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Employee Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2024
Pension Plans, Defined Benefit [Member] |
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) | The components of pension (benefit) cost are:
|  | Year ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Service cost during the period |  | $ | 252 |  |  | $ | 333 |  |  | $ | 373 |
Interest cost on projected benefit obligation |  |  | 1,312 |  |  |  | 1,185 |  |  |  | 1,147 |
Expected return on assets |  |  | (1,851 | ) |  |  | (2,169 | ) |  |  | (2,727 | )
Amortization of: |  |  |  |  |  |  |  |  |
Actuarial loss |  |  | 843 |  |  |  | 633 |  |  |  | 669 |
Net pension cost (benefit) |  | $ | 556 |  |  | $ | (18 | ) |  | $ | (538 | )
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine net pension cost are:
|  | Year ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Discount rate |  |  | 5.03 | % |  |  | 3.66 | % |  |  | 3.21 | %
Rate of increase in compensation levels |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Long-term rate of return on plan assets |  |  | 5.75 | % |  |  | 5.50 | % |  |  | 6.50 | %
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below:
|  | Year ended March 31, |
|  | 2024 |  |  | 2023 |
Change in the benefit obligation |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 26,646 |  |  | $ | 32,991 |
Service cost |  |  | 252 |  |  |  | 333 |
Interest cost |  |  | 1,312 |  |  |  | 1,185 |
Actuarial loss |  |  | (726 | ) |  |  | (5,364 | )
Benefit payments |  |  | (990 | ) |  |  | (1,116 | )
Liability released through annuity purchase |  |  | (1,452 | ) |  |  | (1,383 | )
Projected benefit obligation at end of year |  | $ | 25,042 |  |  | $ | 26,646 |
Change in fair value of plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 32,753 |  |  | $ | 40,049 |
Actual return on plan assets |  |  | 1,127 |  |  |  | (4,797 | )
Benefit and administrative expense payments |  |  | (990 | ) |  |  | (1,116 | )
Annuities purchased |  |  | (1,452 | ) |  |  | (1,383 | )
Fair value of plan assets at end of year |  | $ | 31,438 |  |  | $ | 32,753 |
Funded status |  |  |  |  |  |
Funded status at end of year |  | $ | 6,396 |  |  | $ | 6,107 |
Amount recognized in the Consolidated Balance Sheets |  | $ | 6,396 |  |  | $ | 6,107 |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine the benefit obligation are:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Discount rate |  |  | 5.27 | % |  |  | 5.03 | %
Rate of increase in compensation levels |  |  | 3.00 | % |  |  | 3.00 | %
Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Net actuarial loss |  | $ | 6,847 |  |  | $ | 7,506 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The increase in accumulated other comprehensive loss, net of income tax, consists of:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Net actuarial loss arising during the year |  | $ | — |  |  | $ | 1,246 |
Amortization of actuarial loss |  |  | (659 | ) |  |  | (493 | )
|  | $ | (659 | ) |  | $ | 753 |
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments, which reflect future service, are expected to be paid during the fiscal years ending March 31:
2025 |  | $ | 1,036 |
2026 |  |  | 1,001 |
2027 |  |  | 1,013 |
2028 |  |  | 1,126 |
2029 |  |  | 1,193 |
2030-2034 |  |  | 7,939 |
Total |  | $ | 13,308 |
Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category | The weighted average asset allocation of the plan assets by asset category is as follows:
|  |  |  |  | March 31, |
Asset Category |  | Target Allocation |  |  | 2024 |  |  | 2023 |
Equity securities |  |  | 20 | % |  |  | 22 | % |  |  | 20 | %
Debt securities |  |  | 80 | % |  |  | 78 | % |  |  | 80 | %
|  |  |  |  |  | 100 | % |  |  | 100 | %
Fair Values of Company's Pension Plan Assets by Asset Category | The fair values of the Company's pension plan assets at March 31, 2024 and 2023, by asset category, are as follows:
|  |  |  |  | Fair Value Measurements Using |
Asset Category |  | At March 31, 2024 |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
Cash |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  |  | 4,141 |  |  |  | 4,141 |  |  |  | — |  |  |  | — |
International companies |  |  | 2,610 |  |  |  | 2,610 |  |  |  | — |  |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bond funds |  |  |  |  |  |  |  |  |  |  |  |
Long-term |  |  | 24,606 |  |  |  | 24,606 |  |  |  | — |  |  |  | — |
|  | $ | 31,438 |  |  | $ | 31,438 |  |  | $ | — |  |  | $ | — |
|  |  |  |  | Fair Value Measurements Using |
Asset Category |  | At March 31, 2023 |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
Cash |  | $ | 91 |  |  | $ | 91 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  |  | 3,824 |  |  |  | 3,824 |  |  |  | — |  |  |  | — |
International companies |  |  | 2,555 |  |  |  | 2,555 |  |  |  | — |  |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bond funds |  |  |  |  |  |  |  |  |  |  |  |
Long-term |  |  | 26,283 |  |  |  | 26,283 |  |  |  | — |  |  |  | — |
|  | $ | 32,753 |  |  | $ | 32,753 |  |  | $ | — |  |  | $ | — |
Other Postretirement Benefit Plans [Member] |
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) | The components of postretirement benefit expense are:
|  | Year ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Interest cost on accumulated benefit obligation |  | $ | 15 |  |  | $ | 15 |  |  | $ | 13 |
Amortization of actuarial loss |  |  | 0 |  |  |  | 12 |  |  |  | 25 |
Net postretirement benefit expense |  | $ | 15 |  |  | $ | 27 |  |  | $ | 38 |
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows:
|  | Year ended March 31, |
|  | 2024 |  |  | 2023 |
Change in the benefit obligation |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 355 |  |  | $ | 478 |
Interest cost |  |  | 15 |  |  |  | 15 |
Actuarial gain |  |  | (15 | ) |  |  | (95 | )
Benefit payments |  |  | (44 | ) |  |  | (43 | )
Projected benefit obligation at end of year |  | $ | 311 |  |  | $ | 355 |
Change in fair value of plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contribution |  |  | 44 |  |  |  | 43 |
Benefit payments |  |  | (44 | ) |  |  | (43 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Funded status |  |  |  |  |  |
Funded status at end of year |  | $ | (311 | ) |  | $ | (355 | )
Amount recognized in the Consolidated Balance Sheets |  | $ | (311 | ) |  | $ | (355 | )
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Discount rate |  |  | 5.08 | % |  |  | 4.76 | %
Medical care cost trend rate |  |  | 7.00 | % |  |  | 7.00 | %
Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Net actuarial (gain) loss |  | $ | (2 | ) |  | $ | 11 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The decrease in accumulated other comprehensive loss, net of income tax, consists of:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Net actuarial gain arising during the year |  | $ | (13 | ) |  | $ | (74 | )
Amortization of actuarial loss |  |  | (0 | ) |  |  | (9 | )
|  | $ | (13 | ) |  | $ | (83 | )
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments are expected to be paid during the fiscal years ending March 31:
2025 |  | $ | 44 |
2026 |  |  | 41 |
2027 |  |  | 38 |
2028 |  |  | 35 |
2029 |  |  | 32 |
2030-2034 |  |  | 119 |
Total |  | $ | 309 |

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- Definition Tabular disclosure of the assumptions used to determine the defined benefit pension plan or other postretirement plan benefit obligation, including assumed discount rates, rate increase in compensation levels and medical care cost trend rate. + References No definition available. + Details
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- Definition Aggregate amount in accumulated other comprehensive income or loss related to defined benefit pension plans or other postretirement plans that will be recognized as a component of net periodic benefit cost in future periods. + References No definition available. + Details
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- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -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 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 -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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