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Net Periodic Benefit Cost
 9 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost 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 EndedNine Months Ended
 December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Service costs$136 $199 $389 $536 
Interest cost3,419 2,848 10,351 8,537 
Expected return on plan assets(2,867)(2,709)(8,759)(8,130)
Net amortization62 192 266 607 
Settlement$4,639 $— $4,720 $— 
Net periodic pension (benefit) cost$5,389 $530 $6,967 $1,550 

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 the three months ended December 31, 2023, 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 $4,599,000 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 year 2025, at which point the Company will record another settlement charge.

The Company currently plans to contribute approximately $6,908,000 to its pension plans in fiscal 2024.
 
For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated
financial statements included in the 2023 10-K.