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Employee Retirement Plans | 12 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Employee Retirement Plans | Employee Retirement Plans We have a defined contribution plan in which all U.S. full-time employees are eligible to participate. The participants may contribute from 1% to 70% of their compensation, as defined in the plan. We match 100% of the first 3%, plus 50% of the next 3%, of each participant's base compensation with full vesting immediately. We may also make additional contributions to the plan as determined by the Board of Directors. The total expense for the defined contribution plan was $2.0 million, $2.0 million and $1.9 million for 2025, 2024 and 2023, respectively. Certain employees of our Lynchburg manufacturing facility were covered by defined benefit pension plans. We had a qualified defined benefit plan (the "Plan"), and we have an unfunded non-qualified plan. During the fourth quarter of 2021, we adopted a termination date of April 30, 2021 for the Plan and began the Plan termination process. The settlements of the terminated Plan occurred during the first quarter of fiscal 2023, with lump sum settlements in the amount of $13.8 million being paid to eligible Plan participants who elected such payments and the purchase of annuity contracts for $31.1 million to the remaining participants. These settlements were paid using Plan assets and resulted in a settlement loss of $0.4 million. No further contributions to the Plan were necessary. Benefit Obligations 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, 2025 and 2024:
| March 31,
(In thousands) | 2025 |  | 2024
Change in benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 3,381 |  |  | $ | 3,646 |
Interest cost | 155 |  |  | 152 |
Actuarial gain | 66 |  |  | (47) |
Benefits paid | (370) |  |  | (370) |
Projected benefit obligations at end of year | $ | 3,232 |  |  | $ | 3,381 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | $ | — |  |  | $ | 18 |
Employer contribution | 370 |  |  | 370 |
Benefits paid | (370) |  |  | (370) |
Settlements paid with termination of qualified plan | — |  |  | (18) |
Fair value of plan assets at end of year | $ | — |  |  | $ | — |
Funded status at end of year | $ | (3,232) |  |  | $ | (3,381) |
Amounts recognized in the balance sheet at the end of the period consist of the following:
| March 31,
(In thousands) | 2025 |  | 2024
Current liability | $ | 362 |  |  | $ | 361 |
Long-term liability | 2,870 |  |  | 3,020 |
Total liabilities | $ | 3,232 |  |  | $ | 3,381 |
The primary components of Net Periodic Benefit Cost consist of the following:
| Year Ended March 31,
(In thousands) | 2025 |  | 2024 |  | 2023
Interest cost | $ | 155 |  |  | $ | 152 |  |  | $ | 423 |
Expected return on assets | — |  |  | — |  |  | (252) |
Net periodic benefit cost | $ | 155 |  |  | $ | 152 |  |  | $ | 171 |
The following table provides information regarding the accumulated benefit obligation of our pension plan:
| March 31,
(In thousands) | 2025 |  | 2024
Accumulated benefit obligation | $ | 3,232 |  |  | $ | 3,381 |
Projected benefit obligations | $ | 3,232 |  |  | $ | 3,381 |
The pension benefit obligation amounts stated above are made up entirely of our unfunded plan. 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: |
2026 (expectation) to participant benefits | $ | 362 |
Expected benefit payments year ending March 31, |
2026 | $ | 362 |
2027 | 349 |
2028 | 336 |
2029 | 322 |
2030 | 307 |
2031-2034 | 1,307 |
There were no plan assets as of March 31, 2024 or 2025. The following tables show the unrecognized actuarial gain included in accumulated other comprehensive income (loss) at March 31, 2025, 2024 and 2023:
(In thousands) |
Balances in accumulated other comprehensive loss as of March 31, 2023: |
Unrecognized actuarial (gain) | $ | (930) |
Balances in accumulated other comprehensive loss as of March 31, 2024: |
Unrecognized actuarial (gain) | $ | (942) |
Balances in accumulated other comprehensive loss as of March 31, 2025: |
Unrecognized actuarial (gain) | $ | (836) |
There was no unrecognized prior service credit for any of the periods presented. Assumptions used in determining the actuarial present value of the net periodic benefit cost (income) for the fiscal years ended March 31, 2025, 2024 and 2023 were as follows:
| March 31,
| 2025 |  | 2024 |  | 2023 *
Key assumptions: |  |  |  |  |
Discount rate | 4.97% |  | 4.88% |  | 3.26% to 3.48%
Expected return on plan assets, net of administrative fees | —% |  | —% |  | 2.75%
*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, 2025 and 2024 were as follows:
| March 31,
| 2025 |  | 2024
Key assumptions: |  |  |
Discount rate | 4.97% |  | 4.88%
In fiscal 2023, the determination of the expected long-term rate of return was derived from an optimized portfolio using an asset allocation software program. The risk and return assumptions, along with the correlations between the asset classes, were entered into the progra m. In fiscal 2024 and 2025, no long-term rate of return is expected due to the termination of the Plan.

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