Annual report pursuant to Section 13 and 15(d)

DEFINED CONTRIBUTION AND PENSION PLANS (Tables)

v3.22.1
DEFINED CONTRIBUTION AND PENSION PLANS (Tables)
 12 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table provides a rollforward of the projected benefit obligation and the fair value of plan assets, sets forth the defined benefit retirement plans’ funded status and provides detail of the components of net periodic pension cost calculated for the Defined Benefit Pension Plans. The measurement date adopted is March 31 and resulting gains or losses are amortized over the average remaining life expectancy of the plan members.
Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019
  Successor Predecessor
Change in benefit obligation:
Projected benefit obligation (PBO) at beginning of period $ 578,918  $ 494,992  $ 528,858  $ 504,076 
Service cost 732  743  594  29 
Interest cost 9,757  9,449  4,109  6,705 
Actuarial loss (gain) (9,592) 41,343  (5,545) 34,618 
Benefit payments and expenses (23,418) (24,854) (11,394) (13,882)
Effect of exchange rate changes (26,441) 57,245  (21,630) (2,688)
Projected benefit obligation (PBO) at end of period $ 529,956  $ 578,918  $ 494,992  $ 528,858 
Change in plan assets:
Fair value of assets at beginning of period $ 534,768  $ 477,137  $ 495,343  $ 478,350 
Actual return on assets 8,633  11,738  6,827  24,633 
Employer contributions 16,234  16,778  7,144  9,032 
Benefit payments and expenses (23,418) (24,854) (11,394) (13,882)
Effect of exchange rate changes (24,431) 53,969  (20,783) (2,790)
Fair value of assets at end of period $ 511,786  $ 534,768  $ 477,137  $ 495,343 
Reconciliation of funded status:
Accumulated benefit obligation (ABO) $ 529,956  $ 578,918  $ 494,992  $ 528,858 
Projected benefit obligation (PBO) $ 529,956  $ 578,918  $ 494,992  $ 528,858 
Fair value of assets (511,786) (534,768) (477,137) (495,343)
Net recognized pension liability $ 18,170  $ 44,150  $ 17,855  $ 33,515 
Amounts recognized in accumulated other comprehensive loss $ (5,962) $ 45,071  $ (6,389) $ — 
Schedule of Components of Net Periodic Pension Cost
The following table provides a detail of the components of net periodic pension cost (benefit) for the periods reflected in the table below were as follows (in thousands):
Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019
Successor Predecessor
Service cost for benefits earned during the period $ 732  $ 743  $ 594  $ 29 
Interest cost on pension benefit obligation 9,757  9,449  4,109  6,705 
Expected return on assets (12,290) (13,090) (5,735) (5,610)
Net periodic pension cost (benefit) $ (1,801) $ (2,898) $ (1,032) $ 1,124 
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:    
  Fiscal Year Ended
March 31, 2022		 Fiscal Year Ended
March 31, 2021		 Five Months Ended
March 31, 2020		 Seven Months Ended
October 31, 2019
  Successor Predecessor
Discount rate 2.00  % 2.30  % 1.90  % 1.90  %
Expected long-term rate of return on assets 2.42  % 2.62  % 2.80  % 2.80  %
Pension increase rate 3.00  % 2.60  % 2.80  % 2.80  %
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:
  Target Allocation
as of March 31,		 Actual Allocation
as of March 31,
Asset Category 2022 2021 2022 2021
Equity securities 14.0  % 14.1  % 16.4  % 15.1  %
Debt securities 19.0  % 19.0  % 19.8  % 16.4  %
Property 6.7  % 6.7  % 5.8  % 6.4  %
Other assets 60.3  % 60.2  % 58.0  % 62.1  %
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 March 31, 2022, which are valued at fair value (in thousands):
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  $ 18,661  $ —  $ 22,252 
Equity investments- UK 1,053  —  —  1,053 
Equity investments- non UK 2,897  —  —  2,897 
Insurance linked securities —  27,386  —  27,386 
Liquid credit —  98,130  —  98,130 
Alternatives —  51,801  —  51,801 
Diversified growth (absolute return) funds 790  —  —  790 
Government debt securities —  99,157  —  99,157 
Corporate debt securities 1,712  —  —  1,712 
Insurance policy —  —  154,345  154,345 
Total fair value investments $ 10,043  $ 295,135  $ 154,345  $ 459,523 
Net asset value(1)
—  —  —  52,263 
Total investments $ 10,043  $ 295,135  $ 154,345  $ 511,786 
____________________
(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, 2021, which are valued at fair value (in thousands):
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, 2021
Cash and cash equivalents $ 5,933  $ 26,628  $ —  $ 32,561 
Equity investments - U.K. 1,518  —  —  1,518 
Equity investments - Non-U.K. 2,345  —  —  2,345 
Insurance Linked Securities —  27,870  —  27,870 
Illiquid credit —  —  25,938  25,938 
Liquid credit —  102,373  —  102,373 
Property debt —  —  34,078  34,078 
Alternatives —  48,013  —  48,013 
Diversified growth (absolute return) funds 1,242  —  —  1,242 
Government debt securities 414  85,403  —  85,817 
Corporate debt securities 1,656  —  —  1,656 
Insurance policies —  —  171,357  171,357 
Total investments $ 13,108  $ 290,287  $ 231,373  $ 534,768 
Schedule of Estimated Future Benefit Payments
Estimated future benefit payments for each of the years ending March 31 is as follows (in thousands):
Fiscal Years Ending March 31, Payments
2023 $ 23,963 
2024 24,358 
2025 25,017 
2026 25,543 
2027 25,938 
Thereafter 132,061