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RETIREMENT PLANS
 12 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS
We had a frozen qualified defined benefit pension plan (the “Qualified Plan”) that covered certain of our U.S. employees. In September 2019, the Qualified Plan was terminated and resulted in an overall termination charge of $7.0 million.

We maintain a frozen unfunded retirement restoration plan (the “Restoration Plan”) that is a non-qualified plan providing for the payment to participating employees, upon retirement, of the difference between the maximum annual payment permissible under the Qualified Plan pursuant to federal limitations and the amount that would otherwise have been payable under the Qualified Plan. The Restoration Plan was closed to new participants on January 1, 2015 and was amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015. As of March 31, 2024 and 2023, the Restoration Plan reported liabilities of $1.2 million and $1.3 million, respectively.

We had a registered defined benefit pension plan (the "Canadian Plan") that covered all of our employees based at our facility in Alberta, Canada. The plan was amended to freeze benefit accruals effective as of January 31, 2022. In January 2023, the Canadian Plan was terminated and resulted in an overall termination charge of $0.5 million ($0.4 million, net of tax) recorded in other (expense) income, net, due primarily to the recognition of expenses that were previously included in accumulated other comprehensive loss and the recognition of additional costs associated with the annuity purchase contract.

The plans described above (collectively, the "Plans") are presented in aggregate as the impact of the Restoration Plan and Canadian Plan to our consolidated financial position and results of operations is not material.
The following are assumptions related to the Plans:
March 31,
202420232022
Assumptions used to determine benefit obligations:
Discount rate5.5 %5.4 %4.0 %
Assumptions used to determine net pension expense:
Discount rate5.4 %4.0 %3.3 %

The summary of the changes in the Restoration Plan's pension obligations:
March 31,
(in thousands)20242023
Benefit obligation at beginning of year$1,261 $1,447 
Interest cost65 56 
Actuarial gain(3)(136)
Benefits paid(106)(106)
Benefit obligation at end of year$1,217 $1,261 
Accumulated benefit obligation$1,217 $1,261 

The following summarizes amounts recognized in the balance sheets for the Restoration Plan:
March 31,
(in thousands)20242023
Current liabilities$(103)$(103)
Noncurrent liabilities(1,114)(1,158)
Unfunded status$(1,217)$(1,261)

Net pension expense for the Plans was:
Year Ended March 31,
(in thousands)202420232022
Service cost – benefits earned during the year$— $— $43 
Interest cost on projected benefit obligation65 56 138 
Expected return on assets— — (120)
Net amortization and deferral2 42 69 
Pension plan termination (a)— 453 — 
Curtailment impact— — (30)
Net pension expense$67 $551 $100 
(a) Reflects impact of the termination of the Canadian Plan.

No estimated prior service costs or net loss for the Plans will be amortized from accumulated other comprehensive loss into pension expense in the year ended March 31, 2024.
The following table summarizes the expected cash benefit payments for the Restoration Plan for fiscal years ending March 31 (in millions):

2025$0.1 
20260.1 
20270.1 
20280.1 
20290.1 
Thereafter0.5 

Defined Contribution Plan

Effective October 1, 2015, we began to sponsor a defined contribution plan covering substantially all of our U.S. employees. Employees may contribute to this plan, and these contributions are matched 100% by us up to 6.0% of eligible earnings. We also contribute an additional percentage of eligible earnings to employees regardless of their level of participation in the plan, which is discretionary and varies based on profitability. We made total contributions to the plan of $6.3 million and $5.7 million during the years ended March 31, 2024 and 2023, respectively.


Employee Stock Ownership Plan

We sponsor a qualified, non-leveraged employee stock ownership plan (“ESOP”) in which domestic employees are eligible to participate following the completion of one year of service. The ESOP provides annual discretionary contributions of up to the maximum amount that is deductible under the Internal Revenue Code. Contributions to the ESOP are invested in our common stock. A participant’s interest in contributions to the ESOP fully vests after three years of credited service or upon retirement, permanent disability (each, as defined in the plan document) or death.

We recorded total contributions to the ESOP of $4.8 million, $3.1 million and $2.3 million during the years ended March 31, 2024, 2023 and 2022, respectively, based on performance in the prior year. During the year ended March 31, 2024, $4.4 million was recorded to expense based on performance in the year ended March 31, 2024 and is expected to be contributed to the ESOP during the year ending March 31, 2025.

The ESOP held 497,835 and 537,293 shares of CSWI common stock as of March 31, 2024 and 2023, respectively.