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EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
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Mar. 31, 2015
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| Employee Benefit Plan [Abstract] |
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| Schedule of Accumulated and Projected Benefit Obligations |
The following tables provide a rollforward of the projected benefit obligation and the fair value of plan assets, set forth the defined benefit retirement plans’ funded status and provide detail of the components of net periodic pension cost calculated for the U.K. and Norway pension plans. The measurement date adopted is March 31. For the purposes of amortizing gains and losses, the 10% corridor approach has been adopted and assets are taken at fair market value. Any such gains or losses are amortized over the average remaining life expectancy of the plan members. | | | | | | | | | | Fiscal Year Ended March 31, | | 2015 | | 2014 | | (In thousands) | Change in benefit obligation: | | | | Projected benefit obligation (PBO) at beginning of period | $ | 637,641 |
| | $ | 606,313 |
| Service cost | 7,878 |
| | 7,886 |
| Interest cost | 26,000 |
| | 26,861 |
| Actuarial loss | 86,940 |
| | (29,313 | ) | Benefit payments and expenses | (28,191 | ) | | (23,234 | ) | Effect of exchange rate changes | (90,969 | ) | | 49,128 |
| Projected benefit obligation (PBO) at end of period | $ | 639,299 |
| | $ | 637,641 |
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| Schedule of Change in Plan Assets |
| | | | | | | | | Change in plan assets: | | | | Market value of assets at beginning of period | $ | 550,818 |
| | $ | 479,666 |
| Actual return on assets | 57,691 |
| | 23,630 |
| Employer contributions | 34,633 |
| | 28,974 |
| Benefit payments and expenses | (28,191 | ) | | (23,234 | ) | Effect of exchange rate changes | (75,228 | ) | | 41,782 |
| Market value of assets at end of period | $ | 539,723 |
| | $ | 550,818 |
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| Schedule of Net Funded Status |
| | | | | | | | | Reconciliation of funded status: | | | | Accumulated benefit obligation (ABO) | $ | 615,136 |
| | $ | 611,782 |
| Projected benefit obligation (PBO) | $ | 639,299 |
| | $ | 637,641 |
| Fair value of assets | (539,723 | ) | | (550,818 | ) | Net recognized pension liability | $ | 99,576 |
| | $ | 86,823 |
| Amounts recognized in accumulated other comprehensive loss | $ | 252,920 |
| | $ | 232,848 |
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| Schedule of components of net periodic pension cost |
| | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2015 | | 2014 | | 2013 | | (In thousands) | Components of net periodic pension cost: | | | | | | Service cost for benefits earned during the period | $ | 7,878 |
| | $ | 7,886 |
| | $ | 8,209 |
| Interest cost on PBO | 26,000 |
| | 26,861 |
| | 25,683 |
| Expected return on assets | (31,020 | ) | | (29,282 | ) | | (29,068 | ) | Amortization of unrecognized losses | 6,653 |
| | 7,705 |
| | 6,612 |
| Net periodic pension cost | $ | 9,511 |
| | $ | 13,170 |
| | $ | 11,436 |
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| Schedule of Assumptions |
Actuarial assumptions used to develop the components of the U.K. plans were as follows: | | | | | | | | | | | Fiscal Year Ended March 31, | | 2015 | | 2014 | | 2013 | Discount rate | 4.40 | % | | 4.40 | % | | 4.90 | % | Expected long-term rate of return on assets | 6.29 | % | | 6.29 | % | | 6.90 | % | Pension increase rate | 3.10 | % | | 3.30 | % | | 3.00 | % |
Actuarial assumptions used to develop the components of the Norway plan were as follows: | | | | | | | | | | | Fiscal Year Ended March 31, | | 2015 | | 2014 | | 2013 | Discount rate | 4.25 | % | | 4.00 | % | | 3.50 | % | Rate of compensation increase | 4.00 | % | | 4.25 | % | | 4.25 | % | Social Security increase amount | 3.75 | % | | 4.00 | % | | 4.00 | % | Expected return on plan assets | 2.75 | % | | 3.25 | % | | 4.50 | % | Pension increase rate | 1.75 | % | | 1.25 | % | | 0.75 | % |
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| Schedule of Investment Strategy |
The market value of the plan assets as of March 31, 2015 and 2014 was allocated between asset classes as follows. Details of target allocation percentages under the Trustee’s investment strategies as of the same dates are also included. | | | | | | | | | | | | | | Target Allocation as of March 31, | | Actual Allocation as of March 31, | Asset Category | 2015 | | 2014 | | 2015 | | 2014 | Equity securities | 58.3 | % | | 57.8 | % | | 57.1 | % | | 59.1 | % | Debt securities | 31.1 | % | | 30.8 | % | | 35.8 | % | | 27.6 | % | Property | — | % | | — | % | | 1.6 | % | | 1.5 | % | Other assets | 10.6 | % | | 11.4 | % | | 5.5 | % | | 11.8 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
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| Schedule of Fair Value Hierarchy |
The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2015, which are valued at fair value (in thousands): | | | | | | | | | | | | | | | | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Balance as of March 31, 2015 | Cash and cash equivalents | $ | 13,657 |
| | $ | — |
| | $ | — |
| | $ | 13,657 |
| Equity investments - U.K. | — |
| | 104,953 |
| | — |
| | 104,953 |
| Equity investments - Non-U.K. | — |
| | 98,867 |
| | — |
| | 98,867 |
| Diversified growth (absolute return) funds | — |
| | 101,242 |
| | — |
| | 101,242 |
| Government debt securities | — |
| | 71,998 |
| | — |
| | 71,998 |
| Corporate debt securities | — |
| | 93,079 |
| | — |
| | 93,079 |
| Insurance policies | — |
| | — |
| | 55,927 |
| | 55,927 |
| Total investments | $ | 13,657 |
| | $ | 470,139 |
| | $ | 55,927 |
| | $ | 539,723 |
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The following table summarizes, by level within the fair value hierarchy, the plan assets we had as of March 31, 2014, which are valued at fair value (in thousands): | | | | | | | | | | | | | | | | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Balance as of March 31, 2014 | Cash and cash equivalents | $ | 48,685 |
| | $ | — |
| | $ | — |
| | $ | 48,685 |
| Equity investments - U.K. | — |
| | 118,712 |
| | — |
| | 118,712 |
| Equity investments - Non-U.K. | — |
| | 96,537 |
| | — |
| | 96,537 |
| Diversified growth (absolute return) funds | — |
| | 105,207 |
| | — |
| | 105,207 |
| Government debt securities | — |
| | 51,853 |
| | — |
| | 51,853 |
| Corporate debt securities | — |
| | 68,526 |
| | — |
| | 68,526 |
| Insurance policies | — |
| | — |
| | 61,298 |
| | 61,298 |
| Total investments | $ | 48,685 |
| | $ | 440,835 |
| | $ | 61,298 |
| | $ | 550,818 |
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| Rollforward of Level 3 Fair Value Changes |
The following table summarizes the changes in the Level 3 plan assets for fiscal year 2015 (in thousands): | | | | | March 31, 2014 | $ | 61,298 |
| Actual return on assets | 1,084 |
| Net purchases, sales and settlements | 11,341 |
| Effect of exchange rate changes | (17,796 | ) | March 31, 2015 | $ | 55,927 |
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| Future benefit payments |
Estimated future benefit payments over each of the next five fiscal years from March 31, 2015 and in aggregate for the following five fiscal years after fiscal year 2020, including life assurance premiums, are as follows (in thousands): | | | | | Projected Benefit Payments by the Plans for Fiscal Years Ending March 31, | Payments | 2016 | $ | 25,417 |
| 2017 | 26,222 |
| 2018 | 26,736 |
| 2019 | 27,548 |
| 2020 | 28,214 |
| Aggregate 2021 - 2024 | 151,155 |
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| Schedule of Stock Option Activity |
A summary of our stock option activity for fiscal year 2015 is presented below: | | | | | | | | | | | | | | | | Weighted Average Exercise Prices | | Number of Shares | | Weighted Average Remaining Contractual Life | | Aggregate Intrinsic Value | | | | | | | | | (in thousands) | | Outstanding at March 31, 2014 | $ | 48.62 |
| | 1,002,156 |
| | | | | | Granted | 74.44 |
| | 472,744 |
| | | | | | Exercised | 45.31 |
| | (114,145 | ) | | | | | | Expired or forfeited | 61.76 |
| | (24,619 | ) | | | | | | Outstanding at March 31, 2015 | 57.80 |
| | 1,336,136 |
| | 7.32 | | $ | 6,410 |
| | Exercisable at March 31, 2015 | 46.68 |
| | 673,784 |
| | 5.87 | | $ | 7,118 |
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| Schedule of Black Scholes Assumptions [Table Text Block] |
The following table shows the assumptions we used to compute the stock-based compensation expense for stock option grants issued during fiscal years 2015, 2014 and 2013. | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2015 | | 2014 | | 2013 | Risk free interest rate | 1.67 | % | | 1.01 | % | | 0.8 | % | Expected life (years) | 5 |
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| 5 |
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| 5 |
| Volatility | 30.1 | % | | 48.7 | % | | 50.2 | % | Dividend yield | 2.06 | % | | 1.60 | % | | 1.83 | % | Weighted average grant-date fair value of options granted | $ | 17.17 |
| | $ | 23.77 |
| | $ | 16.73 |
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| Schedule of Non-Vested Restricted Stock and Restricted Stock Units |
The following is a summary of non-vested restricted stock as of March 31, 2015 and 2014 and changes during fiscal year 2015: | | | | | | | | | Units | | Weighted Average Grant Date Fair Value per Unit | Non-vested as of March 31, 2014 | 459,717 |
| | $ | 52.13 |
| Granted | 172,808 |
| | 74.18 |
| Forfeited | (5,735 | ) | | 57.98 |
| Vested | (207,561 | ) | | 48.76 |
| Non-vested as of March 31, 2015 | 419,229 |
| | 62.81 |
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