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Employee Retirement Plans (Tables)
 12 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Benefit Obligation and Plan Assets
The following table summarizes the changes in the U.S. pension plan obligations and plan assets and includes a statement of the plans' funded status as of March 31, 2021 and 2020:
March 31,
 (In thousands)20212020
Change in benefit obligation:
Projected benefit obligation at beginning of period$61,570 $60,334 
Interest cost1,972 2,327 
Actuarial (gain) loss3,779 2,375 
Benefits paid(10,503)(3,466)
Projected benefit obligations at end of year$56,818 $61,570 
Change in plan assets:
Fair value of plan assets at beginning of period$52,760 $51,115 
Actual return on plan assets7,650 3,742 
Employer contribution3,368 1,369 
Benefits paid(10,503)(3,466)
Fair value of plan assets at end of year$53,275 $52,760 
Funded status at end of year$(3,543)$(8,810)
The following table provides information regarding our pension plans with an accumulated benefit obligation and a projected benefit obligation in excess of plan assets:
March 31,
 (In thousands)20212020
Accumulated benefit obligation56,818 61,570 
Fair value of plan assets53,275 52,760 
Projected benefit obligations56,818 61,570 
Fair value of plan assets53,275 52,760 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the balance sheet at the end of the period consist of the following:
March 31,
 (In thousands)20212020
Noncurrent asset$1,141 $— 
Current liability357 359 
Long-term liability4,327 8,451 
Total liabilities$4,684 $8,810 
Total net liability$(3,543)$(8,810)
Schedule of Primary Components of Net Periodic Benefits
The primary components of Net Periodic Benefit Cost (Income) consist of the following:
Year Ended March 31,
 (In thousands)202120202019
Interest cost$1,972 $2,327 $2,380 
Expected return on assets(2,336)(2,886)(3,070)
Net periodic benefit cost (income)$(364)$(559)$(690)
Schedule of Expected to be Contributed
The following table includes amounts that are expected to be contributed to the plans by the Company. It reflects benefit payments that are made from the plans' assets as well as those made directly from the Company's assets. The amounts in the table are actuarially determined and reflect the Company's best estimate given its current knowledge; actual amounts could be materially different.

 (In thousands)Pension Benefits
Employer contributions:
2022 (expectation) to participant benefits$357 
Expected benefit payments year ending March 31,
2022$3,816 
20233,538 
20243,524 
20253,455 
20263,431 
2027-203116,599 
Schedule of Allocation of Plan Assets The asset allocation for the Company's funded retirement plan as of March 31, 2021 and 2020, and the target allocation by asset category are as follows:
Percentage of Plan Assets
Asset CategoryTarget AllocationMarch 31, 2021March 31, 2020
Domestic large cap equities— %— %16 %
Domestic small/mid cap equities— — 5 
International equities— — 15 
Real estate— 6 5 
Fixed income and cash100 94 59 
Total100 %100 %100 %
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss)
The following tables show the unrecognized actuarial loss (gain) included in accumulated other comprehensive income (loss) at March 31, 2021, 2020 and 2019.

 (In thousands)
Balances in accumulated other comprehensive loss as of March 31, 2019:
Unrecognized actuarial (gain)$(1,469)
Unrecognized prior service credit— 
Balances in accumulated other comprehensive (income) as of March 31, 2020:
Unrecognized actuarial loss$73 
Unrecognized prior service credit— 
Balances in accumulated other comprehensive loss as of March 31, 2021:
Unrecognized actuarial (gain)$(1,202)
Unrecognized prior service credit— 
Schedule of Assumptions Used
Assumptions used in determining the actuarial present value of the net periodic benefit cost (income) for the fiscal years ended March 31, 2021, 2020 and 2019 were as follows:
March 31,
2021 *20202019
Key assumptions:
Discount rate
3.37% to 3.55%
3.80% to 3.99%
3.93% to 4.07%
Expected return on plan assets, net of administrative fees5.00%5.75%6.25%
*The qualified plan was remeasured at December 31, 2020 for settlement accounting, at which point a discount rate of 2.51% and an expected return assumption of 2.75% were selected and used to determine the net periodic benefit cost (income) for the fourth quarter of fiscal 2021.

Assumptions used in determining the actuarial present value of the benefit obligation as of March 31, 2021 and 2020 were as follows:
March 31,
20212020
Key assumptions:
Discount rate
2.58% to 2.95%
3.37% to 3.55%