| Schedule of Components of Pension Cost and Income |
The components of pension cost (income) for ±«ÓãÖ±²¥â€™s defined benefit plans were as follows:
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Year Ended March |
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| (In thousands) |
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2024 |
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2023 |
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2022 |
| Service cost — benefits earned during the period |
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$ |
8,924Ìý |
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$ |
10,632Ìý |
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$ |
14,288Ìý |
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| Interest cost on projected benefit obligations |
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47,079Ìý |
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44,732Ìý |
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37,534Ìý |
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| Expected return on plan assets |
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(63,569) |
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(63,157) |
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(77,432) |
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| Settlement charges |
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3,538Ìý |
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93,731Ìý |
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7,466Ìý |
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| Amortization of deferred amounts: |
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| Net deferred actuarial losses |
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16,195Ìý |
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16,395Ìý |
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11,310Ìý |
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| Deferred prior service credits |
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(80) |
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(453) |
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(440) |
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| Net periodic pension cost (income) |
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$ |
12,087Ìý
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$ |
101,880Ìý
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$ |
(7,274) |
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| Weighted average actuarial assumptions used to determine pension cost (income): |
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| Discount rate in effect for determining service cost |
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2.50Ìý |
% |
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1.42Ìý |
% |
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0.46Ìý |
% |
| Discount rate in effect for determining interest cost |
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4.85Ìý |
% |
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4.09Ìý |
% |
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2.16Ìý |
% |
| Expected long-term return on plan assets |
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5.99Ìý |
% |
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5.24Ìý |
% |
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4.53Ìý |
% |
Rate of compensation increase (a)
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2.19Ìý |
% |
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1.95Ìý |
% |
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2.01Ìý |
% |
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
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| Schedule of Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations |
The following provides a reconciliation of the changes in fair value of ±«ÓãÖ±²¥â€™s defined benefit plan assets and projected benefit obligations for each period, and the funded status at the end of each period:
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| (In thousands) |
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March 2024 |
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March 2023 |
| Fair value of plan assets, beginning of period |
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$ |
1,111,710Ìý |
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$ |
1,643,435Ìý |
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| Actual return on plan assets |
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17,332Ìý |
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(146,068) |
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| ±«ÓãÖ±²¥ contributions |
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30,167Ìý |
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22,683Ìý |
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| Participant contributions |
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5,447Ìý |
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5,035Ìý |
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| Settlement |
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—Ìý |
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(328,412) |
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| Benefits paid |
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(81,150) |
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(79,865) |
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| Currency translation |
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1,736Ìý |
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(5,098) |
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| Fair value of plan assets, end of period |
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1,085,242Ìý |
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1,111,710Ìý |
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| Projected benefit obligations, beginning of period |
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1,021,333Ìý |
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1,557,715Ìý |
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| Service cost |
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8,924Ìý |
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10,632Ìý |
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| Interest cost |
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47,079Ìý |
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44,732Ìý |
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| Participant contributions |
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5,447Ìý |
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5,035Ìý |
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| Actuarial gain |
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(7,518) |
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(183,536) |
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| Settlement |
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—Ìý |
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(328,412) |
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| Benefits paid |
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(81,150) |
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(79,865) |
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| Plan amendments |
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(489) |
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(478) |
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| Currency translation |
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1,731Ìý |
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(4,490) |
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Projected benefit obligations, end of period (a)
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995,357Ìý |
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1,021,333Ìý |
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| Funded status, end of period |
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$ |
89,885Ìý
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$ |
90,377Ìý
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(a)The change in projected benefit obligations in the year ended March 2023 was driven by actuarial gains, primarily as a result of changes in discount rates and the purchase of an irrevocable group annuity contract relating to approximately $330.0Ìýmillion of the U.S. qualified defined benefit pension plan obligations.
Pension benefits are reported in the Consolidated Balance Sheets as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis.
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| (In thousands) |
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March 2024 |
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March 2023 |
| Amounts included in Consolidated Balance Sheets: |
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| Other assets (Note 11) |
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$ |
175,110Ìý |
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$ |
183,929Ìý |
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| Accrued liabilities (Note 14) |
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(6,597) |
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(20,727) |
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| Other liabilities (Note 16) |
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(78,628) |
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(72,825) |
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| Funded status |
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$ |
89,885 |
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$ |
90,377Ìý
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| Accumulated other comprehensive loss, pretax: |
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| Net deferred actuarial losses |
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$ |
260,512 |
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$ |
241,864Ìý |
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| Net deferred prior service credits |
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(4,290) |
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(4,286) |
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| Total accumulated other comprehensive loss, pretax |
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$ |
256,222 |
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$ |
237,578Ìý
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| Accumulated benefit obligations |
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$ |
976,120 |
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$ |
1,005,159Ìý
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| Weighted average actuarial assumptions used to determine pension obligations: |
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| Discount rate |
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4.94Ìý |
% |
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4.89Ìý |
% |
Rate of compensation increase (a)
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2.11Ìý |
% |
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2.15Ìý |
% |
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
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| Schedule of Components of Pension Plans with an Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets |
The following provides information for ±«ÓãÖ±²¥'s defined benefit plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:
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| (In thousands) |
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March 2024 |
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March 2023 |
| Projected benefit obligations |
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$ |
183,329Ìý |
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$ |
186,532Ìý |
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| Accumulated benefit obligations |
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164,092Ìý |
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170,357Ìý |
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| Fair value of plan assets |
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98,104Ìý |
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92,980Ìý |
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The net amount of projected benefit obligations and plan assets for underfunded defined benefit plans was $85.2Ìýmillion and $93.6 million as of March 2024 and 2023, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets.
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| Schedule of Fair Value of Investments Held by Pension Plan |
The fair value of investments held by ±«ÓãÖ±²¥â€™s defined benefit plans at March 2024 and March 2023, by asset class, is summarized below. Refer to Note 24 for a description of the three levels of the fair value measurement hierarchy.
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| Ìý |
Total Plan
Assets |
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Fair Value Measurements |
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| (In thousands) |
Level 1 |
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Level 2 |
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LevelÌý3 |
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| March 2024 |
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| Plan assets |
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| Cash equivalents |
$ |
4,428Ìý |
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$ |
4,428Ìý |
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$ |
—Ìý |
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$ |
—Ìý |
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| Fixed income securities: |
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| U.S. Treasury and government agencies |
2Ìý |
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—Ìý |
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2Ìý |
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—Ìý |
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| Insurance contracts |
103,362Ìý |
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—Ìý |
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103,362Ìý |
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—Ìý |
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| Futures contracts |
2,661Ìý |
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2,661Ìý |
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—Ìý |
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—Ìý |
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| Total plan assets in the fair value hierarchy |
110,453Ìý
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$ |
7,089Ìý
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$ |
103,364Ìý
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$ |
—Ìý
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| Plan assets measured at net asset value |
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| Cash equivalents |
87,748Ìý |
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| Equity securities: |
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| Domestic |
33,510Ìý |
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| International |
40,933Ìý |
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| Fixed income securities: |
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| Corporate and international bonds |
751,147Ìý |
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| Alternative investments |
61,451Ìý |
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| Total plan assets measured at net asset value |
974,789Ìý |
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| Total plan assets |
$ |
1,085,242Ìý
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| Ìý |
Total Plan
Assets |
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Fair Value Measurements |
| (In thousands) |
Level 1 |
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Level 2 |
|
LevelÌý3 |
| March 2023 |
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| Plan assets |
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| Cash equivalents |
$ |
983Ìý |
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$ |
983Ìý |
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$ |
—Ìý |
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$ |
—Ìý |
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| Fixed income securities: |
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| U.S. Treasury and government agencies |
3Ìý |
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—Ìý |
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3Ìý |
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—Ìý |
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| Insurance contracts |
97,429Ìý |
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—Ìý |
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97,429Ìý |
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—Ìý |
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| Futures contracts |
6,649Ìý |
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6,649Ìý |
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—Ìý |
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—Ìý |
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| Total plan assets in the fair value hierarchy |
105,064Ìý
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$ |
7,632Ìý
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$ |
97,432Ìý
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$ |
—Ìý
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| Plan assets measured at net asset value |
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| Cash equivalents |
118,114Ìý |
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| Equity securities: |
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| Domestic |
34,957Ìý |
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| International |
51,577Ìý |
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| Fixed income securities: |
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| Corporate and international bonds |
734,455Ìý |
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| Alternative investments |
67,543Ìý |
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| Total plan assets measured at net asset value |
1,006,646Ìý |
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| Total plan assets |
$ |
1,111,710Ìý
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