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Retirement Plans (Tables)
12 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Components Of Net Periodic Pension Cost
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



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,
  
 
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


Summary Of Change In Plan Assets
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
)
Summary Of Amounts Recognized In The Balance Sheets
 
 
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
)


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, 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
)
Summary Of Changes In AOCI
 
 
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


Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income
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
)
 
 

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,
 
 
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



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,
 
 
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

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,
 
 
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
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, 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.
Summary Of Estimated Future Benefit Payments
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