Annual report [Section 13 and 15(d), not S-K Item 405]

Employee Benefit Plans (Tables)

v3.25.1
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:

 

 

 

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

)

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,

 

 

 

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

%

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,

 

 

 

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

 

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,

 

 

 

2025

 

 

2024

 

Discount rate

 

 

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:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Net actuarial loss

 

$

6,767

 

 

$

6,847

 

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,

 

 

 

2025

 

 

2024

 

Net actuarial loss arising during the year

 

$

522

 

 

$

 

Amortization of actuarial loss

 

 

(602

)

 

 

(659

)

 

 

$

(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:

 

2026

 

$

923

 

2027

 

 

937

 

2028

 

 

1,053

 

2029

 

 

1,121

 

2030

 

 

1,121

 

2031-2035

 

 

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:

 

 

 

 

 

 

March 31,

 

Asset Category

 

Target Allocation

 

 

2025

 

 

2024

 

Equity securities

 

 

20

%

 

 

22

%

 

 

22

%

Debt securities

 

 

80

%

 

 

78

%

 

 

78

%

 

 

 

 

 

 

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, 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

 

 

$

 

 

$