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Retirement Plans
 12 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans

Defined Benefit Plans

The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans.

Net periodic pension cost for fiscal 2019, 2018 and 2017, includes the following components:
 
 
 
United States Plans
 
International Plans
 
 
Fiscal year ended March 31,
 
Fiscal year ended March 31,
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
 
$
—

 
$
—

 
$
371

 
$
997

 
$
1,025

 
$
871

Interest cost
 
631

 
658

 
664

 
1,831

 
1,795

 
1,848

Expected return on plan assets
 
(514
)
 
(496
)
 
(816
)
 
(2,151
)
 
(2,264
)
 
(1,875
)
Amortization and deferral
 
184

 
303

 
453

 
1,520

 
1,468

 
978

Net periodic benefit cost
 
$
301

 
$
465

 
$
672

 
$
2,197

 
$
2,024

 
$
1,822



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,
  
 
2019
 
2018
 
2019
 
2018
Change in projected benefit obligation
 
 
 
 
 
 
 
 
Benefit obligation at the beginning of the period
 
$
16,713

 
$
16,682

 
$
82,033

 
$
74,478

Service cost
 
—

 
—

 
997

 
1,025

Interest cost
 
631

 
658

 
1,831

 
1,795

Benefits paid, inclusive of plan expenses
 
(1,061
)
 
(1,037
)
 
(1,758
)
 
(2,153
)
Plan curtailments and settlements
 
—

 
—

 
(1,130
)
 
(52
)
Actuarial losses (gains)
 
364

 
410

 
(261
)
 
(2,705
)
Foreign currency translation adjustment
 
—

 
—

 
(6,674
)
 
9,645

Benefit obligation at the end of the period
 
$
16,647

 
$
16,713

 
$
75,038

 
$
82,033



Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at the beginning of the period
 
$
13,928

 
$
12,731

 
$
38,757

 
$
34,323

Actual return on plan assets
 
758

 
1,731

 
2,109

 
688

Employer contributions
 
138

 
503

 
1,670

 
1,865

Benefits paid, inclusive of plan expenses
 
(1,061
)
 
(1,037
)
 
(1,758
)
 
(2,153
)
Plan curtailments and settlements
 
—

 
—

 
(1,130
)
 
(52
)
Foreign currency translation adjustment
 
—

 
—

 
(2,857
)
 
4,086

Fair value of plan assets at the end of the period
 
$
13,763

 
$
13,928

 
$
36,791

 
$
38,757

Funded status deficit
 
$
(2,884
)
 
$
(2,785
)
 
$
(38,247
)
 
$
(43,276
)
 

 
 
March 31,
 
 
2019
 
2018
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
Accrued expenses
 
(1,207
)
 
(1,657
)
Other liabilities
 
(39,924
)
 
(44,404
)
Total liabilities
 
$
(41,131
)
 
$
(46,061
)


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, 2019, 2018 and 2017:
 
 
 
Fiscal year ended March 31,
 
 
2019
 
2018
 
2017
Amounts recorded in AOCI before taxes:
 
 
 
 
 
 
Prior service cost
 
$
(307
)
 
$
(385
)
 
$
(377
)
Net loss
 
(24,051
)
 
(27,762
)
 
(28,475
)
Net amount recognized
 
$
(24,358
)
 
$
(28,147
)
 
$
(28,852
)
 

 
 
Fiscal year ended March 31,
 
 
2019
 
2018
 
2017
Changes in plan assets and benefit obligations:
 
 
 
 
 
 
New prior service cost
 
$
—

 
$
—

 
$
—

Net loss (gain) arising during the year
 
(99
)
 
(1,953
)
 
5,485

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

 
(2,275
)
Amounts recognized as a component of net periodic benefit costs:
 
 
 
 
 
 
Amortization of prior service cost
 
(45
)
 
(46
)
 
(42
)
Amortization or settlement recognition of net loss
 
(1,659
)
 
(1,725
)
 
(1,389
)
Total recognized in other comprehensive (income) loss
 
$
(3,787
)
 
$
(705
)
 
$
1,779



The amounts included in AOCI as of March 31, 2019 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
$
(44
)
Net loss
(1,185
)
Net amount expected to be recognized
$
(1,229
)
 
 


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,
 
 
2019
 
2018
 
2019
 
2018
All defined benefit plans:
 
 
 
 
 
 
 
 
Accumulated benefit obligation
 
$
16,647

 
$
16,713

 
$
71,350

 
$
77,724

Unfunded defined benefit plans:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
—

 
$
—

 
$
32,320

 
$
33,124

Accumulated benefit obligation
 
—

 
—

 
30,328

 
31,270

Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
16,647

 
$
16,713

 
$
75,038

 
$
82,033

Fair value of plan assets
 
13,763

 
13,928

 
36,791

 
38,757

Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
16,647

 
$
16,713

 
$
74,235

 
$
81,253

Accumulated benefit obligation
 
16,647

 
16,713

 
70,654

 
77,021

Fair value of plan assets
 
13,763

 
13,928

 
36,077

 
37,986



Assumptions

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,
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
 
3.9
%
 
4.1
%
 
3.9
%
 
1.4-3.3%
 
1.5-3.5%
 
1.8-3.7%
Expected return on plan assets
 
6.3

 
6.8

 
7.0

 
4.1-6.0
 
3.6-6.3
 
3.3-6.5
Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
1.8-4.0
 
1.5-4.0
 
1.5-4.0

N/A = not applicable

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,
 
 
2019
 
2018
 
2019
 
2018
Discount rate
 
3.8
%
 
3.9
%
 
1.0-2.7%
 
1.4-3.3%
Rate of compensation increase
 
N/A

 
N/A

 
2.0-4.0
 
1.8-4.0
 
N/A = not applicable

The United States plans do not include compensation in the formula for determining the pension benefit as it is based solely on years of service.

The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis.

Pension Plan Investment Strategy

The Company’s investment policy emphasizes a balanced approach to investing in securities of high quality and ready marketability. Investment flexibility is encouraged so as not to exclude opportunities available through a diversified investment strategy.

Equity investments are maintained within a target range of 40% - 75% of the total portfolio market value for the U.S. plans and with a target of approximately 65% for international plans. Investments in debt securities include issues of various maturities, and the average quality rating of bonds should be investment grade with a minimum quality rating of “B” at the time of purchase.

The Company periodically reviews the asset allocation of its portfolio. The proportion committed to equities, debt securities and cash and cash equivalents is a function of the values available in each category and risk considerations. The plan’s overall return will be compared to and is expected to meet or exceed established benchmark funds and returns over a three to five year period.

The objectives of the Company’s investment strategies are: (a) the achievement of a reasonable long-term rate of total return consistent with an emphasis on preservation of capital and purchasing power, (b) stability of annual returns through a portfolio that reflects a conservative mix of risk versus return, and (c) reflective of the Company’s willingness to forgo significantly above-average rewards in order to minimize above-average risks. These objectives may not be met each year but should be attained over a reasonable period of time.
The following table represents the Company's pension plan investments measured at fair value as of March 31, 2019 and 2018 and the basis for that measurement:
 
 
 
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

 
$
—

 
 
 
March 31, 2018
 
 
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
 
$
891

 
$
891

 
$
—

 
$
—

 
$
49

 
$
49

 
$
—

 
$
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
US(a)
 
9,864

 
9,864

 
—

 
—

 
—

 
—

 
—

 
—

International(b)
 
—

 
—

 
—

 
—

 
25,768

 
—

 
25,768

 
—

Fixed income(c)
 
3,173

 
3,173

 
—

 
—

 
12,940

 
—

 
12,940

 
—

Total
 
$
13,928

 
$
13,928

 
$
—

 
$
—

 
$
38,757

 
$
49

 
$
38,708

 
$
—



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.

The Company expects to make cash contributions of approximately $1,640 to its pension plans in fiscal 2020.

Estimated future benefit payments under the Company’s pension plans are as follows:
 
 
 
2020
$
2,713

2021
2,783

2022
3,072

2023
3,392

2024
3,536

Years 2025-2029
21,106


Defined Contribution Plan

The Company maintains defined contribution plans primarily in the U.S. and U.K. Eligible employees can contribute a portion of their pre-tax and / or after-tax income in accordance with plan guidelines and the Company will make contributions based on the employees’ eligible pay and /or will match a percentage of the employee contributions up to certain limits. Matching contributions charged to expense for the fiscal years ended March 31, 2019, 2018 and 2017 were $12,078, $8,931 and $7,447, respectively.