16. Retirement Plans and Other Postretirement Benefits

Defined Contribution Plans

Employees may participate in one of the Company’s 401k plans, which provide for matching contributions. Expenses related to these 401k plans were immaterial for the years ended March 31, 2020, 2019 and 2018.

Deferred Compensation Plans

Certain of the Company’s employees are eligible to participate in deferred compensation plans. Pursuant to these deferred compensation plans, certain executives and other highly compensated employees may defer a portion of their salaries and incentive compensation at their discretion.

The following table summarizes the liabilities related to this plan at March 31, 2020 and 2019:


	March 31,		March 31,
Balance Sheet Location	2020		2019
Accrued expenses	$	1,772	$	—
Other long-term liabilities		15,880		—
Total deferred compensation	$	17,652	$	—

Post-employment Benefits

The Company generally offers post-employment benefits to its employees in the case of certain employee termination events consisting of severance and outplacement services. The extent of such benefits varies based on employee title and accumulates based on the respective employee’s years of service. Due to the episodic nature of severance benefit history at the Joint Venture and the inability to reasonably predict future termination events, no accrual for accumulating severance benefits is accrued until the point that the payment of a severance benefit is probable and can be reasonably estimated. As of March 31, 2020 and 2019, the Company recognized liabilities related to these benefits of $5,927 and $0, respectively.