Employee Benefit Plans (Tables)
|
12 Months Ended |
Mar. 31, 2021 |
|---|
| Pension Plans, Defined Benefit [Member] |
|
| Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) |
The components of pension cost (benefit) are:
|
|
|
Year ended March 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
Service cost during the period
|
|
$
|
461
|
|
|
$
|
496
|
|
|
$
|
571
|
|
|
Interest cost on projected benefit obligation
|
|
|
1,211
|
|
|
|
1,290
|
|
|
|
1,339
|
|
|
Expected return on assets
|
|
|
(2,513
|
)
|
|
|
(2,657
|
)
|
|
|
(3,062
|
)
|
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial loss
|
|
|
1,039
|
|
|
|
969
|
|
|
|
847
|
|
|
Net pension cost (benefit)
|
|
$
|
198
|
|
|
$
|
98
|
|
|
$
|
(305
|
)
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
Discount rate
|
|
|
3.44
|
%
|
|
|
3.83
|
%
|
|
|
3.95
|
%
|
|
Rate of increase in compensation levels
|
|
|
3.00
|
%
|
|
|
3.00
|
%
|
|
|
3.00
|
%
|
|
Long-term rate of return on plan assets
|
|
|
6.50
|
%
|
|
|
7.00
|
%
|
|
|
8.00
|
%
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
35,783
|
|
|
$
|
34,149
|
|
|
Service cost
|
|
|
461
|
|
|
|
496
|
|
|
Interest cost
|
|
|
1,211
|
|
|
|
1,290
|
|
|
Actuarial loss
|
|
|
1,284
|
|
|
|
2,368
|
|
|
Benefit payments
|
|
|
(942
|
)
|
|
|
(1,100
|
)
|
|
Liability released through annuity purchase
|
|
|
(1,477
|
)
|
|
|
(1,420
|
)
|
|
Projected benefit obligation at end of year
|
|
$
|
36,320
|
|
|
$
|
35,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
39,243
|
|
|
$
|
38,416
|
|
|
Actual return on plan assets
|
|
|
5,712
|
|
|
|
3,347
|
|
|
Benefit and administrative expense payments
|
|
|
(942
|
)
|
|
|
(1,100
|
)
|
|
Annuities purchased
|
|
|
(1,477
|
)
|
|
|
(1,420
|
)
|
|
Fair value of plan assets at end of year
|
|
$
|
42,536
|
|
|
$
|
39,243
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
6,216
|
|
|
$
|
3,460
|
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
6,216
|
|
|
$
|
3,460
|
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Discount rate
|
|
|
3.21
|
%
|
|
|
3.44
|
%
|
|
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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Net actuarial loss
|
|
$
|
6,990
|
|
|
$
|
9,285
|
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Net actuarial (gain) loss arising during the year
|
|
$
|
(1,488
|
)
|
|
$
|
1,298
|
|
|
Amortization of actuarial loss
|
|
|
(807
|
)
|
|
|
(750
|
)
|
|
|
|
$
|
(2,295
|
)
|
|
$
|
548
|
|
|
| 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:
|
2022
|
|
$
|
1,174
|
|
|
2023
|
|
|
1,191
|
|
|
2024
|
|
|
1,262
|
|
|
2025
|
|
|
1,269
|
|
|
2026
|
|
|
1,379
|
|
|
2027-2031
|
|
|
8,524
|
|
|
Total
|
|
$
|
14,799
|
|
|
| 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
|
|
|
2021
|
|
|
2020
|
|
|
Equity securities
|
|
|
30
|
%
|
|
|
33
|
%
|
|
|
30
|
%
|
|
Debt securities
|
|
|
70
|
%
|
|
|
67
|
%
|
|
|
70
|
%
|
|
|
|
|
|
|
|
|
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, 2021 and 2020, by asset category, are as follows:
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|
|
Asset Category
|
|
At
March 31, 2021
|
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
|
Significant other
observable inputs
(Level 2)
|
|
|
Significant
unobservable inputs
(Level 3)
|
|
|
Cash
|
|
$
|
79
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
11,202
|
|
|
|
11,202
|
|
|
|
—
|
|
|
|
—
|
|
|
International companies
|
|
|
2,700
|
|
|
|
2,700
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
|
|
|
28,555
|
|
|
|
28,555
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
42,536
|
|
|
$
|
42,536
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|
|
Asset Category
|
|
At
March 31, 2020
|
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
|
Significant other
observable inputs
(Level 2)
|
|
|
Significant
unobservable inputs
(Level 3)
|
|
|
Cash
|
|
$
|
82
|
|
|
$
|
82
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies
|
|
|
9,409
|
|
|
|
9,409
|
|
|
|
—
|
|
|
|
—
|
|
|
International companies
|
|
|
2,327
|
|
|
|
2,327
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
|
|
|
27,425
|
|
|
|
27,425
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
39,243
|
|
|
$
|
39,243
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
Interest cost on accumulated benefit obligation
|
|
$
|
18
|
|
|
$
|
22
|
|
|
$
|
25
|
|
|
Amortization of actuarial loss
|
|
|
27
|
|
|
|
28
|
|
|
|
28
|
|
|
Net postretirement benefit expense
|
|
$
|
45
|
|
|
$
|
50
|
|
|
$
|
53
|
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Change in the benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
634
|
|
|
$
|
682
|
|
|
Interest cost
|
|
|
18
|
|
|
|
22
|
|
|
Actuarial loss (gain)
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
Benefit payments
|
|
|
(62
|
)
|
|
|
(67
|
)
|
|
Projected benefit obligation at end of year
|
|
$
|
587
|
|
|
$
|
634
|
|
|
Change in fair value of plan assets
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Employer contribution
|
|
|
62
|
|
|
|
67
|
|
|
Benefit payments
|
|
|
(62
|
)
|
|
|
(67
|
)
|
|
Fair value of plan assets at end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
|
|
|
|
|
|
|
|
Funded status at end of year
|
|
$
|
(587
|
)
|
|
$
|
(634
|
)
|
|
Amount recognized in the Consolidated Balance Sheets
|
|
$
|
(587
|
)
|
|
$
|
(634
|
)
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Discount rate
|
|
|
2.34
|
%
|
|
|
3.01
|
%
|
|
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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Net actuarial loss
|
|
$
|
164
|
|
|
$
|
187
|
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Net actuarial gain arising during the year
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
Amortization of actuarial loss
|
|
|
(21
|
)
|
|
|
(21
|
)
|
|
|
|
$
|
(23
|
)
|
|
$
|
(23
|
)
|
|
| 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:
|
2022
|
|
$
|
72
|
|
|
2023
|
|
|
67
|
|
|
2024
|
|
|
62
|
|
|
2025
|
|
|
57
|
|
|
2023
|
|
|
52
|
|
|
2027-2031
|
|
|
192
|
|
|
Total
|
|
$
|
502
|
|
|