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Employee Benefit Plans | 12 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | Note 12 – Employee Benefit Plans: Retirement Plans The Company has a qualified defined benefit plan covering Batavia based employees hired prior to January 1, 2003, which is non-contributory. Benefits are based on the employee's years of service and average earnings for the five highest consecutive calendar years of compensation in the ten-year period preceding retirement. The Company's funding policy for the plan is to contribute the amount required by the Employee Retirement Income Security Act of 1974, as amended. The components of pension (benefit) cost are:
|  | Year ended March 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost during the period |  | $ | 252 |  |  | $ | 252 |  |  | $ | 333 |
Interest cost on projected benefit obligation |  |  | 1,292 |  |  |  | 1,312 |  |  |  | 1,185 |
Expected return on assets |  |  | (1,778 | ) |  |  | (1,851 | ) |  |  | (2,169 | )
Amortization of: |  |  |  |  |  |  |  |  |
Actuarial loss |  |  | 781 |  |  |  | 843 |  |  |  | 633 |
Net pension cost (benefit) |  | $ | 547 |  |  | $ | 556 |  |  | $ | (18 | )
The components of net pension (benefit) cost other than the service cost component are included in Other expense (income), net in the Consolidated Statements of Operations. The weighted average actuarial assumptions used to determine net pension cost are:
|  | Year ended March 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Discount rate |  |  | 5.27 | % |  |  | 5.03 | % |  |  | 3.66 | %
Rate of increase in compensation levels |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Long-term rate of return on plan assets |  |  | 5.75 | % |  |  | 5.75 | % |  |  | 5.50 | %
The expected long-term rate of return is based on the mix of investments that comprise plan assets and external forecasts of future long-term investment returns, historical returns, correlations and market volatilities. The Company does no t expect to make any contributions to the plan during the fiscal year ended March 31, 2026. Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below:
|  | Year ended March 31, |
|  | 2025 |  |  | 2024 |
Change in the benefit obligation |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 25,042 |  |  | $ | 26,646 |
Service cost |  |  | 252 |  |  |  | 252 |
Interest cost |  |  | 1,292 |  |  |  | 1,312 |
Actuarial gain |  |  | (384 | ) |  |  | (726 | )
Benefit payments |  |  | (868 | ) |  |  | (990 | )
Liability released through annuity purchase |  |  | (1,458 | ) |  |  | (1,452 | )
Projected benefit obligation at end of year |  | $ | 23,876 |  |  | $ | 25,042 |
Change in fair value of plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 31,438 |  |  | $ | 32,753 |
Actual return on plan assets |  |  | 714 |  |  |  | 1,127 |
Benefit and administrative expense payments |  |  | (868 | ) |  |  | (990 | )
Annuities purchased |  |  | (1,458 | ) |  |  | (1,452 | )
Fair value of plan assets at end of year |  | $ | 29,826 |  |  | $ | 31,438 |
Funded status |  |  |  |  |  |
Funded status at end of year |  | $ | 5,950 |  |  | $ | 6,396 |
Amount recognized in the Consolidated Balance Sheets |  | $ | 5,950 |  |  | $ | 6,396 |
The weighted average actuarial assumptions used to determine the benefit obligation are:
|  | March 31, |
|  | 2025 |  |  | 2024 |
Discount rate |  |  | 5.53 | % |  |  | 5.27 | %
Rate of increase in compensation levels |  |  | 3.00 | % |  |  | 3.00 | %
During fiscal 2025 and fiscal 2024, the pension plan released liabilities for vested benefits of certain participants through the purchase of nonparticipating annuity contracts with a third-party insurance company. As a result of these transactions, in fiscal 2025 and fiscal 2024, the projected benefit obligation and plan assets decreased $1,458 and $1,452, respectively. The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. The accumulated benefit obligation as of March 31, 2025 and 2024 was $21,351 and $22,398, respectively. At March 31, 2025 and 2024, the pension plan was fully funded on an accumulated benefit obligation basis. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of:
|  | March 31, |
|  | 2025 |  |  | 2024 |
Net actuarial loss |  | $ | 6,767 |  |  | $ | 6,847 |
The increase in accumulated other comprehensive loss, net of income tax, consists of:
|  | March 31, |
|  | 2025 |  |  | 2024 |
Net actuarial loss arising during the year |  | $ | 522 |  |  | $ | — |
Amortization of actuarial loss |  |  | (602 | ) |  |  | (659 | )
|  | $ | (80 | ) |  | $ | (659 | )
The following benefit payments, which reflect future service, are expected to be paid during the fiscal years ending March 31:
2026 |  | $ | 923 |
2027 |  |  | 937 |
2028 |  |  | 1,053 |
2029 |  |  | 1,121 |
2030 |  |  | 1,121 |
2031-2035 |  |  | 8,198 |
Total |  | $ | 13,353 |
The weighted average asset allocation of the plan assets by asset category is as follows:
|  |  |  |  | March 31, |
Asset Category |  | Target Allocation |  |  | 2025 |  |  | 2024 |
Equity securities |  |  | 20 | % |  |  | 22 | % |  |  | 22 | %
Debt securities |  |  | 80 | % |  |  | 78 | % |  |  | 78 | %
|  |  |  |  |  | 100 | % |  |  | 100 | %
The investment strategy of the plan is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets are adjusted when considered necessary to reflect trends and developments within the overall investment environment. The fair values of the Company's pension plan assets at March 31, 2025 and 2024, by asset category, are as follows:
|  |  |  |  | Fair Value Measurements Using |
Asset Category |  | At March 31, 2025 |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
Cash |  | $ | 238 |  |  | $ | 238 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  |  | 4,033 |  |  |  | 4,033 |  |  |  | — |  |  |  | — |
International companies |  |  | 2,549 |  |  |  | 2,549 |  |  |  | — |  |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bond funds |  |  |  |  |  |  |  |  |  |  |  |
Long-term |  |  | 23,006 |  |  |  | 23,006 |  |  |  | — |  |  |  | — |
|  | $ | 29,826 |  |  | $ | 29,826 |  |  | $ | — |  |  | $ | — |
|  |  |  |  | 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 |  |  | $ | — |  |  | $ | — |
The fair value of Level 1 pension assets is obtained by reference to the last quoted price of the respective security on the market which it trades. See Note 1 to the Consolidated Financial Statements. On February 4, 2003, the Company closed the defined benefit plan to all employees hired on or after January 1, 2003. In place of the defined benefit plan, these employees participate in the Company's domestic defined contribution plan. The Company contributes a fixed percentage of employee compensation to this plan on an annual basis for these employees. The Company's contribution to the defined contribution plan for these employees in fiscal 2025, fiscal 2024 and fiscal 2023 was $1,382, $1,237 and $1,030, respectively. The Company has an unfunded Supplemental Executive Retirement Plan ("SERP") which provides retirement benefits associated with wages in excess of the legislated qualified plan maximums. Pension expense recorded in fiscal 2025, fiscal 2024, and fiscal 2023 related to this plan was $54, $54 and $74, respectively. The weighted average discount rate used to determine pension expense for this plan was 5.26%, 5.01% and 3.64% for fiscal 2025, fiscal 2024 and fiscal 2023, respectively. The weighted average rate of increase in compensation levels used to develop pension expense for this plan was 3% in each of fiscal 2025, fiscal 2024 and fiscal 2023. At March 31, 2025 and 2024, the projected benefit obligation was $1,019 and $1,060, respectively, and is included in the caption "Accrued Pension and Postretirement Benefit Liabilities" in the Consolidated Balance Sheets. The amounts recognized in accumulated other comprehensive loss, net of income tax, consist of a net actuarial loss of ($89) and ($69) at March 31, 2025 and 2024, respectively. The Company has a domestic defined contribution plan (401(k)) covering substantially all employees. The Company provides matching contributions equal to 100% of the first 3% of an employee's salary deferral and 50% of the next 2% percent of an employee’s salary deferral. Company contributions are immediately vested. Contributions were $2,455 in fiscal 2025, $1,914 in fiscal 2024 and $1,904 in fiscal 2023.

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