Employee Benefits

12 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefits

Employee Benefits

The Company provides defined contribution plans covering employees subject to minimum age and service guidelines. Eligible employees may contribute a percentage of their annual compensation subject to statutory guidelines. The Company makes non-discretionary contributions to the plans, which amounted to $6.0 million, $4.6 million and $4.3 million for the years ended March 31, 2024, 2023 and 2022, respectively, and are included in cash-based compensation in the consolidated statements of income.

One of the Company’s subsidiaries with non-U.S. operations maintains a defined benefit pension plan (the “Plan”). The Plan covers certain non-U.S. employees and provides benefits to such employees upon retirement, disability and/or death. As of March 31, 2024 and 2023, the Plan’s assets totaled $32.4 million and $27.4 million, respectively. As of March 31, 2024 and 2023, the underfunded pension obligation, based on the latest actuarial determination, was $2.6 million and $2.8 million, respectively, and is included in accrued compensation and benefits in the consolidated balance sheets. Net period benefit cost recognized was $1.0 million, $0.5 million and $1.1 million for the years ended March 31, 2024, 2023 and 2022, respectively, which is included in cash-based compensation in the consolidated statements of income.