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Retirement Plans
 12 Months Ended
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 PlansInternational Plans
 Fiscal year ended March 31,Fiscal year ended March 31,
 202220212020202220212020
Service cost$— $— $— $1,114 $993 $906 
Interest cost517 533 616 1,427 1,388 1,485 
Expected return on plan assets(526)(272)(448)(2,200)(1,899)(2,136)
Amortization and deferral7 476 188 1,205 1,053 910 
Net periodic benefit cost$(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 PlansInternational Plans
 March 31,March 31,
  
2022202120222021
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 cost517 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 assets443 4,379 1,784 6,272 
Employer contributions260 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,
 20222021
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,
 202220212020
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,
 202220212020
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 PlansInternational Plans
 March 31,March 31,
 2022202120222021
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 assets5,188 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 obligation5,479 17,806 27,156 77,928 
Fair value of plan assets5,188 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 PlansInternational Plans
 Fiscal year ended March 31,Fiscal year ended March 31,
 202220212020202220212020
Discount rate3.0 %3.0 %3.8 %
0.5%-2.3%
1.3%-2.3%
1.0%-2.7%
Expected return on plan assets5.5 6.0 6.3 
2.7-5.25
3.8-5.5
4.3-6.0
Rate of compensation increaseN/AN/AN/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 PlansInternational Plans
 March 31,March 31,
 2022202120222021
Discount rate3.7 %3.0 %
1.5%-5.4%
0.5%-2.3%
Rate of compensation increaseN/AN/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 PlansInternational 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 PlansInternational 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 
20242,975 
20253,378 
20263,708 
20274,064 
Years 2028-203222,244 
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.