XML 86 R47.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Pensions and Other Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans:
 March 31,
 20242023
Change in benefit obligation:  
Benefit obligation at beginning of year$300,210 $356,974 
Service cost512 707 
Interest cost13,548 11,312 
Actuarial (gain) loss(2,754)(42,652)
Benefits paid(22,650)(23,980)
Settlement(20,510)— 
Foreign exchange rate changes(331)(2,151)
Benefit obligation at end of year$268,025 $300,210 
Change in plan assets:  
Fair value of plan assets at beginning of year$231,667 $271,985 
Actual gain (loss) on plan assets4,328 (20,735)
Employer contribution6,761 4,796 
Benefits paid(22,650)(23,980)
Settlement(20,510)— 
Foreign exchange rate changes(4)(399)
Fair value of plan assets at end of year$199,592 $231,667 
Funded status$(68,433)$(68,543)
Unrecognized actuarial loss16,229 17,169 
Net amount recognized$(52,204)$(51,374)
Amounts recognized in the consolidated balance sheets are as follows:        
 March 31,
 20242023
Other assets$5,905 $5,832 
Accrued liabilities(3,786)(3,715)
Other non-current liabilities(70,552)(70,660)
Accumulated other comprehensive loss, before tax16,229 17,169 
Net amount recognized$(52,204)$(51,374)
Net periodic pension cost included the following components:
Year Ended March 31,
 202420232022
Service costs—benefits earned during the period$512 $707 $980 
Interest cost on projected benefit obligation13,548 11,312 10,130 
Expected return on plan assets(11,459)(10,844)(13,037)
Net amortization360 851 1,457 
Settlement4,984 (62)— 
Net periodic pension cost (benefit)$7,945 $1,964 $(470)

Information for pension plans with a projected benefit obligation in excess of plan assets is as follows:
 March 31,
 20242023
Projected benefit obligation$171,273 $176,201 
Fair value of plan assets96,935 101,826 

Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:
 March 31,
 20242023
Accumulated benefit obligation$168,488 $173,149 
Fair value of plan assets96,935 101,826 
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:
 202420232022
Discount rate4.82 %4.82 %3.35 %
Expected long-term rate of return on plan assets5.27 %4.13 %4.70 %
Rate of compensation increase on active plans3.00 %3.00 %2.76 %
Interest crediting rates used in cash balance pension plans4.95 %4.04 %1.05 %
The Company’s retirement plan target and actual asset allocations are as follows:
 TargetActual
 202520242023
Equity securities
18%-8%
8%22%
Fixed income securities
92% - 82%
92%78%
Total plan assets100%100%100%
Information about the expected benefit payments for the Company’s defined benefit plans is as follows:
2025$22,548 
202622,335 
202722,149 
202821,728 
202921,278 
2030-203497,940 
The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows:
 March 31,
 20242023
Asset categories:  
Equity securities$15,266 $27,576 
Fixed income securities 81,890 76,701 
Common collective trusts98,117 116,477 
Alternative real estate— 8,565 
Cash equivalents4,319 2,348 
Total$199,592 $231,667 
Schedule of Changes in Fair Value of Plan Assets The fair values by category of inputs as of March 31, 2024 and March 31, 2023 were as follows:
 Measured at NAV (1)Quoted Prices
in Active
Markets for
Identical Assets		Significant other
observable
Inputs		Significant
unobservable
Inputs		 
As of March 31, 2024:
(Level 1)(Level 2)(Level 3)Total
Asset categories: 
Equity securities$— $15,266 $— $— $15,266 
Fixed income securities— 81,890 — — 81,890 
Common collective trusts98,117 — — — 98,117 
Cash equivalents— 4,319 — — 4,319 
Total$98,117 $101,475 $— $— $199,592 
(1) Reflects the net asset value (NAV) practical expedient used to approximate fair value.
 Measured at NAV (1)Quoted Prices
in Active
Markets for
Identical Assets		Significant other
observable
Inputs		Significant
unobservable
Inputs		 
As of March 31, 2023:
(Level 1)(Level 2)(Level 3)Total
Asset categories:    
Equity securities$— $27,576 $— $— $27,576 
Fixed income securities— 76,701 — — 76,701 
Common collective trusts116,477 — — — 116,477 
Alternative real estate8,565 — — — 8,565 
Cash equivalents— 2,348 — — 2,348 
Total$125,042 $106,625 $— $— $231,667 
(1) Reflects the net asset value (NAV) practical expedient used to approximate fair value.