DEFINED CONTRIBUTION AND PENSION PLANS (Tables)
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9 Months Ended |
Dec. 31, 2022 |
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| Retirement Benefits [Abstract] |
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| Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
The following table shows the activity associated with the projected benefit obligation and the fair value of plan assets in addition to the defined benefit retirement plans’ funded status (in thousands):
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Nine Months Ended
December 31, 2022 |
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Twelve Months Ended
March 31, 2022 |
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Twelve Months Ended
March 31, 2021 |
| Change in benefit obligation: |
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| Projected benefit obligation (PBO) at beginning of period |
$ |
529,956 |
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|
$ |
578,918 |
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|
$ |
494,992 |
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| Service cost |
663 |
|
|
732 |
|
|
743 |
|
| Interest cost |
8,987 |
|
|
9,757 |
|
|
9,449 |
|
| Actuarial loss (gain) |
(107,835) |
|
|
(9,592) |
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|
41,343 |
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| Benefit payments and expenses |
(18,481) |
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|
(23,418) |
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|
(24,854) |
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| Effect of exchange rate changes |
(45,681) |
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|
(26,441) |
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|
57,245 |
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| Projected benefit obligation (PBO) at end of period |
$ |
367,609 |
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$ |
529,956 |
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|
$ |
578,918 |
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| Change in plan assets: |
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| Fair value of assets at beginning of period |
$ |
511,786 |
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$ |
534,768 |
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$ |
477,137 |
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| Actual return on assets |
(113,510) |
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|
8,633 |
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|
11,738 |
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| Employer contributions |
11,725 |
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|
16,234 |
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|
16,778 |
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| Benefit payments and expenses |
(18,481) |
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|
(23,418) |
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|
(24,854) |
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|
|
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| Effect of exchange rate changes |
(44,000) |
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|
(24,431) |
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|
53,969 |
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| Fair value of assets at end of period |
$ |
347,520 |
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$ |
511,786 |
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$ |
534,768 |
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| Reconciliation of funded status: |
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| Accumulated benefit obligation (ABO) |
$ |
367,609 |
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|
$ |
529,956 |
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|
$ |
578,918 |
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| Projected benefit obligation (PBO) |
$ |
367,609 |
|
|
$ |
529,956 |
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|
$ |
578,918 |
|
| Fair value of assets |
(347,520) |
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|
(511,786) |
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|
(534,768) |
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| Net recognized pension liability |
$ |
20,089 |
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|
$ |
18,170 |
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|
$ |
44,150 |
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| Amounts recognized in accumulated other comprehensive loss |
$ |
12,441 |
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|
$ |
(5,962) |
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|
$ |
45,071 |
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| Schedule of Components of Net Periodic Pension Cost |
Details of the components of net periodic pension cost (benefit) for the periods reflected in the table below were as follows (in thousands):
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Nine Months Ended
December 31, 2022 |
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Twelve Months Ended
March 31, 2022 |
|
Twelve Months Ended
March 31, 2021 |
| Service cost for benefits earned during the period |
$ |
663 |
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|
$ |
732 |
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$ |
743 |
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| Interest cost on pension benefit obligation |
8,987 |
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|
9,757 |
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|
9,449 |
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| Expected return on assets |
(11,347) |
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|
(12,290) |
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|
(13,090) |
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| Net periodic pension cost (benefit) |
$ |
(1,697) |
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|
$ |
(1,801) |
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|
$ |
(2,898) |
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| Schedule of Actuarial Assumptions |
Actuarial assumptions used to develop the components of the Defined Benefit Pension Plans for the periods reflected in the table below were as follows:
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Nine Months Ended
December 31, 2022 |
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Twelve Months Ended
March 31, 2022 |
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Twelve Months Ended
March 31, 2021 |
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| Discount rate |
2.70 |
% |
|
2.00 |
% |
|
2.30 |
% |
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| Expected long-term rate of return on assets |
3.22 |
% |
|
2.42 |
% |
|
2.62 |
% |
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|
| Pension increase rate |
3.40 |
% |
|
3.00 |
% |
|
2.60 |
% |
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| Schedule of Target Allocation Percentages And Plan Assets By Level Within Fair Value Hierarchy |
Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included as follows:
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Target Allocation
as of December 31, |
|
Target Allocation
as of March 31, |
|
Actual Allocation
as of December 31, |
|
Actual Allocation
as of March 31, |
| Asset Category |
2022 |
|
2022 |
|
2022 |
|
2022 |
| Equity securities |
14.4 |
% |
|
14.0 |
% |
|
20.5 |
% |
|
16.4 |
% |
| Debt securities |
19.0 |
% |
|
19.0 |
% |
|
29.8 |
% |
|
19.8 |
% |
| Property |
6.7 |
% |
|
6.7 |
% |
|
6.8 |
% |
|
5.8 |
% |
| Other assets |
59.9 |
% |
|
60.3 |
% |
|
42.9 |
% |
|
58.0 |
% |
| Total |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
The following table summarizes, by level within the fair value hierarchy, the plan assets as of December 31, 2022, which are valued at fair value (in thousands):
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Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
Significant
Other
Observable
Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
Balance as of December 31, 2022 |
| Cash and cash equivalents |
$ |
3,729 |
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|
$ |
9,623 |
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|
$ |
— |
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|
$ |
13,352 |
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| Equity investments - U.K. |
962 |
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|
— |
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— |
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|
962 |
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| Equity investments - non-U.K. |
2,165 |
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|
— |
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— |
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|
2,165 |
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| Insurance linked securities |
— |
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|
— |
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|
25,141 |
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|
25,141 |
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| Liquid credit |
— |
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|
7,819 |
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— |
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|
7,819 |
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| Alternative investments |
— |
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|
42,222 |
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— |
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|
42,222 |
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| Diversified growth (absolute return) funds |
722 |
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— |
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— |
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|
722 |
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| Government debt securities |
481 |
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|
102,007 |
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— |
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|
102,488 |
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| Corporate debt securities |
1,203 |
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|
— |
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— |
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|
1,203 |
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| Insurance policy |
— |
|
|
— |
|
|
108,863 |
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|
108,863 |
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| Total fair value investments |
$ |
9,262 |
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$ |
161,671 |
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$ |
134,004 |
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$ |
304,937 |
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Net asset value(1)
|
— |
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|
— |
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|
— |
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|
42,583 |
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| Total investments |
$ |
9,262 |
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$ |
161,671 |
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$ |
134,004 |
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$ |
347,520 |
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____________________
(1)Includes illiquid credit and property debt amounts held at net asset values.
The following table summarizes, by level within the fair value hierarchy, the plan assets as of March 31, 2022, which are valued at fair value (in thousands):
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|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
Significant
Other
Observable
Inputs
(Level 2) |
|
Significant
Unobservable
Inputs
(Level 3) |
|
Balance as of March 31, 2022 |
| Cash and cash equivalents |
$ |
3,591 |
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$ |
18,661 |
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|
$ |
— |
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$ |
22,252 |
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| Equity investments - U.K. |
1,053 |
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|
— |
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— |
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|
1,053 |
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| Equity investments - non-U.K. |
2,897 |
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|
— |
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|
— |
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|
2,897 |
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| Insurance Linked Securities |
— |
|
|
27,386 |
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|
— |
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|
27,386 |
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| Liquid credit |
— |
|
|
98,130 |
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|
— |
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|
98,130 |
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| Alternative investments |
— |
|
|
51,801 |
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|
— |
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|
51,801 |
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| Diversified growth (absolute return) funds |
790 |
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|
— |
|
|
— |
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|
790 |
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| Government debt securities |
— |
|
|
99,157 |
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|
— |
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|
99,157 |
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| Corporate debt securities |
1,712 |
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|
— |
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|
— |
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|
1,712 |
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| Insurance policy |
— |
|
|
— |
|
|
154,345 |
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|
154,345 |
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| Total fair value investments |
$ |
10,043 |
|
|
$ |
295,135 |
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$ |
154,345 |
|
|
$ |
459,523 |
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Net asset value(1)
|
— |
|
|
— |
|
|
— |
|
|
52,263 |
|
| Total investments |
$ |
10,043 |
|
|
$ |
295,135 |
|
|
$ |
154,345 |
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$ |
511,786 |
|
____________________
(1)Includes illiquid credit and property debt amounts held at net asset values.
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| Schedule of Estimated Future Benefit Payments |
Estimated future benefit payments for each of the years ended December 31 is as follows (in thousands):
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| Year Ended December 31, |
Payments |
| 2023 |
$ |
21,532 |
|
| 2024 |
22,013 |
|
| 2025 |
22,374 |
|
| 2026 |
22,855 |
|
| 2027 |
23,336 |
|
| Thereafter |
119,569 |
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