XML 29 R19.htm IDEA: XBRL DOCUMENT v3.24.2
Net Periodic Benefit Cost
 3 Months Ended
Jun. 30, 2024
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 Ended
 June 30, 2024June 30, 2023
Service costs$120 $128 
Interest cost3,090 3,472 
Expected return on plan assets(2,497)(2,946)
Net amortization241 101 
Settlement— 41 
Net periodic pension (benefit) cost$954 $796 

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 year 2024, the Company began the process to terminate one of its U.S. pension plans. Lump sum payments were made to eligible participants who elected to receive them in the third and fourth quarter of fiscal year 2024 resulting in settlement charges which were disclosed in the 2024 10-K. The Company expects to complete the plan termination of this U.S. pension plan during fiscal year 2025, at which point another settlement charge will be recorded.
The Company currently plans to contribute approximately $6,810,000 to its pension plans in fiscal 2025.
 
For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated
financial statements included in the 2024 10-K.