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Employee Retirement Plans (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022 and 2021:
March 31,
 (In thousands)20222021
Change in benefit obligation:
Projected benefit obligation at beginning of period$56,818 $61,570 
Interest cost1,107 1,972 
Actuarial (gain) loss(2,888)3,779 
Benefits paid(3,530)(10,503)
Projected benefit obligations at end of year$51,507 $56,818 
Change in plan assets:
Fair value of plan assets at beginning of period$53,275 $52,760 
Actual return on plan assets(1,405)7,650 
Employer contribution368 3,368 
Benefits paid(3,530)(10,503)
Fair value of plan assets at end of year$48,708 $53,275 
Funded status at end of year$(2,799)$(3,543)
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)20222021
Accumulated benefit obligation$51,507 $56,818 
Fair value of plan assets48,708 53,275 
Projected benefit obligations$51,507 $56,818 
Fair value of plan assets48,708 53,275 
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)20222021
Noncurrent asset$1,534 $1,141 
Current liability365 357 
Long-term liability3,968 4,327 
Total liabilities$4,333 $4,684 
Total net liability$(2,799)$(3,543)
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)202220212020
Interest cost$1,107 $1,972 $2,327 
Expected return on assets(1,163)(2,336)(2,886)
Net periodic benefit cost (income)$(56)$(364)$(559)
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:
2023 (expectation) to participant benefits$365 
Expected benefit payments year ending March 31,
2023$3,452 
20243,519 
20253,481 
20263,415 
20273,385 
2028-203116,205 
Schedule of Allocation of Plan Assets The asset allocation for the Company's funded retirement plan as of March 31, 2022 and 2021, and the target allocation by asset category are as follows:
Percentage of Plan Assets
Asset CategoryTarget AllocationMarch 31, 2022March 31, 2021
Real estate— %— %6 %
Fixed income and cash100 100 94 
Total100 %100 %100 %
Schedule of Net Periodic Benefit Cost Not yet Recognized The following tables show the unrecognized actuarial loss (gain) included in accumulated other comprehensive income (loss) at March 31, 2022, 2021 and 2020:
 (In thousands)
Balances in accumulated other comprehensive loss 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— 
Balances in accumulated other comprehensive loss as of March 31, 2022:
Unrecognized actuarial (gain)$(1,522)
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, 2022, 2021 and 2020 were as follows:
March 31,
20222021 *2020
Key assumptions:
Discount rate
2.58% to 2.95%
3.37% to 3.55%
3.80% to 3.99%
Expected return on plan assets, net of administrative fees2.25%5.00%5.75%
*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, 2022 and 2021 were as follows:
March 31,
20222021
Key assumptions:
Discount rate
3.26% to 3.48%
2.58% to 2.95%