Employee Benefit Plans

12 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

We provide a 401(k) plan to substantially all of our employees. Participating employees may defer up to the Internal Revenue Service limit per year based on the Internal Revenue Code. The annual contribution is determined by a formula set by our Board of Directors ("Board") and may include matching and/or discretionary contributions. The amount of the Company match is discretionary and subject to change. The retirement plans may be amended or discontinued at the discretion of the Board. Net contributions of $5,973, $6,922 and $4,625 were made by the Company to the 401(k) plan for the years ended March 31,

2023, 2022, and 2021, respectively. Net contributions for the year ended March 31, 2022 reflect an additional discretionary Company contribution made to eligible employees.

We have a deferred compensation plan (the “Deferral Plan”) for the benefit of those employees who qualify. Participating employees may defer up to 75% of their salary and 100% of their annual bonus for a Deferral Plan year. In addition, we may, but are not required to, make contributions into the Deferral Plan on behalf of participating employees, and the amount of the Company match is discretionary and subject to change. Each employee's deferrals together with earnings thereon are accrued as part of our long-term liabilities. Investment decisions are made by each participating employee from a family of mutual funds. The deferred compensation liability was $8,033 and $7,230 at March 31, 2023 and 2022, respectively. To offset this liability, we have purchased life insurance policies on some of the participants. The Company is the owner and beneficiary of the policies and the cash values are intended to produce cash needed to help make the benefit payments to employees when they retire or otherwise leave the Company. We intend to hold the life insurance policy until the death of the plan participant. The cash surrender value of the life insurance policies for deferred compensation was $8,060 and $8,098 at March 31, 2023 and 2022, respectively. The values of the life insurance policies and our related obligations are included on the consolidated balance sheets in long-term other assets and long-term deferred compensation, respectively. We made contributions of $129, $116 and $79 to the Deferral Plan for the years ended March 31, 2023, 2022, and 2021, respectively.