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Employee Benefit Plans (Table Text Block)
12 Months Ended
Mar. 31, 2024
Table Text Block [Abstract]  
Summary Of Financing Arrangements for Leveraged ESOP Debt

 

 

Years Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Allocated shares - Voting Common Stock

 

 

777

 

 

 

836

 

Allocated shares - Non-Voting Common Stock

 

 

7,778

 

 

 

7,821

 

Shares Held by the ESOP Plan

The components of net periodic post retirement benefit cost were as follows:

 

 

 

Years Ended March 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Service cost for benefits earned during the period

$

 

1,188

 

$

 

1,326

 

$

 

1,401

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,469

 

 

 

1,148

 

 

 

908

 

Other components

 

 

(11

)

 

 

68

 

 

 

212

 

Total other components of net periodic benefit costs

 

 

1,458

 

 

 

1,216

 

 

 

1,120

 

Net periodic postretirement benefit cost

$

 

2,646

 

$

 

2,542

 

$

 

2,521

 

Components of Net Periodic Post Retirement Benefit Cost

 

 

Years Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Beginning of year

$

 

28,770

 

$

 

30,206

 

Service cost for benefits earned during the period

 

 

1,188

 

 

 

1,326

 

Interest cost on accumulated post retirement benefit

 

 

1,469

 

 

 

1,148

 

Net benefit payments and expense

 

 

(1,240

)

 

 

(1,207

)

Actuarial gain

 

 

(1,861

)

 

 

(2,703

)

Accumulated postretirement benefit obligation

 

 

28,326

 

 

 

28,770

 

 

 

 

 

 

 

 

Current liabilities

 

 

1,741

 

 

 

1,625

 

Non-current liabilities

 

 

26,585

 

 

 

27,145

 

 

 

 

 

 

 

 

Total post retirement benefit liability recognized in statement of financial position

 

 

28,326

 

 

 

28,770

 

Components included in accumulated other comprehensive income (loss):

 

 

 

 

 

 

Unrecognized net loss

 

 

1,385

 

 

 

(465

)

Cumulative net periodic benefit cost (in excess of employer contribution)

$

 

29,711

 

$

 

28,305

 

Components of Post Retirement Benefit Liabilities

 

 

Years Ended March 31,

 

 

2024

2023

2022

 

 

(In percentages)

 

 

Accumulated postretirement benefit obligation

 

 

5.34

 

%

 

5.08

 

%

 

3.76

 

%

Discount Rate Assumptions for Accumulated Postretirement Benefit Obligations

 

 

Future Net Benefit Payments

 

 

 

(In thousands)

 

Year-ended:

 

 

 

2025

$

 

1,741

 

2026

 

 

1,977

 

2027

 

 

2,238

 

2028

 

 

2,467

 

2029

 

 

2,706

 

2030 Through 2034

 

 

14,121

 

Total

$

 

25,250