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v3.23.1

Employee Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2023
Compensation Related Costs [Abstract] |
Schedule of Net Periodic Benefit Costs | The net periodic benefit cost of the defined benefit pension plans and the non-retirement post-employment benefit obligations for fiscal years 2023, 2022 and 2021 was as follows (in thousands):
|  | Years Ended March 31,
|  | 2023 |  | 2022 |  | 2021
Service costs |  | $ | 13,195 |  |  | $ | 14,693 |  |  | $ | 12,121 |
Interest costs |  | 2,408 |  |  | 920 |  |  | 1,047 |
Expected return on plan assets |  | (3,754) |  |  | (2,930) |  |  | (2,535) |
Amortization: |  |  |  |  |  |
Net prior service credit recognized |  | (458) |  |  | (465) |  |  | (467) |
Net actuarial loss (gain) recognized |  | (3,047) |  |  | (2,158) |  |  | 2,144 |
Curtailment gain |  | (4,225) |  |  | — |  |  | — |
Settlement gain |  | (339) |  |  | — |  |  | — |
Total net periodic benefit cost |  | $ | 3,780 |  |  | $ | 10,060 |  |  | $ | 12,310 |
Schedule of Changes in Projected Benefit Obligations | The changes in projected benefit obligations for fiscal years 2023 and 2022 were as follows (in thousands):
|  | Years Ended March 31,
|  | 2023 |  | 2022
Projected benefit obligations, beginning of the year |  | $ | 207,551 |  |  | $ | 202,348 |
Service costs |  | 13,195 |  |  | 14,693 |
Interest costs |  | 2,408 |  |  | 920 |
Plan participant contributions |  | 6,870 |  |  | 6,092 |
Actuarial gain |  | (22,965) |  |  | (31,198) |
Benefits paid |  | (2,646) |  |  | (3,904) |
Transfer of prior vested benefits |  | 11,579 |  |  | 14,963 |
Settlement |  | (15,348) |  |  | — |
Curtailment |  | (3,923) |  |  | — |
Administrative expense paid |  | (147) |  |  | (130) |
Currency exchange rate changes |  | (1,238) |  |  | 3,767 |
Projected benefit obligations, end of the year |  | $ | 195,336 |  |  | $ | 207,551 |
Schedule of Changes in the Fair Value of Defined Benefit Pension Plan Assets | The following table presents the changes in the fair value of defined benefit pension plan assets for fiscal years 2023 and 2022 (in thousands):
|  | Years Ended March 31,
|  | 2023 |  | 2022
Fair value of plan assets, beginning of the year |  | $ | 156,118 |  |  | $ | 128,061 |
Actual return on plan assets |  | (6,008) |  |  | (2,156) |
Employer contributions |  | 11,645 |  |  | 10,877 |
Plan participant contributions |  | 6,870 |  |  | 6,092 |
Benefits paid |  | (2,646) |  |  | (3,904) |
Transfer of prior vested benefits |  | 11,579 |  |  | 14,963 |
Settlement |  | (15,348) |  |  | — |
Administrative expenses paid |  | (147) |  |  | (130) |
Currency exchange rate changes |  | 536 |  |  | 2,315 |
Fair value of plan assets, end of the year |  | $ | 162,599 |  |  | $ | 156,118 |
Schedule of Fair Value of the Defined Benefit Pension Plan Assets by Major Categories and by Levels within the Fair Value Hierarchy | The following tables present the fair value of the defined benefit pension plan assets by major categories and by levels within the fair value hierarchy as of March 31, 2023 and 2022 (in thousands):
|  | March 31,
|  | 2023 |  | 2022
|  | Level 1 |  | Level 2 |  |  |  | Total |  | Level 1 |  | Level 2 |  |  |  | Total
Cash and cash equivalents |  | $ | 7,071 |  |  | $ | — |  |  |  |  | $ | 7,071 |  |  | $ | 16,317 |  |  | $ | — |  |  |  |  | $ | 16,317 |
Equity securities |  | 51,963 |  |  | — |  |  |  |  | 51,963 |  |  | 48,591 |  |  | — |  |  |  |  | 48,591 |
Debt securities |  | 43,493 |  |  | — |  |  |  |  | 43,493 |  |  | 38,513 |  |  | — |  |  |  |  | 38,513 |
Real estate funds |  | 21,197 |  |  | 23,710 |  |  |  |  | 44,907 |  |  | 25,146 |  |  | 13,077 |  |  |  |  | 38,223 |
Hedge funds |  | 606 |  |  | 7,907 |  |  |  |  | 8,513 |  |  | — |  |  | 8,076 |  |  |  |  | 8,076 |
Other |  | 6,248 |  |  | 404 |  |  |  |  | 6,652 |  |  | 6,034 |  |  | 364 |  |  |  |  | 6,398 |
Total fair value of plan assets |  | $ | 130,578 |  |  | $ | 32,021 |  |  |  |  | $ | 162,599 |  |  | $ | 134,601 |  |  | $ | 21,517 |  |  |  |  | $ | 156,118 |
Schedule of Net Funded Status | The funded status of the plans was as follows (in thousands):
|  | Years Ended March 31,
|  | 2023 |  | 2022
Fair value of plan assets |  | $ | 162,599 |  |  | $ | 156,118 |
Less: projected benefit obligations |  | 195,336 |  |  | 207,551 |
Underfunded status |  | $ | (32,737) |  |  | $ | (51,433) |
Schedule of Amounts Recognized on the Balance Sheet for the Plans | Amounts recognized on the balance sheets for the plans were as follows (in thousands):
|  | March 31,
|  | 2023 |  | 2022
Current liabilities |  | $ | 1,407 |  |  | $ | 1,677 |
Non-current liabilities |  | 31,330 |  |  | 49,756 |
Total liabilities |  | $ | 32,737 |  |  | $ | 51,433 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive income (loss) related to defined benefit pension plans were as follows (in thousands):
|  | March 31,
|  | 2023 |  | 2022 |  |
Net prior service credits |  | $ | 2,201 |  |  | $ | 2,883 |  |  |
Net actuarial gain (loss) |  | 5,690 |  |  | (4,304) |  |  |
Accumulated other comprehensive income (loss) |  | 7,891 |  |  | (1,421) |  |  |
Deferred taxes |  | (3,366) |  |  | (2,074) |  |  |
Accumulated other comprehensive income (loss), net of tax |  | $ | 4,525 |  |  | $ | (3,495) |  |  |
Schedule of Actuarial Assumptions for the Pension Plans | The actuarial assumptions for the defined benefit plans were as follows:
|  | Years Ended March 31,
|  | 2023 |  | 2022
Benefit Obligations: |  |  |  |
Discount rate |  | 1.00% - 7.25% |  | 1.00% - 6.75%
Estimated rate of compensation increase |  | 2.25% - 10.00% |  | 2.00% - 10.00%
Cash balance interest credit rate |  | 0.00% - 1.75% |  | 0.00% - 1.75%
|  | Years Ended March 31,
|  | 2023 |  | 2022 |  | 2021
Net Periodic Costs: |  |  |  |  |  |
Discount rate |  | 0.50% - 6.75% |  | 0.25% - 6.00% |  | 0.50% - 6.75%
Estimated rate of compensation increase |  | 2.00% - 10.00% |  | 2.00% - 10.00% |  | 2.25% - 10.00%
Expected average rate of return on plan assets |  | 1.00% - 2.50% |  | 1.00% - 2.25% |  | 1.00% - 2.50%
Cash balance interest credit rate |  | 0.00% - 1.75% |  | 0.00% - 1.75% |  | 0.00% - 1.75%
Schedule of Expected Benefit Payments | The following table reflects the benefit payments that the Company expects the plans to pay in the periods noted (in thousands):
Years Ending March 31, |  |
2024 |  | $ | 26,765 |
2025 |  | 11,728 |
2026 |  | 12,046 |
2027 |  | 14,440 |
2028 |  | 12,772 |
Next five fiscal years |  | 66,302 |
Total expected benefit payments by the plan |  | $ | 144,053 |

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