v3.26.1
Net Periodic Benefit Cost
3 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost Net Periodic Benefit Cost
The following table sets forth the components of net periodic pension cost for the Company’s defined benefit pension plans (in thousands):
 Three Months Ended
 June 30, 2026June 30, 2025
Service costs$508 $110 
Interest cost2,290 1,839 
Expected return on plan assets(1,477)(1,213)
Net amortization(378)(243)
Net periodic pension (benefit) cost$943 $493 

Components of the net benefit costs other than the service cost component are recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations. Service costs are recorded as part of Income (loss) from operations. The three months ended June 30, 2026 includes the net periodic benefit cost of Kito Crosby, which was acquired in the fourth quarter of fiscal 2026.

During fiscal year 2025, the Company terminated one of its U.S. pension plans. The remaining surplus of the terminated plan at June 30, 2026 of $3,279,000 is being used to fund certain obligations associated with the Company's U.S. defined contribution plans. Of the remaining balance, $2,210,000 is expected to be utilized in the next twelve months, and is therefore recorded in Prepaid expenses and other on the Condensed Consolidated Balance Sheet. The remaining balance is included in Other assets.
The Company currently plans to contribute approximately $7,326,000 to its pension plans in fiscal 2027.