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Shareholders' Equity
 3 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Capital

As of June 30, 2025, the Company's nominal share capital is CHF 42.2 million, consisting of 168,994,142 issued shares with a par value of CHF 0.25 each, of which 21,442,654 were held in treasury shares.

The capital band under Swiss law allows a company's board of directors to adjust the company's share capital within a predefined range based on a general authority granted by the company's shareholders. At the 2023 Annual General Meeting ("AGM"), the Company's shareholders approved an amendment to the Company’s Articles of Incorporation to introduce a capital band provision authorizing the Board of Directors to adjust the Company's share capital, without additional shareholder approval, within a range of 155,795,958 registered shares to 190,417,282 registered shares for the five-year period ending on September 13, 2028. In addition, the Company has reserved conditional capital (1) up to 25,000,000 shares for potential issuance for the exercise of rights granted under the Company's employee equity incentive plans, and (2) up to 25,000,000 shares for issuance to cover any conversion rights under any potential future convertible bond issuance.

Share Repurchases

In June 2023, the Company's Board of Directors approved a three-year share repurchase program, which allows the Company to use up to $1.0 billion to repurchase its shares. The 2023 share repurchase program enables the Company to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. In March 2025, the Company's Board of Directors approved an increase of $600.0 million to the 2023 share repurchase program, to an aggregate amount of $1.6 billion. The Swiss Takeover Board approved this increase in April 2025 and it became effective on April 2, 2025. As of June 30, 2025, $524.3 million was available for repurchase under the 2023 share repurchase program.

The following table summarizes the Company's share repurchase activities for the three months ended June 30, 2025 and 2024 were as follows (in thousands):

Three Months Ended
June 30,
20252024
2023 Share Repurchase Program:
  Number of shares repurchased (1)
1,5311,444
  Aggregate cost of shares repurchased (1) (2)
$124,135 $132,132 
(1) All shares were repurchased for cancellation.
(2) Includes an aggregate cost of $21.2 million and $20.8 million, respectively, that was not yet paid as of June 30, 2025 and 2024.

Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares held in treasury by the Company and its subsidiaries may not exceed 10% of the share capital of the Company, which for the Company corresponds to approximately 16.9 million registered shares as of June 30, 2025. This limitation does not apply to shares repurchased for cancellation, due to the Board of Directors’ authority under the Company’s capital band set forth in the Company’s Articles of Incorporation. As of June 30, 2025, the Company had a total of 21.4 million shares held in treasury stock, which includes 8.2 million shares that have been repurchased for cancellation and 13.2 million shares that have been purchased to support equity incentive plans or potential acquisitions.

To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the shares are repurchased on the ordinary trading line of SIX Swiss Exchange (“SIX”) and/or The Nasdaq Global Select Market (“Nasdaq”). Shares repurchased for cancellation purposes are repurchased on a second trading line on SIX. Shares may be repurchased from time to time on the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors and the program does not require the purchase of any minimum number of shares.
Share Cancellation

In June 2025, the Company's Board of Directors approved the cancellation of 8.2 million treasury shares, which were repurchased under the 2023 share repurchase program in fiscal year 2025 and the first quarter of fiscal year 2026, for an aggregate cost of $712.2 million. The cancellation is expected to take effect in the second quarter of fiscal year 2026. When the cancellation becomes effective, the number of registered shares issued and the number of treasury shares will both decrease by 8.2 million shares, and the Company will deduct the par value from registered shares and reflect the excess of share repurchase cost over par value as a reduction to retained earnings.

Accumulated Other Comprehensive Loss
 
The components of accumulated other comprehensive loss were as follows (in thousands):
Currency Translation Adjustment
Defined Benefit Plans
Deferred Hedging Losses
Total
March 31, 2025$(118,652)$(25,276)$(3,024)$(146,952)
Other comprehensive income (loss)27,293 (157)(10,347)16,789 
June 30, 2025$(91,359)$(25,433)$(13,371)$(130,163)