SHARE-BASED COMPENSATION AND OTHER EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Mar. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of Restricted Stock Transactions |
Restricted Stock - MIP. During the fiscal year ended March 31, 2021 (Successor), the number of shares and the weighted average grant price of restricted stock transactions since close of the Merger were as follows:
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Number of Shares |
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Weighted Average Grant Price |
| Non-vested as of June 11, 2020 (Successor): |
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656,617 |
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$ |
38.52 |
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| Granted |
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247,204 |
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$ |
17.56 |
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| Vested/released |
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(2,780) |
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$ |
19.41 |
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| Forfeited/expired |
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(268,850) |
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$ |
38.44 |
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| Non-vested outstanding as of March 31, 2021 |
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632,191 |
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$ |
30.51 |
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Restricted Stock - 2012 Incentive Plan. During the fiscal year ended March 31, 2021 (Successor), the number of shares and the weighted average grant price of restricted stock transactions were as follows:
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Number of Shares |
|
Weighted Average Grant Price |
| Non-vested as of June 11, 2020: |
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151,768 |
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$ |
21.68 |
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| Granted |
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165,831 |
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$ |
11.05 |
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| Vested |
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(53,785) |
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$ |
24.72 |
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| Forfeited/expired |
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(1,500) |
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$ |
19.52 |
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| Non-vested outstanding as of March 31, 2021 |
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262,314 |
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$ |
12.68 |
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| Schedule of Stock Options Transactions |
Stock Options - MIP. During the fiscal year ended March 31, 2021 (Successor), the stock options transactions since the close of the Merger were as follows:
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Number of Shares |
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Weighted Average Grant Price |
| Non-vested as of June 11, 2020: |
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433,283 |
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$ |
25.23 |
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| Granted |
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28,334 |
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$ |
10.99 |
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| Forfeited/expired |
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(189,567) |
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$ |
25.28 |
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| Non-vested outstanding as of March 31, 2021 |
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272,050 |
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$ |
23.71 |
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Vested(1)
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96,008 |
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$ |
24.69 |
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___________________________
(1)Stock options awarded out of the MIP plan upon emergence vest in equal tranches over a four year period with 25% of the underlying shares vest in annual tranches. These stock options are not exercisable by employees until 2026 as stipulated by the MIP Plan for the awards granted upon emergence.
Stock Options - 2012 Incentive Plan. During the fiscal year ended March 31, 2021 (Successor), the stock options transactions were as follows:
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Number of Shares |
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Weighted Average Grant Price |
| Non-vested as of June 11, 2020: |
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52,255 |
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$ |
22.45 |
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| Granted |
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133,334 |
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$ |
11.30 |
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| Forfeited/expired |
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(5,000) |
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$ |
21.55 |
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| Non-vested outstanding as of March 31, 2021 |
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180,589 |
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$ |
14.30 |
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| Vested and exercisable |
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47,255 |
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$ |
22.76 |
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| Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. pension plans. The measurement date adopted is March 31. Any such gains or losses are amortized over the average remaining life expectancy of the plan members.
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Fiscal Year Ended
March 31, 2021 |
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Five Months Ended
March 31, 2020 |
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Seven Months Ended
October 31, 2019 |
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Successor |
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Predecessor |
| Change in benefit obligation: |
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| Projected benefit obligation (PBO) at beginning of period |
$ |
494,992 |
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$ |
528,858 |
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$ |
504,076 |
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| Service cost |
743 |
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|
594 |
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|
29 |
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| Interest cost |
9,449 |
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|
4,109 |
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6,705 |
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| Actuarial loss (gain) |
41,343 |
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(5,545) |
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34,618 |
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| Benefit payments and expenses |
(24,854) |
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(11,394) |
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(13,882) |
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| Effect of exchange rate changes |
57,245 |
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(21,630) |
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(2,688) |
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| Projected benefit obligation (PBO) at end of period |
$ |
578,918 |
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$ |
494,992 |
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$ |
528,858 |
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| Change in plan assets: |
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| Market value of assets at beginning of period |
$ |
477,137 |
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$ |
495,343 |
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$ |
478,350 |
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| Actual return on assets |
11,738 |
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6,827 |
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24,633 |
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| Employer contributions |
16,778 |
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|
7,144 |
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9,032 |
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| Benefit payments and expenses |
(24,854) |
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(11,394) |
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(13,882) |
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| Effect of exchange rate changes |
53,969 |
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(20,783) |
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(2,790) |
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| Market value of assets at end of period |
$ |
534,768 |
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$ |
477,137 |
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$ |
495,343 |
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| Reconciliation of funded status: |
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| Accumulated benefit obligation (ABO) |
$ |
578,918 |
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$ |
494,992 |
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$ |
528,858 |
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| Projected benefit obligation (PBO) |
$ |
578,918 |
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$ |
494,992 |
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$ |
528,858 |
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| Fair value of assets |
(534,768) |
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(477,137) |
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(495,343) |
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| Net recognized pension liability |
$ |
44,150 |
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$ |
17,855 |
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$ |
33,515 |
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| Amounts recognized in accumulated other comprehensive loss |
$ |
45,071 |
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$ |
(6,389) |
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$ |
— |
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| Schedule of Components of Net Periodic Pension Cost |
The components of net periodic pension cost (benefit) other than the service cost component are included in other income (expense), net on the Company’s consolidated statements of operations. The following table provides a detail of the components of net periodic pension cost (benefit) (in thousands):
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Fiscal Year Ended
March 31, 2021 |
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Five Months Ended
March 31, 2020 |
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Seven Months Ended
October 31, 2019 |
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Fiscal Year Ended
March 31, 2019 |
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Successor |
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Predecessor |
| Service cost for benefits earned during the period |
$ |
743 |
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$ |
594 |
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$ |
29 |
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$ |
655 |
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| Interest cost on pension benefit obligation |
9,449 |
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4,109 |
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6,705 |
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|
12,984 |
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| Expected return on assets |
(13,090) |
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(5,735) |
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(5,610) |
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(17,118) |
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| Amortization of unrecognized losses |
— |
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— |
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— |
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8,001 |
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| Net periodic pension cost (gain) |
$ |
(2,898) |
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$ |
(1,032) |
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$ |
1,124 |
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$ |
4,522 |
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| Schedule of Actuarial Assumptions |
Actuarial assumptions used to develop the components of the U.K. plans were as follows:
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Fiscal Year Ended
March 31, 2021 |
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Five Months Ended
March 31, 2020 |
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Seven Months Ended
October 31, 2019 |
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Fiscal Year Ended
March 31, 2019 |
| |
Successor |
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Predecessor |
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| Discount rate |
2.30 |
% |
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1.90 |
% |
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1.90 |
% |
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2.60 |
% |
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| Expected long-term rate of return on assets |
2.62 |
% |
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2.80 |
% |
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2.80 |
% |
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3.62 |
% |
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| Pension increase rate |
2.60 |
% |
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2.80 |
% |
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2.80 |
% |
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2.90 |
% |
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| Schedule of Target Allocation Percentages |
Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included.
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Successor |
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Target Allocation
as of March 31, |
|
Target Allocation
as of March 31, |
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Actual Allocation
as of March 31, |
|
Actual Allocation
as of March 31, |
| Asset Category |
2021 |
|
2020 |
|
2021 |
|
2020 |
| Equity securities |
14.1 |
% |
|
25.3 |
% |
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15.1 |
% |
|
23.0 |
% |
| Debt securities |
19.0 |
% |
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25.0 |
% |
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16.4 |
% |
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27.1 |
% |
| Property |
6.7 |
% |
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7.4 |
% |
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6.4 |
% |
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6.5 |
% |
| Other assets |
60.2 |
% |
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42.3 |
% |
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62.1 |
% |
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43.4 |
% |
| 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, 2021 (Successor), which are valued at fair value (in thousands):
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Successor |
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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, 2021 |
| Cash and cash equivalents |
$ |
5,933 |
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$ |
26,628 |
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$ |
— |
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$ |
32,561 |
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| Equity investments- UK |
1,518 |
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— |
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— |
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|
1,518 |
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| Equity investments- non UK |
2,345 |
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— |
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— |
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|
2,345 |
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| Insurance Linked Securities |
— |
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|
27,870 |
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— |
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|
27,870 |
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| Illiquid credit |
— |
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— |
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|
25,938 |
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|
25,938 |
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| Liquid credit |
— |
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|
102,373 |
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— |
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|
102,373 |
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| Property debt (ICG longbow) |
— |
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— |
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|
34,078 |
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|
34,078 |
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| Alternatives |
— |
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|
48,013 |
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— |
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|
48,013 |
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| Diversified growth (absolute return) funds |
1,242 |
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— |
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— |
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|
1,242 |
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| Government debt securities |
414 |
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|
85,403 |
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— |
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|
85,817 |
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| Corporate debt securities |
1,656 |
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— |
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— |
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|
1,656 |
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| Insurance Policy |
— |
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|
— |
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|
171,357 |
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|
171,357 |
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| Total investments |
$ |
13,107 |
|
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$ |
290,287 |
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$ |
231,374 |
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$ |
534,768 |
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The following table summarizes, by level within the fair value hierarchy, the plan assets as of March 31, 2020 (Predecessor), which are valued at fair value (in thousands):
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Successor |
|
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, 2020 |
| Cash and cash equivalents |
$ |
8,680 |
|
|
$ |
— |
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|
$ |
— |
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$ |
8,680 |
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| Cash plus |
— |
|
|
10,788 |
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|
— |
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|
10,788 |
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| Equity investments - U.K. |
992 |
|
|
— |
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|
— |
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|
992 |
|
| Equity investments - Non-U.K. |
1,488 |
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|
— |
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|
— |
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|
1,488 |
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| Insurance Linked Securities |
— |
|
|
24,303 |
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|
— |
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|
24,303 |
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| Illiquid credit |
— |
|
|
— |
|
|
28,271 |
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|
28,271 |
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| Diversified growth (absolute return) funds |
868 |
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|
40,919 |
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|
— |
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|
41,787 |
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| Government debt securities |
248 |
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|
86,549 |
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|
— |
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|
86,797 |
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| Corporate debt securities |
1,612 |
|
|
— |
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|
— |
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|
1,612 |
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| Alternatives |
— |
|
|
41,167 |
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|
— |
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|
41,167 |
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| Property debt |
— |
|
|
— |
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|
31,247 |
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|
31,247 |
|
| Multi asset credit |
— |
|
|
40,918 |
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|
— |
|
|
40,918 |
|
| Insurance policies |
— |
|
|
— |
|
|
159,087 |
|
|
159,087 |
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| Total investments |
$ |
13,888 |
|
|
$ |
244,644 |
|
|
$ |
218,605 |
|
|
$ |
477,137 |
|
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| Schedule of Estimated Future Benefit Payments |
Estimated future benefit payments over each of the next five fiscal years from March 31, 2021 (Successor) and in the aggregate for the following five fiscal years after fiscal year 2027 are as follows (in thousands):
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Successor |
| Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, |
Payments |
| 2022 |
$ |
23,869 |
|
| 2023 |
24,696 |
|
| 2024 |
25,110 |
|
| 2025 |
25,662 |
|
| 2026 |
26,076 |
|
| Aggregate 2027 - 2031 |
132,726 |
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