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Pension And Other Postretirement Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Assumptions Used To Compute Net Periodic Benefit Cost And Benefit Obligations
Assumptions used for financial reporting purposes to compute net periodic benefit cost and benefit obligations for the Company’s primary defined benefit plans were as follows:
Pension BenefitsOther Postretirement Benefits
202520242023202520242023
Discount rates:
Benefit cost for plan year5.27 %5.00 %3.70 %5.17 %4.90 %3.60 %
Benefit obligation at end of plan year5.58 %5.27 %5.00 %5.35 %5.17 %4.90 %
Expected long-term return on plan assets:
Benefit cost for plan year6.30 %6.50 %5.50 %3.00 %3.00 %3.00 %
Salary scale:
Benefit cost for plan year4.00 %4.00 %4.00 %4.00 %4.00 %4.00 %
Benefit obligation at end of plan year5.00 %4.00 %4.00 %5.00 %4.00 %4.00 %
Healthcare cost trend rateN/AN/AN/A8.08 %6.97 %6.97 %
Benefit Obligations, Plan Assets, And Funded Status
The following table reflects the changes in benefit obligations and plan assets in fiscal years 2025 and 2024, as well as the funded status of the plans at March 31, 2025 and 2024:
Pension
Benefits
Other Postretirement Benefits
March 31,March 31,
2025202420252024
Actuarial present value of benefit obligation:
Accumulated benefit obligation$180,725 $231,685 
Projected benefit obligation187,918 237,626 $18,134 $20,077 
Change in projected benefit obligation:
Projected benefit obligation, beginning of year$237,626 $241,399 $20,077 $20,716 
Service cost5,192 5,214 75 239 
Interest cost11,943 11,566 1,062 1,049 
Effect of discount rate change(4,710)(5,147)(469)(255)
Foreign currency exchange rate changes(146)(298)(325)30 
Settlements(46,714)— — — 
Other232 2,197 247 589 
Benefit payments(15,505)(17,305)(2,533)(2,291)
Projected benefit obligation, end of year$187,918 $237,626 $18,134 $20,077 
Change in plan assets:
Plan assets at fair value, beginning of year$220,336 $221,953 $1,934 $2,257 
Actual return on plan assets9,766 11,666 53 174 
Employer contributions3,290 4,257 2,083 1,794 
Settlements(46,714)— — — 
Foreign currency exchange rate changes(142)(235)— — 
Benefit payments(15,505)(17,305)(2,533)(2,291)
Plan assets at fair value, end of year$171,031 $220,336 $1,537 $1,934 
Funded status:
Funded status of the plans, end of year$(16,887)$(17,290)$(16,597)$(18,143)
Funded Status In Consolidated Balance Sheets
The funded status of the Company’s plans at the end of fiscal years 2025 and 2024 was reported in the consolidated balance sheets as follows:
Pension
Benefits
Other Postretirement Benefits
March 31,March 31,
2025202420252024
Noncurrent assets (included in Pension asset)$12,819 $11,857 $— $— 
Current liability (included in Accrued expenses and other current liabilities)(9,497)(2,344)(1,471)(1,695)
Noncurrent liability (reported as Pensions and other postretirement benefits)(20,209)(26,803)(15,126)(16,448)
Amounts recognized in the consolidated balance sheets$(16,887)$(17,290)$(16,597)$(18,143)
Additional Information On Funded Status
Additional information on the funded status of the Company’s plans as of the respective measurement dates for the fiscal years ended March 31, 2025 and 2024, is as follows:
Pension
Benefits
Other Postretirement Benefits
March 31,March 31,
2025202420252024
For plans with a projected benefit obligation in excess of plan assets:
Aggregate projected benefit obligation (PBO)$39,116 $36,842 $18,134 $20,078 
Aggregate fair value of plan assets— — 1,537 1,934 
For plans with an accumulated benefit obligation in excess of plan assets:
Aggregate accumulated benefit obligation (ABO)37,352 35,640 N/AN/A
Aggregate fair value of plan assets— — N/AN/A
Components Of Company's Net Periodic Benefit Cost
The components of the Company’s net periodic benefit cost were as follows:
Pension BenefitsOther Postretirement Benefits
Fiscal Year Ended March 31,Fiscal Year Ended March 31,
202520242023202520242023
Components of net periodic benefit cost:
Service cost$5,192 $5,214 $6,172 $75 $239 $115 
Interest cost11,943 11,566 9,670 1,062 1,049 944 
Expected return on plan assets(14,874)(15,504)(13,630)(53)(63)(76)
Settlement cost14,101 — — — — — 
Net amortization and deferral15 659 2,038 (662)(791)(737)
Net periodic benefit cost$16,377 $1,935 $4,250 $422 $434 $246 
Recognized In Accumulated Other Comprehensive Income (Loss) On Pretax Basis The amounts recognized in other comprehensive income or loss for fiscal years 2025 and 2024 and the amounts included in accumulated other comprehensive loss at the end of those fiscal years are shown below. All amounts shown are before allocated income taxes.
Pension
Benefits
Other Postretirement Benefits
March 31,March 31,
2025202420252024
Change in net actuarial loss (gain):
Net actuarial loss (gain), beginning of year$63,428 $64,114 $(7,169)$(8,332)
Losses (gains) arising during the year893 107 (221)377 
Settlement(14,101)— — — 
Amortization included in net periodic benefit cost during the year(170)(793)658 786 
Net actuarial loss (gain), end of year50,050 63,428 (6,732)(7,169)
Change in prior service cost (benefit):
Prior service cost (benefit), beginning of year369 (457)(31)(36)
   Prior service cost (benefit) arising during the year— 692 — — 
Amortization included in net periodic benefit cost during the year155 134 
Prior service cost (benefit), end of year524 369 (27)(31)
Total amounts in accumulated other comprehensive loss
at end of year, before income taxes
$50,574 $63,797 $(6,759)$(7,200)
Amounts in the above table reflect the Company and its consolidated subsidiaries. The accumulated other comprehensive loss reported in the consolidated balance sheets also includes pension and other postretirement benefit amounts related to ownership interests in unconsolidated affiliates.
Weighted-Average Target Pension Asset Allocation And Target Ranges By Major Asset Category
The weighted–average target pension asset allocation and target ranges at the March 31, 2025 measurement date and the actual asset allocations at the March 31, 2025 and 2024 measurement dates by major asset category were as follows:
Actual Allocation
Target AllocationMarch 31,
Major Asset CategoryRange20252024
Equity securities30.0 %20 %-40%28.4 %26.7 %
Fixed income securities (1)
65.0 %55 %-75%63.8 %67.3 %
Alternative investments5.0 %%-10%7.8 %6.0 %
Total100.0 %100.0 %100.0 %
Expected Future Benefit Payments
Estimated future benefit payments to be made from the Company’s plans are as follows:
Pension
Benefits
Other
Postretirement
Benefits
Fiscal Year
2026$20,569 $1,882 
202712,481 1,800 
202814,702 1,719 
202913,258 1,635 
203012,417 1,581 
2030 - 203369,803 7,383 
Fair Values Of The Assets Under Fair Value Hierarchy
Fair values of the assets of the Company’s pension plans as of March 31, 2025 and 2024, classified based on how their values were determined under the fair value hierarchy are as follows:
March 31, 2025
Level 1Level 2Level 3Total
Equity securities$45,008 $— $— $45,008 
Fixed income securities (1)
104,071 — 9,409 113,480 
Alternative investments— — 12,543 12,543 
Total investments$149,079 $— $21,952 $171,031 
March 31, 2024
Level 1Level 2Level 3Total
Equity securities$56,243 $— $— $56,243 
Fixed income securities (1)
143,740 — 7,695 151,435 
Alternative investments— — 12,658 12,658 
Total investments$199,983 $— $20,353 $220,336 
(1)Includes high yield securities and cash and cash equivalent balances.