Net Periodic Benefit Cost

3 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Compensation and Employee Benefit Plans

10.    Net Periodic Benefit Cost

The following table sets forth the components of net periodic pension cost for the Company’s defined benefit pension plans (in thousands):

	Three Months Ended
	June 30, 2021		June 30, 2020
Service costs	$	254	$	261
Interest cost	2,576		3,115
Expected return on plan assets	(3,261)		(3,479)
Net amortization	370		881
Settlement	—		2,722
Net periodic pension (benefit) cost	$	(61)	$	3,500

Components of the net benefit costs other than the service cost component are recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. Service costs are recorded as part of Income from operations.

During fiscal 2021, the Company settled the liabilities for one of its U.S. pension plans through a combination of (i) lump sum payments to eligible participants who elected to receive them and (ii) the purchase of annuity contracts for participants who did not elect lump sums. The lump sum payments were paid during the three months ended June 30, 2020 and resulted in a settlement charge of $2,722,000 which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations.

The Company currently plans to contribute approximately $5,255,000 to its pension plans in fiscal 2022.

The following table sets forth the components of net periodic postretirement benefit cost (benefit) for the Company’s defined benefit postretirement plans (in thousands):

	Three Months Ended
	June 30, 2021		June 30, 2020
Interest cost	$	8	$	14
Amortization of plan net losses	(55)		(52)
Net periodic postretirement (benefit) cost	$	(47)	$	(38)

For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated financial statements included in the 2021 10-K.