Net Periodic Benefit Cost (Tables)

12 Months Ended

Mar. 31, 2023

The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans:


	March 31,
	2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	356,974	$	404,841
Service cost	707		980
Interest cost	11,312		10,130
Actuarial (gain) loss	(42,652)		(30,482)
Benefits paid	(23,980)		(23,200)

Foreign exchange rate changes	(2,151)		(5,295)
Benefit obligation at end of year	$	300,210	$	356,974

Change in plan assets:
Fair value of plan assets at beginning of year	$	271,985	$	286,678
Actual gain (loss) on plan assets	(20,735)		3,048
Employer contribution	4,796		5,442
Benefits paid	(23,980)		(23,200)

Foreign exchange rate changes	(399)		17
Fair value of plan assets at end of year	$	231,667	$	271,985

Funded status	$	(68,543)	$	(84,989)
Unrecognized actuarial loss	17,169		29,230
Net amount recognized	$	(51,374)	$	(55,759)

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 quarter ended June 30, 2020 and resulted in a settlement charge of $2,722,000 which was recorded in Other (income) expense, net on the Consolidated Statements of Operations. During the quarter ended September 30, 2020, the Company purchased annuity contracts to settle the remaining liabilities of the terminated plan. The total settlement charge of $19,038,000 was recorded in Other (income) expense, net on the Statements of Operations during the twelve months ending March 31, 2021. There was no remaining asset surplus from the terminated plan as of March 31, 2023. The remaining surplus of $2,176,000 as of March 31, 2022, was used, as prescribed in the applicable regulations, to fund obligations associated with the Company's U.S. defined contribution plans.

Amounts recognized in the consolidated balance sheets are as follows:


	March 31,
	2023		2022
Other assets	$	5,832	$	5,208
Accrued liabilities	(3,715)		(3,523)
Other non-current liabilities	(70,660)		(86,674)
Accumulated other comprehensive loss, before tax	17,169		29,230
Net amount recognized	$	(51,374)	$	(55,759)

Net periodic pension cost included the following components:


	Year Ended March 31,
	2023		2022		2021
Service costs—benefits earned during the period	$	707	$	980	$	1,092
Interest cost on projected benefit obligation	11,312		10,130		11,527
Expected return on plan assets	(10,844)		(13,037)		(12,787)
Net amortization	851		1,457		3,234
Settlement	(62)		—		19,038
Net periodic pension cost (benefit)	$	1,964	$	(470)	$	22,104

Information for pension plans with a projected benefit obligation in excess of plan assets is as follows:


	March 31,
	2023		2022
Projected benefit obligation	$	176,201	$	211,307
Fair value of plan assets	101,826		121,110

Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:


	March 31,
	2023		2022
Accumulated benefit obligation	$	173,149	$	207,612
Fair value of plan assets	101,826		121,110

The weighted-average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also net periodic pension cost for the following year:


	2023		2022		2021
Discount rate	4.82	%	3.35	%	2.62	%
Expected long-term rate of return on plan assets	4.13	%	4.70	%	4.60	%
Rate of compensation increase on active plans	3.00	%	2.76	%	2.76	%
Interest crediting rates used in cash balance pension plans	4.04	%	1.05	%	1.10	%

The Company’s retirement plan target and actual asset allocations are as follows:


	Target	Actual
	2024	2023	2022
Equity securities	22%-12%	22%	34%
Fixed income securities	88% - 78%	78%	66%
Total plan assets	100%	100%	100%

Information about the expected benefit payments for the Company’s defined benefit plans is as follows:


2024	$	23,152
2025	23,105
2026	23,140
2027	23,109
2028	22,891
2029-2033	108,124

The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows:


	March 31,
	2023		2022
Asset categories:
Equity securities	$	41,850	$	80,020
Fixed income securities	178,904		178,155
Alternative real estate	8,565		11,849
Cash equivalents	2,348		1,961
Total	$	231,667	$	271,985

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The fair values by category of inputs as of March 31, 2023 and March 31, 2022 were as follows:


	Measured at NAV (1)		Quoted Prices in Active Markets for Identical Assets		Significant other observable Inputs		Significant unobservable Inputs
As of March 31, 2023:			(Level 1)		(Level 2)		(Level 3)		Total
Asset categories:
Equity securities	$	14,274	$	27,576	$	—	$	—	$	41,850
Fixed income securities	25,936		7,064		145,904		—		178,904
Alternative real estate	8,565		—		—		—		8,565
Cash equivalents	—		2,348		—		—		2,348
Total	$	48,775	$	36,988	$	145,904	$	—	$	231,667

(1) Reflects the net asset value (NAV) practical expedient used to approximate fair value.


	Measured at NAV (1)		Quoted Prices in Active Markets for Identical Assets		Significant other observable Inputs		Significant unobservable Inputs
As of March 31, 2022:			(Level 1)		(Level 2)		(Level 3)		Total
Asset categories:
Equity securities	$	33,321	$	46,699	$	—	$	—	$	80,020
Fixed income securities	26,312		17,013		133,670		1,160		178,155
Alternative real estate	11,849		—		—		—		11,849
Cash equivalents	—		1,961		—		—		1,961
Total	$	71,482	$	65,673	$	133,670	$	1,160	$	271,985