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Pension and Other Postretirement Benefits
 12 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
Defined Benefit Plans
The following summarizes benefit obligations, plan assets, and funded status for the defined benefit pension plans:
U.S. PlansNon-U.S. PlansTotal
March 31,March 31,March 31,
202020192020201920202019
Benefit obligation, beginning$82,099 $88,283 $65,886 $66,228 $147,985 $154,511 
Service cost250 250 211 206 461 456 
Interest cost2,562 3,028 1,420 1,527 3,982 4,555 
Actuarial losses (gains)3,740 (57)(3,946)4,222 (206)4,165 
Settlements/special termination benefits(2,574)(4,630)— (440)(2,574)(5,070)
Effects of currency translation— — (1,843)(3,120)(1,843)(3,120)
Benefits paid(5,081)(4,775)(2,537)(2,737)(7,618)(7,512)
Benefit obligation, ending$80,996 $82,099 $59,191 $65,886 $140,187 $147,985 
Fair value of plan assets, beginning$32,568 $37,659 $63,579 $63,106 $96,147 $100,765 
Actual return on plan assets(590)738 1,634 4,183 1,044 4,921 
Employer contributions4,025 3,576 1,519 2,540 5,544 6,116 
Plan settlements(2,574)(4,630)— (468)(2,574)(5,098)
Effects of currency translation— — (2,122)(3,045)(2,122)(3,045)
Benefits paid(5,081)(4,775)(2,537)(2,737)(7,618)(7,512)
Fair value of plan assets, ending$28,348 $32,568 $62,073 $63,579 $90,421 $96,147 
Funded status of the plan$(52,648)$(49,531)$2,882 $(2,307)$(49,766)$(51,838)

The following summarizes amounts reported in the consolidated balance sheets for the defined benefit pension plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
2020201920202019
Noncurrent benefit asset recorded in other noncurrent assets$— $— $14,745 $10,389 
Accrued current benefit liability recorded in accrued expenses and other current liabilities(3,264)(3,151)(1,227)(1,167)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities(49,384)(46,380)(10,636)(11,529)
Funded status of the plan$(52,648)$(49,531)$2,882 $(2,307)

The following summarizes pension obligations for the defined benefit pension plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
2020201920202019
Information for pension plans with accumulated benefit:
   obligation in excess of plan assets:
Projected benefit obligation$80,996 $82,099 $31,012 $33,171 
Accumulated benefit obligation80,996 82,099 30,400 32,559 
Fair value of plan assets28,348 32,568 19,147 20,475 
The following summarizes the net periodic pension cost (benefit) for the defined benefit pension plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
202020192018202020192018
Service cost$250 $250 $280 $211 $206 $183 
Interest cost2,562 3,028 2,818 1,420 1,527 1,496 
Expected return on plan assets(1,990)(2,265)(2,382)(2,415)(2,667)(2,817)
Amortization of actuarial losses964 934 1,102 901 741 952 
Amortization of prior service cost40 40 40 2 2 3 
Special termination benefits— — — — 28 9 
Settlement charges812 1,206 — — (75)— 
Net periodic pension cost (benefit)$2,638 $3,193 $1,858 $119 $(238)$(174)

The following summarizes activity in accumulated other comprehensive loss for the defined benefit pension plans:
U.S. and Non-U.S. PensionU.S. and Non-U.S. Post-retirementTotal
Prior service (cost) credit$(402)$1,596 $1,194 
Net actuarial losses(41,100)(4,507)(45,607)
Impact of adoption of ASU 2018-02(2,931)— (2,931)
Deferred taxes10,781 (186)10,595 
Balance at March 31, 2019$(33,652)$(3,097)$(36,749)
Prior service credit (cost)$44 $(732)$(688)
Net actuarial (losses) gains(236)552 316 
Deferred taxes(53)20 (33)
Total change for 2020$(245)$(160)$(405)
Prior service (cost) credit$(358)$864 $506 
Net actuarial losses(41,336)(3,955)(45,291)
Impact of adoption of ASU 2018-02(2,931)— (2,931)
Deferred taxes10,728 (166)10,562 
Balance at March 31, 2020$(33,897)$(3,257)$(37,154)

The following assumptions were used to determine the expense for the pension, postretirement, other post-employment, and employee savings plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
202020192018202020192018
Discount rate3.79%3.91%3.87%2.50%2.75%2.59%
Rate of increase in future compensationNot applicableNot applicableNot applicable5.99%6.04%5.91%
Expected long-term rate of return on    plan assets6.75%6.75%7.00%3.90%4.46%4.70%

The following weighted average assumptions were used to determine the benefit obligations for the pension plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
2020201920202019
Discount rate3.34%3.79%2.58%2.50%
Rate of increase in future compensationNot applicableNot applicable5.75%5.99%

Net loss and prior service costs for the combined U.S. and non-U.S. pension plans expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during fiscal 2021 is $(1,251) and $(873), respectively.
Plan Assets
The following summarizes asset allocations and the percentage of the fair value of plan assets by asset category:
Target AllocationsU.S. PlansNon-U.S. Plans
March 31, 2020March 31,March 31,
2020201920202019
Asset category:
Cash and cash equivalents— %3.6 %1.4 %9.1 %1.2 %
Equity securities36.0 %34.8 %35.2 %14.6 %14.4 %
Debt securities24.0 %22.4 %23.4 %68.2 %46.6 %
Real estate and other investments40.0 %39.2 %40.0 %8.1 %37.8 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %

The fair values for the pension plans by asset category are as follows:
U.S. Pension PlansMarch 31, 2020
TotalLevel 1Level 2Level 3
Cash and cash equivalents$1,018 $547 $471 $— 
U.S. equities / equity funds6,795 6,795 — — 
International equities / equity funds3,058 3,058 — — 
U.S. fixed income funds5,593 5,593 — — 
International fixed income funds784 784 — — 
Other investments:
Diversified funds8,017 8,017 — — 
Real estate and other (1)
3,083 — — — 
Total$28,348 $24,794 $471 $— 

U.S. Pension PlansMarch 31, 2019
TotalLevel 1Level 2Level 3
Cash and cash equivalents$463 $— $463 $— 
U.S. equities / equity funds7,963 7,963 — — 
International equities / equity funds3,516 3,516 — — 
U.S. fixed income funds6,669 6,669 — — 
International fixed income funds962 962 — — 
Other investments:
Diversified funds9,525 9,525 — — 
Real estate and other (1)
3,470 — — — 
Total$32,568 $28,635 $463 $— 

Non-U.S. Pension PlansMarch 31, 2020
TotalLevel 1Level 2Level 3
Cash and cash equivalents$5,641 $5,641 $— $— 
U.S. equities / equity funds5,906 5,906 — — 
International equities / equity funds1,812 1,812 — — 
Global equity funds1,312 1,312 — — 
U.S. fixed income funds4,995 4,995 — — 
International fixed income funds33,330 12,009 21,321 — 
Global fixed income funds3,994 3,994 — — 
Other investments:
Diversified funds3,223 — 3,223 — 
Real estate and other (1)
1,795 — — — 
Total$62,008 $35,669 $24,544 $— 
Non-U.S. Pension PlansMarch 31, 2019
TotalLevel 1Level 2Level 3
Cash and cash equivalents$745 $745 $— $— 
U.S. equities / equity funds5,589 5,589 — — 
International equities / equity funds2,191 2,191 — — 
Global equity funds1,379 1,379 — — 
U.S. fixed income funds6,617 6,617 — — 
International fixed income funds23,034 2,220 20,814 — 
Other investments:
Diversified funds22,012 — 22,012 — 
Real estate and other (1)
2,012 — — — 
Total$63,579 $18,741 $42,826 $— 

(1) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.

The following summarizes the plan assets recognized and measured at fair value using the net asset value and the inputs used to determine the fair value:
March 31, 2020March 31, 2019
Fair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice PeriodFair ValueUnfunded CommitmentsRedemption FrequencyRedemption Notice Period
Diversified funds$— NoneSelf-LiquidatingNone$8 NoneSelf-LiquidatingNone
Real estate and other4,879 NoneQuarterly60 Days5,482 NoneQuarterly60 Days
Postretirement Health and Life Insurance Benefits
The following summarizes benefit obligations, plan assets, and funded status for the postretirement health and life insurance benefits plans:
U.S. PlansNon-U.S. PlansTotal
March 31,March 31,March 31,
202020192020201920202019
Benefit obligation, beginning$4,445 $4,372 $2,278 $2,112 $6,723 $6,484 
Service cost7 7 — 7 7 14 
Interest cost151 154 161 151 312 305 
Effect of currency translation— — (577)(291)(577)(291)
Actuarial losses27 225 125 413 152 638 
Benefits paid(180)(313)(131)(114)(311)(427)
Benefit obligation, ending$4,450 $4,445 $1,856 $2,278 $6,306 $6,723 
Fair value of plan assets, beginning$— $— $— $— $— $— 
Employer contributions180 313 131 114 311 427 
Benefits paid(180)(313)(131)(114)(311)(427)
Fair value of plan assets, ending$— $— $— $— $— $— 
Funded status of the plan$(4,450)$(4,445)$(1,856)$(2,278)$(6,306)$(6,723)
U.S. PlansNon-U.S. PlansTotal
March 31,March 31,March 31,
202020192020201920202019
Accrued current benefit liability recorded in accrued expenses and other current liabilities$(355)$(335)$(133)$(153)$(488)$(488)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities(4,095)(4,110)(1,723)(2,125)(5,818)(6,235)
Funded status of the plan$(4,450)$(4,445)$(1,856)$(2,278)$(6,306)$(6,723)

The following summarizes net periodic benefit costs for the postretirement health and life insurance benefits plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
202020192018202020192018
Service cost$7 $7 $7 $— $7 $7 
Interest cost151 154 141 161 151 190 
Prior service credit(699)(699)(698)(9)(10)(11)
Actuarial losses385 402 418 49 31 40 
Net periodic benefit costs (income)$(156)$(136)$(132)$201 $179 $226 

The following assumptions were used to determine non-U.S. Plan postretirement benefit obligations:
March 31,
20202019
Discount rate7.94 %7.98 %
Health care cost trend rate assumed for next year7.07 %7.33 %
      Ultimate trend rate7.07 %7.33 %

A one-percentage-point change in assumed health care cost trend rates would not have a significant effect on the amounts reported for health care plans. The annual rate of increase in the per capita cost of covered health care benefits is not applicable as the Company’s annual cost commitment to the benefits is capped and not adjusted for future medical inflation.

Prior service credits of $706 and unrecognized net actuarial losses of $(376) are expected to be amortized from accumulated comprehensive loss into postretirement healthcare benefits net periodic benefit cost for the combined U.S. and non-U.S. postretirement benefits during fiscal 2021.
Cash Flows
The Company expects to contribute $3,991 to its U.S. benefits plans and $1,827 to its non-U.S. benefit plans in fiscal 2021. The Company expects to contribute $488 to its combined U.S. and non-U.S. postretirement benefit plans in fiscal 2021. The Company’s contributions to the defined contribution plans were $4,747, $4,939, and $4,627 the years ended March 31, 2020, 2019, and 2018, respectively.

The following summarizes the expected benefit payments to be paid in future years:
Pension BenefitsOther Benefits
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
March 31, 2020March 31, 2020March 31, 2020March 31, 2020
2021$8,017 $3,401 $355 $133 
20226,294 2,865 305 132 
20236,120 2,910 302 131 
20246,032 3,003 297 131 
20256,023 3,205 291 130 
Years 2025-202927,189 16,166 1,380 639