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Retirement Plans (Tables)
12 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Components Of Net Periodic Pension Cost
Net periodic pension cost for fiscal 2024, 2023 and 2022, includes the following components:
 
 United States PlansInternational Plans
 Fiscal year ended March 31,Fiscal year ended March 31,
 202420232022202420232022
Service cost$— $— $— $884 $918 $1,114 
Interest cost657 582 517 2,215 1,715 1,427 
Expected return on plan assets(424)(455)(526)(1,244)(2,005)(2,200)
Amortization and deferral— — 326 478 1,205 
Net periodic benefit cost$233 $127 $(2)$2,181 $1,106 $1,546 
Summary Of Change In Projected Benefit Obligation
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,
  
2024202320242023
Change in projected benefit obligation
Benefit obligation at the beginning of the period$14,056 $16,205 $51,718 $70,833 
Service cost— — 884 918 
Interest cost657 582 2,215 1,715 
Benefits paid, inclusive of plan expenses(865)(843)(2,353)(2,052)
Plan curtailments and settlements— — — — 
Plan combinations — — 1,835 — 
Actuarial (gains) losses (535)(1,888)633 (15,995)
Foreign currency translation adjustment— — 874 (3,701)
Benefit obligation at the end of the period$13,313 $14,056 $55,806 $51,718 
Summary Of Change In Plan Assets
Change in plan assets
Fair value of plan assets at the beginning of the period$13,975 $16,166 $40,104 $42,067 
Actual return on plan assets2,043 (1,348)(7,717)(3,722)
Employer contributions— — 1,655 6,428 
Benefits paid, inclusive of plan expenses(865)(843)(2,353)(2,052)
Plan curtailments and settlements— — — — 
Foreign currency translation adjustment— — 874 (2,617)
Fair value of plan assets at the end of the period$15,153 $13,975 $32,563 $40,104 
Funded status surplus (deficit)$1,840 $(81)$(23,243)$(11,614)
Summary Of Amounts Recognized In The Balance Sheets
 March 31,
 20242023
Amounts recognized in the Consolidated Balance Sheets consist of:
Non-current assets$5,606 $14,147 
Accrued expenses(1,497)(1,314)
Other liabilities(25,512)(24,528)
Funded status deficit$(21,403)$(11,695)
Summary Of Amounts In AOCI Before Taxes
The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2024, 2023 and 2022:
 Fiscal year ended March 31,
 202420232022
Amounts recorded in AOCI before taxes:
Prior service cost$(85)$(128)$(174)
Net loss(9,590)(2,307)(14,049)
Net amount recognized$(9,675)$(2,435)$(14,223)

The following table represents changes in plan assets and benefit obligations recognized in AOCI for the Company’s pension plans for the years ended March 31, 2024, 2023 and 2022:
Summary Of Changes In AOCI
 Fiscal year ended March 31,
 202420232022
Changes in plan assets and benefit obligations:
New prior service cost$— $— $— 
Net loss (gain) arising during the year7,439 (10,352)(9,362)
Effect of exchange rates on amounts included in AOCI127 (957)(883)
Amounts recognized as a component of net periodic benefit costs:
Amortization of prior service cost(42)(41)(45)
Amortization or settlement recognition of net loss(284)(438)(1,167)
Total recognized in other comprehensive (income) loss$7,240 $(11,788)$(11,457)
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income
The amounts included in AOCI as of March 31, 2024 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$(42)
Net loss(465)
Net amount expected to be recognized$(507)
Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans
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,
 2024202320242023
All defined benefit plans:
Accumulated benefit obligation$13,313 $14,056 $53,169 $49,290 
Unfunded defined benefit plans:
Projected benefit obligation$— $— $27,009 $25,562 
Accumulated benefit obligation— — 24,930 23,704 
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$— $11,671 $27,009 $25,908 
Fair value of plan assets— 11,403 — 335 
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$— $11,671 $27,009 $25,562 
Accumulated benefit obligation— 11,671 24,930 23,704 
Fair value of plan assets— 11,403 — — 
Significant Assumptions Used To Determine The Net Periodic Benefit Cost
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,
 202420232022202420232022
Discount rate4.9 %3.7 %3.0 %
3.5%-6.0%
1.5%-5.4%
0.5%-2.3%
Expected return on plan assets5.5 5.5 5.5 
4.0-4.7
3.1-5.3
2.7-5.3
Rate of compensation increaseN/AN/AN/A
2.3-4.5
1.8-5.5
1.5-4.0
N/A = not applicable
Significant Assumptions Used To Determine The Projected Benefit Obligations
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,
 2024202320242023
Discount rate5.2 %4.9 %
3.8%-5.3%
3.5%-6%
Rate of compensation increaseN/AN/A
2.5-4.5
2.3-4.5
 N/A = not applicable
Summary Of Pension Plan Investments Measured At Fair Value
The following table represents the Company's pension plan investments measured at fair value as of March 31, 2024 and 2023 and the basis for that measurement:

 March 31, 2024
 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$5,473 $5,473 $— $— $3,752 $3,752 $— $— 
Equity securities
US(a)
— — — — — — — — 
International(b)
— — — — — — — — 
Fixed income(c)
9,680 9,680 — — 314 — 314 — 
Other investments(d)
— — — — 28,497 — — 28,497 
Total$15,153 $15,153 $— $— $32,563 $3,752 $314 $28,497 
 
 March 31, 2023
 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$1,714 $1,714 $— $— $7,775 $7,775 $— $— 
Equity securities
US(a)
8,308 8,308 — — — — — — 
International(b)
— — — — — — — — 
Fixed income(c)
3,953 3,953 — — 32,329 — 32,329 — 
Total$13,975 $13,975 $— $— $40,104 $7,775 $32,329 $— 

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.
(d)Other investments consists of a buy-in annuity insurance contract. The fair value of the buy-in policy is set equal to the value of the obligations as determined by the actuary. This value is considered Level 3 due to the use of the significant unobservable inputs.

Level 3 Rollforward

The following presents our Level 3 Rollforward for our defined pension plan assets:

Beginning of year balance as of March 31, 2023$— 
Actual return on plan assets, relating to assets still held at the reporting date$(2,945)
Purchases$31,287 
Change due to exchange rate changes$155 
End of year balance as of March 31, 2024$28,497 
Summary Of Estimated Future Benefit Payments
Estimated future benefit payments under the Company’s pension plans are as follows:
 
2025$3,328 
20263,312 
20273,454 
20284,236 
20294,616 
Years 2030-203423,925