Net Periodic Benefit Cost

6 Months Ended

Sep. 30, 2025

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				Six Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Service costs	$	113	$	127	$	223	$	247
Interest cost	1,856		3,124		3,695		6,214
Expected return on plan assets	(1,213)		(2,496)		(2,426)		(4,993)
Net amortization	(249)		241		(492)		482
Settlement	—		23,201		—		23,201
Net periodic pension (benefit) cost	$	507	$	24,197	$	1,000	$	25,151

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 2025, the Company terminated one of its U.S. pension plans. In the second quarter of fiscal 2025, 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 $23,201,000 for the three and six months ended September 30, 2024, which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. The remaining surplus of the terminated plan at September 30, 2025 of $5,104,000 is being used to fund certain obligations associated with the Company's U.S. defined contribution plans. $2,340,000 of this balance is expected to be utilized in the next twelve months, and is therefore recorded in Prepaid expenses and other on the Condensed Consolidated Balance Sheet. The remaining balance is included in Other assets.

The Company currently plans to contribute approximately $4,099,000 to its pension plans in fiscal 2026.

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

financial statements included in the 2025 Form 10-K.