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Employee Benefit Plans

12 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plans

The Company has defined benefit pension plans that cover certain French and German employees. Most of these defined pension plans, which were acquired in prior acquisitions, are unfunded. Plan benefits are provided in accordance with local statutory requirements. Benefits are based on years of service and employee compensation levels. Pension liabilities and charges are based upon various assumptions, updated annually, including discount rates, future salary increases, employee turnover, and mortality rates. The Company’s French pension plan provides for termination benefits paid to covered French employees only at retirement, and consists of approximately one to five months of salary. The Company's German pension plan provides for defined benefit payouts for covered German employees following retirement.

The change in projected benefit obligation and the accumulated benefit obligation, were as follows (in millions):

			Fiscal Year Ended March 31,
			2022						2021
Projected benefit obligation at the beginning of the year			$	83.0					$	70.0
Service cost			1.8						1.6
Interest cost			0.7						1.0
Actuarial (gains) losses			(5.4)						8.2
Benefits paid			(1.5)						(1.5)
Foreign currency exchange rate changes			(4.0)						3.7
Projected benefit obligation at the end of the year			$	74.6					$	83.0
Accumulated benefit obligation at the end of the year			$	68.0					$	76.3
Weighted average assumptions:
Discount rate			1.59		%				0.93		%
Rate of compensation increase			3.03		%				3.01		%

The Company's pension liability represents the present value of estimated future benefits to be paid. The discount rate is based on the quarterly average yield for Euros treasuries with a duration of 30 years, plus a supplement for corporate bonds (Euros, AA rating). Net actuarial (gains) losses, which are included in accumulated other comprehensive loss in the Company's consolidated balance sheets, will be recognized as a component of net periodic cost over the average remaining service period.

Future estimated expected benefit payments for fiscal year 2023 through 2032 are as follows (in millions):

Fiscal Year Ending March 31,						Amount
2023						$	1.6
2024						1.9
2025						2.1
2026						2.4
2027						2.2
2028 through 2032						14.9
Total						$	25.1

The Company's net periodic pension cost for fiscal 2023 is expected to be approximately $3.1 million.

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI http://asc.fasb.org/topic&trid=2197446

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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- References

No definition available.

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