PENSION AND PROFIT SHARING PLANS (Tables)

12 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Schedule of Reconciliation of Benefit Obligations and Fair Values of Plan Assets

The following table provides a reconciliation of the Benefit Obligations and Fair Values of Plan Assets for all defined benefit plans for the years ended March 31, 2022 and 2021, as well as a statement of the funded status for the same periods:

	For the Years Ended March 31,
	2022			2021
	(dollars in thousands)
Reconciliation of Benefit Obligations
Benefit Obligation at April 1,	$	35,844		$	36,701
Service Cost - Benefits Earned During the Period		—			—
Interest Cost on Projected Benefit Obligation		1,167			1,216
Actuarial (Gain) Loss		(1,776	)		1,714
Benefits Paid		(1,326	)		(1,251	)
Sale of Business		—			(2,536	)
Benefit Obligation at March 31,	$	33,909		$	35,844
Reconciliation of Fair Value of Plan Assets
Fair Value of Plan Assets at April 1,	$	37,907		$	39,009
Actual Return on Plan Assets		(268	)		2,939
Benefits Paid		(1,326	)		(1,251	)
Sale of Business		—			(2,790	)
Fair Value of Plan Assets at March 31,		36,313			37,907
Funded Status -
Funded Status at March 31,	$	2,404		$	2,063
Amounts Recognized in the Balance Sheet Consist of
Other Assets	$	2,404		$	2,063
Accumulated Other Comprehensive Losses:
Net Actuarial Loss		4,172			4,524
Prior Service Cost		—			—
Accumulated Other Comprehensive Losses	$	4,172		$	4,524
Tax impact		(997	)		(1,084	)
Accumulated Other Comprehensive Losses, net of tax	$	3,175		$	3,440

Summary of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets

The table below summarizes the Company’s Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets at March 31, 2022 and 2021:

	March 31,
	2022		2021
	(dollars in thousands)
Projected Benefit Obligation	$	33,909	$	35,844
Accumulated Benefit Obligation	$	33,909	$	35,844
Fair Value of Plan Assets	$	36,313	$	37,907

Components of Net Periodic Cost

Net periodic pension cost for the fiscal years ended March 31, 2022, 2021, and 2020, included the following components:

	For the Years Ended March 31,
	2022			2021			2020
	(dollars in thousands)
Service Cost - Benefits Earned During the Period	$	—		$	—		$	339
Interest Cost of Projected Benefit Obligation		1,167			1,216			1,351
Expected Return on Plan Assets		(1,299	)		(1,419	)		(1,702	)
Recognized Net Actuarial Loss		143			133			153
Amortization of Prior-Service Cost		—			—			19
Net Periodic Pension Cost	$	11		$	(70	)	$	160

Schedule of Expected Benefit Payments

Expected benefit payments over the next five years, and the following five years under the pension plans are expected to be as follows (dollars in thousands):

Fiscal Years	Total
2023	$	1,688
2024	$	1,702
2025	$	1,810
2026	$	1,868
2027	$	1,941
2028-2032	$	9,776

Schedule of Assumptions Used in Net Periodic Benefit Cost and Benefit Obligations

The following tables set forth the assumptions used in the actuarial calculations of the present value of Net Periodic Benefit Costs and Benefit Obligations:

	March 31,
	2022			2021			2020
Net Periodic Benefit Costs -
Discount Rate		3.33	%		3.64	%		4.09	%
Expected Return on Plan Assets		3.50	%		4.00	%		4.75	%
Rate of Compensation Increase	n/a			n/a				3.50	%

	March 31,
		2022			2021
Benefit Obligations -
Discount Rate		3.75	%		3.33	%
Rate of Compensation Increase	n/a			n/a

Schedule of Pension Plans Weighted-Average Asset Allocation and Range of Target Allocation

The pension plans’ approximate weighted-average asset allocation at March 31, 2022 and 2021, and the range of target allocation are as follows:

		Percentage of Plan Assets at March 31,
	Range of Target Allocation	2022			2021
Asset Category -
Equity Securities	10 – 20%		9	%		19	%
Debt Securities	60 – 90%		90	%		79	%
Other	0 – 20%		1	%		2	%
Total			100	%		100	%

Schedule of Fair Values of Defined Benefit Plans

The fair values of our defined benefit plans’ consolidated assets by category as of March 31, 2022 and 2021 were as follows:

	March 31,
	2022		2021
	(dollars in thousands)
Equity Securities	$	3,433	$	7,277
Fixed Income Securities		32,583		30,010
Real Estate Funds		115		160
Cash Equivalents		182		460
Total	$	36,313	$	37,907

Schedule of Fair Values of Defined Benefit Plans Determined Using Fair Value Hierarchy of Inputs

The fair values by category of inputs as of March 31, 2022 were as follows:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Categories	(dollars in thousands)
Equity Securities	$	—	$	3,433	$	—	$	3,433
Fixed Income Securities		—		32,583		—		32,583
Real Estate Funds		—		115		—		115
Cash Equivalents		182		—		—		182
	$	182	$	36,131	$	—	$	36,313

The fair values by category of inputs as of March 31, 2021 were as follows:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Categories	(dollars in thousands)
Equity Securities	$	—	$	7,277	$	—	$	7,277
Fixed Income Securities		—		30,010		—		30,010
Real Estate Funds		—		160		—		160
Cash Equivalents		460		—		—		460
	$	460	$	37,447	$	—	$	37,907