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Retirement Plans
 12 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
Defined Benefit Plans

The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans.

Net periodic pension cost for fiscal 2025, 2024 and 2023, includes the following components:
 
 United States PlansInternational Plans
 Fiscal year ended March 31,Fiscal year ended March 31,
 202520242023202520242023
Service cost$— $— $— $954 $884 $918 
Interest cost491 657 582 2,501 2,215 1,715 
Expected return on plan assets(141)(424)(455)(1,421)(1,244)(2,005)
Amortization and deferral(61)— — 582 326 478 
Settlement gain (1,548)— — — — — 
Net periodic benefit cost$(1,259)$233 $127 $2,616 $2,181 $1,106 
The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans:
 
 United States PlansInternational Plans
 March 31,March 31,
  
2025202420252024
Change in projected benefit obligation
Benefit obligation at the beginning of the period$13,313 $14,056 $55,806 $51,718 
Service cost— — 954 884 
Interest cost491 657 2,501 2,215 
Benefits paid, inclusive of plan expenses(635)(865)(2,759)(2,353)
Plan curtailments and settlements(13,338)— — — 
Plan combinations — — — 1,835 
Actuarial (gains) losses 169 (535)(3,601)633 
Foreign currency translation adjustment— 901 874 
Benefit obligation at the end of the period$— $13,313 $53,802 $55,806 

Change in plan assets
Fair value of plan assets at the beginning of the period$15,153 $13,975 $32,563 $40,104 
Actual return on plan assets(23)2,043 (2,075)(7,717)
Employer contributions— — 1,720 1,655 
Benefits paid, inclusive of plan expenses(635)(865)(2,759)(2,353)
Plan curtailments and settlements(13,338)— — — 
Foreign currency translation adjustment— — 715 874 
Fair value of plan assets at the end of the period$1,157 $15,153 $30,164 $32,563 
Funded status surplus (deficit)$1,157 $1,840 $(23,638)$(23,243)
 
 March 31,
 20252024
Amounts recognized in the Consolidated Balance Sheets consist of:
Non-current assets$4,409 $5,606 
Accrued expenses(1,583)(1,497)
Other liabilities(25,307)(25,512)
Funded status deficit$(22,481)$(21,403)

The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2025, 2024 and 2023:
 Fiscal year ended March 31,
 202520242023
Amounts recorded in AOCI before taxes:
Prior service cost$(43)$(85)$(128)
Net loss(11,145)(9,590)(2,307)
Net amount recognized$(11,188)$(9,675)$(2,435)

The following table represents changes in plan assets and benefit obligations recognized in AOCI for the Company’s pension plans for the years ended March 31, 2025, 2024 and 2023:
 
 Fiscal year ended March 31,
 202520242023
Changes in plan assets and benefit obligations:
New prior service cost$— $— $— 
Net loss (gain) arising during the year228 7,439 (10,352)
Effect of exchange rates on amounts included in AOCI260 127 (957)
Amounts recognized as a component of net periodic benefit costs:
Amortization of prior service cost(42)(42)(41)
Amortization or settlement recognition of net loss1,069 (284)(438)
Total recognized in other comprehensive (income) loss$1,515 $7,240 $(11,788)

The amounts included in AOCI as of March 31, 2025 that are expected to be recognized as components of net periodic pension cost (before tax) during the next twelve months are as follows:
 
Prior service cost$(42)
Net loss(567)
Net amount expected to be recognized$(609)

The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each fiscal year are as follows:
 
 United States PlansInternational Plans
 March 31,March 31,
 2025202420252024
All defined benefit plans:
Accumulated benefit obligation$— $13,313 $51,690 $53,169 
Unfunded defined benefit plans:
Projected benefit obligation$— $— $26,871 $27,009 
Accumulated benefit obligation— — 24,787 24,930 
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$— $— $27,214 $27,009 
Fair value of plan assets— — 325 — 
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$— $— $26,871 $27,009 
Accumulated benefit obligation— — 24,787 24,930 
Fair value of plan assets— — — — 
Assumptions

Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows:

 
 United States PlansInternational Plans
 Fiscal year ended March 31,Fiscal year ended March 31,
 202520242023202520242023
Discount rate5.2 %4.9 %3.7 %
3.8%-5.3%
3.5%-6.0%
1.5%-5.4%
Expected return on plan assets3.25 5.5 5.5 
4.8-5
4-4.7
3.1-5.3
Rate of compensation increaseN/AN/AN/A
2.5-4.5
2.3-4.5
1.8-5.5
N/A = not applicable

Significant assumptions used to determine the projected benefit obligations for the U.S. and International plans were as follows:

 
 United States PlansInternational Plans
 March 31,March 31,
 2025202420252024
Discount rateN/A5.2 %
3.3%-5.9%
3.8%-5.3%
Rate of compensation increaseN/AN/A
2.0-4.5
2.5-4.5
 N/A = not applicable

The United States plans do not include compensation in the formula for determining the pension benefit as it is based solely on years of service.

The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis.

Pension Plan Investment Strategy

The US plan has been terminated during fiscal 2025. Once all expenses associated with the plan termination have been paid, any excess cash will be returned to the company. In fiscal 2024, the UK plan entered in an annuity insurance contract and now the UK plan is fully insured.
The following table represents the Company's pension plan investments measured at fair value as of March 31, 2025 and 2024 and the basis for that measurement:

 March 31, 2025
 United States PlansInternational Plans
 Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset category:
Cash and cash equivalents$1,157 $1,157 $— $— $3,252 $3,252 $— $— 
Equity securities
US(a)
— — — — — — — — 
International(b)
— — — — — — — — 
Fixed income(c)
— — — — 324 — 324 — 
Other investments(d)
— — — — 26,588 — — 26,588 
Total$1,157 $1,157 $— $— $30,164 $3,252 $324 $26,588 
 
 March 31, 2024
 United States PlansInternational Plans
 Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset category:
Cash and cash equivalents$5,473 $5,473 $— $— $3,752 $3,752 $— $— 
Equity securities
US(a)
— — — — — — — — 
International(b)
— — — — — — — — 
Fixed income(c)
9,680 9,680 — — 314 — 314 — 
Other investments(d)
— — — — 28,497 — — 28,497 
Total$15,153 $15,153 $— $— $32,563 $3,752 $314 $28,497 

The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1.
(a)US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks.
(b)International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets.
(c)Fixed income consists primarily of investment grade bonds from diversified industries.
(d)Other investments consists of a buy-in annuity insurance contract. The fair value of the buy-in policy is set equal to the value of the obligations as determined by the actuary. This value is considered Level 3 due to the use of the significant unobservable inputs.

Level 3 Rollforward

The following presents our Level 3 Rollforward for our defined pension plan assets:
Beginning of year balance as of March 31, 2024$28,497 
Actual return on plan assets, relating to assets still held at the reporting date$(1,511)
Purchases$(1,024)
Change due to exchange rate changes$626 
End of year balance as of March 31, 2025$26,588 


The Company expects to make cash contributions of approximately $1,616 to its pension plans in fiscal 2026.
Estimated future benefit payments under the Company’s pension plans are as follows:
 
2026$2,588 
20272,468 
20283,014 
20293,579 
20303,965 
Years 2031-203520,097 

Defined Contribution Plan

The Company maintains defined contribution plans primarily in the U.S. and U.K. eligible employees can contribute a portion of their pre-tax and / or after-tax income in accordance with plan guidelines and the Company will make contributions based on the employees’ eligible pay and /or will match a percentage of the employee contributions up to certain limits. Matching contributions charged to expense for the fiscal years ended March 31, 2025, 2024 and 2023 were $22,031, $22,819 and $20,933, respectively.