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Retirement Plans (Tables)
 12 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
Components Of Net Periodic Pension Cost
Net periodic pension cost for fiscal 2020, 2019 and 2018, includes the following components:
 
 
 
United States Plans
 
International Plans
 
 
Fiscal year ended March 31,
 
Fiscal year ended March 31,
 
 
2020
 
2019
 
2018
 
2020
 
2019
 
2018
Service cost
 
$
—

 
$
—

 
$
—

 
$
906

 
$
997

 
$
1,025

Interest cost
 
616

 
631

 
658

 
1,485

 
1,831

 
1,795

Expected return on plan assets
 
(448
)
 
(514
)
 
(496
)
 
(2,136
)
 
(2,151
)
 
(2,264
)
Amortization and deferral
 
188

 
184

 
303

 
910

 
1,520

 
1,468

Net periodic benefit cost
 
$
356

 
$
301

 
$
465

 
$
1,165

 
$
2,197

 
$
2,024
Summary Of Change In Projected Benefit Obligation
The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans:
 
 
 
United States Plans
 
International Plans
 
 
March 31,
 
March 31,
  
 
2020
 
2019
 
2020
 
2019
Change in projected benefit obligation
 
 
 
 
 
 
 
 
Benefit obligation at the beginning of the period
 
$
16,647

 
$
16,713

 
$
75,038

 
$
82,033

Service cost
 
—

 
—

 
906

 
997

Interest cost
 
616

 
631

 
1,485

 
1,831

Benefits paid, inclusive of plan expenses
 
(1,132
)
 
(1,061
)
 
(2,262
)
 
(1,758
)
Plan curtailments and settlements
 
—

 
—

 
(678
)
 
(1,130
)
Actuarial losses (gains)
 
1,980

 
364

 
(3,024
)
 
(261
)
Foreign currency translation adjustment
 
—

 
—

 
(2,863
)
 
(6,674
)
Benefit obligation at the end of the period
 
$
18,111

 
$
16,647

 
$
68,602

 
$
75,038
Summary Of Change In Plan Assets
Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at the beginning of the period
 
$
13,763

 
$
13,928

 
$
36,791

 
$
38,757

Actual return on plan assets
 
(649
)
 
758

 
(1,605
)
 
2,109

Employer contributions
 
54

 
138

 
2,098

 
1,670

Benefits paid, inclusive of plan expenses
 
(1,132
)
 
(1,061
)
 
(2,262
)
 
(1,758
)
Plan curtailments and settlements
 
—

 
—

 
(482
)
 
(1,130
)
Foreign currency translation adjustment
 
—

 
—

 
(1,709
)
 
(2,857
)
Fair value of plan assets at the end of the period
 
$
12,036

 
$
13,763

 
$
32,831

 
$
36,791

Funded status deficit
 
$
(6,075
)
 
$
(2,884
)
 
$
(35,771
)
 
$
(38,247
)
Summary Of Amounts Recognized In The Balance Sheets
 
 
March 31,
 
 
2020
 
2019
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
Accrued expenses
 
(1,350
)
 
(1,207
)
Other liabilities
 
(40,496
)
 
(39,924
)
Total liabilities
 
$
(41,846
)
 
$
(41,131
)
Summary Of Amounts In AOCI Before Taxes
The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2020, 2019 and 2018:
 
 
 
Fiscal year ended March 31,
 
 
2020
 
2019
 
2018
Amounts recorded in AOCI before taxes:
 
 
 
 
 
 
Prior service cost
 
$
(258
)
 
$
(307
)
 
$
(385
)
Net loss
 
(25,796
)
 
(24,051
)
 
(27,762
)
Net amount recognized
 
$
(26,054
)
 
$
(24,358
)
 
$
(28,147
)
Summary Of Changes In AOCI
 
 
Fiscal year ended March 31,
 
 
2020
 
2019
 
2018
Changes in plan assets and benefit obligations:
 
 
 
 
 
 
New prior service cost
 
$
—

 
$
—

 
$
—

Net loss (gain) arising during the year
 
3,793

 
(99
)
 
(1,953
)
Effect of exchange rates on amounts included in AOCI
 
(804
)
 
(1,984
)
 
3,019

Amounts recognized as a component of net periodic benefit costs:
 
 
 
 
 
 
Amortization of prior service cost
 
(43
)
 
(45
)
 
(46
)
Amortization or settlement recognition of net loss
 
(1,250
)
 
(1,659
)
 
(1,725
)
Total recognized in other comprehensive (income) loss
 
$
1,696

 
$
(3,787
)
 
$
(705
)
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income
The amounts included in AOCI as of March 31, 2020 that are expected to be recognized as components of net periodic pension cost (before tax) during the next twelve months are as follows:
 
Prior service cost
$
(43
)
Net loss
(1,462
)
Net amount expected to be recognized
$
(1,505
)
 
 
Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans
The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows:
 
 
 
United States Plans
 
International Plans
 
 
March 31,
 
March 31,
 
 
2020
 
2019
 
2020
 
2019
All defined benefit plans:
 
 
 
 
 
 
 
 
Accumulated benefit obligation
 
$
18,110

 
$
16,647

 
$
65,337

 
$
71,350

Unfunded defined benefit plans:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
—

 
$
—

 
$
30,773

 
$
32,320

Accumulated benefit obligation
 
—

 
—

 
28,926

 
30,328

Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
18,110

 
$
16,647

 
$
68,603

 
$
75,038

Fair value of plan assets
 
12,036

 
13,763

 
32,831

 
36,791

Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
18,110

 
$
16,647

 
$
68,603

 
$
74,235

Accumulated benefit obligation
 
18,110

 
16,647

 
65,337

 
70,654

Fair value of plan assets
 
12,036

 
13,763

 
32,831

 
36,077
Significant Assumptions Used To Determine The Net Periodic Benefit Cost
Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows:
 
 
 
United States Plans
 
International Plans
 
 
Fiscal year ended March 31,
 
Fiscal year ended March 31,
 
 
2020
 
2019
 
2018
 
2020
 
2019
 
2018
Discount rate
 
3.8
%
 
3.9
%
 
4.1
%
 
1.0-2.7%
 
1.4-3.3%
 
1.5-3.5%
Expected return on plan assets
 
6.3

 
6.3

 
6.8

 
4.3-6.0
 
4.1-6.0
 
3.6-6.3
Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
2.0-4.0
 
1.8-4.0
 
1.5-4.0
Significant Assumptions Used To Determine The Projected Benefit Obligations
Significant assumptions used to determine the projected benefit obligations for the U.S. and International plans were as follows:
 
 
 
United States Plans
 
International Plans
 
 
March 31,
 
March 31,
 
 
2020
 
2019
 
2020
 
2019
Discount rate
 
3.0
%
 
3.8
%
 
1.3-2.3%
 
1.0-2.7%
Rate of compensation increase
 
N/A

 
N/A

 
2.0-3.5
 
2.0-4.0
Summary Of Pension Plan Investments Measured At Fair Value
The following table represents the Company's pension plan investments measured at fair value as of March 31, 2020 and 2019 and the basis for that measurement:
 
 
 
March 31, 2020
 
 
United States Plans
 
International Plans
 
 
Total Fair
Value
Measurement
 
Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total Fair
Value
Measurement
 
Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Asset category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
1,221

 
$
1,221

 
$
—

 
$
—

 
$
141

 
$
141

 
$
—

 
$
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US(a)
 
6,860

 
6,860

 
—

 
—

 
—

 
—

 
—

 
—

International(b)
 
—

 
—

 
—

 
—

 
20,059

 
—

 
20,059

 
—

Fixed income(c)
 
3,955

 
3,955

 
—

 
—

 
12,631

 
—

 
12,631

 
—

Total
 
$
12,036

 
$
12,036

 
$
—

 
$
—

 
$
32,831

 
$
141

 
$
32,690

 
$
—

 
 
 
March 31, 2019
 
 
United States Plans
 
International Plans
 
 
Total Fair
Value
Measurement
 
Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Fair Value
Measurement
 
Quoted Price
In Active
Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Asset category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
1,080

 
$
1,080

 
$
—

 
$
—

 
$
83

 
$
83

 
$
—

 
$
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US(a)
 
8,275

 
8,275

 
—

 
—

 
—

 
—

 
—

 
—

International(b)
 
—

 
—

 
—

 
—

 
23,875

 
—

 
23,875

 
—

Fixed income(c)
 
4,408

 
4,408

 
—

 
—

 
12,833

 
—

 
12,833

 
—

Total
 
$
13,763

 
$
13,763

 
$
—

 
$
—

 
$
36,791

 
$
83

 
$
36,708

 
$
—



The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1.
 
(a)
US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks.
(b)
International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets.
(c)
Fixed income consists primarily of investment grade bonds from diversified industries.
Summary Of Estimated Future Benefit Payments
Estimated future benefit payments under the Company’s pension plans are as follows:
 
 
 
2021
$
2,835

2022
2,907

2023
3,135

2024
3,258

2025
3,768

Years 2026-2030
20,353