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Net Periodic Benefit Cost | 3 Months Ended
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Jun. 30, 2020
Retirement Benefits [Abstract] |
Compensation and Employee Benefit Plans | 10. Net Periodic Benefit Cost The following table sets forth the components of net periodic pension cost for the Company’s defined benefit pension plans (in thousands):
|  | Three Months Ended |  |  |  |  |  |
|  | June 30, 2020 |  | June 30, 2019 |  |  |  |
Service costs |  | $ | 261 |  |  | $ | 267 |  |  |  |  |
Interest cost |  | 3,115 |  |  | 3,699 |  |  |  |  |
Expected return on plan assets |  | (3,479) |  |  | (3,973) |  |  |  |  |
Net amortization |  | 881 |  |  | 569 |  |  |  |  |
Settlement |  | 2,722 |  |  | — |  |  |  |  |
Net periodic pension (benefit) cost |  | $ | 3,500 |  |  | $ | 562 |  |  |  |  |
During the quarter ended June 30, 2020, certain employees in one of the Company's U.S. pension plans accepted an offer to settle their pension obligation with a lump sum payment. These lump sum settlements are one of the steps the Company is taking to terminate the plan by transferring the liabilities to a third-party. As a result, the Company recorded a settlement charge in the amount $2,722,000 which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. The Company expects to complete the plan termination during fiscal 2021, at which point the Company may record another settlement charge. The Company currently plans to contribute approximately $5,010,000 to its pension plans in fiscal 2021. The following table sets forth the components of net periodic postretirement benefit cost for the Company’s defined benefit postretirement plans (in thousands):
|  | Three Months Ended |  |  |  |  |  |
|  | June 30, 2020 |  | June 30, 2019 |  |  |  |
Interest cost |  | $ | 14 |  |  | $ | 20 |  |  |  |  |
Amortization of plan net losses |  | (52) |  |  | (40) |  |  |  |  |
Net periodic postretirement (benefit) cost |  | $ | (38) |  |  | $ | (20) |  |  |  |  |
For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated financial statements included in the 2020 10-K.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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