Employee Benefits |
12 Months Ended |
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Mar. 31, 2024 | |
| Retirement Benefits [Abstract] | |
| Employee Benefits | Employee Benefits The Company has defined contribution plans covering substantially all domestic employees and certain foreign subsidiary employees who meet predefined service and eligibility requirements. Participant benefits are 100% vested upon participation. The Company matches employee contributions, limited to 50% of the first 10% of each eligible employee's salary contributed. The Company's matching contributions to defined contribution plans on a consolidated basis were approximately $3,611, $3,180, and $2,708 in fiscal 2024, 2023, and 2022, respectively.
The Company has an incentive compensation program to provide employees with incentive pay based on the Company's ability to achieve certain sales, profitability, and safety objectives. From time to time, the compensation committee of the Board of Directors, at its sole discretion, can add additional amounts to the overall incentive pay achieved. The Company recorded approximately $6,205, $9,668, and $7,258 for incentive compensation earned and other discretionary amounts in fiscal 2024, 2023, and 2022, respectively.
The Company provides a non-qualified deferred compensation plan for certain highly compensated employees where payroll contributions are made by the employees on a pre-tax basis. Included in “Other non-current assets” in the consolidated balance sheets at March 31, 2024 and 2023 were $8,384 and $6,350, respectively, of deferred compensation plan assets held by the Company. The Company has a corresponding liability to participants of $7,574 and $5,671 included in “Other non-current liabilities” in the consolidated balance sheet at March 31, 2024 and 2023, respectively. Deferred compensation plan expense/(income) was $1,231, $(208), and $283 for the years ended March 31, 2024, 2023, and 2022 respectively, and is presented as such in our consolidated statements of operations and comprehensive income. Expenses and income from our deferred compensation plan were mostly offset by unrealized gains and losses for the deferred compensation plan included in other income/(expense) on our consolidated statements of operations and comprehensive income. Our unrealized (gains)/losses on investments were $(1,290), $154, and $(285) for the year ended March 31, 2024, 2023, and 2022, respectively.
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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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