Net Periodic Benefit Cost (Tables)

12 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

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

	Target	Actual
	2021	2020	2019
Equity securities	40-30%	33%	35%
Fixed income	60-70%	67%	65%
Total plan assets	100%	100%	100%

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

2021	$	26,943
2022	27,052
2023	27,312
2024	27,189
2025	26,965
2026-2030	131,220

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

	March 31,
	2020		2019
Asset categories:
Equity securities	$	94,336	$	103,017
Fixed income securities	199,613		205,957
Alternative real estate	9,401		9,978
Cash equivalents	10,016		2,950
Total	$	313,366	$	321,902

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,
	2020			2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	2,348		$	3,284
Interest cost	71			92
Actuarial gain	(340		)	(778		)
Benefits paid	(192		)	(250		)
Benefit obligation at end of year	$	1,887		$	2,348
Funded status	$	(1,887	)	$	(2,348	)
Unrecognized actuarial gain	(1,417		)	(1,282		)
Net amount recognized	$	(3,304	)	$	(3,630	)

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:

	2020		2019		2018
Discount rate	2.79	%	3.42	%	3.49	%
Expected long-term rate of return on plan assets	5.01	%	5.77	%	6.77	%
Rate of compensation increase on active plans	0.59	%	0.61	%	0.39	%

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

2021	$	274
2022	245
2023	225
2024	206
2025	186
2026-2030	631

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

	March 31,
	2020		2019
Projected benefit obligation	$	410,181	$	395,202
Fair value of plan assets	257,093		264,211

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	$	3	$	(3	)
Effect on postretirement obligation	78		(71		)

Net periodic pension cost included the following components:

	2020			2019			2018
Service costs—benefits earned during the period	$	1,139		$	1,078		$	2,580
Interest cost on projected benefit obligation	14,759			15,526			16,488
Expected return on plan assets	(15,887		)	(18,454		)	(21,483		)
Net amortization	2,279			2,339			3,083
Curtailment	—			—			5
Other	—			—			17
Net periodic pension cost (benefit)	$	2,290		$	489		$	690

In fiscal 2020, net periodic postretirement benefit cost included the following:

	Year Ended March 31,
	2020			2019			2018
Interest cost	$	71		$	92		$	126
Net amortization	(205		)	(156		)	(5		)
Net periodic postretirement benefit cost	$	(134	)	$	(64	)	$	121

Amounts recognized in the consolidated balance sheets are as follows:

	March 31,
	2020			2019
Accrued liabilities	$	(270	)	$	(326	)
Other non-current liabilities	(1,617		)	(2,022		)
Accumulated other comprehensive gain, before tax	(1,417		)	(1,282		)
Net amount recognized	$	(3,304	)	$	(3,630	)

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

	March 31,
	2020		2019
Accumulated benefit obligation	$	401,918	$	389,509
Fair value of plan assets	254,508		264,211

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

	March 31,
	2020			2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	446,397		$	462,284
Service cost	1,139			1,078
Interest cost	14,759			15,526
Actuarial (gain) loss	26,193			4,074
Benefits paid	(26,852		)	(27,068		)
Foreign exchange rate changes	(1,770		)	(9,497		)
Benefit obligation at end of year	$	459,866		$	446,397
Change in plan assets:
Fair value of plan assets at beginning of year	$	321,902		$	326,745
Actual gain (loss) on plan assets	7,512			11,333
Employer contribution	10,967			11,018
Benefits paid	(26,852		)	(27,068		)
Foreign exchange rate changes	(163		)	(126		)
Fair value of plan assets at end of year	$	313,366		$	321,902
Funded status	$	(146,500	)	$	(124,495	)
Unrecognized actuarial loss	105,878			73,836
Net amount recognized	$	(40,622	)	$	(50,659	)

Amounts recognized in the consolidated balance sheets are as follows:

	March 31,
	2020			2019
Other assets	$	6,587		$	6,424
Accrued liabilities	(3,563		)	(3,546		)
Other non-current liabilities	(149,524		)	(127,373		)
Accumulated other comprehensive loss, before tax	105,878			73,836
Net amount recognized	$	(40,622	)	$	(50,659	)

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

The fair values by category of inputs as of March 31, 2020 and March 31, 2019 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, 2020:			(Level 1)		(Level 2)		(Level 3)		Total
Asset categories:
Equity securities	$	42,252	$	52,084	$	—	$	—	$	94,336
Fixed income securities	30,598		24,014		139,498		5,503		199,613
Alternative real estate	4,195		5,206		—		—		9,401
Cash equivalents	—		10,016		—		—		10,016
Total	$	77,045	$	91,320	$	139,498	$	5,503	$	313,366

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

	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