Net Periodic Benefit Cost |
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| 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):
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 from operations. During fiscal year 2024, the Company began the process to terminate one of its U.S. pension plans. Lump sum payments were made to eligible participants who elected to receive them in the third and fourth quarter of fiscal year 2024 resulting in settlement charges which were disclosed in the 2024 10-K. On September 30, 2024, the Company purchased annuity contracts to settle the remaining liabilities of the terminated plan. The annuity contract purchase resulted in a non cash settlement charge of $23,201,000 which was recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations during the six months ended September 30, 2024. The remaining surplus of the terminated plan of $8,379,000 will be used, to process final benefit payments as required in the annuity sales agreement and as prescribed in the applicable regulations, to fund obligations associated with the Company's U.S. defined contribution plans. The Company currently plans to contribute approximately $5,461,000 to its pension plans in fiscal 2025. For additional information on the Company’s defined benefit pension and postretirement benefit plans, refer to the consolidated financial statements included in the 2024 10-K.
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