XML 60 R35.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2024

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 2024, 2023 and 2022 was as follows (in thousands):

						Years Ended March 31,
						2024						2023						2022
Service costs						$	11,479					$	13,195					$	14,693
Interest costs						3,844						2,408						920
Expected return on plan assets						(6,950)						(3,754)						(2,930)
Amortization:
Net prior service credit recognized						(500)						(458)						(465)
Net actuarial gain recognized						(179)						(3,047)						(2,158)
Curtailment gain						—						(4,225)						—
Settlement loss (gain)						922						(339)						—
Total net periodic benefit cost						$	8,616					$	3,780					$	10,060

Schedule of Changes in Projected Benefit Obligations

The changes in projected benefit obligations for fiscal years 2024 and 2023 were as follows (in thousands):

						Years Ended March 31,
						2024						2023
Projected benefit obligations, beginning of the year						$	195,336					$	207,551
Service costs						11,479						13,195
Interest costs						3,844						2,408
Plan participant contributions						6,731						6,870
Actuarial loss (gain)						13,737						(22,965)
Benefits paid						(2,405)						(2,646)
Transfer of prior vested benefits						6,775						11,579
Plan amendments						380						—
Settlement						(22,522)						(15,348)
Curtailment						—						(3,923)
Administrative expense paid						(158)						(147)
Currency exchange rate changes						280						(1,238)
Projected benefit obligations, end of the year						$	213,477					$	195,336

Schedule of Changes in the Fair Value of Defined Benefit Pension Plan Assets

The changes in the fair value of plan assets for fiscal years 2024 and 2023 were as follows (in thousands):

						Years Ended March 31,
						2024						2023
Fair value of plan assets, beginning of the year						$	162,599					$	156,118
Actual return on plan assets						7,558						(6,008)
Employer contributions						10,888						11,645
Plan participant contributions						6,731						6,870
Benefits paid						(2,405)						(2,646)
Transfer of prior vested benefits						6,775						11,579
Settlement						(22,522)						(15,348)
Administrative expenses paid						(158)						(147)
Currency exchange rate changes						1,174						536
Fair value of plan assets, end of the year						$	170,640					$	162,599

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, 2024 and 2023 (in thousands):

						March 31,
						2024																		2023
						Level 1						Level 2												Total						Level 1						Level 2												Total
Cash and cash equivalents						$	14,375					$	—											$	14,375					$	7,071					$	—											$	7,071
Equity securities						54,534						—												54,534						51,963						—												51,963
Debt securities						42,153						—												42,153						43,493						—												43,493
Real estate funds						32,286						10,141												42,427						21,197						23,710												44,907
Hedge funds						—						10,400												10,400						606						7,907												8,513
Other						6,335						416												6,751						6,248						404												6,652
Total fair value of plan assets						$	149,683					$	20,957											$	170,640					$	130,578					$	32,021											$	162,599

Schedule of Net Funded Status

The funded status of the plans was as follows (in thousands):

						Years Ended March 31,
						2024						2023
Fair value of plan assets						$	170,640					$	162,599
Less: projected benefit obligations						213,477						195,336
Underfunded status						$	(42,837)					$	(32,737)

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,
						2024						2023
Current liabilities						$	1,391					$	1,407
Non-current liabilities						41,446						31,330
Total liabilities						$	42,837					$	32,737

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,
						2024						2023
Net prior service credits						$	1,385					$	2,201
Net actuarial gain (loss)						(6,445)						5,690
Accumulated other comprehensive income (loss)						(5,060)						7,891
Deferred taxes						(3,335)						(3,366)
Accumulated other comprehensive income (loss), net of tax						$	(8,395)					$	4,525

Schedule of Actuarial Assumptions for the Pension Plans

The actuarial assumptions for the defined benefit plans were as follows:

						Years Ended March 31,
						2024						2023
Benefit Obligations:
Discount rate						1.50%- 7.00%						1.00% - 7.25%
Estimated rate of compensation increase						2.25% - 10.00%						2.25% - 10.00%
Cash balance interest credit rate						0.50% - 1.75%						0.00% - 1.75%

						Years Ended March 31,
						2024						2023						2022
Net Periodic Costs:
Discount rate						1.50% - 7.25%						0.50% - 6.75%						0.25% - 6.00%
Estimated rate of compensation increase						2.25% - 10.00%						2.00% - 10.00%						2.00% - 10.00%
Expected average rate of return on plan assets						0.50% - 4.50%						1.00% - 2.50%						1.00% - 2.25%
Cash balance interest credit rate						0.50% - 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,
2025						$	13,068
2026						12,113
2027						14,465
2028						13,055
2029						12,959
Next five fiscal years						68,520
Total expected benefit payments by the plan						$	134,180

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationRelatedCostsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (b)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (a)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration