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Retirement Plans | 12 Months Ended
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Mar. 31, 2022
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 2022, 2021 and 2020, includes the following components:
|  | United States Plans |  | International Plans
|  | Fiscal year ended March 31, |  | Fiscal year ended March 31,
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,114 |  |  | $ | 993 |  |  | $ | 906 |
Interest cost |  | 517 |  |  | 533 |  |  | 616 |  |  | 1,427 |  |  | 1,388 |  |  | 1,485 |
Expected return on plan assets |  | (526) |  |  | (272) |  |  | (448) |  |  | (2,200) |  |  | (1,899) |  |  | (2,136) |
Amortization and deferral |  | 7 |  |  | 476 |  |  | 188 |  |  | 1,205 |  |  | 1,053 |  |  | 910 |
Net periodic benefit cost |  | $ | (2) |  |  | $ | 737 |  |  | $ | 356 |  |  | $ | 1,546 |  |  | $ | 1,535 |  |  | $ | 1,165 |
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 Plans |  | International Plans
|  | March 31, |  | March 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in projected benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at the beginning of the period |  | $ | 17,806 |  |  | $ | 18,111 |  |  | $ | 83,252 |  |  | $ | 68,602 |
Service cost |  | — |  |  | — |  |  | 1,114 |  |  | 993 |
Interest cost |  | 517 |  |  | 533 |  |  | 1,427 |  |  | 1,388 |
Benefits paid, inclusive of plan expenses |  | (802) |  |  | (802) |  |  | (2,328) |  |  | (2,087) |
Plan curtailments and settlements |  | — |  |  | — |  |  | (141) |  |  | (91) |
Actuarial (gains) losses |  | (1,316) |  |  | (36) |  |  | (8,545) |  |  | 7,761 |
Foreign currency translation adjustment |  | — |  |  | — |  |  | (3,946) |  |  | 6,686 |
Benefit obligation at the end of the period |  | $ | 16,205 |  |  | $ | 17,806 |  |  | $ | 70,833 |  |  | $ | 83,252 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at the beginning of the period |  | $ | 16,265 |  |  | $ | 12,036 |  |  | $ | 42,844 |  |  | $ | 32,831 |
Actual return on plan assets |  | 443 |  |  | 4,379 |  |  | 1,784 |  |  | 6,272 |
Employer contributions |  | 260 |  |  | 652 |  |  | 1,979 |  |  | 1,869 |
Benefits paid, inclusive of plan expenses |  | (802) |  |  | (802) |  |  | (2,328) |  |  | (2,087) |
Plan curtailments and settlements |  | — |  |  | — |  |  | (141) |  |  | (91) |
Foreign currency translation adjustment |  | — |  |  | — |  |  | (2,071) |  |  | 4,050 |
Fair value of plan assets at the end of the period |  | $ | 16,166 |  |  | $ | 16,265 |  |  | $ | 42,067 |  |  | $ | 42,844 |
Funded status deficit |  | $ | (39) |  |  | $ | (1,541) |  |  | $ | (28,766) |  |  | $ | (40,408) |
|  | March 31,
|  | 2022 |  | 2021
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |  |
Non current assets |  | $ | 1,055 |  |  | $ | 15 |
Accrued expenses |  | (1,294) |  |  | (1,514) |
Other liabilities |  | (28,566) |  |  | (40,450) |
Funded status deficit |  | $ | (28,805) |  |  | $ | (41,949) |
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, 2022, 2021 and 2020:
|  | Fiscal year ended March 31,
|  | 2022 |  | 2021 |  | 2020
Amounts recorded in AOCI before taxes: |  |  |  |  |  |
Prior service cost |  | $ | (174) |  |  | $ | (230) |  |  | $ | (258) |
Net loss |  | (14,049) |  |  | (25,450) |  |  | (25,796) |
Net amount recognized |  | $ | (14,223) |  |  | $ | (25,680) |  |  | $ | (26,054) |
|  | Fiscal year ended March 31,
|  | 2022 |  | 2021 |  | 2020
Changes in plan assets and benefit obligations: |  |  |  |  |  |
New prior service cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Net loss (gain) arising during the year |  | (9,362) |  |  | (753) |  |  | 3,793 |
Effect of exchange rates on amounts included in AOCI |  | (883) |  |  | 1,909 |  |  | (804) |
Amounts recognized as a component of net periodic benefit costs: |  |  |  |  |  |
Amortization of prior service cost |  | (45) |  |  | (46) |  |  | (43) |
Amortization or settlement recognition of net loss |  | (1,167) |  |  | (1,484) |  |  | (1,250) |
Total recognized in other comprehensive (income) loss |  | $ | (11,457) |  |  | $ | (374) |  |  | $ | 1,696 |
The amounts included in AOCI as of March 31, 2022 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 | $ | (43) |
Net loss | (474) |
Net amount expected to be recognized | $ | (517) |
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 Plans |  | International Plans
|  | March 31, |  | March 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
All defined benefit plans: |  |  |  |  |  |  |  |
Accumulated benefit obligation |  | $ | 16,205 |  |  | $ | 17,806 |  |  | $ | 67,301 |  |  | $ | 78,360 |
Unfunded defined benefit plans: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | — |  |  | $ | — |  |  | $ | 29,570 |  |  | $ | 34,932 |
Accumulated benefit obligation |  | — |  |  | — |  |  | 27,156 |  |  | 31,970 |
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 5,479 |  |  | $ | 17,806 |  |  | $ | 29,570 |  |  | $ | 82,814 |
Fair value of plan assets |  | 5,188 |  |  | 16,265 |  |  | — |  |  | 42,390 |
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 5,479 |  |  | $ | 17,806 |  |  | $ | 29,570 |  |  | $ | 82,814 |
Accumulated benefit obligation |  | 5,479 |  |  | 17,806 |  |  | 27,156 |  |  | 77,928 |
Fair value of plan assets |  | 5,188 |  |  | 16,265 |  |  | — |  |  | 42,390 |
Assumptions Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows:
|  | United States Plans |  | International Plans
|  | Fiscal year ended March 31, |  | Fiscal year ended March 31,
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Discount rate |  | 3.0 | % |  | 3.0 | % |  | 3.8 | % |  | 0.5%-2.3% |  | 1.3%-2.3% |  | 1.0%-2.7%
Expected return on plan assets |  | 5.5 |  |  | 6.0 |  |  | 6.3 |  |  | 2.7-5.25 |  | 3.8-5.5 |  | 4.3-6.0
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | 1.5-4.0 |  | 2.0-3.5 |  | 2.0-4.0
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 Plans |  | International Plans
|  | March 31, |  | March 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate |  | 3.7 | % |  | 3.0 | % |  | 1.5%-5.4% |  | 0.5%-2.3%
Rate of compensation increase |  | N/A |  | N/A |  | 1.8-5.5 |  | 1.5-4.0
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 Company’s investment policy emphasizes a balanced approach to investing in securities of high quality and ready marketability. Investment flexibility is encouraged so as not to exclude opportunities available through a diversified investment strategy. Equity investments are maintained within a target range of 40% - 75% of the total portfolio market value for the U.S. plans and with a target of approximately 65% for international plans. Investments in debt securities include issues of various maturities, and the average quality rating of bonds should be investment grade with a minimum quality rating of “B” at the time of purchase. The Company periodically reviews the asset allocation of its portfolio. The proportion committed to equities, debt securities and cash and cash equivalents is a function of the values available in each category and risk considerations. The plan’s overall return will be compared to and is expected to meet or exceed established benchmark funds and returns over a three to five year period. The objectives of the Company’s investment strategies are: (a) the achievement of a reasonable long-term rate of total return consistent with an emphasis on preservation of capital and purchasing power, (b) stability of annual returns through a portfolio that reflects a conservative mix of risk versus return, and (c) reflective of the Company’s willingness to forgo significantly above-average rewards in order to minimize above-average risks. These objectives may not be met each year but should be attained over a reasonable period of time. The following table represents the Company's pension plan investments measured at fair value as of March 31, 2022 and 2021 and the basis for that measurement:
|  | March 31, 2022
|  | United States Plans |  | International 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 |  | $ | 1,576 |  |  | $ | 1,576 |  |  | $ | — |  |  | $ | — |  |  | $ | 98 |  |  | $ | 98 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US(a) |  | 10,350 |  |  | 10,350 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
International(b) |  | — |  |  | — |  |  | — |  |  | — |  |  | 28,296 |  |  | — |  |  | 28,296 |  |  | — |
Fixed income(c) |  | 4,240 |  |  | 4,240 |  |  | — |  |  | — |  |  | 13,673 |  |  | — |  |  | 13,673 |  |  | — |
Total |  | $ | 16,166 |  |  | $ | 16,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,067 |  |  | $ | 98 |  |  | $ | 41,969 |  |  | $ | — |
|  | March 31, 2021
|  | United States Plans |  | International 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 |  | $ | 1,454 |  |  | $ | 1,454 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US(a) |  | 10,435 |  |  | 10,435 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
International(b) |  | — |  |  | — |  |  | — |  |  | — |  |  | 28,144 |  |  | — |  |  | 28,144 |  |  | — |
Fixed income(c) |  | 4,376 |  |  | 4,376 |  |  | — |  |  | — |  |  | 14,619 |  |  | — |  |  | 14,619 |  |  | — |
Total |  | $ | 16,265 |  |  | $ | 16,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,844 |  |  | $ | 81 |  |  | $ | 42,763 |  |  | $ | — |
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. The Company expects to make cash contributions of approximately $1,717 to its pension plans in fiscal 2023. Estimated future benefit payments under the Company’s pension plans are as follows:
2023 | $ | 3,031 |
2024 | 2,975 |
2025 | 3,378 |
2026 | 3,708 |
2027 | 4,064 |
Years 2028-2032 | 22,244 |
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, 2022, 2021 and 2020 were $18,402, $16,460 and $15,835, respectively.

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