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Post-retirement Benefits (Tables)
12 Months Ended
Mar. 31, 2020
Post-retirement Benefits  
Schedule of cost of pension plans

Year Ended March 31, 

    

2020

    

2019

    

2018

Components of net periodic pension expense

    

    

    

Expected return on plan assets

$

(876)

$

(807)

$

(692)

Service costs for benefits earned

 

2,750

 

1,914

 

1,464

Interest cost on projected benefit obligation

 

985

 

741

 

660

Amortization of prior service cost

 

26

 

44

 

9

Recognized net actuarial loss

 

276

 

146

 

138

Net periodic pension expense

$

3,161

$

2,038

$

1,579

Schedule of actuarial assumptions

March 31, 

    

2020

    

2019

    

2018

Discount rate

6.60

%

-

9.25

%

7.10

%

-

11.16

%

7.30

%

-

10.34

%

Compensation increases (annual)

 

6.50

%

-

7.00

%

5.00

%

-

8.00

%

5.00

%

-

8.00

%

Expected return on assets

 

7.00

%

-

8.44

%

7.00

%

-

11.87

%

7.50

%

-

12.20

%

Schedule of accumulated benefit obligation and projected benefit obligation

March 31, 

    

2020

    

2019

Accumulated benefit obligation

    

$

9,867

$

8,208

Projected benefit obligation:

Beginning balance

$

11,928

$

10,524

Service cost

 

2,750

 

1,914

Interest cost

 

985

 

741

Actuarial (gain) loss

 

586

 

698

Benefits paid

 

(1,514)

 

(1,398)

Plan combination

97

259

Exchange rate adjustments

 

(1,003)

 

(810)

Ending balance

$

13,829

$

11,928

Schedule of fair value of plan assets

March 31, 

    

2020

    

2019

Beginning balance

$

10,055

$

9,885

Employer contributions

 

2,505

1,794

Actual return on plan assets

 

997

518

Actuarial loss

(3)

Benefits paid

 

(1,495)

(1,398)

Exchange rate adjustments

 

(705)

(741)

Ending balance

$

11,357

$

10,055

Schedule of plan asset allocation

March 31, 2020

Target

Actual

    

Allocation

    

Allocation

Government securities

    

40

%

50

%

52

%

Corporate debt

 

30

%

40

%

37

%

Other

 

1

%

10

%

11

%

Schedule of fair values of the Company's pension plan assets

The following table presents the fair values of the Company’s pension plan assets.

Fair Value Measurements

Quoted Prices in

Significant

Active Markets for

Observable

Identical Assets

Inputs

Asset Category

    

Total

    

(Level 1)

    

(Level 2)

At March 31, 2020

Government Bonds(1)

$

5,896

$

$

5,896

Corporate Bonds(2)

 

4,247

4,247

Equity Shares and Others(3)

 

1,214

427

787

$

11,357

$

427

$

10,930

At March 31, 2019

Government Bonds(1)

$

4,975

$

$

4,975

Corporate Bonds(2)

 

4,097

 

 

4,097

Equity Shares and Others(3)

 

983

346

 

637

$

10,055

$

346

$

9,709

(1)This category comprises government fixed income investments with investments in India and Sri Lanka.
(2)This category represents investment in bonds and debentures from diverse industries.
(3)This category represents equity shares, money market investments and other investments.
Schedule of pension liability

March 31, 

    

2020

    

2019

PBO

$

13,829

    

$

11,928

Fair value of plan assets

11,357

 

10,055

Funded status recognized

$

2,472

$

1,873

Amount recorded in accumulated other comprehensive income

$

2,298

$

2,402

Schedule of pretax amounts of prior service cost and actuarial gain (loss) recognized from accumulated other comprehensive income

Year Ended March 31, 

    

2020

    

2019

    

2018

Prior service cost

$

(26)

$

(44)

$

(9)

Net amortization gain (loss)

 

(276)

 

(146)

 

(138)

Total

$

(302)

$

(190)

$

(147)

Schedule of estimated future benefits payments

Fiscal year ending March 31 :

    

2021

$

2,047

2022

 

1,768

2023

 

1,939

2024

 

2,406

2025

 

2,913

2026 - 2028

$

15,399