Retirement Plans (Tables)
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12 Months Ended |
Mar. 31, 2022 |
Retirement Benefits [Abstract] |
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Summary of Assumptions Related to Retirement Plan |
The following are assumptions related to the Plans: | | | | | | | | | | | | | | | | | | | | | | | March 31, | | | 2022 | | 2021 | | 2020 | Assumptions used to determine benefit obligations: | | | | | | | Discount rate | | 4.0 | % | | 3.3 | % | | 3.6 | % | Rate of compensation increases (a) | | — | % | | 3.0 | % | | 3.0 | % | Assumptions used to determine net pension expense: | | | | | | | Discount rate | | 3.3 | % | | 3.6 | % | | 4.0 | % | Expected return on plan assets | | 4.8 | % | | 4.8 | % | | 4.8 | % | Rate of compensation increases (b) | | 3.0 | % | | 3.0 | % | | 3.0 | % |
(a) Rate of compensation increase is not relevant to the Restoration Plan and the Canadian Plan due to freezing benefit accruals. (b) Rate of compensation increase is no longer relevant to the Restoration Plan due to freezing benefit accruals. Rate of compensation increase of $3.0% was used to determine the fiscal 2022 expenses for the Canadian Plan.
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Schedule of Pension Plan |
Net pension (benefit) expense for the Plans was: | | | | | | | | | | | | | | | | | | | | | | | Year Ended March 31, | (in thousands) | | 2022 | | 2021 | | 2020 | Service cost – benefits earned during the year | | $ | 43 | | | $ | 40 | | | $ | 71 | | Interest cost on projected benefit obligation | | 138 | | | 144 | | | 1,136 | | Expected return on assets | | (120) | | | (96) | | | (1,361) | | Net amortization and deferral | | 69 | | | 74 | | | 56 | | | | | | | | | Pension plan termination (a) | | — | | | — | | | 6,472 | | Curtailment impact | | (30) | | | — | | | — | | | | | | | | | Net pension expense | | $ | 100 | | | $ | 162 | | | $ | 6,374 | |
(a) Reflects impact of the termination of the Qualified Plan.
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Summary of Changes in Pension Obligations |
The following is a summary of the changes in the Plans' pension obligations: | | | | | | | | | | | | | | | | | March 31, | (in thousands) | | 2022 | | 2021 | Benefit obligation at beginning of year | | $ | 4,291 | | | $ | 3,880 | | Service cost | | 43 | | | 40 | | Interest cost | | 138 | | | 144 | | Actuarial gain | | (330) | | | 212 | | Benefits paid | | (216) | | | (265) | | | | | | | Curtailment impact | | (342) | | | — | | Currency translation impact | | 12 | | | 280 | | Benefit obligation at end of year | | $ | 3,596 | | | $ | 4,291 | | Accumulated benefit obligation | | $ | 3,596 | | | $ | 3,990 | |
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Summary of Reconciliation of Plan's Assets |
The following is a reconciliation of the Plans' assets: | | | | | | | | | | | | | | | | | March 31, | (in thousands) | | 2022 | | 2021 | Fair value of plan assets at beginning of year | | $ | 2,492 | | | $ | 1,898 | | Actual return on plan assets | | (6) | | | 441 | | Benefits paid | | (110) | | | (159) | | Company contributions | | 79 | | | 69 | | | | | | | | | | | | Currency translation impact | | 11 | | | 243 | | Fair value of plan assets at end of year | | $ | 2,466 | | | $ | 2,492 | |
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Summary of Net Pension Asset for Retirement Plan |
The following summarizes the net pension asset for the Plans | | | | | | | | | | | | | | | | | March 31, | (in thousands) | | 2022 | | 2021 | Plan assets at fair value | | $ | 2,466 | | | $ | 2,492 | | Benefit obligation | | (3,596) | | | (4,291) | | Unfunded status | | $ | (1,130) | | | $ | (1,799) | |
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Summary of Amounts Recognized in Balance Sheet |
The following summarizes amounts recognized in the balance sheets for the Plans: | | | | | | | | | | | | | | | | | March 31, | (in thousands) | | 2022 | | 2021 | | | | | | Current liabilities | | $ | (103) | | | $ | (104) | | Noncurrent liabilities | | (1,027) | | | (1,695) | | Unfunded status | | $ | (1,130) | | | $ | (1,799) | |
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Schedule of Change in Accumulated Other Comprehensive Loss Attributable to Components of Net Cost and Change in Benefit Obligation |
The following table presents the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in the benefit obligation: | | | | | | | | | | | | | | | | | March 31, | (in thousands) | | 2022 | | 2021 | Accumulated other comprehensive loss at beginning of year | | $ | (799) | | | $ | (871) | | Amortization of net loss | | 59 | | | 62 | | Amortization of prior service cost | | (5) | | | (31) | | Curtailment impact | | 311 | | | — | | | | | | | Net gain arising during the year | | 154 | | | 96 | | | | | | | Currency translation impact | | (86) | | | (55) | | Accumulated other comprehensive loss at end of year | | $ | (366) | | | $ | (799) | |
Amounts recorded in accumulated other comprehensive loss consist of: | | | | | | | | | | | | | | | | | March 31, | (in thousands) | | 2022 | | 2021 | Net prior service cost | | $ | — | | | $ | 27 | | Net loss | | (366) | | | (826) | | Accumulated other comprehensive loss | | $ | (366) | | | $ | (799) | |
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Schedule of Plan Asset Allocations |
The actual asset allocations for the Plans were as follows: | | | | | | | | | | | | | | | | | March 31, | Asset category | | 2022 | | 2021 | | | | | | Fixed income securities | | 99 | % | | — | % | Other | | — | % | | 100 | % | Cash and cash equivalents | | 1 | % | | — | % | Total | | 100 | % | | 100 | % |
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Summary of Expected Cash Benefit Payments |
The following table summarizes the expected cash benefit payments for the Plans for fiscal years ending March 31 (in millions): | | | | | | | | | 2023 | | $ | 0.2 | | 2024 | | 0.2 | | 2025 | | 0.2 | | 2026 | | 0.2 | | 2027 | | 0.2 | | Thereafter | | 1.1 | |
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