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Pensions and Other Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans:
|  | March 31,
|  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 300,210 |  |  | $ | 356,974 |
Service cost |  | 512 |  |  | 707 |
Interest cost |  | 13,548 |  |  | 11,312 |
Actuarial (gain) loss |  | (2,754) |  |  | (42,652) |
Benefits paid |  | (22,650) |  |  | (23,980) |
Settlement |  | (20,510) |  |  | — |
Foreign exchange rate changes |  | (331) |  |  | (2,151) |
Benefit obligation at end of year |  | $ | 268,025 |  |  | $ | 300,210 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 231,667 |  |  | $ | 271,985 |
Actual gain (loss) on plan assets |  | 4,328 |  |  | (20,735) |
Employer contribution |  | 6,761 |  |  | 4,796 |
Benefits paid |  | (22,650) |  |  | (23,980) |
Settlement |  | (20,510) |  |  | — |
Foreign exchange rate changes |  | (4) |  |  | (399) |
Fair value of plan assets at end of year |  | $ | 199,592 |  |  | $ | 231,667 |
Funded status |  | $ | (68,433) |  |  | $ | (68,543) |
Unrecognized actuarial loss |  | 16,229 |  |  | 17,169 |
Net amount recognized |  | $ | (52,204) |  |  | $ | (51,374) |
Amounts recognized in the consolidated balance sheets are as follows:
|  | March 31,
|  | 2024 |  | 2023
Other assets |  | $ | 5,905 |  |  | $ | 5,832 |
Accrued liabilities |  | (3,786) |  |  | (3,715) |
Other non-current liabilities |  | (70,552) |  |  | (70,660) |
Accumulated other comprehensive loss, before tax |  | 16,229 |  |  | 17,169 |
Net amount recognized |  | $ | (52,204) |  |  | $ | (51,374) |
Net periodic pension cost included the following components:
|  | Year Ended March 31,
|  | 2024 |  | 2023 |  | 2022
Service costs—benefits earned during the period |  | $ | 512 |  |  | $ | 707 |  |  | $ | 980 |
Interest cost on projected benefit obligation |  | 13,548 |  |  | 11,312 |  |  | 10,130 |
Expected return on plan assets |  | (11,459) |  |  | (10,844) |  |  | (13,037) |
Net amortization |  | 360 |  |  | 851 |  |  | 1,457 |
Settlement |  | 4,984 |  |  | (62) |  |  | — |
Net periodic pension cost (benefit) |  | $ | 7,945 |  |  | $ | 1,964 |  |  | $ | (470) |
Information for pension plans with a projected benefit obligation in excess of plan assets is as follows:
|  | March 31,
|  | 2024 |  | 2023
Projected benefit obligation |  | $ | 171,273 |  |  | $ | 176,201 |
Fair value of plan assets |  | 96,935 |  |  | 101,826 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:
|  | March 31,
|  | 2024 |  | 2023
Accumulated benefit obligation |  | $ | 168,488 |  |  | $ | 173,149 |
Fair value of plan assets |  | 96,935 |  |  | 101,826 |
The weighted-average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also net periodic pension cost for the following year:
|  | 2024 |  | 2023 |  | 2022
Discount rate |  | 4.82 | % |  | 4.82 | % |  | 3.35 | %
Expected long-term rate of return on plan assets |  | 5.27 | % |  | 4.13 | % |  | 4.70 | %
Rate of compensation increase on active plans |  | 3.00 | % |  | 3.00 | % |  | 2.76 | %
Interest crediting rates used in cash balance pension plans |  | 4.95 | % |  | 4.04 | % |  | 1.05 | %
The Company’s retirement plan target and actual asset allocations are as follows:
|  | Target |  | Actual
|  | 2025 |  | 2024 |  | 2023
Equity securities |  | 18%-8% |  | 8% |  | 22%
Fixed income securities |  | 92% - 82% |  | 92% |  | 78%
Total plan assets |  | 100% |  | 100% |  | 100%
Information about the expected benefit payments for the Company’s defined benefit plans is as follows:
2025 | $ | 22,548 |
2026 | 22,335 |
2027 | 22,149 |
2028 | 21,728 |
2029 | 21,278 |
2030-2034 | 97,940 |
The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows:
|  | March 31,
|  | 2024 |  | 2023
Asset categories: |  |  |  |
Equity securities |  | $ | 15,266 |  |  | $ | 27,576 |
Fixed income securities |  | 81,890 |  |  | 76,701 |
Common collective trusts |  | 98,117 |  |  | 116,477 |
Alternative real estate |  | — |  |  | 8,565 |
Cash equivalents |  | 4,319 |  |  | 2,348 |
Total |  | $ | 199,592 |  |  | $ | 231,667 |
Schedule of Changes in Fair Value of Plan Assets | The fair values by category of inputs as of March 31, 2024 and March 31, 2023 were as follows:
|  | Measured at NAV (1) |  | Quoted Prices in Active Markets for Identical Assets |  | Significant other observable Inputs |  | Significant unobservable Inputs |  |
As of March 31, 2024: |  |  |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Asset categories: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 15,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,266 |
Fixed income securities |  | — |  |  | 81,890 |  |  | — |  |  | — |  |  | 81,890 |
Common collective trusts |  | 98,117 |  |  | — |  |  | — |  |  | — |  |  | 98,117 |
Cash equivalents |  | — |  |  | 4,319 |  |  | — |  |  | — |  |  | 4,319 |
Total |  | $ | 98,117 |  |  | $ | 101,475 |  |  | $ | — |  |  | $ | — |  |  | $ | 199,592 |
(1) Reflects the net asset value (NAV) practical expedient used to approximate fair value.
|  | Measured at NAV (1) |  | Quoted Prices in Active Markets for Identical Assets |  | Significant other observable Inputs |  | Significant unobservable Inputs |  |
As of March 31, 2023: |  |  |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Asset categories: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 27,576 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,576 |
Fixed income securities |  | — |  |  | 76,701 |  |  | — |  |  | — |  |  | 76,701 |
Common collective trusts |  | 116,477 |  |  | — |  |  | — |  |  | — |  |  | 116,477 |
Alternative real estate |  | 8,565 |  |  | — |  |  | — |  |  | — |  |  | 8,565 |
Cash equivalents |  | — |  |  | 2,348 |  |  | — |  |  | — |  |  | 2,348 |
Total |  | $ | 125,042 |  |  | $ | 106,625 |  |  | $ | — |  |  | $ | — |  |  | $ | 231,667 |
(1) Reflects the net asset value (NAV) practical expedient used to approximate fair value.

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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