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Net Periodic Benefit Cost

3 Months Ended

Dec. 31, 2021

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												Nine Months Ended
						December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020
Service costs						$	242					$	294					$	743					$	847
Interest cost						2,528						2,792						7,607						8,823
Expected return on plan assets						(3,259)						(3,045)						(9,778)						(9,752)
Net amortization						363						779						1,096						2,511
Settlement						—						(113)						—						18,933
Net periodic pension (benefit) cost						$	(126)					$	707					$	(332)					$	21,362

Components of the net benefit costs other than the service cost component are recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. Service costs are recorded as part of Income from operations.

During fiscal 2021, the Company settled the liabilities for one of its U.S. pension plans through a combination of (i) lump sum payments to eligible participants who elected to receive them and (ii) the purchase of annuity contracts for participants who did not elect lump sums. The lump sum payments were paid during the three months ended June 30, 2020 and resulted in a settlement charge of $2,722,000 which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. During the quarter ended September 30, 2020, the Company purchased annuity contracts to settle the remaining liabilities of the terminated plan. The total settlement charge was $18,933,000 which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations during the nine months ending December 31, 2020. The settlement gain of $113,000 during the three months ended December 31, 2020 is the result of a true up of estimates initially recorded.

The Company currently plans to contribute approximately $5,101,000 to its pension plans in fiscal 2022.

The following table sets forth the components of net periodic postretirement benefit cost (benefit) for the Company’s defined benefit postretirement plans (in thousands):

						Three Months Ended												Nine Months Ended
						December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020
Interest cost						$	8					$	7					$	24					$	35
Amortization of plan net losses						(55)						(94)						(165)						(198)
Net periodic postretirement (benefit) cost						$	(47)					$	(87)					$	(141)					$	(163)

For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated

financial statements included in the 2021 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Name Accounting Standards Codification
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-Topic 710
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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

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