan assets | 3,742 |  |  | 2,416 |
Employer contribution | 1,369 |  |  | 1,375 |
Benefits paid | (3,466) |  |  | (3,184) |
Fair value of plan assets at end of year | $ | 52,760 |  |  | $ | 51,115 |
Funded status at end of year | $ | (8,810) |  |  | $ | (9,219) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the balance sheet at the end of the period consist of the following:
| March 31, |  |
(In thousands) | 2020 |  | 2019
Current liability | $ | 359 |  |  | 361 |
Long-term liability | 8,451 |  |  | 8,858 |
Total | $ | 8,810 |  |  | $ | 9,219 |
Schedule of Primary Components of Net Periodic Benefits | The primary components of Net Periodic Benefits consist of the following:
| Year Ended March 31, |  |  |  |
(In thousands) | 2020 |  | 2019 |  | 2018
Interest cost | $ | 2,327 |  |  | $ | 2,380 |  |  | $ | 2,529 |
Expected return on assets | (2,886) |  |  | (3,070) |  |  | (2,901) |
Net periodic benefit (income) | $ | (559) |  |  | $ | (690) |  |  | $ | (372) |
Schedule of Expected to be Contributed | The following table includes amounts that are expected to be contributed to the plans by the Company. It reflects benefit payments that are made from the plans' assets as well as those made directly from the Company's assets. The amounts in the table are actuarially determined and reflect the Company's best estimate given its current knowledge; actual amounts could be materially different.
(In thousands) | Pension Benefits
Employer contributions: |
2021 (expectation) to participant benefits | $ | 1,359 |
Expected benefit payments year ending March 31, |
2021 | $ | 3,476 |
2022 | 3,592 |
2023 | 3,669 |
2024 | 3,743 |
2025 | 3,718 |
2026-2030 | 18,670 |
Schedule of Allocation of Plan Assets | The asset allocation for the Company's funded retirement plan as of March 31, 2020 and 2019, and the target allocation by asset category are as follows:
| Percentage of Plan Assets |  |  |
Asset Category | Target Allocation | March 31, 2020 |  | March 31, 2019
Domestic large cap equities | 16 | % | 16 | % |  | 18 | %
Domestic small/mid cap equities | 6 |  | 5 |  |  | 5 |
International equities | 14 |  | 15 |  |  | 15 |
Real estate | 5 |  | 5 |  |  | — |
Fixed income and cash | 59 |  | 59 |  |  | 62 |
Total | 100 | % | 100 | % |  | 100 | %
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) | The following tables show the unrecognized actuarial loss (gain) included in accumulated other comprehensive income (loss) at March 31, 2020, 2019 and 2018, as well as the prior service cost credit and actuarial loss expected to be reclassified from accumulated other comprehensive income (loss) to retirement expense during 2021:
(In thousands) |
Balances in accumulated other comprehensive loss as of March 31, 2018: |
Unrecognized actuarial (gain) | $ | (1,407) |
Unrecognized prior service credit | — |
Balances in accumulated other comprehensive (income) as of March 31, 2019: |
Unrecognized actuarial (gain) | $ | (1,469) |
Unrecognized prior service credit | — |
Balances in accumulated other comprehensive loss as of March 31, 2020: |
Unrecognized actuarial loss | $ | 73 |
Unrecognized prior service credit | — |
Amounts expected to be reclassified from accumulated other comprehensive income (loss) during 2021: |  |
Unrecognized actuarial gain (loss) | $ | — |
Unrecognized prior service credit | — |
Schedule of Assumptions Used | Assumptions used in determining the actuarial present value of the benefit obligation as of March 31, 2020 and 2019 were as follows:
| March 31, |  |
| 2020 |  | 2019
Key assumptions: |  |  |
Discount rate | 3.37% to 3.55% |  | 3.80% to 3.99%
Expected return on plan assets, net of administrative fees | 5.00% |  | 5.75%
Rate of compensation increase | — |  | —

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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=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + 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 (s) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + 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 (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + 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 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
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