Employee Benefit Plans (Tables)
|
12 Months Ended |
Mar. 31, 2025 |
Components of Postretirement Benefit Expense (Income) and Pension Cost (Benefit) |
The components of pension (benefit) cost are:
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Year ended March 31, |
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2025 |
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2024 |
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|
2023 |
|
Service cost during the period |
|
$ |
252 |
|
|
$ |
252 |
|
|
$ |
333 |
|
Interest cost on projected benefit obligation |
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|
1,292 |
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|
1,312 |
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|
1,185 |
|
Expected return on assets |
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|
(1,778 |
) |
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|
(1,851 |
) |
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|
(2,169 |
) |
Amortization of: |
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|
|
|
|
|
Actuarial loss |
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|
781 |
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|
843 |
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|
633 |
|
Net pension cost (benefit) |
|
$ |
547 |
|
|
$ |
556 |
|
|
$ |
(18 |
) |
|
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost |
The weighted average actuarial assumptions used to determine net pension cost are:
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Year ended March 31, |
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2025 |
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2024 |
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|
2023 |
|
Discount rate |
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|
5.27 |
% |
|
|
5.03 |
% |
|
|
3.66 |
% |
Rate of increase in compensation levels |
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|
3.00 |
% |
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|
3.00 |
% |
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|
3.00 |
% |
Long-term rate of return on plan assets |
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|
5.75 |
% |
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|
5.75 |
% |
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|
5.50 |
% |
|
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:
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Year ended March 31, |
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2025 |
|
|
2024 |
|
Change in the benefit obligation |
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|
Projected benefit obligation at beginning of year |
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$ |
25,042 |
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|
$ |
26,646 |
|
Service cost |
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|
252 |
|
|
|
252 |
|
Interest cost |
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|
1,292 |
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|
1,312 |
|
Actuarial gain |
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|
(384 |
) |
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|
(726 |
) |
Benefit payments |
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|
(868 |
) |
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|
(990 |
) |
Liability released through annuity purchase |
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(1,458 |
) |
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|
(1,452 |
) |
Projected benefit obligation at end of year |
|
$ |
23,876 |
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$ |
25,042 |
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Change in fair value of plan assets |
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Fair value of plan assets at beginning of year |
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$ |
31,438 |
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$ |
32,753 |
|
Actual return on plan assets |
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|
714 |
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|
1,127 |
|
Benefit and administrative expense payments |
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|
(868 |
) |
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|
(990 |
) |
Annuities purchased |
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(1,458 |
) |
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|
(1,452 |
) |
Fair value of plan assets at end of year |
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$ |
29,826 |
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$ |
31,438 |
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Funded status |
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Funded status at end of year |
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$ |
5,950 |
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$ |
6,396 |
|
Amount recognized in the Consolidated Balance Sheets |
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$ |
5,950 |
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|
$ |
6,396 |
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|
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost |
The weighted average actuarial assumptions used to determine the benefit obligation are:
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March 31, |
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2025 |
|
|
2024 |
|
Discount rate |
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|
5.53 |
% |
|
|
5.27 |
% |
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:
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March 31, |
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2025 |
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2024 |
|
Net actuarial loss |
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$ |
6,767 |
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$ |
6,847 |
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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:
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March 31, |
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2025 |
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2024 |
|
Net actuarial loss arising during the year |
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$ |
522 |
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|
$ |
— |
|
Amortization of actuarial loss |
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|
(602 |
) |
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|
(659 |
) |
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|
$ |
(80 |
) |
|
$ |
(659 |
) |
|
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:
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2026 |
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$ |
923 |
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2027 |
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|
937 |
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2028 |
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|
1,053 |
|
2029 |
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|
1,121 |
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2030 |
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|
1,121 |
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2031-2035 |
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|
8,198 |
|
Total |
|
$ |
13,353 |
|
|
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:
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March 31, |
|
Asset Category |
|
Target Allocation |
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2025 |
|
|
2024 |
|
Equity securities |
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|
20 |
% |
|
|
22 |
% |
|
|
22 |
% |
Debt securities |
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|
80 |
% |
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|
78 |
% |
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|
78 |
% |
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|
100 |
% |
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|
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, 2025 and 2024, by asset category, are as follows:
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Fair Value Measurements Using |
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Asset Category |
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At March 31, 2025 |
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Quoted prices in active markets for identical assets (Level 1) |
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Significant other observable inputs (Level 2) |
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Significant unobservable inputs (Level 3) |
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Cash |
|
$ |
238 |
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$ |
238 |
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$ |
— |
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$ |
— |
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Equity securities: |
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U.S. companies |
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4,033 |
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|
4,033 |
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— |
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— |
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International companies |
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2,549 |
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2,549 |
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— |
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— |
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Fixed income: |
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Corporate bond funds |
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Long-term |
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23,006 |
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|
23,006 |
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|
— |
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|
— |
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|
$ |
29,826 |
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$ |
29,826 |
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|
$ |
— |
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$ |
— |
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Fair Value Measurements Using |
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Asset Category |
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At March 31, 2024 |
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Quoted prices in active markets for identical assets (Level 1) |
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|
Significant other observable inputs (Level 2) |
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|
Significant unobservable inputs (Level 3) |
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Cash |
|
$ |
81 |
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$ |
81 |
|
|
$ |
— |
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$ |
— |
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Equity securities: |
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U.S. companies |
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4,141 |
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4,141 |
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|
— |
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— |
|
International companies |
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2,610 |
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|
2,610 |
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— |
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— |
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Fixed income: |
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Corporate bond funds |
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Long-term |
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24,606 |
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|
24,606 |
|
|
|
— |
|
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|
— |
|
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|
$ |
31,438 |
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|
$ |
31,438 |
|
|
$ |
— |
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|
$ |
— |
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|