Pension And Other Postretirement Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2018

Assumptions Used To Compute Net Periodic Benefit Cost And Benefit Obligations

Assumptions used for financial reporting purposes to compute net periodic benefit cost and benefit obligations for the Company's primary defined benefit plans were as follows:



	Pension Benefits						Other Postretirement Benefits
	2018		2017		2016		2018		2017		2016
Discount rates:
Benefit cost for plan year	4.10	%	4.10	%	3.80	%	3.90	%	3.80	%	3.70	%
Benefit obligation at end of plan year	4.10	%	4.10	%	4.10	%	3.90	%	3.90	%	3.80	%
Expected long-term return on plan assets:
Benefit cost for plan year	7.00	%	7.00	%	7.25	%	3.00	%	3.00	%	3.00	%
Salary scale:
Benefit cost for plan year	4.00	%	4.00	%	4.50	%	4.00	%	4.00	%	4.50	%
Benefit obligation at end of plan year	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Healthcare cost trend rate	N/A		N/A		N/A		8.10	%	6.70	%	7.00	%

Benefit Obligations, Plan Assets, And Funded Status

The following table reflects the changes in benefit obligations and plan assets in 2018 and 2017, as well as the funded status of the plans at March 31, 2018 and 2017:



	Pension Benefits						Other Postretirement Benefits
	March 31,						March 31,
	2018			2017			2018			2017
Actuarial present value of benefit obligation:
Accumulated benefit obligation	$	270,666		$	266,764
Projected benefit obligation	273,658			269,250			$	32,945		$	36,786

Change in projected benefit obligation:
Projected benefit obligation, beginning of year	$	269,250		$	275,505		$	36,786		$	37,225
Service cost	5,177			5,382			229			247
Interest cost	10,801			10,441			1,471			1,535
Effect of discount rate change	1,209			489			612			(191		)
Foreign currency exchange rate changes	1,268			(1,111		)	(151		)	286
Settlements	—			(10,955		)	—			—
Other	781			4,108			(3,212		)	766
Benefit payments	(14,828		)	(14,609		)	(2,790		)	(3,082		)
Projected benefit obligation, end of year	$	273,658		$	269,250		$	32,945		$	36,786

Change in plan assets:
Plan assets at fair value, beginning of year	$	220,151		$	217,859		$	3,054		$	1,565
Actual return on plan assets	15,902			16,450			105			71
Employer contributions	7,891			10,676			3,098			4,500
Settlements	—			(10,322		)	—			—
Foreign currency exchange rate changes	452			97			—			—
Benefit payments	(14,828		)	(14,609		)	(2,790		)	(3,082		)
Plan assets at fair value, end of year	$	229,568		$	220,151		$	3,467		$	3,054

Funded status:
Funded status of the plans, end of year	$	(44,090	)	$	(49,099	)	$	(29,478	)	$	(33,732	)

Funded Status In Consolidated Balance Sheets

The funded status of the Company’s plans at the end of fiscal years 2018 and 2017 was reported in the consolidated balance sheets as follows:



	Pension Benefits						Other Postretirement Benefits
	March 31,						March 31,
	2018			2017			2018			2017
Non-current asset (included in other noncurrent assets)	$	2,308		$	1,710		$	—		$	—
Current liability (included in accounts payable and accrued expenses)	(8,599		)	(1,106		)	(2,431		)	(2,746		)
Non-current liability (reported as pensions and other postretirement benefits)	(37,796		)	(49,703		)	(27,047		)	(30,986		)
Amounts recognized in the consolidated balance sheets	$	(44,087	)	$	(49,099	)	$	(29,478	)	$	(33,732	)

Additional Information On Funded Status

Additional information on the funded status of the Company’s plans as of the respective measurement dates for the fiscal years ended March 31, 2018 and 2017, is as follows:



	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2018		2017		2018		2017
For plans with a projected benefit obligation in excess of plan assets:
Aggregate projected benefit obligation (PBO)	$	261,581	$	260,826	$	32,945	$	36,786
Aggregate fair value of plan assets	215,182		210,017		3,467		3,054
For plans with an accumulated benefit obligation in excess of plan assets:
Aggregate accumulated benefit obligation (ABO)	258,708		258,424		N/A		N/A
Aggregate fair value of plan assets	215,182		210,017		N/A		N/A

Components Of Company's Net Periodic Benefit Cost

The components of the Company’s net periodic benefit cost were as follows:



	Pension Benefits									Other Postretirement Benefits
	Fiscal Year Ended March 31,									Fiscal Year Ended March 31,
	2018			2017			2016			2018			2017			2016
Components of net periodic benefit cost:
Service cost	$	5,177		$	5,382		$	5,953		$	229		$	247		$	286
Interest cost	10,801			10,441			10,037			1,471			1,535			1,539
Expected return on plan assets	(15,962		)	(15,154		)	(15,110		)	(87		)	(42		)	(58		)
Settlement gain	—			(912		)	—			—			—			—
Net amortization and deferral	3,735			4,576			4,394			(620		)	(394		)	(431		)
Net periodic benefit cost	$	3,751		$	4,333		$	5,274		$	993		$	1,346		$	1,336

Recognized In Accumulated Other Comprehensive Income (Loss) On Pretax Basis

The amounts recognized in other comprehensive income or loss for fiscal years 2018 and 2017 and the amounts included in accumulated other comprehensive loss at the end of those fiscal years are shown below. All amounts shown are before allocated income taxes.



	Pension Benefits						Other Postretirement Benefits
	March 31,						March 31,
	2018			2017			2018			2017
Change in net actuarial loss (gain):
Net actuarial loss (gain), beginning of year	$	74,045		$	79,299		$	(6,286	)	$	(7,234	)
Losses (gains) arising during the year	1,390			2,313			(1,580		)	554
Amortization included in net periodic benefit cost during the year	(6,102		)	(7,567		)	619			394
Net actuarial loss (gain), end of year	69,333			74,045			(7,247		)	(6,286		)

Change in prior service cost (benefit):
Prior service cost (benefit), beginning of year	(12,070		)	(15,061		)	(112		)	(108		)
Prior service cost (benefit) arising during the year	—			—			(867		)	(4		)
Amortization included in net periodic benefit cost during the year	2,367			2,991			14			—
Prior service cost (benefit), end of year	(9,703		)	(12,070		)	(965		)	(112		)

Total amounts in accumulated other comprehensive loss at end of year, before income taxes	$	59,630		$	61,975		$	(8,212	)	$	(6,398	)

Weighted-Average Target Pension Asset Allocation And Target Ranges By Major Asset Category

The weighted–average target pension asset allocation and target ranges at the March 31, 2018 measurement date and the actual asset allocations at the March 31, 2018 and 2017 measurement dates by major asset category were as follows:



							Actual Allocation
	Target Allocation						March 31,
Major Asset Category	Target Allocation		Range				2018		2017
Equity securities	29.0	%	19	%	-	39%	27.4	%	31.9	%
Fixed income securities ⁽¹⁾	66.0	%	56	%	-	76%	65.9	%	61.7	%
Alternative investments	5.0	%	0	%	-	10%	6.7	%	6.4	%
Total	100.0	%					100.0	%	100.0	%

Estimated Future Benefit Payments

Estimated future benefit payments to be made from the Company’s plans are as follows:



Fiscal Year	Pension Benefits		Other Postretirement Benefits
2019	$	22,601	$	2,819
2020	16,117		2,726
2021	17,622		2,639
2022	17,235		2,536
2023	17,497		2,458
2024 - 2028	91,433		10,971

Fair Values Of The Assets Under Fair Value Hierarchy

Fair values of the assets of the Company’s pension plans as of March 31, 2018 and 2017, classified based on how their values were determined under the fair value hierarchy are as follows:



	March 31, 2018
	Level 1		Level 2		Level 3		Total
Equity securities	$	58,667	$	—	$	—	$	58,667
Fixed income securities⁽¹⁾	142,329		10,836		3,550		156,715
Alternative investments	—		—		14,186		14,186
Total investments	$	200,996	$	10,836	$	17,736	$	229,568



	March 31, 2017
	Level 1		Level 2		Level 3		Total
Equity securities	$	65,637	$	—	$	—	$	65,637
Fixed income securities⁽¹⁾	128,214		10,134		3,072		141,420
Alternative investments	—		—		13,094		13,094
Total investments	$	193,851	$	10,134	$	16,166	$	220,151