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Net Periodic Benefit Cost

9 Months Ended

Dec. 31, 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												Nine Months Ended
						December 31, 2024						December 31, 2023						December 31, 2024						December 31, 2023
Service costs						$	102					$	136					$	349					$	389
Interest cost						1,703						3,419						7,917						10,351
Expected return on plan assets						(1,176)						(2,867)						(6,169)						(8,759)
Net amortization						1						62						483						266
Settlement						433						4,639						23,634						4,720
Net periodic pension (benefit) cost						$	1,063					$	5,389					$	26,214					$	6,967

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. On September 30, 2024, the Company purchased annuity contracts to settle the remaining liabilities of the terminated plan. The annuity contract purchase resulted in a non cash settlement charge of $23,634,000 during the nine months ended December 31, 2024 and $433,000 of non cash settlement charges in the three months ended December 31, 2024, which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. The remaining surplus of the terminated plan of $6,733,000 will be used to fund certain obligations associated with the Company's U.S. defined contribution plans.

The Company currently plans to contribute approximately $5,183,000 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.

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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.

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-Topic 710
-Name Accounting Standards Codification
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-Topic 715
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

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