XML 34 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Employee Retirement Plans
 6 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Employee Retirement Plans Employee Retirement Plans
The primary components of Net Periodic Benefits consist of the following:
Three Months Ended September 30, Six Months Ended September 30,
 (In thousands)2021202020212020
Interest cost$278 $525 $556 $1,050 
Expected return on assets(290)(647)(580)(1,294)
Net periodic benefit income$(12)$(122)$(24)$(244)

During the six months ended September 30, 2021, we contributed $0.2 million to our non-qualified defined benefit plan and no contributions to the qualified defined benefit plan. During the remainder of fiscal 2022, we expect to contribute an additional $0.2 million to our non-qualified plan and to make no contributions to the qualified plan.
During the fourth quarter of 2021, we adopted a plan termination date of April 30, 2021 for our U.S. qualified defined benefit pension plan (the "Plan") and began the Plan termination process. Pension obligations related to the Plan of $52.1 million are expected to be distributed through a combination of lump sum payments to eligible Plan participants who elect such payments and through the purchase of annuity contracts to the remaining participants. The benefit obligation for the Plan as of March 31, 2021 was therefore determined on a plan termination basis for which it is assumed that a portion of eligible active and deferred vested participants will elect lump sum payments. The Plan likely has sufficient assets to satisfy all transaction obligations. No distributions have been made as of September 30, 2021 related to the termination. The transaction is expected to close in the first quarter of fiscal 2023.