Net Periodic Benefit Cost (Tables)

12 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans:

	March 31,
	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	462,284		$	471,871
Service cost	1,078			2,580
Interest cost	15,526			16,488
Actuarial (gain) loss	4,074			(2,467		)
Benefits paid	(27,068		)	(35,888		)
Settlement	—			(65		)
Curtailment	—			(4,082		)
Foreign exchange rate changes	(9,497		)	13,847
Benefit obligation at end of year	$	446,397		$	462,284
Change in plan assets:
Fair value of plan assets at beginning of year	$	326,745		$	321,440
Actual gain (loss) on plan assets	11,333			29,930
Employer contribution	11,018			11,211
Benefits paid	(27,068		)	(35,888		)
Settlement	—			(65		)
Foreign exchange rate changes	(126		)	117
Fair value of plan assets at end of year	$	321,902		$	326,745
Funded status	$	(124,495	)	$	(135,539	)
Unrecognized actuarial loss	73,836			65,832
Net amount recognized	$	(50,659	)	$	(69,707	)

Amounts recognized in the consolidated balance sheets are as follows:

	March 31,
	2019			2018
Other assets	$	6,424		$	—
Accrued liabilities	(3,546		)	(3,814		)
Other non-current liabilities	(127,373		)	(131,725		)
Accumulated other comprehensive loss, before tax	73,836			65,832
Net amount recognized	$	(50,659	)	$	(69,707	)

The weighted-average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also net periodic pension cost for the following year:

	2019		2018		2017
Discount rate	3.42	%	3.49	%	3.65	%
Expected long-term rate of return on plan assets	5.77	%	6.77	%	7.23	%
Rate of compensation increase on active plans	0.61	%	0.39	%	0.39	%

A one-percentage point change in assumed health care cost trend rates would have the following effects

	One Percentage Point Increase		One Percentage Point Decrease
Effect on total of service and interest cost components	$	4	$	(3	)
Effect on postretirement obligation	103		(94		)

Net periodic pension cost included the following components:

	2019			2018			2017
Service costs—benefits earned during the period	$	1,078		$	2,580		$	1,779
Interest cost on projected benefit obligation	15,526			16,488			16,648
Expected return on plan assets	(18,454		)	(21,483		)	(22,428		)
Net amortization	2,339			3,083			3,190
Curtailment	—			5			—
Settlement	—			—			247
Other	—			17			(57		)
Net periodic pension cost (benefit)	$	489		$	690		$	(621	)

In fiscal 2019, net periodic postretirement benefit cost included the following:

	Year Ended March 31,
	2019			2018			2017
Interest cost	$	92		$	126		$	152
Net amortization	(156		)	(5		)	—
Net periodic postretirement benefit cost	$	(64	)	$	121		$	152

Information about the expected benefit payments for the Company’s defined benefit plans is as follows:

2020	$	27,018
2021	26,970
2022	27,268
2023	27,622
2024	27,568
2025-2029	134,589

Amounts recognized in the consolidated balance sheets are as follows:

	March 31,
	2019			2018
Accrued liabilities	$	(326	)	$	(449	)
Other non-current liabilities	(2,022		)	(2,835		)
Accumulated other comprehensive gain, before tax	(1,282		)	(660		)
Net amount recognized	$	(3,630	)	$	(3,944	)

Information about the expected benefit payments for the Company’s postretirement health benefit plans is as follows:

2020	$	326
2021	302
2022	273
2023	252
2024	233
2025-2029	829

Information for pension plans with a projected benefit obligation in excess of plan assets is as follows:

	March 31,
	2019		2018
Projected benefit obligation	$	395,202	$	462,284
Fair value of plan assets	264,211		326,745

Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:

	March 31,
	2019		2018
Accumulated benefit obligation	$	389,509	$	457,323
Fair value of plan assets	264,211		326,745

The Company’s postretirement health benefit plans are not funded. The following sets forth a reconciliation of benefit obligation and the funded status of the plan:

	March 31,
	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,284		$	4,111
Interest cost	92			126
Actuarial gain	(778		)	(642		)
Benefits paid	(250		)	(311		)
Benefit obligation at end of year	$	2,348		$	3,284
Funded status	$	(2,348	)	$	(3,284	)
Unrecognized actuarial gain	(1,282		)	(660		)
Net amount recognized	$	(3,630	)	$	(3,944	)

The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows:

	March 31,
	2019		2018
Asset categories:
Equity securities	$	103,017	$	136,777
Fixed income securities	205,957		174,359
Alternative real estate	9,978		13,230
Cash equivalents	2,950		2,379
Total	$	321,902	$	326,745

The Company’s retirement plan target and actual asset allocations are as follows:

	Target	Actual
	2020	2019	2018
Equity securities	40% - 35%	35%	46%
Fixed income	60% - 65%	65%	54%
Total plan assets	100%	100%	100%

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The fair values by category of inputs as of March 31, 2019 and March 31, 2018 were as follows:

	Measured at NAV (1)		Quoted Prices in Active Markets for Identical Assets		Significant other observable Inputs		Significant unobservable Inputs
As of March 31, 2019:			(Level 1)		(Level 2)		(Level 3)		Total
Asset categories:
Equity securities	$	43,314	$	59,703	$	—	$	—	$	103,017
Fixed income securities	45,713		602		153,941		5,701		205,957
Alternative real estate	7,161		2,817		—		—		9,978
Cash equivalents	—		2,950		—		—		2,950
Total	$	96,188	$	66,072	$	153,941	$	5,701	$	321,902

(1) Reflects the net asset value (NAV) practical expedient used to approximate fair value.

	Measured at NAV		Quoted Prices in Active Markets for Identical Assets		Significant other observable Inputs		Significant unobservable Inputs
As of March 31, 2018:			(Level 1)		(Level 2)		(Level 3)		Total
Asset categories:
Equity securities	$	58,433	$	78,344	$	—	$	—	$	136,777
Fixed income securities	34,620		—		121,271		18,468		174,359
Alternative real estate	8,945		4,285		—		—		13,230
Cash equivalents	—		2,379		—		—		2,379
Total	$	101,998	$	85,008	$	121,271	$	18,468	$	326,745