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Pension And Other Postretirement Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2020
Defined Benefit Plan [Abstract] |
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
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rates: |  |  |  |  |  |  |  |  |  |  |
Benefit cost for plan year | 4.00 | % |  | 4.10 | % |  | 4.10 | % |  | 3.80 | % |  | 3.90 | % |  | 3.90 | %
Benefit obligation at end of plan year | 3.60 | % |  | 4.00 | % |  | 4.10 | % |  | 3.40 | % |  | 3.80 | % |  | 3.90 | %
Expected long-term return on plan assets: |  |  |  |  |  |  |  |  |  |  |
Benefit cost for plan year | 6.75 | % |  | 6.75 | % |  | 7.00 | % |  | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Salary scale: |  |  |  |  |  |  |  |  |  |  |
Benefit cost for plan year | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
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 |  |  | 7.34 | % |  | 7.60 | % |  | 8.10 | %
Benefit Obligations, Plan Assets, And Funded Status | The following table reflects the changes in benefit obligations and plan assets in fiscal years 2020 and 2019, as well as the funded status of the plans at March 31, 2020 and 2019:
| Pension Benefits |  | Other Postretirement Benefits
| March 31, |  | March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Actuarial present value of benefit obligation: |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 281,242 |  |  | $ | 273,370 |  |  |  |  |
Projected benefit obligation | 287,082 |  |  | 278,189 |  |  | $ | 30,282 |  |  | $ | 31,635 |
Change in projected benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 278,189 |  |  | $ | 273,658 |  |  | $ | 31,635 |  |  | $ | 32,945 |
Service cost | 5,990 |  |  | 6,008 |  |  | 199 |  |  | 222 |
Interest cost | 10,747 |  |  | 10,810 |  |  | 1,306 |  |  | 1,371 |
Effect of discount rate change | 14,479 |  |  | 5,177 |  |  | 1,326 |  |  | 563 |
Foreign currency exchange rate changes | (1,477 | ) |  | (2,526 | ) |  | (1,012 | ) |  | (447 | )
Settlements | (6,038 | ) |  | — |  |  | — |  |  | — |
Other | 1,029 |  |  | 7,268 |  |  | (744 | ) |  | (126 | )
Benefit payments | (15,837 | ) |  | (22,206 | ) |  | (2,428 | ) |  | (2,893 | )
Projected benefit obligation, end of year | $ | 287,082 |  |  | $ | 278,189 |  |  | $ | 30,282 |  |  | $ | 31,635 |
Change in plan assets: |  |  |  |  |  |  |
Plan assets at fair value, beginning of year | $ | 244,969 |  |  | $ | 229,568 |  |  | $ | 3,717 |  |  | $ | 3,467 |
Actual return on plan assets | 10,551 |  |  | 9,772 |  |  | 152 |  |  | 150 |
Employer contributions | 6,037 |  |  | 29,489 |  |  | 1,928 |  |  | 2,993 |
Settlements | (6,038 | ) |  | — |  |  | — |  |  | — |
Foreign currency exchange rate changes | (1,232 | ) |  | (1,654 | ) |  | — |  |  | — |
Benefit payments | (15,837 | ) |  | (22,206 | ) |  | (2,428 | ) |  | (2,893 | )
Plan assets at fair value, end of year | $ | 238,450 |  |  | $ | 244,969 |  |  | $ | 3,369 |  |  | $ | 3,717 |
Funded status: |  |  |  |  |  |  |
Funded status of the plans, end of year | $ | (48,632 | ) |  | $ | (33,220 | ) |  | $ | (26,913 | ) |  | $ | (27,918 | )
Funded Status In Consolidated Balance Sheets | The funded status of the Company’s plans at the end of fiscal years 2020 and 2019 was reported in the consolidated balance sheets as follows:
| Pension Benefits |  | Other Postretirement Benefits
| March 31, |  | March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Non-current asset (included in other noncurrent assets) | $ | 346 |  |  | $ | 1,837 |  |  | $ | — |  |  | $ | — |
Current liability (included in accounts payable and accrued expenses) | (2,978 | ) |  | (1,490 | ) |  | (2,233 | ) |  | (2,228 | )
Non-current liability (reported as pensions and other postretirement benefits) | (46,000 | ) |  | (33,567 | ) |  | (24,680 | ) |  | (25,690 | )
Amounts recognized in the consolidated balance sheets | $ | (48,632 | ) |  | $ | (33,220 | ) |  | $ | (26,913 | ) |  | $ | (27,918 | )
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, 2020 and 2019, is as follows:
| Pension Benefits |  | Other Postretirement Benefits
| March 31, |  | March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
For plans with a projected benefit obligation in excess of plan assets: |  |  |  |  |  |  |
Aggregate projected benefit obligation (PBO) | $ | 284,327 |  |  | $ | 269,622 |  |  | $ | 30,282 |  |  | $ | 31,635 |
Aggregate fair value of plan assets | 235,349 |  |  | 234,565 |  |  | 3,369 |  |  | 3,717 |
For plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |
Aggregate accumulated benefit obligation (ABO) | 278,515 |  |  | 35,070 |  |  | N/A |  |  | N/A |
Aggregate fair value of plan assets | 235,349 |  |  | 4,023 |  |  | 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,
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 5,990 |  |  | $ | 6,008 |  |  | $ | 5,177 |  |  | $ | 199 |  |  | $ | 222 |  |  | $ | 229 |
Interest cost | 10,747 |  |  | 10,810 |  |  | 10,801 |  |  | 1,306 |  |  | 1,371 |  |  | 1,471 |
Expected return on plan assets | (16,671 | ) |  | (15,695 | ) |  | (15,962 | ) |  | (106 | ) |  | (99 | ) |  | (87 | )
Settlement cost | 676 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amortization and deferral | 3,709 |  |  | 3,491 |  |  | 3,735 |  |  | (647 | ) |  | (710 | ) |  | (620 | )
Net periodic benefit cost | $ | 4,451 |  |  | $ | 4,614 |  |  | $ | 3,751 |  |  | $ | 752 |  |  | $ | 784 |  |  | $ | 993 |
Recognized In Accumulated Other Comprehensive Income (Loss) On Pretax Basis | The amounts recognized in other comprehensive income or loss for fiscal years 2020 and 2019 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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Change in net actuarial loss (gain): |  |  |  |  |  |  |
Net actuarial loss (gain), beginning of year | $ | 81,502 |  |  | $ | 69,333 |  |  | $ | (6,201 | ) |  | $ | (7,247 | )
Losses (gains) arising during the year | 21,838 |  |  | 17,884 |  |  | 302 |  |  | 513 |
Settlement | (529 | ) |  | — |  |  | — |  |  | — |
Amortization included in net periodic benefit cost during the year | (5,786 | ) |  | (5,715 | ) |  | 534 |  |  | 533 |
Net actuarial loss (gain), end of year | 97,025 |  |  | 81,502 |  |  | (5,365 | ) |  | (6,201 | )
Change in prior service cost (benefit): |  |  |  |  |  |  |
Prior service cost (benefit), beginning of year | (7,479 | ) |  | (9,703 | ) |  | (766 | ) |  | (965 | )
Amortization included in net periodic benefit cost during the year | 2,077 |  |  | 2,224 |  |  | 202 |  |  | 199 |
Prior service cost (benefit), end of year | (5,402 | ) |  | (7,479 | ) |  | (564 | ) |  | (766 | )
Total amounts in accumulated other comprehensive loss at end of year, before income taxes | $ | 91,623 |  |  | $ | 74,023 |  |  | $ | (5,929 | ) |  | $ | (6,967 | )
Amounts in the above table reflect the Company and its consolidated subsidiaries. The accumulated other comprehensive loss reported in the consolidated balance sheets also includes pension and other postretirement benefit amounts related to ownership interests in unconsolidated affiliates.
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, 2020 measurement date and the actual asset allocations at the March 31, 2020 and 2019 measurement dates by major asset category were as follows:
|  |  |  |  |  |  | Actual Allocation
| Target Allocation |  |  |  |  |  | March 31,
Major Asset Category |  | Range |  | 2020 |  | 2019
Equity securities | 29.0 | % |  | 19 | % | - | 39% |  | 25.4 | % |  | 31.2 | %
Fixed income securities (1) | 66.0 | % |  | 56 | % | - | 76% |  | 70.3 | % |  | 64.8 | %
Alternative investments | 5.0 | % |  | 0 | % | - | 10% |  | 4.3 | % |  | 4.0 | %
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
2021 | $ | 17,561 |  |  | $ | 2,668 |
2022 | 19,620 |  |  | 2,545 |
2023 | 17,326 |  |  | 2,445 |
2024 | 17,992 |  |  | 2,346 |
2025 | 17,774 |  |  | 2,246 |
2026 - 2030 | 89,919 |  |  | 9,672 |
Fair Values Of The Assets Under Fair Value Hierarchy | Fair values of the assets of the Company’s pension plans as of March 31, 2020 and 2019, classified based on how their values were determined under the fair value hierarchy are as follows:
| March 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities | $ | 58,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,204 |
Fixed income securities (1) | 162,667 |  |  | 3,101 |  |  | 4,668 |  |  | 170,436 |
Alternative investments | — |  |  | — |  |  | 9,810 |  |  | 9,810 |
Total investments | $ | 220,871 |  |  | $ | 3,101 |  |  | $ | 14,478 |  |  | $ | 238,450 |
| March 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities | $ | 71,561 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,561 |
Fixed income securities (1) | 149,798 |  |  | 10,399 |  |  | 4,025 |  |  | 164,222 |
Alternative investments | — |  |  | — |  |  | 9,186 |  |  | 9,186 |
Total investments | $ | 221,359 |  |  | $ | 10,399 |  |  | $ | 13,211 |  |  | $ | 244,969 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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