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Employee Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Consolidated Defined Benefit Pension Plans

The following tables set forth the Company's consolidated defined benefit pension plans for its union and non-union employees as of March 31, 2024 and 2023, and the amounts recorded on the consolidated balance sheets at March 31, 2024 and 2023. Company contributions include amounts contributed directly to plan assets and indirectly as benefits paid from the Company's assets. Benefit payments reflect the total benefits paid from the plans and the Company's assets. Information on the plans includes both the domestic qualified and nonqualified plans and the foreign qualified plans.

 

 

 

Pension Benefits

 

 

 

Year ended March 31,

 

 

 

2024

 

 

2023

 

Change in projected benefit obligations

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

1,660,423

 

 

$

1,946,201

 

Service cost

 

 

408

 

 

 

638

 

Interest cost

 

 

80,492

 

 

 

65,069

 

Actuarial gain

 

 

(34,360

)

 

 

(185,210

)

Participant contributions

 

 

117

 

 

 

115

 

Benefits paid

 

 

(149,891

)

 

 

(163,614

)

Currency translation adjustment

 

 

591

 

 

 

(2,776

)

Projected benefit obligation at end of year

 

$

1,557,780

 

 

$

1,660,423

 

Accumulated benefit obligation at end of year

 

$

1,557,533

 

 

$

1,659,607

 

Assumptions used to determine benefit
   obligations at end of year

 

 

 

 

 

 

Discount rate

 

5.09 - 5.38%

 

 

5.09 - 5.19%

 

Rate of compensation increase

 

3.93%

 

 

3.92%

 

Schedule of Change in Fair Value of Plan Assets

 

 

Pension Benefits

 

 

 

Year ended March 31,

 

 

 

2024

 

 

2023

 

Change in fair value of plan assets

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

1,306,456

 

 

$

1,649,241

 

Actual return on plan assets

 

 

82,565

 

 

 

(177,419

)

Participant contributions

 

 

117

 

 

 

115

 

Company contributions

 

 

40,239

 

 

 

1,100

 

Benefits paid

 

 

(149,890

)

 

 

(163,615

)

Currency translation adjustment

 

 

704

 

 

 

(2,966

)

Fair value of plan assets at end of year

 

$

1,280,191

 

 

$

1,306,456

 

Funded status (underfunded)

 

 

 

 

 

 

Funded status

 

$

(277,589

)

 

$

(353,967

)

Reconciliation of amounts recognized on the
   consolidated balance sheets

 

 

 

 

 

 

Pension asset—noncurrent

 

$

5,953

 

 

$

5,124

 

Accrued benefit liability—current

 

 

(757

)

 

 

(768

)

Accrued benefit liability—noncurrent

 

 

(282,785

)

 

 

(358,323

)

Net amount recognized

 

$

(277,589

)

 

$

(353,967

)

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

Year ended March 31,

 

 

Year ended March 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Reconciliation of amounts recognized in
   accumulated other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

Prior service costs (credits)

 

$

1,254

 

 

$

1,356

 

 

$

(38,795

)

 

$

(43,900

)

Actuarial losses (gains)

 

 

714,855

 

 

 

756,664

 

 

 

(41,678

)

 

 

(45,347

)

Income tax (benefits) expenses related to above items

 

 

(204,132

)

 

 

(204,132

)

 

 

42,016

 

 

 

42,016

 

Unamortized benefit plan costs (gains)

 

$

511,977

 

 

$

553,888

 

 

$

(38,457

)

 

$

(47,231

)

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for fiscal years ended March 31, 2024, 2023, and 2022, are as follows:

 

 

 

Pension Benefits

 

 

 

Year Ended March 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Components of net periodic pension
   cost

 

 

 

 

 

 

 

 

 

Service cost

 

$

408

 

 

$

638

 

 

$

745

 

Interest cost

 

 

80,492

 

 

 

65,069

 

 

 

46,891

 

Expected return on plan assets

 

 

(105,039

)

 

 

(121,195

)

 

 

(133,540

)

Amortization of prior service cost

 

 

102

 

 

 

102

 

 

 

260

 

Amortization of net loss

 

 

30,099

 

 

 

30,859

 

 

 

38,407

 

Curtailment loss

 

 

 

 

 

 

 

 

16,024

 

Settlements

 

 

 

 

 

 

 

 

35,927

 

Special termination benefits

 

 

 

 

 

 

 

 

54

 

Total net periodic benefit expense (income)

 

$

6,062

 

 

$

(24,527

)

 

$

4,768

 

Assumptions used to determine net
   periodic pension cost

 

 

 

 

 

 

 

 

 

Discount rate

 

5.09 - 5.19%

 

 

2.66% - 3.93%

 

 

1.75% - 3.47%

 

Expected long-term rate of return on plan assets

 

5.75 - 8.00%

 

 

5.75 - 8.00%

 

 

1.41 - 8.00%

 

Rate of compensation increase

 

 

3.92

%

 

3.50 - 4.22%

 

 

2.80 - 3.50%

 

Schedule of Estimated Future Benefit Payments from Plan Assets

The total estimated future benefit payments for the pension plans are expected to be paid from the plan assets and company funds. Estimated future benefit payments from plan assets and Company funds for the next ten fiscal years are as follows:

 

Year

 

Pension
Benefits

 

2025

 

$

155,839

 

2026

 

 

141,299

 

2027

 

 

137,467

 

2028

 

 

133,892

 

2029

 

 

129,551

 

2030 - 2034

 

 

588,180

 

Schedule of Allocation of Plan Assets

The table below sets forth the Company's target asset allocation for fiscal 2024 and the actual asset allocations at March 31, 2024 and 2023.

 

 

 

 

 

Actual Allocation

 

 

 

Target Allocation

 

March 31,

 

Asset Category

 

Fiscal 2024

 

2024

 

 

2023

 

Equity securities

 

50% - 60%

 

 

58

%

 

 

55

%

Fixed income securities

 

30% - 40%

 

 

31

 

 

 

34

 

Alternative investment funds

 

0% - 10%

 

 

10

 

 

 

10

 

Other

 

0% - 5%

 

 

1

 

 

 

1

 

Total

 

 

 

 

100

%

 

 

100

%

The tables below provide the fair values of the Company's plan assets at March 31, 2024 and 2023, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category (refer to Note 2 for definition of levels).

 

 

March 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

18,974

 

 

$

 

 

$

 

 

$

18,974

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

107,551

 

 

 

 

 

 

 

 

 

107,551

 

U.S. equity

 

 

10,012

 

 

 

 

 

 

 

 

 

10,012

 

U.S. commingled fund

 

 

438,146

 

 

 

 

 

 

 

 

 

438,146

 

International commingled fund

 

 

30,618

 

 

 

 

 

 

 

 

 

30,618

 

Fixed income securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

 

 

 

13,025

 

 

 

 

 

 

13,025

 

Government securities

 

 

 

 

 

336,706

 

 

 

 

 

 

336,706

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Insurance contracts

 

 

 

 

 

 

 

 

613

 

 

 

613

 

Total investment in securities—assets

 

$

605,301

 

 

$

349,731

 

 

$

613

 

 

$

955,645

 

U.S. equity commingled fund

 

 

 

 

 

 

 

 

 

 

 

17,729

 

International equity commingled fund

 

 

 

 

 

 

 

 

 

 

 

133,851

 

U.S. fixed income commingled fund

 

 

 

 

 

 

 

 

 

 

 

34,098

 

International fixed income commingled fund

 

 

 

 

 

 

 

 

 

 

 

2,070

 

Government securities commingled fund

 

 

 

 

 

 

 

 

 

 

 

8,760

 

Private equity and infrastructure

 

 

 

 

 

 

 

 

 

 

 

126,351

 

Other

 

 

 

 

 

 

 

 

 

 

 

60

 

Total investment measured at NAV as a
   practical expedient

 

 

 

 

 

 

 

 

 

 

$

322,919

 

Receivables

 

 

 

 

 

 

 

 

 

 

 

2,462

 

Payables

 

 

 

 

 

 

 

 

 

 

 

(835

)

Total plan assets

 

 

 

 

 

 

 

 

 

 

$

1,280,191

 

 

 

 

 

March 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,163

 

 

$

 

 

$

 

 

$

17,163

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

100,370

 

 

 

 

 

 

 

 

 

100,370

 

U.S. equity

 

 

3,190

 

 

 

 

 

 

 

 

 

3,190

 

U.S. commingled fund

 

 

417,307

 

 

 

 

 

 

 

 

 

417,307

 

International commingled fund

 

 

30,977

 

 

 

 

 

 

 

 

 

30,977

 

Fixed income securities

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

 

 

 

12,904

 

 

 

 

 

 

12,904

 

Government securities

 

 

 

 

 

361,070

 

 

 

 

 

 

361,070

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Insurance contracts

 

 

 

 

 

 

 

 

626

 

 

 

626

 

Total investment in securities—assets

 

$

569,007

 

 

$

373,974

 

 

$

626

 

 

$

943,607

 

U.S. equity commingled fund

 

 

 

 

 

 

 

 

 

 

 

2,866

 

International equity commingled fund

 

 

 

 

 

 

 

 

 

 

 

161,458

 

U.S. fixed income commingled fund

 

 

 

 

 

 

 

 

 

 

 

44,861

 

International fixed income commingled fund

 

 

 

 

 

 

 

 

 

 

 

7,070

 

Government securities commingled fund

 

 

 

 

 

 

 

 

 

 

 

14,599

 

Private equity and infrastructure

 

 

 

 

 

 

 

 

 

 

 

126,549

 

Other

 

 

 

 

 

 

 

 

 

 

 

3,592

 

Total investment measured at NAV as a
   practical expedient

 

 

 

 

 

 

 

 

 

 

$

360,995

 

Receivables

 

 

 

 

 

 

 

 

 

 

 

2,288

 

Payables

 

 

 

 

 

 

 

 

 

 

 

(434

)

Total plan assets

 

 

 

 

 

 

 

 

 

 

$

1,306,456

 

Schedule of Effect of Twenty Five Basis-Point Change in Discount Rates

The effect of a 25 basis-point change in discount rates as of March 31, 2024, is shown below:

 

 

 

Pension
Benefits

 

Increase of 25 basis points

 

 

 

Obligation

*

$

(31,238

)

Net periodic expense

 

 

140

 

Decrease of 25 basis points

 

 

 

Obligation

*

$

32,433

 

Net periodic expense

 

 

(165

)

* Excludes impact to plan assets due to the LDI investment approach discussed above under "Plan Assets, Investment Policy and Strategy."