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Employee Retirement Plans (Tables) | 12 Months Ended
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Mar. 31, 2024
Retirement Benefits [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, 2024 and 2023:
| March 31,
(In thousands) | 2024 |  | 2023
Change in benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 3,646 |  |  | $ | 51,507 |
Interest cost | 152 |  |  | 423 |
Actuarial gain | (47) |  |  | (2,044) |
Benefits paid | (370) |  |  | (46,240) |
Projected benefit obligations at end of year | $ | 3,381 |  |  | $ | 3,646 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | $ | 18 |  |  | $ | 48,708 |
Actual return on plan assets | — |  |  | (2,820) |
Employer contribution | 370 |  |  | 370 |
Benefits paid | (370) |  |  | (1,371) |
Settlements paid with termination of qualified plan | (18) |  |  | (44,869) |
Fair value of plan assets at end of year | $ | — |  |  | $ | 18 |
Funded status at end of year | $ | (3,381) |  |  | $ | (3,628) |
The following table provides information regarding our pension plans with an accumulated benefit obligation and a projected benefit obligation in excess of plan assets:
| March 31,
(In thousands) | 2024 |  | 2023
Accumulated benefit obligation | $ | 3,381 |  |  | $ | 3,646 |
Fair value of plan assets | — |  |  | 18 |
Projected benefit obligations | $ | 3,381 |  |  | $ | 3,646 |
Fair value of plan assets | — |  |  | 18 |
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) | 2024 |  | 2023
Noncurrent asset | $ | — |  |  | $ | 18 |
Current liability | 361 |  |  | 362 |
Long-term liability | 3,020 |  |  | 3,284 |
Total liabilities | $ | 3,381 |  |  | $ | 3,646 |
Total net liability | $ | (3,381) |  |  | $ | (3,628) |
Schedule of Primary Components of Net Periodic Benefits | The primary components of Net Periodic Benefit Cost (Income) consist of the following:
| Year Ended March 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Interest cost | $ | 152 |  |  | $ | 423 |  |  | $ | 1,107 |
Expected return on assets | — |  |  | (252) |  |  | (1,163) |
Net periodic benefit cost (income) | $ | 152 |  |  | $ | 171 |  |  | $ | (56) |
Schedule of Expected to be Contributed | The following table includes amounts that are expected to be contributed to the unfunded plan by the Company. It reflects benefit payments that are 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: |
2025 (expectation) to participant benefits | $ | 361 |
Expected benefit payments year ending March 31, |
2025 | $ | 361 |
2026 | 352 |
2027 | 340 |
2028 | 327 |
2029 | 313 |
2030-2033 | 1,352 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following tables show the unrecognized actuarial gain included in accumulated other comprehensive income (loss) at March 31, 2024, 2023 and 2022:
(In thousands) |
Balances in accumulated other comprehensive loss as of March 31, 2022: |
Unrecognized actuarial (gain) | $ | (1,522) |
Unrecognized prior service credit | — |
Balances in accumulated other comprehensive loss as of March 31, 2023: |
Unrecognized actuarial (gain) | $ | (930) |
Unrecognized prior service credit | — |
Balances in accumulated other comprehensive loss as of March 31, 2024: |
Unrecognized actuarial (gain) | $ | (942) |
Unrecognized prior service credit | — |
Schedule of Assumptions Used | Assumptions used in determining the actuarial present value of the net periodic benefit cost (income) for the fiscal years ended March 31, 2024, 2023 and 2022 were as follows:
| March 31,
| 2024 |  | 2023 * |  | 2022
Key assumptions: |  |  |  |  |
Discount rate | 4.88% |  | 3.26% to 3.48% |  | 2.58% to 2.95%
Expected return on plan assets, net of administrative fees | —% |  | 2.75% |  | 2.25%
*The qualified plan was remeasured at April 30, 2022 for settlement accounting, at which point a discount rate of 3.98% and an expected return assumption of 2.75% were selected and used to determine the net periodic benefit cost (income) for the remainder of the fourth quarter of fiscal 2023. Assumptions used in determining the actuarial present value of the benefit obligation as of March 31, 2024 and 2023 were as follows:
| March 31,
| 2024 |  | 2023
Key assumptions: |  |  |
Discount rate | 4.88% |  | 4.47%

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
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