v3.7.0.1
Retirement Plans (Tables)
 12 Months Ended
Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]  
Components Of Net Periodic Pension Cost Net periodic pension cost for fiscal 2017, 2016 and 2015, includes the following components:
 
 
 
United States Plans
 
International Plans
 
 
Fiscal year ended March 31,
 
Fiscal year ended March 31,
 
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost
 
$
371

 
$
482

 
$
400

 
$
871

 
$
820

 
$
767

Interest cost
 
664

 
682

 
673

 
1,848

 
1,904

 
2,546

Expected return on plan assets
 
(816
)
 
(855
)
 
(889
)
 
(1,875
)
 
(2,247
)
 
(2,248
)
Amortization and deferral
 
453

 
481

 
319

 
978

 
1,249

 
688

Curtailment loss
 
—

 
313

 
—

 
—

 
—

 
—

Net periodic benefit cost
 
$
672

 
$
1,103

 
$
503

 
$
1,822

 
$
1,726

 
$
1,753
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,
  
 
2017
 
2016
 
2017
 
2016
Change in projected benefit obligation
 
 
 
 
 
 
 
 
Benefit obligation at the beginning of the period
 
$
17,649

 
$
18,059

 
$
69,134

 
$
72,091

Service cost
 
371

 
482

 
871

 
820

Interest cost
 
664

 
682

 
1,848

 
1,904

Benefits paid, inclusive of plan expenses
 
(1,057
)
 
(912
)
 
(1,982
)
 
(1,944
)
Plan curtailments and settlements
 
—

 
(120
)
 
(17
)
 
—

Actuarial (gains) losses
 
(945
)
 
(542
)
 
11,863

 
(4,144
)
Foreign currency translation adjustment
 
—

 
—

 
(7,239
)
 
407

Benefit obligation at the end of the period
 
$
16,682

 
$
17,649

 
$
74,478

 
$
69,134
Summary Of Change In Plan Assets
Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at the beginning of the period
 
$
11,839

 
$
12,379

 
$
32,314

 
$
34,401

Actual return on plan assets
 
1,455

 
(124
)
 
6,669

 
(591
)
Employer contributions
 
494

 
496

 
1,640

 
1,504

Benefits paid, inclusive of plan expenses
 
(1,057
)
 
(912
)
 
(1,982
)
 
(1,944
)
Plan curtailments and settlements
 
—

 
—

 
(17
)
 
—

Foreign currency translation adjustment
 
—

 
—

 
(4,301
)
 
(1,056
)
Fair value of plan assets at the end of the period
 
$
12,731

 
$
11,839

 
$
34,323

 
$
32,314

Funded status deficit
 
$
(3,951
)
 
$
(5,810
)
 
$
(40,155
)
 
$
(36,820
)
Summary Of Amounts Recognized In The Balance Sheets
 
 
March 31,
 
 
2017
 
2016
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
Noncurrent assets
 
$
46

 
$
—

Accrued expenses
 
(1,222
)
 
(1,321
)
Other liabilities
 
(42,930
)
 
(41,309
)
 
 
$
(44,106
)
 
$
(42,630
)
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, 2017, 2016 and 2015:
 
 
 
Fiscal year ended March 31,
 
 
2017
 
2016
 
2015
Amounts recorded in AOCI before taxes:
 
 
 
 
 
 
Prior service cost
 
$
(377
)
 
$
(445
)
 
$
(800
)
Net loss
 
(28,475
)
 
(26,628
)
 
(28,734
)
Net amount recognized
 
$
(28,852
)
 
$
(27,073
)
 
$
(29,534
)
Summary Of Changes In AOCI
 
 
Fiscal year ended March 31,
 
 
2017
 
2016
 
2015
Changes in plan assets and benefit obligations:
 
 
 
 
 
 
Net loss (gain) arising during the year
 
5,485

 
(988
)
 
13,831

Effect of exchange rates on amounts included in AOCI
 
(2,275
)
 
142

 
(3,565
)
Amounts recognized as a component of net periodic benefit costs:
 
 
 
 
 
 
Amortization of prior service cost
 
(42
)
 
(382
)
 
(101
)
Amortization or settlement recognition of net loss
 
(1,389
)
 
(1,661
)
 
(906
)
Total recognized in other comprehensive (income) loss
 
$
1,779

 
$
(2,889
)
 
$
9,259
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income The amounts included in AOCI as of March 31, 2017 that are expected to be recognized as components of net periodic pension cost during the next twelve months are as follows:
 
Prior service cost
$
(42
)
Net loss
(1,633
)
Net amount expected to be recognized
$
(1,675
)
 
 
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,
 
 
2017
 
2016
 
2017
 
2016
All defined benefit plans:
 
 
 
 
 
 
 
 
Accumulated benefit obligation
 
$
16,682

 
$
17,649

 
$
70,801

 
$
65,732

Unfunded defined benefit plans:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
—

 
$
—

 
$
28,623

 
$
30,272

Accumulated benefit obligation
 
—

 
—

 
27,220

 
28,875

Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
16,682

 
$
17,649

 
$
73,920

 
$
69,134

Fair value of plan assets
 
12,731

 
11,839

 
33,719

 
32,314

Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
16,682

 
$
17,649

 
$
73,920

 
$
69,134

Accumulated benefit obligation
 
16,682

 
17,649

 
70,281

 
65,732

Fair value of plan assets
 
12,731

 
11,839

 
33,719

 
32,314
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,
 
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
 
3.9
%
 
3.8
%
 
4.5
%
 
1.8-3.7%
 
1.25-3.4%
 
3.0-4.6%
Expected return on plan assets
 
7.0

 
7.0

 
7.8

 
3.3-6.5
 
3.2-6.5
 
4.4-7.0
Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
1.5-4.0
 
1.5-3.75
 
2.0-4.0
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,
 
 
2017
 
2016
 
2017
 
2016
Discount rate
 
4.1
%
 
3.9
%
 
1.5-3.5%
 
1.8-3.7%
Rate of compensation increase
 
N/A

 
N/A

 
1.5-4.0
 
1.5-4.0
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, 2017 and 2016 and the basis for that measurement:
 
 
 
March 31, 2017
 
 
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
 
$
305

 
$
305

 
$
—

 
$
—

 
$
88

 
$
88

 
$
—

 
$
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US(a)
 
8,363

 
8,363

 
—

 
—

 
—

 
—

 
—

 
—

International(b)
 
1,050

 
1,050

 
—

 
—

 
22,727

 
—

 
22,727

 
—

Fixed income(c)
 
3,013

 
3,013

 
—

 
—

 
11,508

 
—

 
11,508

 
—

Total
 
$
12,731

 
$
12,731

 
$
—

 
$
—

 
$
34,323

 
$
88

 
$
34,235

 
$
—

 
 
 
March 31, 2016
 
 
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
 
$
928

 
$
928

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US(a)
 
7,324

 
7,324

 
—

 
—

 
—

 
—

 
—

 
—

International(b)
 
1,015

 
1,015

 
—

 
—

 
21,439

 
—

 
21,439

 
—

Fixed income(c)
 
2,572

 
2,572

 
—

 
—

 
10,875

 
—

 
10,875

 
—

Total
 
$
11,839

 
$
11,839

 
$
—

 
$
—

 
$
32,314

 
$
—

 
$
32,314

 
$
—



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:
 
 
 
2018
$
2,483

2019
2,560

2020
2,749

2021
3,131

2022
3,324

Years 2023-2027
20,230