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Employee Benefit Plans
 12 Months Ended
Mar. 31, 2025
Compensation Related Costs [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Benefit Plans
Certain subsidiaries of the Company sponsor defined benefit pension plans or non-retirement post-employment benefits covering substantially all of their employees. Benefits are provided based on employees' years
of service and earnings, or in accordance with applicable employee benefit regulations. The Company's practice is to fund amounts sufficient to meet the requirements set forth in the applicable employee benefit and tax regulations.
The Company recognizes the overfunded or underfunded status of defined benefit pension plans and non-retirement post-employment benefit obligations as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status of defined benefit pension plans in the year in which the changes occur through accumulated other comprehensive income (loss), which is a component of shareholders' equity. Each plan's assets and benefit obligations are generally remeasured as of March 31 each year.
The net periodic benefit cost of the defined benefit pension plans and the non-retirement post-employment benefit obligations for fiscal years 2025, 2024 and 2023 was as follows (in thousands):
 Years Ended March 31,
 202520242023
Service costs$11,875 $11,479 $13,195 
Interest costs3,298 3,844 2,408 
Expected return on plan assets(7,671)(6,950)(3,754)
Amortization:
Net prior service cost (credit) recognized309 (500)(458)
Net actuarial loss (gain) recognized450 (179)(3,047)
Curtailment gain— — (4,225)
Settlement loss (gain)
— 922 (339)
Total net periodic benefit cost$8,261 $8,616 $3,780 
The components of net periodic benefit cost other than the service costs component are included in other income (expense), net in the consolidated statements of operations.
The changes in projected benefit obligations for fiscal years 2025 and 2024 were as follows (in thousands):
 Years Ended March 31,
 20252024
Projected benefit obligations, beginning of the year$213,477 $195,336 
Service costs11,875 11,479 
Interest costs3,298 3,844 
Plan participant contributions6,676 6,731 
Actuarial loss
13,691 13,737 
Benefits paid (10,578)(2,405)
Transfer of prior vested benefits15,301 6,775 
Plan amendments909 380 
Settlement— (22,522)
Administrative expense paid(157)(158)
Currency exchange rate changes4,649 280 
Projected benefit obligations, end of the year$259,141 $213,477 
The accumulated benefit obligation for all defined benefit pension plans as of March 31, 2025 and 2024 was $227.7 million and $184.8 million, respectively.     
Actuarial loss related to the change in the benefit obligation for the Company's pension plans for fiscal years 2025 and 2024 were primarily due to changes in discount rate.
The changes in the fair value of plan assets for fiscal years 2025 and 2024 were as follows (in thousands):
 Years Ended March 31,
 20252024
Fair value of plan assets, beginning of the year$170,640 $162,599 
Actual return on plan assets5,076 7,558 
Employer contributions10,351 10,888 
Plan participant contributions6,676 6,731 
Benefits paid
(10,578)(2,405)
Transfer of prior vested benefits15,301 6,775 
Settlement— (22,522)
Administrative expenses paid(157)(158)
Currency exchange rate changes4,150 1,174 
Fair value of plan assets, end of the year$201,459 $170,640 
The Company's investment objectives are to ensure that the assets of its defined benefit plans are invested to provide an optimal rate of investment return on the total investment portfolio, consistent with the assumption of a reasonable risk level, and to ensure that pension funds are available to meet the plans' benefit obligations as they become due. The Company believes that a well-diversified investment portfolio will result in the highest attainable investment return with an acceptable level of overall risk. Investment strategies and allocation decisions are also governed by applicable governmental regulatory agencies. The Company's investment strategy with respect to its largest defined benefit plan, which is available only to Swiss employees, is to invest per the following allocation: 33% in equities, 28% in bonds, 28% in real estate, 4% in cash and cash equivalents and the remaining in other investments. The Company can invest in real estate funds, commodity funds, and hedge funds depending upon economic conditions.
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, 2025 and 2024 (in thousands):
 March 31,
 20252024
 Level 1Level 2TotalLevel 1Level 2Total
Cash and cash equivalents$21,202 $— $21,202 $14,375 $— $14,375 
Equity securities60,867 — 60,867 54,534 — 54,534 
Debt securities50,178 — 50,178 42,153 — 42,153 
Real estate funds44,906 6,833 51,739 32,286 10,141 42,427 
Hedge funds— 8,994 8,994 — 10,400 10,400 
Other8,005 474 8,479 6,335 416 6,751 
  Total fair value of plan assets$185,158 $16,301 $201,459 $149,683 $20,957 $170,640 
The funded status of the plans was as follows (in thousands):
 Years Ended March 31,
 20252024
Fair value of plan assets$201,459 $170,640 
Less: projected benefit obligations259,141 213,477 
Underfunded status $(57,682)$(42,837)
Amounts recognized on the balance sheets for the plans were as follows (in thousands):
 March 31,
 20252024
Current liabilities$1,728 $1,391 
Non-current liabilities55,954 41,446 
  Total liabilities$57,682 $42,837 
Amounts recognized in accumulated other comprehensive income (loss) related to defined benefit pension plans were as follows (in thousands):
 March 31,
 20252024
Net prior service credits$820 $1,385 
Net actuarial loss(22,696)(6,445)
  Accumulated other comprehensive loss(21,876)(5,060)
Deferred taxes(3,400)(3,335)
  Accumulated other comprehensive loss, net of tax$(25,276)$(8,395)
The actuarial assumptions for the defined benefit plans were as follows:
 Years Ended March 31,
 20252024
Benefit Obligations:
Discount rate
1.20%- 6.50%
1.50% - 7.00%
Estimated rate of compensation increase
2.00% - 10.00%
2.25% - 10.00%
Cash balance interest credit rate
0.75% - 1.75%
0.50% - 1.75%
Years Ended March 31,
202520242023
Net Periodic Costs:
Discount rate
1.50% - 7.00%
1.50% - 7.25%
0.50% - 6.75%
Estimated rate of compensation increase
2.25% - 10.00%
2.25% - 10.00%
2.00% - 10.00%
Expected average rate of return on plan assets
1.00% - 5.25%
0.50% - 4.50%
1.00% - 2.50%
Cash balance interest credit rate
0.50% - 1.75%
0.50% - 1.75%
0.00% - 1.75%
The discount rate is estimated based on corporate bond yields or securities of similar quality in the respective country, with a duration approximating the period over which the benefit obligations are expected to be paid. The Company bases the compensation increase assumptions on historical experience and future expectations. The expected average rate of return for the Company's defined benefit pension plans represents the average rate of return expected to be earned on plan assets over the period that the benefit obligations are expected to be paid, based on government bond notes in the respective country, adjusted for corporate risk premiums as appropriate.
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,
2026$14,523 
202716,691 
202814,645 
202914,802 
203014,616 
Next five fiscal years77,365 
Total expected benefit payments by the plan$152,642 
The Company expects to contribute $8.0 million to its defined benefit pension plans during fiscal year 2026.
Defined Contribution Plans
Certain of the Company's subsidiaries have defined contribution employee benefit plans covering all or a portion of their employees. Contributions to these plans are discretionary for certain plans and are based on specified or statutory requirements for others. The charges to expense for these plans for fiscal years 2025, 2024 and 2023, were $13.7 million, $14.4 million and $14.4 million, respectively.
Deferred Compensation Plan
One of the Company's subsidiaries offers a deferred compensation plan that permits eligible employees to make 100% vested salary and incentive compensation deferrals within established limits. The Company does not make contributions to the plan.
The deferred compensation plan's assets consist of marketable securities and are included in other assets on the consolidated balance sheets. The marketable securities were recorded at a fair value of $29.0 million and $29.2 million as of March 31, 2025 and 2024, respectively, based on quoted market prices (see Note 9). The Company also had deferred compensation liability of $29.0 million and $29.2 million, which are included in other non-current liabilities on the consolidated balance sheets as of March 31, 2025 and 2024, respectively. Earnings, gains and losses on deferred compensation investments are included in other income (expense), net (see Note 6) and corresponding changes in deferred compensation liability are included in operating expenses and cost of goods sold in the consolidated statements of operations.