Employee Stock Ownership

12 Months Ended

Mar. 31, 2022

Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract]

Employee Stock Ownership Plan (ESOP)

Employee Stock Ownership Plan (ESOP)

Effective January 1, 2012 the ESOP was closed to new hires.  Prior to this date, substantially all of the Company’s U.S. non-union employees were participants in the ESOP. Additionally, during the year ended March 31, 2015 the final loan payment was made by the ESOP to the Company and there was no compensation expense recorded in fiscal years 2022, 2021, or 2020.

At March 31, 2022 and 2021, 190,000 and 216,000 of ESOP shares, respectively, were allocated or available to be allocated to participants’ accounts. There are no shares of collateralized common stock related to the ESOP loan outstanding at March 31, 2022 and no ESOP shares were pledged as collateral to guarantee the ESOP term loans.