Employee Benefit Plans (Tables)
|
12 Months Ended |
Mar. 31, 2022 |
|---|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Service cost during the period |
|
$ |
373 |
|
|
$ |
461 |
|
|
$ |
496 |
|
Interest cost on projected benefit obligation |
|
|
1,147 |
|
|
|
1,211 |
|
|
|
1,290 |
|
Expected return on assets |
|
|
(2,727 |
) |
|
|
(2,513 |
) |
|
|
(2,657 |
) |
Amortization of: |
|
|
|
|
|
|
|
|
|
Actuarial loss |
|
|
669 |
|
|
|
1,039 |
|
|
|
969 |
|
Net pension cost (benefit) |
|
$ |
(538 |
) |
|
$ |
198 |
|
|
$ |
98 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Discount rate |
|
|
3.21 |
% |
|
|
3.44 |
% |
|
|
3.83 |
% |
Rate of increase in compensation levels |
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.00 |
% |
Long-term rate of return on plan assets |
|
|
6.50 |
% |
|
|
6.50 |
% |
|
|
7.00 |
% |
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
Change in the benefit obligation |
|
|
|
|
|
|
Projected benefit obligation at beginning of year |
|
$ |
36,320 |
|
|
$ |
35,783 |
|
Service cost |
|
|
373 |
|
|
|
461 |
|
Interest cost |
|
|
1,147 |
|
|
|
1,211 |
|
Actuarial (gain) loss |
|
|
(2,486 |
) |
|
|
1,284 |
|
Benefit payments |
|
|
(1,084 |
) |
|
|
(942 |
) |
Liability released through annuity purchase |
|
|
(1,279 |
) |
|
|
(1,477 |
) |
Projected benefit obligation at end of year |
|
$ |
32,991 |
|
|
$ |
36,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of plan assets |
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
42,536 |
|
|
$ |
39,243 |
|
Actual return on plan assets |
|
|
(124 |
) |
|
|
5,712 |
|
Benefit and administrative expense payments |
|
|
(1,084 |
) |
|
|
(942 |
) |
Annuities purchased |
|
|
(1,279 |
) |
|
|
(1,477 |
) |
Fair value of plan assets at end of year |
|
$ |
40,049 |
|
|
$ |
42,536 |
|
|
|
|
|
|
|
|
Funded status |
|
|
|
|
|
|
Funded status at end of year |
|
$ |
7,058 |
|
|
$ |
6,216 |
|
Amount recognized in the Consolidated Balance Sheets |
|
$ |
7,058 |
|
|
$ |
6,216 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
Discount rate |
|
|
3.66 |
% |
|
|
3.21 |
% |
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, |
|
|
|
2022 |
|
|
2021 |
|
Net actuarial loss |
|
$ |
6,753 |
|
|
$ |
6,990 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
Net actuarial loss (gain) arising during the year |
|
$ |
284 |
|
|
$ |
(1,488 |
) |
Amortization of actuarial loss |
|
|
(521 |
) |
|
|
(807 |
) |
|
|
$ |
(237 |
) |
|
$ |
(2,295 |
) |
|
| 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:
|
|
|
|
|
2023 |
|
$ |
1,203 |
|
2024 |
|
|
1,191 |
|
2025 |
|
|
1,148 |
|
2026 |
|
|
1,176 |
|
2027 |
|
|
1,266 |
|
2028-2032 |
|
|
7,947 |
|
Total |
|
$ |
13,931 |
|
|
| 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 |
|
|
2022 |
|
|
2021 |
|
Equity securities |
|
|
20 |
% |
|
|
21 |
% |
|
|
33 |
% |
Debt securities |
|
|
80 |
% |
|
|
79 |
% |
|
|
67 |
% |
|
|
|
|
|
|
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, 2022 and 2021, by asset category, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using |
|
Asset Category |
|
At
March 31, 2022 |
|
|
Quoted prices in
active markets for
identical assets
(Level 1) |
|
|
Significant other
observable inputs
(Level 2) |
|
|
Significant
unobservable inputs
(Level 3) |
|
Cash |
|
$ |
98 |
|
|
$ |
98 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. companies |
|
|
5,861 |
|
|
|
5,861 |
|
|
|
— |
|
|
|
— |
|
International companies |
|
|
2,462 |
|
|
|
2,462 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bond funds |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term |
|
|
31,628 |
|
|
|
31,628 |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
40,049 |
|
|
$ |
40,049 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Interest cost on accumulated benefit obligation |
|
$ |
13 |
|
|
$ |
18 |
|
|
$ |
22 |
|
Amortization of actuarial loss |
|
|
25 |
|
|
|
27 |
|
|
|
28 |
|
Net postretirement benefit expense |
|
$ |
38 |
|
|
$ |
45 |
|
|
$ |
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 plan are as follows:
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
Change in the benefit obligation |
|
|
|
|
|
|
Projected benefit obligation at beginning of year |
|
$ |
587 |
|
|
$ |
634 |
|
Interest cost |
|
|
13 |
|
|
|
18 |
|
Actuarial loss (gain) |
|
|
(66 |
) |
|
|
(3 |
) |
Benefit payments |
|
|
(56 |
) |
|
|
(62 |
) |
Projected benefit obligation at end of year |
|
$ |
478 |
|
|
$ |
587 |
|
|
|
|
|
|
|
|
|
|
Change in fair value of plan assets |
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
— |
|
|
$ |
— |
|
Employer contribution |
|
|
56 |
|
|
|
62 |
|
Benefit payments |
|
|
(56 |
) |
|
|
(62 |
) |
Fair value of plan assets at end of year |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
Funded status |
|
|
|
|
|
|
Funded status at end of year |
|
$ |
(478 |
) |
|
$ |
(587 |
) |
Amount recognized in the Consolidated Balance Sheets |
|
$ |
(478 |
) |
|
$ |
(587 |
) |
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
Discount rate |
|
|
3.32 |
% |
|
|
2.34 |
% |
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, |
|
|
|
2022 |
|
|
2021 |
|
Net actuarial loss |
|
$ |
94 |
|
|
$ |
164 |
|
|
| 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, |
|
|
|
2022 |
|
|
2021 |
|
Net actuarial gain arising during the year |
|
$ |
(51 |
) |
|
$ |
(2 |
) |
Amortization of actuarial loss |
|
|
(19 |
) |
|
|
(21 |
) |
|
|
$ |
(70 |
) |
|
$ |
(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:
|
|
|
|
|
2023 |
|
$ |
63 |
|
2024 |
|
|
58 |
|
2025 |
|
|
53 |
|
2026 |
|
|
49 |
|
2027 |
|
|
45 |
|
2028-2032 |
|
|
164 |
|
Total |
|
$ |
432 |
|
|