v3.26.1
Retirement Plans
 12 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
Defined Benefit Plans

The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans.

Net periodic pension cost for fiscal 2026, 2025 and 2024, includes the following components:
 
 United States PlansInternational Plans
 Fiscal year ended March 31,Fiscal year ended March 31,
 202620252024202620252024
Service cost$— $— $— $1,080 $954 $884 
Interest cost— 491 657 1,726 2,501 2,215 
Expected return on plan assets97 (141)(424)(252)(1,421)(1,244)
Amortization and deferral— (61)— 301 582 326 
Settlement (loss) gain — (1,548)— 9,711 — — 
Net periodic benefit cost$97 $(1,259)$233 $12,566 $2,616 $2,181 
The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans:
 
 United States PlansInternational Plans
 March 31,March 31,
  
2026202520262025
Change in projected benefit obligation
Benefit obligation at the beginning of the period$— $13,313 $53,802 $55,806 
Service cost— — 1,080 954 
Interest cost— 491 1,726 2,501 
Benefits paid, inclusive of plan expenses— (635)(2,382)(2,759)
Plan curtailments and settlements— (13,338)(27,349)— 
Plan combinations — — — — 
Actuarial (gains) losses — 169 (1,810)(3,601)
Foreign currency translation adjustment2,721 901 
Benefit obligation at the end of the period$— $— $27,788 $53,802 

Change in plan assets
Fair value of plan assets at the beginning of the period$1,157 $15,153 $30,164 $32,563 
Actual return on plan assets(97)(23)(587)(2,075)
Employer contributions(1,060)— 1,877 1,720 
Benefits paid, inclusive of plan expenses— (635)(2,382)(2,759)
Plan curtailments and settlements— (13,338)(27,349)— 
Foreign currency translation adjustment— — 1,184 715 
Fair value of plan assets at the end of the period$— $1,157 $2,907 $30,164 
Funded status surplus (deficit)$— $1,157 $(24,881)$(23,638)
 
 March 31,
 20262025
Amounts recognized in the Consolidated Balance Sheets consist of:
Non-current assets$2,599 $4,409 
Accrued expenses(1,585)(1,583)
Other liabilities(25,895)(25,307)
Funded status deficit$(24,881)$(22,481)

The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2026, 2025 and 2024:
 Fiscal year ended March 31,
 202620252024
Amounts recorded in AOCI before taxes:
Prior service cost$(1)$(43)$(85)
Net loss(675)(11,145)(9,590)
Net amount recognized$(676)$(11,188)$(9,675)

The following table represents changes in plan assets and benefit obligations recognized in AOCI for the Company’s pension plans for the years ended March 31, 2026, 2025 and 2024:
 
 Fiscal year ended March 31,
 202620252024
Changes in plan assets and benefit obligations:
Net loss (gain) arising during the year$(971)$228 $7,439 
Effect of exchange rates on amounts included in AOCI471 260 127 
Amounts recognized as a component of net periodic benefit costs:
Amortization of prior service cost(45)(42)(42)
Amortization or settlement recognition of net loss(9,966)1,069 (284)
Total recognized in other comprehensive (income) loss$(10,511)$1,515 $7,240 

The amounts included in AOCI as of March 31, 2026 that are expected to be recognized as components of net periodic pension cost (before tax) during the next twelve months are as follows:
 
Prior service cost$1 
Net loss(10)
Net amount expected to be recognized$(9)

The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each fiscal year are as follows:
 
 United States PlansInternational Plans
 March 31,March 31,
 2026202520262025
All defined benefit plans:
Accumulated benefit obligation$— $— $26,152 $51,690 
Unfunded defined benefit plans:
Projected benefit obligation$— $— $27,474 $26,871 
Accumulated benefit obligation— — 25,868 24,787 
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$— $— $27,788 $27,214 
Fair value of plan assets— — 308 325 
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$— $— $27,474 $26,871 
Accumulated benefit obligation— — 25,868 24,787 
Fair value of plan assets— — — — 

Assumptions

Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows:

 
 United States PlansInternational Plans
 Fiscal year ended March 31,Fiscal year ended March 31,
 202620252024202620252024
Discount rateN/A5.2 %4.9 %
3.3%-5.9%
3.8%-5.3%
3.5%-6%
Expected return on plan assetsN/A3.25 5.5 
5.3-5.75
4.8-5.0
4-4.7
Rate of compensation increaseN/AN/AN/A
2.0-4.5
2.5-4.5
2.3-4.5
N/A = not applicable

Significant assumptions used to determine the projected benefit obligations for the U.S. and International plans were as follows:

 United States PlansInternational Plans
 March 31,March 31,
 2026202520262025
Discount rateN/AN/A
3.3%-5.1%
3.3%-5.9%
Rate of compensation increaseN/AN/A
2.0-4.0
2.0-4.5
 N/A = not applicable

The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis.

Pension Plan Investment Strategy

The US plan has been terminated during fiscal 2025. All expenses associated with the plan termination have been paid, and excess cash has been returned to the Company. In fiscal 2024, the UK plan entered in an annuity insurance contract and the UK plan was fully insured. In fiscal 2026, the UK plan was terminated and once all expenses associated with the plan termination have been paid, any excess cash will be returned to the Company.

The following table represents the Company's pension plan investments measured at fair value as of March 31, 2026 and 2025 and the basis for that measurement:

 March 31, 2026
 United States PlansInternational Plans
 Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset category:
Cash and cash equivalents$— $— $— $— $2,599 $2,599 $— $— 
Fixed income(a)
— — — — 308 — 308 — 
Other investments(b)
— — — — — — — — 
Total$— $— $— $— $2,907 $2,599 $308 $— 
 
 March 31, 2025
 United States PlansInternational Plans
 Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Fair
Value
Measurement		Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset category:
Cash and cash equivalents$1,157 $1,157 $— $— $3,252 $3,252 $— $— 
Fixed income(a)
— — — — 324 — 324 — 
Other investments(b)
— — — — 26,588 — — 26,588 
Total$1,157 $1,157 $— $— $30,164 $3,252 $324 $26,588 

The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1.
(a)Fixed income consists primarily of investment grade bonds from diversified industries.
(b)Other investments consists of a buy-in annuity insurance contract. The fair value of the buy-in policy is set equal to the value of the obligations as determined by the actuary. This value is considered Level 3 due to the use of the significant unobservable inputs.
Level 3 Rollforward

The following presents our Level 3 Rollforward for our defined pension plan assets:

Beginning of year balance as of March 31, 2024$28,497 
Actual return on plan assets, relating to assets still held at the reporting date(1,511)
Purchases(1,024)
Change due to exchange rate changes626 
End of year balance as of March 31, 2025$26,588 
Actual return on plan assets, relating to assets still held at the reporting date(562)
Plan Settlements(27,185)
Change due to exchange rate changes1,159 
End of year balance as of March 31, 2026$— 


The Company expects to make cash contributions of approximately $1,621 to its pension plans in fiscal 2027.

Estimated future benefit payments under the Company’s pension plans are as follows:
 
2027$1,620 
20281,663 
20292,226 
20302,627 
20312,145 
Years 2032-203613,230 

Defined Contribution Plan

The Company maintains defined contribution plans primarily in the U.S. and U.K. eligible employees can contribute a portion of their pre-tax and / or after-tax income in accordance with plan guidelines and the Company will make contributions based on the employees’ eligible pay and /or will match a percentage of the employee contributions up to certain limits. Matching contributions charged to expense for the fiscal years ended March 31, 2026, 2025 and 2024 were $22,166, $22,031 and $22,819, respectively.